Matt Wolf

And I think there will be space for that as an asset class across various investor categories.

So, yes, I am at a very unique – Cross section or overlay of skill sets to be able to answer that question and and the guidance I would give give you or anybody else is it's not so much the level of the valuation, but the direction of it. So, okay, if you're invested in a position and it's been held at cost for four years, well, why is that? What's the story there? Does that story make sense?

So, yes, I am at a very unique – Cross section or overlay of skill sets to be able to answer that question and and the guidance I would give give you or anybody else is it's not so much the level of the valuation, but the direction of it. So, okay, if you're invested in a position and it's been held at cost for four years, well, why is that? What's the story there? Does that story make sense?

So, yes, I am at a very unique – Cross section or overlay of skill sets to be able to answer that question and and the guidance I would give give you or anybody else is it's not so much the level of the valuation, but the direction of it. So, okay, if you're invested in a position and it's been held at cost for four years, well, why is that? What's the story there? Does that story make sense?

How do you feel about that? Or if it's increased 100% in two years... Well, what's the story behind that growth? Does that make sense? And so, yes, there's a lot of quantitative information that goes into these valuations. And you and I have talked at length about EBITDA multiples and interest rates and SOFR curves and things like that.

How do you feel about that? Or if it's increased 100% in two years... Well, what's the story behind that growth? Does that make sense? And so, yes, there's a lot of quantitative information that goes into these valuations. And you and I have talked at length about EBITDA multiples and interest rates and SOFR curves and things like that.

How do you feel about that? Or if it's increased 100% in two years... Well, what's the story behind that growth? Does that make sense? And so, yes, there's a lot of quantitative information that goes into these valuations. And you and I have talked at length about EBITDA multiples and interest rates and SOFR curves and things like that.

but also really pay attention to sort of the qualitative story. And does it make sense that this mark is still at cost or that this mark has increased or that this mark has come down, right? And I think that's the telltale sign. And if you're looking at some valuations and say, wow, all of these things have, you know, we've been in these positions in this fund for decades,

but also really pay attention to sort of the qualitative story. And does it make sense that this mark is still at cost or that this mark has increased or that this mark has come down, right? And I think that's the telltale sign. And if you're looking at some valuations and say, wow, all of these things have, you know, we've been in these positions in this fund for decades,

but also really pay attention to sort of the qualitative story. And does it make sense that this mark is still at cost or that this mark has increased or that this mark has come down, right? And I think that's the telltale sign. And if you're looking at some valuations and say, wow, all of these things have, you know, we've been in these positions in this fund for decades,

somewhere between two to five years on all of these and they're all still held at cost. You know, that might be a sign to be skeptical, for example. But just, you know, don't worry so much about the level of the valuation or what that implied EBITDA multiple is or isn't. But how has that value changed since investment?

somewhere between two to five years on all of these and they're all still held at cost. You know, that might be a sign to be skeptical, for example. But just, you know, don't worry so much about the level of the valuation or what that implied EBITDA multiple is or isn't. But how has that value changed since investment?

somewhere between two to five years on all of these and they're all still held at cost. You know, that might be a sign to be skeptical, for example. But just, you know, don't worry so much about the level of the valuation or what that implied EBITDA multiple is or isn't. But how has that value changed since investment?

And does that change make sense with the sort of overall market story, the qualitative information that you know about the market, about the company? Does that change? change in value makes sense. That's what I would focus on.

And does that change make sense with the sort of overall market story, the qualitative information that you know about the market, about the company? Does that change? change in value makes sense. That's what I would focus on.

And does that change make sense with the sort of overall market story, the qualitative information that you know about the market, about the company? Does that change? change in value makes sense. That's what I would focus on.

Absolutely, yeah.

Absolutely, yeah.

Absolutely, yeah.

Yeah, thanks, Scott. So a quick background on myself. I spent nearly 20 years in the sort of M&A valuation space, working closely with sponsors, founder-owned companies, buy side, sell side, kind of throughout the transaction cycle. And over the last six, seven years, really stepped into a role as not only a client server, but as an analyst, studying these macroeconomic and industry trends that