Rachel, how do large operators typically fund data center construction?

That's a great place to start because the financing landscape for data centers has evolved quite significantly.

So this is sort of a background as to what's been going on for us here at Norton Rose Fulbright and in this industry over the past few months and past year or so.

So as you've probably seen, and many listeners may already know, large operators typically use a mix of corporate balance sheet financing.

So that's things like investment grade bonds, bank loans, et cetera, to fund early development.

Now, historically, some of the major players, big hyperscalers, other in the space, were able to fund their build outs largely from their own strong operating cash flows.

But with construction costs rising dramatically and everyone looking to expand very quickly, that free cash flow is being compressed and stretched.

Rachel, what is the practical difference between limited recourse and non-recourse?