Jim Zelter

We'll spend some time on that.

Just for the record, you brought up first branch and tricolor before we did.

We'll get to that in just a moment, too.

You want to talk about origination?

Let's talk about it.

Of the debt that you originated, you talked about this a bit yesterday.

What was the average rating?

And are you able to maintain excess spread as you scale up?

Jim, we've seen these capex cycles throughout economic history.

You've lived a few of them over a long career as well.

But there's something different about this one, and you're well-versed in this in a way that I'm not.

Some of these assets depreciate rapidly.

For you and the team, does that change how you put together some of these deals that you make?

It does.

I'm not sure how many people are taking a step back, Lisa, at the moment.

I'm happy to say we've got a lot to talk about.

Jim's out of there of Apollo.