Attention all passengers. The Uber ride for Mark and Jamal's romantic weekend will depart in four

minutes from Platform 6. Your ride comes with a rolling countryside sunset view and a table seat,

ideal for playing footsie beneath. Thank you for booking your tickets on Uber.

Trains on Uber. The views expressed on this podcast are those of the participants, not of Rogers News.

Private Credit's Golden Age seems to be coming to an end.

What remains after years of exuberance is to diagnose the severity of the hangover.

In the past few years, non-bank lenders exploded in size and popularity,

grabbing a chunky slice of the market for the regulation-bound titans of Wall Street. With an industry association pegging assets under management at $3.5 trillion,

the likes of Apollo, Blackstone, Ares and Gullab are now key fixtures of the US and global financial system.

As a result, though, that means they are increasingly interlinked with the banks they

so aggressively muscled aside. With worries rising, that their rapid assent was fueled by an

over-eager and risky lending, the question of how deep those ties go is the focus of this week's

viewsroom. It's Amy. And it's Jonathan, and this is the

Views Room, your weekly dive into the biggest topics in business, economics, and finance.

And Amy, amid the Iran conflict or the AI bubble or boom or so on, it might be hard to remember

that private credit was, for a while,

one of the biggest stories going.

After the pandemic, you had this kind of perfect storm of low rates and tons of capital

sitting around, a lot of uncertainty on Wall Street, and in the traditional lending world,

and then just like these huge buyout shops that have bolted on credit or insurance arms.

They were able to

step in and just like totally dominate the business of lending mostly to each other's private

...