I had not followed every borrower in every portfolio.

Apex was large enough that knowing the business did not mean memorizing each outstanding loan.

Douglas checked public filings first, then asked whether I would authorize contact with Apex’s general counsel concerning the connection.

I agreed.

Vanguard owed nearly $90 million under financing held through Apex-related arrangements.

Apex was its largest private lender.

The debt involved an existing investment vehicle with roots in financing my grandfather had provided decades earlier when Zachary’s father expanded the business.

The current instruments had been amended and renewed over time.