Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Monday, March 9. In today's briefing, BlackRock limited withdrawals from a flagship direct-lending fund; a U.K. mortgage company is private credit's latest black eye; and more store closures for Saks Global as it winds through chapter 11.

BlackRock sticks to redemption limit on private-credit fund. BlackRock elected to limit withdrawals from a flagship direct-lending fund, unlike rival Blackstone, which had taken steps to meet redemptions that exceeded the contractual maximum. The exits from both funds show how after years of record fundraising, private-credit managers are now dealing with a rapid change in sentiment.

A U.K. mortgage company is private credit's latest black eye. Market Financial Solutions found no shortage of banks and direct lenders willing to provide capital, despite offering them financial information that diverged widely from its public reporting. Now MFS is collapsing, raising fresh questions about how some of Wall Street's most sophisticated players missed the warning signs.

Western Alliance sinks on write-off, Jefferies lawsuit. The Phoneix-based bank sued Jefferies over a soured $126.4 million loan backed by receivables purchased from First Brands Group.

Saks Fifth Avenue shrinks footprint by half. Saks' bankrupt parent company said it would close a dozen locations by the end of May, leaving about 13 Saks stores remaining nationwide—including its flagship store on Manhattan’s Fifth Avenue. The company is also closing four Neiman Marcus stores, leaving it with about 32 locations nationwide.

• In an interview, Saks Global Chief Executive Geoffroy van Raemdonck said the smaller footprint will allow him to invest in the remaining stores and provide a better experience for luxury shoppers.

WSJ Pro is pleased to announce its 10th class of Women to Watch honorees. This year, for the first time, we have built a dedicated webpage to showcase both current and past honorees. This year’s class spans a range of strategies and backgrounds across four main categories: senior dealmakers, rising star dealmakers, fundraising and LP executives, and private-credit professionals. However, they all share the same pursuit of excellence that has earned them this honor. You can learn more about this year’s class here.

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.