“So, you know, you think of, like, the 106 to 108 over the near term is a pretty good sense of what our core spread we're you're going to see a lot more stability in the spread as we go forward.”

In context

“ads during the course of 2024. Those hedges, you know, performed as intended, which was to protect us from a sharp rise of interest rates in an inverted curve. And so now we think of core spreads stabilizing into 2025. And quite honestly, for the near term. And we typically are pretty hesitant about talking about more than one year. But I think we're starting to see, you know, I think, you know, in a steepening the curve will be positive eventually. It could have a little pressure on us in the near term as we, you know, reposition some of the portfolio. It also gives us the ability to implement other tools that we have. So, you know, maybe there's a few points of, you know, one or two-point pressure in 2025 relative to the 108. But we think quickly, you know, kind of reverts back to that. So, you know, you think of, like, the 106 to 108 over the near term is a pretty good sense of what our core spread we're you're going to see a lot more stability in the spread as we go forward. And especially as we put on new business, you know, they tend to be accretive now to spread as well. So, again, it's I think it's a very positive backdrop, but that maybe helps try to reconcile. I think relative to last year, I think the biggest probably delta is just the roll-off of the interest rate caps relative to this year. Suneet Kamath: Okay. That makes sense. Excuse me. And then on Cherry Tree, can you just talk about what sort of block of business you'd be interested in using that vehicle for? Is it PRT? Is it sort of retail annuities? Can you use it domestically and internationally? Just some color about the scope of what you're thinking there would be helpful. Thanks. Michel Khalaf: Sure. Good morning, Suneet. It's Michel. So just taking a step back, let me just say we're very”