All right, hello everyone, and thank you all for joining us throughout the day here at the Lithium Partners Fall 2025 Investor Conference. Again, my name is Robert Bloom, Managing Partner at Lithium Partners. Next up, we are joined by Marc Harding, CEO at Pure Cycle, who will be delivering a company presentation. As a reminder, Pure Cycle trades under the ticker PCYO on the NASDAQ. Marc, the floor is all yours. Thank you, Robert. We're delighted to be back at the Lithium Conference here. I'd like to welcome you all to our presentation. We're going to walk through a brief overview of the company and give you a little bit of color into not only what it is that we're doing, but sort of the value add that we have for managing our assets and really delivering shareholder value. My first slide is always our forward-looking statement. We want to get the lawyers out of the room, but you all are familiar with a forward-looking statement. The statements in here are not historical facts or contained by reference. With your familiarity there, I'll just kind of dive right in and talk a little bit about our leadership team. I'm delighted to work with an outstanding group of professionals, led by kind of this team here, myself. I've been at the firm here for 35 years and really delighted to be able to continue to grow this company. We've got a terrific CFO, Marc Spezialy, who comes from Pricewaterhouse and a good career in audit. Engineer, Vice President of Engineering, which is Scott Lehman, who's got over 40 years of water, wastewater management and design in the field. Dirk Lashnits, who heads up our land development segment. Great leadership team. Talk a little bit about our board of directors. Really, for a company our size, we're punching above our weight with an outstanding board of directors. They really do provide a tremendous amount of experience for me and for the company in all the disciplines that we operate our business segment. I'll let you guys dig down deeper into the board and other management teams through our website. Certainly, we are benefiting from a strong leadership team here at the company. Giving you a brief overview of what it is that we do, we operate in three primary business segments. At a DNA level, we're a water and wastewater provider, and we have an outstanding and extremely valuable portfolio of water rights here in Denver, Colorado. Water in the Denver, Colorado region is a bit unique. It's a real property asset. You can get a separate title to your water supplies. You can bifurcate the water from land assets so that you can deliver water to land assets that you choose. This is giving you a kind of a brief pro shot of what it is that we have in our water and wastewater system. We have about $50 million in the water bricks and mortar. We have pumps, wells, pipeline capacities, water treatment facilities, wastewater treatment facilities. We have two wastewater treatment plants. It also kind of highlights the water right portfolio. I'd say this is probably the most unique value to the company. If you take a look at really the cost basis that we have in our water rights, you know, very modest basis, $14.5 million. I think the reason for that is really these are legacy assets. We bought these water rights more than 35 years ago. They've had tremendous appreciation in value over those years. That's really something that we'll highlight and really benefit from a value proposition to the company. Our second segment is the land development segment. We are a master-planned community developer. We develop horizontal lots for all the national homebuilders, whether that's going to be Lennar, Pulte, D.R. Horton, KB Home, Taylor Morrison. All of the national homebuilders are in our portfolio of delivering lots to. We're building single-family residential units as well as higher density units such as townhomes and duplexes. The project also includes some multifamily. We also have about 2 million square feet of commercial because of the location; we're along the frontage of the I-70 corridor. I'll talk a little bit more about that in our land development segment. We keep a portion of the lots that we deliver to our homebuilders for our portfolio ourselves. We contract with our national homebuilders to build single-family residential units on those lots that we maintain for our own portfolio. We rent those out as a single-family rental segment. You'll get a chance to take a look as you dig into the diligence of the company, you know, with a tremendous balance sheet, a highly liquid balance sheet, between the cash and the highly liquid receivable that we have from the local governmental jurisdiction that we operate in. We have about $60 million of total liquidity and almost no debt. We have about $7 million worth of debt. We use that debt as an incremental way for us to finance the vertical construction of our single-family rentals. We'll drill into that a little bit more as we run through the presentation. I want to start out by just talking about the water segment itself. If you take a look at just the broad brush strokes of it, this is something that I mentioned. We have about $60 million of hard assets in there. I think the most interesting thing about our water portfolio and how we gauge the water rights that we own is how many residential units that can serve. Our portfolio, we have about 30,000 acre feet of water that allows us to serve about 60,000 single-family residential units. That's an important component of what it is that we're doing. That allows us to be able to give folks an overall guidance as to what that value of the portfolio is. When you take a look at that, we get two fee instruments for our water portfolio. We get something known as a connection fee, which is a TAP fee, and that grants the residential unit or a commercial user, a retail user, or an industrial user access to both our water and our wastewater systems. That's a one-time capital fee. In Denver, these fees are very, very high because they're paying for the capital costs of not only the water rights, but building those water and wastewater systems. Those are very capital-intensive systems. We receive about $42,000 for each individual connection. If you apportion that out to the capacity of our portfolio at 60,000 connections, that's about $2.5 billion worth of top-line revenue for that. Building that system will cost about $1 billion. We do have a pretty healthy margin in how that water portfolio generates returns for us in terms of capitalizing and building that system. Secondly, we get an annual fee. We get a monthly water and wastewater service fee. In the Denver area, the water fees are about $1,000 per year. Wastewater fees average about $500 a year. When you take a look at combining those, we get about $1,500 per connection per year. We currently have about 1,600 connections. We're just very early on in building that out. We're about 2% built out of that total capacity. Just to give you kind of a metric of where we're at in a competitive pricing scheme for the Denver metropolitan area, this table here references about a dozen water providers in the Denver metropolitan area from kind of the lowest provider, which is the city of Denver. Their portfolio is very old. They have very senior water rights to maybe some of the more newer subdivisions that are in excess of $60,000 connections. We're in kind of the middle of the pack on maybe the low side of that. There's probably a little bit of pedal left in that water and wastewater TAP fee. We try to be competitive to our most contiguous neighbor from a development standpoint and a cost of providing service. I think we're a very competitive provider in the Denver area. What I want to illustrate is kind of what we've got on a developed capacity. As I illustrated in the previous slide, we're about 2% built out in terms of our portfolio capacity. That kind of gives you that 60,000 units connection capacity. There's always the physical production capacity. How much water are you producing? We have a tremendous amount of excess capacity within our system. We're currently serving about 450 acre feet to our domestic demands, which are that 1,600 connections. We still have about 2,500 acre feet of physical capacity that's within the system. We use that capacity on an annual basis to supply water largely to the oil and gas space. We provide a tremendous amount of water at a premium price to oil and gas companies for them to use in their fracking operations. You take a little bit of detail on that. This is kind of a summary of how that income has come into the company over the last three or four years. It's a variable space for us. There are years when we have $5 million, $6 million worth of water sales to industrial users. There are times when we have modest, maybe a couple of million dollars to oil and gas users. It is a variable space for us. It pays for expansion of our system and a very good opportunity for us to continue to monetize and use our water supplies. Moving on to our kind of the real heavy revenue side of the business, we're in the land development space. We own land in the Denver area. Denver is a bit unique where land has a set value. If you add water to that land, that value can change and almost as much as triple. The water supply is almost three times as valuable as the land without it. What we look to do is use our water supply to change that value of land and then continue to develop that land. On your right here, you'll see a picture of the area that we operate in. We're in the I-70 corridor. That line that goes across the top there, that dark black line, is Interstate 70. We're four miles directly south of the interstate. That blue highlight there, that's our Sky Ranch project. That's the one we're currently developing and delivering lots to home builders in that site. It's about 930 acres. The total development on that will be about 3,200 single-family units. As I mentioned, a couple million square feet of commercial just because we have an interchange right on the interstate at our property. We have a great frontage of there. That big pink area there represents our service area. We have 24,000 acres of property that's owned by the state of Colorado that we provide the exclusive water and wastewater services to. It's almost entirely undeveloped at this time. If you take a look at the aerial photograph on the left-hand side there, the Denver metropolitan area has grown out to this property and really borders three sides of the property. It's ideally positioned for continued growth. A large part of our portfolio will likely be reserved for use on that particular property. Taking a look at some of our metrics on land development, we've delivered about 1,000 lots to date. Lot sales are about $80 million and tremendous gross margin on that business. We have a very, very low basis in the land. We bought this land in 2010 at the height of the Great Recession and really did make a great acquisition here. We were very patient with that. We started development in the 2018-2019 timeframe and really have been carrying that thing forward for a master-planned community. Taking a look at sort of where we're at today, we've got, as I mentioned, about our first phase in this was about 500 homes. Our second phase was another, call it 850 homes or 850 lots. Our first phase was fully built out. The second 850 lot phase, we subphased that into four subphases. What we really work with with our home builder partners is we want to be real-time in the delivery of these lots. We want to be able to deliver them. They want about 60 homes per builder per year. We continue to develop and deliver those lots to them and really look forward to those annual lot deliveries in this cycle. We delivered phase 2B last year. We just closed on all 228 lots on 2C, and we're about 50% done on our phase 2D. That kind of gives you a pacing of how the land development segment is. One of the things we're very proud of is that we have a charter school, a K-12 campus, charter school campus. You can kind of see in that lower right-hand side, the primary school has been open for three years. We just broke ground on the high school that'll deliver. That's a distinguishing feature for our land development. This kind of gives you a bit of what our inventories are on built-out capacity for the total. If we look at both our residential and commercial, we will add up to about 5,000 single-family equivalents. We're about 22% done with the residential, have yet to start the commercial, and those are the high-value land values in there. Taking a look at the revenue potential in each of those, those numbers are kind of giving you some guidance as to where we look to monetize what's currently in inventory. That'll generate net margins to the company of over $600 million. That's probably over the next five or six years as to how that builds out. Lastly, I want to talk about the single-family rental segment. What we do in this segment is really maximize the land development opportunities. We're in this space. We're building this master-planned community. Everything that we do is adding value to these lots that we're delivering to our home builder partners. As we continue to do that, we want to keep some of that value for ourselves. This is a very tax-advantaged opportunity for us to generate additional annual revenues to the company because we keep the equity value of the lot and the water supply on that. We're able to leverage the vertical side through credit facilities that we have at a really attractive rate where we're at 60% loan to value on that. Because of bringing those in, we're able to generate positive cash flow from each individual house, not only covering the debt, but also generating margins in there. That's that equity side that we're carrying forward on the lot. We're just getting started in the segment. We have about 14 homes. We have those, and we differentiate those between what it costs for us to go vertical on them, which is about $4.7 million, and then the market value of those homes because we maintain the value of the lot and the TAP connection within the portfolio. It's a great opportunity for us. This is kind of a phase of how we're rolling that out. We're currently finished with phase 2A with those 14 units. We have 17 units under construction. We'll have a first set of five of those delivering next month. Phase 2C will start construction on those in the next 30 days. There's another 40 homes in there that carry us up to a rolling inventory of 70 and then up to about 100 in this phase. What we take a look at is really kind of carrying that forward up to about a portfolio of about 300 units out of the 3,200 units. About 10% of the overall community we'll keep in our own portfolio. Again, I want to highlight the liquidity to the company. Great balance sheet, strong cash position, very little debt, and just high coverage ratio for that debt. A little bit of an outlook. Housing market update, as you've heard, there's a ton of press about the housing headwinds, and it's really mostly driven by consumer confidence. We did get a little bit of relief on mortgage rates this month, so we're grateful for that. Our particular differentiator here is that we're in the entry-level space. What we're doing is we're delivering entry-level homes to home builders, and that's the sweet spot of the market. That's where every home builder wants to be in this area. We feel that we're in a great position for continuing to meet those housing needs. A little bit about some of the short-term and intermediate-term outlook. Our customer accounts over the next three to five years will grow to a little bit more than 2,500 to 3,000 accounts. Our TAP fees continue to increase, so that big number, that $42,000 number, continues to increase at about 3% per year, a little bit in line with that inflation. Taking a look at that little intermediate outlook, we're really looking to deliver the entirety of the Sky Ranch project, all 5,000 single-family units, which is a mix between the residential and the commercial, and continue to build long-term value through recurring shareholder value. Taking a look at the land development side, we'll have most of that built out. We'll have most of the Sky Ranch built out in that five-year window. We'll seek to continue to monetize the value of the commercial through participation with some of those land values as we see that demand pick up both together with the continuation of the residential. The single-family home rentals, as I mentioned, we'll probably have about 100 homes in this next three-year area, and then growing that portfolio out to somewhere between 200, 300 homes at that 10% level. This gives you kind of an overview of the forecast of that interim. We have our 2024 performance, our 2025 guidance. We just closed our fiscal year, so we're working on working through that. We'll have those numbers out to you sometime in the next 60 days. This just kind of gives you kind of a projection in a 2028 area. We're really rolling on a tremendous amount of growth potential here. As you continue to see that, we're going to deliver that shareholder value from continued monetization of the assets that are in the portfolio. This rolls back to some of that additional detail on how we gave guidance for the 2025, what we're looking for in the short term, and then what we're looking at build-up value. Again, these are sort of baked-in numbers of the monetizing the current assets that the company has today. We're very active on share repurchases, mostly just because we believe there's a strong disconnect between the market perception of the value of the company's asset and our trading price. We continue to be in the market and try to be, you know, we don't be dilutive in terms of shareholder accounts. We're not an issuer, so we don't get a lot of love from the banks. We do appreciate the opportunity to present at these conferences. Robert's done a great job continuing to build a bunch of good investors for our one-on-one meetings. We're very grateful for Lithium Partners and their partnership. There's a tremendous amount of information on our website. If you want any additional information, just jump on there. If this spurred some questions for you, don't hesitate to give me a holler. Happy to schedule a call and jump on and really drill down into some of these assets. We'll certainly give you everything that you can need and want to know about Pure Cycle. With that, I'm going to turn it back over to Robert, and he'll give you some closing remarks. All right, fantastic. Marc, thank you very much for the presentation here. Thank you to everybody who's watching. As Marc sort of alluded to, if you have any questions or would like to schedule a meeting during the conference here with the company, shoot me an email. That's bloomblum@lithiumpartners.com. Further, if you'd like to learn more about Lithium, you can visit our website or be sure to follow us on LinkedIn to stay connected on future events and presentations such as the one here with Pure Cycle. Marc, again, thank you so much for the presentation. Thank you to everyone watching, and I hope you all have a great rest of the day and rest of the conference.