Can you talk a little bit about, you know, Evan, with you running this public SaaS portfolio, maybe just start with a high level of what are the patterns you've seen in these SaaS valuations? And, you know, what do you guys see today and, you know, going next?

Yeah, the software sector, I think, is a victim of its quality.

And what I mean by that is that a lot of these businesses are so predictable.

that when the macro environment is benign and nothing is going on, people inevitably start looking further and further into the future.

And you see companies at first, they're cheap on 2026 numbers.

And then, well, people still want to buy them.

And they're like, well, but it's going to grow another X percent in 20.

On the public side?

What is your perspective on that narrative and how are you thinking about the cost savings or the potential cost savings that companies could achieve with AI?

Yeah, it's a great, and look, it's the question.

I think it's worth stepping back for a moment Software has been on a 50 year journey to replace labor, right? If you fundamentally think about what software is, it's we're making labor more efficient.

So you need fewer people to do the same thing.

We're on a 50 year journey there.

And AI is the newest tool, which I think will unlock a significant growth in the software market, right? All of a sudden, software is able to now do things that labor has done historically that software has not been able to help with.

I think first and foremost, this is exciting, right? AI is software, right? Fundamentally, it is software.

What's your view on the narratives that these companies are pitching?