Good afternoon, ladies and gentlemen. Welcome to the Dream Impact Trust second quarter conference call for Wednesday, August 3, 2022. During this call, management may make statements containing forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Additional information about these assumptions and risks and uncertainties is contained in the Trust filings with securities regulators, including its final long form prospectus. These filings are also available on the website at dreamimpacttrust.ca. Later in the presentation, we will have a question and answer session. To queue up for your question, please press zero, then one on your telephone keypad. Your host for today will be Mr. Michael Cooper, Chief Responsible Officer. Sir, you may begin. Thank you very much. I'd like to welcome everybody to Dream Impact Trust second quarter conference call. It's been a very exciting year, and I think we made a lot of progress in a lot of areas. We continue to have a few challenges. I'm gonna get into that in a minute, but I thought that first, Meaghan, can you speak to the financial results? Sure. Good afternoon, everyone. I'd like to start by summarizing the quarter end results and then discussing our liquidity position. As it relates to earnings, in the second quarter, the trust recognized net income of CAD 0.6 million compared to a net loss of CAD 1.5 million in the prior year. On a segmented basis, the development segment generated net income of CAD 0.5 million compared to a net loss of CAD 0.6 million in the comparative period. The improvement relative to prior year was really driven by the net impact of foreign exchange on the Virgin Hotels, partially offset by sales and marketing expenses at Forma Condos and fair value adjustments on income properties under development in the prior year. In the period, we were excited to launch sales for the east tower at Forma, which as of today is now over half sold. Forma is located in the heart of the entertainment district in downtown Toronto and will comprise 2,000 condo units between both towers upon completion. Based on current development timelines, we anticipate first occupancies on the east tower to be completed in 2028. This past April, the Trust acquired a 33% interest in the first phase of the building with LeBreton Development, referred to as the Library Parcel in Ottawa, for a total investment of CAD 1.3 million. The site is adjacent to a light rail station in close proximity to our 34-acre Zibi development. Being named the winning proponent of the Library Parcel continues to reinforce our proven track record and expertise of developing innovative solutions to bring forth affordable housing that is both sustainable and inclusive. As it relates to our recurring income segment, the trust generated net income of CAD 2.3 million compared to CAD 0.5 million in the prior year. The increase in earnings was primarily driven by growth in the segment, specifically our commercial blocks in Zibi. In addition, comparative results included a CAD 1 million provision taken on our loan portfolio. Subsequently this quarter, the trust acquired a 50% interest in Assembly Park, a 210-unit multi-family rental building located next to the Port Credit GO station and in close proximity to our Brightwater development. The site also includes land adjacent to the rental building, which is slated for redevelopment. The purchase price of CAD 105 million at 100% for both the rental building and redevelopment land was funded through cash on hand from the trust convertible debenture issuance and conventional financing. Through Assembly Park in 2022, the trust has invested CAD 23.9 million to further grow our recurring income segment, adding an additional 290 multi-family rental units. Between now and 2025, as we continue to execute on our development pipeline, we anticipate adding an additional CAD 500 million high quality residential and commercial assets to this segment. From a liquidity perspective, at June 30, the trust had CAD 30 million in cash on hand and CAD 35 million available under our credit facility, with CAD 15 million drawn on the line. Cash on hand included the unutilized portion of our CAD 40 million convertible debenture offering completed in the quarter. The convertible debenture carries a coupon of 5.75% and matures in 2027 and was done under our impact financing framework. The trust debt-to-asset value as of June 30 was 25.7% or 57.4% when including equity accounted investments, up from March 31, largely due to draws on the trust credit facility. At the quarter end, the trust had CAD 60 million of debt maturing in 2022, which has now been renewed and upsized modestly. With no other debt due this year and based on our current forecast, overall, we are comfortable with our near-term liquidity position, and we'll continue to monitor the impact of macroeconomic factors across our business segments. On that note, I'm going to turn the call back over to you, Michael. Thank you, Meaghan. I want to point out a few areas of interest, and then I'll dig into a couple of examples of what's happened with the assets. Firstly, we completed CAD 350 million of acquisitions and development completion to add to our recurring income. In the last 12 or 14 months, that's been a pretty huge increase. As we said in the press release, over the next 36 months, there's another CAD 500 million of income properties being added. Our income properties are growing very rapidly, and they're very exciting assets. Next year, we expect early in the year, Block 8 of West Don Lands. That's a 751-unit apartment building to start renting up. We've got two more apartment buildings in Zibi, one in Ottawa, one in Gatineau, and a small office building. That's just in the next year. We're looking forward to having more and more recurring income assets. More residential assets. We've had quite a good time so far with our residential assets because for the most part, we locked in our debt, and we're now starting to see rents increase rapidly. For the assets that we're repositioning before we refinance them, the rents have gone up as have interest rates, although they're coming back down a bit now, and it looks like we'll meet or exceed the initial acquisition returns on those assets. Our income assets are doing well, and we're pleased with their progress. I did wanna give an update on some of the development assets. A small one is Mutual Street, which is making great progress. It's on track. It's on time. We now completed the excavation, the building up to grade, and we're starting to be above grade. Pretty soon it'll move fast, and we're pleased to get that going. As Meaghan mentioned, the Gehry Tower, we launched it in June, middle of June, and we've been able to sell half the building is now sold firm. It's a very large building, so it's massive sales. The sales price is very strong, and we hope to be in a position to lock in a lot of the construction prices later this summer and start construction this fall. Based on our results, the property will turn out to be more profitable than we had been planning up until now, and we're quite pleased that that project looks as strong as it does. People have been very excited to have a piece of Frank Gehry's biggest residential project in the world and one of his only projects in all of Canada. 100 Steeles is gonna be 1.5 million sq ft of density. We're working on the approval. We're making progress, and that'll be condos and apartments. TTC Line 1 will be extended to Steeles and probably by the time we're finished the building, so we're quite pleased with that asset. I think Meaghan mentioned it, that we won the Quayside business in February, and we're working to further that. With the Impact Trust in general, we're more focused on impact assets than development assets going forward. We'll probably buy a small part of the Quayside project to participate in it, but also we own the adjoining site Victory Silos, and there's a high likelihood that we'll develop all of that land together. The Impact Trust will own enough of Quayside when we mix it together because of their ownership of Victory Silos. Now Victory Silos is a project we bought in 2017. It's been very successful. We've got it zoned for 1.3 million sq ft. It's on the water. I'm throwing around big numbers, but 1.3 million sq ft in downtown Toronto on the water is a pretty special site. What may not be known is because there's been so much value added, it's our second highest investment in equity in our whole portfolio. It just trails behind the equity we have in Zibi, so it's been an important site for us. As I was saying, with Quayside, we don't wanna put too much money into that development because we'll put the two sites together, and we already have so much equity in Victory Silos. The West Don Lands, I mentioned Block A. If you're around there, it's a three-tower apartment. It's coming along great. And Block 347 is even a bit larger, and it's now coming up. It should be at grade soon. If you're in that area, it's something to see because they're very large development sites. All of our development projects are coming along well. Zibi's coming along well. LeBreton, it's pretty innovative, the financing that we did there to put together a not-for-profit plus our for-profit to create 41% of the project affordable housing and to be able to work with the not-for-profit and support them to be able to meet the requirements to get the debt. We think that project is gonna start pretty soon, and it'll be a real model for what we do next. One thing to think about is, with interest rates increasing, generally what it's meant is all of the methods of providing funding for affordable housing are not economic. For apartments, to build apartments now, it takes even more capital, and it's a little bit riskier because you don't know what the take of financing is gonna be if you just do market. Condos we're seeing are slowing down a bit. You know, what we have is we have a lot of projects that have 10-year fixed debt from CMHC at very low rates. You know, those buildings will be completed on time, on budget, and with low interest rates, they're gonna be very, very successful. Some of the other ones that we're starting now, like Gehry, we're getting prices in revenue side that will reflect the increased costs. As we get through the next little while, we're working very closely to see how we can work with the government to create more affordable housing. I think the demand is so high, and it's such a national problem, there's gonna be big opportunities there. That's a nice link because I think we're making quite good progress on each of the assets and the values of our assets. What we said from the beginning is we look at measuring both our impact as well as our financial results. On the impact side, we're very pleased that we're hitting all of our goals, and we're delivering on them, and we're getting recognized for that when we get rezonings or working with different government bodies. It's coming along great. It's leading to more opportunities. All of that is really great. The Virgin Hotels in Las Vegas, owning a hotel during COVID has not been a great thing, and we're a passive investor in this. It's a significant asset for us, and our preference is to sell it. The business plan has always been to buy it, fix it, and sell it. It's been slowed down, so we are a little bit concerned about that. Otherwise, our portfolio is doing great, and we're thrilled that we have increasing recurring income. We're not happy with the stock price at all. We've been surprised that it isn't performing better considering the successes we've had. We do think that as we continue to hit our goals, get more and more recurring income and, you know, have a market that may be more interested in stocks generally, we'll be able to get a bit of a tailwind. For now we're fighting the good fight. We're meeting with investors. Hopefully, we're gonna start to get some more traction with more recurring income and more products that are Impact. I think that ESG over the last six months has been somewhat discredited. What we're doing at Impact, where we're measuring how much affordable housing we're building, what the rental rates are, how much they're below market, how much people are saving, the work we're doing with the Canadian Infrastructure Bank to reduce our carbon emissions, plus to be building communities net zero, and also what we're doing in inclusion with the Greenbelt Foundation is really getting momentum. I think that we'll start to see a belief in the company that we don't see now in the future. We're just not sure when that is. We're spending a lot of time on marketing. We hope to have more traction. In the meantime, CAD 500 million of recurring income assets being completed through development is a big deal. Hopefully, we'll find some opportunities to acquire a few properties along the way to add to the recurring income. Other than the stock price, we're pleased with the company and we're gonna be focused on improving the stock price as well. I think that's a general roundabout for the company. In 90 days, not that much happens. We do wanna report back to you, and we'd be happy to answer any questions at this time. Thank you. We will now begin our question-and-answer session. If you have a question, please press zero then one on your touchtone phone. If you wish to be removed from the queue, please press zero then two. If you're using a speakerphone, please pick up a handset first before pressing the numbers. Once again, with your question, please enter the queue by pressing zero then one. We have our first question from Sairam Srinivas with Cormark. Please go ahead. Thank you, operator. Thanks, Michael and Meaghan, for the comments. Michael, my first question is for you in terms of capital allocation. When you think about acquisitions versus development versus currently where unit price is and therefore repurchasing, what are your thoughts on the general capital allocation strategy? I think that generally we're well invested. I think that we'll be looking more and more at where we may be able to bring partners into some of our development assets, extract some of that capital and accelerate the focus on recurring income. We don't have a big acquisition plan because I think we're already creating so many excellent assets. Just redevelopment. I don't think we have to buy more. That makes sense, Michael. Probably just thinking of this from the perspective of the yield to expand, you know, currently we have a 4.6% yield on the development projects. Considering the environment we are in currently, do you see a lot of room there to expand and therefore reflect the rising cost environment as well as rising rates? Sorry, Sir. You just cut out a little bit. Do you mind repeating the question? Yeah, of course. Generally considering both a rising cost as well as a rising rate environment, do you see further room and development yields to kind of expand to reflect that and give you a bit of an upside there? Oh, that's an interesting question. We do pretty unique projects and, you know, I think that if you take a look at our proportionate balance sheet, I think we're at 57% debt. A lot of that debt is very cheap government debt at very high ratio. You know, there we don't have a lot of cost inflation. All the projects we're doing, I think we're on budget. For the projects that we started, I think they're gonna come out perfectly fine. For new projects, I don't know that development yields are gonna get better, but I do think that, the growth in the rents are likely to be better after that. Instead of rents going up by 1% under rent control, they might go up by 3%, and I think the market rents could go up a lot. I do. I think you would see it in the inflation on the revenue side, not in the yield on costs. That makes sense, Michael. Looking at Brightwater specifically, and I know we've seen the headlines recently about, you know, condo projects being put on pause generally in Toronto, do you think that's something which will impact the execution of that project or the timelines or the sales? Brightwater is a really interesting project because it's 3,000 units in total, and we just do one chunk after another. We're working on the retail center, and we've got great traction there. That's under construction now. We've got a couple other buildings under construction, and we started to market the next phase. The margins on that one should be quite good. In fact, this is a general comment: There's a real split as to whether we should be budgeting big increases in construction costs or if it's turned, and it'll be flat to maybe even down. You know, the inflation, a lot of it is kind of behind us on commodities and labor's gone up, and maybe there'll be a better balance between the people who are building buildings and the unions and the contractors. I'm kind of on the side that I don't think we're gonna see a lot of costs getting out of control, which goes into pro formas in a serious way. I think with Brightwater, we're doing pretty good on sales. When we get enough sales done, we'll start the building. The sales price gives us a decent margin. I think as long as we get the sales, I'm not too fussed about the construction cost. I think that'll turn out fine as long as we get the sales. That's good, Michael. Finally, my last question. Anna briefly referred to the Virgin Hotels property. Can you give any color on the timeline of the sale that you're expecting there? I think at this point in time, sorry, I would use what we've currently given guidance on. I believe we've said 2024 in the materials. I think that's the best estimate right now. Thanks for the call, Michael, Meaghan. I'll turn it back. Thank you. Thank you so much. We have our next question from Lorne Kalmar. Hey, everyone. Hey, hey. Hey, hey. I was just wondering, we heard from one of the other REITs about the impact of the Toronto construction union strikes on their development pipelines or projects, I should say. Was there any impact for you guys? You know what? The process is that there's all the different unions. Some of them settled before, some of them were negotiating and settling, some of them went on strike. They're only allowed to go on strike for six weeks. Yeah, look, it's hard to find supplies. It's hard to work with everything. Everything's hard, but it's a lot better than being in the airline business, I can tell you. We've had a lot less delays than they have. No, seriously, like, it's been a hassle, but are we three weeks behind? I don't even think we're three weeks behind in total. Okay. I just think it's a rounding error. I don't think it's a big deal. Fair enough. You guys mentioned that you did a pretty good job so far on the sales for Forma. How have those progressed kind of relative to expectations, both in terms of, I guess, the number of sales and the prices? We've raised prices repeatedly. Basically, we had a one-day event with Frank Gehry, with a group of the top brokers in the city, and all the leads came from that. We've been working for the last seven weeks or eight weeks now, finishing it. Now, you know, the rules just keep getting tougher and tougher for condo sellers on, you know, money laundering rules. Now you gotta make sure you don't sell to anybody and breach the prohibition on doing business with people from Russia. What I was amazed with, if you wanna do it virtually now, you need to have facial recognition software to verify it's the person they say they are. It's actually become a lot more burdensome to get all the paperwork done and signed off. The process takes longer now than it used to. Literally, we had one day of sales and spent the last eight weeks getting it all signed and waiting for the rescission period to go over. You know, we're actually closing the office for August, and in the fall, we're gonna release some new units. It went better than we expected. The prices are higher than we expected. We sold more. I think what's really important is a lot of these brokers are very influential, and they have a big clientele, and they're a little bit like a discretionary money manager. The people we dealt with have told their clients that if you're gonna buy a condo this year, you should buy it at Forma. They have a lot of influence. It's been very successful and we're gonna come out with new units. We'll be dealing with more brokers, and we hope to see the sales continue into the fall. It's a very successful project. Okay. Maybe just sticking with the theme here. I think you guys mentioned the fourth phase of Brightwater is now in the sales process. How has that been going? It's been going steady. The way that Forma's sold is unlike any other opening in the Greater Toronto Area. That's just an exception, but it's been steady. I don't remember the exact numbers, maybe 20% or so, more or less, and we'll just keep grinding through it, and that's just how the condo business is now. Fair enough. Maybe last one for me. I think last time we spoke, you guys had the trucker convoys outside Ottawa and so you got occupancy up a little bit quarter over quarter. How has that been progressing, and you know, when do you guys see that building stabilizing? Yeah, that's a great point. I mean, I think the last two weeks we've averaged six a week, and that's been a big change. We're doing a lot more promotion, and the protesters are gone. It's no longer minus 20. The building we're building beside is Block 11. Earlier, they were breaking the rocks and banging stuff and putting in steel, and I think it was quite a commotion. Now that they are above grade and progressing, it's not as disruptive. We're really seeing a pickup. I can't tell you when we expect to be stabilized, but even since the June thirtieth numbers, we've made a lot of progress. I think we're at 43% leased right now. I think we're gonna see some big progress over the next 90 days. Great. Sorry, just one last one. I think you mentioned the possibility of bringing in some additional partners to extract some equity from existing projects. Any projects in particular that you're looking at doing that with? I mean, the one that's obvious is 49 Ontario. This is 100% owned by the trust. It's an incredible site, but it'll probably be a CAD 700 million or CAD 800 million project. We're making progress on the rezoning of that asset, and that's the obvious one to look at. But there may also be others. Okay, great. Thank you guys so much. I will turn it back. Thank you. Thank you. Our next question comes from Chris Coutsoukaloulos. Hey, thanks. Good afternoon, everyone. Just one here from me. On projects like Zibi, where you have future phases blocked out, but you know, maybe there's some uncertainty on timing. I guess, how should we be thinking about the market rent growth you need to see over the next couple of years in order to get comfortable breaking ground on these new phases? Or is it more dependent on the ability to access kind of lower cost, higher LTV financing? Or what's kind of the key factors you're considering in your underwriting? There's two parts. One is apartments and one is commercial. On apartments, it's going pretty well. We're finishing up Alto, and then, you know, sometime next year, we should be starting to lease block 11. It's more of an absorption issue than a cost or anything like that. On the Ontario side, we're building out the first apartment, which is block 204, and there's Eddy Street Square. The only part of Eddy Street Square that doesn't have a building is another apartment, that's block 206, that we're getting ready to go on. We think on Ottawa, the absorption will be faster, but we're gonna wait and see what happens with the first building. A lot of the residential part is really absorption more than anything else. On the commercial, it's a bit of a quandary because the government needs to have buildings delivered within 24 months of when they build. If they have an RFP, you have to be able to deliver within 24 months, and we can't build within 24 months, and we don't wanna do spec building. We're doing a small one, Block 207, it's 50,000 sq ft on spec. I think it's 50,000. And we'll see how that goes. We're working with the government on some other ideas where we might be able to qualify more easily. But again, I think that the issue on the office buildings is getting the pre-commitments. In a lot of ways, I don't think. The construction costs, I don't know, I don't want to be an outlier, but we kinda planned for higher costs, and right now we're doing pretty good at Zibi on our costs, and we're doing pretty good at Zibi on our revenues. We don't have huge margins, but I don't think they're significantly smaller. The real issue is either having the presales on first leasing on commercial or just the absorption rate. We don't wanna build buildings that while we're still leasing up other residential buildings. Got it. Since you mentioned the federal government, just maybe a quick follow-up on that. Have you seen any change in tone on leasing demand? It sounds like there's some active conversations underway, but you know, with so many federal employees still working from home, is there a view on whether demand from that tenant base might change at all? Yeah, I think that like a lot of private sector, the federal government is thinking about how office is gonna work in the future. I think they're a bit paralyzed because they don't have the answers. We are talking to them quite frequently, and I think in a lot of ways, what makes sense is maybe to lease some older buildings that have bad air, that are this and that, and move to a net zero community that has all this exciting stuff. I think we're in a good position, but I kinda feel as if it's hard for them to think about space right now as they work out their policies. Got it. Thanks very much. I'll turn it back. Thank you. As a reminder, if you have a question, please press zero then one to enter the queue. Our next question is from David Crystal with Echelon Capital Markets. Thanks. Good afternoon, guys. Welcome, David. Thank you. Just clarifying, I think you mentioned Assembly Park had a CAD 105 million dollar price tag. Would that imply CAD 25 million for the land? The land was like CAD 20 million. All right, CAD 20 million. Okay. Is it a 50% share for the trust on both the land and the building? Yes, that's correct. Okay, perfect. The CAD 6-7 million of stabilized NOI does not include Assembly Park. Is that correct? No, we acquired it in mid-July. Yeah. Yeah. Okay. Beyond Alto or maybe overall, do you have a timeline on when the multi-family component will be stabilized? I think it will depend because over the next, you know, few years, as we had mentioned, we're gonna continue to bring further multi-family products online. There'll always be a component that won't be fully stabilized. I think the six to, you know, seven million that we quoted is really over the next 2-3-year period. Is the CAD 6-7 million on the, I guess, quarter-end portfolio, though? Like, would it Yes. Actually lease up of vacant units, essentially? Yes, that's correct. Okay. The kind of same question in terms of guidance on the CAD 17 million for the commercial properties. Any timeline on stabilization there? That one would be 2-3 years as well. 2-3. Okay. Michael, I think your comments were helpful on the condo market, but would it be fair to say that the upper end of the condo market is holding in fairly well, whereas the broader market might be suffering from, you know, obviously just broader choppiness in the housing market? I think that the condo market is hanging in better than the single-family market. I think that the building that was designed by Frank Gehry is really striking, and it stands out. I don't know that other condos at the higher end are selling better. In fact, what I've been hearing is that condos have been holding in better because it's the most affordable ownership of homes. I think the entry one has been okay too. You know, people have been adjusting to the change in interest rates. You know, just like everything else, I think that the buyers are looking at a much higher cost to service the debt. Yet the pricing has maybe moved a little bit but hasn't moved enough to make it equal. I think what you end up with is, a lot of the purchasers are saying not yet, not yet, not yet. I think it'll be really interesting what happens in the fall because we got so much data that's inconsistent. It is interesting that the long-term rate is coming down, things do seem to be stabilizing, and, maybe people will step up a bit more to buy, real estate. I think to a certain extent now what's happening is, people are just pausing. What's so hard to understand, I was getting at this a little bit with affordable housing. There's somewhere between 400,000 and 500,000 new people coming to Canada every year. I'm not gonna say something that's obvious, but maybe it's obvious. That means you need 400,000 new places for people to sleep. Okay. There's a massive demand. What we're seeing has been reported is that, you know, in the federal budget, the Liberals were saying we need to double the amount of homes that are being built. What we're seeing everywhere is in 2022, we're gonna build less than in 2021. You've got huge demand, and you've got a lower supply. I think, like my view is that, people are gonna have to pay, they'll have to pay a price that justifies building because we just need so many homes. I think we're just at a standoff now, and I think it'll settle down in the fall. Okay, fair enough. Have you seen any impact on land prices, or is it a little early to see, you know, the kind of natural effects working their way through there? That's a great question. You know, there's a lot of people that say that build condos, and we just talked about it earlier. There's a lot of cranes coming down because buildings are finished. That means that, you know, nobody needs to work on that building anymore. It means that people are moving in, and it means that the developers are getting cash, they're paying off the bank, and they don't have anything to do. A lot of what's happening is, as developers finish the last project, they're looking for sites that are ready to go. So many of those sites that are in a great location are seeing strong demand. Lesser locations, there's probably better terms. On pricing, just like we were saying before, on good sites, it's probably a little bit lighter or maybe a bit of a structure, but it's kinda not really measurable. So there's still strong demand for that. When you get to sites that aren't very interesting and that are marginal, I think that people don't see any need to do it now. There are sites that are very far away, maybe not as interesting. Good sites are trading very well, and we're getting appraisals and borrowing against it. We're seeing transactions. I just think maybe people don't see a need to buy land that's five years away at really high prices, so they're waiting. Maybe building on that last one for me. You know, you mentioned there may be an opportunity to combine Victory Silos with Quayside and, you know, would that be an opportunity to crystallize the land value of Victory Silos or at least have, you know, a partner, a third party, you know, essentially box off that value, that CAD 195 a foot that we've talked about? Yeah. I think what we're getting at there is the equity in that building, in that project is very high. The reason why we talk about combine it is they're adjacent sites, and there's a lot of value in building it together, let's say. It probably makes sense to combine the ownership of those two sites. If the Impact Trust owns 37.5% of Victory Silos, and let's say it owns, you know, 5% or 10% of Quayside, you put it together, you know, maybe it owns 15% or 20% of a CAD 6.5 million project. That's enough. I think there is a potential that as we make more progress with Waterfront Toronto on Quayside and start to look at the whole site, the Impact Trust could actually take some cash out of the combined project and still own a significant piece of it. I think that's what you were asking. You know, I referred to Port Lands, Ontario before. Quayside and the Silos is another area where the trust could continue to be involved in the development and actually take money out, not put money in. Yeah, no, that's a great color. That's exactly what I was asking. Thanks. I'll turn it back. Thank you. We have no further questions. I will now turn the call back over to Mr. Michael Cooper for closing remarks. I'd like to thank everybody for continuing to support us. I really appreciate the questions. I hope that helped give some insight into what's happening in the company. I look forward to continuing this dialogue. You know, call Meaghan or I anytime that you have any questions or interest in the company. With that, I hope you guys get through quarter end reporting and enjoy the rest of August before I think it's gonna be a very busy fall. Thank you very much. Thank you. Ladies and gentlemen, this concludes our conference. We thank you for participating, and you may now disconnect.