One would assume that with the sentiment out there about interest rates going up, multiples would come down.  Interestingly, enough of this expectation that held true in the past does not hold true, at least for now. It appears that by solving the increased interest payment issue by over equitizing their investments, it thereby leaves their cash flows the same. 

This is an interesting trend as it would be interesting to understand how this approach will impact exit IRRs. Stay tuned.