What's a good IRR for a LVO structure? Yeah, so IRR means the internal rate of return, and the key idea here is that the IRR, which is what the investors kind of, they need as a return or what they expect, it needs to be higher than the wac essentially that's, that's, that, that makes intuitive sense if you want your internal rate of return to be higher than the actual cost of producing that.

So obviously the key point here is that the IRR needs to be greater than the wac, but in terms of defining what a good IRR might look at, might, might be, you'd want, you want your IRR to be maybe two to 5% above minimum.

So if you look at Blackstone and maybe their LBO of the, of Hilton Hotels, which went really well.

It was in two, you may you probably remember it, it was in 2007.

It was 80% debt, 20% equity went through, even though it went through the financial crisis and you, you might have thought, okay, they could have sold out then they were patient, they waited till 2013 and because Hilton Hotels has a very stable and, you know, recurrent revenues type, consistent cash flows, they were able to exit, uh, I believe it was a 15% IRR, which is, it was definitely at least 5% over its wac.