Wall Street’s Hottest Trade Has Lost $265 Billion Since September.

If your advisor put you in “alternative income,” this is your chart.

Stock Decline from Peak — Major Private Credit Firms

Blue Owl
(OWL)

−68%

KKR

−48%

Ares
(ARES)

−48%

Blackstone
(BX)

−46%

Apollo
(APO)

−41%

Private credit default rate hit a record 6% in May 2026 — Fitch Ratings

Source: Bloomberg, Fortune, March 2026

You probably never heard of Blue Owl Capital. Most people haven’t. But if your financial advisor “diversified” you into alternative income products over the last couple of years... there’s a real chance Blue Owl has some of your money.

Private credit was Wall Street’s favorite trade. From 2023 to early 2025, firms like Blue Owl, KKR, and Blackstone went on an absolute tear. Stocks up 120%, 150%, even 200%. The pitch was simple: we make loans that banks won’t, and we pass those fat yields to you.

Then it all turned. Since last September, these five firms have lost a combined $265 billion in market value. Blue Owl dropped 68% from its peak. KKR and Ares fell 48% each. Even Blackstone — the biggest name in the room — lost 46%.

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Chart of the Day — June 26, 2026 (Part 2)

Now... here’s what most people get wrong. They think this is someone else’s problem. Wall Street guys losing Wall Street money. But these firms spent years selling private credit funds to everyday investors — through wealth advisors, through retirement platforms, through “alternative income” products pitched as safe, steady yield.

And here’s the part that really gets me. When investors tried to pull their money out this year, the firms said no. Blue Owl capped withdrawals at 5% per quarter. Blackstone gated its $79 billion flagship fund for the first time. Apollo capped after 17% of its investors asked out. Just on Tuesday, Morgan Stanley gated withdrawals on its private credit fund. Again.

The door in was wide open. The door out... not so much.

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Chart of the Day — June 26, 2026 (Part 3)

The Takeaway

“Wall Street’s five biggest private credit firms have lost $265 billion in market value in nine months. When investors tried to get out, several of them capped or froze withdrawals. If your advisor put you in ‘alternative income,’ you want to find out what that means — before you need the money.”

Pull up your brokerage statement this weekend. Search for anything labeled “private credit,” “alternative income,” or “BDC.” Look for tickers like OWL, BX, ARES, APO, or KKR in your fund holdings. If you find exposure, that’s worth a call to your advisor on Monday. Not next month. Monday.

More tomorrow. Stay sharp.

— Ray Calloway

When 17% of Apollo's Investors Asked Out, Apollo Said No

Wall Street’s Hottest Trade Has Lost $265 Billion Since September.

Forget SpaceX, Elon Is Now Powering the Next Hot IPO

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