With that, let me go ahead and turn to Franz, who will be discussing what he's seeing in the private credit space.

Thank you.

Thank you, Sarah.

So private credit has clearly moved from a niche to a core investment allocation.

It now typically represents 3% to 8% of institutional investors' total assets under management.

And capital from retail investors represents an estimated 15% to 20% of total private credit assets under management in the U.S., Growth has been very consistent at around 13% to 15% annually over the past 15 years.

And assets and the management are expected to roughly double in the next five years.

direct lending.