Hello fellow robo capital. Hope you're a lot. Hope you're well. This is about ready to say hope you're live,

but I am live right here with you talking about private credit and we've got more issues.

It's getting worse. Who would have thunk, right? Who would have thunk? So let's get into what is

happening with Blue Owl and then go over what is happening in the entire space and then try to think

through, well, if this is happening in the financial economy, then how does this or what does

this tell us about what's happening in the real economy? And could it get so bad in the financial

economy that it spills over and we have kind of a doom loop,

i.e. like a mini GFC. So first and foremost, I want to give you some background here because in case

you haven't been following this story, Blue Owl, this private credit group, has been in the news for at least a couple months here.

And you know, you heard about it a little bit here, a little bit there, but the Dow Joe's at 50,000, right?

The stock market's at 50,000.

Oh, what?

Oh, oh, look, a squirrel, you know. So let's go over kind of a recap. I'm going to go over a video from CNBC and then go over what's happening today and then try to go and put the pieces of the puzzle together. So we're going to start right here. And I'll be kind of,

I'm not going to play the whole thing, but I'll be playing some clips here than kind of interjecting

my thoughts along the way. The matter that Blue Owl has decided to call off its private credit

fund merger, this is something we've been talking about all week, you all have been talking

about all week, this all have been talking about all

week, this controversial combination of one of its non-traded funds, Blue Owl Capital Corporation

2, with its bigger publicly listed vehicle, Blue Owl Capital Corp.

Notice how the share price back then was 14 bucks. Not 14 bucks anymore.

Nope, not 14 bucks anymore no not 14 bucks anymore so let's before we go on let's kind of go over what private credit is so private credit is a fancy way of saying we've got

this entity we're raising debt and equity and then we're going to take that capital

...