The BKM Capital Partners lawsuit has become one of the most watched private equity disputes heading into 2026. Investors who put money into BKM’s industrial real estate funds are alleging fraud, mismanagement, and broken promises about returns.
If you invested in any BKM fund, this matters to you right now. Claims are being filed, legal teams are building cases, and the window to act may not stay open forever.
Some investors report losing six and seven figures. The allegations center on whether BKM Capital Partners misrepresented fund performance, failed to properly disclose risks, and breached fiduciary duties owed to limited partners.
This article covers every angle of the lawsuit, including who qualifies, what the fraud allegations look like, whether a settlement is likely, and how to file your own claim in 2026.
What Is the BKM Capital Partners Lawsuit About
The BKM Capital Partners lawsuit involves legal claims filed by investors who believe the firm mismanaged their money in industrial real estate funds. At its core, the dispute is about trust, transparency, and whether BKM told investors the truth.
BKM Capital Partners is a private equity real estate firm based in Orange County, California. The company was founded by Brian Malliet and focused on acquiring and repositioning industrial warehouse properties, mostly in the western United States.
Investors, many of them accredited individuals and institutional allocators, committed capital to BKM’s Industrial Value Fund series. They expected returns in line with what the firm’s offering documents described.
Instead, according to court filings, investors saw significant losses. The lawsuits allege that BKM inflated property valuations, failed to disclose material risks, and made misleading statements in investor communications.
| Key Detail | Information |
|---|---|
| Defendant | BKM Capital Partners |
| Headquarters | Orange County, California |
| Fund Type | Private equity industrial real estate |
| Primary Allegation | Fraud and mismanagement |
| Investors Affected | Accredited investors and limited partners |
| Year Lawsuits Began | 2024 |
The case isn’t just about bad investments. It’s about whether the people running BKM broke the rules. That distinction matters because it determines what kind of legal claims investors can bring and how much they might recover.
BKM Capital Partners Lawsuit 2026: Where Things Stand Now
The BKM Capital Partners lawsuit in 2026 is in active litigation with multiple legal proceedings moving forward simultaneously. This is not a stalled case sitting on a dusty docket.
As of early 2026, investor plaintiffs have filed claims in both state and federal courts. Some claims are proceeding through securities arbitration via FINRA. Others have been filed as civil lawsuits in California.
The legal teams representing investors have been gathering evidence, including internal BKM communications, fund accounting records, and property appraisal documents. Discovery is a slow grind, but it’s happening.
BKM Capital Partners has denied wrongdoing in its public statements. The firm has retained defense counsel and is actively contesting the claims. That’s standard, but it tells you the firm is not rolling over.
- Multiple lawsuits filed in California courts
- FINRA arbitration claims in progress
- Discovery phase ongoing as of early 2026
- BKM denying all material allegations
- No trial date set yet for the largest claims
For investors watching from the sidelines, the pace might feel frustratingly slow. But private equity lawsuits of this size typically take two to four years to reach resolution. We’re still in the early innings.
Latest BKM Capital Partners Lawsuit Update for 2026
The latest BKM Capital Partners lawsuit update shows new filings and expanding claims through the first half of 2026. The case is growing, not shrinking.
Several new plaintiffs have joined existing actions in recent months. Attorneys representing investors have indicated that additional individuals and entities are coming forward with similar stories of losses and alleged deception.
One significant development: courts have denied early motions to dismiss brought by BKM’s defense team. That means judges have found enough substance in the allegations to let the cases proceed to discovery and potentially trial.
Legal observers have also noted that the plaintiffs’ attorneys are building a case around specific communications. Internal emails and investor update letters may show a gap between what BKM told investors privately and what was actually happening with fund properties.
| 2026 Timeline Milestone | Status |
|---|---|
| New plaintiff filings | Ongoing |
| Motion to dismiss | Denied |
| Discovery phase | Active |
| Mediation talks | Not yet scheduled |
| Trial date | Not yet set |
Another important update: some attorneys have begun exploring whether BKM’s fund administrators and third-party service providers bear responsibility. If those claims gain traction, the pool of available recovery money could expand.
Key Takeaway: The BKM Capital Partners lawsuit is actively progressing in 2026 with courts allowing claims to move forward, new investors joining the case, and discovery producing potentially damaging evidence.
Is There a BKM Capital Partners Class Action
There is no certified class action against BKM Capital Partners as of early 2026. The legal actions are currently structured as individual investor lawsuits and arbitration claims.
That distinction matters more than most people realize. A class action groups all affected parties into one case with a single set of attorneys representing everyone. Individual lawsuits mean each investor (or small group) has their own case and attorney.
Why no class action yet? Private equity fund disputes often stay as individual claims because each investor’s situation is different. The amount invested, the specific fund, the representations made, and the losses suffered vary from person to person.
There’s still a chance a class action could be certified later. If attorneys can show that a large enough group of investors experienced the same type of harm based on the same misrepresentations, a judge could certify a class.
- Individual lawsuits: Currently the primary path for BKM investors
- FINRA arbitration: Available for investors whose agreements include arbitration clauses
- Class action status: Not yet certified but possible
- Multi-district litigation (MDL): Not applicable at this stage
For now, investors are pursuing claims on an individual basis. That approach can actually result in higher per-investor recoveries compared to class actions, where payouts get divided among thousands of people.
BKM Capital Partners Fraud Allegations Explained
The fraud allegations against BKM Capital Partners center on claims that the firm deliberately misled investors about fund performance, property values, and risk factors. These are serious accusations that go beyond simple negligence.
According to investor complaints, BKM allegedly inflated the appraised values of industrial properties held within its funds. Inflated valuations make a fund look healthier than it actually is. Investors who relied on those numbers made financial decisions based on false information.
The allegations also describe misleading investor communications. Quarterly reports and investor updates allegedly painted an overly optimistic picture while internal documents told a different story.
Specifically, plaintiffs claim BKM:
- Overstated property valuations in fund reports
- Failed to disclose material risks related to specific assets
- Misrepresented the track record of prior fund performance
- Used new investor capital to cover gaps in older fund performance
- Made verbal promises about returns that contradicted written offering documents
Securities fraud claims under both state and federal law are part of the legal picture. If proven, these claims carry significant penalties and can lead to treble damages in some jurisdictions.
The word “fraud” isn’t thrown around lightly in courtrooms. It requires proof that BKM knew the information was false, intended for investors to rely on it, and that investors suffered actual harm as a result. That’s a high bar, but the plaintiffs appear to believe the evidence supports it.
BKM Capital Partners Mismanagement Allegations in Detail
The mismanagement allegations against BKM Capital Partners describe a pattern of poor decision-making, excessive fees, and failure to act in investors’ best interests. This is the fiduciary duty side of the case.
As a fund manager, BKM owed its limited partners a fiduciary duty. That means BKM was legally obligated to act with care, loyalty, and in the best interest of its investors. The lawsuits claim BKM failed on all three counts.
Plaintiffs allege that BKM pursued acquisitions that didn’t match the stated investment strategy. Properties were purchased at inflated prices, renovations went over budget, and projected lease-up timelines were wildly optimistic.
| Mismanagement Allegation | Investor Impact |
|---|---|
| Overpaying for properties | Reduced fund equity and returns |
| Excessive management fees | Eroded investor capital |
| Poor tenant selection | Higher vacancy rates and lost income |
| Delayed or skipped distributions | Cash flow disruption for investors |
| Failure to diversify holdings | Concentrated geographic risk |
The fee structure is a sore point for many investors. BKM allegedly charged management fees, acquisition fees, disposition fees, and various other expenses that ate into returns. Some investors claim the fee disclosures in offering documents were vague or buried in fine print.
When a fund manager collects fees regardless of performance, the incentives get twisted. Investors want returns. But a fee-heavy structure rewards the manager for doing deals, whether those deals are good or bad.
Key Takeaway: BKM Capital Partners faces both fraud and mismanagement claims, which together paint a picture of a firm that allegedly prioritized its own revenue over investor returns while providing misleading information about fund health.
The BKM Industrial Value Fund Lawsuit Breakdown
The BKM Industrial Value Fund lawsuits involve claims tied to specific fund vehicles that BKM Capital Partners created to invest in industrial warehouse properties. Not all funds are created equal, and the legal exposure varies.
BKM operated several funds, commonly referred to as the Industrial Value Fund series. These include Fund I, Fund II, and Fund III. Each fund raised capital separately, invested in different properties, and has its own set of investor agreements.
Fund I was the earliest and smallest. It established BKM’s reputation in the industrial space. Fund II scaled up significantly, bringing in more investors and acquiring more properties. Fund III was the largest and, according to some investors, the most problematic.
Investors in different funds may have different legal claims. The offering documents varied between funds. The properties differed. The timing of investments mattered because market conditions shifted between fund vintages.
- Fund I: Smaller investor base, earlier vintage, mixed results
- Fund II: Larger capital raise, broader property portfolio
- Fund III: Largest fund, most investor complaints, heaviest losses reported
- Separate accounts: Some investors had separate managed accounts with custom terms
The lawsuits are tracking these distinctions carefully. An investor in Fund III might have stronger fraud claims if the offering memorandum for that fund contained more aggressive projections. Meanwhile, a Fund I investor might focus more on mismanagement and fee issues.
Understanding which fund you invested in is step one for any potential claimant. Your fund determines your legal options, your potential recovery, and which legal team is best positioned to represent you.
BKM Capital Partners SEC Investigation: What We Know
Regarding an SEC investigation into BKM Capital Partners, confirmed details are limited as of early 2026. The Securities and Exchange Commission does not typically announce investigations until formal enforcement actions are taken.
What is known: several of the investor lawsuits reference concerns about potential securities law violations. Plaintiffs’ attorneys have suggested in court filings that regulatory scrutiny is warranted based on the evidence they’ve uncovered.
BKM Capital Partners offered its fund interests as private securities under Regulation D exemptions. Those offerings are still subject to SEC anti-fraud rules, even though they don’t require full public registration. Reg D issuers must still provide truthful information to investors.
If the SEC does open a formal investigation, it would focus on whether BKM violated Section 10(b) of the Securities Exchange Act or Rule 10b-5, which prohibit fraud in connection with the purchase or sale of securities.
| Regulatory Body | Potential Role |
|---|---|
| SEC | Securities fraud enforcement |
| FINRA | Broker-dealer oversight and arbitration |
| State regulators | State securities law enforcement |
| California DOJ | Consumer protection and fraud |
Some investors have already filed complaints with FINRA, particularly those who were introduced to BKM through broker-dealers or financial advisors. FINRA arbitration is a separate track from court litigation and can move faster.
The regulatory dimension is worth watching. If a government agency takes action against BKM, it strengthens private investor claims dramatically. A finding of securities violations by the SEC would be powerful evidence in civil lawsuits.
How Much Have BKM Capital Partners Investors Lost
BKM Capital Partners investors have collectively lost tens of millions of dollars, with individual losses ranging from under $100,000 to several million dollars depending on fund participation and investment size.
Exact aggregate loss figures are difficult to pin down because BKM’s funds were private. Unlike public companies, private fund losses aren’t reported to exchanges or disclosed in quarterly SEC filings. The numbers come from individual investor disclosures and court documents.
What’s clear from the filings: investors who committed capital to BKM’s later funds, particularly Fund III, have reported the steepest losses. Some investors describe receiving little to no distributions despite being promised preferred returns in the range of 8% to 10% annually.
- Small investors: Losses reported in the $50,000 to $250,000 range
- Mid-tier investors: Losses between $250,000 and $1 million
- Large investors: Losses exceeding $1 million reported in multiple cases
- Institutional investors: Some institutional allocators also impacted
The loss picture gets worse when you factor in opportunity cost. Money locked in an underperforming or failing BKM fund couldn’t be invested elsewhere. During the same period, many industrial real estate investments outside BKM generated strong returns, making the underperformance even more painful.
Key Takeaway: Investor losses tied to BKM Capital Partners range from tens of thousands to millions per individual, with aggregate losses across all funds estimated in the tens of millions of dollars.
BKM Capital Partners Fund Performance: Promises vs. Reality
BKM Capital Partners fund performance fell dramatically short of what investors were told to expect, according to lawsuit allegations. The gap between projected and actual returns is at the heart of this dispute.
When BKM raised capital for its funds, offering documents described attractive target returns. Industrial real estate was booming. Warehouse demand was surging thanks to e-commerce growth. The thesis made sense on paper.
Investors were presented with projections showing net internal rates of return (IRR) in the mid-teens to low twenties. Preferred returns of 8% to 10% were described as a baseline before the general partner took its share of profits.
The reality, according to plaintiffs, looked nothing like those projections.
| Metric | Projected | Alleged Actual |
|---|---|---|
| Net IRR | 15% to 22% | Negative in some funds |
| Preferred Return | 8% to 10% annually | Partially paid or skipped |
| Capital Returned | 100% plus profits | Significant capital impairment |
| Distribution Frequency | Quarterly | Irregular or halted |
| Hold Period | 3 to 5 years | Extended beyond stated terms |
Projections aren’t guarantees, and every investor knows that. But the lawsuits argue BKM’s projections weren’t just optimistic. They were allegedly based on inflated assumptions that BKM knew, or should have known, were unrealistic at the time they were made.
That’s the legal distinction. Honest optimism is fine. Knowingly misleading projections based on bad data or wishful thinking cross the line into potential securities fraud.
What Went Wrong With BKM Capital Partners Real Estate Funds
Several factors contributed to the problems in BKM Capital Partners’ real estate funds, including market timing, aggressive acquisition strategies, and alleged operational failures. It wasn’t just one mistake.
BKM was buying industrial properties during a period of rising prices. Competition for warehouse assets was fierce, especially in Southern California and other major logistics markets. BKM allegedly paid top-dollar for properties, leaving little margin for error.
Then interest rates rose sharply starting in 2022. Higher rates crushed commercial real estate valuations across the board. Properties BKM bought at peak prices suddenly were worth less on paper, and refinancing became expensive or impossible.
But the lawsuits argue that market conditions alone don’t explain BKM’s problems. Plenty of other industrial fund managers weathered the same storm. The complaints point to BKM-specific failures:
- Overpaying for acquisitions relative to comparable sales
- Taking on excessive debt with floating-rate loans
- Overestimating rental rate growth in certain submarkets
- Spending too much on renovations that didn’t produce proportional rent increases
- Failing to hedge interest rate risk
The combination of aggressive buying, high leverage, and rising rates created a perfect storm for BKM’s funds. But the legal question isn’t whether BKM had bad luck. It’s whether BKM took risks it didn’t properly disclose and made promises it couldn’t keep.
BKM Capital Partners Complaints From Investors
Investor complaints against BKM Capital Partners describe a pattern of poor communication, broken promises, and growing frustration that eventually turned into legal action. These complaints reveal what day-to-day life as a BKM investor looked like.
Many investors report that BKM’s communication became less frequent and less detailed as fund performance deteriorated. Early in the investment, quarterly reports were polished and optimistic. As problems mounted, updates became vague, delayed, or missing entirely.
Some investors describe trying to reach BKM’s investor relations team and getting slow responses or no response at all. When you have six or seven figures tied up in an illiquid investment and you can’t get a straight answer, the anxiety is real.
Common themes in investor complaints include:
- Distribution delays: Promised quarterly distributions arrived late or stopped entirely
- Valuation confusion: Reported property values didn’t match observable market conditions
- Redemption denials: Investors who wanted to exit were told they couldn’t
- Fee concerns: Fees continued being charged even as performance collapsed
- Capital call pressure: Some investors were asked for additional capital despite poor returns
These complaints paint a picture of an investment experience that felt increasingly like a trap. Money went in easily. Getting it back out was a different story.
The complaints are now being organized and submitted as evidence in the pending lawsuits. Each individual story adds context to the broader legal narrative.
Key Takeaway: Investor complaints against BKM reveal a firm that allegedly became less transparent as problems grew, leaving investors in the dark about the status of their capital while continuing to collect management fees.
Who Qualifies for the BKM Capital Partners Lawsuit
You may qualify for the BKM Capital Partners lawsuit if you invested in any BKM Capital Partners fund and have experienced losses or were denied expected distributions. The eligibility criteria are broader than most people think.
Qualification isn’t limited to investors who lost everything. Even partial losses or missed preferred returns could form the basis of a claim. The key question is whether BKM made misrepresentations or breached its duties in connection with your specific investment.
Here’s a general breakdown of who is likely eligible:
| Investor Type | Likely Eligible? | Notes |
|---|---|---|
| BKM Industrial Value Fund I investors | Yes | If losses or misrepresentation occurred |
| BKM Industrial Value Fund II investors | Yes | Larger investor pool, active claims |
| BKM Industrial Value Fund III investors | Yes | Most active litigation |
| Separate account investors | Possibly | Depends on specific agreement terms |
| Financial advisors who recommended BKM | Separate claims | May face their own liability |
| Investors who received full returns | Unlikely | No demonstrable harm |
Some specific factors that strengthen a claim:
- You relied on projections or statements that turned out to be materially false
- You were not told about significant risks that BKM knew about
- You were denied distributions that were described in offering documents
- Your capital was impaired and you received little or no explanation
- You invested based on a financial advisor’s recommendation tied to BKM
Time matters. Statutes of limitations apply to securities fraud claims, and those clocks may already be ticking. Some claims have a two-year window from when you discovered (or should have discovered) the fraud.
BKM Capital Partners Settlement: Is One Coming
A BKM Capital Partners settlement has not been announced as of early 2026, but legal insiders believe settlement discussions could begin within the next 12 to 18 months. Here’s why.
Settlements in private equity fund disputes typically happen after discovery is well underway. Once both sides have seen the evidence, the math starts to become clearer. Defendants realize what they’re facing. Plaintiffs understand the realistic range of recovery.
BKM’s defense team knows that going to trial on fraud claims is risky. If a jury finds fraud, damages could include not just actual losses but also punitive damages and attorney fees. That financial exposure creates strong incentives to settle.
Several factors point toward an eventual settlement:
- Discovery is producing documents that may be unfavorable for BKM
- The number of plaintiffs is growing, increasing pressure on BKM
- Courts have denied early dismissal motions, signaling case strength
- Similar real estate fund disputes have historically settled
- Litigation costs for BKM are mounting
On the flip side, BKM has not shown any public interest in settling so far. The firm is fighting the claims vigorously. That’s not unusual at this stage, but it means investors shouldn’t expect a quick payout.
If a settlement does happen, it would likely involve a structured payment plan rather than a single lump sum. BKM’s assets are largely illiquid real estate, so converting those to cash for settlement payments takes time.
BKM Capital Partners Settlement Amount Estimates
Estimating BKM Capital Partners settlement amounts is difficult at this stage, but based on similar real estate fund lawsuits, investors might recover between 20% and 60% of their invested capital. That range depends on several critical variables.
No official settlement amount has been proposed. The case hasn’t reached that stage. But looking at comparable private equity real estate disputes gives us a reasonable framework for estimating.
| Comparable Case | Settlement Recovery Rate |
|---|---|
| Woodbridge Group of Companies (2018) | Approximately 50% of claims |
| GPB Capital Holdings (2023) | Under review, estimated 30% to 40% |
| Cole Credit Property Trust (2016) | Approximately 60% of losses |
| American Realty Capital Properties (2020) | Approximately 25% of losses |
| Average across similar cases | 30% to 50% |
For BKM investors, the recovery percentage will depend on:
- Total assets remaining in BKM funds: More assets mean more to distribute
- Strength of fraud evidence: Stronger evidence pushes settlements higher
- Insurance coverage: Whether BKM carried professional liability insurance
- Number of claimants: More claimants means smaller per-person shares
- Third-party liability: Whether brokers or advisors also contribute to settlement
A rough example: an investor who put in $500,000 might recover between $100,000 and $300,000 in a settlement scenario. Someone who invested $1 million could potentially recover $200,000 to $600,000.
These are estimates only. Actual recovery will depend on how the litigation plays out and what assets are available.
Key Takeaway: While no settlement has been offered yet, historical comparisons suggest BKM investors could recover 20% to 60% of their capital, with the exact amount depending on evidence strength, available assets, and the number of claimants.
BKM Capital Partners Lawsuit Payout: What to Expect
BKM Capital Partners lawsuit payouts are unlikely to arrive before late 2026 at the earliest, and more realistically could extend into 2027 or beyond. The payout timeline depends on whether the case settles or goes to trial.
If a settlement is reached, payouts typically begin 60 to 120 days after court approval. But getting to that point takes time. Settlement negotiations, court review, fairness hearings, and claims processing all add months to the clock.
If the case goes to trial instead of settling, the timeline stretches considerably. A trial could happen in late 2026 or 2027. Appeals could push final resolution into 2028 or later. Patience is unfortunately part of the process.
| Scenario | Estimated Payout Timeline |
|---|---|
| Early settlement | Late 2026 to mid 2027 |
| Settlement after full discovery | Mid to late 2027 |
| Trial verdict | Late 2027 to 2028 |
| Trial plus appeals | 2028 to 2029 |
How payouts work in practice:
- Settlement fund: A pool of money is created from settlement proceeds
- Claims administrator: A third party reviews and validates each claim
- Pro rata distribution: Each investor receives a share proportional to their losses
- Multiple distributions: Payouts may come in installments, not one lump sum
Investors should be prepared for a process that moves slowly. But the good news is that once a settlement is finalized, the claims process is usually straightforward. You submit proof of your investment, your claim is reviewed, and you receive your share.
How to File a BKM Capital Partners Claim
To file a BKM Capital Partners claim, you need to contact an attorney specializing in securities fraud or investor rights and provide documentation of your investment. The process is more accessible than most investors expect.
Step one is gathering your documents. Pull together everything related to your BKM investment. This includes your subscription agreement, offering memorandum, capital call notices, quarterly reports, distribution statements, K-1 tax forms, and any correspondence with BKM.
Step two is finding the right attorney. Not just any lawyer will do. You want a firm with experience in private equity fund litigation, securities fraud, or FINRA arbitration. Many of these firms work on a contingency basis, meaning you don’t pay unless you recover money.
Here’s a step-by-step filing process:
| Step | Action | Details |
|---|---|---|
| 1 | Gather investment documents | Subscription agreements, statements, K-1s |
| 2 | Contact a securities attorney | Look for contingency-fee firms |
| 3 | Initial case evaluation | Attorney reviews your situation for free |
| 4 | Sign engagement agreement | Formally retain the attorney |
| 5 | File claim or lawsuit | Attorney handles all filings |
| 6 | Discovery and litigation | Your attorney manages the process |
| 7 | Settlement or trial | Resolution and payout |
Important things to know before you file:
- Contingency fees: Many attorneys take 25% to 40% of your recovery
- Statutes of limitations: You may have limited time to file, so don’t wait
- FINRA vs. court: Your investment agreement may require arbitration
- Group representation: You may be able to join an existing case
The sooner you act, the stronger your position. Evidence is being preserved now, and attorneys are building cases. Joining early gives your attorney more time to work with your specific facts.
Key Takeaway: Filing a BKM Capital Partners claim starts with gathering your investment documents, finding a qualified securities attorney, and acting before statutes of limitations expire, with most attorneys offering free case evaluations and contingency fee arrangements.
Frequently Asked Questions
What is the BKM Capital Partners lawsuit about?
The BKM Capital Partners lawsuit involves investor claims of fraud, mismanagement, and misrepresentation related to the firm’s industrial real estate funds.
Investors allege BKM inflated property values, failed to disclose risks, and made misleading performance projections.
Multiple lawsuits and FINRA arbitration claims have been filed since 2024.
How much money can investors recover from BKM Capital Partners?
Based on similar real estate fund lawsuits, investors may recover between 20% and 60% of their invested capital.
The exact amount depends on evidence strength, total available assets, and the number of claimants.
No official settlement amount has been proposed as of early 2026.
Who qualifies to join the BKM Capital Partners lawsuit?
Any investor who put money into a BKM Capital Partners fund and experienced losses or missed distributions may qualify.
This includes accredited investors, institutional investors, and limited partners in BKM Industrial Value Fund I, II, or III.
Even partial losses could support a claim.
Is there a deadline to file a BKM Capital Partners claim in 2026?
Statutes of limitations for securities fraud claims typically range from two to five years depending on the state and type of claim.
The clock usually starts when you discovered or should have discovered the fraud.
Acting in 2026 is strongly recommended to preserve your legal options.
Has BKM Capital Partners settled any lawsuits yet?
No settlements have been announced as of early 2026.
The lawsuits are still in the discovery and pre-trial phases.
Legal observers expect settlement discussions could begin within the next 12 to 18 months if discovery continues producing strong evidence for plaintiffs.
The BKM Capital Partners lawsuit in 2026 is picking up steam. Investors with losses have real legal options, and the evidence appears to be building in their favor.
If you invested in any BKM fund, gather your documents now. Reach out to a securities attorney for a free case evaluation. Time limits apply, and waiting only narrows your options.
Stay informed as this case develops. The next 12 months could be pivotal for every BKM investor seeking recovery.
