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From YouTube: Know Your MIP #19 – MIP95: Cogent Bank
Description
Description
The Know Your MIP call is an ongoing series of meetings used to introduce recently proposed MIPs and allow for a live back-and-forth discussion with their creators regarding the proposal’s impact on the DAO.
Cogent Bank, an FDIC regulated Florida commercial bank, proposes participating $100M of loans to MakerDAO’s existing RWA Master Participation Trust, on the same terms and with the same legal documents as Huntingdon Valley Bank.
Agenda
Presentation
Discussion
Links
MIP95 – https://forum.makerdao.com/t/mip95-100m-of-cogent-bank-loan-participations/19338
Timestamps
0:00 Introduction
0:51 Presentation
8:24 Discussion
Disclaimer
This communication is provided for information purposes only. The views and opinions expressed in this meeting are those of people involved and do not reflect the official policy or position of MakerDAO or any of its contributors, Core Units, or affiliates. This communication makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only and should not be relied upon as legal, business, investment, financial, or tax advice. You should consult your own advisers as to those matters. References to any digital assets and the use of finance-related terminology are for illustrative purposes only and do not constitute any recommendation for any action or an offer to provide investment, financial, or other advisory services.
mips.makerdao.com
forum.makerdao.com
chat.makerdao.com
A
All
right,
hello,
everyone
and
welcome
this
is
the
19th
know.
Your
MIP
call
I'm
really
excited
here
to
be
joined
by
some
awesome
people
who
authored
mip95
with
Cogen
Bank
we're
going
to
be
hearing
a
little
bit
about
their
proposal,
kind
of
what
brought
them
to
maker.
You
might
have
heard
kind
of
the
preview
on
the
GNR
last
week
so
really
excited
to
get
in
the
nitty-gritty.
Hope
you
guys
brought
some
questions,
don't
think,
there's
too
much
else
just
real
briefly.
A
This
is
obviously
a
recorded
session.
So
let's
try
not
to
talk
over
each
other,
but
would
really
like
to
get
your
participation.
So
if
you
have
a
question,
feel
free
to
either
use
the
race
tan
feature
in
Zoom,
I'll
call
you
to
ask
a
question
or
you
can
drop
it
in
chat
and
I'll.
Read
it
out
for
you
all
right.
That
is
enough
housekeeping
without
further
Ado
I
will
turn
the
mic
over
and
yeah.
Let's
hear
about
mid
95
folks.
A
B
B
All
right,
so
you
all
know
this
we're
here
to
talk
about
mint
95,
which
is
a
proposal
from
cogent
Bank
asking
for
a
debt
ceiling
of
100
million
dollars
that
they
can
use
to
participate
loans
to
make
her
Dow,
and
this
is
a
copy
and
paste
a
replication
of
the
deal.
The
maker
has
done
with
Huntington
Valley
Bank.
B
So,
as
I've
said
now
twice,
this
is
seeking
to
replicate
makers
deal
with
Huntington
Valley
Bank
and
just
like
that
deal.
The
counterparty
and
I
will
pay
makers
transaction
legal
expenses,
which
should
be
significantly
less
because
we
are
simply
going
to
copy
and
paste
the
existing
participation
agreements
and
we
seek
to
use
the
existing
rwa.
Master
participation
trust
this
Delaware
Street
trust,
which
was
set
up
for
the
benefit
of
maker
Dow.
For
this
purpose,.
B
B
In
short
order
to
really
make
use
of
this
and
and
scale
it
and
our
goal
over
a
two-year
period
is,
is
to
be
somewhere
in
the
250
million
to
one
billion
dollar
range
and
any
dollars
that
are
uninvested,
because
the
the
trust
gets
pre-funded.
Any
uninvested
dollars
actually
are
put
to
work
in
a
money
market,
so
they
can
earn
yield
for
maker
and
and
currently
the
Huntington
Valley
Bank
dollars
are
in
this
particular
money
market
and
that's
phenomenal
for
maker,
because
it's
it's
it's
great
yield.
B
Until
there's
this,
the
participations
and
and
and
and
this
money
doesn't
go
to
waste,
the
minimum
yield
that
the
trust
must
receive
after
fees
for
floating
rate
loans
is
75
patients
but
75
basis
points
over
the
30-day
average
so
far
and
for
fixed
rate
loans,
30
basis
points
over
the
like
term
treasury
when
I
say
like
term
treasury.
If
it's
a
five-year
loan,
then
you
look
at
the
five-year
Treasury
to
be
eligible
to
be
participated.
B
B
Why?
This
is
special
and
valuable
and
powerful
and
useful
is
the
meta
The
Meta,
as
roon
discusses
the
the
story
around
it.
This
is
maker
impacting
the
real
economy
through
these
Banks
who
lend
to
small
businesses
and
in
their
local
communities
and
to
be
sure,
I
can
say
how
many
branches
coaching
has
but
I
think
there's,
seven
or
nine
branches
that
are
are
valuable
and
impactful
in
in
the
communities
where
they
exist.
B
So
cogent
is
a
Florida
State
chartered
Commercial
Bank
and
it's
supervised
by
the
Florida
Office
of
Financial
regulation
and
the
FDIC
and
I
just
want
to
point
out.
I
have
a
chart
here
of
the
target
yields
and
we
can
kind
of
model
it
out.
Obviously
the
yields
are
changing.
I
haven't
updated
this
and,
if
you
take
a
look
at
maker,
burn
and
I've
written
this
in
the
comments
at
this
point
in
this
bear
Market,
the
vast
majority
of
revenues
for
maker
Dow
are
projected
to
come
from
Real
World
assets.
B
So
this
is
really
important
as
a
strategy
and
and
and
we
think
that
we
can
really
be
helpful
to
make
her
down.
We
can
talk
about
reporting.
This
is
how
Huntington,
Valley
Bank
gets
reported
and
I'm
also
simultaneously
working
on
improving
across
rwa
by
right
now,
I've
just
transcribed
all
the
rwa
data
across
all
the
arrangers
and
and
you'll
see
more
about
that
in
the
future.
But
it's
just
to
say
it's
not
just
about
participation,
but
it's
about
providing
strong
reporting
and
transparency.
B
C
Thank
you,
Max.
Thank
you,
everybody.
You
know,
I,
there's
not
a
lot
to
add
other
than
you
know.
We
look
for
I'll.
Take
a
step
back.
You
know
our
our
bank
was
effectively
started
four
and
a
half
years
ago,
with
the
sole
purpose
of
trying
to
create
value.
There
are
you
know,
granted
thousands
of
banks
out
there.
C
These
are
people
who
have
done
things
the
right
way,
who
want
to
continue
to
do
things
in
the
right
way.
You
know
if
I'm
sitting
in
your
shoes
and
I'm
looking
at
what
what
are
our
goals
and
again
I'm
I
I,
don't
I'm
not
in
your
world
day
to
day,
I
rely
on
Macs
and
others
to
to.
Allow
me
to
better
understand,
and
what
he
tells
me
is
you
know,
and
what
you
try
to
articulate
with
the
Huntington
Valley
deal
was
get
exposure
to
real
world
assets
as
it
related
to
Commercial
Banking.
C
You
know
where
I
think
we
differentiate
Huntington
Valley
is
first
off
you
can
look
any
Bank
up
right.
You
can
look
them
up
on
fdic.gov.
You
can
get
all
their
quarterly
financial
information
that
you
want
balance
sheet
income
statements
rations.
Anything
you
want
to
see
you
know,
financials
of
a
bank
are
all
public.
C
You
know
the
way
I
wanted
why
this
is
important
to
me,
because
it's
one
more
thing
right.
You
know
that
is
different
and
unique.
It
allows
the
bank
one
says:
Max
points
that
it
does
allow
us
to
recycle
Capital,
which
is
part
of
the
richest
part
of
our
strategy.
We
run
differing
types
of
businesses
within
our
bank
that
are
very,
very
similar,
were
in
the
Residential
Mortgage
space
same
thing.
We
originate
loans,
we
pack
them.
C
We
sell
them
off
we're
in
the
SBA
space,
where
we
bank
and
and
originate
loans
to
help
small
businesses
again
same
thing:
they're
sold
off
in
a
secondary,
Market
USDA.
We
do
the
same
thing.
So
there's
a
lot
of
things
that
we
do
where
this
strategy
of
what
we're
trying
to
achieve,
and
what
you're
trying
to
achieve
fits
from
your
perspective
when,
when
looking
at
options,
you
know
number
one
is:
who
do
you
want
to
partner
with?
Why
do
you
want
to
partner
with
them?
C
And
the
one
thing
I
would
tell
you
about
us
is
we
believe,
we're
a
good
partner
and
for
a
variety
of
reasons
you
know
we
are.
We
are
good
people
with
the
sound
strategy
that
is
long-term
minded.
Most
Community
Banks
have
a
very
short-term
Vision.
A
lot
of
them
are
started
with
the
sole
purpose
of
selling
it
for
one
or
two
or
three
of
their
largest
investors,
and
that's
it.
That
is
not
who
we
are.
C
You
know
we
built
this
bank
to
serve
a
broader
and
a
larger
Community
for
the
Long
Haul,
and
that
is
our
intent.
The
shareholders
that
we
have
the
employees
that
we're
able
to
recruit
and
bring
on
share
that
same
vision.
We
wouldn't
be
able
to
accomplish
the
things
that
we've
accomplished
in
four
and
a
half
years,
if
it
wasn't
for
that
long.
My
long
term
strategy
and
an
execution
plan
so
I
for
one
am
excited
about
what
this
could
bring.
C
We've
actually
had
conversations
with
our
Regulators,
including
the
FDIC
at
a
high
level
and
helping
them
understand
what
we're
doing.
Why
we're
doing
it?
You
know
from
their
perspective.
This
is
no
different
than
us.
You
know
participating
our
loans
with
any
other
entity
that
we
do
business
with.
So
we've
not
come
across
any
regulatory
hurdles
as
of
yet.
B
C
We
are,
you
know
you
can
look
up
the
press
release,
we
use,
we
use
a
a
blockchain
called
built
by
a
company
called
tacit
and
in
their
you
know,
their
press
releases
out
there.
We
actually
did
where
the
US
and
Western
Alliance
we
move
money
back
and
forth
in
a
test
environment
via
blockchain
right
it
was
the
first
movement
of
money
via
blockchain,
so
you
know
we
I
look.
This
is
an
opinion.
Certainly
not
you
know.
I
I
believe
blockchain
is
the
future
I
believe
a
lot
most.
C
Everything
that
we
do
in
the
financial
services
world
will
one
day
be
done
on
the
blockchain,
whether
that's
in
one
year,
five
years,
ten
years
or
in
my
lifetime,
I
don't
know,
but
what
I
do
know
is.
It
does
represent
a
future
and
for
us
to
your
point
Max.
We
want
to
be
part
of
that
future.
We
want
to
be
part
of
that
future
in
a
really
regulatory
compliant
manner,
and
you
know
that
is
the
reason
why
we've
invested
in
tacit.
We
continue
to
work
with
companies
that
want
to
be
in
that
space.
A
D
D
C
Yeah,
you
know
great
question
Jake
and
what
I
would
say
is
you
know
our
company
is
built
on
Partnerships,
long-term
Partnerships.
At
this
point,
my
understanding
is.
This
is
a
need
that
you
all
have,
and
this
is
an
opportunity
to
fill
that
need
as
as
we
move
forward
at
you
know,
obviously
we're
going
to
be
open
as
we
become
Partners
to
what
else
can
be
done.
I'm
not
so
sure.
C
You
know
that
I
fully
understand
the
long
term
of
what
you
all
want
to
accomplish
on
maker,
but
what
I
would
tell
you
is
you
know
from
a
banking
perspective,
we'd
love
to
be
a
partner
with
you
and
where,
where
we
could
create
value,
I'd
never
want
to
do
business
with
anybody
where
we
couldn't
create
value.
If
we
can't
create
value
for
you
and
maker,
then
there's
no
reason
for
us
to
be
partners,
and
it's
it's
the
you
know
I.
C
That
is
the
virtue
that
we've
built
our
company
on
is:
if
nobody
should
give
us
business
because
of
who
we
are,
we
have
to
go
out
there
and
earn
business
and
you
earn
business
by
creating
value.
Look.
Banking
is
a
widget
right.
You
know
there
are
thousands
of
them
out
there,
so
you
have
to
find
a
way
to
create
that
value
and
what
I've
always
told
our
teams
of
people
is.
C
We
create
value
in
a
combination
of
technology
that
we
offer
the
value
that
we
create
by
what
we
charge
them
and
by
the
service
that
we're
able
to
offer
so,
for
example,
even
in
the
PPP
space.
That's
how
small
businesses
all
the
time
you
should
be
banking,
with
the
small
Bank,
whether
it's
us
I,
don't
care.
If
it's
us,
but
if
you're
a
small
business,
you
are
nothing
but
a
number
to
a
big
Bank.
C
When
something
gets
right
down
to
it
you,
you
will
have
a
very
difficult
time
finding
people
that
can
make
decisions
on
your
behalf,
which
is
why
Community
Banks
exist.
They
exist
to
create
value
for
their
constituents,
which
in
many
cases
are
small
businesses,
and
so
this
is
no
different.
You're.
Not
a
small
business
I
acknowledge
that.
C
But
you
know
to
me:
a
partnership
is
built
one
step
at
a
time
and
it's
built
on
the
needs
and
the
value
that
can
create.
That.
Can
be
created
for
both
sides,
and
you
know
from
my
perspective
this
only
makes
sense
if
you're
looking
for
real
world
assets
to
back
back,
die
right
then,
and
if
you're
looking
for
a
Community
Bank
to
partner
with
I
would
tell
you
that
I
think
we
are
a
really
good
partner.
C
A
Appreciate
that
answer
there
looks
like
Frank,
doesn't
have
a
mic,
so
I'm
happy
to
read
out
his
question
here.
Yes,
with
the
current
proposed
rwa
strategic
shift
to
primarily
stablecoin
yield
via
short
term
bonds
and
money
market
funds,
as
well
as
the
focus
on
highly
liquid
assets
and
the
Cogen
proposal
shift
from
the
HVB
strategy
and
adapt
or
in
order
to
provide
this
shift
or
or
is
it
like
in
order
to
provide
that
strategic
shift
that
that
the
maker
dab
proposal
is
is
looking
for.
B
I
want
to
weigh
in
on
this
and
then
I'll
hand
it
to
Sharad
so
I'm,
looking
at
the
latest
MIP
105,
which
needs
to
be
built
out,
obviously,
which
is
this
real
world
asset
collateral
scope
framework?
And
if
you
do,
you
know,
control,
F,
there's
no
mention
of
banks,
so
it
seems
like
the
Future
Vision
of
maker
does
not
include
this
participation
model
does
not
include
working
with
Community
Banks.
It
is
really
seeking
exclusively
to
work
with
hedge
funds
and
hedge
funds
that
provide
subordinate
capital
and
maker
provides
them
a
line
of
credit.
B
C
So
no
problem,
you
know
every
asset,
whether
it's
a
bank
loan
or
a
treasury
or
a
money
market
fund,
whatever
it
may
be,
all
assets
have
a
risk
and
a
reward
component
to
it
and
and
that
risk
and
reward
is
a
combination
of
all
the
things
that
you've
mentioned.
It
is
what
am
I
going
to
make.
What's
my
risk,
how
liquid
is
it
or
how
liquid
it
isn't?
You
know
I
think
you
all
have
to
decide.
What
is
it
right?
C
You
know
if
you
want
to
be
in
fully
liquid
assets,
you
certainly
can
be
in
fully
liquid
assets
right.
Then
you
are
at
the
mercy
of
valuing
assets
on
a
daily
basis
and
it,
if
that's
what
you
want,
then
then
this
probably
doesn't
work.
You
know,
I
would
tell
you
and
I
tell
people
all
the
time.
You
know
and
I
think
I
see
that
you
know
you're
in
the
money
market
fund.
For
example,
you
know
money.
Market
fund
is
nothing
more
than
a
fund
backed
by
short-term
assets.
C
There
are
no
guarantees
right
twice
in
the
last
15
years.
It's
broken
a
buck.
So,
there's
nothing
that
says
your
principal
is
protected.
What
are
you
getting
in
return?
I,
don't
really
know,
but
it's
going
to
be
low.
Four
percent.
The
other
option
is,
you
can
go
by
treasuries
great.
You
know
a
year
ago,
Treasures
running
two
percent
right,
and
so
you
know
what
I
think
I
think
you
all
have
to
figure
out.
C
Broadly
speaking,
what
are
you
trying
to
attain
at
the
macro
level
to
Max's
point
where
we
think
this
fits
in
sure
it's
not
as
liquid
as
others,
but
all
Financial
assets
have
liquidity.
Loans
themselves
have
liquidity,
it
may
not
be
overnight,
but
there
is
liquidity
out
there.
It's
a
financial
asset
and
all
Financial
assets
can
be
bought
and
sold
every
day.
B
C
Let
me
take
that
one
step
further
right.
You
know
institutional
investors
and
institutional
investing
different
than
retail,
investing
keep
70
80
a
majority
of
their
assets
and,
frankly,
non-liquid
private
Investments
they're,
not
on
they're,
not
trying
to
make
their
money
on
the
stock
market
or
the
bond
market.
C
C
Yeah
I
mean
look,
there
are
you
know
there
are
plenty
of
places
right,
private
debt
funds
and
others.
That's
always
looking
for
paper,
and
so
you
know
if
push
came
to
shove
and
you
had
to
get
out,
could
you
get
out?
You
absolutely
can
absolutely
can't
now.
I
can't
tell
you
what
price
right
you
know
the
longer
you
have
the
better,
the
price,
the
you
know.
It's
no
different
right
than
if
you
have
your
house
and
you
want
to
sell
it
in
two
days
or
you
want
to
take.
You
know
two
months.
B
And
you
speak
about
partnership.
Obviously
Cogen
originated
the
loans
understands.
What's
in
the
loans,
could
make
we're
going
to
hold
50
of
all
these
loans
right
and
so
could
could
maker
I,
don't
know
if
you
can
make
any
commitments
here,
but
can
can
make
her
rely
in
your
help
in
finding
liquidity.
You.
C
Know
we
have
to
be
very
careful
from
you
know
from
a
regulatory
perspective,
meaning
you
know,
could
we
would
we
I'd
like
to
thank
you
know,
report
good
partners.
We
would
certainly
always
assist
right
because
it
is
a
partnership.
What
I
can't
do
is
I
can't
guarantee
you
that
cogent
would
and
or
that
they
would
absolutely
100
go
find
to
somebody
that
would
does
that.
Make
sense
and
I
know
that's
not
and
I'm,
maybe
avoiding
the
question.
I'm
really.
My
intent
is
not
to
avoid
the
question
at
all.
Certainly,
could
we
arrange
meetings
with
others?
C
A
That's
good
to
know
and
I
appreciate
the
question
there
again
Max.
We
got
even
more
from
Chad
a
lot
of
people
here
today,
sir
appreciate
you
guys
kind
of
taking
these
rapid
fire.
Obviously,
if
you
do
have
a
mic
feel
free
to
hop
on,
but
I
know
at
least
our
our
next
one
doesn't
so
I'm
gonna
read
it
out
basically
asking
here
kind
of
you.
A
You
talked
a
little
bit
about
the
kind
of
partnership
in
terms
of
50
exposure,
but
the
question
is
asking
you
know:
given
the
economic
Outlook,
you
know
things
could
get
worse
like
how
you
know.
What
are
our
assurances
that
the
some
of
these
deals
won't
go
bad,
especially
since
makers
is
fronting
so
much
of
the
the
capital.
C
Yeah
so
I
yeah
I
see
the
question.
That's
the
one
from
Johnny.
Is
that
right,
Peyton
yeah,
you
know.
Certainly
there
are
no
assurances
right.
So
these
are
these
are
loans
and
not
treasuries.
Certainly
the
people
always
believe
when
they
buy
an
asset
that
things
are
always
guaranteed.
You
know,
there's
nothing
guaranteed
when
you
go
by
a
bond.
Only
thing
guaranteed
for
that
time
is,
is
the
interest
rate
you're
going
to
be
paid
unless
it's
backed
by
the
government
you're
not
guaranteed
of
the
principle
either.
C
So
in
this
case
you
know
there
certainly
isn't
any
assurance
that
I
can
provide
other
than
we've
underwritten
the
loans
we've
done.
Everything
that
we
can
we
are.
We
are
aligned
because
we
continue
to
own
50
of
it
and
and
our
goal
is
never
to
to
sell
you
something
at
Inception.
That's
ever
been
a
problem.
C
Does
that
make
sense,
I
mean
and
I
think
there
are
outlines
already
in
there
that
you
know
its
current
has
to
meet
certain
parameters
from
from
a
regular
regulatory
rating
perspective,
and
that's
all
we're
going
to
be
doing,
but
certainly
no
guarantee
that
there
is
a
line
that
that's
created
from
the
get-go
it'd,
be
one
thing
if
I
originated
alone
and
sold
you
100
of
it
absolutely.
But
in
this
case
we
own
50
of
it.
B
And
I've
pulled
up
the
participation
agreement
which
we're
gonna
copy
paste
and
the
protection
for
maker
is
that
there's
loan
to
value
requirements,
there's
that
that
service
coverage
ratio
requirements,
there's
credit
score
requirements,
there's
collateralization
requirements,
there
must
be
collateral
like
a
building
and
and
then
you
can
look
at
cogent's
track
record.
There's
zero
point:
it's
like
it's
like
a
.034
ratio
of
non-performing
assets
to
the
total
book,
but.
C
It
goes
back
to
Peyton's
point,
you
know,
I'm,
not
gonna
sit
there
and
tell
you.
Oh
you
know.
All
banks
have
done
very
well
to
Peyton
and
Johnny's
question
over
the
foreseeable
past.
So
it's
a
great
question
and
the
only
way
I
can
tell
you
and
the
assurance
that
I
can
give.
You
is
we're
Partners
from
the
beginning,
we're
50
50,
you
know,
but
but
you're,
absolutely
right.
We
are
in
volatile
times,
don't
know
what
tomorrow
holds
again.
This
goes
back
to
my
point
earlier.
C
It
just
goes
back
to
what
Maker's
ultimate
vision
is
and
executing
that
Vision
there's
never
a
perfect
time
to
take
on
something
like
this.
You
know
if
you're
ever
going
to
earn.
You
know
five
six,
seven.
When
the
rates
you
know
four
and
a
half
there's
risks
that
you
are
taking
to
earn
that.
Then
you
just
got
to
go.
Are
you
comfortable
with
that?
Or
are
you
not.
B
A
A
B
Why
isn't
Greg
on
this
deal?
Yes,
that
is
right
and
and
in
some
sense
he
he
is
in
so
far
as
we
are
going
to
stand
on
the
shoulder
of
giants.
He
works
so
hard
to
put
together
that
HVB
deal
and
do
the
legal
and
structure
it
and
get
through
governance
and
really
demonstrate
how
it's
going
to
work,
and
at
this
point
you
know,
he's
he's
made
our
job
here.
95
done
so
he's
he's
not
here,
but
in
some
sense
the
he's
certainly
present
not
physically
or
vocally,
but
his
work
is
present.
A
And
I'll
give
it
read
if
you
have
a
follow-up,
always
feel
free
to
add,
and
you
mentioned
that
we
are
effectively
copying
pasting,
hvd,
HP,
B
deal
I,
don't
know
why
it's
such
a
drop
on
that
which
has
probably
been
considered
a
proof
of
concept
for
Dallas
remote
asset.
Invest.
Do
we
really
want
to
copy
and
paste
it,
or
should
we
be
looking
to
improve
around
upon
the
structure
meaningful.
B
I
wouldn't
say
the
structure
needs
Improvement
I,
think
the
structure
is
really
good.
Maybe
the
participation
agreement
gets
tweaked
a
little
bit,
we're
not
opposed
to,
but
we're
not
going
to
do
it
without
bringing
that
to
the
Dao
and
and
and
making
a
case
for
it
or
if
it's
maker,
that
wants
to
make
the
change
I
think
you
know
we're
gonna,
listen
and
see
if
it's
workable.
E
Okay,
thank
you.
Max
Kyle,
Feldman,
coach
of
Bank
yeah.
We
put
a
tape
together
about
259
million
dollars
worth
of
loans,
just
to
make
sure
everybody
knows
these
are
all
secured
by
either
a
single-family,
residential
and
or
owner
occupied
commercial,
real
estate
or
a
non-owned
occupied
commercial
real
estate
collateral.
So
these
are
all
actual
real.
B
E
C
Let
me
be
clear
sure
you
know
those
are
based
on
the
assets
that
he's
looking
at
okay
of
the
tape.
I,
don't
want
anybody
to
walk
away,
thinking
that
that
is
exact,
I
think.
At
the
end
of
the
day,
there
are
criteria
that
have
been
put
forth
in
the
agreement
and
our
job
is
to
follow
those
on
each
individual
asset
that
gets
placed
in
there.
A
I
might
follow
up
on
that
one,
a
little,
because
I
think
it
is
an
interesting
topic
like
we
we
had
brought
up
earlier
in
the
call
that,
like
oh
didn't,
HVB,
have
have
trouble.
You
know
placing
some
of
these
loans
and
stuff,
and
that
was
one
of
the
things
we
had
to
do
with
the
original
deal
was
kind
of
expand.
The
the
definition
of
what
type
of
loans
could
qualify
so
I'm
just
curious,
like
what
type
of
loans
do
qualify
under
this
agreement.
A
C
Well,
I
would
say
that,
from
my
perspective,
Peyton
it's
it's.
What
whatever
you
guys
want
right,
we
we
originate
all
different
kinds
of
assets
right,
so
the
ones
that
Kyle
mentioned
were
really
around
real
estate,
backed
right,
so
whether
it's
residential
or
commercial
real
estate,
we
certainly
you
know,
we
originate
all
kinds
of
loans
right.
We
we
could.
We
can
give
you
Jets
I
mean
we
can
give
you
Leones
collateralized
by
Jets.
If,
if
that
fits
the
criteria
that
gets
identified
in
here,
so
there's
a
lot
of
things
that
we
can
do.
A
Thanks
for
following
up
and
showing
us
that
all
right,
we
do
have
about
nine
minutes
left
on
on
our
playing
call,
so
I
do
see
more
check
coming
in,
but
do
they?
Let
us
be
kind
of
a
last
call
for
for
questions
and
comments.
If
there
is
something
you
want
to
have
addressed
on,
the
recording
I
would
love
to
get
it
up
there
for
us.
A
A
Yeah
I
had
a
feeling
it
was
a
smaller
team
as
well.
Definitely
yeah,
it's
like
a
very
social
did.
We
try
to
make
a
word,
it's
just
a
easy
to
to
get
through
as
possible,
but
are
aware
that
it's
no
no
joke
trying
to
to
negotiate
a
deal
with
the
Dow
so
really
appreciate
you
guys
coming
together
and
and
getting
to
participate
and
hop
on
calls
like
these
with
our
community,
and
this
is
really
what
helps
us
get
improved
structures
better
deals
and
really
really
grow
the
space.
A
So
I
have
one
more
question
in
chat,
I'm
going
to
read
out
here.
So
if
you
have
one
more
better
drop
it
soon,
so
I
don't
end
it,
but
this
one
again
comes
from
Johnny
who's.
Asking.
How
confident
are
you
and
what
time
frame
do
you
think
the
coaching
will
be
able
to
originate
these
100
million
and
loans.
C
So
I
think
Kyle
kind
of
you
know
we
already
have
a
tape
of
assets
that
probably
fit
the
bill
already.
So
it's
literally
a
matter
of
getting
through
this
process
and
then
through
whatever
legal
process.
There
is
to
go
through,
but
you
know,
if
you
said:
hey
we're
ready.
Everything
is
ready.
How
quickly
can
cogent
do
this?
It's
it's
30
days
right!
C
A
A
A
B
Nice
in
terms
of
monitoring
Ankara,
has
been
doing
the
the
publishing
of
data,
and
then
it
seems
like
each
of
the
arrangers
are
going
to
probably
collaborate
on
a
a
common
some
way
to
get
the
data
standardized
so
that
they
can.
It
can
be,
like
you
know,
Apples
to
Apples.
If
anybody
wants
to
look
at
the
data.
A
F
Hey
I,
don't
know
if
you
guys
can
hear
me
I,
just
I
got
a
question
for
cogent.
Do
you
guys
have
any
angles
as
with
regards
to
American,
Banks
or
the
other
way
around
crypto
based
companies
participated
with
banks?
Do
you
see
an
angle
there
where
it's
favorable
for
crypto
companies
to
participate
with?
F
C
You
know
we.
We
have
actually
tried
to
bank
that
space
right.
We
we've
tried
to
bank
the
crypto
space.
It's
it's
not
used,
I
mean
again.
If
you
do
any
homework
on
us,
you'll
see
press
releases
all
the
things
we
invested
in
technology.
That
would
allow,
for
you,
know,
hedge
funds
and
other
people
on
the
blockchain
infrastructure
and
crypto.
You
know
exchanges,
but
to
your
point
you
know
there
are
a
couple
of
banks
that
really
own
that
space
Silver,
Gate
and
signature,
and
there
are
a
handful
of
others
that
have
gotten
in
there.
C
We
have
tried
candidly
put
to
get
into
the
space.
We
know
we
can
create
value,
but
you
know
it's
like
it's
like
grocery
stores
that
you
go
to
you
just.
You
know
if
something's
not
wrong,
you're
not
going
to
change,
and
so
a
lot
of
those
companies
haven't
wanted
to
change,
and
so,
but
I
will
say
with
some
of
the
some
of
the
turmoil.
That's
taken
place
as
a
result
of
FTX.
C
You
know
Banks,
like
signature,
not
signature,
but
I
would
say
silver
get
it
or
in
the
news,
and
so
we're
getting
more
calls
from
crypto
exchanges
and
others
who
may
want
to
do
back
business
with
us,
and
you
know
if
they
meet
the
regulatory
criteria
that
that
are
set
forth.
We
would
love
to
do
business
with
them
again.
We
offer
the
infrastructure
and
the
technology
that
would
allow
them
to
do
business
now.
Is
there
an
advantage
for
them?
I
mean
most
of
these
crypto
funds
and
companies
all
bank
at
a
Fiat
bank
today
already.
F
Yeah
I
was
I
was
referring
more
to
a
crypto
decentralized
organization
like
maker
funding,
an
American
bank
right,
that's
pretty
unique,
oh
yeah,
so,
and
also
the
fact
that
you
guys
are
based
in
Florida,
which
is
shout
out
to
all
my
friends
in
Florida
who,
which
is
a
Republican
state,
a
red
state.
So
just
just
wondering
if
there
was
an
angle
there
that
you
guys
think
it's
favorable
for
decentralized
Community
like
Baker
to
do
business
with
someone
like
Cogen
yeah,.
C
Well,
I,
don't
think,
there's
anything
that
I'm
aware
of
regulatorily
speaking.
That
makes
it
so
that
we
couldn't
do
business
with
you
right.
I
mean
the
reason
why
we're
putting
this
proposal
is
something
I
can
tell
you
that
I've
talked
to
that.
We
have
had
discussions
with
our
Regulators
around
and
they
are
comfortable
with
us
moving
forward
on
a
structure
like
the
one
that's
been
proposed
so
again,
I
think
somebody
asked
a
question
earlier
on
around
you
know
around
what
does
a
long-term
partnership?
C
B
C
This
is
no,
no,
you
know
Banks,
a
Consortium
of
banks
can
come
together
on
on
deals
and
transactions
and
such
and
certainly
we
have
relationships
with
many
banks
right
here
in
the
state
and
outside
of
the
state
that,
if
necessary
or
created
a
risk
to
cogent
from
a
concentration
perspective,
could
we
find
banks
that
we
could
partner
with
to
get
things
done
to
diversify
the
risk?
We
certainly
can.
A
So
I
do
want
to
be
mindful
of
everyone's
time
here
and
I'm
going
to
flare
your
questions
at
the
end,
we
can
still
you
know,
obviously
reply
and
get
things
answered
in
the
Forum
post,
which
is
kind
of
what
I'd
recommend
just
to
close
us
out
here,
Max
curious.
If,
if
people
have
any
further
questions
or
they
want
to
do
any
further
investigation,
got
any
websites
any
social
media
where,
where
should
people
go
to
check
out
Cogentin?
And
this
deal
foreign.
B
C
A
So
we
really
appreciate
you
making
the
time
for
us
like
I
said
this
is
going
up
for
for
Voda
Monday,
please
feel
free
to
reach
out
if
you
have
any
other
questions
or
concerns
otherwise,
really
great
to
have
such
a
well
attended
call,
and
so
many
questions
on
this
proposal
look
forward
to
seeing
how
the
vote
goes
thanks.
Everybody.
Thank
you.
Thank.