Great write up! I have two questions on the B/S.

1) On valuation for Vantage and DataBank, assuming 20x LTM EBITDA (which is low given DataBank recap is at more than 30x) * LTM EBITDA number which is $380m in 2022 * ownership of 12%. I get a total valaution of $912m. In your calculation, you have $651m (75+120+125+331). Is it becauase you are assuming a lower multiple?

2) On GP interest / warehouse investments, the company reported $449m (I got it from supplemental>>tab Other), but your number is much higher than this. May I know if I missed anything here?


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Excellent write up thank you. Perennially a little disappointed with the presentation of data in the supplements. FEEUM is so crucial to understanding the company and yet their presentation of it obscures more than clarifies. Also, why start showing DE if you are not going to calculate it in a way that allows comps to other alt managers? Continue to believe DBRG is an incredibly easy hire (career risk-wise) for any institutional allocator.

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