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The reason to pick private credit is, first of all, be diversified. But the reason to pick private credit is because the risk-adjusted return is just exceptional right now. If you look back through history, the risk-adjusted return has outpaced public credit. It's been almost the return, according to Cliffwater's data back to 2004, would be almost equal to public equities, but the volatility is only around 3% or 4% as opposed to 10% in equities.

So you can get a much higher risk-adjusted return. It definitely benefits from correlation and diversification, but also, in this environment, the yield on our portfolio today is over 13%, and we're talking about 96% first-lien senior-secured debt in the capital structure in these lower middle market focused deals with about a 40% average loan to value. So really strong performance, and even with rates potentially falling-- they may come down a couple percent, but you're still talking 11%, 12% unlevered income return.