Blue Owl, okay, plunges to 23 low after blocking exit from fund.

Okay, so let me read this to you.

I know Jeff, you and Tom, both have a lot to say about this.

I'm going to come to him.

We'll wrap up the podcast with this year.

So Blue Al Capital, Inc.

shares have fallen to their low since 2023 December after the alternative asset

manager restricted investors from redeeming capital from one of its oldest private credit

funds. Shares dropped almost 6% on Monday closing at 13.78. The firm announced earlier this

month that it would merge its $1.8 billion non-traded business development company, Blue Al Capital

Corporation, two with its $17.6 billion publicly listed vehicle, Blue Owl Capital Corporation, two with its $17.6 billion,

a publicly listed vehicle, Blue Owl Capital Corp or OBDC, but investors in non-traded fund

won't be able to redeem their capital until the merger closes, which is expected to happen

early next year. Invested in the acquired vehicle will swap their holdings for OBDC stock.

That means they could see paper losses as much as 20% if the deal closes that current share price,

given that OBDC shares are trading at much higher of a discount compared to the value of the fund business.

Jeff, thoughts on the story.

There is a growing problem in what's called private creditor shadow banking, whatever term you want to talk about it.

It is potentially, it could, if it continues to go in this direction, it could turn into a financial crisis.

And the reason is because a lot of this private credit, without getting into really the deep weeds here,

it's just a source of relending in the economy.

So you have these investment funds that borrow, they get seated by wealthy investors,

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