Phil Nadel

So there's no overlap whatsoever.

In fact, we're focused on different types of companies.

100% right.

I just wanted to clarify, but you're right.

So to answer your question, though, each of our syndicate backers has the ability to opt in or opt out of any investment.

There's no obligation at all.

So they can look at the deal and say, OK, I like this one or I don't.

If they like it and they invest, like using your example, you invest $2,000.

The most likely exit scenario is an acquisition.

That's how you really make money.

The company ultimately is acquired.

And as shareholders, we all cash out and we're happy.

IPO is always another route to go.

Of course, that's very, very unusual, very uncommon.

And so have you had any exits yet?

We have not had exits in the syndicate portfolio yet, although there are two that are unannounced in the portfolio.

So there aren't any announced yet, but there are two that have not yet been announced.

One has been signed and the other is finishing due diligence.

Signed but not announced.

You get paperwork.