Hi listeners, it's Michaela. Before we get into this week's show, I want to share some

important news. Next week will be Behind the Money's final episode. Every week for almost four

years now, I've had the opportunity to bring the best in-class corporate and financial reporting

from my FT colleagues to your ears.

And it has been an absolute privilege and a highlight of my career thus far to do that.

I hope you've enjoyed listening as much as I've enjoyed making this show. I'll say a little more

on all this next week. But until then,

on to this week's episode. And thank you for listening. My colleague Eric Platt has covered

a range of topics at the FT, from asset management to M&A. And right now, he's our U.S.

Investment Editor. And in that role,

he tells me that the bulk of what he reports on isn't often the topic of conversation when

he's, say, out with friends. I cover Berkshire Hathaway. People are normally really curious

how Warren is doing. They're never asking me what's happening at Apollo

or Ares or KKR. They're never asking me about, you know, private credit returns and whether

software loans are going to go bad. But recently, the people in his life seem to keep bringing

up the same topic. Private credit. It feels like private credit has broken through to the mainstream, right? It's in the zeitgeist. My mom is texting asking about private credit. Friend groups and at brunch it comes up, right? I was at the gym the other week and someone was like, holy shit, your story moved the market. And I was like, I knew it, but I didn't, how do you know?

This didn't happen a few years ago because it was like a nascent growing corner of Wall Street.

And this is all happening now because private credit is experiencing some problems in a very public way.

An intensifying drop in stocks that have exposure to private credit.

Private credit is experiencing its Roach Motel moment.

Morgan Stanley and Cliffwater joining the list of firms capping withdrawals from private credit funds.

So private credit right now is facing, you could almost call it like a paradigm shift.

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