I take your point accepts an argument even while disagreeing. I take your point, but the money is not there.
It is more formal than fair point and nearly always followed by but. It is the polite way of losing one step and holding the position.
1phrasei take your pointAccepting an argument even while disagreeing.
“I take your point about the timing and still think we should wait.”
i take your point is a phrase.
Practised in Small Talk & Everyday Phrases