So I want to cash out, you know, when I, if I think it's an inflated number, how do you guys, you know, it's one thing if you're directly managing PE fund and you're KKR, you make a decision, but as StepZone and you're managing, you know, hundreds of positions, how do you come up with a valuation that's fair to new investors and old investors, et cetera?

Valuation is always an interesting thing when it comes to private markets.

I like to say private markets price the same way as public without the emotion.

We actually use fundamentals to base valuations off of.

The portfolios that I oversee are buyout portfolios.

So there's earnings, there's multiples, there's comps.

These are pretty reasonable valuations.

And, you know, when somebody wants to redeem, they're going to have to kind of eat that discount or it's just totally different thing.