Is private credit a multi-year opportunity?

There were some aggressive trends and themes from an underwriting perspective in this market coming out of the COVID period. And that's true both the private real estate markets as well as the private corporate credit markets, says PIMCO. From a vintage perspective, given that banks have stepped back, given that there is this significant opportunity to provide new capital to more challenged capital structures within this market. So investors can be patient they don't have to think about deploying money over the course of the next few months or the next couple of quarters. We do think this is...