Each to their own particularly with respect to our investment...

Each to their own particularly with respect to our investment horizon but I would have thought it positive that management have restructured the deal in the manner they have. It's called risk management.

Not sure where the 8.5 comes in either - it's 7.75 by my calculation. Yes it would have been nice to get it at 6.5. Watermark does provide instant scale though which is important in their overall strategy. Happy to pay a point higher multiple for that