the equity return with the par build revisiting the numbers from an earlier slide. We have added the Assumption for a par build by the collateral manager the trading of loans for higher value loans.

Has enabled the manager to increase the par value at Redemption? The debt holders however, have not changed since the clo was formed. So they are still owed 100 par value the excess of the par value build over 100 are essentially just profits on the loans buttons sold and those all flow to the equity holders and that will bump up the return.

Again, this is purely illustrative. However, as you can see when comparing to the previous example in most cases, the equity return is primarily driven by the excess spread and not impacted greatly by the par build or other cash flows.