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So it's it's an interesting premise.

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There are certainly some people
in the asset management community who are

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leaning into the narrative of wanting
to disintermediate the banking system.

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I, that's not our philosophy.

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We view them very much as partners for us,
and we think they serve actually

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a relatively important, function
in the broader financial ecosystem.

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So I'd say that as a,
you know, generally we're not,

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I think focused on, on a bank
disintermediation trade.

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What I think we bring to the table is
a much more durable liability structure.

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By and large,
the vast preponderance of our assets

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under management
tends to be longer duration.

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We manage, you know, in just the credit
business, we manage $1 trillion.

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About 30% of that or so is insurance
based, assets.

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And the rest of it is third party,
both institutional and retail.

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So it's a mix.

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But I would say, generally speaking,

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you know, our our client base is more
patient, it's more durable,

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and it doesn't have, you know, a daily
demand deposit, liability structure

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the way a lot of, a lot of,
you know, depositories, have.

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And so I think that we're set
up, frankly, to hold illiquid assets and,

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and really take advantage of the credit
continuum that exists across,

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asset based finance and, and corporate
lending, you know, writ large.

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So one of the things that we did
that was really kind of a driving force

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behind
bringing our public and private businesses

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together as a single credit business

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was to be a better solution provider
for the types of capital that we have.

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We had clients who really didn't
just want the all private solution

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or the all public solution.

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We had clients who were really looking
for us to help solve, effectively,

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an optimization problem for them, which is
how do they think about liquidity?

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How do they think about risk?
How do they think about reward?

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And that's increasingly important
as private credit has evolved into,

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you know, much more of a, of a continuum
charging the right liquidity

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and charging the right complexity

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premium, I think, is, is very important.

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And so,
I think the role we play is, is providing,

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you know, patient capital
and trying to help our clients

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solve their solutions
and trying to figure out,

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you know, how do we how do we extract
the right concessions for them?

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But I think we tend to be focused
a little bit more on partnership,

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you know, partnership with our
with our banking.

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partners than really
the disintermediation trade.