these firms, signifying that the strategy is the next key driver for the private credit asset class. In January, Ares launched its third the full fundraise by sometime this summer, driven by strong demand. With the upcoming close, Ares will have over $10 billion seemingly tapped-out group of traditional institutional investors. In 2025, assets in perpetual strategies from the publicly traded strategy. For KKR, its ABF business represents S85 billion of Big Seven totaled nearly $2 trillion, up 4.2% QoQ and 21.8% AUM and invested $19 billion in 2025. TPG deployed $2 billion YoY, representing 42% of total AUM. Inflows from this channel continue to grow for these managers, as does the product suite, its capabilities throughout the year. Apollo's ABF wealth vehicle, ABC, continues to see record quarterly inflows, with $400 million