Patrick Davitt
Autonomous Research US LP

Good morning. My name is Patrick Davitt. I'm the U.S. asset managers analyst at Autonomous Research. It's my pleasure to welcome back Blue Owl's Co-CEO, Marc Lipschultz. As a reminder, if you want to ask any questions, you can do it through the pigeonhole portal, and they will show up on my iPad here, and I'll try to work them in. Marc, thanks for joining us.

Marc S. Lipschultz
Co-Founder, Co-CEO & Director

Great being here. I appreciate the opportunity. .

Patrick Davitt
Autonomous Research US LP

So as I usually do at this event, given we've had most of the major alternative manager, CEOs, I want to start a little higher level. It's obviously been another crazy winter and spring. It feels like every year we're here. It's been a crazy winter and spring this time, particularly acute for you given the private credit freaked out, but also concerns around sticky inflation, higher for longer rates, slowing economic growth, kind of a toxic mix, it feels like for levered risk assets.

So maybe -- but potentially incrementally positive for private credit. So do you agree with the concerns that are out there? And what is your current thinking on inflation rates in the economy and how Blue Owl is positioned given this kind of macro overlay?

Marc S. Lipschultz
Co-Founder, Co-CEO & Director

Yes. Well, it's great to be here and the gathering you all pulled together here over the last few days, which obviously credit to autonomous and to you. And it does, of course, give us all