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Street Credit

A recent string of bankruptcies and defaults suggests some challenges in the seemingly indomitable private credit market. And yet, according to some O.G.s, things have never been better. Apollo’s Marc Rowan lays bare the risks and rewards.

Marc Rowan
“For an industry that has grown pretty large over the years, we are now anchored by three really powerful secular trends that serve a fundamental good, not just in our economy, but in the world,” Marc Rowan said. “Private assets are becoming more and more acceptable and more and more in demand.” Photo: Paul Yeung/Bloomberg/Getty Images
William D. Cohan
November 16, 2025

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We’re currently living through a colorful era of mixed metaphors in the credit markets, which, depending on whom you listen to, is either rollicking along after years of unprecedented growth or careening toward a correction. In his latest memo, Oaktree co-chairman Howard Marks referred to “cockroaches in the coal mine”—combining the idiomatic canary with JPMorgan Chase C.E.O. Jamie Dimon’s recent observation about the bankruptcies of First Brands Group and Tricolor Holdings. “I probably shouldn’t say this,” Dimon said, “but when you see one cockroach, there are probably more.”