Robert Kaplan

College Station.

Exactly.

I think the, I'll talk generally, the attitude in boards is there is a window here where I think companies are more confident that if they want to do a merger, that they'll be able to get it done and they want to take advantage of that window.

Yeah, so...

If you actually look under the hood in the portfolios, obviously you want to check what their industry exposures are, how much software exposure.

By the way, there's nothing wrong with software companies.

It's just you may not want them to be leveraged five times EBITD.

But there's the portfolio issue, which I would argue, if growth is solid this year, we're unlikely to have a credit cycle in 26.

So what's going on?

There's that liquidity mismatch.

That's a big problem.

And I think they're being confused, meaning there are certain BDCs that you have to offer quarterly liquidity.

And when investors rush for the exits and they think others are, then they're going to rush.

And I think in portfolios that have good matching of assets and liabilities, liquidity, they may be fine.

Having said that, this is the crisis before the crisis, to quote someone else.

If we have a credit cycle in the next two or three years, I actually think this concern now is going to be healthy because if we have a credit cycle, then you're going to see more issues in private credit.

So

Well, obviously, the yield curve has drifted up because oil prices have drifted up.

And people are concerned that central banks just aren't going to cut in the way that we may have thought literally a month ago.

Having said that, I think the private credit issue, maybe not this year, but over the horizon, is about...