The stock fell -1.4% to $8.45 on Monday, slipping below its previous low from late 2022, and is now down -68% from its all-time high.

Blue Owl has posted 8 consecutive months of losses and just came out of its steepest quarterly decline on record.

Furthermore, short interest on the stock hit a record high in early March, as investors increasingly use Blue Owl as a proxy to bet against the $1.8-$2.0 trillion private credit market.

The selloff intensified after the firm capped redemptions at 5% on two of its funds following a surge in withdrawal requests, with its technology-focused fund alone seeing requests exceed 15% last quarter.

The question is no longer whether private credit is under pressure, but how far it spreads.