Ryan Knudson

What happened is they realized there's this whole other source of money that we can raise funds with that most of our competitors haven't really looked at yet.

And that's individual investors, what's called the mass affluent.

I was like, oh my God, these guys are killing it, right?

I guess that was 2019, right, or 2020.

They were at $15 billion.

These guys now run $300 billion.

I mean, it was a hockey stick.

The bulk of their business is making loans to companies.

You know, some of them are like food companies, right?

And some of them are like related to housing and consumer goods, right?

Retailers, dollar store type retailers, and high-end retailers as well, pharmaceutical companies.

But what they really liked?

They really liked Ryan's software.

And that's exactly it.

High-margin business, Ryan.

Anthropic has this AI Claude that can start replacing business software.

And so it was particularly problematic for private credit funds like Blue Owl.

It's in the fine print of all these funds.

They only have to pay out 5% each quarter.

Correct.