CUSIP

But ART lending in general is not a very mature area of the credit markets, right? So when you do lending in that area, by nature, it is sort of esoteric because of the way it's sourced and the way that it is packaged.

It's not packaged in a nice, cleanly delineated CUSIP bond.

It is usually financed by bits and pieces in various formats.

So that's still an esoteric asset class, right? Where what's the value of being in that asset class? The value is you can make quite a lot of yield for the type of lending that you're doing relative to what you can buy in the QSIP markets.

And Dan, you can chime in.

With an equity you have a CUSIP, C-U-S-I-P.

And so we, you don't know how many times the same share trades in a given day.

But with Bitcoin, they're all timestamped, so we know when it was originally traded, when it was moved.

Well, the, uh, one of the-

And when, when GMAC blew up in 2008, the recovery on the, this, the particular CUSIPs and series that he was in was about 10 cents.

Why don't we, uh...

Ricky, why don't you put this down? Let's, let's not go through all that today, but let's talk about that on Tuesday, 'cause that was an example.

Mm-hmm.

And so those deals also come with 30 different, 40 different CUSIPs, right? Individual bonds, uh, spread all across the curve.

So a state of, a state like California, for example, um, just making these numbers up, I don't have it in front of me, but the state of its total debt stock could have over, you know, 250 to 300 CUSIPs, maybe more.

Mm-hmm.

So individual bonds that add up to their entire debt stock.

And so we, and then we take that and extrapolate, extrapolate it out into the entire 50 states and five territories with all the different-

Right

... issuers in between from all the sectors, you end up with 900,000 CUSIPs based off of Bloomberg's terminal, 900,000 CUSIPs.