Welcome to Citi's 2026 Global Property CEO Conference. I'm Anthony Pettinari with Citi Research, and we're very pleased to have with us Weyerhaeuser, and CEO Devin Stockfish. This session is for Citi clients. Disclosures have been made available at the corporate access desk. If you wanna ask a question, you can raise your hand or go to liveqna.com and enter code GPC26 to submit questions. Devin, I'm gonna turn it over to you for introduction of the company, and then we'll get into Q&A. All right. Great. Thanks, Anthony. Appreciate the opportunity to be here, talk a bit about Weyerhaeuser. I'm gonna keep my prepared remarks pretty brief so we have lots of time for Q&A. I will note that we do have a recently updated and fairly expansive deck available on our website if folks have additional questions or wanna look into any of this information more closely. We'll be making some forward-looking statements, so as always, you know, typical cautionary language applies there. Really three things I wanna cover before we jump into the Q&A. First, just a brief introduction to Weyerhaeuser for anyone that's not as familiar with our story. Just touch briefly on the results from our 2021 Investor Day and some of the multi-year targets from that, and then really hit on some of the growth targets that we set out at our recent Investor Day. Just quickly on the thesis, really four key levers that we focus on to drive value, three of which have been core components for our investment thesis for a number of years, and then one new one that we've recently added. Really, it's focusing on an unmatched portfolio of assets across across our businesses. It's about industry-leading performance, and it's about disciplined approach to capital allocation. Then the fourth lever, which we rolled out at our Investor Day back in December, is accelerated growth, and we'll touch on that a little bit here today. All four of these are really underpinned by the high-performance culture that we've built at the company, the deep expertise across the value chain. We've got a very strong record of portfolio management that we've been demonstrating for a number of years. It's really, you know, just foundational strengths around operational excellence, innovation, and sustainability. I guess just briefly for those that don't know the company well, you know, we are the largest private owner of timberlands in North America. We have roughly 10 million acres of timber in the U.S. We manage another 13 million acres in Canada under long-term license agreements. We're also one of the largest producers of wood products in North America. We have 33 mills across the U.S. and Canada where we make lumber, Oriented Strand Board, a variety of engineered wood products. We also have 21 distribution facilities in key markets across the U.S. as well. Lastly, we have a Strategic Land Solutions business, which is recently renamed. Used to be our real estate energy and natural resources business, that's focused on capturing the value from every acre that we own, by leveraging the optionality that's just inherent in a real estate portfolio such as that. All of these businesses have significant scale, industry-leading performance, and we manage them within a tax-efficient REIT structure. In fact, we're one of the largest REITs in the U.S. Just briefly, back in 2021, we did set out a number of multi-year targets, that we closed out in 2025. The good news is, we reached or exceeded all the targets that we set out, including our target to acquire over $1 billion worth of timber, which we effectively did in 2025, to grow our Climate Solutions business to $100 million of EBITDA. You'll recall we just launched that business back in 2021, and also to continue to drive industry-leading performance across our businesses. Really pleased with our ability to reach those targets. We can touch on any of those, but I think it's another example of the company setting aggressive multi-year targets, and meeting those expectations, and we're all incredibly proud of the team for being able to accomplish that. Having achieved the targets that we set out in 2021, we did host an Investor Day back in December where we set out some, I think, pretty ambitious growth targets across the entirety of our portfolio to really significantly grow the value and cash generation capabilities of our company and really further strengthen our competitive position and ultimately position Weyerhaeuser to deliver industry-leading shareholder returns. Specifically, the growth target laid out a path to delivering an incremental $1.5 billion of Adjusted EBITDA by 2030 measured against our 2024 baseline, and that includes $1 billion of specific targeted growth initiatives across the company, as well as $500 million of uplift from pricing. We'll refer you to the Investor Day materials if you'd like further details on any of those. I'm sure Anthony will hit on some questions in this space as well. Just lastly, I'll wrap up with a few comments on our capital allocation approach. We always have viewed capital allocation as a critical lever for delivering shareholder value. We have three key priorities: returning cash to shareholders, investing in our business, and maintaining an investment-grade credit rating. We remain focused on all of those things. As many of you know, we have a cash return framework that targets returning 75%-80% of our Funds Available for Distribution back to shareholders through a combination of dividends and share repurchase. We've been active on both. In fact, we've raised our dividend 5% a year over the past four years. We have closed out a billion-dollar share repurchase program. We put another billion-dollar program in place, we'll continue to be active in returning share, returning cash to shareholders. I guess just in closely, in closing, I'd say we are the only large cap integrated investment opportunity in the forest product space. We're poised for a accelerated growth. When you put that on top of the unmatched scale, quality, diversity of our portfolio, I think we're really well-positioned to deliver on this growth program. I think with that, Anthony, we'll probably just go ahead and open it up for questions. Great. Great. Thanks, Devin. That was a very helpful overview. Maybe if we can start and go into your individual businesses in a little more detail, maybe starting off with kind of the core timberlands business. You recently gave your 2026 outlook for harvest volumes. Can you talk about market conditions in maybe the southern timberlands in terms of, you know, pricing, activity, and then maybe we'll touch on the growth initiatives later. Yeah. You know, I'd say on balance in the South, you know, things are pretty steady and stable. We have seen, you know, a little bit over the last year, we saw a little bit of reduction in sawmill capacity across the U.S. South, both in terms of, some mills closing down as well as a number of sawmills lowering their production levels just given the more muted demand environment. We've seen some improvement there. I would say, you know, in the South, you don't see the log pricing tracking as closely to lumber pricing, as you do, say, in the Northwest, where you have a little bit more of a tension wood basket. Obviously, when we think about the U.S. South, there are lots of individual, markets. You know, we really think about it in terms of individual wood baskets. I would say on balance, in areas where you've seen new mill capacity come in, you've seen some tensioning and a little bit of uplift in pricing. On balance across the South, pretty stable overall is how I would frame it. Right. You know, exports are a big part of your Pacific Northwest business, but, you know, you've talked about maybe the potential for exports out of the South. Can you talk about that in a little more detail? Then maybe related question, in terms of what regions of the South, whether it's sort of coastal versus inland, where are you seeing maybe a little more strength versus less strength? I mean, that's an area that we're really excited about. It's one of the key growth initiatives in our timberlands business on the $150 million growth target. We have been working on building out an export program out of the U.S. South for a number of years. We have been exporting primarily until recently off of the Eastern Seaboard, South Carolina, a little North Carolina historically, down into Georgia. We have recently added breakbulk shipping capabilities out of the Gulf South. That's a really interesting opportunity for us because when you're shipping breakbulk versus containers, the opportunity to lower cost is pretty dramatic. You can get up to 15% reduction on a per unit cost basis, which as we're continuing to grow our export business into India, Thailand, Vietnam, there are a whole host of opportunities as you're entering those markets. If you have that extra margin to play with, it helps you get in as you're building out a program. We're really excited. The India program is going very well. We have grown that breakbulk program, which is primarily focused on India right now from one breakbulk container in 2024 to four container breakbulk containers in 2025. We're targeting eight in 2026 and continuing to look to grow that. India seems like a really good opportunity. We're also, as I said, looking at a number of other options across Southeast Asia. We're actually even looking at exporting Southern logs into Europe. As you've seen a lot of the European log prices going up dramatically, we think that's an opportunity as well. The beauty about the export program, and we've seen this in the Pacific Northwest, when you have a viable option for the wood, it does create more opportunity in the domestic market as well to move prices up. We've seen that a little bit already in Southern Mississippi as we've grown that export program. We're really excited about it, something we're gonna continue to focus on. Great. Great. Maybe a little overlap here, but the $1 billion in growth initiatives by 2030, if you just think about the timberlands piece of that, can you talk about some of the activities that you're pursuing there? Yeah. About $150 million of that is in timberlands. I will just even step back and say, broadly speaking, when you look across all of the different initiatives that make up that $1 billion, there are a couple comments I'd make. Number one, the vast majority of these initiatives are already underway. Most of these are largely within our control. We can go into any of these individually. You know, I'll start with timberlands. When you look at what's making up the timberlands growth, there are a few components. There's the ongoing A&D activity. If you look back at over the last four years, we have bought $1.3 billion worth of timberlands, and we've sold around $1.2 billion worth of timberlands. We're pretty active on both the buy side and the sell side. The whole thesis behind this program is selling off our lower quality timberlands and buying into higher quality timberlands. What that allows us to do is on a lower number of acres to generate more cash flow from this portfolio. Collectively, over the last four years with all of that buying and selling, we have increased our EBITDA generation around $60 million from that buying and selling. Again, that's on fewer acres, but higher quality. A portion of that is the A&D activity. We're gonna continue to be active. Over the long term, we'll probably be not net buyers, but in any particular year, we may be net sellers, we may be net buyers. It just depends on what opportunities come up. The second component is Western timberlands volume growth. It may seem like many, many years ago, and it was, but back in 1980 when Mount St. Helens erupted, a lot of the land surrounding that volcano was owned by Weyerhaeuser. We replanted hundreds of thousands of acres all at the same time, right after the volcano erupted. Those forests are now coming to harvestable age. As we get into kind of 2028 and 2029, you're gonna see a meaningful step up in harvest activity in the Pacific Northwest. That's pretty straightforward. We've got new demand outlets, product uplift. What I would highlight there is, you know, one of the opportunities for us, in terms of selling logs is into the utility pole market. You know, when you look around all of those wooden utility and distribution poles that you see, many of them are beyond their useful life, and so there's a lot of replacement activity that's going to have to take place. On top of that, as you see all of the new energy demand from AI data centers and expanding the grid, there's just a tremendous amount of demand for utility poles. Those are typically kind of 2x margin relative to what you would otherwise be selling those sawlogs into a mill for. We think we can increase the amount of poles that we're selling, and that's part of this as well. Then we touched on the Southern export opportunity. Again, all of those, we have pretty good line of sight. I think we're pretty well positioned to deliver on each of those initiatives to get to that 150. Great. Great. Just rounding out the regions, you talked about kind of the outlook for the South for 2026 and current market conditions. Can you just do the same for Pacific Northwest and maybe touch upon sort of the current state of export markets? Sure. Yeah, the Northwest is a little different, much more tension market. Typically, you'll see sawlog prices in the Pacific Northwest really track lumber prices a lot more closely. We have seen lumber prices on the West Coast moving up, so we're seeing a little bit more energy around log prices in the Pacific Northwest as well. You know, starting to feel that market recover a little bit. The export market, pretty stable. You know, our biggest market off of the Northwest is really into the Japan market, and that has stayed pretty stable. We're lined up with really the top mills in Japan. That market, you know, it may fluctuate from a pricing standpoint, depending on what's going on in domestic markets, but the demand level stays pretty consistent. We did recently reopen the China market out of the Pacific Northwest here recently. We shipped our first vessel into China back in Q4. In fact, I think we have shipped our first vessel in Q1 after the Lunar New Year into China. We're excited to be reopening that market as well. Great. Great. We've talked a lot about logs. I'm wondering if you could talk about kind of the current market for timberlands themselves in terms of kind of the interest level that you're seeing for, you know, good quality industrial timberlands in the South. Are there any trends on sort of volume, dollar per acre values that you'd call out and just how have the last few years been? Yeah. Well, you know, I think typically you see somewhere in the neighborhood of $2 billion-$3 billion of timberlands transact each year, and that's been fairly typical over the last several years. I think last year we were somewhere in that $2.8 billion in terms of total transaction volume. I would expect us to be in that general vicinity this year, kind of $2 billion-$3 billion is a good, I think a good place to think that market's gonna go. I would say the quality timberland packages, so when you talk about the high-quality timberland packages that come to market, there is a lot of competition for those. Those are very highly regarded, a lot of capital looking for those kinds of deals. On the higher end properties, you're still seeing a lot of competition for those. I will say, you know, unlike during the pandemic where it was maybe a little less differentiation between high quality and mid-tier, that has, I think, kind of gone back to a more historical norm where there's, a little bit more critiquing of the lower quality packages that come to market. You've seen a little bit of a price variation between the high quality and the lower quality, again, probably back to more historical norms. Typically, you know, whether you're talking in the South or the Pacific Northwest, you know, both are very good, strong markets. If you bring a quality package to market, you're gonna have a lot of people at the table bidding for those, and we continue to see that being the case in 2026. Got it. Got it. Is there a way to think about sort of the level of real returns that people, you know, buying timberlands in the U.S. South are targeting and have the components of that return maybe changed over time? I mean, I think, you know, interestingly, discount rates in this space stay pretty consistent. We didn't really see them move up dramatically when interest rates went up. We haven't seen them really move down as interest rates have come down. This is a space where people have a pretty long-term view. You know, discount rates kind of stay somewhere in that 4.5% real. They don't really vary that much. You know, for us, the way we look at it, we target a 4%-6% cash-on-cash return from our timberland acquisitions, and then we layer value on top of that through, you know, some of the work that we do with silviculture and seedling genetics to get on a timber basis, kind of in that high single-digit range. On top of that, we'll add what we can do with real estate, Climate Solutions, and some of the other value that we can bring synergies with our export program, or synergies with our internal manufacturing. That's how we see it. I do think you're seeing some participants in the market that are underwriting more of the Climate Solutions type alternatives. It's hard to say how universal that is at present. I would say for us, we really only underwrite what we have very clear line of sight on in a short period of time. You know, what that means is we're probably a little on the conservative side when we're underwriting. On the flip side of that, in pretty much every large acquisition that we've done over the last five years, we've found significant other value that we didn't necessarily underwrite. I'm not sure how much others are underwriting some of those alternative values. I do think some are. You can see that in some of the deals that have happened over the last several years. Great. Great. Maybe shifting to wood products. You're the largest U.S. lumber producer. We're kind of getting into the, you know, really the spring building season. Can you talk about current market conditions, pricing, what you're seeing, into the spring? Yeah, I mean, typically, you're not gonna have a great view on how the spring building season is rolling until you get to later March, early April. I think it's still a little early to have a beat on how the spring build season is gonna go. I will make a few comments, though, broadly speaking. We have seen over the last, call it 12 to 24 months, a fair amount of capacity coming out of the system. Across North America, call it about 50 sawmills have shut down. You know, it's been a pretty challenging environment over the last couple of years. That's really just a function of during the pandemic, housing activity picked up. I think there was maybe an expectation that building levels would remain higher, more in line with what we all think we need to keep up with, population and demand. That hasn't transpired. That process from getting where the industry built out to support, call it 1.5 million housing starts, to where we are now, which is 1.35 in that general vicinity, you know, that can be a painful journey, and certainly we did see that in 2025. You could see that in what happened with lumber prices. Over time, people will not lose money indefinitely, and you see sawmills shut down, and that has happened to a large degree. I think what you're seeing today, and we've seen this with our realizations, we're up about $50 a thousand, relative to Q4, and that is, by the way, in January and February, which are not typically very strong building months. That is more than a demand function. It's really more related to the supply that's come out of the system. You know, I think regardless of what we see with housing, whether we see it, you know, flat or up, I think really as supply and demand have gotten better into balance, you should see a much better pricing environment in 2026 from lumber than you saw in 2025. Great. Can you remind us the impact of import duties, Section 232 on Canadian lumber and kind of where that stands? You know, it's a pretty complex duty tariff dynamic that affects our industry. The main one that is impacting the lumber industry relates to the Softwood Lumber Dispute that's been going on between the U.S. and Canada on and off for 50 years. Currently, under that dispute, there is a 35% duty on lumber coming into the U.S. from Canada. On top of that, there is another tariff, a Section 232, which is a national security-related tariff of 10% on lumber coming in to the U.S. from Canada. Well, that's on lumber coming into the U.S. from anywhere is the 10%. Canadian lumber coming into the U.S. is facing about a 45% tariff duty headwind. You know, you've seen that impacting the market in the sense that, A, we have seen a number of Canadian sawmills shut down, and B, getting lumber from Canada into the U.S. with that kind of duty is pretty challenging. You've seen less Canadian lumber volume coming into the U.S., which for us is helpful in the sense that it allows us to take Southern Yellow Pine lumber and move into markets that have historically been Canadian lumber markets, so think Midwest, some of the northern regions. We're having some good early success in transitioning some of those markets. All right. You talked about lumber. I wonder if you'd just touch briefly on OSB because it's been kind of a meaningful, you know, earnings driver in recent years. I'd say similar to lumber, OSB over the course of 2025 got to a pretty challenged pricing environment to a place where, you know, really as an industry, you couldn't be profitable. That can happen from time to time, but typically resolves itself when you see capacity come out, and we have seen that. Several large mills in Canada have shut their mills down. I think you found a little bit better balance. We've seen that here even just over the last few weeks. You've seen OSB prices start to move up a little bit. I think we can see with some of the customer orders, people getting a little anxious about being able to get OSB supply heading into the build season. We've seen our order files extend out a little bit. I think that's come back into a little bit better balance here recently, and so we should see a better pricing environment as we kind of move forward into the spring building season on OSB. Great. Great. We talked about the $1 billion growth initiatives by 2030. You talked about the Timberlands piece of that. I think the wood products opportunity is even larger. Yep. Can you talk about what those activities are? Yeah. I'll hit on just a few of them. You know, one, we have been investing in our lumber manufacturing. That is to a large degree focused on cost reduction and efficiency, but it does come with additional lumber production. We have intentionally held some of that back just given the more challenged environment here recently. As lumber markets improve, you know, we can shift into fourth gear, and there's some production that's in the system that we can take advantage of. That's pretty straightforward. The interesting one there on Monticello, that is a TimberStrand technology, which is a really exciting building material. We have one mill in Canada currently. We're building another mill in Arkansas that will come online in 2027. The great thing about this product, it's our highest margin product in all of wood products, and it's a structural beam product that you can get really good, strong pricing for, but the feedstock is a lower value product. In the south, we're building this with Southern Yellow Pine. You're using Southern Yellow Pine pulp logs, which are fairly low price to make a high-end structural beam product. We're really excited about this. We expect this to produce over $100 million of EBITDA once we bring it up and get it fully ramped. That's just on the wood product side. There are also benefits, as you would expect. We put this in a geography where we have a lot of timber, the vast majority of the logs that go into this mill to make the product will come from our timberlands, which will provide some transportation benefits as well as some pricing benefits on the log side to our timberlands business. We're really excited about that. We're growing our distribution footprint. We've already started doing that. We've added three here recently, and we'll be churning out several more in the years to come. One of the things I'm most excited about is new product development. If you look back in time, Weyerhaeuser historically was an industry leader in innovation around products. Coming out of the Great Recession in 2008, 2009, we sort of pulled back on that a little bit for some good reasons. You know, we had to get the cost structure of the company in line, but we're really re-energizing the new product development arm of our company. At the recent Builders Show, we rolled out two new products, one of which I think is really gonna be transformational in the industry, a product called AeroStrand that's built off of our TimberStrand technology, was very, very well received at the Builders Show. We've got a whole pipeline of new products that we're gonna be bringing to market in the years to come, and I think that's gonna, both from a financial standpoint and the benefits that that brings from margin, et cetera, but also just a competitive dynamic in the marketplace as we really get this engine rolling. We're really excited about that. Again, just like all these other initiatives, these are underway, and we have pretty good line of sight on bringing these to fruition, and helping deliver on the $440 million of growth in wood products. Great. Great. maybe pivoting to Strategic Land Solutions, you have the kind of, real estate and natural resources component, you have the Climate Solutions component. Can you, kind of frame your 2026 guidance? maybe we can start off talking about sort of the assumptions around real estate and natural resources. Yeah. You know, the guidance for 2026 is a little higher than last year, and that is to some degree because the Climate Solutions business continues to grow. One key driver of that for 2026 is our conservation business has actually been rolling pretty well lately. In fact, in Q1, we did a conservation deal in the state of Florida for $94 million. These conservation deals are really, you know, just incremental because the way they work, essentially, you're preserving that land, generally speaking, for wildlife, but we get to continue to manage the timber. It's just an incremental $94 million on top of the portfolio. We're not gonna be doing projects of that size every year. That's, you know, that's a pretty big one. We have a good conservation pipeline of deals in the years to come. I would say, you know, as we think about this business in general, I'll cover real estate briefly. Our HBU program, which is essentially, you know, if you wanna build a cabin or, you know, somebody wants to build on our land, you know, we have a really good line of sight on demand in all the different regions. That business is just a well-oiled machine, and it churns out HBU deals. One of the components of our growth program is real estate development. When we look at our land portfolio outside of Charleston, Savannah, Atlanta, New Orleans, coastal North Carolina, there is a lot of development that is coming right at our ownership. Historically, you know, we have sold to people that wanna do real estate development, low, you know, low level of input costs for us, but we're giving away most of the economics to others. We're exploring, you know, perhaps doing a little bit more of the entitlement work ourselves, even some light infrastructure to really increase the real estate returns that we get from some of that land. That's a part of it. The big opportunity really is around Climate Solutions. You know, that's a business where I think we clearly are the leader in this space. We've done a lot of work. We've built out a really strong internal team. forest carbon. Maybe I'll just kinda tick through these quickly. Really exciting area for us. We, we have, I think, solved two-thirds of the equation, figuring out how to develop high-quality projects. That's very complicated and technically challenging. We've solved that. We know how to do that. We, we were able to get 630 credits issued last year, 630,000 credits issued last year. Getting them through the approval process and the audit process, again, challenging to build out the infrastructure. We've done that. We're now working on just building out long-term offtake agreements with big customers, tech companies, financial institutions. We're really excited about that. That will be a good part of our growth story here in the years to come. I would just say that the last one I'd highlight is biocarbon. This is a really big one for us. When you think about our industry as a whole, one of the big challenges that companies face is all of the pulp and paper mills that have closed down across the U.S. South. That's a really important outlet for both pulp logs out of the forest, but also residuals coming out of a sawmill. If you're in an area where the pulp mill shuts down, you have to find an alternative home. Now, Weyerhaeuser, because of our scale, the diversity of our business, we're typically able to do that. Over time, this is gonna be a real issue for the industry. This biocarbon opportunity where we're partnered up with a company called Aymium it takes wood fiber, it runs it through a thermochemical process and creates a very dense carbon product that can be used as a drop-in replacement for metallurgical coal. As we roll this out, and we've got our first project, targeted for McComb, Mississippi, which is right next to one of our sawmills. We've got a plan, in fact, the Aymium team is in Seattle with our folks this week working to grow this program to build it out to ultimately 1.5 million tons of biocarbon, which would require 7 million tons of wood fiber. That's essentially like creating about three paper mills' worth of demand. The beauty is, we get to place those facilities next to our sawmills and in wood baskets where we own a lot of timber. This, as we roll this out, there's a nice EBITDA component. Half of the Climate Solutions growth target is this. On top of that, if you have a stable outlet for pulp logs and mill residuals, this will be a meaningful competitive advantage for us as a company over time. Great. Great. Devin, maybe if we can just kind of finish off on capital allocation and talk about, you know, optimal leverage, you know, capital needs of the business and then sort of the dividend structure, given, you know, you have relatively depressed wood products prices here. Yeah. I mean, the capital allocation approach really hasn't changed. You know, we have target leverage over the cycle of 3.5 x. You know, we know because there's some cyclicality to our business. When prices are strong, your leverage is gonna be below that, and when prices weaken, you're gonna be a little bit above that. You know, you see that particularly when you hit the low point in the cycle, which I think 2025 was. You know, that being said, as prices come up, it's not a debt issue, it's an EBITDA issue, and we have pretty good line of sight, even with a modest amount of price improvement, which again, we've already started to see in Q1. That finds its way back to kinda where we want it to be. On the cash return framework standpoint, you know, our view hasn't changed. We're gonna continue to return the vast majority of cash that we generate back to shareholders through dividends and share repurchase. You know, the base dividend is kind of the core component of that, and then any increment above that we can decide whether we do supplemental dividends or share repurchase. Probably not surprising to most of you with where the stock price is today, we're gonna lean towards share repurchase versus a supplemental dividend at these at these share prices. Great. Maybe one last one. We get this from investors. In terms of, you know, timber REITs I think historically trade at some discount to NAV, but I mean, that discount has really widened over the last two, three years. If you agree with the premise of the question, what do you think helps close that valuation gap, or what are the drivers there? I mean, yes, I do agree with that we are trading below NAV. You know, I think the reality is, unlike maybe many other REITs, we don't trade on a NAV basis, we trade on a next 12-month cash flow basis. You know, whether that's right or wrong, I think that is largely the case. When you see commodity prices go to where they went in 2025, obviously that impacts our near-term cash flow, and I think that's really what has driven that delta. There are a few things that, you know, can close that gap. Number one, you know, obviously we're gonna buy back stock. We bought back stock last year. We'll continue to do that. That's one component. You'll see that close up as the commodity pricing normalizes. That will be a driver. Then, you know, I think lastly, we've laid out a pretty ambitious, aggressive growth target, and we're gonna execute on this. One of the things I've found over my career is if you can improve cash flow per share, that has a way of solving problems like that. So that's what we're focused on. Great. Great. well, we're coming up on time. Thanks again for, you know, the time, and we'll keep the conversation going at the conference. Thank you. All right. right. Appreciate it. Thank you.