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Professionalservices revenues were 17.3 They keep all those mortgages on balance sheet because it's a variable rate product with a great piece of collateral attached to it, which is your house, which you don't want to lose, and so you keep on paying. Subscription revenues for the second quarter were 99.9
Those managers experienced in duediligence with sufficient scale to build out funds with higher-quality collateral and low leverage in defensive sectors may be able to provide a better cushion. 12 Of course, not all private credit is created equal, as Jon discusses below.
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