Spencer Rascoff

We can basically integrate them more quickly into that platform, help our team members become more productive quickly, improve the customer experience right away.

And so we then tend to sort of pick

up a pretty good cadence of acquisition.

So I think roughly one a month is the number looking back.

And I would expect that to accelerate as we enter into additional service lines.

I would think now some businesses obviously are more fragmented than others, and there's more acquisition activity in some industries than others.

We're investing in the products and services pretty heavily, especially in the early years.

We want every business that partners with us to have world-class customer experience and technology, and that requires a multi-year horizon.

That's why we're set up as a permanent capital operating company and not as a fund.

So driving down our cost of capital, this is when we start to think out in the future several years, we think hopefully Long Lake will go public, that will help our cost of equity and potentially help our cost of debt as well as we become a public debt issuer.

Well, you know, VCs tend to have longer hold periods in general.

I mean, VC is a power law business.

And when you have great companies, you obviously want to keep compounding with them for a long time.

So I think our partners, you know, and then there's a list of them in the press release.

We have extraordinary partners.

and their investors in turn, they really, you know, they kind of see the vision here.

And I think they do, they want to be partnered with us for the long term.

I think many of their, you know, investments take 10 plus years to play out.

And that's obviously very different than the traditional three to five year private equity roadmap.

So I think in general, your starting point is much longer term in nature.