The WSJ reports KKR's big private-credit fund for regular investors just took a $560 Million bath (10% of its value) as loan defaults jumped to 8.1%. 

KKR's largest private-credit fund, primarily held by individual investors, experienced a significant $560 million loss in the first quarter due to an increasing number of loan defaults. Wall Street Journal (Markets) posted on X that this development highlights the challenges faced by private-credit funds as economic conditions fluctuate. The fund, which has been a popular choice among individual investors seeking higher yields, has been impacted by the financial instability of several borrowers.

KKR share price has been cut in half and it's now junk-rated.