Traci Alloway

That's correct.

Okay.

What made you take that decision?

Because you said you'd been involved a little bit earlier.

And then secondly, what would you need to see in the market to potentially get back in?

I think the reason that we don't is because we were financed out over time.

And it was never a core part of what we did.

It was a

more ancillary part of our business.

There were a few individual opportunities that came along with companies that needed money for a particular reason, or it was a business that people I don't think widely understood, or it was the size of the borrowing requirement.

One of the companies took the money that we lent them and kept the money on their balance sheet the whole time.

They just had it as a safety net.

It was less than one and a half times levered for the entire time.

They no longer needed it.

They paid us off and moved on and went to the next thing.

So other times we were financed out by the leveraged loan market or the private credit market where they were going to be much more aggressive on the terms than the ones that we were willing to provide.

And that's typically, we're a bunch of old guys and we have our ways of doing things that have been developed over 30 or 40 years.

We're not likely to change our

approach to providing credit just because the market now all of a sudden wants to get more aggressive and look past some of the obvious things, particularly as it comes to structure and covenant protections and amounts of leverage.

We look at the business and say, okay, this business is worth seven times.