00:00Overall, I think credit is going to continue to be a very important, attractive asset class.
00:06And I think the deal industry is going to continue to pick up.
00:09Now, we've been talking about that for a number of years now, Francine, the return of M&A.
00:14But I think what we see in terms of corporate boardrooms and sponsor willingness to transact is really picking up.
00:22So we're quite optimistic about the end of 25 going into 26.
00:26And, Christina, is this opportunistic M&A because valuations are good or because there's a genuine appetite for some of these companies to become bigger?
00:39I think it's a combination, Francine.
00:41I think you see certain companies that are taking advantage of great credit markets and going after acquisitions that have been potentially off the table in the past.
00:52And so we've seen some very interesting strategic M&A pickup.
00:54I think we've seen sponsor portfolio companies probably spend a little bit more time around dividend recaps.
01:02And now maybe it's time to think about actually monetization of the entire asset.
01:06And then I also think, you know, what's going on in infrastructure is really incredible, which is going to drive significant financing driven by what's going on in AI, computing, data centers, et cetera.
01:19And so I think the Goldman Sachs research that just came out for 2027 has a $300 billion number in data centers.
01:26We're pretty excited that we've got a very strong market share in that financing.
01:30We've got number one CMBS market share.
01:32And we've also got involvement in almost 40 percent of the transactions that have been done around data centers.
01:37And so while that's not necessarily M&A driven per se, there's a significant amount of capital raising that's going to be required over the next decade.
01:44We've got a lot of capital raising that's going to be required.
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