Tyler Tringas

reduce our interest and may or may not be like a bad trade for us in the long term.

Yes.

And so this is the effect of, you know, one of the things we did from the get-go, October of 2018, I published a draft term sheet of this, put it on Hacker News, put it everywhere, left the comments open in the Google Docs and just got like a flood of people red teaming this thing like crazy.

You know, what about this?

What about that?

What about this?

Yeah.

And one of the things they sort of rightfully pointed out was like, hey, you know, not only this scenario you just described, but if you had an acquisition offer lined up, you'd go get a loan, right?

You'd go to a loan shark to get the money to pay me back as fast as possible.

So you basically say, look, you know, you're entitled to pay us what the contract stipulates, but you cannot just shovel money at us unless we have, you know,

a mutually agreeable sort of situation.

And look, I mean, there's still ways we could get gamed there, right?

There are information.

Yeah, I would say that if we're talking about, so one of the things is what lens are you using in terms of, because sometimes when people evaluate funds, they often use a blend of both like cash on cash, right?

So how many dollars are coming?

And then there's the actual like IRR, right?

The ROI, the percentage number, right?

And the timing of the cash flows matters a ton there.

So what I will say is, if you're talking about DPI, you're talking about actual cash dollars coming back to us, I think the majority of those cash dollars come from exit events or...

at exit events either the company sells right or we at some point decide that we need to sell our interests right because we've backed the next space camp they're 16 years in they have no intention of creating liquidity um but we need to get liquidity for our shareholders there are people who will buy that interest from us right so combining those two together as quote-unquote exit events um i