Gregg, thank you for coming down. Thank you for having me. Glad to be here. Yeah, it's a real pleasure. So, oh, the mic. All right, there we go. Sorry, I was thinking it was in capture. All right, so Gregg, always a pleasure. Look, let's just catch up. You want to maybe take 30 seconds here? Let's talk. What are you guys doing these days? Right? Just 30 seconds, level set. Absolutely. And then we'll dive into some of the details. Absolutely. Thanks again for having me. Altus Power is the largest owner-operator of commercial-scale solar in the country, so we build, own, and operate systems of scale, typically one to 20 MW. You can think about that or visualize that as a large industrial rooftop. It could be 100,000 sq ft in size, or a field that could be 100 acres, and effectively, we are building these systems of scale, generation capacity, power coming from the sun, to serve load or to meet demand and an increasing level of demand in areas of high consumption and high power prices. Nice. Why don't we just dive right into some of the subjects here? I mean, it's been a rocky few years here for just getting interconnection and getting things going. How are you guys thinking about growth here? Right? Let's just dive right into that conversation, right? Because it's been a few years. Past tense looks pretty, I mean, in theory, there should be kind of a cleaner slate. Yes, yes. There's a tremendous amount of growth opportunity in the market, and I think maybe just stepping back and answering your question from a macro perspective, what is going on as it relates to the demand for power? And one of the most surprising statistics, when I heard it, at least to me, was the fact that power growth over the last 20 years, a couple of decades, has been essentially flat. That surprises people, but it's really a function of the efficiency associated with electricity consumption, energy efficiency generally, that has really meant that, notwithstanding population growth and GDP growth, that the overall growth in demand for electricity has been flat, and as I'm sure everyone in this room knows, it is about to rise and has already begun to rise at a pace that is substantially higher than history. So it's projected that it will grow about 3% annually. And the key question from a big picture perspective is, how are we going to satisfy all of this increased demand for electricity? And our view is that solar in particular, and our version of solar, which is commercial scale, is an important ingredient, but it is not the solution. It's part of an all-of-the-above solution, which will undoubtedly be solved through a combination of different generation sources, whether that be nuclear, whether that be natural gas plants, and of course, renewable sources. So, Gregg, how do you think about your specific business and your business model and the ability to grow? Right? C&I has been one of the best growers past tense and seems set to be one of the niche markets that sees some of the better overall growth across this space. Again, notwithstanding some of the specific and discrete permitting challenges that obviously persist across the landscape. And obviously, you guys and others are not immune from. How do you think about setting growth expectations specifically? And then also, how do you think about the backdrop for C&I today as we continue to see some of these niches within C&I, like community, really playing up quite nicely? Yeah. So what's important to communicate about the Altus Power model, it is quite a bit different in terms of structure and approach from the rest of the industry. We set the business up as a vertical or end-to-end provider in this space. And what we mean by that is we have the ability to service the real estate owner directly who wants to put solar on the roof and get the benefits of discounted power at that site. That could be a school, a hospital, a municipality, et cetera. That being said, this is a big country. And we have had a view from the beginning that having a model of partnership is the best version of creating a business of scale. And so the way that our business works is instead of trying to originate every local school or hospital or municipality across the country, we're instead, more often than not, working with what we describe as channel partners who are at the front end doing the early stage development and then bringing us into the various opportunities when they move along. Typically, we're looking for things like site control, permitting, perhaps even interconnection study having been done, which effectively will tell us what is it going to cost us to interconnect with the grid. From Altus's perspective, what we're eager to do is effectively spend our time on opportunities that are actionable. That means where we have line of sight from an idea, a concept of siting solar to building it and ultimately having an operating solar system. This is a bit of a gig economy where people are again working around the country trying to originate these opportunities. And we are eager to bring these into action and ultimately create a scale portfolio. Just quickly on where we are, we are the largest, I mentioned, player in this market. And you can visualize that as about 500 sites operating across the country. These are plants, power plants that are across 25 states. And in particular, these sites are in states where power prices, again, are high and consumption's high. And we are selling retail power. So we are coming into communities where we can really facilitate or mitigate the rising electricity prices that we're all seeing through this particular approach. But it is a partnership model. That's what our plan is for continued growth over time, Julian. We're going to continue to avail ourselves of this partnership approach. I'll talk more about that. Yeah. I mean, do you want to talk a little bit about partnerships here? I mean, what the economics look like? How does that work with you guys? What does that model look like? I mean, how do you think about capital raising needs as a function of that to make this all happen? Yeah, absolutely. So one of the nice things about the partnership model, both for us and our partners, is we're able to maximize the economics for the partner who identifies an opportunity for development. And for us, we're essentially able to toggle our cost structure because it's a success-based model, which is to say, Julian, if you had a development opportunity that you worked on over the last number of years and you brought it to us and said, "Hey, Gregg, we're looking for Altus to be our long-term partner. We'll build it, or perhaps you want to build it depending on your construction capability." But ultimately, you're coming to us and saying, "Does Altus want to be the long-term owner-operator?" and again, that is less likely your model as a developer and for sure our model to be a long-term owner-operator and manage this facility and have all of the maintenance requirements and servicing requirements and managing the customer, et cetera. So the partnership is symbiotic in that you're maximizing your economics by partnering with somebody whose business model is to be a long-term owner-operator, who has incredibly efficient access to capital, and is a lean operation. so we are one of the leaner organizations measured by headcount. and we can efficiently pursue this model. And by virtue of our capital access and efficient cost of capital, you should have some level of confidence by our reputation and otherwise that we're actually delivering you the best deal. So that's really what we're looking to do. From a capital access point of view, it has been important for us from the beginning of our business to position ourselves to have the most efficient cost of capital. It took us many years. But as a company that's right now about a dozen years old or more, we're actually able to use our scale to get the access to the most efficient financing, which is effectively insurance company capital through rated securitization structures. So what we're doing is we're taking not a project-by-project finance approach, which is typical in utility-scale solar, but instead pooling our assets together and using the diversity of that portfolio and strength of our balance sheet to get the most efficient financing available to us. How do you guys think about offering as an equity like a growth trajectory? How do you think about growth metrics? How do you think about what that growth metric compares to other investments in the solar space? I think just coming back to first principles, I think it's important to emphasize this. Yeah. No, I appreciate that. So what's been interesting for us is we are the only public company that is actually an owner-operator developer of commercial-scale solar. And we have had a view to being a company to generate cash flow and increasing levels of cash flow every year. One of the challenges of our business, you could say, is there's a little bit of a lumpiness to our growth. But one of the strengths of our business is that we are producing significant cash flow. So as a growth matter, and you look back through time, we first started generating EBITDA-positive EBITDA in 2017, and every year has increased thereafter. This year, we have robust growth that has been communicated to the market in the form of a 2026 target. We decided to put out a 20%-30% growth rate effectively in the form of a three-year target, deliberately to reflect the fact that the horizon view of growth is a little bit more clear than the quarter-to-quarter view of growth. And we own that, and we acknowledge it. And we certainly want to recognize, as you indicated, Julian, some of the challenges of this industry have been the fact that there is some degree of unpredictability on a quarter-to-quarter or short-term basis. But the long-term trends are very clear. The deal flow that we see and have available to us is incredibly robust. I would say the current market opportunity is growing, not shrinking. One of the questions that we've been asked about, and we might get into this, Julian, is the election and what that might mean. I would tell you that we are incredibly optimistic and enthusiastic about the growth available to us, and we think the business model that we've built and the particular go-to-market approach that we have is something that sets us up in a very differentiated and we think successful way. Yeah. I mean, that's what I was trying to elicit from you, is these longer-term targets and how you mean, because it is pretty meaningful, right? relative to other companies. I mean, I say relative to other companies, other companies don't even have long-term targets. You guys have a robust long-term target. We do. For instance, how do you think of what's baked in? What is assumed in that? When you think about what's comprised in a multi-year horizon, compounding of that trajectory, what do you need to do? What kinds of projects are baked in? Sure. What's not baked in? Yeah, so this is probably an important point for me to talk a little bit about the uniqueness of what we've set up, so why is it helpful to have the scale that we do, and why does it sort of incrementally provide confidence to the management team and should for investors about our ability to grow, and by being in 25 markets, what that statement means is that we own assets around the country in 25 states, and our business model and intention is to expand within those states. There is a level of efficiency, operational efficiency. If I told you I owned one asset in New York State versus 20 versus 50 versus 100, you'd say, "Okay, as you build density within that market, you're going to have greater market presence. You're going to have greater ability to service those assets within the market, and certainly greater ability to originate additional assets within that market." So we are very focused on, we talk a lot about expansion to new markets. But this market and this ecosystem has really been one where a number of states have leaned in hard to promote solar. We're in one now, New York State. We don't do a lot in New York City because of the footprint and our ability to build a scale opportunity. But as you move up to Westchester and upstate, you're going to see significant presence in New York. Similarly, across the border, across the water in New Jersey, we have substantial footprint. We have about 200 MW of assets and of our gigawatt plus in New Jersey. So these are markets where we are very enthusiastic about our ability not only to service our existing assets, but importantly, grow. What happens through time, Julian, is that the network opportunity that we're talking about is one where we've gotten here asset by asset through, again, 12, 13, 14 years of growth. We've developed relationships in each of these markets. We see opportunity from an early stage development, whether it be a real estate owner, all the way through to a channel partner in a market that's consolidating. And you should hear, and what I mean by consolidation is fewer Altuses to be a long-term owner-operator industry leader. And many development partners, this is a fragmented industry, many development partners who are seeking partnerships with Altus. We are actually seeing increased deal flow coming our way from channel partners and from, frankly, other market participants who have opted to exit the commercial-scale industry, understanding their inability to achieve scale. A few different things here, super quickly here. Number one, do you think we're through the bulk of these challenges when it comes to the interconnection issues? I mean, specifically, right? Forget the permitting stuff. It persists. When it comes to interconnection, where are we in terms of headwinds on this? Just very quickly. I know this is a little bit wider to be. Yeah, the short answer is commercial-scale sector is in a very different place from the utility-scale sector. So when you hear about the long interconnection queues, that's predominantly a discussion of utility-scale. But in commercial-scale, it is a challenge. It is a frustration where the timelines associated with interconnection are longer than they ought to be. Okay. Fair enough. It's persisting. Yeah. Okay. Right. And then coming back to the other side of this, which is when you think about the developer partners out there, right, or where you're sourcing deals from, what does that marketplace look like now versus last year in a higher rate environment versus several years ago? I mean, I'm just very curious. What is the fee or how do you think about developers taking their risk capital and pricing that into you guys? How has it evolved over time? Yeah, so here's what's interesting. The market for developers has been quite volatile over the years. The nature of solar development in this country is not a singular solution. It's very much a state-by-state and even local solution. So what does it mean to pursue development successfully? It really means to be embedded within and understand the particular opportunities that exist across the country by market and to be nimble enough to adapt to different programs. So often what happens in solar development is a state will introduce a new program. We'll talk about community solar, I'm sure, Julian, in a minute, but community solar has been an expanding program opportunity. And states will say, "I want to encourage the development of the solar in my state, and I'm going to introduce a community solar program." When that is introduced, there is an opportunity for new developers to come in and identify sites that are particular opportunities for community solar development. And that's something that, frankly, is often piloted before it's permanent. So there really is a multi-year horizon that you need to take as it relates to solar development. Coming into a market, recognizing where it's going, recognizing that the initial programs, which might have certain capacity caps, will grow over time. What we've been focused on is essentially playing the long game and recognizing that each of the states that I talked about where we have a significant presence are committed to long-term development. But there is, over time, a slightly different approach to how do you achieve that objective. What I would say is that as it relates to volatility, you referenced higher interest rates. And today, I would reference the sort of big question hanging over the industry, which is, what does the red sweep mean? Both of those issues introduce volatility. Volatility in the form of cost of capital, access to capital, willingness of capital partners to fund your business. Candidly, we think about that volatility as an opportunity for Altus Power versus a risk. I would submit that it's more of a risk for certain developers that are more exposed to the timing and quantity of fee available in the development business. Our business is less exposed to those risks. And so we view this volatility as not something that we encourage or promote, but we welcome it because we're here with a long-term commitment to this industry and an ability and willingness to be a partner for any developer who might have early-stage deals that are looking for a partner, looking for a capital partner, looking for somebody to come in and effectively be their long-term partner and see these opportunities through. So I would say capital constraint, both cost of capital as well as access to capital, are key ingredients that are impacted both by the rate environment and by the political environment. Right. So I mean, to that end, I mean, do you see the price is paid effectively? I suppose it's probably best to talk about this in sort of a price paid versus saying returns to your development partners going up or down. I mean, how would you characterize it in that? Either metric, I'm curious how you'd frame it. Yeah. So to be clear for the audience, because I'm, of course, focused on Altus Power, we are focused on earning an acceptable return for our investors, which is a function of where is the prevailing cost of capital for Altus and what type of return can we generate. And if a developer shows up with a deal that is attractive, we are going to acquire that project again at some stage of development, whether it's early or late stage or even a system that's already been built. From the developer's perspective, there is significant variance to that fee. There are some markets where that fee could be large and some where it could be very thin. What will impact the fee is what is the price of power? So effectively, let's just talk about the components of what makes up a deal. It's not that complicated. We're building a system, and that system is going to sell power. So to the extent that you can build it for less and sell power for more, that's your best-case scenario. What are the variables that you have to consider? What is the cost of the real estate? One of the most attractive development states of late is Maine. Why? Power prices are high in Maine, and land prices are relatively low in Maine. So you could imagine procuring sites in Maine, which, by the way, has a community solar program, which means you're able to procure a site not right where that consumption is, but in the grid zone or in that same community of high consumption. That sets up incredibly well. So if you're fortunate enough to be early to procure that land, you might show up and ultimately have a deal that supports a significant fee. If you're in the Southeast where power prices are lower, the fees might be quite thin, and so it does vary quite a lot. Obviously, cost of capital is a factor as well. The degree to which your cost of capital is developers high is going to make that a more challenging business. Not unlike real estate development, by the way. There's an analogy here for anybody who's operating in the real estate development business. You know you start a development project year one, and you're ready to sell those units in year three or four, whatever it might be, and ultimately, you're exposed to whatever that environment is three years out. It's a very similar analogy, and certainly, cost of capital is an important ingredient. Yeah. I mean, why don't we talk about business in the terms of spread, right? You talk about, look, what's your cost of capital moving over time, right? Just like a lot of other publicly traded companies, your cost of capital is moving. Some of your peers literally talk a lot more. They fixate on spread at times. How do you guys think about that spread today? Because again, everything's tied off of interest rates, even at the top of the funnel. How do you think about that spread having evolved over time, just very specifically in those terms? So first off, I come from a fixed income background. My whole career prior to Altus Power was fixed income. That's the majority of my career. So that's top of mind for me. And so we think very deeply about earning an appropriate return in spread terms, in IRR terms relative to the prevailing cost of capital. How do we think about it? Very simply. If the 10-year Treasury right now is 4.3% plus or minus, and you're going to borrow it 2% over the 10 year, that's 6.3%. We're going to need a couple hundred basis points of unlevered return to achieve a levered return in the teens. What we're targeting is ultimately mid-teens, low to mid-teens, let's say, levered rate of return. That's how we think about it on an asset-by-asset basis. And obviously, if we can get a higher return, great. But we do have a hurdle that we're trying to achieve on every individual asset. Can we get there on every deal? If we can't get there, we don't do the deal. Every deal we're doing has to pencil. And the variables that play into that, Julian, again, are the rising power price backdrop is a very favorable dynamic to achieving these returns to the extent that we're in an environment where we have essentially an open market. And we should talk about community solar because it is an important TAM expander or total addressable market expander. Because I would tell you just across the river in New Jersey, before they introduced community solar, there were very large industrial rooftops that you're all familiar with, up and down 95, where those buildings did not have enough on-site consumption in order to support a big solar array on the roof. What community solar does is it allows us to build on those buildings, many of which are Blackstone-owned and so many of which we've built on. We can go on to those buildings. We can build a nice large solar array, and we can produce more power than that building's consuming because of the New Jersey community solar program that allows us to effectively take the power that we're producing from that roof and sell it into the community. And we do that through a discounted power solution. So if you live in New Jersey, you can subscribe to one of our solar facilities, and what that looks like is a discount on your power bill. It's as simple as that. It's a no-lose proposition for the customer. Obviously, Blackstone or other landlords are earning a nice lease, and we're earning a return because we're selling power at a rate that is lucrative and likely to rise. Yeah. I hear you loud and clear on that. I mean, do you want to delve in a little bit more into the community solar growth, right? Because you keep talking about it. I mean, it seems like one of the biggest growth elements of the C&I space right now. How do you guys participate in it? When you think about that origination pipeline versus what your asset portfolio is here today, how much is community-driven? What do returns look like there? I mean, it seems like a lot of C&I players move in that direction. Yeah. So we've been in the community solar market for a decade now. We were an early adopter of community solar. First program that we availed ourselves of was Massachusetts, which effectively said, "Hey, we're going to introduce this program, allowing you, again, to build on one location and sell power in that same grid zone." And that's important because the importance of being in this business for a while means that some of the nuances, which folks don't necessarily talk about, are things that we know quite well. Those nuances include it's our obligation when we build a site like that. I think about this. I call this industry commercial solar because everything we build, you'd come up to the site, you'd look at it and say, "Yeah, this looks like every other site you own." Physically, the asset's the same. The difference is the power going from the site into a building, a so-called behind-the-meter system, or is the power going not into the building, but instead direct to the utility, the benefit of those electrons going to some community's members, and that's the program of community solar, and so when we got into this business, we had to figure out how are we going to procure 200 households, let's just say, for this one megawatt site that's just going to produce enough power to power 200 households? We have to go out and actually "acquire" those customers, and what that means is working to identify customers who are in the community who, frankly, it's just a trust barrier. Do you want to buy dollars for 90 cents? It's literally what we're doing. We're saving people 10% or more on their power bill, but what's the catch? Is the first question that, of course, anybody who's otherwise getting tons of inbounds and blocking emails. I do it too. You have to get through that trust barrier. So having a brand, developing the brand, and making sure that people understand that you're actually selling them something of value is important. And we've been in this business for a while. People do move. There's an element of churn involved. There's change of life circumstance that would cause you to reacquire a customer. But effectively, we have a tremendous amount of data, having been in this business for as long as we are. Now, over time, what has happened is more and more states have recognized the virtue of community solar. It's an opportunity for us to unlock sites, which, by the way, the federal government has said, "I really want to encourage this industry to build on landfills, capped landfills, or brownfields, sites that don't have other development capability," right? And so the way that we do that is to effectively introduce programs that allow us to site the asset here and find the customers over there, right, in the same general proximity. Nine states have introduced community solar programs. We are in all nine, and we are endeavoring to grow in all nine. We view this as something that just unlocks or opens up the market to the extent you think about, again, the site being not quite where the power demand is, but not far from the power demand, and that's a key ingredient. We haven't talked about this yet, Julian, but I just want to amplify a point that everybody should be focused on: transmission. We read every day how Meta, Google, or Microsoft hyperscalers who are building these big data centers need to satisfy the demand that they have associated with these AI models and data centers, and the reality is the nuclear sites that they're talking about are very far. That's great, that incremental generation, but it's very far from the area that power is being consumed, so the transmission point is a key one, which is from a policy perspective. The fact is that we are building sites in areas of consumption, not far from areas of consumption. Effectively, what we're able to do is mitigate some of the transmission investment that otherwise needs to happen when you're creating all this centralized generation and consumption very far from that generation. So that's really what we are providing. We are providing locally sited generation, and community solar is an opportunity for us to do that. Even if you're not quite on site, if you're in that same area, that's a huge help to the grid. Yeah. No, I hear you. Do you think that data centers are going to contract here? I mean, look, community solar is like the antithesis of having large-scale procurement, but how do you see C&I fitting a data center narrative? The big data center narrative that I have is data centers should mean, or should be translated to mean, higher demand and higher power prices. And we're in the business of selling retail power and saving people money. So if you believe in high power prices and high demand for power, we are an important solution to that. It doesn't mean that we necessarily have to sit on a data center. It means that we are effectively mitigating the increased cost that those data centers are creating for the grid. And so I think we're very much right way with the power demand implications of data centers, of electrification of homes, and the like. And I think the trend is secular. I mean, it's long-term. It's not going anywhere. And so I think we will see an expansion of commercial solar across the country. There are markets that we're not in today because power prices are too low, and that will change over the next number of years as the growth of power increases and prices increase. We're going to enter new markets where the need for and the opportunity for solar to be a competitive resource is going to make sense. Do you want to lean in a little bit more on what states are opening up on community solar just quickly? Absolutely. So there's a number of states that have opened up recently. New Jersey is a state that went from a pilot program to a permanent program. Maryland is a state where there's now a permanent program that we are active in. Maine is another relatively new state. Pennsylvania is looking to implement. Missouri is looking to implement. Hawaii is a relatively recent state for community solar. So there's a lot of activity, and there's a lot of states that are implementing. Illinois came online for community solar not that long ago. So lots and lots of states are looking at this solution. I live in Connecticut. I work in Connecticut. We're not there yet. But I think that we have some of the highest power prices in the Northeast. And for any state in the Northeast not to be looking at this is crazy. There's many model programs to look at. I mentioned Massachusetts being early, but New Jersey and New York, neighboring states, all are providing this type of solution. We're pretty confident that that trend will continue. Maybe just on the other side of this, right? So I think the other piece of this is community solar is growing. It's a big piece of the end market. The economics for C&I are appealing. Obviously, it's truly quite lucrative in the context of the C&I IRA with the adders. How are folks reacting to the adder risk right now in IRA? Is there a pull forward going on? Yeah. It's a really interesting question because I would tell you that from Altus's perspective, and this is different from what you will hear from others in the industry. I'm told the residential solar narrative is different from ours. We are underwriting deals without adders. Almost every deal in our pipeline does not presume an adder, so an adder is a nice-to-have and not a need-to-have as it relates to what our pipeline provides, so what does that mean, so specifically domestic content, which is a 10% adder in the commercial solar facilities that we're building, we don't yet have the domestic supply or components in order to qualify. That's something we're hoping is coming our way, but it's not here yet, and so if we fast forward to 2026, we might be in an environment where all of a sudden we're going to qualify for these domestic adders. But that's not a feature of our current pipeline to the extent that we're building on a brownfield and there's a 10% adder. Again, we're not taking risks to that. We are only underwriting deals, and this is sort of a really important element. And I recognize we have to be talking about our business in the context of the industry, the timelines associated with commercial-scale development, and the tax benefits that we're talking about availing ourselves of. We're not taking very long-term bets on what's going to happen three or four or five years from now. We're really looking at underwriting deals today, and the deals that we're underwriting are reflective of the current incentives that exist. That's really the model that we have. It's obviously different if you are a pure developer with an early-stage pipeline that is exclusively oriented to deals with adders, but that's just not a feature of the Altus business model. So back to the industry and what happens, for sure, tweaks to the IRA to the extent that were to come to pass, not something that we're necessarily anticipating in a way that's particularly impactful for our segment, but we do get asked the question. We're not particularly concerned about it, and to the contrary, as I mentioned before, we view our business as a beneficiary of volatility, so we think the disruption in our space, not that we're hoping for it, but we think it'll be fine as a consolidation opportunity for us to take advantage of. Got it. And then just as you think about, so you talk about the IRA piece, let's talk about the offense here a little bit more. How do you think about financing your growth, right? 20%-30% is a hefty number. In theory, it involves both internal and external capital raise. Yep. What are the expectations here? Sure, so as I mentioned before, we generate a significant amount of internal cash flow, but the cash flow we generate is we would look for incremental cash to support our growth, meaning that the growth opportunity for the company is greater than the internal cash flow generation, and so what do we do about that? well, we've never issued any primary stock since our public offering, and we have no intention of doing so. We've been very vocal about that, and one of the reasons that we did publicly announce our plan to consider strategic alternatives was precisely for this point, that there's a tremendous opportunity ahead of us, and we have no intention to dilute shareholders given the valuation of our stock. And so that, I think the press release says it all, but effectively we're considering what alternatives might be best suited for us to both smartly grow, take advantage of the opportunities in front of us, and at the same time unlock shareholder value, which is a key element of the strategic process. Right. And I mean, do you want to talk about what that looks like? I mean, let me put it this way. A parallel strategic decision by one of your broadly defined peers has been to go out and raise a private infrastructure fund or get one of them on board to be an alternative to a public equity raise. Kind of see it either way. How do you think about that pathway here? Just to kind of come back to. Sure. I would answer the question this way. I think that this industry is viewed as very attractive to private capital sources. And I think the deal you're talking about is the Hannon Armstrong deal with KKR, perhaps, which is one where KKR was interested in being a funding source for Hannon Armstrong because of the quality of deal flow and opportunity and the fact that I assume Hannon Armstrong looked at the public market and didn't like the equity alternatives that exist. I would say it seems clear that there's a lot of private capital that is interested in investing in this market. And certainly that's one of the various pools of capital that we think is interesting to think about tapping into. But from our perspective, I think the press release says it all. We're not going to comment further, but what we would say is that we think we're in an attractive business and a business that sets itself up for significant growth. Right. And more to the point, what's the timeline on that? And you think about it. Yeah. We announced in our press release that we would endeavor to have our process concluded in the first half of 2025, and that remains our plan. Nice. How do you think about just the use of leverage in this conversation too? Again, if you're thinking about capital raise in a more holistic way, trying to avoid dilution. Yep. I say debt, there could be other structures that are not necessarily just private equity investments per se. Sure, so the company has, I would say, been well ahead of the curve in terms of tapping into creative financing solutions, so just to recap what those are, we were the first commercial industrial securitization in the market, which is the deal we did with the insurance companies back in 2019, have grown sequentially every year. We were the first to do a very creative construction facility with those same insurance companies to give us access to essentially construct new projects and also warehouse projects that we might acquire from others. We put in place a $200 million revolving credit facility with the money center banks, which was a five-year facility we put in place a couple of years ago. We did a holding company debt deal about a year ago with Goldman Sachs and Canadian Pension Plan that was designed to give us $100 million of additional holding company capital at an 8.5% fixed cost of capital, which was viewed as quite attractive by the market. All of those elements were designed to bring in non-dilutive financing to support our growth. But certainly debt has its appropriate use in the cap structure, and equity has its appropriate use in the cap structure. And we're looking to be thoughtfully equity capitalized as well for the growth that's ahead of us. And so when we look out at the three or five years forward, we think there's a tremendous amount of opportunity. We think this space, which frankly has arguably not given the market tremendous opportunities to get invested. I appreciate that at scale. I think there's a lot of market participants, particularly in the private market, who believe that the growth opportunity available to this segment is quite compelling. Excellent. All right. Look, we're basically at time. Is there anything else that you want to flag, Gregg? I mean, I think I took through a good number of things that I had on my mind, but you tell me. I think we captured it all. I just would summarize by saying I think there's a tremendous market opportunity available to us. I think that the industry really should be thought about in the first principle sense of shortage of generation. There's a lot of power demand, and there's a shortage of supply, and the grid is antiquated. It needs to be upgraded constantly, and that is not going to change. And so I think, unfortunately for everyone here who's a consumer of power, power prices are going to go up. And being in the business of selling retail power, I think, is a pretty interesting business. Awesome. Thank you, Greg. Appreciate everyone taking the time today. Thank you.