<p><strong>KKR &amp; Co.</strong> (NYSE: KKR) 正在向其与 Future Standard 共同管理的 私人信贷基金 投资 3 亿美元的自有资本，因为该策略面临着由于贷款违约上升而带来的压力，这导致第一季度损失 5.6 亿美元。</p>
<p>KKR Alternative Assets 将通过要约收购以每股 11 美元的价格购买最多 1.5 亿美元的 FS KKR Capital 股票，并投资 1.5 亿美元于新发行的优先股，彭博社 报道。</p>
<p>截至周一市场收盘，KKR 的股价下跌了 3.2%。</p>
<p>该 BDC 的董事会批准了一项 3 亿美元的股票回购计划，预计将持续约一年。该计划将于 2027 年 6 月 1 日到期。根据 3 亿美元的回购进度，该计划可以延长或提前结束。KKR 同意放弃四个季度的激励费用。</p>
<p><strong>另请阅读：</strong>
<strong>阿波罗探索 30 亿美元出售私人信贷基金 MFIC</strong></p>
<p>FS KKR 在第一季度将该软件公司列为非计息贷款，将贷款减记至 54 美分。彭博社补充称，Medallia 并未支付来自 FS KKR 的贷款利息。</p>
<p>FS KKR 投资组合中约有 16% 是软件和服务公司。首席投资官 <strong>Daniel Pietrzak</strong> 指出，Medallia、Cubic Corp 和 Affordable Care 在第一季度几乎占据了基金净资产价值下降的 33%。</p>
<h2>在信用质量担忧中折扣扩大</h2>
<p>穆迪评级在 3 月将 FS KKR 降级至垃圾级，原因是 “持续的资产质量挑战”。它现在在公开上市的 BDC 中的净资产价值折扣幅度最大。</p>
<p>由于投资者重新评估软件资产，担心人工智能可能会减少对某些服务的需求，Medallia 最近面临压力。</p>
<p>据报道，Thoma Bravo 正在接近一项协议，将软件提供商 Medallia 的控制权转移给其贷款方，实际上抹去了与该私募股权公司相关的 51 亿美元。</p>
<p>在 2 月的电话会议上，黑石集团的私人信贷负责人 Brad Marshall 表示，Medallia 的表现不佳 “并不是因为与人工智能相关的任何问题，而是由于我们认为的执行驱动问题。”</p>
<p>“我们还预计将讨论资本结构，” 他补充道。</p>
<p>推动 数十年牛市 的软件即服务模型依赖于两个假设：座位数量的增长和年度价格上涨。人工智能威胁到这两者。软件的倍数已经减半。几十年来，软件股票的市盈率首次低于更广泛市场的倍数。</p>
<p>私募股权在 2018 年至 2022 年间向软件公司注入了数万亿美元。根据 <strong>Steve Eisman</strong> 的说法，所有这些交易现在都处于亏损状态 “而且可能亏损严重”，他是第一个在任何人想听之前就预言次贷危机的基金经理。</p>
<p><strong>黑石</strong>、<strong>KKR</strong> 和 <strong>凯雷集团</strong> (NYSE: CG) 在第一季度均下跌 25% 或更多。Oaktree 的 Howard Marks 警告 称私人信贷的承销标准 “过低，正在为修正创造条件。”</p>
<p><strong>另请阅读：</strong>
<strong>Thrive Capital、Alphabet 将主导 Isomorphic Labs 20 亿美元的融资目标</strong></p>
<p><em>照片来源：Shutterstock</em></p>

KKR集团

<p>KKR & Co. 正在向其与 Future Standard 共同管理的私人信贷基金投资 3 亿美元，此时贷款违约率上升，导致第一季度损失 5.6 亿美元。此次投资包括对 FS KKR Capital 股票的要约收购和新发行的优先股。KKR 的股票在市场收盘时下跌了 3.2%。该基金的董事会批准了一项 3 亿美元的股票回购计划，预计将持续约一年。穆迪因资产质量问题将 FS KKR 降级为垃圾级，重大损失归因于像 Medallia 这样的软件公司</p>

<p><strong>KKR &amp; Co.</strong> (NYSE: KKR) is committing $300 million of its own capital to a private credit fund it co-manages with Future Standard, as the strategy faces pressure from rising loan defaults that contributed to a $560 million loss in the first quarter.</p>
<div class="lb-trans"><p><strong>KKR &amp; Co.</strong> (NYSE: KKR) 正在向其与 Future Standard 共同管理的 私人信贷基金 投资 3 亿美元的自有资本，因为该策略面临着由于贷款违约上升而带来的压力，这导致第一季度损失 5.6 亿美元。</p>
</div><p>KKR Alternative Assets will buy up to $150 million of FS KKR Capital shares at $11 each through a tender offer and also invest $150 million in newly issued preferred stock, Bloomberg reported.</p>
<div class="lb-trans"><p>KKR Alternative Assets 将通过要约收购以每股 11 美元的价格购买最多 1.5 亿美元的 FS KKR Capital 股票，并投资 1.5 亿美元于新发行的优先股，彭博社 报道。</p>
</div><p>At the end of Monday's market close KKR's stock price was down 3.2%.</p>
<div class="lb-trans"><p>截至周一市场收盘，KKR 的股价下跌了 3.2%。</p>
</div><p>The BDC's board of directors approved a $300 million share repurchase program, which is understood to be running for approximately one year. The program will expire on June 1, 2027. It can be extended or end sooner, depending on when the $300 million is reached. KKR agreed to waive its incentive fees for four quarters.</p>
<div class="lb-trans"><p>该 BDC 的董事会批准了一项 3 亿美元的股票回购计划，预计将持续约一年。该计划将于 2027 年 6 月 1 日到期。根据 3 亿美元的回购进度，该计划可以延长或提前结束。KKR 同意放弃四个季度的激励费用。</p>
</div><p><strong>Read Also:</strong>
<strong>Apollo Explores $3 Billion Sale Of Private Credit Fund MFIC</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>阿波罗探索 30 亿美元出售私人信贷基金 MFIC</strong></p>
</div><p>FS KKR placed the software company on non-accrual in Q1, marking the loan down to 54 cents. Medallia is not paying interest on its loans from FS KKR, Bloomberg added.</p>
<div class="lb-trans"><p>FS KKR 在第一季度将该软件公司列为非计息贷款，将贷款减记至 54 美分。彭博社补充称，Medallia 并未支付来自 FS KKR 的贷款利息。</p>
</div><p>Approximately 16% of FS KKR's portfolio is in software and services companies. Chief Investment Officer <strong>Daniel Pietrzak</strong> noted that Medallia, Cubic Corp, and Affordable Care drove nearly 33% of the fund's NAV decline in the first quarter.</p>
<div class="lb-trans"><p>FS KKR 投资组合中约有 16% 是软件和服务公司。首席投资官 <strong>Daniel Pietrzak</strong> 指出，Medallia、Cubic Corp 和 Affordable Care 在第一季度几乎占据了基金净资产价值下降的 33%。</p>
</div><h2>Discounts Widen Amid Credit Quality Concerns</h2>
<div class="lb-trans"><h2>在信用质量担忧中折扣扩大</h2>
</div><p>Moody's Ratings downgraded FS KKR to junk status in March due to &#34;continued asset quality challenges.” It now trades at one of the widest discounts to net asset value among publicly listed BDCs.</p>
<div class="lb-trans"><p>穆迪评级在 3 月将 FS KKR 降级至垃圾级，原因是 “持续的资产质量挑战”。它现在在公开上市的 BDC 中的净资产价值折扣幅度最大。</p>
</div><p>Medallia has been under recent pressure as investors reassess software assets amid worries that artificial intelligence could reduce demand for some services.</p>
<div class="lb-trans"><p>由于投资者重新评估软件资产，担心人工智能可能会减少对某些服务的需求，Medallia 最近面临压力。</p>
</div><p>Thoma Bravo is reportedly inching closer to a deal that would transfer control of software provider Medallia to its lenders, effectively erasing $5.1 billion tied to the private equity firm.</p>
<div class="lb-trans"><p>据报道，Thoma Bravo 正在接近一项协议，将软件提供商 Medallia 的控制权转移给其贷款方，实际上抹去了与该私募股权公司相关的 51 亿美元。</p>
</div><p>On a February conference call, Blackstone’s private credit chief Brad Marshall said Medallia had been “underperforming, not because of anything related to AI, but due to what we believe to be execution-driven issues.&#34;</p>
<div class="lb-trans"><p>在 2 月的电话会议上，黑石集团的私人信贷负责人 Brad Marshall 表示，Medallia 的表现不佳 “并不是因为与人工智能相关的任何问题，而是由于我们认为的执行驱动问题。”</p>
</div><p>“We also expect there to be discussions around the capital structure,” he added.</p>
<div class="lb-trans"><p>“我们还预计将讨论资本结构，” 他补充道。</p>
</div><p>The software-as-a-subscription model that powered a multi-decade bull market depended on two assumptions: growing seat counts and annual price increases. AI threatens both. Software multiples have been cut in half. For the first time in decades, price-to-earnings ratios for software stocks sit below the broader market multiple.</p>
<div class="lb-trans"><p>推动 数十年牛市 的软件即服务模型依赖于两个假设：座位数量的增长和年度价格上涨。人工智能威胁到这两者。软件的倍数已经减半。几十年来，软件股票的市盈率首次低于更广泛市场的倍数。</p>
</div><p>Private equity poured trillions into software companies between 2018 and 2022. Every single one of those deals is now underwater “and probably by a lot,” according to <strong>Steve Eisman,</strong> the fund manager who called the subprime crash before anyone wanted to hear it.</p>
<div class="lb-trans"><p>私募股权在 2018 年至 2022 年间向软件公司注入了数万亿美元。根据 <strong>Steve Eisman</strong> 的说法，所有这些交易现在都处于亏损状态 “而且可能亏损严重”，他是第一个在任何人想听之前就预言次贷危机的基金经理。</p>
</div><p><strong>Blackstone</strong>, <strong>KKR</strong> and <strong>Carlyle Group</strong> (NYSE: CG) were all down 25% or more in Q1. Oaktree’s Howard Marks warned that private credit underwriting standards were “too low and setting the scene for a correction.”</p>
<div class="lb-trans"><p><strong>黑石</strong>、<strong>KKR</strong> 和 <strong>凯雷集团</strong> (NYSE: CG) 在第一季度均下跌 25% 或更多。Oaktree 的 Howard Marks 警告 称私人信贷的承销标准 “过低，正在为修正创造条件。”</p>
</div><p><strong>Read Also:</strong>
<strong>Thrive Capital, Alphabet To Lead Isomorphic Labs $2 Billion Fundraising Goa</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>Thrive Capital、Alphabet 将主导 Isomorphic Labs 20 亿美元的融资目标</strong></p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Shutterstock</em></p>
</div>

KKR Just Rescued Its Own Private Credit Fund With $300 Million

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FS KKR Capital

Future plc

Future First Technologies Ltd.

Standard BioTools

Nano Labs

KKR & Co. Inc.

KKR Group Fin Co IX LLC Pref Share KKRS 4.625 04/01/61

Tema Alternative Asset Managers ETF

Apollo Global

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MIDCAP FINANCIAL INVESTMENT CORP 8% NTS 15/12/28 USD25

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Medisana AG

Customers Bancorp

Cube System Inc.

CUSTOMERS BANCORP INC PERP PFD NON CUM SER E FXD TO FLTG

拜尔斯普保健

Impact Shares Affordable Housing MBS ETF

Cadre

穆迪

Thomson Resources Ltd

TOMI Environmental Solutions

T1V, Inc.

黑石集团

凯雷集团

OakTree Specialty Lend

Annaly资本管理

Acorn Capital Investment Fund Ltd Registered

Thryv

Crescent Capital BDC

Texas Capital Texas Oil Index ETF

谷歌-A

谷歌-C

LIHIT LAB., INC.

优点互动

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KKR & CO INC 6.25% MAND CONV PREF SHARES SER D

APOLLO GLOBAL MANAGEMENT INC 6.75% CONV PFD STK SER A

Apollo Global Management Pref Share APO 7.625 09/15/53

Customers Bancorp Pref Share CUBB 5.375 12/30/34

CUSTOMERS BANCORP INC PERP PFD NON CUM FIXED/FLTG SER F

ANNALY CAPITAL MANAGEMENT INC 6.95% FXD FLTG CUM RED PFD SR F 30/09/22

ANNALY CAPITAL MANAGEMENT INC 8.875 CUM PREF SER J

ANNALY CAPITAL MANAGEMENT INC 6.750% FXD TO FTG RATE CUM RED PRF SR I

ANNALY CAPITAL MANAGEMENT INC 6.50 CUM RED PFD STK FIX FLT SER G USD25

First Eagle Alternative Pref Share FCRX 5 05/25/26

Texas Capital Bancshrs Pref Share TCBIO 5.75 Perp 06/15/26 B

IDEANOMICS INC

KKR 刚刚用 3 亿美元救助了其自有的私募信贷基金