Matt Levine, Columnist

People Are Worried About BCRED Liquidity

Also FAT Brands securitization, 401(k) liquidity and Jeffrey Epstein is securities fraud.

March 4, 2026 at 7:01 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Let’s say that you work in private credit and you think that private credit is great. Oh, sure, you’ve seen all the headlines; you know people are worried about SaaSpocalypses and cockroaches and so forth. You just think they’re wrong. You did the deals, you know the credits, and you think that all of these loans are going to work out great and pay back par. How should you trade that thesis?

The obvious intuitive answer is something like: “If people are panicking and want to sell their shares of private credit funds for 80 cents on the dollar, and you think they’re worth 100 cents on the dollar, you should buy them at 80 cents on the dollar.” And then you’ll make 20 cents. Good trade, if you’re right.