Feels pretty good about the portfolio. Still seeing revenue and EBITDA growth. Some slowing in pockets, but not a big mass credit cycle turn.

Focused on portfolio construction. Will see dispersion. In areas with more exuberance, diversify, take smaller positions, keep high quality. High-grade portfolio, go up in quality. Not time to reach for risk. Diversify where supply/demand imbalance is out of favor, add other asset classes where it's in favor.

Adding asset-based finance to multi-asset private credit portfolios. It's inflation-protected, diversified. Seeing demand for multi-asset private credit.

Creating ability to have liquidity when liquidity is taken out is super important. Want to play offense when others play defense, take advantage of downturns, build more diverse portfolios.

Redemptions are on individual investor/wealth side, not institutional. Watching growth in senior secured direct lending in wealth. Hard for market participants to differentiate manager portfolio vs market. Lessons learned from previous cycles vs new entrants will create manager dispersion.

Not seeing redemptions in Asia (only 1% of credit AUM in non-traded BDCs). Asia lending market attractive due to supply/demand imbalance. 80% financing by banks, growth for flexible capital powerful. But flows have gone from Asia into US/Europe non-traded BDCs.

Seeing slowing economy, uptick in downgrades and defaults, but this has been going on for years. In rolling recession with elevated defaults. If running diversified portfolios earning ~10% cash on cash, you have to make a lot of mistakes to lose money. Big point: if taking 3-5% positions, that's where you get elevated defaults. Need diversification, breadth, scale, differentiated originations.

If continues long, for sure. $100+ oil costs consumer, impacts economy. Already early signs in supply chain inventory levels, cost of inputs. Longer it goes, impacts businesses and growth. Constantly talking about it in investment committees. Have opportunity to sell assets, diversify portfolio. Still demand for credit allows repositioning. Not base case right now.

Don't see natural mass forced selling. Wealth vehicles have 5% caps, structured to manage redemptions over time. Institutional pools have no redemption process. Not classifying as bubble burst. Could have economy slowing, defaults increasing, but not like previous cycles with forced asset sales creating volatility and asset-liability mismatch.

Flexible capital. 80% market banked by traditional banks, huge growth of private equity in region. Demand for senior secured direct lending, asset-based finance, capital solutions. Bringing multi-asset approach to be solutions provider.

Seeing it as way to add incremental yield and as diversifier to existing book. Growth in asset class allocations. Believe Asia credit market will be too big to ignore over next few years, focused there for first-mover advantage.

Certain pockets of mispricing from not enough capital to take advantage. In developed markets like Australia, more structure and slight yield pickup. In Southeast Asia, capital solutions, growth capital see incremental yield pickup and potential mispricing.