in the continuum the considerations and when it should be put in place.

Sure.

Thank you, Steve.

So, first an observation, if I might.

I look at private credit as the new private equity.

from what I've just heard from Andrew and from Hadley it's confirmed that private credit is non bank lending for the benefit of individual investors commercial investors etc but not regulated and at the end of the day That private credit investment, like private equity, it's just one step up in the capital structure, maybe.

And as a result, private credit lenders generally had never thought to have board seat representation at the inception of the loan, but what we're hearing and what we're seeing now is Private credit really is the business partner of equity.

You're thinking that gets built in based on certain triggers or defaults or otherwise? Yes.