David Friedberg

And then there's a tranche at 50.

Then when the stock is up 75%, there's another tranche.

And when the stock is up 100%.

Nothing.

By the way, the reason why this is important is all of those things that you guys mentioned increases the cost of capital to the founder and to the private company board and to the employees.

All that's unnecessary dilution.

So now we take it all off the table.

I think it's the latter.

But I think it's also important to note that this time around, I've tried to really minimize retail exposure to this.

I don't think that retail is well-suited right now to have these things.

And my honest advice is avoid

maybe not all SPACs, but definitely my SPAC, just avoid it.

I think that there is more than enough liquidity on the institutional side for us to do an interesting deal, but it fits in our portfolio and our construction, which is a very different risk model.

And so I would hate that people are out on the risk curve without really understanding the risks, because Jason, you can't predict the market.

You don't know where these things are going to go.

I would just say do not invest in these things.

Don't at least, you know, just I think you're just as able to do it.

Well, that's stupid.

So we at 8090 have done the dance with all the big major private equity firms.

And here's how it goes.