Mike Brown

the puts and takes to asset yields and also kind of the higher cost of funds as we move through 26

Can you just unpack a little bit of the implications to SRE here? Just looking at the loans, they have a nice high yield of about 7.7%.

there's been a lot of negative headlines related to foreign LPs and endowments and kind of reducing their allocations to private markets or, you know, foreign LPs allocating less to The U.S.

the no new toys there seems like it's officially done and M&A is kind of back in terms of capital allocation. So I guess in terms of the key strategic opportunities, where else will you focus?

Can you give color on the forward look, how you stress test the portfolio, what you see in underlying fundamentals that give you confidence

the idea of getting bigger in private equity came up as part of that interview

can you just maybe expand on the potential in '25 versus '24?

How should we think about that interplay between the broadly syndicated loan market and the private credit market?

how's the health of the market there. Does the Trump administration impact some of the growth potential for the region?

The Middle East conflict presents some geopolitical and macro challenges that could shift capital priorities

how your differentiated offering like a full spectrum cash to private credit differentiates here

Are you worried about the risk of some assets potentially moving away from the U.S. in general?

could you just give us some thoughts on maybe the puts and takes that we should consider for the margin in 2025

in light of the DOL's proposed rules facilitating the ALTs in 401(k) plans last week, I just wanted to check-in and see if you had kind of updated view on how the market could start to open up

how do you expect the well flows to hold up broadly? And which asset classes do you think could remain in favor here just given the uncertainty?

I'm just hoping to compare and contrast that fund versus BCRED. So the new fund will invest across a variety of credit strategies

if we consider markets stay flattish from here, is that kind of a baseline?

can you just expand on that $650 million? How will that be used specifically?

can you just talk about the current fee rate profile there? And then any fundraising expectations over the, call it, next 12 to 24 months

looking ahead here, what's the potential for this line? Should we expect some balance sheet exits that could move it higher?

what's the right timeframe to consider for a final close? And then, beyond North America buyout, where else you're expecting

why flat quarter-over-quarter, was there something to call out that drove that?

How should we think about that longer-term potential? What's the ceiling there?

I just wanted to check in and see if you have an update on how you're approaching the space

the cash has now increased to about $2.8 billion. And you just wanted to maybe touch on capital allocation