Prudential Financial

Trenton.

Oh, Prudential, but no.

Okay.

Okay.

That's real, but it's secondary to the speed.

And it's really part of why institutional partners like Blackstone and Prudential and Clarion and New York Life invest alongside us.

They're not underwriting a thesis.

They're underwriting whether we can execute.

My father told me, um, um, "Ross is coming to me." That is my brother.

And he said, "Come to me." So my brother was working, um, acro- at Prudential, I believe, across the street from where my sister was, and he was one of the hundreds or thousands of people that were silently walking uptown.

And I looked at my friend, I have a whole class of kids, um, what...

So we went to my principal, and my principal told me to go and they would cover my class.

The ABL and term lenders are each secured by first-priority liens on substantially all of the debtor's assets, with the ABL holding a first-priority lien on the accounts receivable, inventory, deposit, accounts, and cash, and the term loan holding a first-priority lien on the debtor's hard assets and intellectual property, and each lender holding a second-priority lien on the other's primary collateral assets all pursuant to an inter-creditor agreement.

Moving down the debt stack, Your Honor, the debtors owe Prudential approximately $120 million on account of subordinated notes secured by a junior lien on substantially all the debtor's assets, and $36 million on account of an unsecured promissory note issued to certain former stakeholders of Federal Resources Supply Company, which debtors acquired in 2021.

The federal resources note is contractually subordinate to the ABL term loan and prudential notes.

And lastly, Your Honor, the debtors also have approximately $250 million in unsecured trade debt owed to their vendors, landlords, employees, and other general unsecured creditors.