Is There a Premium for Portfolios?

The whole idea of the term programmatic means that the investor has already given us authority to move forward with a defined transaction. So we can move with lightning speed even though some of the equity is not coming from a fund because these investors have agreed that as long as the investment was within certain parameters that we could count on them. And we have some of the largest family offices in the world that invest with us, wealth managers that do so through a programmatic relationship. Those programmatic relationships are multiple and deep. Yes they are.