you do see a number of things happening on the buy side of provo the kitty -- side of private equity we see deals happening over $1 billion. you are seeing activity but it's not what we are used to seeing over the last couple of years. sonali: what matters the most? are we still in the higher rate environment or is it valuations? where is the disconnect compared to last couple of years. >> you've got rates which are higher for longer. when we talked about in early 24, the expected boom of private equity, it was based on rates coming down and they have not so the cost of capital is higher and that makes it harder for buyers to afford what the sellers want. the second thing is the business performance and the visibility and earnings in outlook is tougher to get buyers and sellers to agree. you've got covid era issues and companies and supply chain issues. getting buyers to agree has been difficult and finally, we don't talk about this as much but in 21 in the first half of 22, we saw 2.5 years of activity in less than a year-and-a-half. if you had a company that was going to be sold, y