Is Caplight competing with companies like Carta, and do you see a possible overlap in Caplight's and Carta's services?

I think about Carta and Forge as offering similar products to different clients. I think that right now we are not competitive with either of them. Our model is not one where we want to be selling directly into the companies or their employees or their other common shareholders right now. Will that change over time? It could. Some of the use cases that have been brought to our attention and that the market seems to be asking for would put us more down that path. But I think that both Carta and Forge have built very strong products and very strong client followings, and our goal is not to go and try to disrupt that in any way. At our core, we are serving institutional investors to accomplish their risk management goals.

Do I think that we could work very well together? Absolutely. I think about some of the tooling that I've seen or heard about Carta adding to their platform, such as the ability to finance option exercises. That tells me there is clearly a path for us to do something similar with a Carta, Forge, Nasdaq or whoever it ends up being. The ability to embed some of these risk management and eventually structured product tools within a platform that is already getting a lot of engagement from similar potential customers is something that I couldn't pass up an opportunity to explore, because, first and foremost, that helps us get our product out into the hands of customers that could really benefit from it. And that's ultimately where the mission is.