the tidal wave of news flow

that culminated in March and April

uh and and redemption requests, it's not

quite as bad as that. It's not market

moving to the same degree each time a

redemption request come out, but make no

mistake about it.

The demand for direct lending products

in the wealth channel, you can almost

not see the line. The inflows, the gross

sales inflows into the funds are

infinitesimal.

>> Okay. So, that that's a big change.

>> Correct. So, money coming in has dried

up. Nobody wants right now to buy that

product.

In terms of raising their hand for

redemptions and saying give me my money

back, it's still definitely there and

it's still in most places, not all, over

the 5% per quarter limit. And so, you're

starting to see an easing. You're not

seeing the same It's the same people

asking for their money. There's not as

many new people asking for money. It's

mostly because the underlying

investments that everybody is so has

such anxiety about, including software,

they're still cash flowing. They still

have margins. They still have growth.

And we're just predicting their demise

someday.