“But based on the changes that have been made, that on-balance-sheet co-investment capital will be more favorably treated, we would expect on an ongoing basis. And present less of a returns headwind to executing on our prioritized strategy.”

In context

“, but we have no plans to change our strategy. You know, I would remind you, and I know you're deeply aware of this, we still do use our balance sheet to seed funds in our asset management business, to co-invest in certain client situations, where we think that enhances our client franchise. But that's very different than running a full-on alternatives platform on balance sheet. We've pivoted away from that strategy. We think that as an asset manager, you know, this strategy where we use some capital alongside a broad management of other client capital is the right strategy. We're committed to that, and we're not gonna pivot from that. Dennis Coleman: But your point remains valid, Steven, in that the strategy is driven by co-investing with clients to drive the growth of the fund business. But based on the changes that have been made, that on-balance-sheet co-investment capital will be more favorably treated, we would expect on an ongoing basis. And present less of a returns headwind to executing on our prioritized strategy. Steven Chubak: No. Thanks for that color. Right? And for my follow-up, just on the magnitude of STB improvement was quite encouraging. It appears that the bulk of it really came from more favorable treatment of atypical trading positions. I was hoping you can provide some perspective on whether you believe that the gains are durable. If you've done any additional analysis that would inform I know you've were asked about where you're comfortable running in terms of CET1. But just what you believe is durable or sustainable in terms of the gains that you realize as year? David Solomon: Yeah. So I appreciate the question, Steven. And I understand the focus on this, and I'd say a couple of things. First of all, at a high level, we have been executing on a strategy for a number of years that is”