Episode Details

Apollo Global Management CEO Marc Rowan warns of a prolonged shakeout in the $1.8 trillion private credit industry, emphasizing the need for robust underwriting and risk management. The sector faces challenges, with Apollo-linked MidCap Financial cutting its dividend by 18% due to losses on software firm loans. Wall Street shares of major players like Apollo, Blackstone, Ares, KKR, and Blue Owl have dropped significantly this year. Defaults are surging, reaching 5.8% through January, the highest since tracking began in 2024. February saw 11 defaults, nearly double the monthly average from last year. Experts caution that defaults could double to 13% in a worst-case scenario, potentially disrupting the software and finance sectors.

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