Three main profiles. First, distribution: fintechs, brokers and platforms with client bases in Europe and Asia that want to offer Brazilian tokenized fixed income, in the partnership model we're building. Second, institutional capital: we've already structured a R$ 500 million target over 36 months with Duna Capital, and we want more partners of that size. Third, institutional custody: we're in talks with traditional banks to act as custodians. With regulators it's not a partnership, it's collaboration: we hold a CVM license in Brazil and have a PSAV process underway at the Central Bank. We want to help build the rules, not go around them.

Every week someone shows up wanting to "tokenize" something as a regulatory shortcut or a marketing play. Inflated valuation with no appraisal, an asset with legal problems wrapped in a token, projects that just want the stamp of a regulated platform to sell absurd return promises. We refuse all of them, and we've turned down big deals after due diligence. The problem is always the same: they want to use the technology to hide the fundamentals, when it exists to do the opposite, to bring transparency. Our zero-default track record exists precisely because of the "nos" we said.

Today, in structuring: structuring fees on the offering, success fee on the raise and a recurring management fee. That's how we generate revenue now. But the real money, looking ahead, is in recurrence and scale: management fees on a large base of assets under management and a secondary market running with real volume. Whoever just charges to mint tokens will become a commodity. Whoever builds distribution, licenses and trust keeps the best part of the chain.

Renewable energy and carbon credits. Brazil is a powerhouse in solar, wind and biofuel. These are assets with predictable cash generation and long contracts, perfect for tokenization, and European investors have a huge appetite for green assets. It connects directly with our expansion into Europe: Brazilian yield with a sustainability stamp for the investor over there.

Expand the limits of CVM Resolution 88: a higher fundraising cap per offering and access for larger companies, while keeping investor protection. The model has proven it works, we're living proof, but the current cap limits the size of the projects we can serve. Second, calibrate the capital requirements of the Central Bank's PSAV regulation, which today create an entry barrier that favors only the big banks. Europe already signaled the way by raising the prospectus exemption to 12 million euros. Brazil can lead this, not follow.

Dividend payment day. Watching an investor who started with R$ 100 receiving yield from a property or an agribusiness deal that used to be millionaires-only, that never gets old. We've distributed more than R$ 12 million that way. And right now I'm really enjoying the international expansion: opening a new market from scratch, explaining Brazil to the European investor. It's the pure entrepreneurial side of the business.

Traveling and being close to my family. That's it, and that's plenty.