Michael Intrator

be able to achieve the one rule of lending, which is give me my money back.

So they look at this box and they're like, wow, we're really confident we're going to get our money back.

So they look at this box and they're like, wow, we're really confident we're going to get our money back.

And maybe they want 10 boxes.

And maybe they want 10 boxes.

That's correct.

That's correct.

And they don't cross pollinate.

And they don't cross pollinate.

They don't cause a contagion across the boxes.

They don't cause a contagion across the boxes.

They're all independent and discreet.

They're all independent and discreet.

One and number two is as you do this and as you show the lenders how this financing tool and how this financing mechanism works, what they do is they continue to lend you money at progressively lower rates.

One and number two is as you do this and as you show the lenders how this financing tool and how this financing mechanism works, what they do is they continue to lend you money at progressively lower rates.

And so when you think about our cost of capital over the last two years,

And so when you think about our cost of capital over the last two years,

we have dropped our cost of capital by 600 basis points.

we have dropped our cost of capital by 600 basis points.

It is enormous, right?