Hi @redacted‌ - we're seeing some level of standby notes with full, 10-year being rare. The bigger shift is the recognition that max leverage is no longer the desired path by most banks and buyers. Instead of trying to get to +90% of debt on a deal, they're capitalizing it a bit more conservatively. Extra cash for down payments and working capital, to offset the post-acquisition adjustments and squeeze that occur while operating. By the way, if you're in Denver and not come to the monthly ETA meetups, you should. We are usually the first Wednesday of the month, with a panel or interview alongside community and networking. redacted