So with Forge Europe, I mean, we’re really excited about the opportunity there. I mean the team is growing. As Kelly said, we’ve started to do some trades. We have the ability to trade as a tight agent through registered entities in each jurisdiction as we await approval by BaFin. But the team is out there talking to private companies. They’re talking to institutional investors, right? We’re getting indications of interest. And we just think it’s an incredible opportunity where there’s — we don’t really have kind of competitors to speak up on the ground. But it will take time, right? I think that as you model it, you have to kind of build it out over time. I think ultimately, right, we talked about cross-border flows across Europe, Asia and the US, but it’s going to take time to mature and evolve.
I think the other thing we wanted to mention is the Forge private market index. So as we had announced, we’ve created a partnership with Accuidity and the Accuidity Megacorn fund will start to track the Forge Accuidity Private Market Index on April 1. So as we said earlier, this will be an investable index. We’re really excited about it. Again, it’s something that we think will take time. But to have — to have — give investors the opportunity to invest in the private markets in a passive manner, right, complementary to active investing in private markets. I think we think it’s a game changer in the long run. But again, we’ll take time to mature and build scale. But that’s something that we feel very excited about as well.
Owen Lau: Got it. And then just a quick follow-up housekeeping question. Could you please add more color on the $2.5 million increase in the accrued legal expenses related to our settlement and also – I also saw another $3.8 million loss related to change in fair value of your warrant liabilities. I just want to make sure I understand these numbers correctly. So I assume they are non-recurring in nature. Is there anything we should be aware of? Thanks.
Mark Lee: Yes, Owen, I think there’s a fair amount of information about this in the 10-K. We have talked about — we have provided information. We did have warrants, private warrants kind of — as we went public, we did have legacy warrants and the lawsuits revolve around those private warrants. We’ve mentioned in prior calls that a lot of this is non-cash. And yet, it’s an expense as a legal settlement. It’s a cost you have to include in G&A in your adjusted EBITDA. So I think there’s a — it is a one-time related to that particular matter as a one-time kind of related to the acquisition of SharesPost back in 2020. I mean the Warren mark-to-market in general, obviously, which was a pretty significant number this quarter. I mean, it’s related to the increased value of these warrants based on the stock price.
And as you recall, I mean, the stock price got up into the threes and even approached $4 at the end of the year. And so a lot of that mark-to-market is driven by the increase in the stock price back at the end of the year.
Owen Lau: Got it. Thanks a lot.
Operator: Your next question comes from the line of Ken Worthington from JPMorgan. Please go ahead.
Michael Cho: Hi, good afternoon, Kelly and Mark. This is Michael Cho on for Ken. Thanks for taking the question. I just had a couple of quick follow-ups on the discussion we’ve been having. I guess just one on the on the data business, I think, Kelly, and you’ve certainly announced a number of good and forward-leaning initiatives around this business, and it seems like a good path forward here with the launch of Forge Pro as well supported by that data. But I guess, Kelly, I think I heard a comment when kind of a shift in the data business strategy, and you talked about kind of prioritizing adoption over kind of near-term revenues. I guess, one, is that a kind of a short-term strategy that you’ve taken in terms of positioning the data business?
And two, is there like is there a point in which you will start to prioritize revenue again in the data business. And again, just trying to gauge if there’s a tipping point at all or if this is a clear shift in strategy that’s implemented for the medium-term? Thank you.
Kelly Rodriques: I guess you should, Mike read into it as a strategy for 2024. I’d say we’re at a point right now where we see an advantage in the quality of our data. We think it’s unique in the market. You’ve got a bunch of competitors out there that are aggregating third-party data that they don’t own and that you could question the validity and quality of it. We think that not only is it time for us to dimensionalize data from just a subscription product, but into a trading product like Pro, that we’ve got an opportunity to make a pretty significant ramp for market share right now. And we think 2024 is the right time to do that. And we’ll do that through a combination of bundling, pricing strategies and essentially being really aggressive in getting our data out to as many customers and prospective customers as we can.
I’d say you and the other folks on the call should continue to watch for where you see Forge’s data appear because beyond Forge Pro, this strategy for adoption and exposure will extend beyond just what we’re going to market with and into a range of other activities that will play out over the course of the year. But this is a very lead to 2024 strategy. We believe, given the quality of it, it’s really valuable to the relationship between those who trade, and those that we do business with on the institutional side. So that doesn’t mean revenue is always going to be a priority, Mike. And we certainly want to see it translate into revenue. We just happen to believe this strategy here will translate particularly positively for Forge, given the scale of our marketplace business.
