Where does ABF sit actually in the wider non-traditional financing space? And where would you say, Ankur, does Ares sit on the spectrum from investment grade, where ABF, I think, usually came from, to opportunistic?

Sure.

So, uh, at, at this point, ABF has gone mainstream, right? So well over fifty percent of private credit is now ABF capital.

And then if you were to zoom in within Ares Alternative Credit, our ABF business, we have two pockets of capital, as you alluded to.

There is our insurance pocket of capital, and then there's our pathfinder family of funds, right? And that's effectively our non-insurance pocket of capital.

And our business today, over half of our AUMs, so the alternative credit business at Ares manages just under sixty billion of AUM.

Over half of that is within our pathfinder family of funds.

How would you separate digital from non-digital infrastructure? And what role is ABF playing, broadly speaking, in digital infrastructure?

Can you talk to me about the moment that, that, that lending started to kinda solidify in your head? Was it a, a confluence of, "Hey, we've had 10 people in a row that told us this one thing over and over and over again"? Was it kind of confirming what was in the gut already? Like, help me understand that decision.

I think there were a couple of things that, that we knew, um, had, uh, pain.

Lending was one of them.

Account opening was another.

Compliance workflows were another.

So we, we nailed down what I call five to seven workflows that we felt basically functions within a, within a large bank that we felt met the mold that I mentioned earlier, which is lots of documents, recurring process, large amounts of volume, complex decisions that require human level decisioning and, and reasoning capabilities.

But, um, but it wasn't clear was it going to be compliance or account opening or, or lending or something else.

And so I'm curious, how are you thinking about how do you stay ahead? How, you know, how do you think about what comes next?