Ryan Knudson

I'm like, oh, I'm sorry that that's your job.

It's just like, okay, let's move on.

And what do you do this weekend?

But then there's that awkward pause where it's like, what is that?

So what is private credit?

Okay.

What is private credit?

Sorry, bear with me a second.

I could try to freeball it, but I came up with what I think.

And so what that meant was those banks couldn't make a lot of the loans that they had been making that were pretty high yield but kind of risky and led to very large bonuses for those people on Wall Street.

Well, they didn't exist anymore.

The loans just moved.

A lot of the smartest guys on Wall Street and gals started to leave those banks, and they were looking for alternatives.

When they first started doing large loans to large companies, they were called shadow banks.

These days, they call it private credit.

And it pays a pretty high yield, like it would pay anywhere between 8 or 9% a year on the low end, and it could pay up to like 15% on the high end annually.

So everybody wanted in, and it just kind of exploded.

The two founders, Doug Ostrover and Mark Lipschultz, they're rainmakers.

They're incredibly good at sales, incredibly good at raising money from insurance companies, pensions, endowments, et cetera.

They wanted to prove that they could be big dogs, you know, like they could start their own thing and get really big, really fast.