Nicole

And so we're just that's the market we play in.

For me, I get comfort that.

I can bring my underwriting background on the private equity side and see that type of work being done on the credits that we're underwriting.

That gives me real comfort that we really understand the credit.

And I kind of look at a bunch of deals that were done in 2020, 2021 during COVID and

that are probably going to need some, you know, solutions in the coming, you know, months and years.

So I think it's a really interesting time for us to be launching into that part of the market.

And we are stubbornly focused in that exact space.

I think when you're an allocator, I can definitely say this, having worn both hats, not only just now, but in my prior life, it's hard to source and execute deals.

This is not an easy business to be in.

And I think allocators sometimes just don't really understand the complexity and how difficult it is to hunt, find, underwrite, execute, portfolio manage.

It's a lot.

And so really spending the time to really understand...

how the value is being added by these managers, making sure you have real alignment of interests.

I think that part is probably misunderstood when you're an allocator looking at a GP.

On the flip side, look, I think GPs underestimate that being an allocator is tough.

I mean, you've got...

so many things pulling at you.

You have policies you have to follow.

You have procedures that are in stone.