Dan Ivascyn

That will offset it.

A steady stream.

But a couple of points.

One, given how much money was pouring into –

the lower quality credit markets, it was easy for a while to just kick the can forward.

Pick interest where, you know, a company

you know, was struggling to make their coupons.

We'll pay you later when we can.

Or we'll extend the maturity.

Correct.

And when you have a more traditional, predictable economy where, you know, work as we know it isn't being disrupted.

So you had, you had the,

liquidity piece, money pouring in, easy to extend.

Private equity, we can't realize on the investment, we can wait.

We'll extend our debt, someone will give us an extension, or they won't make us pay our interest for a while.

That dynamic has existed over the last few years.

Now, losses have, actual losses have steadily gone higher, but the prediction in terms of future losses, and usually when you're allowing a company, or when a company can't meet their current interest payment, that's a good

or bad signal in terms of their ability to afford that over the long run.

So that's one piece.

The piece we wanted to highlight this year, though, that has been the real change is that AI disruptions here.