00:00Is this dispersion a reflection of a stressed market or is it a natural progression of a maturing market?
00:08I think it's the latter. I think dispersion is showing up because we are in a maturing market.
00:13And the dispersion is showing up in terms of loans, of sectors, of structures.
00:19Private credit, as you open saying, has really transitioned from a niche asset class to mainstream financing tool that's here
00:28to stay.
00:29And as we are in a higher rate cycle and we have had risk building in the system, you are
00:35going to start to see some problems emerge, stress in the market.
00:40But importantly, I think that's natural. It's healthy.
00:44And as Katie well said to open this, when those are leaving, when there are those that are leaving the
00:49asset class, it creates great opportunity to come in.
00:52And so we're very optimistic about the opportunity set for private credit that is starting to emerge.
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