Matt Wurtz

Blackstone says everything's fine.

They are saying they have plenty of money, that investors that want their money will get it back, just not as quickly as they want.

and that the overall performance of their loans that they invest in, that those loans are doing fine.

You know, in general, I think that's right.

However, on the margin, what we're seeing is that more of those loans are starting to default.

Blackstone is like the blue chip name.

Like if JP Morgan is like the blue chip of banks, like Blackstone is the benchmark for private credit and private equity funds.

So if the number of their investors that are asking for their money back is going up, if the best in the industry is facing this, then it's only a bigger risk for everybody else.