Has that changed your perspective on how much risk there is in the private credit system?

You know, I think I just want to be careful in just kind of using a broad brush and saying private credit.

And, you know, there's been companies that have had other meltdowns and other aspects that had nothing to do with private credit.

They could have failed because of bad actuarial assumptions.

You know, the long-term care market has had its fair share of problems and that had nothing to do with private credit.

It had just... you know, an assumption that people were going to not keep their policies.

So, you know, here in this last 15 years where you've seen a much slide in the interest rate environment, you know, the fact of the matter is insurance companies Their job is to be able to be around to execute on promises, but they also got to make money.

What do you think would happen if a major insurer failed? Do you think that the state regulators could handle it or would there need to be some kind of intervention?