What you see on that previous slide is a large allocation to private equity. We've done some, we'll continue to do some, but it'll always be a small part of our capital allocation. We like the option value and the capabilities, of our private equity team but we're really focused on those key themes of predictable cash flow production and total return.

I talked about not being static and thinking about how we allocate capital. We want to pit it opportunistically. There's times when energy is really attractive relative to credit and there's timed when commercial real estate is really attractive relative to mezzanine. And we think constantly about where is the best place to be in the context of generating those risks adjusted returns and really in the process of the exploiting supply demand imbalances.

Credit markets in different aspects get unbalanced that we pursue opportunities similarly different parts of the commodities chain in the context to natural resources appear to be more interesting at different points in the cycle.

If you look at the right hand side of the slide this is a very simplistic depiction. Just shows some macro variables and when some of these assets classes likely would come in or out of favor this does not reflect actual market dependencies, which means that market prices can not necessary reflect what the market Marco environment is.

And really what the market's telling you is more important than what the macro environment is from perspective you can see like in a healthy economy we'd rather be very senior secured in the context of credit using CLOs, likely credit spreads on the liability side or very tight, we want to lock in on that options.

Similarly in a difficult to troubled economy, real estate likely becomes even a more attractive assets class there's global distressed opportunities to rescue finance through restructurings and likely capital markets will be disrupted and more frequent periods that creates opportunities to just intermediate the high yield market with private mezzanine solutions.

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