The Ledger, every show

“We actually don't see any delta in pricing or terms for the most part between a fifty million EBITDA company and a two hundred and fifty million dollar EBITDA company. Leverage levels are about the same. Pricing's about the same.”

“And the only thing that's going to solve the lack of cashflow servicing a lot of debt is new liquidity. And if you have liquidity and you can drive terms on Outcomes. I think you're going to be pretty impactful. And if you don't have liquidity, I don't think y…”

“When we were in the midst of negotiating the acquisition, we saw it as an asset that we could unlock, but it was really interesting period of time in 2002 1001, whenever it was, Blackstone, because of their early lead in the market, had a roughly 60, 65% marke…”

“If you look at our historical charge-offs versus defaults in the public markets, they're just better over a twenty-year period because of that control”

“Our view is there's a lot of this private capital that's now stuck. With higher rates that really is going to create liquidity issues for a lot of investors. So this could really be a shining moment for the secondaries business.”

“So of course we have a cumulative default charge off ratio, which is very, very low, like under five and 10 basis points for both senior and junior assets.”

“The banks won't quite exit the market completely. Because, you know, there's still some French banks, and they're nationalistic about lending in France, and there are German banks that want to lend in Germany, and Swedish banks that want to lend in Sweden, so …”

“There are now four or five firms, including Blackstone and Aries, that have probably 30 or 40% market share at the top of the stack.”

“Most firms like Aries expect that 40% of their capital raising going forward will come from the wealth channel. That's not our expectation, but I mean, I think if we think about sizing new capital on an annual basis, my guess is something like 20% of our forec…”

“Most of the FAs we talk to will say, I want three to five managers That have a pretty well curated set of products.”

“If you were to launch a non-traded BDC today, you'd say, who are the biggest non-traded BDCs? What are their fees? Boom, by the way, they're all exactly the same, and they haven't moved much. That's true of the other asset classes as well, so everybody's a car…”

“We've actually seen one or two of our competitors queue credit capital over the last year or two.”

“The retail investor hasn't been tested yet because most of this has come online. With COVID and coming out of COVID and it's been a pretty easy low vol period of time.”

“Our US direct lending business, I can show someone a hundred plus billion dollar track record over 20 years through market cycles that's generated a net 12 or 13.”

“So if you decompose the LCD index, it's really obvious where the defaults are. They're in six to 10 industries, and most of the other industries tend to outperform.”

“I think the remainder of this year and even into next year is going to be a lot of that. It's going to be a lot of just muddling through over levered assets and owners who aren't quite sure what to do about that.”

“We're about five hundred billion of AUM today.”

“The capital raising that we did in Europe was tremendous and a little bit of a surprise for us, and I think this year may be that year for Asia, but being global is important because I think it's a global opportunity.”

“Generally, what you're seeing from these clients is they're putting 200,000 to 500,000 dollar check sizes to work, and we found that that money is quite sticky.”

“So if you look at our roughly five hundred billion of AUM today, about Forty billion of that is from the wealth channel.”

“The funds that we have in the retail channel and credit are not surprisingly the largest ones that we manage and are growing the quickest.”

“I mean, a senior deal was Three and a half times levered with a six or 700 basis point spread to the risk free rate. Mez deals were 15, 16% fixed rate coupons with seven and a half percent of the company in warrants that struck at zero. He charged five point f…”

“So Aries today is about 2600 people. We have 30 offices. The rough breakdown today is about 700 in New York, 700 in L.A. And about 400 in London. And then the balance are either folks out originating new deals or looking for clients. 360 something billion of A…”

“It's a very large market. We think it's a three, four trillion dollar addressable market.”

“Because about 25% of my class were CEOs of venture capital-backed, funded startups. Most of them, as I made fun of them leaving the Bay Area, were not gonna be real companies, and most of them weren't, and we were late.”

“But at the time when I got there, it was about 65 people. It was LA only. I think we managed probably three billion of CLO money, largely bank loans, but some high yield in there too, because they were all market value CLOs. And Tony and Ben Rosenthal were get…”