During this call, management of Dream Impact Trust 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's filings with securities regulators, including its final long-form prospectus. These filings are also available on Dream Impact Trust's website at www.dreamimpacttrust.ca. Your host for today will be Mr. Michael Cooper, Portfolio Manager. Mr. Cooper, please proceed. Thank you, operator. Good morning. I'm here with Derrick Lau, the CFO. We put out a press release on January seventh, a business update, and although we're quite busy in a lot of efforts, there hasn't been that much of an update since then. I guess the key thing is 49 Ontario, which we've talked about quite a bit, and I guess we talked about it all of 2025, and by the end of the year or early into this year, we had accomplished everything we had set out for, including having 20-year debt, which really helps us manage through the cycles. And we got the development charge waiver, and we're really pleased to be one of the first of the groups that got development charge waivers to begin construction. Although there's a softening rental market between the HST savings, the development charge savings and what we're seeing in construction costs, which is a significant decrease, I think that our overall costs will be down by more than rental rates are down. What's nice about it is there's like right now, we're sort of at the fulcrum of declining population as people are leaving the country when their visas come up, as well as the massive delivery of condos. Our hope is that while the savings are permanent, the rental rates will return to normal before the building's finished. The building, you know, we had about CAD 65 million of equity in the project. We sold 10%, so we got CAD 57 million. We got a 5 or 6 million dollars on the first advance for prior costs, and we got a piece of land that we'll be selling. So there's a fair amount of equity there, especially when I mean, right now, there's about CAD 4 a share equity in 49 Ontario, and as we complete it, I mean, we're getting about a buck a share out of that in terms of the sale plus cash we're getting back. But we think that by the time we've completed the building, which would be, let's say, 2030, it should be about CAD 120 million or CAD 6 a share on its own. So we're very pleased that the work we're putting into 49 Ontario has come to fruition. You know, $6 a share is a lot of equity in one asset, and we've got other assets we're working on that we think will contribute as well. I'll get into it in more detail, but we are seeing progress. There are some other areas that we thought might be done by now. It looks like it will take a couple of weeks more, but throughout the whole company, we've been dealing with debt, we've been advancing projects. We've been very fortunate leasing up Maple House, which is stabilized at this point, and Block four, seven, Block three, four. I mean, Block seven was finished and is almost fully leased. And Block three, four, we just started leasing at the beginning of the year, and it's quite encouraging what we're seeing. So, you know, there's a lot of good signs, and, I think we just got to bring a lot of it together for people to see it. So, Derrick, on that, do you want to give an update on the quarter? Sure. And the year. Thank you, Michael, and good morning. During 2025 and into early 2026, the trust has made good progress on its five-year strategic plan. Our plan is focused on progressing key development projects, reducing risk, and enhancing liquidity. I will provide an update on these initiatives after going through our fourth quarter results. In Q4 2025, the trust recognized a net loss of CAD 23.5 million, compared to an CAD 8.3 million net loss in the prior year. There are several moving pieces that caused this change. These included fair value adjustments in each year, condo occupancies at Brightwater in the prior year quarter, and a deferred tax recovery position. In addition, in Q4 2025, we recognized a loss related to the amendment of our convertible debentures. Partially, partially offsetting these was NOI growth from our multifamily rental assets, including those that reached or are nearing stabilization. For the recurring income segment, same-property NOI from multifamily properties was CAD 2.8 million, compared to CAD 2.5 million in the prior year. The increase in NOI was largely driven by improved occupancy across our assets in lease-up and higher rents from our turnover across our value add portfolio. As at December 31st, 2025, the portfolio had committed occupancy of 94%. The trust continues to advance its near-term multifamily pipeline, which is expected to deliver nearly 1,500 units over the next two years. At Cherry House, block seven is over 94% leased, and leasing for the remaining blocks commenced in January. For the development segment, the Trust reported a net loss of CAD 5.9 million, which is largely consistent with the prior year quarter. In 2025, Brightwater closings surpassed 500 units. During the quarter, closings commenced at The Mason, which comprises 158 units, with proceeds used to repay approximately CAD 15 million of construction debt. As noted in our January update, we commenced demolition at 49 Ontario in November and have since completed the sale of a 10% interest to our partner, CentreCourt, for CAD 6.5 million. We also secured 20-year government financing and commenced-...Proceeds were used to repay the prior CAD 80 million land loan and to recover certain pre-development costs. As the sale into the new partnership occurred post-year-end, 49 Ontario was temporarily classified as an asset held for sale as at December 31, 2025. We expect 49 Ontario to be included in the equity account investments beginning in Q1 2026. We continue to make progress on our near- and medium-term debt maturities. During the quarter, we reduced our 2026 debt maturities by CAD 56.5 million. This includes the convertible debenture extension, repayment of the Brightwater construction loan, and a Stafford mortgage repayment. Since 2024, the trust has reduced its land loan exposure by CAD 95 million. We expect to further reduce our land loans by CAD 56 million over the year, and we are working closely with our lenders and partners to address the remaining debt maturities for 2026. We remain focused on reducing risk and enhancing liquidity. In January 2026, we increased the capacity on the Dream loan to CAD 50 million. As at February 17th, the trust, the trust has paid CAD 24.8 million of cash and CAD 29 million of availability under the Dream loan. The finance agreement demonstrates Dream's continued support of the trust and provides it with increased flexibility as we work through our five-year plan. I'll now turn the call back over to Michael. Thank you, Derrick. As I mentioned earlier, 49 Ontario is, you know, the largest asset and the most significant, revenue generator for us over the next few years. Quayside's coming along. We expect to have news on it very soon, and, we're working with CMHC, and hopefully, it's less than a year behind, 49 Ontario. On our loans, Derrick and the team have done a great job, renewing loans. At Forma West, we're just finalizing a deal to extend it for another three years with some paydowns. And on, Quayside and Victory Silos, we're making a lot of progress, so we're really appreciative of working with the banks. As you know, going from a point where, you know, lands were CAD 250 a foot three years ago to it being very difficult to sell land because of the lack of demand for condos, it's been a massive change. But with our work with the federal and city, federal government and the city, you know, we're able to create projects. CMHC came out last week and said that they expect that housing starts will decline across the country over the next three years, and in the Toronto area, specifically, condo will be down to 20-year lows. I would also just say that there will be continued apartments, but they think apartment starts will decline as well, because it's tough to get things done now, but we've been able to get a bunch done, and I think all of that will be good in that there's not a lot of new supply coming, and the old supply is all landing. So I think over the next couple of years, we're looking at some pretty good times. Let's see. I think at this time, if there's anybody who has questions, we'd be happy to answer them. We will now begin the question and answer session. To join the question queue, you may press star, then one on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press Star then one again. We'll pause for a moment, as callers join the queue. Your first question comes from Sairam Srinivas with ATB Capital Markets. Your line is open. Thank you, Operator. Good morning, Michael, Derek. Looking at the multifamily portfolio and more specifically in Ottawa, you know, occupancy is down a bit quarter-over-quarter. Is that more of a function of the softer market there, or is this more something we specifically up in Aalto Suites? I think firstly, our property in Ottawa, I don't believe it is down. I think that the two properties that are down are in Gatineau, and I think some of it's seasonal in that, it's been a pretty brutal winter. And I think there's some things in the Gatineau market that are a little bit... You know, we're at the top end of that market, so I think it's been a bit slow. We're addressing that now. We expect it to be significantly higher in the summer, but we're very much aware that where we are now is not where we want to be on a stabilized basis, but I think this winter has been brutal. That's right. It's been pretty chilly out here. Derrick, maybe this is a question for you. Looking at debt maturities in 2026, and you spoke about the land loans, and that, that's probably a priority for you guys. But can you speak on the cadence of the other maturities that are there in the year and the nature of those maturities? For sure, Sairam. So, for the ones that were maturing near the beginning, we pushed those out, and we're addressing those. So we're actively working on about half of those right now, and the remainder or the bulk of it is near the year-end. So we have time to deal with them. We're working with our lenders, and we expect to be in good shape in addressing these maturities across the year. Sounds good. Thank you, gentlemen. Very well. Thank you. Your next question comes from Sam Damiani with TD Cowen. Your line is open. Thanks, and good morning. Just on the press release back in January, just wondering, which did, you know, incorporate some planned disposition activity. Any updates on that front, as we sit today? Well, I was thinking about that this morning. We were referring to dispositions between now and 2030. We actually have very few in our business plan for 2026. Like, we're not trying to sell everything. In 2026, we got a couple of small ones, and I think those are going fine. There's one I think we might delay. What I would say is, without a couple of things go the right way in terms of cash, and I would say, like, at all times, we're looking both at our liquidity and value. And, you know, if we've got the cash to delay a sale in the sort of softer markets now, we kind of, for commercial, we'd rather lease it up. Apartments, maybe have a little better tone. I think it looks as if we're going to be in pretty good shape cash-wise this year, so we may defer one sale. I think we're looking at maybe CAD 16 million of sales this year. We might have CAD 5 million, but that I would say that's planned. There's a bit more to do next year. Okay, that's, that's helpful. That clarifies it. And, and just on the, the leasing market on the residential side, you know, has there, has there been a change in, like, you know, a little bit of occupancy headwinds, I guess, in certain markets, but has there overall been, like, a further increase in the use of incentives to, to, to lease units over the last three months? Our incentives have been... You know, I think that in purpose-built rental, you're at the most expensive apartments in a market, and you've got to lease up a lot of units at once. So I mean, incentives are pretty normal. I think I don't think they've changed for us. I would say when you take a look at Block Ten, which isn't with ACLP financing, there's no affordable. It's about just over 200 units. It's leased up really well and surprised us how well it leased and it leased at good rates. Maple House has been slow. I think we were a little slow to realize that the market wasn't listening to our pro forma. But the last quarter, we got it stabilized, and it's looking really good. I mean, I think we've got it stabilized at a sufficient occupancy and revenue that we're in the process now of seeing that asset become the loan become non-recourse. And that's a CAD 357 million mortgage that should go non-recourse in the next couple of months, and that's a huge accomplishment. So, we mentioned earlier Gatineau, and that hasn't been as good as we thought. But for the most part, we're very pleased with how the leasing has been going in Toronto on the new builds. And there's been a lot of turnover on the value add, and we're sort of lagging in occupancy, but we're picking up a lot on rents going... I think it's been a bit of a surprise for all landlords, that there's probably double the turnover today as there was three years ago, so that's pretty good. So it's actually not bad in Toronto for the apartments. Mm-hmm. Okay, last one for me. Just, Michael, in your comments, you mentioned, there's an update on the debt on Forma West. What if you just expand on that a little bit? Yeah, it's hard to because it's not quite done, but it's a three-year extension with some paydowns, and we got two partners, so you know, we dealt with it the way the consensus was, but I think it's worked out pretty good. And it was all budgeted. So, you know, it's fine to have the paydowns, but it's also good to have a three-year debt, so it's going to come up in 2029. So, you know, I think when Derrick referred to reducing some of the loans, the land loans this year, some of it's paydown, some of it is selling the assets, or putting them into production. So, it's all part of what our plan is. But every time we get a land loan extended, we're pleased. We're doing very well with Quayside, with Victory Silos, and I don't think there's much more on the land loans that we got to deal with. We dealt with Zibi last year, so the debt has been pretty good, I'd say. Great. Good to see all the progress, then I'll turn it back. Thank you. Thank you, Sam. Your next question comes from Roger Lafontaine with Nugget Capital Partners. Your line is open. Good morning. Good morning, Michael and Derrick. Congrats on a very tough, good quarter. I had one question about your transaction delay. You mentioned, I know one of your peers said that the office market in downtown Toronto was improving, and he delayed an office sale to lease it up ahead of a sale. So I was wondering if you'd be able to touch base on whether you're seeing that with your properties or with Dream's properties about improved office transaction liquidity, if that was one of the assets you might have been considering to dispose. And I was also wondering if you could perhaps mention if there was any kind of update on the Capital View land. I know there was some excitement last year about that, and kind of the market went cold. Those are my two questions, and I'd appreciate any kind of feedback. Thanks so much. The asset we're looking to defer is actually an apartment asset, and there's a couple of reasons on the. There's a couple of technical aspects that we got to work on before we sell it, so that's the main driver. I think the pricing would have been pretty good. Your comments on office, I didn't know that somebody had decided not to market to lease it up. What we're seeing, and this is from a distance, because we're sort of obviously with Dream Office, we're pretty close to what's happening in the office market. But it seems that, like a year ago, two years ago, three years ago, like George Brown College bought an office building from H&R, and we sold a building to the Ontario government, and we sold another building to a healthcare group. So what you saw was you saw owners, like investors in office buildings, selling their assets to users, and that changed a lot in 2025. And what's important about that is, when an investor is buying an office building, they're basically creating a model that will represent what they think is going to happen in that building. And this, we're this is where it's been a really interesting thing this year. We're starting to see what assumptions people are making. So one of the things is It seems as if when you're selling an asset, there's a concurrence that 95% occupancy is reasonable. The leasing costs, they're using average leasing costs, and buyers are under the assumption that leasing costs will improve over the next couple of years. They're using lower leasing costs than we would. So I think that's really good. The third point we're seeing is, people want to have buildings that are mostly leased, like 90% or more. So if your building's 80% leased, it's gonna get a big discount. But as you lease it to 90%, you start to get into what looks like to be really quite attractive pricing. So, you know, I think that the individual who decided not to sell a building but lease it up some more, is getting that information from how investors are valuing assets more. And, And, you know, there's been a pretty significant amount of data on the assets. There's widely reported that Oxford wants to sell the Citibank building. We hear there's other buildings coming up for sale. We've also heard of some buildings that have been selling off market. So it looks like there's an investment market in office. And to bring it back to Impact Trust a bit more, you know, there wasn't much of a market before in land. There's not too much of a market right now because most of the people who like land already have a lot. But we're anticipating that we'll start to see land transactions follow office transactions, and we'll be able to get good feedback on value. So it is an interesting time, and despite the news, it looks like it's generally getting better. Thanks. That was a great answer. Did I answer both your questions? Yes, and for reference, the property I was referring to was on Front Street. It was an H&R property. They noted it on the Q4 call, so I thought perhaps that would be good for Dream Impact, which does have office still. So that sounds great. That was an excellent answer. Thank you, Michael. Thank you. Once again, if you have a question, please press star, then one. Your next question comes from Alexander Leon with Desjardins Capital Markets. Your line is open. Hey, good morning, everyone. Good morning. I wanted to start off with the land loans. I'm just wondering if you can give an estimate of the expected interest expense savings from the CAD 56 million repayments? A good question. I think that two things have happened. Number one, the principal is going down, and number two, the interest rates have come down, too. So, like, the floater rate is 2.25%, we're probably in at 5%. We might be paying more. And then, on CAD 50 million, that'd be 2.5%, but on the other balance, it was probably 75 basis points on 100, so we're probably looking at CAD 3.25 million a year. Okay, that's great. Appreciate that. And then moving on to Cherry House. I know that you guys started leasing some of the remaining blocks early this year. I'm just wondering if you're planning on kind of reaching stabilization this year and transferring that over to the recurring income segment? I would expect, I mean, that'd be nice. I'd expect it would get to next year. I think it's about 850 units. So it's just a little bit better than Maple House, but we're pleased with the leasing and we'd hope to break the back of it this year, but not finish it up until next year. Okay, got it. My next question is on some of the condo occupancy income. I'm just wondering how much was recognized in Q4 related to The Mason and whether there was any more to recognize throughout the remainder of the year. No, there was none in Q4, and there won't be any for the remainder of the year. Okay. And is that the same with kind of the other component, Brightwater? That's correct. Okay. Okay, and then last one for me- Go ahead. Sorry. The last one for me was just on, there's some verbiage in the MD&A about some nonrecurring expenses in G&A and, at the NOI line as well. I was wondering if you could give some color on that. Yeah. So there was in the NOI line some property tax accruals that occurred. It was about CAD 600K, so that was in there. If you want to look at the run rate for kind of NOI multifamily, you would probably add about 150 quarters. So I believe that was CAD 2.8 million, so it's about a CAD 3 million-dollar run rate on there. Okay, awesome. And then was there something in GTA to bring in higher this quarter? There was a shared service recovery, that was at the, at year-end, so that was about CAD 1 million. So that was for kind of additional work that was performed on, on, you know, 49 Ontario, getting that up and working with, with the government and all those things to get, sorry, to get that development going. So there's additional work on there, so that, was about CAD 1 million there. Okay, great. I appreciate all the color. That's it for me. Thank you. Your next question comes from Ian Gillespie, a private investor. Your line is open. Hello, good morning, Michael and Derrick. Two questions. One on 49 Ontario. Given that, you've been undertaking the demolition and you must be now receiving firm bids on some of the construction, can you quantify what sort of savings you're seeing on those bids relative to what you might have seen a few years ago? Yeah, I'm glad you're asking compared to a few years ago, 'cause, I, 'cause I'm not-- When I say that, what I mean is the market's changed. So, I think, I know the answer. I'm thinking about what's appropriate to say. We've done 10%. We've got about another 50% that we got good indications, but we haven't signed them up. So, you know, before the end of the June, we're expected to have 60% or 70% done. And we've got pretty good visibility, so I would say from, like, the worst days, it's more than 10%, savings. And that goes a long way. On that project, it would. Second question, with regard to the Dream loan, CAD 29 million is still available. What is your forecast in terms of further draws on that loan, if any, over the course of this year, based on the way you've modeled the year at this point? We budgeted that it would be used up this year, but literally, we have CAD 5 million and CAD 10 million swings all over the place. So far, the swings have been positive. You know, to a certain extent, we're saying, like, "Hey, if we've got enough liquidity, maybe we won't sell that building and stuff like that because we can do better by waiting." So, you know, the expectation is that we will draw all CAD 50 million in 2026. And then, if you need to go beyond that for any reason? You know, we're... Okay, let me take a second. I've never seen an environment as volatile as we're in, with as many macro Canadian issues as well as geopolitical issues. So, you know, if you think about a bell curve, you got the two tails. Obviously, everybody is focused on, are we looking at events that could be at the really bad end in the tails, right? Like, how bad can it get? But what we're seeing on the ground actually is we're generally in a recovery. I think in Canada, we're in a recovery. Per capita income is increasing. You know, I think we have, like, 1.5% growth in per capita income this year, which is pretty good. That's adjusted for inflation. So, you know, we look at it and say, the real likelihood is that things are going to continue to get better, and, I think we're well positioned for that. There's a tremendous amount of value in this company, but we're also very, thoughtful that with free trade, with the Canadian finances and some of the big, ambitious stuff they have going on, hopefully it'll work, maybe it doesn't. You know, will the projects that are being talked about ever happen? Those kinds of things. So, you know, we have a backup plan if it doesn't go as well. It just depends how deep into the tail we get, meaning, I think we have, an expectation that, we'll achieve the, capital needed in 2027 from sales. I think Dream is really quite excited about what's happening, and if everything else is fine, we'll probably look at expanding the loan if it's necessary. Yeah. Okay, appreciate that. This concludes the question and answer session. I would like to turn the conference back over to Mr. Cooper for any closing remarks. Thank you, operator. I'd like to thank everybody for calling in. We appreciate the questions. Like everything, it seems really slow, and then all of a sudden, a bunch of things happen. We've had a very busy first part to the year, and I think that the next 90 days is gonna be busy too, so we'll have a lot to update if you want. So thanks for your continued support. We look forward to catching up, and please feel free to reach out to Derrick or me if you have further questions. Thank you. This brings to close today's conference call. You may now disconnect. Thank you for participating, and have a pleasant day.