I’ll just emphasise a couple of Sujeet’s points. The root of the problem is not “a broad collapse in asset quality”. Private credit loans come, by design, from the lively lower end of the credit spectrum. And the mad rush of money into private capital almost certainly means there has been some hasty underwriting. But the economy is chugging along fine, AI has not destroyed any businesses yet, and falling interest rates are making borrowers’ lives easier. There is no reason to think a credit crisis is afoot (though the set-up for having one at some later point is pretty good). The problem is on the liability side of private credit’s balance sheet — redemptions and how to manage them.