What actually happened to exits and failures in investment crowdfunding—and how should investors react? In this episode, Brian Belley and Scott Kitun unpack Kingscrowd's latest dataset (650+ recorded outcomes through Q4-to-date 2025). We cover how 2023’s spike in shutdowns/bankruptcies cooled in 2024–2025, why exit volumes remain muted, and the macro and operator realities behind both (rates, liquidity, AI-enabled efficiency, consolidation). You’ll learn how a falling failure rate can change portfolio sizing, what to expect from M&A/IPO pipelines, and how to log outcomes at tax time (K-1s, write-offs, QSBS considerations—educational only). We wrap with quick takeaways from Investment Crowdfunding Week and practical ways to track your own outcomes using Kingscrowd tools.