Every deal, on thesis. Every quarter, on record.

2026

  1. No. 003 · August 2026 · Latest

    The Distance Closed

    Eighty-five percent built, beta clients live the week of September 14, and the $34B ownership transfer reshaping AEC M&A.

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  2. No. 002 · July 2026

    Conversion

    From designed to shipping: the first modules move into the product, running on real deal structures.

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One letter a month, on record, to the investors who back the build.