[Zach]

That's rookie BS. three deals are far more valuable, as you now have three potential renewals, which will net you more money down the road.

Who's a better ball player? The one who hits .225, but hits 35-40 HR's, or the guy who only hits 6-10 HR's, but bats .350?

Interesting comparison. Why would 3 renewals at 4 points be more valuable than 1 renewal at 12? I understand for a syndication portfolio it is more valuable to have diversified risk, but why would it make any difference for a broker, seeing how it is the exact same revenue with less work?