Robert Armstrong

But as long as people are nervous, then the liquidity thing becomes an issue.

Right?

Yes.

Because if, you know, a couple people head for the exit.

And the fund says, and something like this happened to one of Blue Owl's funds, and the fund has a limit on how many people can come or leave.

As we said at the beginning of the discussion, these are long-term loans, bilateral agreements.

You can't just liquidate when investors want to leave.

So there's gates on a lot of these private credit funds, and only so many people can leave in a given quarter or so forth.

But anyway, the instant anybody gets told that,

Actually, we're up to our limit.

Nobody else can leave.

That is the moment where everybody wants to leave.

Exactly.

It's the bank.

But, you know, it's the Silicon Valley Bank.

They don't have you.

You can take a deposit out of a bank any time.

Right.

The the point about a private credit fund is it says right on the wrapper, you're only going to have an access access to your money back.

In the case of an institution, it might be years.