It went from nothing a decade ago to trillions of dollars, a few trillion

dollars.

And so when you're one of these funds that has so much money to deploy, you're going to start, you got to put it into something and you make riskier and riskier decisions.

You go higher up the tree from the low hanging obvious fruit.

And so what happened was a lot of these funds, they started to do a lot of direct lending, which is just lending to businesses based on no actual assets behind them.

And these businesses were ripping.

And so everything looked good.

So you could sell a home in a bad market, right? And you have a hard time selling