Ares Alternative Credit

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.