We ended the second quarter with $261,000,000,000 of total assets under management, up 14% year over year. This was driven by $36,000,000,000 of capital raised and $21,000,000,000 of value creation, partly offset by $23,000,000,000 of realizations over the last twelve months. Fee earning AUM increased 7% year over year to reach $146,000,000,000 as of June 30. These figures do not include TPG PepperTree, which closed on July 1 and added approximately $8,000,000,000 of AUM and over $4,000,000,000 of fee paying AUM. AUM subject to fee earning growth was $30,000,000,000 at the end of the quarter, which included $23,000,000,000 of AUM not yet earning fees and represents a revenue opportunity of nearly $200,000,000 on an annualized basis.