Um, you know, how are people approaching it? What does this mean in regards to some of these contracts for security deposits and financing for projects?

Yeah.

Uh, uh, I, I'll jump in quickly, so, and, and, and then turn it over to Brian.

But I, I, I think what we've seen so far is, uh, effectively, you know, partners in projects getting together and talking about what to do.

Um, I, I have not seen, you know, direct action quite yet.

Um, I, I think that, that a number of developers are kind of waiting to see what happens next, um, and what the timelines will look like, but, um, also certainly having discussions around, you know, what are the options, what are the alternatives, um, and, and in general, what does this, you know, potential delay do to the, do, do to timelines on projects and likelihood of returnal, uh, return of capital, um, to the ex- you know, depending on the, the nature or the structure of the capital that was committed.

Um, you know, some of these projects, this was part of a broader facility to finance the project.

Um, and I guess just to follow up on that, I mean, I'm kind of curious in general, like, what kind of capital is at risk, especially for, you know, developers who have worked with external lenders to be able to finance projects for this process? Um, you know, what, what's kind of at risk for them if, um, the interconnection rule is delayed or, you know, they don't necessarily get an answer around it, um, by the fall or, um, you know, the process for batch zero is halted for a significant amount of time?

And I'm curious from your perspectives, as you're looking at the data center build-out and landscape, who are these players on the financing side that are involved or comfortable with these amounts? And how are you seeing the space evolve? Um, what does your day-to-day look like when it comes to advising some of these transactions?

So I, I, I think high level, we've seen, you know, private equity and private credit stepping in in a big way.

I mean, I, I think you can point at Blue Owl as one good example.

Um, you know, Blackstone is all over, i- is all over this space.

Um, so, so I, I, I think, you know, the big mega private equity funds are all over, you know, all over this.

Um, there's-- We're starting to see more traditional banks, um, try and get into the project finance.

Uh, you know, and when I say traditional banks, you know, I, I, I'm thinking of, um, you know, traditional investment banks that have participated in, uh, power generation, um, uh, project finance, uh, markets in the past.

And so I wanted to ask you both pretty candidly, if you're looking at deals on the market, things that are publicly available, your own deals that you guys have worked on when it comes to data center financing, are there any examples that you can, um, you can kind of use, um, that you think have kind of these airtight financing structures in which each player, you know, the developer, uh, the tenant, the, the lenders, it's kind of airtight in terms of their transactions and contracts, um, where you think, you know, the timelines will be met and where the timelines have been met historically as well, um, that are just good examples for those in the industry to kind of look at and understand, "Okay, they've done it, I can do it," uh, now moving forward?

The conclusions of this review actually make the case that that's what it looks like in the research, but it's not the case.

Yeah.

So cool.

Yeah.

So kind of just to start sort of teasing into like the sodium and exercise, but we're not going to totally go into it yet, I know.

But in exercise or extreme environments, low sodium can affect your hydration status.

It can play some roles in nerve signaling and muscle contraction because we know that sodium is, you know, part of what helps make muscles shorten.

So I have two

Is there anything within that that you think that, you know, is kind of worth unpacking in terms of looking forward to the next six, 12 months and beyond as well that might, that might have some shoring up of the, of the property market and kind of keeping, keeping a real lid on, on, on any significant movements one way or the other?

Yeah.

Well, I guess when you, when you take sort of that higher level view of supply, um, you know, we sort of still have this feeling of a, a broader market that is somewhat undersupplied.

Um, you know, we, we're seeing this sort of near-term trend in a lot of these cities in, you know, already highlighted Sydney and Melbourne, where the stock of existing properties is significantly higher now.

But, um, you know, you look at the, the challenges that are in place in terms of adding to the c- the, the new supply into the marketplace, it's very significant, and I think, uh, you know, a lot of people are still underestimating just how challenging that is.

Um, you know, again, you look like a, look at a, a market like Melbourne where there's been very little capital growth over the last couple of years.

Um, that's left the city, despite having added so much stock of housing in the, in the five years, um, that have just passed, which has actually contributed to that trend of, you know, relative underperformance, um, now leaves it where it's not particularly viable to build a lot of properties.

What are you doing behind closed doors, mate? [laughs]