Patrick O'Shaughnessy

I have three questions.

You can take them however you want.

One is, who owns these things?

Who owns the equity in these things?

Why is this happening?

And what does it mean, prospectively?

Your second question was, why is this happening?

You get this, what sounds like a hollowing out of a third of the economy.

In fact, that's the exact language we use.

And there's all this decline in EBITDA, decline in cash flow, interest burdens that are higher, scary sounding stuff.

If you had to narrow down a couple of reasons for what's driving that, what do you think they are?

Yeah.

What do you think it means?

Is this just an inexorable trend that's going to keep going and the rich are going to keep getting richer?

We'll talk about the workouts and bankruptcy and all that fun stuff next.

But just before we close the chapter on what's going on, what's to be done about this, if anything?

What is it today, just like ground people, and what are the couple examples of those sectors?

middle market.

I like your definition of distress that we talked about earlier, which is basically just like capital where there's no supply of it.

That's right.