This PBS Space Time video does a good job of explaining it https://youtu.be/1Z5fnwUmTSY. tl;dr the inner and outer event horizons of spinning black hole cancel out leaving a naked (ring) singularity which is believed to be prevented by the “Cosmic Censorship Hypothesis”. In the math it causes the event horizon radius to become complex which is believed to be “unphysical”. However maybe not, many “unphysical” mathematical objects have later turned out to be real such as black holes themselves (Einstein thought they were just a mathematical artefact) and anti matter (a result of negative roots of the Dirac Equation). Complex numbers are also an intrinsic part of the way Quantum Mechanics works, so perhaps there are naked singularities.