Ryan Knudson

You're only going to get 5% of your money back.

Well, Blue Owl did what I think they thought was the right thing and something that they thought the market would appreciate, but instead it just threw gasoline on the fire and things got like way worse really fast.

That's next.

And so senior management at Blue Owl are faced with this choice.

We can either hold the line at 5% or we can go over 5%.

And so what they decided to do was say, you know what, we'll pay triple what they would have to do under the fine print of their contracts.

And they thought that that would calm everybody down.

It totally backfired.

People were like, wait, I thought it was 5%, but now they're paying 15%.

Like, should I, can I get more?

I should, okay, oh my God, like, what's going on?

I don't know what the rules are.

There's just a lot of confusion in the market.

And one thing the market hates is uncertainty, you know?

Blue Owl was trying to provide certainty.

They were trying to show, look, we have the money, we're going to pay you out.

And instead, it did the opposite.

And the biggest fund investors in it requested 22% back.

It's massive.

You know, it was $5.4 billion requested.