Good morning, and thank you for attending today's Brigham Royalties First Quarter 2022 Earnings Conference Call. My name is Sam, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you'd like to ask a question, please press Star followed by one on your telephone keypad. At this time, I'd like to turn the call over to our host, Jacob Sexton, Investor Relations. Jacob, please proceed. Thank you, operator, and good morning, everyone. Welcome to the Brigham Royalties First Quarter 2022 Earnings Conference Call. Joining us today are Bud Brigham, Founder and Executive Chairman, Rob Roosa, Founder and Chief Executive Officer, and Blake Williams, Chief Financial Officer. Before we begin, I would like to remind you that our remarks, including the answers to your questions, contain forward-looking statements. We refer you to our earnings release for a detailed discussion of these forward-looking statements and the associated risks. In addition, during this call, we make references to certain non-GAAP financial measures. Reconciliations to applicable GAAP measures can also be found in our earnings release. We have a new investor presentation titled First Quarter 2022 Investor Presentation available for download on our website, www.brighamminerals.com. We recommend downloading the presentation in the event we refer to it during the conference call. Lastly, as a reminder, today's call is being webcast and is accessible through the audio link on our IR website. I would now like to turn the call over to Bud Brigham, Founder and Executive Chairman. Thank you, Jacob, and thanks to everyone for joining us on our first quarter 2022 earnings conference call. On both our year-end 2020 and 2021 conference calls, I indicated that companies that are optimally positioned are going to generate substantial returns for shareholders in the current energy super cycle. More specifically, I stated that Brigham Royalties was uniquely positioned to succeed this year, given both our activity well inventory and high-quality undeveloped inventory. Our quarterly results reflect that outperformance. Our team generated record production, revenues, EBITDA, dividends, and drilling activity. Exceptional performance was driven by our incredibly strong DUC conversions, which were almost entirely backfilled by our record drilling activity during the quarter. I believe our high-quality active well inventory will continue to generate outperformance as we look to the remainder of 2022 and into 2023. With respect to the current macro environment, despite the recent COVID concerns in China, I see no fundamental departure from my view that we are in the midst of the early stages of an extended energy super cycle. U.S. shale is still moderating production growth and our supply chain issues, including a constrained supply of materials, including tubulars and sand, and of course, labor is in short supply. We also continue to see the U.S. DUC inventory decline, thereby mitigating our industry's ability to quickly ramp up supply. All of these factors and others point to a longer runway of elevated oil and gas prices and strong economic returns. Therefore, companies such as ours that are optimally positioned with premium assets will continue to generate substantial returns for our shareholders. With that, I will turn the call over to Rob. Thanks, Bud. Our team generated exceptional operating and financial results during the first quarter 2022, including record production, revenues, EBITDA, dividend distributions, and drilling activity. Furthermore, we closed on approximately $44 million in acquisitions during the quarter, deploying almost the entirety of our capital to the Permian Basin, with an emphasis on acquiring in the Midland Basin under Pioneer Natural Resources and Endeavor. Again, an overall outstanding effort by our team. Our production volumes were an all-time company record 12,031 barrels of oil equivalent per day, growing 31% from the fourth quarter 2021. Our production growth was driven by a record 2.7 net wells converted from DUC to PDP during the quarter. To put this result into context, we converted 2.9 net locations during the entirety of 2021. Further, 3 of our top 4 conversions during the quarter occurred on assets that were acquired pre-2020, pointing to the incredible organic horsepower embedded within our diversified mineral portfolio. As a reminder, we have an incremental 13,000+ gross locations and over 108 net locations in our undeveloped inventory at the end of the first quarter, with approximately 60% of those net locations in the Permian Basin. Importantly, we were able to almost entirely backfill our DUC conversions via the record drilling activity on our assets during the first quarter. During the quarter, approximately 238 gross wells and 2.1 net wells were spud on our minerals. The 2.1 net wells spud on our assets is also an all-time company record and is significantly higher than at any point during 2019 when 700 horizontal rigs were running across the lower 48. Similar to our conversions, we saw meaningful contributions to our drilling activity from our organic asset portfolio. During the quarter, approximately two-thirds of our drilling activity was attributable to assets that were acquired pre-2020. Furthermore, we immediately saw drilling activity by PDC in the DJ Basin under our large acquisition that we closed in the fourth quarter. Overall, a really sound mix of organic development with contributions from recent acquisitions. On the acquisition front, during the first quarter, we deployed approximately $44 million in capital, including closing on our previously announced Midland Basin transaction. Despite a tough ground game acquisition market, which is attributable to strong commodity pricing, our extensive sourcing and streamlined evaluation process has enabled us to continue to source attractive opportunities while maintaining a disciplined underwriting process, which we consider to be of paramount importance regardless of deal size. We are seeing a significant increase in the number of large mineral opportunities come to market. As we have said and approved with our DJ and Midland transaction, any large deal needs to check multiple boxes in terms of being accretive to near term cash flow, as well as to net asset value. We will continue to endeavor to prioritize a healthy balance sheet in these transactions. As a reminder, we funded both our DJ and Midland Basin transactions with approximately 50% equity as it reduces the burden on our balance sheet to provide significant flexibility with respect to future acquisitions. Looking ahead, our net activity well inventory, which represents the combination of our drilled but uncompleted locations or DUCs in our permits, was 11.7 net locations at the end of the first quarter. Our net DUCs and inventory at the end of the first quarter stayed roughly flat versus the fourth quarter, despite our extremely strong aforementioned DUC conversions. We anticipate that PDC, Chevron, Pioneer, Oxy, and Diamondback will convert the majority of our DUC inventory. Given both our strong production growth and substantial activity well inventory at the end of the first quarter 2022, we now anticipate our production volumes averaging approximately 12,000 barrels of oil equivalent per day for the remaining 9 months of 2022. Relative to Q4's 9,170 barrels of oil equivalent per day, this would represent over a 30% increase in our production volumes for the full year 2022. As a reminder, we plan to formally update guidance in August associated with our Q2 2022 earnings conference call for the next twelve months. Finally, we are extremely pleased to announce a 14% increase in our base dividend from $0.14-$0.16, and a 42% increase in our variable dividend from $0.31-$0.44. Of note, we were able to increase our variable dividend 42% while reducing our payout ratio from 80%-75%. Overall, we were able to increase our dividend by 33% to $0.60, while again reducing our payout ratio to 75%. In summary, just a terrific job by our team. I'll now turn the call over to Blake, so he can summarize for you our financial performance. Blake? Thank you, Rob. Our daily production for the quarter was 12,031 barrels of oil equivalent per day, up 31% sequentially, and our oil cut remained at 51% with a significant growth out of the Permian Basin. Our portfolio generated a record royalty revenue of $70 million for the quarter, up 49% sequentially, due to a 31% increase in production volumes and a 16% improvement in realized pricing. Realized pricing for the quarter came in at $64.64 per barrel of oil equivalent. Individually, realized pricing per barrel of oil was $91.90. Realized natural gas was $5.52 per Mcf, and realized NGLs were $40.90 per barrel of NGL. We also collected $1.4 million in lease bonus during the first quarter. Net income for the quarter was $39.1 million. Record adjusted EBITDA for the quarter was $60.7 million, and the adjusted EBITDA excluding lease bonus was $59.2 million, which was up roughly 53% sequentially. On costs, gathering, transportation, and marketing expenses were $2 million or $1.85 per BOE. We expect to see the trend of slightly higher GTM to continue given the current environment and recent operator commentary on the increase in service costs. Severance and ad valorem taxes were $4.3 million or 6% of mineral and royalty revenue and in line with historical levels. Cash G&A expense was $4.4 million. Subsequent to the release of our year-end results in February, we announced updates to our executive compensation program, which now includes short-term incentives. We believe this change will increase management's at-risk compensation and further align pay with performance. The change results in roughly $2 million of stock-based compensation moving to cash G&A during the full year of 2022. In essence, our $13.5 million cash G&A midpoint that we issued in February becomes $15.5 million, and our $9.6 million share-based compensation expense midpoint becomes $7.6 million, with no change to the total cash and stock-based compensation for the year. In fact, on a unit basis, total G&A per BOE decreased 18% this quarter as compared to the fourth quarter, highlighting the scalability of our corporate platform. Moving to our balance sheet, our prudent leverage and liquidity profile provides us with ample dry powder to continue to pursue the highly accretive acquisition opportunities Rob spoke about earlier. We exited the quarter with $6 million of cash and $93 million drawn on our revolving credit facility for net debt of $87 million, which results in leverage of 0.4x net debt to last quarter annualized adjusted EBITDA. Further, as a result of our spring redetermination, which is expected to be finalized at the end of May, our administrative agent has given us a preliminary indication of an increase in the borrowing base to $300 million, which will add another $70 million of liquidity, bringing a new total to $213 million. Lastly, as Rob already stated, we declared a dividend of $0.60 per share of Class A common stock. This dividend is payable on May twenty-seventh to shareholders of record as of May twentieth. This represents a 75% payout of our discretionary cash flow, excluding lease bonus, which is an incremental 5% reduction from the last several quarters. Going forward, we expect to target a payout at this percentage level with the potential to move up or down 5%, keeping it in a range of 70%-80%. The retained cash provides incremental liquidity to fund reinvestment in our business and continue to grow our reserves per share. I will now turn the call back over to Rob to wrap things up. Again, we appreciate you joining our first quarter 2022 conference call. As Bud and I have indicated, Brigham Royalties is uniquely positioned to excel during the remainder of 2022 and into 2023. Operator, I'll now turn the call back over to you to begin the question-and-answer portion of our conference call. Thank you, Rob. We'll now begin the question-and-answer session. If you'd like to ask a question, please press star one on your telephone keypad. If for any reason you'd like to remove that question, please press star two. As a reminder, if you're using speakerphone, please remember to pick up your handset before asking your question. Again, to ask a question, it is star one. We'll take our first question from the line of Chris Baker of Credit Suisse. Chris, your line is open. Hey, good morning, guys. Congrats on a very solid update here. I just wanna ask two bigger picture questions since I think the quarter, you know, speaks for itself. The first one was, could you maybe just share your latest thoughts around how we should think about long-term organic growth for the portfolio? You know, like I said, obviously a stellar 1Q, and looks like high teens organic growth for the year. But just curious directionally how we should think about Brigham versus, say, Permian Oil or Lower Forty-Eight volumes. Thanks. Yeah, no. Chris, great point to bring up. You know, I think the organic development on our portfolio this quarter has been tremendous. Really wanted to highlight that in both the earnings press release as well as the conference call, earlier comments that we made. When you think about our portfolio performing as it did, the record drilling results, really wanted to reiterate to everyone that when you think about the 2.1 net wells that were spud during the quarter, roughly two-thirds of those were organically sourced from acquisitions that we had effected prior to 2020. When you look at some of our bigger drilling units, that encapsulates the Patriot Brickyard unit, the Callon Fox unit, Oxy Banzai unit. It's a really nice contributions from pre-2020 assets. You know, I would think and hope, just given what we're seeing in the portfolio, that we can replicate kind of that two-thirds, one-thirds organic to potentially more near term acquisition mix in terms of drilling contributions. Similarly on the conversion side, when we talked about the record 2.7 net conversions there, you know, I pointed to the fact that 3 of our 4 largest conversions during the quarter were similarly sourced from pre-2020 acquisitions. When you look at those, that was a Chevron Revex conversion in the Delaware Basin that we acquired in 2016. The ExxonMobil St. John's Delaware Basin unit that we acquired in 2018, and then the Chevron Havilland unit also in the Delaware Basin that we acquired in 2014. You know, really just to reiterate, there's 13,000 gross organic locations that we have in inventory, roughly 108 net locations. 60% of those are in the Permian Basin. I think we're gonna see solid growth across all of our basins. You know, when you break down the production growth of our asset, we had 20% production growth in the Permian, 100% production growth in the DJ Basin, largely as a result of the acquisition that we completed in the fourth quarter. You know, also we had meaningful contributions from the Anadarko Basin and Williston Basin, largely the result of organic portfolio. When you look at the Anadarko, that was up 10%. The Williston Basin was up 12%. When you know, look at those basins, really not acquiring there, you know, the messaging there was, first quarter acquisitions, almost 99% of those, were related to in the Permian Basin. When you think about contributions from these other basins, it's powerful. You know, I'm hopeful we'll be able to achieve similar type levels of organic integration in terms of growth into our portfolio going forward. Great. Thanks. As a follow-up, just wanted to touch on the inventory depth. You know, slide 5 talks about 13-18 years of high-quality inventory based on 4Q spuds. Just curious if there's a, you know, just sort of ballpark growth CAGR that that would line up with. Is that sort of a high single digit type number? Or any, you know, additional context there would be great. Thanks. Yeah. I think as we've said in the past, you know, we'd expect our portfolio to, you know, given the asset quality, to outperform a basket of the operators. So, you know, as these operators continue to put activity back to work and, you know, they're in the kind of low to no growth, you know, as you've seen with this quarter, we should outperform that given the quality of the asset and the quality of the operators we have operating across our position. Yeah. Chris, one thing to point out on page sixteen of the presentation, it's kind of an in-depth breakdown of that organic inventory that we have to work with going forward. So on the left part of that slide, the gross wells, on the right, the net wells. Again, just to point out, you know, 48% of that inventory is in the Delaware Basin, 11% in the Midland Basin. You're approaching 60% of our net locations are in the Permian. Really powerful in terms of what the organic portfolio can drive going forward. Okay. Great. I think, just so I'm clear, the 13-18 years of inventory is certainly on a growth trajectory in the single digits. Is that fair? Yes. Yeah. I think that's. It's not a whole flat scenario. No, I would not expect that to be the case. Right. Right. You know, when you think about, you know, another data point to think about the drilling activity, Chris, is the fact that, you know, from the end of the year to the end of the first quarter, we actually grew our DUC balance, whereas most throughout the United States, the DUC balance has continued to decrease. When you look at our DUCs, we grew our DUCs roughly from 850 locations to 930 locations, tremendous growth there. Whereas in the United States, overall DUCs decreased by about 300 locations. We're seeing growth in our DUC balance relative to an overall drawdown. That points to operators opportunistically pointing towards development of our organic inventory because of such high IRR returns. All right, great. No, congrats again on the quarter. Appreciate the answers. Yeah. I appreciate you joining. Thank you. Thank you, Chris. Next question is from Kyle May of Capital One. Kyle. Hi, good morning, everyone. Morning Following up on the last comments you were making. You know, you were able to capitalize on strong well conversions in the first quarter. We continue to hear producers stress capital discipline. Can you share any additional thoughts about, you know, where you're seeing higher activity levels and how you think about conversions for the balance of the year? You know, we are seeing very high conversion levels in the Delaware, Midland basins. Also seeing nice conversions in the Midland Basin, the Wolfcamp Basin and the DJ basins. You know, to point out, you know, to reiterate the conversions, they were across all of our basins. When you think about some of these, they were, you know, in the Midland Basin, we converted the Pioneer Quata Rogers unit. We had those lists of organic conversions that I talked about. Then also, I think importantly, in the DJ Basin, we had a conversion by Chevron in the Independence unit that we just acquired in December. We're seeing conversions across the board in all of our units. When I think about it, you know, I think we're gonna have strong conversions relative to just the generic operators because, you know, our thesis all along, Kyle, has been to target the best rock under the best operators. If we've done our job, which, you know, obviously, I think, you know, that has played out and we've proven that this quarter. You know, we've targeted those operators' best rock, and so they're gonna deploy the rigs, which you saw through the increase in our record drilling activity, and then they're subsequently going to deploy the frac crews to our position. We saw that with the conversions this year. You know, on both facets, you're seeing us outpace, I think, the general basket of, lower 48 resource plays, and that's really borne out by the 30+% growth in our production volumes, in the first quarter relative to the fourth quarter. You know, as we think about it, we're still seeing nice activity levels as we looked at operations in April. You know, hence us then, looking forward and given the strong net active well inventory that we have in inventory, roughly the 11.7 net locations at the end of March. Us providing guidance for the remaining nine months of the year that we look at. We're looking at potentially 12,000 barrels of oil equivalent per day of production during the remainder of the year. Really a tremendous result because we are seeing such strong conversions and drilling activity on the asset. Great. Appreciate that additional color. Maybe looking at the M&A side. You've mentioned the M&A market is a little bit more difficult right now. In the past, you've talked about the differences based on the transaction size. Just any thoughts, more recently about kind of what you're seeing in the current M&A landscape? Yeah, Kyle. You know, we've talked in the past about bifurcating the market in terms of ground game deals. So those are the 50- to 100-acre deals that we've historically done, roughly probably 2,000 transactions thus far over the life of the company. Then the larger deals, such as the DJ Basin deal that we closed in the fourth quarter, the Midland Basin deal that we closed this quarter. When I think about it, you know, the biggest headwind that we face right now is just crude oil pricing and the fact that sellers and the reservation price obviously at $100 approaching $110 per barrel, it's made sellers less likely to sell. As I've indicated in the past, you know, our job is to continue to stay in touch with those sellers on the ground game, constantly reaching out more so than ever, letters, calls, et cetera, on the bigger deals, you know, being involved in different processes, reaching out to folks. Again, we've streamlined the team such that we can very efficiently prosecute both the smaller ground game deals and the larger deals because we know that the hit rate or our acquisition rate has gone down over the last couple of quarters as it relates to crude oil pricing going. We've got to be that much more efficient in terms of being able to analyze and evaluate deals. You know, what I mentioned in the conference call transcript is, you know, we try to do that, but of utmost importance is just being disciplined in the process and making sure that we're doing deals that are accretive near term cash flow-wise, as well as on an NAV basis, because obviously our job is to create value for shareholders. So that's paramount. Number one goal is to, you know, once these deals come in, that we bid them appropriate such that we're generating returns for shareholders. Okay, great. Appreciate the time this morning and great quarter, guys. Yeah, thank you. Appreciate you joining. Thank you, Kyle. The next question is from Jeanine Wai of Barclays. Jeanine, your line is open. Hi, good morning. This is Kenneth Chang for Jeanine Wai. Congrats on the quarter. Thank you. For the first question on the free cash flow priority, you have lower payout ratio from 80% to 75%, and you have $93 million on the revolver, with a leverage of 0.5 times. Going forward, how do you prioritize between mineral acquisitions and debt pay down? No, I appreciate the question. You know, we pretty clearly messaged throughout time that at the end of the day, we'd be in the 75%-80% payout ratio. We've now given just the stellar production growth as well as the pricing tailwinds, have reduced that to 75%. You know, now we've indicated that ±5% around that 75% level. Basically, we see distributions on an operating cash flow basis between 70%-80% going forward. You know, I think what that does, it provides quite a bit of flexibility going forward as we think about doing acquisitions going forward. Because, you know, one important point to make is that $93 million debt balance is the same as it was at the end of the year. We're able to execute upon $44 million of acquisitions in the first quarter, with basically no change to our debt balance because we internally funded those acquisitions by retained cash flow. You know, I think a lot of what we're trying to build around that range of 70%-80% is providing optionality to do highly accretive transactions. Blake? Yeah, I'd say certainly with oil prices at these levels, where $0.85 on the dollar goes straight to the bottom line, we're gonna have plenty of flexibility to manage all of our objectives. We'll continue to prioritize dividend and balance sheet management as well as the acquisitions. I think you can see evidence of this with our DJ and Midland deals, where we use stock as some of the consideration. We've always said that we'll keep net debt to EBITDA below 1.5x. You know, I think realistically, in this environment, you know, we'll plan to keep it below 1x and make sure we've got that added flexibility at all times. Okay. Thanks for the color. As a follow-up, on the $19 million working capital draw during the quarter, obviously many of the E&P companies that have reported all have some level of that. Can you please share your thoughts on whether you see further working capital heading, in the form of increasing accounts receivable for the remainder of the year? Or perhaps do you view this as more transitory? Thank you. Yeah. I think this is just a function of increased production and prices. It's pretty common for us to see this, given the slight delay in payment that we experience as a mineral company. Sorry. We usually get data from other sources, so you know, before we see a check from an operator. If prices flatten out, we expect this, you know, the growth in the AR balance to slow and it'll be more steady state. It's just when you see differences quarter-over-quarter in production and prices that this occurs. It's nothing that we think is a headwind, but you know, something we expected. Okay, thank you. Thank you for that question. Appreciate you joining. Next question is from Nathan Pendleton of Stifel. Nate, your line is open. Good morning, and congrats on the strong quarter. Yep. Thanks, Nate. Appreciate it. For my first question, I wanna go back to M&A. Given your diversification and your prior commentary about the strong results from different basins, can you speak to the most attractive basins you're seeing for deals going forward? You know, Nate, we're seeing attractive deals across the Permian, DJ basins as well as the Wolfcamp Basin. We're actively working up deals in all of those basins. You know, the key, as I've indicated in the past, is just to be disciplined in the process. You know, making sure we, you know, soundly underwrite these deals from the number of horizons, number of wells per horizon, operator timeline for development. We're actively working up deals in all these basins. You know, I think very opportunistically in the fourth quarter, we were able to add that really nice $93 million DJ deal acquisition that's immediately paying results in terms of active conversions and developments. You know, I think that there's deals. There will continue to be deals in the DJ Basin that we'll continue to evaluate. Similarly, there will be deals in the Wolfcamp Basin that are highly attractive under active operators that we'll also continue to evaluate. But I would say, you know, probably the preponderance of our time, of our evaluation team's time will be related to Permian Basin deals. There just seems to be a much larger throughput or deal throughput in those basins, both in Delaware and Midland basins, and so we are prosecuting deals there. You know, I think, you know, when I look back at the DJ deal, we were able to achieve some highly economic returns there when I think about the near-term cash flow accretion as well as the NAV accretion that we generated via that deal. We'll be opportunistic looking at all these basins because I think that there's ample opportunity to generate some significant shareholder value in all of those. Great. Thanks. For my follow-up, in Q1, it looked like your lease bonus bounced back quite nicely. Can you provide any insight into the drivers there and how we see the outlook, for lease bonuses going forward? You know, interestingly, Nate, that was a composition of both Delaware as well as DJ Basin leasing. You know, it's just part of what we've talked about in the past, the perpetual option of minerals. You know, you hold these mineral rights into perpetuity. There's events, you know, even given, you know, the rig count approaching, you know, 620 rigs currently with, you know, EIA is currently forecasting it to go to 700, operators can't always hold all the acreage. I think, you know, you'll continue to potentially see us generate lease bonus going forward. There's just opportunities there that are always going to present themselves, and that's something that, you know, we actively monitor and engage with operators. I'm hopeful, you know, you'll continue to see some upside from us throughout the remainder of 2022 in terms of lease bonus. That, you know, it's just, you know, really one of the pleasant surprises that presents itself with respect to minerals. Absolutely. Thanks for taking my questions. Yep. Thanks for joining. Thank you, Nate. As a final reminder to ask a question, it is star one on your telephone keypad. Our next question is from Grant Adkins of Raymond James. Grant, your line is open. Hi, guys. Congrats on the strong quarter. Where I'm gonna start is kind of from a production cadence standpoint. Obviously you guided to 12 MBOE for the remainder of the year. Is there any, I guess, additional color that we could see on that? We kind of had y'all, I guess, ramping up and closing the year around that 12 number, but are you expecting more flat production or lumpier? Any additional color you could give me on that, I'd appreciate. Yeah. Just to level set so everybody kind of understands how we forecast activity going forward. Obviously in the near term, I would say the next 6-12 months, the most impactful piece to production ramp is gonna be our DUCs. That's the 7.1 net DUCs that we have in inventory. Next kind of when you think about the next 12-24 months, that's gonna be the permits that are in inventory. That's the 4.6 net locations that we have in inventory. It's really, you know, largely the next 9 or so months is gonna be driven by our DUC inventory. You know, it could be that, you know, just based on the data that we're seeing, obviously it's very early and we don't have perfect information, but, you know, it could be more heavily weighted towards the first half of these nine months in terms of production than the latter part. It's just something that we'll have to monitor and, you know, as data comes in, we'll have better insight. You know, it's as being in essence a non-operated position, don't always have perfect data, but it could be that it's more front end loaded in terms of kind of Q2, the first half of Q3 than the latter part in terms of the growth. Perfect. Thank you for that. The second question as a follow-up is gonna be related to I mean, you've discussed the payout ratio, but I'm kind of thinking more from the dividend perspective. Are y'all necessarily targeting, say, maintaining that $0.60 per share or higher dividend as long as y'all can do so remaining in that 70%-80% range, I guess? Is that payout ratio kind of your flexor? Is that how we should think about it? I think the payout ratio really is driven by, you know, what our opportunity set is in front of us. You know, we've got plenty of acquisition opportunities and, you know, again, as we were saying, can use that flexibility with the retained cash in these price environments to help fund some of those opportunities that we see. You know, we did step up the base dividend from $0.14 to $0.16, and then we've got the variable piece on top. You know, we're just effectively paying out, you know, 70%-80% of our discretionary cash flow. You know, obviously we'd like to see the dividend continue to grow, you know, quarter after quarter. You know, we're kind of looking at all the different variables that we have to spend capital on between our reinvestments and return of capital to shareholders. Awesome. Thanks, guys. Congrats on the quarter. Yep. Thanks for joining, Nate. No problem. Great. Thank you, Grant. At this time, I'd like to hand the call back over to Rob for any closing remarks. No, again, we appreciate everybody joining us on our first quarter 2022 conference call, and look forward to getting back together with you in August as we discuss our second quarter results. Thanks again for joining. That concludes the Brigham Royalties first quarter 2022 earnings conference call. Thank you all for your participation. You may now disconnect your lines