Full speed ahead

August 7, 2023

Heading into our board meeting last week, there was cause for concern. AUM has been stagnant, we missed on our revenue targets as a result of the broker dealer delays, and software revenue still needs time to be realized. And yet the sentiment all throughout the meeting was one of optimism and momentum. There's an undertone of growth and opportunity that this company has not felt in years. The credit facility is coming online and deploying millions at a time. The acquisition strategies for investors, whether they're accredited or qualified purchasers, as we saw in the all-hands is paying dividends and bringing on new assets at a rapid clip. International opportunities that allow us to flex our pure play software capabilities are on the horizon and we have the right partners to help get us there. And maybe, just maybe, the broker dealer license that has been eluding us for so long is going to fall our way. We have a lot to be proud of for the foundational work we've done this first half of the year and the board has expressed confidence that the second half will be our best one yet.

To get there, several key things will need to be done or begin to be tracked:

• A lookback analysis on historic AUM trends and revenue to quantify the revenue relationship (i.e. what % of revenue are we generating per $1 of AUM)

• Comparison of acquisition cost for every net new $1M AUM per Accredited Investor and Qualified Purchaser channels

• Resource allocation dedicated to investor acquisition and identifying where the constraints and bottlenecks are

• Devise and model out other methods to catch up to the initial 2023 revenue plan

All of this is intentional as it helps us figure out for every $1 we spend on acquisition, how much AUM can we expect as a result. When we have confidence in this data, the board has already indicated an interest and a willingness to give the go ahead and allocate more budget to acquisition to help us hit our AUM target faster than by July of next year 🔥