Dani Burger

Late last year, you announced that you were going to be buying the rest of Oak Tree, a company that you had also long had a partnership with beginning in 2019.

How is that combination going to evolve as you work through it?

Does the Oak Tree brand get blended into Brookfield?

Does it remain its own entity?

How are you thinking about this?

Just on that note, because you mentioned this at the start of the conversation, that there does seem to be a little bit of nerviness around credit markets.

I know in your 2026 outlook, you and the team had written credit markets are rewarding those with underwriting standards focused on asset quality.

I say that kind of implies that maybe there are others who aren't focused on quality.

Is there a real divergence going on?

So are you calling up your team saying, hey, look at what happened this week?

I was going to say, because you're not that exposed to software, would this be an opportunity maybe to get in there a little bit more?

in this cycle of software there's going to be some amazing value to be made there feels to be like a lot of reckonings happening in this market you've outlined a lot of changes be it deglobalization otherwise some of what you're doing in infrastructure is this a moment of a market reset

Can you tell us what kind of agreements you've struck for the rights to do this mining?

I mean, for how long have you got the rights?

How do you split it up in terms of what you get out of the ground with the local economy?

How does that look, Tony?

I was just going to ask, where are these minerals that you mine are going to be refined?

Are you saying that half will be refined in the U.S.

or sort of at the behest of U.S.

companies?