BlackRock Just Confirmed the Worst-Case Scenario
Ken McElroy Show
Ken McElroy
4.7 • 712 Ratings
🗓️ 4 February 2026
⏱️ 32 minutes
🧾️ Download transcript
Summary
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This is a paid sponsorship from Monetary Metals BlackRock just marked down private credit loans, and it’s not a one-off event. Ken and Danille McElroy break down why this moment exposes the same floating-rate, refinance-dependent risk now sitting across multifamily real estate.
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Transcript
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| 0:27.3 | BlackRock just pulled the curtain back in what is actually happening in the multifamily market. |
| 0:32.9 | Yeah, so the reason why I want to chat about this topic is this is not about BlackRock. |
| 0:38.3 | I just really want to be clear. |
| 0:40.3 | This is about private credit. |
| 0:42.3 | And if you guys don't know a private credit, I'll explain what it is real quick. |
| 0:47.3 | So it's basically credit outside of the traditional banking system. |
| 0:51.3 | So there's all these debt funds and all these folks that, |
| 0:55.7 | as you guys all know, lend it on multifamily. All these traditional names now are in trouble. |
| 1:03.1 | And where do they get their money? They get their money from insurance companies and companies |
| 1:07.1 | like BlackRock. So they get their money from institutional investors. So you set up, |
| 1:12.4 | for example, ABC debt fund. You go to BlackRock, you get $100 million, $250 million, whatever it is, |
| 1:18.9 | and then you start on the street. So that's what this is. And so, Jerry, once you first pop up |
| 1:24.3 | that first graphic, I think it's important that we show the rise in private credit. |
| 1:29.9 | So this is a really important graph. So basically what this means. Now, this is not 2008. I want to |
| 1:37.1 | point that out, guys. But this is what's going on behind the scenes. This is big money, Wall Street |
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