John Zito

Then when they actually, it ended up being a solvent company where there was value to the equity.

Nighthead ends up winning the bid.

We provide the $2.5 billion exit financing, which six months later we get taken out at $130 billion.

We put in $10 billion into the ecosystem across dip, secured, securitized product, pref, buying a business out of the platform.

Nobody could have navigated that whole over a 12 or 18 month period.

You have to have tons of flexibility, creativity, and agility.

You can't, you have to think up and down the capital structure.

That was the first time I saw the whole platform at work working together from our platform team to our senior team, to our hybrid team, all working in the whole ecosystem.

That was a pretty special thing and hope to do a lot more like that.

You need a combination of market vol and single name vol for that to happen.

But when it happens and you can execute on it and showcase everything, again, being close to the decision maker, the more we did, the more we were getting the first call, right?

By providing the 4 billion of securitized, probably not.

It's not that that's a plus 300 business, meaning it's not high returning.

But because we did that, guess what?

We got the first call on the platform.

Then we did that.

We were the call.

We got a call last minute on that pref from Nighthead.

And in 30 minutes, because we knew the company so well, I said, okay, we'll do two and a half billion of pref.

Because we could react that quickly at scale, big and fast, very few firms can move big and fast like that.