They do, but the GP was talking about the enterprise value. Kind of like taking the value of your home and subtracting the mortgage to get your equity. They'r

They do, but the GP was talking about the enterprise value. Kind of like taking the value of your home and subtracting the mortgage to get your equity. They're doing the reverse and adding equity + Deb to get the total value of the enterprise. That works if the debt is for things like building factories or designing cars. But when's it's borrowed and then lent straight out it doesn't make sense.