The Ledger, every show

“We're putting billions every year into building new houses that during a cycle like this wouldn't take place.”

“I think you're going to see what Angelo Gordon did with TPG is the beginning of a massive wave of this. There's a lot of mergers that are going to take place.”

“And whether you look at Stanford, Harvard, Fannie Mae, almost any economic analyst will tell you we're short somewhere between three and seven million houses.”

“And now in portfolios, as an example, we'll probably buy 15 to 20,000 houses this year. But almost entirely in portfolio form.”

“When I owned houses and those folks serviced my house, you had NOI margins of like 30%. When we put an asset management layer and create a federation of them and force tech on them, we were able to get to 45%. Once we built our internal structure where we did …”

“If you went back to the data, you turned 60 years old, and you moved out of a single-family home, and it was like a rock dropping out of the sky how fast the curve goes down. And you looked at that same curve in 2019 pre-COVID, which is gonna make this even mo…”

“I think some of the categories that will morph private credit's going to change a lot over time, and we're going to have a default cycle in private credit, which will have a impact on distressed investing, They'll have a new round of expertise required.”

“It's going to be a massive restructuring of that space. I suspect it'll spill into others, and so the debt part of that market is going to be great.”

“When I ran Goldman Sachs' leverage finance trading desk businesses, we weren't as big in some things as Salomon Brothers had been 15 years earlier. The scale of risk-taking was extraordinary.”

“Our first 59,000 houses, we bought one at a time.”

“Framing it broadly is I think this will always be an asset class that people invest in like multifamily. It's never going away, right?”

“I mean, office has the greatest dispersion today ever in office history.”

“So our aspirations are to be a two hundred billion or two hundred fifty billion dollar alt manager, hopefully faster than 10 years.”

“That person they'd hired away from me was David Solomon, and so David Solomon was recruiting me.”

“We have 70% of Americans have mortgages less than four percent. They're not selling their house anytime soon. I think when you go to five, the number's 95%.”