Good morning, everyone, and thank you for joining us. I'm Yasuyuki Nozawa, Founder and CEO of LogProstyle. Today, we'll review our fiscal year 2026 full-year results, our second year as a NYSE American-listed company, and explain why we believe our model is still only beginning to be understood by the market. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding LogProstyle Inc.'s future financial performance, operating results, business strategy, capital resources, liquidity, development pipeline, operational efficiency, and long-term growth objectives. These statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties include, but are not limited to, changes in economic conditions, real estate and hospitality market conditions, interest rate fluctuations, construction and development risks, cost inflation, regulatory changes, foreign exchange fluctuations, and other risks related to the company's business operations and other factors described in the company's filings with the U.S. Securities and Exchange Commission, including the risks detailed in the company's annual report on Form 20-F for the fiscal year ended March 31st, 2026, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this press release, except as required by applicable law. Any references herein to a website have been provided as a convenience, and the information contained on such website is not incorporated by reference into this presentation. Before the numbers, a word on alignment. I founded LogProstyle in 2006 and have led it ever since, and I remain its largest shareholder with roughly 69% of the company. My interests are your interests. We're governed by a six-member board, two of them independent, supported by an experienced management team. Here is the full year on a single page. Revenue of JPY 22.2 billion, up 7.6%. Gross margin of 19.8%, our strongest in three years, and adjusted EBITDA of JPY 1.64 billion, up 10.6%. This was our fourth consecutive year of revenue growth, with earnings growing faster than the top line. Real estate is 93% of revenues, with hotels and our other activities making up the balance. Our conviction is straightforward. Greater Tokyo residential is the most resilient market in Japan, and the renovation opportunity remains largely untapped. The story rests on four pillars, a model we've proven over 20 years. Tokyo has a structural advantage, a dedicated tenant negotiation team that unlocks properties at a discount, and a hotel business that adds recurring income. At the core is capital recycling. We acquire pre-owned condominiums or land at disciplined prices, renovate or develop over a one-to-two year cycle, sell and reinvest. Because our cycles are short, every completed project replenishes the equity for the next, letting us grow without continuously raising outside capital. LogSuite is our renovation platform sold under the LogMansion brand. These are full gut renovations with signature walnut and oak interiors from our own wood manufacturing, not cosmetic refurbishments. Our average unit was JPY 188 million this year, and we sold 41 units. Prostyle is our development platform in two formats, premium condominiums for owner-occupiers, and compact rental buildings sold whole to institutional investors. We extend this through Prostyle Ryokan, where we develop a hotel asset, sell it, and lease it back to operate, capturing development profit and recurring hotel income in a single life cycle, a model that differentiates LogProstyle. Regarding our hotel business, we operate four ryokan-style properties today, with a fifth in Asakusa opening in 2028 on land we already secured. Hotel revenue grew nearly 5% this year. Through our Chino property management business, we now manage more than 3,400 units, over 70% for third parties, the early foundation of a recurring income platform. I want to be precise here. We are not a Japan housing play. We are a Greater Tokyo premium residential specialist. Tokyo benefits from continued immigration, constrained land supply, and deep liquidity, even as Japan's overall population declines. The inbound tourism recovery, with Tokyo area hotel room rates up about 70% industry-wide, supports our hotel business, where our own average daily rate grew nearly 16% this year. Let me walk you through. This section covers our full year results, the balance sheet, and how we think about capital efficiency. Revenue was JPY 22.2 billion, up 7.6% year-on-year. Gross margin expanded 260 basis points to 19.8%. Net income was essentially flat, up 0.8%. adjusted EBITDA grew about 10.6% to JPY 1.64 billion. I'll explain the moving parts on the next slides. Within real estate, we operate three distinct engines. LogSuite renovation is roughly 45% of real estate revenue on a one-year cycle. Prostyle development is about 40% on a 1.5 to two-year cycle. LogAsset landowner direct sourcing advisory is about 15%, in a fragmented market with very little large cap competition. A little more detail on the drivers. We completed 261 units, up from 187 units, with a clear shift toward bulk institutional sales. Our 19.8% gross margin sat at the top of our historical range, reflecting underwriting discipline. Operating income grew 17.1%, faster than revenue, confirming operating leverage. On EPS, it declined 7.5% despite flat net income, purely because our share count rose about 9% after the IPO alongside a higher tax charge. That is dilution and timing, not an earnings problem. Stepping back, this is the four-year picture. Revenue has grown from JPY 13.3 billion to JPY 22.2 billion. Just as important, adjusted EBITDA has grown from JPY 998 million to JPY 1.64 billion, up roughly 65% over the period, while our adjusted EBITDA margin has remained stable in a tight band around 7.2%-7.5% in every one of those years. This has been profitable growth, not just top-line growth. Disciplined, consistent, and self-funding. On the balance sheet, total assets of JPY 27 billion, shareholders equity of JPY 4.2 billion. That's about $26 million, an equity ratio of 15.6%. The essential point is that our inventory is real estate that collateralizes our borrowing. Our gross debt to equity of 4.1 times the deliberate asset backed leverage structurally comparable to a property company's loan to value, not a sign of distress. To build on that, Japanese banks lend against the tangible asset, the land and the condominiums, while we fund renovation and construction with our own equity. We believe the headline 4.1x leverage overstates the real economic risk. In practice, our growth is disciplined by equity availability, not by expanding the balance sheet. On rates and inflation, our short cycles mean capital is repriced faster than the traditional developers. We are structurally less exposed to sustained rate increases. Japanese rates remain low. Our weighted average borrowing cost is below 3%. Inflation actually works in our favor. It makes renovated resale units more attractive relative to costlier new builds. Looking forward, several developments are worth watching. Sustained earnings growth, which builds a track record that directly challenges perceptions of earnings volatility, scaling of the hotel platform, broader understanding of our model, our gradual strengthening balance sheet, dividend growth. This is our second consecutive year of distributions with the fiscal 2026 dividend to be paid in four equal quarterly installments through April 2027, and increasing institutional discovery. We address the key risks on this page. Leverage, Tokyo concentration, cycle sensitivity, interest rates, and small cap liquidity. They are real, but typical of our sector. We believe they are well mitigated by our short cycles and asset-backed model. To bring it together, we have built a disciplined, founder-led platform that compounds capital through every cycle. The model is proven. We look forward to building on it over the year ahead. Thank you all for joining us today.