I'm Matt Niknam, Comm Infrastructure Analyst here at Deutsche Bank, and we are very pleased to welcome back DigitalBridge CEO, Marc Ganzi. Marc, welcome back. It's great to have you. Yeah, thanks. Thanks, Matt. I got to see. Let's see here. There, we're on. Very good. Matt, thanks. It's good to be here. You know, full disclosure, I'm DB alumni, so it's always good to be back here. And I think it's been a great conference, so thank you. There's been a lot of spectacular investor engagement. What I thought I would do, Matt, is just maybe spend four or five minutes just talking about DigitalBridge and what we're doing today, and how we see the digital infrastructure landscape playing out. And then I think we can go more into the fireside chat about credit and what we're up to. But you know, just so you know who we are, we are a global alternative asset manager. We specialize in digital infrastructure, primarily owning and operating 50+ companies around the world, all focused on the digital infrastructure ecosystem. And we do that from Asia, out of Singapore, we do it out of London in Europe, Latin America, and the U.S., out of Boca Raton, Los Angeles, and in New York City. We're a sector specialist. We believe in building great companies, high-growth companies, and ultimately, you know, we pivoted from being a real estate investment trust into an asset-light alternative asset manager and owner and operator of this infrastructure. You know, so why digital infrastructure? Why this moment in time? You know, why do we think this is topically interesting? You know, first and foremost, we're back in this, you know, next multi-generational opportunity, much like public cloud 10 years ago. We see the world a lot like our lunch speaker yesterday as a big decade-long build, and it starts with the picks and the shovels. So as we think about artificial intelligence and where we play in that ecosystem, as I tell some investors, we're kind of the dumb plumber in the equation. Someone's got to go build the pipes, and someone's got to build the capillaries. What we do believe is, what we do is mission-critical. We do think that our customers rely on us, and we have to wake up every day and deliver five nine standards and be ultimately on point for our customers. 5G continues to be a big catalyst. Certainly, we can talk a little bit about that in terms of the spend on fiber and mobility and small cells. We do think we're about 2.5 years into the 5G build. We think there's another 4-5 years of densification coming, and we have a very specific view on that, that comes from the customers in Europe and in here in the United States. And then ultimately, you know, why do investors like what we do? What we do is defensible, what we do is resilient, and we do think this notion that you can be a digital infrastructure owner and operator outside of a REIT structure that's asset-light, actually provides more benefit to public investors. And it really gives you the chance to own the entire asset class without having to pick a swim lane, and there's some great swim lanes, by the way. We think, you know, a lot of the public companies like Equinix and American Tower are great, but we provide to investors the converged ecosystem, and we do it on a global scale, and that's unique, differentiated, and no one's doing it the way we do it. So with that, you know, what I'd offer to you is that the asset-light approach is different. It's, you know, historically, for the last 20 years as a digital infrastructure investor, you've been sort of fed that you have to invest in fiber, or you have to specifically invest in towers, or you have to invest in data centers, and you've got to pick management teams, and you've got to make a geographic bet, you've got to make a sector bet, and you've got to make a team bet. You know, our approach is different. And ultimately, as a scaled operator, being capital light and the amount of capital that we've been able to form at DigitalBridge is totally differentiated. And I think, you know, when we started down this journey 3 years ago, transitioning from a REIT to an alternative asset manager, you know, a lot of people didn't understand what we were doing. And ultimately, in the last 18 months, as you know, Equinix, Digital Realty, American Tower, have all gone out and used third-party LP capital to grow their businesses, just like we've been doing for the last 10 years. And so we believe that's a recognition, even by the biggest players in the world, that the size of checks that you have to write in this sector to, to ultimately support customers is large, and you can't do it through traditional public markets. And so what we offer to investors is the chance to play in that ecosystem, invest across all of the sectors, and invest what we think is one of the best operating teams in the sector. We've been doing this for 30 years. Ecosystem investing is important too. Again, we not only play in our traditional infrastructure funds, which is our sort of value-add infrastructure funds, but we're also here with our credit hat. Here at the Deutsche Bank Conference, we have a credit fund. We have a credit team. You know, we're investing side by side with some of the largest global institutions. I think some of you know, we co-led the CoreWeave transaction with Blackstone and a few others a few weeks ago, and so we're doing that as well. We're a provider of capital to great digital businesses around the world, and we're gonna continue to grow our credit platform. And that's part of our growth plan to double AUM in the next three years. As I said before, a lot of high growth. As you heard on our last quarterly call, you know, our data center businesses are growing at 23% CAGR. Our fiber businesses are now posting, you know, very solid 8-9% organic growth, and we see a lot of good things happening in fiber now. Towers, very steady. You know, globally, we own nine tower companies. The organic growth across those nine platforms over the last, you know, through the first three quarters is about 14%. So towers are growing that. We can get more specific about that. And then small cells, unfortunately, is our laggard, growing at about 3%, but we see, we see a lot of growth coming in small cells as 5G moves to densification and ultimately, as you see the proliferation of C-RAN and O-RAN networks. So it's pretty exciting. I mean, our worst business is growing at 3%. Our best swim lane is data centers growing at 23%. So a lot of growth going on here. And then ultimately, you know, this is how our ecosystem works. I think this is a pretty interesting slide. And if you think about how traditional REITs operate, whether it's, you know, Equinix or whether it's Crown or American Tower, they play in kind of one or two swim lanes here. What we do is we deliver holistic networks, and the way that starts is ultimately it starts in a private cloud environment, it migrates into public cloud, public cloud then moves into the edge. Edge ultimately moves to near edge, which is C-RAN and O-RAN computing, and that proliferates through dark fiber and lit fiber services, ultimately to small cells and towers. Data gravity, that's really the logical progression of how data gravitates to you, the end user, but it also it's how it gravitates to the enterprise. Eventually, we think the big trend here in AI is when we say edge delivered, most of the AI traffic will be machine to machine, as we heard at lunch yesterday. That's really where this happens and ultimately where the applications reside. I think we heard three pretty cool case studies yesterday around DoD, Shell, and then in a private enterprise environment, and how ultimately at Koch Industries, how they're ultimately transforming their supply chain through AI. This is no longer science fiction, and we talk about generative AI, and ultimately, what does that mean? It means that there is a decade-long build in infrastructure. And so while these applications are happening, the only way it happens is through the delivery of the data. And I think this is really, for us, the most exciting thing we're working on. And here's the good news: We, we kind of get to play the entire ecosystem. Again, as an investor in DigitalBridge or an investor in our funds, you don't have to choose. You don't have to make that choice in an asset-light model of where you get to play as an investor. So for us, we think about ultimately, the initial learning models sit in private cloud, which is happening at Switch. Those workloads eventually, in the next 2-3 years, begin to proliferate out to the public cloud as the public cloud operators start moving that data out. Then ultimately, you move to the edge, which is interconnection, and then it proliferates out to mobile, which is near edge, again, to C-RAN and O-RAN hubs, which some of those sit in interconnection hubs. But ultimately, there will be an ecosystem where you have smaller edge-delivered facilities, similar to what Vapor IO is doing, by example. So, we talked about earlier, we're here also with a second hat. My partner, Tom Yanagi, is here. We've issued, you know, close to $15 billion of debt this year alone, as an issuer across our 50 companies. So we're very active. We're very active in the bank market, we're very active in the ABS market, CMBS market, and of course, in the private credit market. So, ultimately, a lot of our capital structure is initially bank debt or club debt, but ultimately, we migrate to securitization structures. And so across the $72 billion of assets, we're levered today at about a 41% loan-to-value, and 87% of that debt is securitized at a coupon sub 4% fixed. So a very stable, long-term capital structure, and we've been a pioneer in the space. We're the first to issue cell tower securitization notes. We were the first ones to do a small cell securitization. We're the first ones to do a hyperscale securitization. And, we're also, what we did in Brazil, I think, was really interesting with the green bond down there, 100% renewable energy data center bond. So, we'll continue to be active in this marketplace, and we'll continue to be an active participant in this conference with two hats on. So those are some of my comments. I tried to be quick, Matt, and happy to go to Q&A. Well, fireside, then Q&A. We've got a lot to touch on. And by the way, for the audience, if anybody does have a question, just raise your hand and we can get a mic to you to ask. You've been busy the last couple of years. Obviously transforming the business. We talked about the evolution from a traditional REIT towards a digital infrastructure-focused, capital-light, alternative investment manager. What are you most focused on right now as we close out the year? And maybe within that, if we can talk about the next steps to sort of help unlock greater value for the company. So I think the catalyst for the public company right now is really two things. One is deconsolidating our balance sheet, which we successfully, two weeks ago, deconsolidated DataBank. Really important for us as we get our target net leverage down to 1x. And keep in mind, when I stepped into this chair three years ago, I inherited a $14 billion debt stack, and I think we were levered at, like, 30x. And so it was a daunting challenge. And so to be kind of on the one-yard line of getting down to that target leverage range between 1x-2x EBITDA, I think is really exciting for us. And it puts us in a different category for institutional investors, and it really takes the risk off of owning DigitalBridge, which we... You know, the last piece of debt we have is our Vantage stabilized data center business, which we will deconsolidate inside this quarter, and that'll get us to basically all we have left is $300 million of securitized debt. And so against a business that generates, you know, pro forma run rate about $240-$260 million of EBITDA, we'll be basically levered at about 1, 1.2, 1.4, in that range, depending on how EBITDA comes out in the fourth quarter. So my first priority was taking care of the capital stack, maintaining a strong liquidity position. We have close to $600 million of cash and cash equivalents. As we go into this cycle, we want to be under-levered, and we want to have cash. That's worked well for me in 2002 and 2003. That worked well for me in 2008 and 2009. You know, the difference between being a wartime CEO and a peacetime CEO is very different. So our mentality right now is have a very conservative capital structure, have access to a lot of capital, and ultimately play offense. We're pretty excited about the things that we think we can do in the next 24 months. There's a lot of opportunity out there, and I think we're better prepared today than we were in 2003, and we were better prepared than we were in 2009. Why? We've had the benefit of having gone through those two cycles and having learned what worked and what didn't work in those cycles. The second point about our transformation that I'm focused on right now is capital formation. We've had a fantastic year forming capital. Tom's done a great job of raising $15 billion in debt capital. Kevin Smithen and Leslie Wolff Golden have done an amazing job raising equity capital. We've raised over $5 billion of co-invest. You know, two weeks ago, we did the DataBank deal. We did the AustralianSuper EUR 1.7 billion commitment to Vantage Europe. And investors keep putting equity behind us because I think we have good platforms, great CEOs, and good teams. You know, we guided that we would raise $8 billion of equity this year. We're clearly on that path. Perhaps we will do better than that. And our flagship fund is doing well. We have a new... Our third flagship fund is in market right now. Credit has been spectacular. I mean, Dean Criares and, and Mike Zupon and Chris Moon and the team have done an amazing job. You know, we've invested about $1 billion into, into credit. That product continues to outperform. It outperforms our expectations, and it's sort of top of the league tables in performance. And so we're gonna continue to grow that strategy, Matt. That's working for us. And, you know, we've got a pipeline of close to, over 60 new credit deals in our funnel, and we don't go alone in those situations. I mean, CoreWeave was a great example where, you know, we worked with Blackstone, and we worked with a couple of other key GPs, and I think that's the trend. You'll see that over the next 2-3 years. Nobody goes alone in this market, and I think what you find is your frenemies are really important. In the credit space, we're more, I think we're a little more collaborative in credit than we are in equities. But in a challenging market, you need friends. And so we're forming a lot of capital, and we're deploying a lot of capital. I think that's kind of the third leg to the stool, is just staying out in front of our customer commitments and meeting the demands of what's coming. And the demand is incredible. I mean, you particularly look at what's happening in private cloud and public cloud. Every time, you know, I look up every month, I've got Sureel, and I've got Rob and Raul coming back to me saying, "I need more capital." Immediately, I call Tom, and Tom goes, "No, not again." So every time we put a budget out, these guys just blow through it. Leasing pipelines at Switch and at Vantage and DataBank are up 5x against the pipelines last year. I can't even contextualize that. Even in our best days in towers, in the late 1990s, when towers were ripping, leasing pipelines were sometimes up, like, 2x or 1.5x. What's happening in the data center space is confounding to me, and we're gonna have to say no. There's gonna have to be situations where we have the discipline to say, "We can't fund that. We can't do that, 'cause there is a finite amount of capital. But look, right now, you know, you look at the Q2 results from DataBank, you know, Raul, you know, booked and closed 60 megawatts in a quarter. I don't think we did 60 megawatts in a year at DataBank, let alone closed 60 megawatts in edge computing in one quarter. And, and what Switch and what Vantage are doing, Switch in the private cloud and, and Vantage in public cloud, having management teams that are singularly focused on those product lines is a huge weapon for us. Because as a data center operator, we have six data center companies around the world. But here in this domestic U.S. market, where I've got Rob, and I've got Sureel, and I've got Raul, I've got three killers that wake up every day and focus on their swim lanes. It's a huge advantage over a DLR and Equinix. And no, no indifference to Andy and Charles. They're, they're great guys, great CEOs, good friends, but we got three of them, and they're waking up every day, very focused on their product set and their customers, and it's a huge advantage for DigitalBridge. And this is again, why that asset-light model works, because what we've done is we've formed a ton of capital around, around Raul and putting his business into a continuation fund. We've been a serial issuer for Vantage, and Rob Roy, for the first time, has, you know, $1 billion of surplus cash, so he can go do the things that he wants to do, in public cloud. I'm sorry, in private cloud, and he's, you know, Rob's, Rob's really succeeding right now. So, obviously, if we think about what's been very topical for the last couple of weeks, we've seen some of the public comm infrastructure stocks come under pressure, meaningful reset, higher for longer interest rates. So I'm just wondering if you can speak to the headwinds this dynamic of higher for longer could imply for comm infrastructure business models and the risks it can ultimately pose to underlying CapEx that we've seen, you know, move steadily higher for the better part of earlier this decade, call it 2021, 2022, 2023. And then maybe segueing into that, opportunities you foresee. You talked about maybe the next 18-24 months, getting a chance to be more opportunistic, based on some of your, you know, prior track record. Maybe we start with the risks, and then maybe we can talk about the opportunities as well. Well, I think the risks are embedded in the capital structures, right? I don't think there's a material risk factor to SBAC, Crown, and American. Those capital structures are incredibly safe, fixed-rate debt. And to be honest, all three of those logos are out of the M&A market, so it's not like they're deploying a lot of capital at the moment other than, you know, what American Tower did with CoreSite, and the only way they got that done was with private infrastructure capital. So, asset-light. I think our business, Matt, has always been incredibly interest rate sensitive. And so, you know, tower stocks get hit really fast on either a rate increase or the potential promise of a rate increase, because obviously it hits AFFO. And so investors get sort of freaked out about that, and free cash flows can degradate, but they really don't. I mean, you're gonna hear from Jeff, you're gonna hear from Tom, and you're gonna hear from Jay that their AFFO outlook remains relatively unchanged. American obviously has a lot of currency issues they have to deal with, but the stock that perplexes me is Crown. I think that's a good company. I think it's a company with great assets. I think it's got good, good solid management. But Crown has the biggest opportunity for upside, and their capital structure really hasn't changed. So we're under fire as the tower sector is under fire for the first time because the growth is not there. We're not seeing that double-digit organic growth that we historically saw. I telegraphed this 5 or 6 years ago at this conference, that I said holistic MLAs would come back to hurt the companies that chose to do that in 4G. If some of you remember, you go back in time, Crown and American Tower did holistic MLAs, and some of those MLAs included bucket loading for certain customers. I won't get into the specifics of what that means, but there was a trade-off, and Jim Taiclet and Jay Brown at that time were very specific about those trade-offs, which is they wanted to extend tenure. Most of those MLAs extended the tenure with their customers for 10 years because a lot of those leases from the '90s were finally aging. They were kind of in the sort of that third renewal, 15-20 years. And so they were trying to get ahead of the curve, which would stabilize the cash flows, but the trade was bucket loading, and so giving customers a certain amount of wind load inside the rad center. I'm sorry if I'm getting really technical, but this was a really important moment in time. And Jeff Stoops said, "No, I'm not gonna do that." He was. He went against Crown and American because he said, "This is a real estate business. You got to price the real estate very specifically to the specific customer with the specific equipment." Jeff was right. And then the other challenge I think the Crown has, is they've been swapping the small cells with the towers, and there's been some horse trading. Some of that is tough, and I don't envy what Jay has to do because he's got a fiber business, he's got a small cell business, and he's got a tower business. He's got the same customers using all three kinds of those infrastructure. So there's short-term pain for Jay, but in an environment where applications move to the edge through towers and small cells and RAN hubs, you're gonna need more fiber, you're gonna need more RAN hubs, and you're gonna need more small cells. Jay's in a very good spot. He's in a painful spot today, but I think long term, Crown ends up in the right place. He's offering converged solutions, much like what we're doing at DigitalBridge with Zayo and Vertical Bridge and DataBank. We do the same thing. We offer a set of converged solutions in ExteNet and Boingo. I do believe that while we're in a lull in CapEx, this presents the opportunity. Now, let's flip the script, which is the same thing happened in 2002 and 2003, and the same thing happened in 2008 and 2009, which is our customers are now CapEx-constrained. You have to, you have to understand, the last two to three years, AT&T and Verizon have been self-performing almost all their fiber and small cells, which is why you've seen Crown and ExteNet dip down a little bit in terms of demand. We've seen demand pick up at ExteNet in the last two quarters. The leasing pipeline was at its lowest at about $12 million. Now, today, that leasing pipeline is at $19 million, and we're starting to see our customers come back because there, there's an admission that they don't have the free cash flow that they once had. So whether it's Stankey or whether it's Hans, they do need us. And in times of high cost of capital, we flourish. We get more opportunity. So I see it a little bit differently. We're seeing more opportunity at ExteNet, we're seeing more opportunity at Boingo. We've seen a big spike in Zayo. We had a very strong September. We've seen pricing come back in fiber for the first time in five years. So this next wave of connectivity, which initially is 5G-focused, but as C-RAN and O-RAN networks proliferate, and as edge computing moves out to the edge in these RAN hubs, you're gonna see an explosion in fiber, you're gonna see an explosion in small cells. It won't present itself next year. I think next year is a tough year for the industry. It will manifest itself in 2025, 2026, and 2027. Keep in mind, at the beginning of LTE, there were about 96,000 small cells in the United States, pre-4G. Once 4G went through its densification, small cells jumped to 380,000, of which Crown and ExteNet were a big part of that. We were about 40% of the market, and our customers still self-perform. I would be the last guy to tell Jeff McElfresh or Cam M. Late that they can't self-perform. They can. They're very good at it, but they do need us. Small cells today are just a little under 500,000 small cells in the U.S. today. It's about 480,000. The forecast from Moffett and a few others is it's gonna go to 1.2 million, and that's all machine to machine, that's IoT sensors, that's... Small cells are changing. The equipment's getting a little smaller, and as the equipment gets smaller, the rents get a little smaller, but there's more of it. And so our average node pricing, which was probably somewhere in the $375-$450 a month, you're gonna see node pricing probably fall to $300-$275 a month, but you're gonna see leasing volume spike. And smaller equipment, smaller loading, and a lot easier to install, more zoning-friendly. So I'm pretty bullish about the opportunity set. I know we're having more conversations with the three carriers and DISH about how to take their network forward. We've been on the front end. We've built more C-RAN and O-RAN hubs, I think, than anybody else. And so I do remain optimistic about the opportunity set. And I think it is kind of a—there's two sides to that coin: There's interest rates, there's stock price, there's pressure, there's CapEx pressure. But if you're smart and you've got cash, and you have liquidity, and you've got a balance sheet, you can selectively go play offense and put that capital to work behind great customers. And these are my customers for 30 years. We'll continue to work with them, and we're cautiously optimistic about what happens with 5G and what happens on the edge. Great. Maybe just to follow on to that opportunity, conversation, what are you seeing, maybe broadly, in terms of M&A opportunities and valuations? Any sort of change in terms of private market valuations tied to higher rates, you know, even anywhere near what we're starting to see in public markets? And has this varied at all by asset class or by region? You know, we saw one trade this week, which was a minority stake sale of 49% of some, what I would call, you know, sort of Class C type towers in the Nordics. Mostly rooftops, no co-location possibility, 24x. So towers really haven't reset. And if you go back to 2002 and 2003, and you go back to 2009, they really didn't reset that much then, too. I think when we were building Global Tower Partners together in 2009, Tom, we saw M&A multiples go from 22x down to 16x. So in that financial crisis, there was about a 6-turn compression in pricing. Now, if you go back a year ago, as you know, developer towers were trading at... We saw some of the public guys pay 40x for single-tenant towers. Those same single-tenant towers today, we have a couple of bids that are going on right now, Vertical Bridge, and we're seeing those towers trade at 28-30 times. So the smaller portfolios, which had risen all the way up to about 40 times, have now come back down to the high 20s. There's not a big comp except the Cellnex, Stonepeak trade, which was this week at 24 times. So we're gonna have to wait to see what happens in tower land, but I'm not suspecting there's a ton of compression in towers. I think maybe the M&A market, again, like 2009, comes in about 6 turns. Data centers is really interesting because I think most of you know that data centers kind of fit into six different business models, and those six different business models price very differently. So you start at the bottom of the stack at managed services, you move up to hybrid cloud, you go to enterprise colo, you go to edge, you go to hyperscale, and then you go to tier 5 private cloud, which is Switch. If you look at those 6 swim lanes, they're valued very differently. There isn't even a bid for managed services right now, right? Maybe it's a 6x. Rackspace is worth, what, 6x, maybe 5x. You go to hybrid cloud, which is kind of a new business, which is more software-defined, and hasn't been a ton of comps yet, but I think you're gonna see that space sort of codify. You move into enterprise colo, and you've got businesses like Cyxtera and Flexential and other businesses like that that are trading in the, you know, low teens, maybe 10, 11 times, but that's sort of old school enterprise colo, 20-year-old data centers that are aging, and there's really not a bid for that today. But this is where it gets interesting. You move up into edge, which is really Equinix and DataBank, and DataBank did their recap at about 30 times, and Equinix trades, I think today, even with the sell-off, it still trades in the 23-24 band. And then, obviously, you've got the hyperscale guys, and then you've got Switch, which is kind of in its own class of itself. We haven't seen anyone really compete with Switch and what Rob does, but in the hyperscale space, there's a lot of activity. You know, we did this transaction with AustralianSuper two weeks ago, and that was done at a... I'm not at liberty to say the range, but it was done at a very tight cap rate. It was done at a cap rate that would surprise a lot of people. You've got GI Partners, which did something with Digital Realty that was done effectively at a 6 cap. So I think you see the bid today in hyperscale land is kind of in that, you know, 5.5-6.25 cap rate band, which implies that maybe there's only been about a 2-4-turn compression in M&A pricing. So hyperscale's hanging in there, private cloud's hanging in there. I'd honestly tell you, edge is going up. I think the valuation, because there's such scarcity in what Equinix and DataBank does, we have a business in Southeast Asia called AIMS, that's gonna, we think, be the DataBank of Southeast Asia. And then we have Atlas Edge, our partnership with Mike Fries and the Liberty guys in Europe. That business is going really well, growing at about 25%. And so edge computing is nascent, it's new. You do have a good proxy in Equinix, and I think edge is, you know, one of the better spots. Fiber, I think, is the most interesting space. I mean, it's kind of all over the place. And again, you have four different ways to play fiber. You can play residential fiber, you can play wholesale residential fiber, you can play enterprise fiber, and then you can play wholesale transport and sub-oceanic cables. That last category is the most valuable. We haven't seen a lot of degradation in wholesale transport, because why? The weighted average customer duration is about 15 years. You're generally 65% better in terms of exposure to investment-grade counterparties, and so that part of the fiber ecosystem is very defensible. So that's Zayo's transport network, that's the Level 3 assets. Certainly, euNetworks sort of fits that category, Global Connect. And if you look at the last three comps in Europe in the last year, you look at where Eurofiber was done, you look at where Global Connect was done, and euNetworks was done: 22, 24, and 23 times. So those valuations are hanging in. Why? Because you have scarcity, and you have uniqueness in the capillaries that go across Europe and ultimately are providing that data center connectivity and that mobile connectivity. I think the pressure points in fiber today is really gonna be in the resi overbuilder space, where you saw infrastructure funds come in at 18-25 times. They layered, they put in senior lien, then they put in subordinated debt up above and added 2-4 turns. And so when you see the leverage stack go to, you know, 8-12 times in residential fiber, where your cash flows are month to month, 30 days, something hits the wall pretty fast. And so, you know, there's been two bankruptcies already in Europe in the broadband overbuilder space. We do think there's a correction that happens in that space, and we think resi fiber is kind of the first place where you see a few things hit the windshield. And so that will be an interesting opportunity. It probably doesn't manifest itself this year, but certainly will manifest itself in, in the better part of, next year and into 2025 and 2026. And, you know, Sean, yesterday at lunch, put that slide up, and I, I'm sure all of you were paying attention, $800 billion of LBO debt coming in the next two to three years to be refinanced. A lot of that is infrastructure. A lot of that's fiber. And some things will get reorganized and get through, and some things won't. This reminds me of the CLEC space in 2001, where we took capital structures and investment grade of 4x, and a lot of the CLECs pushed the capital structure to 14x. And we know what happened. All the CLECs went bankrupt. And so I hope... I'm not-- I don't wanna paint the whole industry with a bad brush, but there are parts of resi fiber that we like. We like, for example, the wholesale space, like something like Hotwire, you know, or SummitIG. Those are really two really interesting businesses where you've got long-term contracts.... And those of you that played in those securitizations, you understand what I mean. You had-- you were betting on 10- and 15-year cash flows. You weren't betting on consumer-facing cash flows that are month-to-month, 30 days' notice. So these, you know, digital infrastructure is complicated, right? It's simple, but it's complicated. And the underwriting is what matters, and we say this all the time. You got to go back to: What is the duration of the contracted cash flows? What's your exposure to investment-grade, non-investment grade? Do you have a building permit where you've closed the zoning door behind you? Do you have a will serve letter, where you have the last, you know, 80 MW of power in that jurisdiction? There's so many nuances to what we do, and these are the things that we're focused on. Let's talk. You had a lot to say about fiber, and we've been getting a lot of questions around Zayo, so maybe it's a good place to go. If you could just talk about what you're seeing there, how the turnaround efforts have been trending under the new leadership that's been put in place, and maybe also just touch on how demand's been holding up, just in light of some of the macro softness that's historically, I guess, perceived to have a little bit of impact on that business. So I think, you know, I'm. I'll be quick on Zayo, 'cause I think a lot of the people in the room have had one-on-ones with me in the last 24 hours. But, the turnaround at Zayo is going well. I think people now understand if you came to this conference and you booked some time with us, we've been very transparent about what we're doing there. Five things that matter at Zayo that we've executed really well. First and foremost is CapEx efficiency. So the year previous, we spent $1 billion. We recouped about $200 million from customers, and we were getting about a 20% recapture rate on our CapEx. Today, we're getting about a 30% recapture rate, and paybacks have gone from, you know, +24 months to now inside of 5 months. So our paybacks are a lot more, a lot better. Through the third quarter, our net CapEx spend was $190 million. This time last year, I think our net CapEx spend was, like, $570 million. So we made a decision, I made a decision at the board last summer to change how we ultimately transact with customers. And I told our sales team, "We got to go out and get more, more NRC from our customers." And we're delivering on that, and we're actually, we're outperforming against what I asked the team to do. Second thing was bookings. Bookings have been great. We should post somewhere between 8%-9% organic growth this year. Churn has held steady at about 120-130 basis points. Net install bookings are up over 14% against last year. We will deliver 11% EBITDA growth this year. So that's tremendous. We told bond investors we would do that, and promises made, promises kept. And, you know, there's a couple of other areas where I think we can get better. I mean, net install bookings is important, CapEx efficiency is important, but we took a lot of cost out of the business this year. So we made a promise that we would take, you know, $70 million of cost out of the business. So far, as of today, where we sit here in the third quarter, we've taken $63 million of run rate cost out of the business. We're pruning the network. We've taken $12 million out of net ops. That was not forecasted, so we've outperformed on net ops, and I'm just turning the screws. Steve's doing a great job. Andres Irlando is doing a good job. Brian Daniels has done an amazing job. He came over from T-Mobile to help me, redo how we ultimately get customers on network faster. We were gapping out north of 180 days in cycle time in terms of... and net installs. We now have that inside of 120 days. We're gonna get it inside of 90 days, and we just got to get better. It's all about the operations at Zayo. It's a great business. It's a great network. The last thing is capital structure, and this is the easiest. I tell investors, "If you're worried about the solvency of Zayo, you haven't done your homework." We have enormous flexibility in our capital structure. If you've read our indentures, those of you that are sophisticated, you understand why I say that to you. Ultimately, though, my pledge to bondholders is we're gonna delever the business. And how do we go about doing that? We've begun the process of spinning Europe out. We've been very transparent about that. We'll spin our European operations out, and we'll put it under strategic review. We've had a bunch of inbounds in terms of buying our European business, and if the transaction comps at 23x on $115 million of EBITDA, we know we have $2 billion of trade value there that we can delever the company. I can take the debt stack from $9 billion to $7 billion. Then, bringing in Jeff Noto from Verizon, a really world-class, skilled CFO. Jeff's now organizing the business between transport and enterprise. This is super important that investors understand this, because our transport business generates over $300 million of EBITDA, and it has a weighted average contract duration of 13 years, and it's got over 70% investment-grade counterparties. That's a really good business. Very easy to securitize it 7x-8x, and we can pull $4 billion of capital out in 2026 and repay the majority of our capital stack. What remains is about $600 million of EBITDA in enterprise. We don't need to be aggressive there. We can ultimately securitize that business at 3.75x-4x through single A. We'll produce about $2.4 billion-$2.8 billion of proceeds, and the capital stack's fully, fully refinanced all the way to 2032. That's all the time we have. So time we have. So that's our battle plan. That's all the time we have. Thank you, gentlemen. Thank you. Just, I'll thank you- I wish I had more time. I was gonna say, I think we can go till tonight, but- We could. Unfortunately, we are gonna get cut off. Mark, thank you, as always. Appreciate it. Thank you, Matt. If anyone has questions, I'll be outside in the hallway if you wanna ask questions. Thanks. Appreciate it, everyone.