Many real estate funds do not only have a fixed management fee but also a performance fee. A performance fee for how the fund is doing: the better the return, the higher the fee for the manager. Logically and what many RE managers not realize is that you are the way you calculate the performance fee – e,g, the way you calculate returns – can vary a lot, The results may therefore be totally different. For example, when you take time-weighted returns as a basis instead of money-weighted you can get very different outcomes and get a very different fee structure. I am curious to what extent you have thought about this when setting up the funds that you are currently working with. Has that been a conscious decision? Have you also calculated differences in performance fee outcomes with different measures? Or have you taken the company default without thinking about it further? And I am also curious what you think about its ethics, Do you think it is ethical to think about this? Just leave a message and I see you again in the next video!