Andrew Milgram

At the time, we were convinced that there was going to be good opportunity.

We couldn't have imagined that it would persist with as much duration as it has.

Now you also, our focus in accessing that is around the U.S.

banking system.

The middle market continues to get most of its capital out of the banking system.

We hear a lot about private credit and at MarbleGate, we talk a lot to private credit, think a lot about it and have a lot of views on it.

We think about the broadly syndicated market also.

We think about all sort of forms of corporate credit, but the reality is we access most of our investment opportunities out of the banking system.

So we built MarbleGate with the idea that we would go talk to banks, source our product directly from them.

So we built a sourcing team and our sourcing team goes out, talks to hundreds of lenders across the United States.

I like to say that we are the number one buyer of steak dinners in middle America.

We also built, of course, an analyst team.

We have in-house financial restructuring.

So today, a lot of the folks that call themselves distressed investors, again, I view them as buying cheap high yield and participating as pure financial investors and portfolio traders.

But they will outsource all of that critical thinking.

At MarbleGate, we say there is no outsourcing of critical thinking.

And so we think about the financial restructuring in-house.

We also built an operational restructuring team in-house as well.

Again, going back, as Paul and I looked at the market evolve, we saw those covenants widening and the businesses deteriorating.

And so we knew that when we were taking control of them or inserting ourselves into their capital structure and their ongoing operation and resolution,