<div id="readability-page-1">Loan values fall: Fourteen major BDCs marked down portfolios in Q1, with $1.2 billion below amortized cost and distress concentrated in smaller funds. Scrutiny intensifies: Federal prosecutors are probing BlackRock’s valuation methods, while regulators push for more transparency and stress testing in the sector. Capital deployment slows: HSBC paused deploying $4 billion in private credit funds after heavy losses, and Goldman Sachs seeks to shift risk off its balance sheet.</div>

GS-C

滙豐

高盛

GS-D

匯豐控股

<p>私募信貸面臨挑戰，十四家主要的 BDC 在第一季度報告了低於攤銷成本的 12 億美元減值，特別影響了較小的基金。聯邦檢察官正在調查黑石的估值方法，而監管機構則要求提高透明度和壓力測試。此外，滙豐已暫停部署 40 億美元的私募信貸基金，原因是遭受了重大損失，而高盛則尋求從其資產負債表中轉移風險</p>

Private credit faces markdowns, probes, and funding slowdown

- 14 家主要 BDC 在第一季度削減貸款組合，價值低於攤銷成本 12 億美元。  
- 聯邦檢察官調查 BlackRock 的估值方法，監管機構要求更透明和壓力測試。  
- 滙豐暫停 40 億美元私募信貸基金的投資，高盛尋求降低資產負債表風險。

GOLDMAN SACHS GROUP INC DEP SHS REPSTG 1/1000TH PRF SER C

GOLDMAN SACHS GROUP INC DEP REP 1/1000TH PRF D

貝萊德

BlackRock Tech and Private Equity Term Trust

BLACKROCK MULTI-SECTOR INCOME TR COM USD0.001(S/R 09/09/2025) WI

Blackrock Enhanced Div Achievers Trust

BlackRock Science and Tech Term Trust

BlackRock Multi-Sector Income Trust

HSBC 5xShortSG241213

匯豐控股有限公司

GS Hldg R

私人信貸正面臨減值、調查以及融資速度放緩的挑戰