For 17 years, because I'm also the co-founder. A lot to share with you today. This is the first time we've presented to the Planet MicroCap crowd and to the MicroCapClub group, did a little research on the philosophy. Normally, what I would present to you today would be a typical, This is who we are, this is what we do, and this is why it's interesting presentation. I decided to depart from that in light of the sophistication in the room. Let me take you through it in pieces, and hopefully, it will give you the whole journey. First and foremost, what I'm bringing to you today is a proven platform, a company that's at an inflection point in profitability, and what we believe is a credible path to becoming the leader in the market for tokenization of private real estate assets. Let me start with what you can already see. Presuming that you've taken a look at our stock, what you're going to see is a small cap NASDAQ company, limited trading volume, no analyst coverage, a real estate company that appears to be negatively affected by interest rates in the downturn in real estate, and a company that recently expanded into digital assets. Pretty fair. What the business actually is a 17-year-old company with $2.6 billion in managed assets and funds that we manage. A fee-generating platform. What we are not is, we're not a small REIT with a business model that's not working or a fee-earning business. Asset-light. We've told the market that we're moving to a full year of profitability, which is a return to profitability from a platform that's been profitable in the past. Last but not least, the tokenization component of our business is not an abandonment of the prior business. It's an expansion of the existing business, and I would venture to guess that the best way to think about it is take a very well-established operating business and apply a software upgrade to make it run faster, more effectively, more efficiently, and potentially more profitably. Thing number two. This is the first time I've ever presented this to investors, but I said, what are the top three reasons why I would pass on the stock? Let's take the skeptic's point of view. Value trap. It's a busted real estate story. If you look at it as a real estate company, it kind of looks like the small REITs, they go public, the stock goes down, they can't escape. There's no escape velocity. You're never going to get out of that trap. We are not a busted small REIT. We're a fee-generating business. That's how we earn income. We are not in the same category as those companies, and in fact, we are unique, which I will prove to you throughout the presentation here. The second is the company's balance sheet has been improving. Debt's down, liquid assets are up. The trajectory is pretty good. The third thing I wanted to share with you is the first time we've ever issued guidance to the public markets is recent. We did that because we wanted to be clear on the guidance, and we wanted to be able to follow through on the guidance. The guidance is showing nice revenue growth and a return to profitability this year. Thing number two, it's just another crypto play. When Caliber expanded its business into the world of digital assets, there were about 200 other companies that entered into the digital asset treasury business in a roughly three to four-month period of time. Hundreds of billions of dollars of capital were raised in these companies. Of the 100-200 companies, 190 of them, roughly, had the same business model. Raise a lot of money really quickly in a structured finance deal, buy a bunch of digital assets, whether it is some sort of token, see those digital assets acquired at the all-time highs, and then see crypto crash. Caliber did not do that. We announced what we were doing. We acquired the token that we think is part of one of the most important protocols in the blockchain industry that is core to the tokenization of real estate funds. We bought it slowly. We did not do it in a structured finance deal. We applied no debt to the treasury, and we have now dived deep into the technology and made a lot of progress. The last thing is, you guys are microcap investors. You hear this all the time. Too small, too illiquid to matter. Too small of a market cap. No way to raise growth capital into a small vehicle like this. What I want to remind you of is we manage $2.6 billion of assets and funds, and our business model is designed to raise capital on a programmatic basis into and that we generate revenue from. Let's see if I can get away from this disruption. We do that in a non-dilutive basis. We manage a bunch of funds. The funds generate revenue for the company. We certainly would prefer to have that with the public capital markets. What is Caliber, actually? We are a 17-year-old real estate asset management business with a proven business model that has been continuously operating in the same business throughout that 17 years. We are essentially presenting to you an institutional-quality investment manager with a boutique and unique real estate investment deployment strategy. We are one of the top 10% Opportunity Zone Fund investors in the country, and we are really good at what we do. If you are a real estate investor, you are going to understand this inherently. If you are not, hopefully, this will be valuable to you. The public company is the black box in the top. That is the sponsor of a real estate fund. That is what generates the fees, the profit sharing, and the carried interest that we manage and the funds that we manage underneath. Underneath that, we have discretionary funds that we manage and operate, and then we have single asset funds that we manage. If we are going to go buy a hotel together, I am going to create an LLC. We are going to raise $10 million to buy land and build a hotel. Maybe we will raise some of that money directly into the project. We will raise the rest into a fund that invests in the project, both of those two entities Caliber manages and generates revenue from. As a shareholder in the operating company, you own a piece of the revenue we generate and the profits we generate from managing real estate funds. Inside the business, when you come to us as a customer, we present to you an ability to find unique and interesting real estate investments, invest in those investments, and then we execute all of the services from start to finish in managing those investments. From acquisitions to construction, development, asset management, all the things that are necessary to take you from point A to sale of a real estate asset. We have a compounding business model that's kind of cool and kind of unique in the public markets, especially for a company of our size. We raise capital. Think of us as a manufacturer of investments. We manufacture a real estate investment that's unique. We raise money into the investment. As we acquire assets, we grow the assets under management or the managed assets of the company. That generates revenue for the business, which generates greater profitability. Hopefully, as we sell those assets, our investors get their money back, they reinvest in future deals, and we continue to grow the business. We also have a really unique asset, which is a fundraising engine that we own internally. We don't just raise this capital from institutional investors. We raise it direct from a group of about 2,000 families that invest with us on a programmatic basis over the last 17 years. Those are all relationships we manage in-house with our own team, and we have a marketing engine that meets these investors, educates them on our real estate investments, and grows that base. We also have a wholesaling platform. We sell to professional investment advisors, broker-dealers, et c. You can find a Caliber fund on Schwab. You can allocate capital to the fund, and that's how we grow our assets. We have a leadership team that is, I think, the right combination of entrepreneurial, founder-led, along with highly experienced and highly credible professionals in the space. People who have run some of the largest real estate investment companies in the country in the past. Moving from what we are, let me talk to you about now. Timing is everything in the real estate investment business. We are a cyclical business. If we were talking three years ago, you'd say, well, interest rates just went up. Obviously, there's going to be a decline in real estate values. Let's talk in three years. Well, it's three years now. Now's the time. Let me prove it to you. Caliber was born in late 2008, and we've spent the first five years of our business following the 2008 financial crisis. We are very good at operating in a distressed and disrupted environment, taking advantage of declines in asset values and delivering those advantages to our clients. We are back to that. Real estate values nationwide have declined the largest amount in commercial real estate since 2008. It's about a 30% decline nationwide, depending on the asset class that you're talking about. That happened between 2023 and 2025. Where we're at today is that banks, lenders, etc., institutions are starting to take back assets, sell them out of foreclosure, and create new opportunities for new real estate investors on the other side. We think the best two opportunities are in multifamily and hospitality, and that's where we're positioned to take advantage of the market. Why? On the multifamily side, most of the markets were overbuilt. They were overbuilt with 3% money. At some point in time, when those investors that built those assets and filled them up wanted to refinance them, the cost of capital was 6% and none of the math worked. We're acquiring existing multifamily out of distress, and we're also acquiring broken construction projects. On the other side, on the hospitality side, you have the same environment, but you have kind of the double black swan event. You have COVID and interest rates. That's also creating opportunities for us to do two things. One is acquire distressed hotels at a discount to what it costs to build them. Two is, interestingly enough, to build hotels in markets that have a huge supply and demand imbalance because no hotel has been built in that market for a very long time because of COVID and interest rates. We invest in a very niche area, which is Arizona, Colorado, and Texas, primarily. We're focused on markets that are growing at twice the rate of the rest of the country. It's very simple strategy. This business is incredibly hard to replicate. I could spend three hours explaining to you how to build one of these things, and no one would do it because it's hard, it's difficult, it requires you to manage through cycles. In Caliber's case, we've been executing extremely well as a management team, but interest rates, market environment, et c., makes us look like we're not executing. You got to kind of combine these things. What we think we present to you as an investor is an opportunity to access a business model that is unique in the public markets. You always get the question, what are your comparables? We don't have any. We don't have any. The companies that have a business model like us, they stay private. They wait till they're scaled to 50, 100 billion in AUM, then they go public. Those companies are Blackstone, Apollo, Ares, all the alternative asset management businesses that are public. I don't know of another alternative asset management business that's public doing what we're doing, and I certainly don't know of anyone who's actually applying that to an upgrade with tokenization. I want to talk about the earnings power of the business. Like I mentioned to you before, we have a history of profitabilities. In 2019, we did great, very profitable business. In 2020, we obviously sheltered our business through COVID, lost some money, kept our employees intact. Returned to breakeven in 2021. We were profitable again in 2022. We moved from about a 50-person business to about 110 people in 2023 and 2024 in pursuit of a very large opportunity that we ultimately didn't close. We have gone through the painful step of shrinking the business back down to roughly 50 people, back to the level where we can be consistently and stably profitable. I think if you do the homework and dig in on our story, you will find that we are one of those micro-cap companies that's hard to find, that has the ability to be consistently profitable. We make money in three buckets. This is the revenue model. First bucket, asset management fees. If you invest in my Opportunity Zone Fund, it's a 10-year fund with a three-year wind down. For 13 years, I'm going to earn a fee off of your capital. If you're a hedge fund guy, two and 20, it's the 2% fee part. The 20% part is the profit-sharing interest. That's our performance fee. That's where you're going to get a carried interest in the project if the project is profitable beyond a certain minimum rate of return to the investors, and we have about $99 million of estimated carried interest in our portfolio today. That is an off-balance sheet asset. Third, asset services. When we acquire a hotel together, we're going to hire ourselves to develop it, to manage the construction, to provide the asset management, to eventually sell it and earn a brokerage fee. In that case, those are the asset services, where essentially we're hiring ourselves to provide services to our portfolio. If you understand our business model, the model hangs off of can we perform? Do the underlying investments produce a good rate of return for the clients? This is the historical track record, and I think the reason why I highlighted these two deals at the bottom, Northsight and South Ridge, both of these deals were bought in 2021 when the market was at all-time highs. Both of them were sold in 2023 when the market was depressed. To generate those types of returns in that kind of an environment means that we're doing something right. We're buying right, we're transforming the assets the right way, we're producing a great value for investors. If we stop the presentation today and I said, "Real estate platform, 17 years of operations, cycle is tailwinds, not headwinds anymore, and we're positioned to buy distressed assets," that is a good story. I would invest in that if I was in your shoes. What we did roughly nine months ago that we announced, but we'd been working on for quite a long time before nine months ago, was we said there's an opportunity for us to move from being just a real estate asset manager to being a real estate and digital asset manager. We see that the technology around tokenization and blockchain has been refined over eight years now, and it's looking really good. We see that the regulatory environment for this has changed fundamentally with the GENIUS Act that's passed and other things that are coming. We believe fundamentally that this technology is going to transform our industry. We think of it as the upgrade in finance that finance hasn't seen from a technological standpoint in 50 years. We said, Hey, what does this do to a real estate fund? Most of you might have heard of tokenization of stocks. That's the big thing right now. NASDAQ's tokenizing all their stocks. New York Stock Exchange is offering to tokenize stocks. Tesla tokenized their shares. Their stock went up 10% in a day. What does tokenization do? It's kind of like a bauble. It's a nice little extra wrapper for the stock. You get to trade 24 hours a day now. You don't necessarily have to have a U.S. brokerage account to buy the stock. That's nice, the kind of expansion of access. It's cheaper to manage the trading. That's not necessary for the stock market to function, and it doesn't actually transform stocks in a meaningful way, in my opinion. This is different for real estate funds. Private real estate funds have two problems. They're hard to value and they're illiquid. Investors don't like them for those two reasons. Some of them like them, some of them don't. Those are the two biggest issues with real estate funds. Tokenization technology affects both of those issues. The first, we can automatically calculate a net asset value in a transparent manner. If you own 2% of my Opportunity Zone Fund, you know what it's worth on a daily, weekly, monthly, annual basis. Beyond what I report to you and in a way that's transparent and automated. Once you take that 2% interest in my fund and you make it obvious on what it's worth in something that's trusted in the market, you transform the security from a piece of paper to something digital, then it can be used as collateral in a loan. Just like you have margin loans on a stock, all of a sudden, you could take all of your illiquid real estate positions and your LP positions in different deals and borrow against them. That's layer one of liquidity. People think of tokenization as a way to trade the shares on an exchange. It's great. Most importantly, if I could take my investors and let them borrow back 30%, 40%, 50% of their investments to go do other things with or to invest more with me, that would be transformational. The last thing is, if you want to sell it right now, your option is ask me to buy it back from you. It all has to be funded from the deal itself or from other investors buying your shares. That's layer one, layer two of liquidity in real estate funds. Layer three is now margin loans on your position. Layer four is you can list your token on an exchange and sell it. Exchanges are new. There's not a lot of trading volume. It's going to take time for them to evolve, but at some point in time, this is how real estate's going to function. There's nobody building it on the building side. Why can we do it? Shouldn't the technologists, the blockchain guys that have been doing this, hiding in their basement for the last eight years, build this? No. They already built the tech. The tech works. They needed the regs. The regs are here. What you need is someone who actually understands these investments, manages funds, is willing to tokenize their own portfolio, and in doing so, willing to then offer those services out to the world. Because I can't tell you how many family offices and how many large portfolio owners I've talked to that said, "Hey, if you could gain these benefits on your portfolio, would you do it? Yeah, in a heartbeat. We believe that we have an opportunity to be the market leader in tokenizing private real estate funds, just as Securitize is emerging as the market leader in tokenizing public stocks, and there are other market leaders emerging in tokenization of deposits, bonds, credit funds, etc. We haven't seen it yet in real estate funds, and we think we can do it. Why do we invest in LINK Token? Why do we build the digital asset treasury? Because LINK Token, Chainlink in particular, is a foundational layer of infrastructure that allows tokenization to occur. Why? They have an automated compliance engine that we're using, which we've announced. That means that if you buy a Reg D fund, you have to be an accredited investor in the U.S., and you can't be OFAC, and this, that, and the other thing. All that stuff that we need to verify, you can verify automatically through their technology so that you can actually exchange shares. They have the valuation layer that we're working through. They have a lot of things that bring value to us. We invest in the technology, and we use those relationships to build our relationships across the blockchain. Chainlink happens to be trusted by SWIFT, Mastercard, DTCC, S&P Global. The top 100 banks you could name off the top of your head is using Chainlink. I'll leave it there. Questions? I know that we're presenting kind of an interesting and differentiated business model. I'll go back to where I started, which is this is a proven business. We are the small cap company and the micro-cap body. We do great work every day in the real estate world. We'd love you to be a real estate customer, but we'd also love you to be a shareholder. If you believe like we believe, that real estate funds being easier to value, more transparent, and more liquid is a good thing, then I would highly recommend you jump on the train. If you have questions, I've got time because I wanted to have a little time for questions, and I'd be happy to answer. Just if I step you through the balance sheet, we have about $100 million of carried interest that's off balance sheet. We calculated that inside of our net worth, but the market doesn't. We've got about $35 million-$40 million of cash invested in the portfolio, which is about $35 million-$40 million of about $500 million of cash invested. We have about 7%-8% of the capital. We have liquidity and other things like that. Correct. Typically about 20%-30% of the upside of the deal after a 6%-8% minimum return. That's that $100 million that we have off balance sheet, roughly. Any other questions? Awesome. Sounds good. Thank you very much. Appreciate it, guys.