Given this breadth of perspective, what is S&P Global Rating's view of these investment vehicles' credit and redemption risks at this time?

Molly, thanks for having us here.

Um, this is a good question, and it's one that is being asked frequently throughout the market.

With AI advancement, what kind of potential disruption does that have for the software sector and, uh- If related to that, what kind of impact does it have on the-- what kind of impact does it have on BDCs? We don't believe that the credit impact or the redemption risk impact is a near-term risk, uh, for the software companies or for the BDCs.

Uh, among software companies for which we have a, a credit opinion through our credit estimates, so these are, uh, companies whose loans are held by mid-market CLOs.

We see recent credit quality has shown resilience.

There's been more upgrades than downgrades of credit estimates, and the default rate has been coming down over the last year.

So my bigger question is, what would it take for systemic risk to materialize in private credit?