Tracy Alloway

Yeah.

Because people had 3% mortgages or 3.25% mortgages, and people just have a problem paying off a 3% mortgage and taking out a 7% mortgage.

They're now down a bit, 6.5-ish percent, but they've got to come down more.

So when the Iran war finally ends, and it'll end someday, and interest rates come down, which they will under this administration, it's pretty good odds that mortgage rates will come down and business will start booming.

Yeah, this is what I wanted to ask, which is, I guess, financing availability at the moment, because clearly we are in the midst of this Iran situation and we have seen some very volatile markets out there.

We've seen traders start to ratchet down, I guess, their expectations for a rate cut later this year.

What's financing been like for you at QXO?

We have no problem getting access to capital.

That's not been an issue for us.

We've raised, since I started the company,

almost a couple of years ago, we've raised something like $15 billion and fairly easily.

On this transaction here, in addition to that, we've got $17 billion.

Now, part of that, roughly about 55% of it is going to be in the form of stock, but the other is cash.

And we got debt commitments from Morgan Stanley and from Wells Fargo and from Barclays and pulled that all together in about a week.

Is synergies, when you talk about the future cost savings, is that a euphemism for layoffs?

No, just the opposite.

Okay.

It's to grow the business.

It's to figure out ways that you can cross-sell customers.

A contractor who is buying roofing and putting that into their construction,