Hello! For those who have made or deeply explored investments in HoA property management space, would you mind commenting on the following: - (A) general valuation levels for medium- to high-quality business with $1-2m EBITDA? - (B) what general % of EBITDA you’ve seen coming from float-based income (that is sensitive to interest rates)? - (C) do you typically separately value this float-based income (eg lower valuation given where we are in rate cycle and 100% drop through from rev to EBITDA assuming rates come down)? - (D) how do you typically manage interest rate risk from float-based income (eg, through hedging or longer-term earn outs to seller)? I have a quite deep tech private equity background and am keen on the space for its tech enablement potential (incl AI), but making sure here that I can wrap my head around the items above.