Lowell - comment

As the dust is settling, we are most occupied with the idea that a smaller business should succeed in servicing the same interest burden that the larger business couldn’t in the first place. Somewhat secondary to effects including the conclusion of Wolf IV, which remains on BS, the quarter’s operating performance (97% of static pool) continues to show a drag from certain assets in the DACH region as well as a tough consumer environment in the UK. The Nordic business is performing slightly ahead of static pool, and Lowell have entered into a co-investment scheme with Hoist to split asset ownership in the future. Lowell would be servicing all assets under that structure.