“So we're really just kind of moving it up a point.”

In context

“Obviously, there's been a tailwind with public equity markets. That has been the case. It hasn't really shown itself in the private market yet, but we think that is still, you know, beneficial. You know, our sense is that the underlying operating companies are benefiting from that. You're starting to sense an increase in exit activity beginning. So, like, the backlog is starting to remove or get better. I think there's probably a more accommodating regulatory and business-friendly environment ahead of us. So I think there's a number of positive backdrops that lead you to, you know, kind of our view for private equity. You know, the private equity returns for the year, they actually weren't far off. If not, they might have been actually on target relative to the guidance we gave last year. So we're really just kind of moving it up a point. So that takes the big, I'll say, the majority of the VII balance. Then you're left with real estate and other, and that asset class probably underperformed our expectation last year. But, you know, we're starting to see and you're hearing there's some, you know, bit of optimism beginning in the real estate market. It's showing signs of stabilizing. And so our view is that we're going to start to see recovery in values in 2025. So those combined factors there give us a view that next year will be better than this year. We still think that there'll be a gradual improvement throughout the year, so we don't think you get in the first quarter to call it the run rate or divide $1.7 billion by four. We think it's still lower, but we think we're above where we were here in the fourth quarter. So”