Cracks in the US private credit industry are widening:

The US Business Development Companies Index is down to 424 points, the lowest since the 2022 bear market low.

This index tracks publicly traded firms that lend to small, mid-sized, and distressed US businesses, offering retail investors access to private credit markets.

The index has declined -150 points, or -25%, over the last year.

This comes as Blue Owl Capital permanently halted investor redemptions at its retail private credit fund, OBDC II, on Wednesday.

Shares of Blue Owl dropped -10% on Thursday and triggered a broad selloff across private credit stocks.

Blue Owl shares have plummeted almost -60% over the last 13 months, even as the firm's revenue continued to grow during the same period.

The selloff spread across the sector, with Ares, Apollo, KKR, Blackstone, and TPG all down -15% to -40% year-to-date.

Private credit market is on edge.

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Alysia Liu: I came to Mog

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Foreign investors are piling into Japanese government bonds at a record pace:

Open interest in Japan's 20Y government bond futures surged to a record 44,093 contracts last week.

By comparison, in July 2025, open interest was nonexistent when the Japan Exchange Group tried to revive liquidity after 3 years without a single trade.

This comes as cumulative net purchases by foreign investors rose to 3,615 contracts in the first week of February, 22 times above domestic participation.

At the same time, overseas investors bought ~14,000 contracts of 10Y JGB futures in the first 2 weeks of the month, one of the largest streaks on record.

Foreign appetite for Japanese bonds is surging.

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Something related to this is certainly happening.

The admin just today got approval from a judge to start using IRS data at DHS so that illegals can be identified.

Because illegals do tend to pay taxes, and as a result, the IRS does know where they are.

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Perfect

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Trump has departed the White House to deliver his State of the Union address to Congress

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NOW - Democrat Al Green holds a sign that reads, "BLACK PEOPLE AREN'T APES!"

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BREAKING: Watch as Oregon Congresswoman Maxine Dexter brought the inflatable frogs that have been used to protest multiple times at the Portland ICE facility as her guests to the Democrats State of the Swamp to protest the state of the union event in Washington, D.C

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BREAKING: The state Virginia just banned gun possession under 21 unless supervised by an "adult." Virginia defines adult as 18.

Which means civilians can't carry a gun if they’re 20. Unless they are with an 18-year-old.

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DEVELOPING: The First Family is looking strong and untied at the State of The Union Address

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BREAKING : U.S. Banks

U.S. Banks are currently facing unrealized losses of $306 Billion

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100-year-old Korean War veteran will receive Medal of Honor during State of the Union 2026 address: report

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Howard Lutnick, who visited Jeffrey Epstein’s pedophile island, showed up to the State of the Union with absolutely no shame and all smiles

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DEVELOPING: Baron Trump waited for his mother Melania to stand up after the President called on her before he stood. He doesn’t play about his momma

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PRESIDENT TRUMP is absolutely DESTROYING third world migration into the US

"The SOMALI PIRATES who RANSACKED Minnesota remind us that there are large parts of the world where bribery, corruption and lawlessness are the norm—not the exception."

"Importing these cultures through unrestricted immigration and open borders brings these problems right here to the USA and it is the American people who pay the price in higher medical bills, car insurance rates, rent taxes, and perhaps more importantly crime.

We WILL take care of this problem!"

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BREAKING: Trump says the US just received 80 million barrels of Venezuelan crude oil

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