Chris, let's talk about who runs portfolio ops at NewSpring

Lower-middle-market mezzanine strategies are increasingly dependent on operational intervention to protect downside and drive growth within portfolio companies. As private credit structures become more complex, the demand for seasoned operators who can execute value creation plans post-close has created a tight market for portfolio operations talent. We are seeing a particular focus on how carry and co-investment structures are being utilized to attract high-caliber leaders into these mezzanine-backed environments. If you are weighing how to benchmark compensation for your portfolio operations team or looking to bring in new leadership to support your mezzanine strategy, I am happy to chat through what we are seeing across the market.