Kim, on the sponsor side, the cost of capital conversation, which everyone navigates as it relates to new financings and refinancings, what have you seen in your space?

I think there's two things.

One, I think there's a general desire to make sure that across the complex that risks are identified and that there's a decision around risk management.

So oftentimes what you'll see, you know, maybe perhaps at the portfolio company level, there's been a lot of engagement around risk management there, but maybe less so if you look up.

at the fund or at the GP.

So where are all of the risks or is it effects versus rates versus commodities? So where are all of the different risks that exist in the let's call it kind of capital stack, for lack of better word? And have I really made a decision about those risks? Second, I would say we've certainly seen an increase in what we'll call kind of deal contingent hedging or hedging that exists, which is very specific to either an acquisition or an exit of an asset.

And so this kind of how do I protect the value that I've assumed in my models around an investment has become certainly more prevalent in the market and more top of mind.

What should your clients be preparing for next and what are the best prepared sponsors actioning or thinking or asking today?