underwriting

“We are not in a bake off or a competitive process where we have to have a deposit down and an LOI down within two weeks. Otherwise we're going to lose a deal. Most of our underwriting takes six to 12 months.”

“If they have a big flow quarter in a particular product, we'll see them be very competitive on new underwritings because they have a bunch of cash sitting around that they need to deploy.”

“The ultimate performance through the next cycle is going to be more determined based on the quality of the underwriting than was this a private credit fund or a public credit fund?”

“It's hard to distinguish luck from skill when everything is up and to the right. But now you can look back and say, okay, what did you do in 20 and 21 and 22? How sensitive were you to these really high valuations? How disciplined were you in deploying the cap…”