Blackstone's Bad Loans Went 0.6% to 4.7% in 90 Days
Blackstone Secured Lending entered 2026 with 0.6% of its loans on non-accrual. Ninety days later the figure was 4.7%, an almost eightfold jump that Moody's answered by cutting the fund's outlook to negative. The trigger was a Thoma Bravo software company. The backdrop is a record 6% private credit default rate and a Fed that war inflation will not let cut.