Lewis Hart

There was sort of a group of banks, particularly European banks, that dominated.

I would say in the last 10 years, many of those banks have actually stepped away from the market for a variety of reasons.

And as a result, there are not that many in the U.S.

who really specialize in this.

We're one of them.

But there are plenty of European banks that really understand this business.

And what we've seen is you're seeing more and more interest in this asset class from institutional investors.

So they like short-term, floating rates, inflation protection, uncorrelated to the broader equity markets.

There's some really attractive features in this.

Yeah.

It's historically been a very small group of banks, but it's starting to expand into the institutional investor world.

We're typically holding the majority of it, but we will syndicate risk out to other investors from time to time as well.

And we have some partners that we work with.

We have different banks that will essentially buy risk from Brown Brothers.

But we're always holding a significant portion of the risk on our balance sheet.

It's definitely a Basel story to some extent.

I think as Basel IV has kind of taken hold, you see more and more capital requirements that make it harder

to issue letters of credit and things like that.

That's definitely part of it.

I think another big part of it is just the administrative intensity of running this business.