And then how do you account for those intangibles?

Yeah.

So our application process is if you're a series A or B company, I typically will already have some data on you.

And I will have a good sense of whether you pass my algorithms.

So for all of those companies, it's really just outbound on my end.

so it's like i already know whether you're a company we could likely invest in and so by the time i've contacted you like you already score really well um and then with those companies i'll have a 30-minute call with them which is really just to explain our process and give them context for us to see if they want to go through a process and then if they do i just shoot them a form it's like 10 questions it takes them five minutes to fill out and it's nothing it's typical investor stuff And then that data is just the ground truth that I compare against the data I have from all these different sources I've bought data from.

And as long as that matches up and they still pass the algorithm, then we invest.

Is that the algorithm working or is that a function of, you know, the stage that you're investing at? Which sectors and the market conditions in the last few years? How do you separate those things?