John Zito

I just think it's like an interesting... Yeah, so the surprising thing, people, like half of our 65% of our balance sheet's investment grade.

Now, when you look at the business in credit, take credit as a just under $700 billion, you have...

slightly over $300 billion, our own balance sheet.

The other balance is third-party investors investing in our products.

Almost all of the investors investing in our products are in sub-investment grade, high-returning credit strategies, direct lending, asset-backed, and high-returning credit strategies.

We're going into the more fixed-income replacement, investment-grade solution, business and third-party.

We've never really raised any money there.

The other half is just our own balance sheet, which is 95% investment grade, 5% alternative, where we're making a spread.

Our equity business is predominantly our private equity business, but we have secondaries.

We have a climate business.

We have a hybrid business, which does everything outside of performing credit.

Those businesses are...

I've done well for a long period of time.

Our private equity business has had top returns for over 35 years.

And our hybrid business is effectively the space between performing credit and private equity, everything in between.

And that's been a really fast-growing segment for us at just over $80 billion.

Yeah, I think it depends on asset category.

I think it's really specific on asset category and the ability for you to show outsized returns.

If you show outsized returns, you can charge- Whatever you want.

Yeah, and people will do it.