“But all in all, we are seeing more stability now. And so, I think that's a fair assumption for now.”

In context

“der that. So, a little bit of each of those quarters are a function of just what rates did in the quarter. And this quarter, we had we had some lower rates during the quarter. Although as everyone has seen, rates have ticked up, which gives us a little bit of the -- kind of optimism to being flat to up a few basis points come fourth quarter. We'll give more color in the outlook call in February. I think that maybe the -- but I will say that we do feel like we've gotten to a more stable spread, maybe is the way I'd put it. But curve matters. So that will be an aspect of what we do in our outlook. So hesitant to kind of call it now. I think we'll wait and see where the curve is, and also the sensitivities can change and things like that, very dependent upon kind of the outlook of the curve. But all in all, we are seeing more stability now. And so, I think that's a fair assumption for now. Ryan Krueger: And then do you have any early insight into fourth quarter variable investment income at this point? John McCallion: I wish I could say yes, but probably -- I don't know if we have really good insights. I mean, look, at the end of the day, we probably have a -- we have a view. And I think the reality is that this portfolio in the sector of PE, they continue to adjust to higher rates and more volatile markets and a constrained set of exit options. That said, it was still positive returns this quarter. We also saw a positive rebound in the real estate and related funds there in the quarter, again, maybe referencing back to some of the comments I made earlier around kind of what we're seeing in real estate. And I think the other thing that I did call out, I think it was at your”