“We will hit the 30% margin. I mean, we're almost there now in a more challenging environment. So that zero anxiety about whether it's this year or next year, it's coming, and all of them will contribute.”

In context

“e active, particularly on the option side during bullish market environments. And the workplace is sort of the sleeper. I've said previously, I think, two years ago, I thought in a decade, we'd look back at this firm and say that the workplace was the most significant strategic change to happen over the last decade. I truly believe that the workplace employee, the retirement space is sort of the next frontier, and we're right in the middle of that. So as to margins, they're probably margin accretive in reverse order. In other words, workplace first, the direct second and the adviser third, that's simply a function of advisers. We have adviser payout, and God bless them for the jobs that they do, and we're very happy to pay them. So I think it's a combination, Gerard, of all three of them. We will hit the 30% margin. I mean, we're almost there now in a more challenging environment. So that zero anxiety about whether it's this year or next year, it's coming, and all of them will contribute. Gerard Cassidy: Very good. I appreciate that. And Sharon, you talked about the marks that you took in the corporate loan portfolio in the quarter, just over $350 million, I think you said. Can you share with us how big is that portfolio? And where did the marks come from? Were they bridge loans? Or what drove those marks? Sharon Yeshaya: So you have different disclosures as it relates to various loans and lending that we give. As we think about that line, it's inclusive of losses across the loan portfolio. And it was also worth highlighting there that we also mentioned the interest that you receive on the loans that we hold as well as the fees associated with those loans. Operator: We'll go next to Mike Mayo with Wells Fargo. Mike Mayo: James, last quarter, I asked you when will you be re”