| closed an unprecedented 1.2 trillion | 5.441 | Jump to 7.919 |  |  | 
              
                
                  | of golub capital with 45 billion dollars | 4.8 | Jump to 36.64 |  |  | 
              
                
                  | first and foremost we're looking for | 4.16 | Jump to 61.92 |  |  | 
              
                
                  | i saw that less than one percent default | 4.081 | Jump to 99.439 | 
                      
                        
                      
                        PERCENT
                      
                      
                        less than one percent
                      
                     |  | 
              
                
                  | quarter of one percent we pride | 5.76 | Jump to 122.88 |  |  | 
              
                
                  | there's been robust demand that's one | 3.919 | Jump to 145.68 |  |  | 
              
                
                  | are up almost 20 percent year over year | 4.72 | Jump to 159.12 | 
                      
                        
                      
                        PERCENT
                      
                      
                        almost 20 percent
                      
                     |  | 
              
                
                  | four and a half | 3.36 | Jump to 174.0 |  |  | 
              
                
                  | quarter point bumps in the next 12 | 4.0 | Jump to 175.28 |  |  | 
              
                
                  | now the 10 year is at about two percent | 4.799 | Jump to 186.72 | 
                      
                        
                      
                        PERCENT
                      
                      
                        about two percent
                      
                     |  | 
              
                
                  | four and a half or five percent and | 3.761 | Jump to 196.239 |  |  | 
              
                
                  | over two percent than under two percent | 4.081 | Jump to 210.959 | 
                      
                        
                      
                        PERCENT
                      
                      
                        under two percent
                      
                     |  | 
              
                
                  | when inflation was 1.7 percent versus | 5.2 | Jump to 233.599 |  |  | 
              
                
                  | their target 2 percent the fed expressed | 4.72 | Jump to 236.64 |  |  | 
              
                
                  | with inflation over two percent now that | 5.041 | Jump to 245.439 |  |  | 
              
                
                  | inflation is over seven percent the fed | 5.039 | Jump to 247.92 | 
                      
                        
                      
                        PERCENT
                      
                      
                        over seven percent
                      
                     |  | 
              
                
                  | two or three percent rather than what's | 3.84 | Jump to 276.56 | 
                      
                        
                      
                        PERCENT
                      
                      
                        two or three percent
                      
                     |  | 
              
                
                  | one of the side effects though of the | 4.88 | Jump to 349.36 |  |  | 
              
                
                  | recession in probably 30 years | 5.201 | Jump to 372.639 |  |  | 
              
                
                  | recession sometime in the next five | 2.801 | Jump to 380.319 |  |  | 
              
                
                  | you had a record year in 2021 36 billion | 6.0 | Jump to 423.039 |  |  | 
              
                
                  | ecosystem is probably about two trillion | 4.241 | Jump to 465.599 | 
                      
                        
                      
                        CARDINAL
                      
                      
                        about two trillion
                      
                     |  | 
              
                
                  | two ways in which our industry is is | 4.4 | Jump to 491.44 |  |  | 
              
                
                  | syndicated lending in traditional first | 5.121 | Jump to 498.319 |  |  | 
              
                
                  | growth of one-stop loans which is very | 4.319 | Jump to 503.44 |  |  | 
              
                
                  | deals were financed with two layers of | 3.759 | Jump to 525.2 |  |  | 
              
                
                  | first lien on the assets and comes first | 4.88 | Jump to 530.56 |  |  | 
              
                
                  | subordinated debt or second lien debt as | 4.48 | Jump to 537.76 |  |  | 
              
                
                  | historically the first lien was done by | 2.959 | Jump to 552.32 |  |  | 
              
                
                  | more sense to have one lender do both | 5.6 | Jump to 600.32 |  |  | 
              
                
                  | traditional first lien debt | 4.88 | Jump to 617.92 |  |  | 
              
                
                  | first of all i don't see any systemic | 4.161 | Jump to 639.279 |  |  | 
              
                
                  | you you recently launched your third | 4.56 | Jump to 824.399 |  |  |