Marc Lipschultz

By the way, so do our peers, and so do the banks.

So the system is in a strong place.

Then, of course, there's base rates.

And, of course, the direction of base rate travel, everyone obviously sees it having eased from the peak.

But, again, every time consensus builds to, oh, it's obvious, you look at the Fed commentary, now it's not quite so obvious how fast rates are going to go down.

And then last is spread.

And spreads are on the lower side of where we operate, but over a 10-year window, they ebb and they flow.

And remember, we're building portfolios that have hundreds of names in them, some are from a couple years ago, some are current.

And most importantly, our overall spread, the premium that we offer to the alternative, the traditional marketplace, has actually been stunningly steady at close to a couple hundred basis points.

So, yeah, we don't live in a vacuum.

And so spreads in the whole world are tight.

Of course, ours are tighter.

Equity markets are at all time highs.

We don't live in isolation.

And in that world, spreads are a little bit tighter.

But in total, we continue to deliver really outstanding investor results.

And that's why we had record fundraising results.

Well, there's been several earnings reports this year, this week, from tech companies.

And actually, some of them performed extraordinarily well announcing big capital programs, right, Amazon.

And so I think it's hard to attribute it to one specific action.