Good morning, ladies and gentlemen. I am Katherine A. Keenan, Chief Executive Officer of Blackstone Real Estate Income Trust. On behalf of the company, I want to welcome you and thank you for attending our annual meeting. I am joined today by other members of our management team, members of our board, representatives from Deloitte & Touche, our independent registered public accounting firm, a representative of American Election Services, LLC, the inspector of election for this meeting, and Simpson Thacher & Bartlett, our legal counsel. I will act as chairperson of this meeting. Leon Volcheck will act as secretary of this meeting. Christopher Woods, a representative of American Election Services, LLC, will act as the inspector of election for this meeting. This meeting is now called to order. The agenda setting forth the proposals for consideration and the meeting's rules of conduct are each available on the virtual meeting page. Two proposals will be voted on today. We will address any germane questions before closing the polls for each proposal. Once the polls are closed, we will provide the preliminary voting results based on a report from the inspector of election and will then adjourn the meeting. I will answer any appropriate questions from stockholders during the time allotted. A representative from Deloitte is also available to answer appropriate questions. To submit a question, type it into the box at the bottom of the page and submit. As indicated in the proxy statement, we are here today regarding the following proposals. Proposal one, the election of directors, and proposal two, the ratification of the appointment of the company's independent registered public accounting firm. As previously disclosed, with respect to proposal one, Zaneta Koplewicz has resigned from the board and will not be standing for election at today's meeting. Any votes cast with respect to Ms. Koplewicz's election to the board will be disregarded. The polls for each matter opens at 8:30 A.M. Eastern Time and will remain open until I announce that the polls are closed. No votes will be accepted after the polls close. After the report on the tabulation of the voting, I will announce the preliminary voting results on the proposals. The board of directors has fixed the open of business on March 27, 2026 as the record date for the determination of stockholders entitled to receive notice of and to vote at this meeting. The proxy materials were made available to stockholders on March 27, 2026. Broadridge Financial Solutions has provided an affidavit of distribution certifying as to, A, the timely notice of meeting and mailing of the e-proxy notice to all stockholders of record as of the record date, and B, the fulfillment of stockholder requests for copies of the company's proxy materials and 2025 annual report to stockholders. The presence in person or by proxy of at least 50% of all of the votes entitled to be voted on any matter constitutes a quorum to transact business on all matters to be considered at this meeting. Each share of common stock is entitled to one vote. Based on confirmation from the inspector of election, I hereby declare that a quorum exists. The approval of each nominee for director in proposal one requires a majority of the shares entitled to vote that are present in person or by proxy at this meeting. The approval of proposal two requires a majority of the votes cast at this meeting in person or by proxy. If you have already given your proxy to vote your shares, you need not vote during the meeting since the persons designated as proxies will vote for you as indicated in the proxy cards. If you haven't authorized your vote or you want to change your vote, you may do so online by following the instructions on the website. Are there any questions on the proposals? Please be mindful of the meeting rules. At this time, no questions have been submitted. We will now proceed with the voting. If you wish to vote, please do so now. The polls are now closed. This concludes the business items on the agenda for this annual meeting. As the chairperson of the meeting, I recognize the votes on the proposals represented by the proxies solicited by the board of directors. The votes will now be tabulated. The inspector of election has informed me that each of proposals one and two have received the requisite affirmative approvals to pass. I hereby declare that each of the nominees standing for election and listed in proposal one has been elected as a director of the company and that the appointment of Deloitte & Touche as set forth in proposal two has been ratified. That concludes the formal business of the meeting. I will now entertain questions from stockholders. The representatives from Deloitte introduced earlier are available to answer appropriate questions from stockholders. Please be mindful of the meeting rules. I want to thank you for attending today's meeting. If there is no further business to come before the meeting, it is adjourned. The meeting has now concluded. Thank you for joining, and have a pleasant day. Thank you.