Mm.

That is, that is the case, and that I think will prove more the truth.

That's different from the question of valuations.

And valuations, there are plenty of questions to be asked.

It is safe to say there are excesses.

Uh, uh, look, I've...

Well, I'm, maybe I'm a simple person.

Mm-hmm

Look, we work

workWith the best platforms and partners in the world.

They're incredible organizations, great financial advisors, and they succeed by delivering, uh, exceeding, you know, or, or, or meeting people's expectations.

Remember, this is a really key point to keep in mind.

The products, despite all the noise this year, the products are delivering.

And as I just sat, sitting here today, you know, one would be very thankful to be in a floating rate product where, in point of fact, loan losses have not...

That is to say, problematic loans have not changed in any material fashion through the course of this year.

Yeah, let's put that to the side for a moment.

How do you at a firm that is run by people who are wildly successful and have very strong opinions on things, make sure that that constructive dialogue happens on a day-to-day basis?

So like anything in culture, it is about reinforcement and sort of walking the walk.

And again, like everything we do, I'm far from asserting we've got this sorted or perfected.

And that would be my answer on any subject, sort of everything's a work in progress.

But the thing for, I guess, us is, At the end of the day, back to being a risk management oriented organization and risk protective, that tends to actually also fit with the culture where you're saying, listen, if you have a concern, express it, right? This isn't about one person's brilliant insight.

It's actually about saying, how can we bring all the brainpower? We have an incredible team here.

We are so fortunate.

What do you think about that? What do you think about that idea?

So I would decompose the question of kind of yields, returns into three components.

One, of course, is credit quality first and foremost.

At the end of the day, the most important thing is that you're making good loans and getting paid back.

No cockroaches.

So we want a very healthy ecosystem, and we have a very healthy ecosystem.

We really do, and we can certainly come back to that.

Has it changed at all retail sentiment? Has it been harder to reach those people just in the volatility of headlines that have been coming out?

But then how do you create more bespoke, customized solutions for even just the wealth channel has so many different stripes and flavors within types of clients you have?

Yeah, and I think there's a balancing act in there because here's another thing I would say about – I talked earlier about culture and product.

And the other thing I should say, which probably marries to the culture point, is, look, I think organizations have DNA.

And I think at the end of the day, you do have to know what you're good at.

And so on the one hand, the one-stop shop in the way I mean it is largely about trying to optimize the benefit of saying for a user of capital, their propensity to want to come to me first, last, last look, pay us more because they like the partnership.

That's the value in the one-stop shop for someone using our capital.

For someone investing with us, To a degree, the one-stop shop is, look, I know and I understand the products, and it would be productive for me to have maybe more than one thing we can do together.

What has that done in terms of how you have to underwrite deals, how you have to compete to win deals? Do you have to also go lower on yield because you have to provide better terms? What are the dynamics of scale manifesting itself as the space grows?

But then how do you create more bespoke, customized solutions for even just the wealth channel has so many different stripes and flavors within types of clients you have?

And I think there's a balancing act in there.

I talked earlier about culture and product.

And the other thing I should say, which probably marries to the culture point, is I think organizations have DNA.

And I think at the end of the day, you do have to know what you're good at.

On the one hand, the one-stop shop in the way I mean it is largely about trying to optimize the benefit of saying for a user of capital, their propensity to want to come to me first, last, last look, pay us more because they like the partnership.

That's the value in the one-stop shop for someone using our capital.

What has that done in terms of how you have to underwrite deals, how you have to compete to win deals? Do you have to also go lower on yields because you have to provide better terms? What are the dynamics of scale manifesting itself as the space grows? So

How do you look at it?

Yeah, the evolving landscape with the banks is pretty interesting.

Let's make a couple observations.

The word, like referencing the bank market, I think is worth unpacking a little bit.

Because as obviously you will know, when we go back to 30 years ago, I started in the private markets, the alternative market, it wasn't called that at the time.

And we actually borrowed money from the banks when we were doing an LBO, as it was called then, literally from their balance sheets.

That over the last 30 years has been on a long trajectory changing from being a lender to now the banks don't lend to these companies at all.

What's a typical deal for Blue