Spacks - What Are You Expecting From That?

Last year was a tremendous record in terms of what we saw, and really an anomaly, if you look from a historical context. One of the trends that we've seen this year is that a lot of those despacks from last year are actually trading below the ipo price. And so that's putting pressure on the thesis and on these companies. The other trend that we're keeping a close eye on is there're still 600 spacks out there that are looking for partners"