Net outflows were 3,500,000,000 Concentrated in fixed income and passive equities, higher interest rates drove repositioning by several clients, exemplified by a large insurance client for whom rising interest rates created hedge volatility requiring them to post collateral and reduce their gross positioning. Our pipeline was $12,500,000,000 at quarter end, down $1,900,000,000 sequentially. We experienced fundings of $2,500,000,000 including 1 point $3,000,000,000 large cap growth mandate and over $200,000,000 in AV CarVal's Clean Energy Fund. We added $300,000,000 mandates For both tax aware fixed income and low volatility high yield, complemented by active equity wins and sustainable global thematic and China A shares value. Equitable's initial $10,000,000,000 private markets program announced in mid-twenty 21 is now 80% deployed and we are progressing on discussions for future opportunities, including, for example, NAV Lending.