We sent out our 2025 memo to institutional backers today, but halfway through, something clicked—it's actually the community that's been the real engine of our growth. The retail investors who believed early (through fluffle, echo, and public sale rounds) ended up contributing far more than we initially gave them credit for. That realization hit differently. Looking back at the year, it's hard to overlook how much momentum came from grassroots support rather than headline fund announcements. The ecosystem moves on genuine believers, not just capital. Here's to the ones who saw the vision before it was obvious. 2025 reflections coming your way.