Robert Armstrong

Yeah.

Right.

But because you are taking this product that is designed for institutional investors and selling it to retail investors and trying to give them a little bit of liquidity, you're setting yourself up for trouble.

Right.

Nobody waits around to see how bad the trouble really is.

Exactly.

It seems pretty strong.

I mean, the weird thing you started, you started us out with concerns about AI investment and the thing about those concerns, I have companies over-invested.

Will the loans come good?

Is AI going to undermine the software business as we know it, et cetera, et cetera.

All those are concerns in kind of medium to long-term.

So it's this weird situation where the companies you're dealing with or the, the data centers you're financing or whatever, like they're making their monthly payments.

Earnings is coming in as expected.

There's just this thing on the horizon that, you know, it's a thing and you're worried about it, but it's not today.

It's not showing up in earnings or cash flows or interest payments today.

Yeah.

But what about tomorrow?

And that makes the situation really hard to judge.

In 2007, the wheels were coming off and there was no cash flow today.

That problem happened very much in the present, whereas we're having anxieties about the future.