Alan Waxman

And it's really about trying to create solutions.

Because our capital is so flexible, we could go sit down with any CEO or any management team.

We go in there and we just listen.

And this will sort of resonate what we were talking about earlier.

One of our core skill sets is asking questions.

So we'd just be asking questions.

And we say the prototype deal at Sixth Street, but also back then, is we can get on a whiteboard with a CEO management company.

They have an idea of what they're trying to solve.

And we get up there and we start whiteboarding it and we come up with solutions.

Maybe it's a structured equity investment.

Maybe we buy an asset.

Maybe we do a joint venture on one of their assets.

It could be anything, but we walk in there with a very entrepreneurial mindset, bespoke mindset on every deal.

That is a six-street deal, whiteboarding with the CEO or management team.

And we can do that at scale.

Back then, I mean, that was really how we were thinking about things.

When I think about arbitrage, that's short-term arbitrage.

We're long-term investors.

We're three years to 10-year investors plus.

Arbitrust, to me, that's more trading.