Welcome to WSJ Pro Bankruptcy's Daily Briefing It's Tuesday, March 24. In today's briefing, JPMorgan CEO Jamie Dimon is intensifying scrutiny of the bank's exposure to software-linked private credit, tightening lending to funds and enabling clients to bet against the sector in the midst of rising “Saaspocalypse” concerns.

JPMorgan Chase Chief Executive Jamie Dimon has long been skeptical of private credit. Lately, he has been getting a reminder why.

Blame it on the “Saaspocalypse.” Private-credit managers are facing an ongoing reckoning as individual investors stampede out of private-credit funds, worried about a downturn in software, a number of high-profile defaults and restrictions accessing their money. Managers have had to enforce limits on redemptions, with Apollo Global Management being the latest to see large withdrawal requests on Monday.

Dimon recently ordered a full-scale inspection of the bank’s loan books for exposure to software companies. Many unprofitable software companies have borrowed risky loans from private-credit funds over the years, and earlier this year, JPMorgan told some funds that it was restricting their access to credit based on their exposure.

Long-haul trucker Miguel Caveda recently spent around $1,800 on diesel fuel during a week on the road, about 40% more than he typically paid before the Iran war began.

The sudden surge in diesel prices has eroded Caveda’s profit and upended his business in other ways, too. He has started searching out lighter hauls and avoiding hilly routes that guzzle fuel. He is also keenly aware that the steeper fuel costs will eventually trickle into the prices consumers pay for goods he is carrying—from tires to watermelon—assuming his business survives.

Houlihan Lokey is expanding its real estate advisory bench, hiring Steven Loffman as a managing director to lead its U.S. Real Estate Capital Advisory practice in New York in its Capital Solutions Group. 

Loffman joins after 18 years at Raymond James, where he advised on more than 200 transactions totaling over $75 billion across public and private markets. His experience spans IPOs and capital raises across sectors including mortgage REITs, timber and agriculture.

The hire follows Houlihan’s recent acquisition of Mellum Capital, bolstering its global real estate capabilities. The move also comes as demand rises for tailored financing solutions amid a more complex property market.

David Simon, whose ruthless negotiating tactics, obsession with details and sheer force of will turned his family’s real-estate business into the largest mall owner in the country, died Sunday after a cancer diagnosis in 2024. He was 64 years old.

During his more than three decades as Simon Property Group’s chief executive, the inveterate dealmaker gobbled up competitors and defied critics, who said malls were obsolete. Over a decadeslong buying spree, he cobbled together an empire that spanned 250 properties and 206 million square feet—giving Simon control of more retail space than anyone in the world.

Leo Radvinsky, the reclusive billionaire who reshaped the pornography industry by turning subscription service OnlyFans into an adult-content powerhouse, has died “after a long battle with cancer,” the company said. He was 43.

Radvinsky, who was born in the Soviet Union and raised outside Chicago, bought the then-obscure British video platform in 2018. Since then, Radvinsky boosted user numbers to more than 377 million, bringing in $7.2 billion in revenue for the year ending in November 2024, according to recent U.K. company filings.

In 2018, he was looking to branch out. He was one of the unsuccessful bidders in a bankruptcy court auction that year for the porn brand Penthouse. But OnlyFans, which he purchased that year for an undisclosed amount, would prove to be a better investment.

Share your tips, suggestions and feedback with the WSJ Pro Bankruptcy team: Alexander Gladstone; Jodi Xu Klein; Akiko Matsuda; Alicia McElhaney; Andrew Scurria; Becky Yerak. 

Follow us on X: @gladstonea; @jodixu; @AskAkiko; @AliciaMcElhaney; @AndrewScurria; @beckyyerak.