Ran a 12-tab model at 6:40 a.m., and the output for Q1 demand said ‘it depends on your inventory turns,’ which tracks with the trendline noise as rates cool unevenly by sector. Lately the only punchline that lands is tailoring structures — covenants, amort, revolver limits — to the cash conversion cycle instead of chasing a mythical rate floor; general info, not advice, so please research your own numbers.