Um, but, but is this a good thing for the industry, for transparency? Uh, is it a good thing for the in-- uh, for the, the players in the industry for frequency of use? Just curious on how you think of more frequent valuations.

Well, let's just, like, take a step back and, and talk about why, why there's more frequent valuations, and then we can kinda dive into answer your question.

So linking and reporting occurs based off of how frequently the-- like linking is valuation analysis- analyses and the reporting for-- to an LP, uh, is on the basis of when that fund needs to report, right? So we, we for some time now had-- have seen more funds, to your point, evergreen funds, that are requiring more frequent valuation, more frequent reporting, which is leading to more frequent valuation.

But there still is a whole market of private funds that only report on a, on a quarterly basis, and there's still gonna always-- there's still gonna be the existence, I believe, close-end funds that will only report on a qu- quarterly basis.

There's certain managers that are gonna be able to, uh, be a part of the evergreen process, and there are certain managers that won't be in that evergreen process.

And so let's focus in on the ones that, that will be, which is really where the root of your question is.

So the ones that are, they're essentially a, a, um-- they're, they're getting capital from a new investor base.

[chuckles] What, what are your insights telling you?