So the big news for the direct lending market this year really has been the reopening of the broadly syndicated loan market, because that all of a sudden meant an increased level of competition for larger deals and as a consequence an erosion in pricing. Payers that have previously been focused on the large cap market are now moving back into the mid cap market, and so we're observing a trickle down effect in terms of pricing decline. So from a size perspective, we do regard the lower end of the middle market currently as offering better risk return for investors because pricing is holding up better in that space. If you're looking at the seniority of your loan, we do favor more conservative direct lending solutions at the moment vis-a-vis the more established unit range, because again from a risk return perspective and from a supply demand perspective, we do think that it holds better value for the end investor. So what we're observing at the moment is a combination of both, like a subdued M&A market, but also a significant supply of credit from the capital provider side. And that combination really means that there is an increased competition chasing the same amount of paper, and that has meant that terms are really eroding at the moment when it comes to documentation protection. For instance, observing cufflite deals becoming the standard on the large cap side of things, but also in the mid market really cuff loose deals where you are wondering how much is your covenant worth at the end of the day. And you have other structural features coming into the market like payment in kind features, both on existing as well as new deals, which do result in increased risk for the end investor. So we as a conservative house really think that it is key to remain vigilant in this environment. And as a house, our opinion really is that avoiding mistakes in credit is key. So we do think that selectivity does trump speed of deployment. Assessing ESG risk and the mitigation of it by company management through a systematic framework is an important way of building a robust loan portfolio, particularly in an asset class that has such an asymmetric payoff. And there is a real observable correlation between strong ESG risk management and credit quality. So that's one important approach. That's an outside in assessment. If one is talking about building a loan portfolio with sustainable themes in mind and impact, well, then that's much more about seeing inside out effects and contributions to the environment and society. That also demands a systematic approach and a confident articulation of sustainable themes and the way in which a company is contributing to them. What it means in both cases is that you can bring focus to the origination of the transactions for the portfolio, be that by sector, geography, entrepreneur, financial advisor, financial sponsor, and in that way create a strong set of investment opportunities. They're in collaboration, but there can be times when there's competition, and not least when wider market turmoil creates hiatuses in getting large deals done, particularly buyouts or public to private transactions. So at those moments, a small group of lenders may come in and facilitate a deal, and one may feel that direct lending and broadly syndicated loans are in competition in that moment. But broadly speaking, and over decades, the markets are complementary of one another. A business will begin life as a small company, as yet undeveloped, with a small group of stakeholders negotiating directly and then grow, oftentimes via acquisition as well as organically, and become ready then for the wider audience of broadly syndicated loans and everything that that entails, because after all, this is a half a trillion market of some of Europe's largest private companies whose very next step might be listing. So they're collaborative, not in competition.