And I wondered if you thought that there was a kind of link between the sort of tight spreads and the kind of strong relative value that CLO mezzanine tranches sort of do offer some investors.

Yes, absolutely.

You're quite right.

We've seen very strong demand, as we've talked about, and that has contributed to the tight spreads in the market today, which are tight even despite large issuance volumes.

So CLO issuance volumes have been very high the last couple of years, both in the US and European markets at record levels.

Despite those issuance volumes, we've seen very tight spreads because of the strong demand from investors.

globally across the capital structure.

But I mean, are you seeing some dispersion currently in where those tranches are kind of pricing?