SaaS

“It's also the type of lending company that has barriers to entry because it has a proprietary source of originations because it's going through that large employer that other people would have to integrate with. And so it has a lot of the great characteristics…”

“We are really growth investors in companies where you can add significant value to your product ongoing because you have to. If not, you'll be displaced by another SaaS solution.”

“It's not as sticky as maintenance was because the customer hasn't made the capital expenditure.”

“And I think the next model we're moving towards is transactional where it's saying, Hey, don't pay me for anything, Ted, unless you use it.”

“It reminds me today where you just had one or two sectors having a lot of stress like we have today and the SAS with respect to levered loans, and we're seeing it in CLO equity has way underperformed. The relative loan market, because all of the damage has bee…”