John Zito

Air France, Vonovia, Intel.

The pipeline there is very large because people are realizing that they can get, first off, if you have $100 billion of debt and you're an investment grade company, doing a $5 billion deal with Apollo is just a diversifier.

Doesn't mean it's not a negative connotation anymore.

So that's gone away.

And two, there's more flexibility we can do with our funding.

We can get more flexibility.

We can go much longer duration.

We can do it attached to a certain asset or some sort of structured transaction.

So it's just a little different.

It does not by any means means that the traditional funding sources are going away or that it'll completely change and that it'll all go private.

But it's another option.

Typically off balance sheet.

It doesn't go against their existing debt quantum.

So it's typically off balance sheet, typically longer duration.

Typically flexibility in some sort of coupon and when it ramps, if it's a project that's ramping, we may give them a couple years at the onset that you probably couldn't get through a traditional debt market.

So really working with the issuer and saying, okay, what are we trying to solve for?

Customization.

It's all customization.

Yeah.

And so we'll work with an issuer six months, nine months, 12 months.