Many of these firms have private credit funds and public BDC. You can think of the former as only available to private investors and not traded on the public market. For example, Blue Owl has
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Blue Owl Capital Corporation II --- It is a non-traded BDC (business development company) sold mainly to wealth / retail investors.
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Blue Owl Capital Corporation --- This is public traded on Open market under symbol ODBC
What is happening is that, due to all kinds of scary news, many of the public traded BDC stocks are now under its NAV. ODBC, for example, is now traded 21% below its NAV. At the same time, since private credit fund is not traded on the open market, when you go and request for redemption, you get your face value back.
So, some investors have been pulling money from the private credit funds at its face value, and then go buy the similar structured BDC stocks at the open market (with 15-20% discount to the NAV), and this also causes selling pressure on the private credit space.
