Blackstone's global head of credit Dwight Scott says that while others are worried that the higher for longer interest rate environment could put significant strain on credit. He sees a healthy credit market an opportunity in high yield private debt which is currently registering below historical average default rates.

I don't think they're being masked. So we're coming off of in a high yield and loan market, it's about a 2% default rate over the last 12 months. That remains below the historical average default rate of around 3%. And to give you some context, the default rates spiked up to like 12 14% and the great financial crisis. So put, put all those things in context right now, if you look at loans and high yield, about 9% of those markets trade at default levels, historically, that would result in about a 3% default rate over the next 12 months. So we we actually feel like the market's pretty stable um loan debt to in the fourth quarter was down to below 4%. Coverage, coverage of interest coverage was up above approaching 5%. So the market is healthy and by the way, that debt to dollar level is the lowest it's been since 2018. So the market is strong and therefore, I don't think we're going to see as much disruption as many people are worried about in the market.