New York —
There is, once again, something shady happening on Wall Street.
And when I say shady, I mean it literally: The drama du jour comes from the world of private credit, which is part of a vast, opaque industry known as “shadow” banking. At the center of it all is Blue Owl Capital, an asset manager specializing in private debt financing. It recently announced a change in the way it was paying out some investors, which doesn’t sound too unusual, but the optics are making a lot of people nervous.
To be