David Friedberg

I think that the future, maybe just prognosticating and guessing, what does Raptor 3 look like in this back?

I think the Raptor 3 will look like where somebody, a sponsor like me, rolls everything up into one thing so that it's already pre-wired from the beginning, where I'll just speak to

a billion, two billion, three billion, whatever it is, flexible capital that can come in as common so that it's a totally pre-baked IPO at a very fair price.

I think that that's what the Raptor 3 version of a SPAC will look like.

Meaning then there's no conversion risk, that all the money comes over right from day one.

It comes over, right.

Yeah, nothing can be earned unless the stock is up 50%.

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.