Um, can you sort of walk us through what the spread and NIM data has been showing us over the past few months?

Yeah, you bet.

So let's take the spread item first, then I'm gonna bifurcate this in terms of SOFR loans and fixed-rate loans.

So the spread to SOFR, um, and SOFR has become the index of choice across our client base, and SOFR-based loans represent about 70% of pricing activity, and they are certainly in the mix of volume across precision lender clients.

The spread to that index has moved down about five basis points since January.

Now, what makes this drift, I'll call it a drift, it's not really a downtrend, a downdraft, um, counterintuitive is that bankers didn't really keep any of that revenue benefit for themselves following the 2025 rate cuts.

So remember, we had three rate cuts back in the, uh, toward the end of 2025.

Can you kinda set it up for us again in terms of what's happened to that curve, and why does that matter, or maybe why should that matter to commercial bankers?