How to Explain Normal Syndication

So in a normal syndication, we have our parent entity, right? Oop, there's a camera. There. And underneath it, you're going to have— I'm going to keep it stupidly simple, but you'll have your operating, your management LLC, and your LLC for the limited partners. So you'll have them all in groups. The re-syndication, usually we are swapping this out. So parent LLC owns the property. We're going to do a new— we're going to cycle this section. This is all of the limited partners. We're going to cycle it. It is a new LLC, but not the parent LLC. We're going to keep that one in place. Okay. All right. Thank you. I could have done that without the paper. I think now in retrospect, that was— it is an option. It's actually the backup backup plan. If I had a problem with the— if I had a problem with the Robinhood, it was like, okay, when I bought out Cody, that was a consideration of if I needed to raise more capital, I buy his position. I have 2 years to improve the books and come up with either enough money to buy out the investor because I'm not refinancing. I have an awesome debt product exactly like this where I don't want to lose the debt product. And I have another 5 years after I have to pay out the rest of the investor. However, if I don't have enough cash, I have that amount of time to improve my books so that it becomes investible to have other people come in and at less equity than I had to purchase. So basically, I bought up 100% of the Robinhood equity with the emergency button of I can add investors back into this if I need liquidity in 2 years. Perfect use of a re-syndication. I wouldn't actually syndicate the Robinhood, but you get the point. It would be adding investors to the LLC It's technically a new LLC 'cause it's new people, but the actual entity does not change. Okay, perfect. Thank you for the explanation.