Alan Waxman

One of our portfolio companies, Legends, is providing services to them that is helping them uplift their premium offering within the stadium.

So we underwrote that and put our money where our mouth was on that.

So in each deal, the levers are different.

And that's the thing.

It's a whiteboard because we've got a toolkit, which we've been using for 25 plus years, but we feel like we can price anything that's not binary stroke of the pen risk.

And then it's got to work for them.

Or if it doesn't work for them, we go back to the drawing board and try to construct something that does work for them.

But in all these deals, you see where it all takes place is the whiteboard.

And it's not what we initially proposed to them or what they initially proposed.

It's that partnership with CEOs and management teams.

You have food and beverage, but premium offerings.

You have a museum.

If you ever go to the Bernabeu, there's an incredible museum of all the history.

It's the premium tickets.

But in all these deals...

there's different levers depending on what it is.

In this case, it's a perimeter of assets, but it could be the whole company.

A firm, Max Levchin's company, we did a $20 billion partnership with them where we formed a joint venture with them so they could originate more assets and have more operating leverage.

So that one, my partner, Michael Dryden, who runs our asset-based finance business, has known Max a long time, gets on a whiteboard, they start mapping it out.

But it's not like you can pull