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Multiple law enforcement agencies responded to the beach to rescue the two individuals.

“All you had to do was admit it,” the abused boy sobbed before becoming too overwhelmed to continue his victim statement.

Blackrock's Private Credit Fund Gates Investors Again After Redemption Requests Surge

The market may be in full-blown face-ripping bubble mode, and software stocks are now gripped in by a category 5 gamma squeeze hurricane, but not even that is helping the ongoing debacle that is private credit.

One week after Cliffwater's Private Credit fund gated investors for a second straight quarter, and days after Blackstone also gated investors in its private credit fund for the first time (recall during Q1, the fund allowed investors to redeem a record 7.9% after tapping senior executives to help finance the withdrawals with hundreds of millions of their own cash, but when faced with an even bigger flood of redemptions in Q2 it gave up and decided to join the gate parade), BlackRock capped redemptions from its flagship private credit fund for the second straight quarter after investors sought to pull about 13%, a sign that shareholders remain extremely nervous about the health of the $1.8 trillion private credit market.

Blackrock's HPS Corporate Lending Fund, known as HLEND, said it would allow only 5% redemptions, according to a filing Friday. The request for 13.3% was about 50% higher than the prior quarter when shareholders asked to redeem 9.3% of their shares. 

So far this quarter we have seen an acceleration in redemption requests as private credit investors clearly are concerned about their liquidity despite the raging bull market in all other asset classes.

“This liquidity feature is critical to HLEND’s ability to provide its investors with a premium return to public credit markets,” the firm said in a letter to investors. “This profile is further bolstered by continued subscriptions and distribution reinvestment, which together are expected to more than fully offset repurchases during the first six months of 2026.”

As Bloomberg reminds us, HLEND’s decision to cap redemptions in the previous quarter was the first major instance of a private credit manager taking action to enforce the limit and manage liquidity since concerns over underwriting standards and exposure to software businesses vulnerable to AI disruption bubbled to the surface early in the year.

The move was a contrast to its top rivals including Blackstone, which had gone to great lengths to satisfy investor demands for cash. But this quarter, Blackstone also enforced the 5% limit on its flagship private credit fund after investors asked to redeem even more money than in the prior period. 

Indeed, redemption requests are set to increase across the industry as investors redouble efforts to claw back money after being restricted. And there’s persistent concerns about the credit cycle turning, with industry leaders warning of a rise in defaults as artificial intelligence continues to disrupt businesses and borrowings from the era of ultra-low rates comes due.

HLEND has produced a 10.2% annualized total return since it was formed, the letter said, which is cold comfort to those investors who are hoping to redeem their profits and instead receive a gating notification. 

Tyler Durden Fri, 06/12/2026 - 12:00

Check out the best sportsbook and prediction market promos for USA vs. Paraguay.

Shares of SpaceX opened at $150 each on their first day of trading in the company's landmark initial public offering – making founder Elon Musk the world's first trillionaire.  Some 555.6 million shares of SpaceX – which operates a rocket, satellite internet and artificial-intelligence businesses – were sold of the in the hotly anticipated IPO

Is Amazon's new romance show an original story or an adaptation?

Plums, cranberries and a few other key foods are the best sources for heart-protective flavanols.

"I’m talking to you today because of the summer of ’94. I live the power of what it can do for an individual."

Lisa Vanderpump celebrates the grand opening of her new hotel, Jennifer Lopez looks stylish in Paris and more snaps...

Lisa Vanderpump celebrates the grand opening of her new hotel, Jennifer Lopez looks stylish in Paris and more snaps...

The actress previously showed support for her co-star following reports that he was fired from their Paramount+ show.

The actress previously showed support for her co-star following reports that he was fired from their Paramount+ show.

This SoCal town, shrouded in regret after five local teens died in a suspected DUI crash, has a dark history with alcohol.

A new woman has come forward with allegations about Maine Senate candidate Graham Platner, adding to the growing list of controversies surrounding his campaign. The New York Post says it corroborated key parts of her account, raising fresh questions just days after Platner secured the Democratic nomination. Meanwhile, President Trump says a peace deal with...

PITTSBURGH –– Over much of his MLB career, much of Shohei Ohtani’s injury history has revolved around his twice-surgically-repaired right throwing elbow. But when the two-way star left the Dodgers’ game Thursday night in Pittsburgh early with left knee inflammation, it harkened back to one of the other serious ailments that has impacted him during...

Gavshon wrote in a memo obtained by The Post that his 41-year career at CBS News will come to an end on June 30.

US Pulling Large Chunk Of Jets, Refueling Tankers From NATO Defense, Realigning Further East

In a move that surprises absolutely no one paying attention, the United States is planning to significantly slash the number of fighter jets and warships it feeds into the NATO machine in Europe, the New York Times reported Thursday.

The reported cutbacks hit right as panicked European nations scramble to patch up their own defense capacities. Though long expected given President Trump's somewhat adverse relationship with the NATO alliance, and fiercely critical rhetoric continuously directed at Brussels, European capitals are deeply concerned given they are under the shadow of the Russia-Ukraine war, now in its fifth year.

via USAF

Washington is officially out of patience while Trump has openly mocked the alliance as a "paper tiger" and labeled its members "cowards" - earlier venting his frustration over Europe's refusal to jump into the US-Israeli war against Iran.

According to two unidentified senior European officials cited by the NYT, Washington's upcoming retreat from the continent includes drawing down the number of US fighter jets supplied to Europe by one-third, as well as cutting all eight aerial refueling tankers conventionally provided (as most of the Pentagon's refueling tanker planes are currently in Tel Aviv anyway), and drastically reducing maritime reconnaissance aircraft.

Other prime military assets slated to be reallocated include a missile-launching submarine, an aircraft carrier, a group of bomber aircraft, and a handful of jets and warships. All of this was already previewed and leaked, but the fresh Times reporting provides further confirmation.

The writing has been on the wall for weeks, given that US European Command explicitly stated this month that it would reassess Washington's contributions to NATO to "ensure Europe takes primary responsibility for its own conventional defense."

We featured previous reporting which outlined a new US framework for defense of Europe based on the US mainly 'just' providing nuclear deterrent rather than the broad military support it has historically guaranteed.

The primary driver for this withdrawal is the US military's pivot toward the Asia-Pacific, though officials also cited the need for flexibility to commit assets to military campaigns in the Middle East and the Western Hemisphere. 

While NATO leadership officially portrays the move as a way to reduce "over-dependence" on the US, European diplomats find the requirements far more severe than anticipated, with European leaders reportedly stunned by the scale and speed of the requirements.

Reportedly in secret meetings some representatives even interpreted the US insistence on rapid compliance as an "indirect threat" toward those who fail to act quickly.

Tyler Durden Fri, 06/12/2026 - 11:20

We're just one away from the chip.

Think all clothing sizes are priced equally? Fat chance. 

Not a great first look, FIFA.