The Advantages and Disadvantages of Running Deals Individually

J.M.: I think that does make sense kind of doing deal by deal. But if there is something thematic where you can have something programmatic and it doesn't necessarily have to be a fund, then sometimes it makes sense to do that. Every investor and every developer would prefer to have their deals be one off so that they can earn their promotes. There's so many different ways to structure it; everybody has their own way.