So hopefully that

trend continues.

And I think, Rob, to your point, I think early 2026 was the first time where distributions and commitments actually neutralized the world.

to one another, right? So you're now back to that neutral state that the amount that you're committing is the amount that you're actually getting back.

So that's a very positive sign.

And I think the other side is that where transaction volume may have paused a little bit, but from the research that we've seen, valuations have actually held.

And I think that's also transpositive as well for whether that's being driven by supply-demand fundamentals or just simple continued interest in inflationary environment as real estate gain traction and other fundamentals that ultimately drive valuations of real estate folks are not getting scooped away from where values are.

So it is interesting, though, that now you're seeing the warehouse folks compete with the data center guys on where they're placing things because that unbelievable need for power in both property types.

What were you looking at with sea anemones?

Yeah.

So to set the stage, corals, um, they build reefs all over the world.

They're highly productive ecosystems.

Corals are this, like, really tiny little animal that build these massive ecosystems that we can see from space.

They join in symbiosis with, uh, microalgae, and they provide some nutrients to the microalgae, then the microalgae provides nutrients back, so it's usually mutualistic.

But corals are really difficult to work with in the laboratory.

Hmm.