I'd love to hear a little bit more about how that transaction or others you've worked on reflects some of the trends that we're talking about here today.

Yeah, I think one trend that was really evident in that transaction was just relationship building, right? What I talked about at the beginning, the related digital team really brought together a ton of key players in the space to allow them to execute on this massive transaction and really being able to see their ability to have a net positive development and work with the community and bring all these players together was so fascinating and was excellent to watch.

The bond transaction was very interesting because that was the first 144A data center full lease term bond outside of the meta Hyperion transaction.

And I think it's just another example of due to the scale of these transactions and due to the amount of transactions going into the financing market, we're seeing sponsors have a continued focus of looking to hit every aspect of capital that they can obtain, right? You're continuing to see demand in the CMBS space, in the ABS space, in the high yield space, the bank space.

And we're seeing sponsors continue to approach all of this with an open mind.

Some things have a set playbook that we can follow and they might be a more repeat transaction like some of the bank construction construction financings that you see in the market.

Other transactions don't have what we would describe as a data center playbook.

I wonder if you could speak a little bit about how the intersection of all of those different perspectives impacts how deals in the space are negotiated, how folks coming from some of those different perspectives or backgrounds iron out maybe their differing priorities or different sort of norms of approach to these deals.

And what's the outlook from your perspective over the next three years?

I think there is a large amount of confidence, particularly in a lot of the data center developers and operators.

You have some of the historical data center developers and operators who have been in the space way before most of the private equity companies had heard the word data center, right? And they've developed time and time again for the most influential companies in the world.

And then you also have some new entrants, like, for example, Related Digital, who has an extremely robust history building very difficult and complicated projects like Hudson Yards in New York, who can take all of their learnings and apply them to data centers and build the right team around the technology.

But again, has all the fundamental building blocks.

So I do think there's large scale confidence in these data center developers.

And that confidence is shown by the hyperscalers working with them and entering into partnerships with them time and time again.

How is that affecting these decisions and these conversations?