Tim Barrett

We're already protected by the first few contracts that came through.

If they're successful in any more contracts coming through, that's pretty sticky money when you start talking about Department of Defense.

So those were ones where we had success at.

So we really look for that asymmetry and we really look for locked in contractual income that we know is going to come in those deals.

And we'll go bigger on those.

That's a great question.

It goes back to a little bit of that asymmetry, right?

I think the second piece that we think about is how successful, like if we have a manager in the book and he's sending us stuff, how successful have we been with that manager?

Because most likely we've been doing other co-investments, right?

If he's proven track record, the one that he's feeding us over time that they're working, we have much more confidence to continue that process.

And then the second step after that is individual underwriting of that deal.

Is it like the other deals we have in the portfolio?

Is it differentiated and does it have asymmetry?

And does it have long-term staying power contracts, right?

If we see that, we like it a lot more.

It depends a little bit on what asset class.

When you go to like private equity and private credit, we're really looking for consistency.

I don't think we do very many co-investments at all that we think could have a zero.

Back in the day, we used to do venture co-investments.

Those definitely could have had a zero.