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BeachBroadcast@BeachBroadcast
August 15, 2023
Mahalo for the Aloha and Kokua.
We are sorry we cannot get to all of you messages. We are overwhelmed with gratitude for all y’all are doing. We were opening pallet after pallet of packages and boxes non stop from 10:30 to 3:00. Santa, King’s Cathedral (aka KC or King’s Maui) and I send our sincere Aloha and Mahalo to all of our Surfer Ohana for your Kokua!
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00:03:12
Sent to me from a friend so I have no sources:
🚨 SOMETHING BIG JUST HAPPENED:
BlackRock just blocked investors from pulling their own money out.
The world’s largest asset manager is telling people: no, you can’t have your cash back.
This has never happened before.
BlackRock’s $26 billion private credit fund got hit with $1.2 billion in withdrawal requests this quarter.
Investors wanted 9.3% of their money back.
BlackRock said no. Capped it at 5%. Paid out $620 million and locked the rest.
That means almost HALF the people who wanted out couldn’t get out.
And it’s not just BlackRock.
Blackstone’s similar fund saw a RECORD 7.9% in redemption requests.
They had to raise their withdrawal cap and inject $400 million of their own money just to cover the demand.
Blue Owl straight up stopped honoring redemptions. Replaced them with IOUs.
BLK dropped 5%. KKR, Carlyle, Apollo, Ares, Blue Owl, and TPG all fell 5-6% with it.
The entire private credit sector sold off in a single day.
These ...
