joshua easterly copresident and cio 6th street.n earlier this week. >> when we think about private credit we think there's a lot of growth areas and it started in the lower market noninvestment grade market and now it's expanding to the upper market. at some point we are at the beginning continuing on the sports talk in the first or second inning on the noncorporate lane so think about asset base -- asset based finance. david: let's talk about that. starting in the middle market, some riskier lending. why is that. why is it you can take that away from banks. >> i'll argue with the premise as riskier. i don't think it is riskier. we look at the loss rates they are on par with the leverage loan market historically and it's actually better loss rates than the high-yield market. about 50 basis points less on the high-yield market. and it offers better spread. i think when we think about private credit and where private credit has come from this was the intended consequence of the regulation that came out of the financial crisis which w