Robert Blabey

Institutional investors are paid to invest.

Yeah, so this is just something that is sort of our North Star.

I mean, we look at every investment that we do and we approach each investment with how quickly can we get hurt?

We have done investments where we have accepted the possibility, I'll call it, that we could lose 100% of our invested dollars.

A lot of times when we look at investments and stress test them, we look at them as a, hey, what's a dire, dire scenario?

What could really go wrong here?

How quickly could it go wrong?

And when or if it does,

What is our possibility for an exit?

What would that look like?

How would we be impacted?

And how would we kind of plan for the worst?

So we're really in the business of preserving capital, quite frankly, at the end of the day.

Obviously, we want it to grow and perform as well as possible.

But if you don't lose it first, you have a lot better chance of making it in the future.

And so for us, we're really, really very focused on the downside.

And then vis-a-vis your second part of the question, which is, you know, how do you think about, you know, credit versus equity?

And is it only for credit that we wear a credit lens?

I think of it as this way.

If you could invest in credit and have alpha from that is more akin to an equity investment, that's the best scenario.