Private Credit - How Does It Work?

Within the percent platform, they're almost like index funds where you don't have someone internally saying, we want to allocate more or less to this deal. But then obviously there's some active management involved with underwriting and due diligence. So over the last three and a half, four years, we were actually the only underwriter on the platform. And that was designed for us to kind of really get a crash course for how private credit really works.