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Hi, I'm Josh Cohen.

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And I'm Sara Shean.

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So Sara, on August 7th, President Trump signed a new

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executive order that is guiding the Department of Labor to

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be more supportive in terms of regulations for plan sponsors

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who want to add alternative investments into defined

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contribution plans.

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We find the executive order very promising because it really

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allows fiduciaries, many of whom we talk to say they want to

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add private alternatives into DC plans, some of the same

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investments that defined benefit plans and other

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institutional investors have, but they have fiduciary

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concerns about doing that.

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So, it's now on to the Department of Labor to write

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regulations around this.

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We're excited to participate in those conversations and

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see where things go.

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But Sara, alternatives in DC, it's getting a lot of talk

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today, a lot of buzz, but it's actually not new, it's not

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new to us, right?

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That's right.

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I think many people would be surprised to hear that private

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asset classes and predominantly private real estate have

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been offered in DC plans for decades and in fact at PGIM

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we've been managing daily valued private real estate

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strategies for nearly 20 years.

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Today we manage almost $5 billion across a couple of daily

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valued private real estate strategies.

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We're looking to introduce our first daily value private

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debt strategy to the DC market in 2026.

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So there certainly has been a lot of evolution in the space

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in the last 5 to 10 years and as we think about that space,

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we believe the keys are really the mechanics of how these

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asset classes are offered, so things like daily valuation,

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daily liquidity, a single price point, a single fee, that

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doesn't incorporate performance fees, and the built-in

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liquidity sleeves that facilitates both rebalancing and

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participant flows are really the keys to how we've garnered

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assets in the space and had success in the space, and we

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think there's a lot of that coming in the market, so we're

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very encouraged by the trajectory.

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Absolutely.

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We're gonna expect a lot more from the regulatory front,

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from the product development front, so stay tuned.