Today, I welcome you to the New Mountain Finance Corporation's Second Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the Star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press Star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note this event is being recorded. I would now like to turn the conference over to John Kline, President and CEO. Please go ahead. Thank you, and good morning, everyone. Welcome to New Mountain Finance Corporation's second quarter 2025 earnings call. On the line with me here today are Steve Klinsky, Chairman of NMFC and CEO of New Mountain Capital, Laura Holson, COO of NMFC, and Kris Corbett, CFO and Treasurer of NMFC. Steve is going to make some introductory remarks. Before he does, I'd like to ask Kris to make some important statements regarding today's call. Thanks, John. Good morning, everyone. Before we get into the presentation, I would like to advise everyone that today's call and webcast are being recorded. Please note that they are the property of New Mountain Finance Corporation, and any unauthorized broadcast in any form is strictly prohibited. Information about the audio replay of this call is available in our August 4th earnings press release. I would like to call your attention to the customary safe harbor disclosures in our press release and on pages two and three of the slide presentation regarding forward-looking statements. Today's conference call and webcast may include forward-looking statements and projections, and we ask that you refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from those statements and projections. We do not undertake to update our forward-looking statements or projections unless required to by law. To obtain copies of our latest SEC filings and to access the slide presentation that we'll be referencing throughout this call, please visit our website at www.newmountainfinance.com. At this time, I'd like to turn the call over to Steve Klinsky, NMFC's Chairman, who will give some highlights beginning on page five of the slide presentation. Steve? Thanks, Kris. It's great to be able to address you all today, both as NMFC's Chairman and as a major fellow shareholder. Adjusted net investment income for the quarter was $0.32 per share, covering our $0.32 per share dividend that was paid in cash on June 30, 2024. NII was supported by consistent recurring income from our loan portfolio, no new non-accruals, full utilization of the dividend protection program, and a modest incremental fee waiver. Our net asset value per share of $12.21 declined $0.24 compared to Q1. While overall credit performance was strong across the majority of our portfolio, NMFC did experience modest declines across three positions, which John will address later in the call. Importantly, 95% of our investments are green on our heat map, and our portfolio has nearly 80% exposure to senior-oriented assets. NMFC lends chiefly in sectors such as healthcare information technology, software, insurance services, and infrastructure services, which we believe are well-positioned in today's economic environment. NMFC's portfolio loan-to-value stands at just 45%. Our lending lines are being refinanced at lower rates, and our percentage of first lien assets is growing, while our PIK income is falling. Looking forward to Q3, we would like to announce a $0.32 dividend payable on September 30th, 2024 to shareholders of record on September 16th, 2024. NMFC's dividend is supported by our strong recurring earnings from our well-performing credit portfolio, increased portfolio activity compared to Q2, and the dividend protection program, which we have in place through the fourth quarter of 2026. The dividend protection program represents a shareholder-friendly way to stabilize the dividend in a period of time that is characterized by tighter new issue spreads and lower fees that have been the result of below-normal private equity deal activity. Our view at New Mountain is that these trends are likely to normalize as deal flow picks up. Our current stock price implies a 15% discount to book value, and the dividend of $0.32 quarterly, or $1.28 annually, represents over a 12% yield, all with a 14-year track record of just a one basis point total net realized loss rate since IPO. As a result of the ongoing discount, NMFC entered into a stock repurchase program where the company has repurchased approximately $16 million of shares year to date, with an additional $31 million of board authorization remaining. Additionally, I and my fellow managers at New Mountain are the largest shareholders of NMFC and have steadily increased our ownership level over time. We believe that our current share price represents a compelling entry point for prospective investors as we seek to deliver stable, consistent yield and exhibit clear opportunity for equity upside in the months ahead through further advancing our strategic initiatives. As a reminder, New Mountain's flagship private equity funds have never had a bankruptcy or missed an interest payment, and the firm now manages over $55 billion of assets. We employ over 90,000 people at our PE portfolio companies in the field, and our New Mountain team has now grown to over 280 employees and senior advisors, and approximately 70 members of our executive advisory council. Our goal is to apply this same business building skill and knowledge to benefit NMFC and our credit platform as a whole. We thank you for your ownership and partnership, and we are working diligently to serve your interests in the months and years ahead. With that, let me turn the call to John. Thank you, Steve. I would like to begin on page eight, which offers an overview of our differentiated approach to direct lending. First and foremost, we focus only on sectors of the economy that we believe are defensive and have stable tailwinds that will benefit companies within these chosen sectors. We do not invest in industries that are volatile, cyclical, or secularly challenged. Secondly, we believe that we have a better model for research as New Mountain uses in-house industry executives and private equity personnel to underwrite direct lending deals within our chosen sectors. Finally, we continue to have very strong shareholder alignment with 14% of our outstanding shares owned by NMFC employees and senior advisors, and we actively support shareholder returns through our dividend protection program. Page nine provides key performance statistics showing a long-term track record of delivering consistent enhanced yield by minimizing credit losses and distributing virtually all of our excess income to shareholders. Since our IPO in 2011, NMFC has returned approximately $1.4 billion to shareholders through our dividend program, generating an annualized return of 10%. Today, our dividend yield is over 12% annualized based on the $0.32 quarterly payout. We have been a good steward of capital with negligible net realized losses over 14 plus years and maintain investment grade ratings at Moody's and Fitch. Turning to page 10, NMFC continues to make progress on strategic priorities which focus on improving the quality and diversity of our asset base, optimizing our liabilities with low-cost floating-rate debt, and enhancing the quality and character of our income. To that end, in Q2, we increased senior-oriented assets to nearly 80% of the overall portfolio and further diversified our top holdings with the full repayment of OfficeAlly, previously a 2.5% position. On the liability side, our team is preparing to refinance the 7.5% convertible notes and the 8.25% unsecured notes, both of which mature or are callable in Q4 of this year. We expect to access the unsecured debt market and lock in interest rate hedges on the notional amount of these transactions. Finally, we continue to sell equity positions and exit PIK assets. In Q2, we monetized NMFC's $15 million position in OfficeAlly's common equity and received a full repayment on our position in ARCOS's preferred shares, including all previously accrued PIK. We will seek to exit more PIK positions in the coming quarters. As shown on pages 11 and 12, the internal risk ratings of our portfolio decreased slightly during the quarter, with approximately 95% of the portfolio rated green. At the margin, we did see a few select names migrate down on our rating scale, representing $79 million, or less than 3% of the portfolio. Perhaps the most notable movement was the migration from yellow to red of a consumer products company in the portfolio. While this company is still current on its interest, its performance has been significantly impacted by tariffs on its predominantly China-oriented supply chain and will need liquidity support before year-end. It's worth noting that NMFC's loan is at the top of the capital structure, and there is no material debt ahead of our position. Despite the modest negative move in overall risk ratings, our most challenged names, marked orange and red, represent only 2.1% of NMFC's fair value, making them a small part of the portfolio. Turning to page 13, we provide a graphical analysis of NAV changes during the quarter, resulting in a book value of $12.21, a $0.24 decline compared to last quarter. Overall, the quarter benefited from good core credit performance, offset by declines in Admentum, a dental healthcare business, and the aforementioned consumer products business. Admentum continues to deliver steady operating performance; however, there is debt and preferred equity that is accreting senior to our common equity position, which is pressuring our valuation. Admentum continues to work on new growth levers, including a career learning offering and other operating initiatives to enhance top and bottom line performance. We have started to see M&A activity pick up in the sector and believe Admentum remains an attractive and well-positioned platform. The dental business has faced challenging labor inflation against the backdrop of lower patient volumes combined with price pressure. The company's financial sponsors have given the business a meaningful liquidity runway to improve operations and have made management changes that we hope will catalyze better execution. Page 14 addresses NMFC's non-accrual performance. On the left side of the page, we show that non-accruals continue to be very low, with only $38 million, or 1.2% of the portfolio on non-accrual. On the right side of the page, we show our cumulative credit performance since IPO. During that time, NMFC has made $10.2 billion of investments while realizing losses net of realized gains of just $16 million over the course of our history as a public company. On page 15, we present NMFC's consistent returns over the last 14 years. Cumulatively, NMFC has earned over $1.4 billion in net investment income while generating only $16 million of cumulative net realized losses and only $138 million of cumulative net unrealized depreciation, resulting in nearly $1.3 billion of value created for shareholders. While the realized loss rate remains very strong, we as a management team are focused on reversing the unrealized depreciation within the existing portfolio. I will now turn the call over to our Chief Operating Officer, Laura Holson, to discuss the current market environment and provide more details on NMFC's quarterly performance. Thanks, John. While deal activity remains constrained in Q2, given tariffs and regulatory uncertainty, we have seen an increase in deal volume over the past several weeks. A combination of IPOs, take privates, as well as general LBO activity indicates an unfreezing of the post-liberation day markets. The pipeline of potential PE exits remains exceptionally full, given the extended hold times for many PE-owned assets. The pressure to both deploy dry powder and return capital to LPs are key drivers of sponsor activity. As some of the headline noise stabilizes, we think the remainder of the year could be a productive period for LBO activity. We believe direct lending remains an attractive asset class in today's market and continues to provide good risk-adjusted returns relative to other asset classes, including the syndicated loan market, which has continued to experience meaningful repricing waves. Direct lending spreads, while tighter than 12 months ago, have largely stabilized. We have particularly noted the lack of dispersion in pricing based on both asset quality and asset size. Most unit tranche loans are pricing at the SOFR plus 475- 525 range, even for slightly lower quality or smaller companies. While we continue to find opportunities in our defensive growth verticals, where we can make loans that attach at dollar one in the capital structure at 9%- 10% unlevered returns, our underwriting bar remains higher than ever, and our pass rate on deals has increased. Deal structures generally remain compelling with significant sponsor equity contribution representing the vast majority of the capital structures. Page 17 presents an interest rate analysis that provides insight into the effect of base rates on NMFC's earnings. The NMFC loan portfolio is 86% floating rate and 14% fixed rate, while our liabilities are 49% floating rate and 51% fixed rate. Pro forma for the expected upcoming refinancing activity over the next six months, we expect our mix will shift meaningfully to 81% floating and 19% fixed. This will nearly align us with our target of matching our percentage of liabilities that float with the percentage of our assets that float. As shown in the bottom table, while we would expect to see earnings pressure in the scenarios where base rates decrease, we are evolving our capital structure to help offset some of that pressure. Moving on to page 18, Q2 was a lighter quarter in origination activity, given what I mentioned on deal flow and quality. In Q2, we originated $122 million of assets, offset by $155 million of repayments and sales. Our originations consisted of investments in our core defensive growth power alleys, including niches of business services like insurance and utility services. Notable repayments in the quarter included our first lien and equity positions in OfficeAlly, which, as mentioned previously, provided us the opportunity to rotate into senior cash yielding loans. As John noted, we also received a repayment in our preferred equity investment in ARCOS, collecting our previously accrued PIK in full. Turning to page 19, approximately 78% of our investments, inclusive of first lien, SLPs, and net lease, are senior in nature, up from 75% in the prior year. Second lien positions represent just 6% of our portfolio. Approximately 7% of the portfolio is comprised of our equity positions, the largest of which are shown on the right side of the page. We continue to dedicate meaningful time and resources to business building at these companies. Page 20 shows that the average yield of NMFC's portfolio decreased slightly to 10.6% for Q2, partially due to a small downward shift in the forward SOFR curve. Despite lower yields on our originations compared to on our repayments, we believe total yields remain attractive for the risk. Page 21 highlights the scale and positive credit trends of our underlying borrowers. The weighted average EBITDA of our portfolio companies increased slightly in the second quarter to $176 million, primarily due to growth at the individual companies we lend to. We also show the relevant leverage and interest coverage stats across the portfolio. These metrics have remained relatively consistent over the last several quarters. Loan-to-value ratios continue to be quite compelling, and the current portfolio has an average loan-to-value of 45%. Finally, as illustrated on page 22, we have a diversified portfolio across 124 portfolio companies. Excluding our investments in the SLPs and net lease funds, the top 10 single-name issuers account for 25% of total fair value. I will now turn the call over to our Chief Financial Officer, Kris Corbett, to discuss our financial results. Thank you, Laura. For more details, please refer to our quarterly report on Form 10-Q that was filed yesterday with the SEC. As shown on slide 23, the portfolio had $3 billion in investments at fair value on June 30th and total assets of $3.2 billion. Total liabilities were $1.9 billion, of which statutory debt outstanding was $1.5 billion. Net asset value of $1.3 billion, or $12.21 per share, was down slightly compared to prior quarter. At quarter end, our statutory debt-to-equity ratio was 1.17- 1 and 1.13- 1 net of available cash on the balance sheet, which is in the middle of our target range of 1- 1.25x. On slide 24, we show our quarterly income statement results. For the current quarter, we earned total investment income of $83 million, a 12% decrease over prior year. Total net expenses of $49 million decreased 13% versus prior year, inclusive of the fee waiver previously mentioned. Our effective incentive fee rate for the quarter was 13.5%. Our adjusted net investment income for the quarter was $0.32 per weighted average share, which covered our Q2 dividend. Slide 25 highlights that 95% of our total investment income is recurring in the second quarter. On the following page, you can see that over 80% of our investment income was paid in cash and 14% was PIK income from positions that included PIK from inception to best enable these borrowers to execute on their strategic growth plans. Only 3% of investment income is driven by modified PIK from an amendment or restructure. Importantly, investments generating non-cash income during the second quarter are marked at a weighted average fair market value of 96% of par, and 92% of this income is generated from our green-rated names. In the second quarter, we collected $8 million of PIK income, primarily associated with the aforementioned ARCOS preferred share repayment. We continue to make progress in monetizing PIK income and see continued opportunity to do so in the coming quarters. Turning to slide 27, the red line shows the coverage of our dividend. For Q3 2025, our Board of Directors has again declared a dividend of $0.32 per share. On slide 29, we highlight our various financing sources and diversified leverage profile. Taking into account SBA-guaranteed debentures, we have $2.9 billion of total borrowing capacity with nearly $1.1 billion available on our revolving lines, subject to borrowing-based limitations. This more than covers our unfunded commitments of $262 million, as well as all of our near-term bond maturities. Looking forward to the remainder of 2025, the facilities outlined in red represent opportunities we see to refinance and either maintain or potentially reduce our cost of financing in the near term. We believe this contrasts with the industry, which faces an increased cost of financing as debt issued in 2020 and 2021 mature. Finally, on slide 30, we show our leverage maturity schedule. We continue to ladder our maturities and have sufficient liquidity to manage upcoming maturities in 2025 and early 2026. Notably, over 67% of our debt matures in or after 2027, with near-term maturities representing an opportunity to continue to access the investment-grade bond market. With that, I would like to turn the call back over to John. Thank you, Kris. In closing, we once again would like to thank all of our stakeholders for the ongoing partnership and support, and look forward to speaking to you again on our next call in November. I will now turn things back to the operator to begin Q&A. Operator? Thank you. To ask a question, you may press Star, then one on your telephone keypad. If you're using a speakerphone, please pick up your headset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press Star, then two. The first question comes from Finian O'Shea with Wells Fargo. Please go ahead. Hey everyone, good morning. A question on the healthcare names. I know you highlighted the dental downgrade. It sounds idiosyncratic, but seeing if there's any industry headwinds there when noticing there are a couple more healthcare names on your slide 33 that are downgraded on a business characteristics perspective. Another add-on there, Alliance Animal Health, one of your larger names, continues to hold up well. We're seeing some challenges across the veterinary, the vet industry, and seeing if these headwinds relate to that as well. Thank you. Hello? Sorry, we're just reconnecting the speaker lines. Just a second. Are you able to hear us? Yes. Okay. Great. Sorry about that, Finian. Technical difficulties over here. Nope. Starting on the. Did you have a question? I did, yes. Thank you. Okay. Just starting on the dental side and physician practice businesses generally speaking, that is a sector that we've studied a lot at the firm level. It does have some good secular tailwinds when we think about just some of the demographics and the asynchronicity of a lot of those underlying niches. I think as we've owned businesses in the space, as we've invested in many over the years as well, some of the learnings around that sector in particular is, number one, just at the top line, it's a business that you don't have a lot of pricing levers to pull, right? When you think about just reimbursement, that's not a lever that really is available, despite the fact that there are some good volume trends in many of these underlying sectors. I think more importantly on the expense side, it's a business that's very operationally intensive and does really require excellent execution when you think about just managing the expense base, and it does have a decent amount of operating leverage in these businesses. As we've kind of lived with this sector and gotten deeper on it, it is one that's very management sensitive also. It's an area that we've spent less time on as of late. When talking about the specific one that we downgraded, it is a bit more idiosyncratic. We don't think in general we're seeing headwinds across the space writ large, but certainly, as I said, because of how operationally intensive it is, it does require very specific execution. Therefore, just as a lender, it's not a space that we've been prioritizing on a go-forward basis. That really is the one that we did downgrade again for some idiosyncratic reasons that John alluded to, specifically around just some underperformance on the volume side, but not necessarily a trend that we think is impacting overall. Again, just on a go-forward basis, less of a focus for us as we originate new deals. Switching gears to the veterinary side of things, again, another space that has a lot of good secular tailwinds. Things that we like about it, just more people are getting pets. These pets are living longer. There's more types of procedures and things that you can do to help pets. Again, a lot of good things here. The additional benefit versus maybe the dental space is that, you know, you don't have that limitation from a top-line perspective because it's typically cash pay, no reimbursement risk, etc. There are a lot of things here that we do like about this space. You mentioned Alliance Animal Health in particular. It is one of our larger positions. Generally speaking, we feel like that space is performing quite well overall. We have seen some volume trends, not on that company in particular, but just in general in the industry, come off a little bit from what the COVID peak was. A lot of people got puppies and kittens during COVID, and those pets go to the vet three to four times in their first year of life, and then it's more like once a year thereafter. As those pets age, we will expect to see the other side of that from a volume perspective. Again, more levers here, a little less execution-intensive, and it's a space that we like quite a bit. Okay, that's helpful. Thanks. Just hitting on the dividend protection program, you waived a little extra this quarter. Can you just talk about how you're thinking about that high level? I know there are a few levers that you outlined to improve NOI, but there's headwinds as well, of course. Seeing how you're kind of thinking about this during the dividend protection program and after. Thanks. Sure. The dividend protection program is meant to be a form of shareholder support where we can give our shareholders really good visibility on what the dividend is going to be. We've had this in place for a while, and we're committed to keeping the program in place through the end of 2026. Very shareholder-friendly. We are in an environment, as you know, where spreads have come off a little bit, OIDs have come off or are actually higher than they were. Deal flow is not quite what we've wanted it to be, just given some volatility around the Trump tariffs. That's why I think the dividend protection program is so important. It really gets us through periods of time like right now where it does feel a little bit tight out there. As we look forward, the big focus for our team is really to optimize our leverage across both the core fund as well as our JVs. We're in the process of optimizing in both areas. We do see better velocity, which is good for fee income in Q3 and Q4, and that really dovetails with more activity that we see in our pipeline right now. That's a real positive. We see a big catalyst around refinancing our higher-cost debt. I know we showed that in our deck, and I think that's a real positive catalyst for New Mountain Finance Corporation. We have a new SBIC coming online, and of course, we have the buyback as well. There are a bunch of things that we have at the top of our mind to offset some of the pressures that we do see. It feels great to have the New Mountain firm support around the dividend protection program. As you mentioned, in this quarter, we did go a little bit above and beyond because we do feel strongly about maintaining that consistency of dividend. Okay. It sounds like the incremental fee waive, you know, kind of forget the 15% number. You'll waive incremental to make the 32 through 26. Just, and you know, correct me if I'm wrong there. How do you, how should we? The policy in place is the core dividend protection program. Of course, we have the option to do more if we see fit. I think what I was trying to describe is we do see some positive catalysts as it relates to our core earnings capability that should help support the overall dividend. We have the announced program, and that's what we're committing to. Okay, thanks so much. Once again, if you have a question, please press Star, then one. The next question comes from Robert Dodd with Raymond James. Please go ahead. Hi everyone. On the red downgrade, the consumer products business, you highlighted obviously tariff exposure. I presume that was one of the businesses you had already identified as being at risk from tariffs given the nature of what it does. What kind of, it looks like you also downgraded operational performance as well as, now is that tariff related or was there something beyond the tariffs that caught you by surprise with that business? It just seems you already knew about the tariff risk and it was flagged, presumably internally based on that, and it seems to have been worse than you expected. Can you give us any color about in general terms what happened there and is there, to extend the question even further, is there risk that those kind of things happen to other businesses in the portfolio as we go forward? Great, Robert, thank you for the question. I'll give a couple of comments and Laura can support my comments. The name in question is the name that we've been upfront about from the beginning of the tariffs. This is our one name that we feel like does have material exposure. I believe we talked about it last quarter. Going into the tariffs, it was not a green name. It was, I believe, a yellow name. There was some operating underperformance already present at the company, and that was borne out in our ratings. From our perspective, really the tariff situation, which is still out there, there's still a fair amount of tariff volatility, even though it doesn't feel quite as present in the headlines of the Wall Street Journal. There are still some headwinds. This company is materially exposed to a Chinese, an Asian-centric supply chain, and the business is working through that. It was an underperformer, and I think that the tariffs hurt it even more. I think there's still a lot yet to be known about the end state of this company. In my own head, it's not a long-term impairment. I still have a personal optimism that we can get a full recovery on this name, but it's important to be very transparent and honest about the current state of the company, which is, in our view, a red. The business, as we said in our comments, will need some more liquidity, and the sponsor can put that liquidity in, or the lenders may have to put it in. We're not sure which direction that's going to go. Over a longer period of time, we do feel like there's plenty of opportunity for this business to recover full par. The fair value has been moved lower, and we do have it as a red. Yeah, the only other thing to add to your question about, you know, is there a risk of, you know, was this a surprise, and is there a risk of any other kind of surprising news from a tariff perspective? As John said, this is one that we flagged last quarter, but we did not move the risk rating at that point, given the massive amount of uncertainty at that particular moment. Now that there is, even though it's not totally certain, we have a little bit more of a view as to what the tariff impact is likely to be. From the rest of the portfolio perspective, we've continued to refresh perspectives on tariff exposure, and we continue to think that otherwise, it's very minimal across the rest of the portfolio. Got it. Thank you. One more thing, to Steve's points on the open remarks, spreads are tight. The half view seems to be that that is likely to normalize. Obviously, it does, even if origination spreads widen, it takes a while, depending on, to your point, John, the velocity of activity, it takes a while for that to progress through the full portfolio. You've got a lot that you're doing on the optimization of the liability side as well. Given the timeframe that you've committed to on the dividend protection program, end of 2026, do you think you can complete all your activities in terms of optimizing the liability stack, having maybe some spread widening make its way through the portfolio, and maybe monetize some of the equities? Do you think all of that can be completed by the end of 2026, sufficient to the point that the dividend protection program maybe, hypothetically, might not be necessary at that point? I think we've been very clear about all the different things that we're doing to improve our company, and I think we've reported on the cadence of improvement over the last few quarters. I continue to feel very good about it. When I think about the next six quarters, I think that we'll continue to show really good improvement on the asset quality and the character of the assets, the liability mix. I think we'll continue to show improvement on our PIK income. We're incredibly focused on monetizing some of the largest positions. I do feel very, very optimistic and positive personally that we're going to be able to make some real progress. It's going to be, you know, there's some hard work to be done, but we've gotten off to a good start, and I see, you know, particularly in a deal environment that we think will be good over the course of the next six to twelve months, I am optimistic about improvements on all fronts. When you think about the overall yield characteristics of just the direct lending environment, that's obviously a little tougher to predict overall. We're just going to focus on the parts of our business that we can control, and again, I feel good about the trajectory there. Got it. Thank you. The next question comes from Sean-Paul Adams with B. Riley. Please go ahead. Hey, guys, good morning. On Admentum, it just seems that there's been a continued trend of write-downs on the name. Is this just more of an unwinding that you forecast throughout the rest of the year, or any secular trends in the education space? Yeah, no, in terms of Admentum, just as a reminder, the business, you know, it's an ed tech business serving the K-12 end market. I think the market is very much there, right? There's more learning loss than ever, right? We think the company remains well positioned in that market to address some of that learning loss. As John mentioned, we do have some other, outside of just the core business of Admentum, continuing to expand vectors of the business to attack the career market in addition to that. We do think it's a scaled platform. It's well positioned in the space. The underlying performance has stabilized, right? If you remember, this is a business that was performing fine pre-COVID, then had a big spike during COVID, given part of the business relates to virtual learning, which obviously experienced a tremendous uptick during COVID. At this point now, that kind of uptick is kind of just renormalized, and the business is stable and on a stable trajectory. As John mentioned, we just have some securities ahead of us in the capital structure that are accreting ahead of us, which modestly impacts the equity where we sit in the capital stack. Right now the company is in the midst of its key buying season just from a summer perspective, and I think we'll continue to know more as that evolves over the next coming months. Again, I think big picture, we view it as well-performing and stable underlying performance, just has some of these kind of unique capital structure dynamics. Perfect. Appreciate the color. Thank you. Thank you. This concludes our question- and- answer session. I would like to turn the conference back over to John Kline for any closing remarks. Please go ahead. Great. Thank you again for your participation in our earnings call, and we look forward to speaking to you again in November. Have a great day. Thanks. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.