damion gwynne lends to -- welcome to the show.s is a great business to be in you're walking me through the economics, and you're lending, what, at 13% >> that's what we reported in our 10q last week. it's interesting, because of the fed moving so far so fast, because of inflation and where we are with liquidity and the capital markets, you can get 500, 600, 700 spreads on good companies right now. but i would be cautious. you know, there's no free money, and what matters is the return per unit of risk so where are we on leverage? coverage loan to value? where are we on the -- particularly for the bigger borrowers who are relying on the same handful of firms to lend them money i worry about the correlation, so i like betting on working class people i like betting on all 50 states. the data shows today -- and this is jarring -- half of private credit goes to just five states. >> really? >> correct so if you're in the in california, texas, florida, new york, illinois, are you getting your fair share of access to private credit is you