Blue Owl shares climbed following reports that investors requested the return of $4.7 billion from its flagship private-credit funds during the second quarter. While the figure remains substantial, it represents a decline in outflow volume compared to the previous quarter, offering a glimmer of relief to market participants.

Meanwhile, internal changes at BlackRock have added to the industry's scrutiny. Phil Tseng, the lead executive for the firm's private credit division, is departing. His exit has prompted analysts to question whether the current wave of redemptions in funds focused on corporate direct loans will stabilize or signal deeper, systemic stress across credit markets.