Marc Rowan

or you need a variety of costs of capital.

And so one of the reasons I think we've been so successful at this is we are willing to match low-cost retirement liabilities with safe long-term yield assets.

Not risky long-term yield assets.

That does not belong in a regulated balance sheet.

But if you think of the largest issuers of private investment grade, it's Intel, it's Air France, it's EDF, it's AT&T, it's Meta, it's BP Energy, and so on and so on and so on.

And you're hearing lots of public companies.

And so public companies and public companies' CFOs and CEOs now understand that there are three markets for financing.

One is the bank market.

The bank market is the best source of financing on a short-term basis anywhere in the world.

A bank borrows short deposits and lends short.

A bank is the best short-term lender.

It is not a good long-term lender.

The public market

and private capital are both good long-term lenders, the public market does something very standard.

If you want anything other than plain vanilla, you need to come to the private market.

And if you think again about the world we're in today, when we're building a data center that is marrying energy and chips and offtake, it is anything but simple.

It can be creditworthy.

But it is not simple.

It is not a 10-year bond underwritten by a single issuer.

And so the ability and willingness to take brainpower and apply it to investment grade, which itself is not a great asset management business, but we need the asset.