 Hello, everyone. I'm Tiny Shibuya Robinson. And I am so thrilled to be able to moderate this discussion. I can't wait to talk to this powerhouse panel. But I wanted to share just a little bit about us and give some context for the discussion. So first of all, I'm the president and CEO of CappyQ. CappyQ is an impact investing and advisory firm. And we have worked with investors and companies to embed equitable impact into their day-to-day practice. So what that means is it's the intersection of ESG and diversity, equity, and inclusion. So we do that two ways. First, we have a behavior change practice, which is really working directly with investors and businesses. But we also have a systems change practice. And that's when we see the root cause of a problem is so big that one institution or organization can't solve it by themselves. And part of why I'm here today is because one of the systems change efforts that we're working on is a national effort to fuel black business growth called PATH to 1555. So PATH to 1555 is based on research that if just one black business owner for 15% hires one employee, it will result in $55 billion to the economy and 600,000 jobs. We're so grateful that actually the first funding for that effort came at SOCAP in 2019. And that was through the Serna Foundation. So Patrice might be in the audience if she isn't, I just want to give her a shout out anyway. But also that SOCAP had been committed to that work for a while, even before George Floyd. So this work started in 2019. And we're so grateful that this organization, this community has been focused on this. So when you step back and you look at what are the key performance indicators that keep not just black businesses, but businesses of color from being able to achieve economic parity with some of their non-of color peers. One of the barriers is a lack of trust. Another one of the barriers is a lack of access to capital. We have biases and our processes. We have policies that are against us. Frankly, when you're a business owner and you're of color, all of the chips are often stacked against you. But business ownership, particularly in the black community, if you care about closing racial wealth gaps is an important tool. And there are a couple of reasons why. First of all, black business owners are 12 times wealthier than their non-business owner peers. And if that weren't enough, black businesses actually hire one in five black people. We see these trends actually very common across other businesses of color. So while they have such huge impact on their communities, they are often still, even in times of crisis, underfunded and underappreciated. Brookings Institution is one of our research partners, and every year we release the State of Black Business Report. Now, you may know that 95% of black-owned businesses are actually sole proprietorship. It means it's one person's income, one person's business. If you think about COVID relief and the outpouring of money from PPP, you might have heard that many businesses led of people of color, especially in low-income communities, did not get access to PPP funding. But here's a nuance that you might not have known. That PPP funding only went to employer firms, which means that 95% of black-owned businesses could not even access that capital. That's just one stark challenge that we see in this work. And so while there are many different facets in areas and levers that actually affect the growth of BIPOC businesses, today we're not here to talk about problems. We always talk about the problems. We are going to talk about all the innovative things in capital because of this amazing powerhouse panel that's actually working to fuel business growth amongst BIPOC communities. This really is a very important and personal topic for me as a black business owner myself, as a business led by a woman. And so I can't keep you from this wonderful group of intellectual powerhouses any longer. I'm gonna share with you each person and their name and their organization. So first, we have Arfi Saari Rajan from the BlackRock Impact Opportunities Fund. We also have Valerie King Bailey from Onshore Technology Group who is in the Founders First portfolio. And last but definitely not least, we have Todd Leverett from APIS and Heritage Capital Partners. So I would never do their work justice on my own even though I'm a huge fan of it. So I'm gonna let them share a little bit about their organizations. But first, since it's I'm the moderator, I'm gonna call prerogative and call Valerie first because we should hear from the people on the ground doing the work and Valerie has already grown a very successful organization. So Valerie, let's start with you. Thank you so much. Good afternoon everyone and welcome to SoCAP. I'm Valerie King Bailey, CEO of Onshore Technology Group. Onshore is an independent validation and verification firm that's a fancy word for us doing software testing for life sciences companies. We're based in Chicago and some of our clients are blue chip companies like Moderna, Insulate Corporation that makes the Omnipod for Diabetics, NicePak who are the inventors of the WetNap and many other pharmaceutical medical device and biotech companies. I founded Onshore in 2004. All throughout my corporate career, I'm a civil engineer by degree with an MBA. All throughout my corporate career, I had a lot of ideas and I formerly worked for Abbott Laboratories and I came up with this concept for a system that would automate the validation process. I tried to get my managers to go along with that and thank God they didn't because I'm making millions with the system now. I had this idea and in 2004, I wrote a business plan and I presented it to several banks and a couple of venture capital firms and I remember one guy, he took the business plan and I handed it to him and I said, yeah, you know, I've worked for companies, blah, blah, blah. And he said, I don't think this is ready yet. And I go, what, doesn't weigh enough because he was just looking at me like that. So I funded Onshore with $2,500 of my own money and I had a laptop and a mouse and that was kind of it and the rest, as they say, is history. Right now, Onshore is a global company. Since being with Founders First, we have been listed twice on the Inc. 5000 list. This year, I was listed as one of the top 100 female founders in Inc. 5000. So thank you so much. So to say that access to capital, and this is why I came here to tell you this, to tell you that access to capital matters, it matters. I'm the poster child for that. In 2000, just to give you a feel, right at the beginning of the pandemic, I was in need of capital because while all the other businesses were going like this, my business was actually going like this because a lot of the companies I was talking to about automating the validation process in life sciences, they all started calling me because they're socially distanced and they're saying, hey, do you still have that system? So I started selling. Well, you would think that's the good news. That was the bad news because I didn't have enough staff. Interfounders First. When Founders First came along, I presented my plan to them. They actually did understand the first time what I did and they provided me with the capital to grow my staff. So I had a staff of pretty much about one and a half validation engineers. I have now a huge staff, now 12, and I'm growing. Now we have up to another eight or nine consultants. So it's a total of almost 20 people that we've done. My resources are not cheap. These are engineers that I'm hiring. So the access to capital, to say that it made a difference, it made all the difference in the world. And I'm truly grateful for the Founders First team and their belief in me. And I have much more to tell you, but I know that Ty is like, looking at me, gosh. I was not thinking that. I was thinking, ooh, it's getting juicy, but I am gonna follow up with you. Now, we have heard from Valerie the importance of ownership, but there are multiple ways to do ownership. So I'd love to hear Todd a little bit about your organization and how you are tackling ownership. Thank you so much, Ty. Thank you for everybody being here. My name is Todd Leverette. I'm co-founding partners of Apes and Heritage Capital Partners. We're a private equity sponsor that just closed on our first fund, Legacy Fund One. And the mission and the purpose of Apes and Heritage and Legacy Fund One is to address the racial wealth gap and to provide competitive returns for our investors by investing in workforces of color using employee ownership. So what does that mean? We essentially find small, lower middle market businesses with founders that are looking for exits and they may be looking towards traditional private equity. They may be looking at strategic or in many cases with the baby boomer founder generation. A lot of times they don't have exits. So they are looking at possibly shutting their business down, causing huge disruption to their workers and their communities. And we come in with our capital and we help those business owners sell their businesses to their employees. And we focus on workforces or companies that have large black and brown employee bases. So at least a third of their workforce being black and brown workers. And for us, this is a solution on multiple levels. A founder is able to maintain their legacy. Our first fund is called Legacy Fund One. Workers often who would not have an opportunity for wealth building through any sort of entrepreneurial activity, you know, you say it's not always reasonable for everybody to quit their job and go out and start a new venture. It's a lot of folks can do it, but a lot of folks can't. How can we give the entrepreneurial opportunity, asset building, wealth building for folks to come, you know, who come and show up to work and help their business thrive? So we use a model called Esoprative. So we transform the companies into ESOPs and we bring in the principles of cooperatives into the business, democratic governance, open book management and a lot of these practices that really make for really strong, powerful businesses. And again, the goal is to address the racial wealth gap in a real and scalable way. So happy to be here with you all today and share. Thank you, Todd. And it's almost like we practiced because you said scalable. And when I think scale, I think of BlackRock. So BlackRock Impact Opportunities Fund. Tell me a little bit more about that, Arthi. Sure, thanks, Ty. Thanks everyone for being here. It's wonderful to join you. My name is Arthi Sarirajan. I'm a senior portfolio manager with the BlackRock Impact Opportunities Fund or BIO as we call it for short. And BIO is a private market, multi-alternative strategy focused on investing through a racial equity lens. So what we mean by that is we invest in businesses that are founded, led or managed by under-capitalized people of color or we invest in investments and projects that serve historically under-capitalized communities of color across the United States. We're focused on addressing the Black, Latinx and Native American communities across the United States and focus on addressing several themes within our portfolio, primarily across education, healthcare, workforce housing, financial inclusion, digital connectivity and inclusive or just transition. We are a multi-alternative strategy and so what that means is we have the flexibility and the ability to invest in private equity, private credit, real estate, infrastructure and up and down the capital stack. And I think this really differentiates us as a capital provider and investor in businesses because we can provide flexibility in investment vehicles and we can really meet founders and companies where they are. So we're not forcing companies into a certain box. We want to ensure that overall what we're trying to drive towards is both a financial objective for our investors but also an impact objective. And that impact objective is very much aligned with BlackRock's mission, which is to allow more and more people to achieve financial wellbeing. And that's what we wanna do for historically under-capitalized communities of color in the United States. We've been around for about a year. We've completed six transactions so far, just a little over $175 million of capital that's been invested and allocated into great businesses across the US. And so far we're addressing themes like education, healthcare, housing and financial inclusion and really excited about the work we're doing. We're a small but mighty team. Even though BlackRock is huge, our dedicated portfolio manager team is a team of six. Though we sit within a group called the Alternatives Solutions Group which is a broader team. And really we sit at the crux of the Alternatives Platform for BlackRock which enables us to leverage the breadth and depth of the BlackRock platform. So happy to give a quick example of one of the most recent investments that we just did just to bring that to life a little bit. We last month closed on an investment in a company called Ocelero Learning. This is an early childhood education business that leverages the federal Head Start funding program. And this is a funding program that's been around since the 1960s and was created and formed primarily to address the effects of poverty on education for low income families across the US. So the business that we invested in Ocelero, they have been doing this work for 20 years. They operate 54 direct operating centers across the country where they're teaching students, helping families engaged in their communities. They've also organically grown a training and technical assistance business as well which is helping other Head Start programs whether they're mom and pops or municipalities or school districts develop their own Head Start programs ensure that they're in compliance with all the various regulatory needs that the program requires and that they qualify for re-competition as you have to apply annually for this funding. So this team has been together, been doing this work together for 20 years. So we loved the management team highly experienced, highly dedicated, mission oriented management team, much of whom have been working together for 10 plus years. We also thought that the impact that they're providing on the communities that they're focused on was huge. It was also measurable, which is really important for us and for our clients. So we looked at test scores. We looked at the ways in which they're engaging with families, the way that they help employees across their organization grow through the system as well as just the way they're proliferating the early education system. The market is largely unmet and so we really find that this group is doing this work, this great work at a significant scale and really excited about it. So that's just one little teaser of the work we're doing. Wow, I know everyone wants to hear a little bit more about each of these. I was gonna pull up the slide really quickly but it's not showing up. But since that's not showing up, what I would like to say is that even before we get into the depth of each one of these examples, it's an ecosystem. And it's an ecosystem that but for funding from the Kellogg Foundation, both from this event but also in many ways partnerships with each one of us on this stage, you wouldn't get to see the interconnectedness of this work. So I'm pulled up the quick key performance indicator slide and actually it's not showing so. There's an example of how each one of these things interconnect and but for really digging into, well, what are the specifics? So when you step back and you say, oh, we don't have access to capital. Well, BIPOC businesses are not a monolith. The type of capital is needed, it's different. How you build and grow wealth is different. Scale looks different. So let's dig into the example of employee ownership from a wealth building opportunity. I got really excited when you were talking about employer ownership, employee ownership. Tell me more about how that works. Well, employee ownership, this cooperative economics as a legal structure has actually existed for a really long time in the United States. If you talk co-ops or if you talk about the ESOP model which has been in the US for over 50 years. But if you talk about it just as a practice in communities, shared ownership of enterprises and businesses has been a part of indigenous black communities across the world for centuries for generations. One of the oldest things out there. And really what that opportunity is is an opportunity for people out of place to share the risk and share the reward of the work that they're doing. One thing that the pandemic I think made very clear is how workers at a firm, we all talk about risk and reward, sharing and taking with owners of firms or entrepreneurs but also recognizing that workers at firms also share in a tremendous amount of risk in the business but are oftentimes not able to take part of the reward. So what we see employee ownership whether it's using a ESOP and essentially what we'll do is we'll finance the movement of equity from an exiting founder over to a trust and ESOP trust that holds those shares on behalf of the workers and functionally serves as a retirement like account. So as the workers stay with the firm they earn more shares as the value of the firm goes up the value of those shares become more valuable and when they exit they're allowed to essentially put those shares back to the company and receive a payout for it. We believe this is part of the story of how we create that balance, that proper balance between risk and reward of being a worker and being an owner and sharing the risk and rewards of the business. So to date for example, so we've invested in two companies thus far one about 150 person landscaping firm, another about a 60 person plumbing company, one in Denver, one in El Paso and these 200 workers and these 200 families the idea of being able to build long-term wealth and to have their interests as a person aligned with the interests of the business that they were working for apart from going to work and receiving a paycheck is the opportunity that we're trying to create and what the data and research shows is that you end up getting better businesses which when you think about it makes a lot of sense. When everybody at the firm recognizes the alignment of interests you're gonna get better companies. Thank you, Todd. And one of the things I love about Todd's model is CAPEQ, one of the groups that we work with is private equity and oftentimes private equity is a fuel for inequity, human inequity and we partner really closely with those organizations not just to make sure that the worker and the employee base are treated well but also to create these shared ownership models and so I raise that because Todd your fund is doing so great and also even if you have what an air coach traditional portfolio is you can still hold the standard high to ensure that wealth building opportunities exist in your investment portfolio. Now, Arthi, I'm gonna just tell you something that I hear all the time whenever we talk about BIPOC businesses. There are no opportunities to scale. There's no opportunities out there to invest in things that actually drive BIPOC-led growth. Has that been your experience as you've been doing the BioFund and do you have examples of how, whether or not that's true? I have so many examples of why that's not true. I will say, let me just start with a stat. We've, I've been with the firm now for about a year and a half doing this work. We've screened over 450 deals that meet one of our two kind of main criteria, threshold criteria, which is either they are businesses that are founded, led, managed or have a employee base that is largely people of color or they're an investment that focus on serving under-capitalized communities of color. So over 450 deals that we have looked at and screened that meet those criteria, we've closed on six, so we maintain a very low selection rate. And I will say that the intentionality behind our fund, I think, is really driving that sourcing channel. We also have the advantage of sitting, as I said before, in the center of our BlackRock alternatives platform. And what that means is we have advocates and partners across the firm that are bringing us opportunities as well. One thing I will say, BIO, the BIO fund has resonated far and wide with BlackRock employees across the firm horizontally, but also top down. So we're seeing in-bounds coming in from everywhere across the organization. But also because we have this intentional focus that calls out the demographics that we are focused on serving and helping, we are seeing a lot of inbound opportunities. Now, we can't always execute on all of them, of course. We are squarely kind of in the area for to help businesses in their growth stage. We can't make early stage investments and we're not investing in other funds. However, we have found that the conversation and the partnership that we developed with some of these early stage businesses is super helpful. We're learning, I think our entire team would say we're really humble about where we fall in this ecosystem and the role that we play. And we're learning a lot from founders, from other folks who are like-minded like us and want to continue to put more capital towards the ecosystem. Our hope is that this sector continues to grow and that we're just at the tipping point right now of what is possible. Well, BlackRock, you have so much influence and you really taking a stake in the ground on that will affect a lot of folks. Tell me also about how the money is structured. Is it equity? Is it debt? How does that work? Yeah, I think that's one of the most differentiated pieces about our fund. So we're a multi-asset, multi-strategy fund and that means we have the ability to invest in equity, in private credit, in real estate equity, infrastructure equity, in real estate debt as well. So we can invest up and down the capital stack and our investors and our clients who've signed up to as LPs in our fund, they really like that because it gives them portfolio diversification across the asset classes. It gives us the ability to really have authentic conversations with founders and figure out what they need. It also gives us the ability to adapt and be nimble in market conditions that, you know, one, it may not make sense to make an equity investment. We can pivot and kind of think about other ways to allocate our capital. So we're building out a diverse portfolio across asset classes, across the themes that I mentioned earlier and across diverse geographically as well across the United States. We wanna make sure we're hitting on communities across the US that really truly need the capital. You know, one of the things that that raises for me is in general, when we look at the research, we often see that people have really strict forms of capital. And, you know, they like to say, well, this is just the way this works. Or objectively, you didn't meet our screens or our criteria. But honestly, when you think about communities who have had their land stolen, who have not had access to capital, who have actually basically been paid lower wages over generations, the traditional processes for capital and screening often aren't meeting their needs. And one of the things that capital providers have to do is think about how do you find flexible ways to say yes, to have the financing meet you and say yes. So Valerie, when I think about saying yes, you need to tell me with all them degrees, people, let me see, you got an MBA, you're a civil engineer, you're an environmental engineer, you worked for blue ship companies, you couldn't get funding? And how did that work? And how did you get the funding that you needed? That's right. In the early days of onshore, after my $2,500 worth of funding that I did, I actually went to my local bank, BMO Harris Bank. I presented my business plan to them. I was able to secure 100,000 in capital to get the company started. But since then, I have used a combination of receivables financing, the bank financing, and then just growing the company organically and reinvesting the operating capital back into the business. That's how onshore went on and on since we started back in 2004. But it was very difficult to access capital, larger amounts of capital that would have helped to accelerate the business. One of the things is that a lot of capital providers just don't take a lot of women-owned businesses seriously and that's got to change. I mean, it's 2022, we've got to change that paradigm. But it was challenging, if you will, to get capital. And that's why I used some of the more expensive methods of capitalizing the business at the beginning. But yeah, it was not easy getting the capital that we needed to grow the business. One other thing I would say is the system that I developed, I was sitting on top of a platform, but the platform provider was changing directions of the platform, so I needed to actually acquire the IP. That was a little bit like rocket science to try to figure out how do you acquire the IP? It's not cheap by any means and that's where founders first came in. I'm happy to report today that I own all of the intellectual property now for Validation Master because of that. And instead of being just having a valuation that is single, now our valuation is multiple and that makes a difference. And as Todd was saying about growing wealth and that kind of thing, my business is not a lifestyle business. It is a sustainable growth business. And that's what founders first actually recognized about us is that we're trying to create jobs. We're trying to not only grow our business but contribute back to the community. And without having that access to capital, that was challenging in the beginning. So if you look at my firm, we're 18 years old but we grew organically at the beginning. We did not take in oodles of capital, as I said. We only got 100,000. And for those of you who are on a business, you know that that's not a ton of money when it comes to growing a business, especially one like mine with very expensive labor. It was very difficult at the beginning but thank God for founders. Well, and founders first has an interesting model. Tell me more about revenue-based financing. What does that mean? Yes, it's interesting. Revenue-based financing is financing where the payback of the investment follows your revenue. So if you have a month where you make no money, you pay no money. Now this is interesting because I had a loan with on-deck capital and many of you know on-deck capital that's a daily pull out of your account. So if you run out of money, you're kind of hosed with on-deck capital because they still take the money out or attempt to take the money out of your bank account. It's unlike, and by the way, it's expensive capital. I think it's 16 or 18% on the capital. Founders is only 4%. So if you think about that, that was actually better than my local bank. My local bank was charging six and a half percent. So when you think about the access and the cost of capital, that's one thing. But here was the big thing about revenue-based financing. Unlike venture capital, they don't take an equity stake in the company. And that was very important to me. I am an MBE, DBE, and WBE firm. For those of you who don't know that alphabet soup, that's a disadvantaged business enterprise, a minority business enterprise, and a woman business enterprise. So I'm a triple threat. And so the problem is that state and federal organizations require you to at least maintain 51% of the ownership in the company. So some of the VCs that I've talked to over the years, they were looking for anywhere between 10 and say 30% of the company. When you're an MBE, DBE, and WBE firm, they kind of look at you a little different if you don't own a majority of the company. Even though technically on paper they say 51%, they really want you to own more of the percentage. So revenue-based financing gave me the opportunity to actually retain 100% ownership of onshore while accessing the capital that I needed to run the business. It was the perfect business model for onshore technology group. Thank you, Valerie. And Valerie's example is something that we're seeing across, whether it's equity or debt, just really having to look back at the processes and the due diligence processes. So when you think about let's take debt, for instance, traditional character process like five Cs, credit, collateral, character, each one of those five Cs that seem to be really objective actually end up being an additional barrier. So when you think about Valerie's example, she had to take more expensive capital and it took longer to grow because you had to do it all yourself. This is what's happening to founders of color. Because we can't get access to capital, we are figuring it out because we have assets and we're brilliant. And why come the capital can't meet us where we are? Because a two-time Inc. 5000 winner was an investment that a lot of people are probably wishing that they were part of. So I just wanted to call that out, Valerie, and it's just inspiring that your leadership there. Now, when we think about Valerie, you've given us, been really vulnerable in sharing some of the ways you've had to figure things out as you go, which leads to what kind of support do you need when you're providing capital in a different way? And maybe both Arthur, you and Todd can explain or share some of the wrap-around supports or capacity-building you do as your support organizations. So as we're saying earlier, we see employee ownership not just as a tool for impact, but as a, there's a business case for it, a very real business case. Again, all the metrics of business success and growth, when you break them down and look at employee-owned companies versus their peers, they're just better companies. But the caveat to that is that only happens in employee-owned companies where they're actually building a culture of worker ownership, of helping your workforce to start to think like owners. And what that requires is a lot of time, energy, education, training, and input costs that we see as an investment that's gonna pay itself back. So specifically, when we look at the firms that we convert to employee ownership, we work closely with our TA partner, the Democracy at Work Institute, which is actually the national nonprofit that incubated the funds. This actually came out of the Democracy at Work Institute's goal to provide employee ownership opportunities for more people of color, more folks who haven't had traditional access to the economy through employee ownership. But what the Democracy at Work does in partnership with our team and all of our firms is we go in and we start to implement these best practices and tools that really come a lot from the world of cooperative business enterprises. So open book management, what does it mean to sit with everybody in the workforce and start to train them to help them understand at varying levels what the financials of the company looks like and more specifically how their job impacts the financials of the company. How is what you come to do, come to work and do every day, how does that make the company better and thus how does that make your balance sheet better through your employee ownership? Democratic governance. So actually having workers sit on the boards of the companies where they work, which is a model that's more common in Europe and other parts of places in the world. But how do we create that feedback loop between governance management and workers is something that you can't just drop in and say now you're part of the governance process, there has to be training, there has to be education, there has to be support. We're gonna do every worker's gonna vote for some representation on the board. We have to be there to support that work. And then there's also traditional, these are successful businesses that we wanna grow. So coming in and doing a lot of the things that traditional investment firms that are looking to grow and sustain firms are gonna do. So coming in and providing, helping see where there are gaps in the finance function or the biz-deff function and providing that support and giving them the contacts and relationships that they may need as a small business. And so all those things are a part of it. When we built our model, our investment model, we've already built those costs into the model. We always say if somebody's talking about employee ownership and they don't have those line items for that training, that education, that support, along with the other sorts of business supports there, then you may wanna look twice and tell them to add those lines because it's important. Thank you, Todd. And when Cappy Q works with organizations, one of the things that we see, which I love about your example is, people want equity, diversity, equity, inclusion, supporting small businesses, supporting businesses of color, to be a side hustle, a side dish. They want it to be bolted on and it's really about being built in and having a really specific set of tools and levers that you're pulling. And so we even captured that in my most recent book, The Social Impact Advantage, because you have to actually get down to the how you make your money, how you spend your money, how you invest in your people and build it into every lever of what you do. It is not just a side program for people on the side. It really has to be core to your operations. What kind of support do you provide, Arthur, through bio? Absolutely. So when we look at investments in businesses, we are really looking for alignment in terms of community engagement and we want to help support what the management team might already be doing through our capital. But we also want to be more than just financial partners. We really want to be strategic partners. We want to help these businesses grow. We have obviously the platform behind us, BlackRock. There is a sector expert, a thematic expert, financial ninjas, strategy experts across the firm. And one of the great things while working at a place like BlackRock is we have the ability to leverage all those skill sets. And I will say there is so much energy and excitement about what we're doing across the firm that everyone's really willing and able and happy to help us not only bio be successful but also help our portfolio companies grow and thrive. But one thing that you said really resonated, we really focus on trying to think about ways in which our investment can multiply. So when we talk to the businesses we're working, we're investing in, we look at their supply chain, we look at their vendors, and we really encourage them and think through ways in which we can provide ability for them to diversify that supplier base more. Several, all the businesses we've invested in have already have that ethos as well, which is what makes such a great partnership for us. But we love seeing that thing, thinking about ways in which our investment dollar can go further, can multiply through the ecosystem. So we've encouraged that, we've brought our partners to the table in several different cases. We've introduced minority depository institutes, institutions to the equation and they've now become part of the business plan. And it gives them the ability to participate in a part of the capital stack that they otherwise wouldn't have been able to participate or otherwise weren't invited to participate in. So we're really thinking about creative ways to bring in more organizations who are doing great work on the ground and to build out that ecosystem by leveraging the breadth and depth of our platform. Another example of embedding as opposed to building our, oh my gosh, we're gonna have to close soon but before I thank everyone, I just want to say to everyone here, particularly if you are managing a capital manager, asset manager, asset owner, people understand capital and they understand the concept of compounding interest. And we really have to wrestle with the fact that capital has been the fuel for compounding and equity. And the moment we are in right now is not about savings rates. It's not about preserving our capital. The amount of capital that has driven and fueled an equity over generations requires outsized returns. And so I want to congratulate and thank everyone in this room who is trying to figure out how to make their capital land more equitably. And I want to challenge you to make sure that the way that capital is growing is meeting the scale of the brilliance in the assets in the BIPOC community. Thank you for all of you who are here. Thank you for my panel and enjoy SoCAP.