Private Credit Titans Defend Track Record as Earnings Land (1)

For the first time since a war of words erupted over the risks in private credit in the wake of high-profile collapses, investors are getting hard figures on the state of the $1.7 trillion debt market.

And the results coming in from quarterly earnings of business development companies — a popular publicly traded structure for pooling direct loans — point to a softening market.

Blue Owl Capital Corp. reeled in $190.1 million of net investment income in the third quarter, missing average analyst estimates, according to data compiled by Bloomberg. Ares Capital Corp. also missed estimates, bringing in $338 million ...