John Zito

And we bought several hundred million of June insurance and company filed in May, literally a month later after they told me everything was fine.

So that was like the start of the Hertz journey from there.

We bought the term loan at 60.

We thought that we'd probably own the company at a sub-billion dollars.

It was very different with our company when we hated it.

It was a $10 billion company.

We were buying the company effectively at a billion.

And you go over the life of the journey from mid-20 to when we were buying the term loan at 60 as a distress for control, which is, again, not really what we do historically, but it was COVID times.

And we're like, if we own it here, we don't think it's going to be distress for control.

But if we own it at this valuation, it's worth this.

We refinanced to think about the story of Apollo and how it can actually provide solutions, right?

From that point forward, we became the largest secured lender.

We provided the dip.

We refinanced $4 billion in that summer, $4 billion of their entire used car vehicle financing because they had to, because the used cars were collapsed, they needed a refi.

Yeah.

We refied $4 billion.

The term loan went up.

Then when the company ultimately ended up exiting bankruptcy, they took out the term loan.

In November of that year, they had a lease business, a platform business that actually did fleet finance inside of Hertz that they wanted to sell before they exited.

We bought it in our platform business and have merged it with Wheels, which is a specialty lending fleet finance platform business.