Nicole

And who do I want to build that with?

And so when that trifecta came together, that's when we launched Square9.

And it's been great.

It's been everything I hoped for and more.

I think we continue to be in a really interesting part of the credit market where, you know, as I said, regular way direct lending, awesome business, big volume business, stubbornly focused in appropriately so on a set of sponsors, delivering them a product that, you know, fits a very neat box.

And then there's the 80% of the market that is not sponsored back.

Not all of those would be credit worthy companies, but 80% of the market is not sponsored back.

And so, you know, we kind of spend time in this, we call them valuation opaque situation.

So why are they valuation opaque?

One, if there's not a sponsor, we have to roll up our sleeves and really use a private equity playbook, if you will, for underwriting.

So those are valuation opaque situations.

The second opportunity set probably looks like maybe there is a sponsor in there, but they're probably not the top 40 sponsors that get banked all day by direct lenders today.

They're likely not following their capital.

They're not putting more equity in a deal.

So again, we have to come in, roll up our sleeves, do the complex work of setting value, the valuation opaque again.

And then the third bucket would just be truly opportunistic situations where spicier, higher octane situations where, again, we got to come in and really determine value.

I think that's a lot of work.

Those are complex situations.

And when you are raising tens of billions of dollars on your direct lending platform, you don't really need to mess around in these tougher, more complex situations.

But there's a lot to be done in those areas.