After a difficult 2025, private credit bosses are expressing frustration at losing the narrative over their companies. In September, a top executive at Blue Owl Capital wondered why the shares of the company had fallen by 25 per cent for the year, telling an industry conference: “It just makes no sense to me?.?.?.?what am I missing?”

Marc Rowan, the head of Apollo and the sector’s most influential thought leader, decided in November it was time to blame the media. At a periodic investor meeting held by Apollo’s insurance affiliate Athene, he offered a slide entitled “Does Anybody Know What They Are Talking About?”

The page showed a series of recent headlines (including one from the FT) which he said demonstrated a misunderstanding of the nuances among the differing products and business models within private credit.