Walk me through how you arrived

at that.

So what's driving this right now really is there's a lack of regulatory clarity in the U.S., right? As we record this on September 15th, the Clarity Act is going to go before the Senate for approval, and there's a low chance it gets approved.

But you still have the SEC and the CTFC working on drafting rules around this.

So as market participants look at this space, they don't have the regulatory clarity on completely rewiring their systems.

So before they go down that path, I think the low hanging fruit is the collateral layer and the settlement layer.

The collateral layer is interesting because when you think about blockchain based assets, the collateral is, it's almost designed to be the perfect collateral.

What did that do to lending deals that were collateralized with Bitcoin at the time?

Um, but, but private credit has been a sort of a, a, a reasonably hostile environment for some of these investors and, and I wonder whether or not you could share your views on, on how the industry needs to adapt and change to, to make a, a, a better go, um, at performing for, for, for these investors going forward.

Sure.

Um, so look, I think demo-democratization is a trend that's gonna continue.

I, I do think, um, you know, retail investors should have access to the same opportunities that institutional investors have had access to for, for decades.

What I think is, has happened is in our enthusiasm to bring this asset class to the retail world, we've perhaps not spent as much time on the education piece, um, of, of the marketing effort.

So, for example, the, the big concern that retail investors have is liquidity, and these funds, you know, they're marketed as semi-liquid funds.

It's in the name.

I mean, is it, is it likely to help you spot some of the nasties before you, you, you, you, you make a loan? Or, or what other ways in which can it, can it really assist the industry?

So maybe just kind of walk through what's happened there and talk to us a little bit about whether advisors should or shouldn't be concerned.

Yeah.

So this is gonna be a little bit of a long-winded answer because there is nuance, and I don't wanna brush that over.

So first of all, when you think about what has happened, AI is gonna fundamentally alter a variety of industries.

It's not just software.

Anything with a knowledge industry component, anything which involves the use of a computer is gonna be disrupted.

I wouldn't say all those industries are going extinct, but there will be a change in the business model in a lot of these industries.

So I wanted to maybe turn the table a little bit and ask you, where are you seeing the most attractive opportunities now, and what are the sorta things that you're looking at in the marketplace?