Greystone Housing Impact Investors (GHI) 6 Nov 242024 Q3 Earnings call transcript

Greetings, and welcome to Greystone Housing Impact Investors LP Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Jesse Coury, Chief Financial Officer. Thank you, Mr. Coury.

begin. may You

would Housing I third welcome to everyone of Thank Investors like LP, Greystone call. Impact earnings GHI NYSE the XXXX you. conference to ticker quarter symbol

GHI, harbor forward-looking this to from which safe forward-looking During to differ of and to cause materially that subject statements these Private pursuant Securities and are comments the events the call, made actual statements are historical future are facts, the conference made not provisions Reform are uncertainties could Such of Act risks statements. regarding or results Litigation XXXX.

be the expect, similar Forward-looking identified statements may, and like terms. of should, can intend, other focus by use words plan,

and to by the speak those are as today. economic, date. implied of other that differ expressed cause or forward-looking today's or regulatory in factors actual our materially forward-looking You could cautioned from results statements made statements only Changes projections competitive, these business,

Executive call. now question-and-answer Chief to the participation Impact Investors will FD of detailed Housing and business, Regulation Internal you not call by SEC our want turn Officer, do, measures to that that the change, factors beliefs information explained to from Ken may full time-to-time interest the over and and us For the operating Thank this these advantage which we will other upon and and the under they filed GHI and expectations but risks Greystone necessarily and for Commission. Exchange include We encourage during review be you reports be please make discussion LP. I'll informed. Today's Securities will if Rogozinski. other is our about documents more our projections with in you aware impact session. take base your you non-GAAP may periodic

Officer, Coury, with overview will Investors our quarter Financial Jesse Impact of XXXX the our and afternoon, pipeline. partnership's the financial and I start portfolio. Call. then will will for third results. wrap Housing quarter Welcome market Greystone to an our overview Investor with an of Thank I Good you LP's Chief joining. everyone. present investment the up

we that, questions. Following forward look taking your to

the or For net unit. cash distribution associated per interest net $X.XX partnership quarters, In reported the that reflect of per of unrealized have that portfolio the for available past quarter mark-to-market and includes unit of our CAD the for $X.XX income and gains noted third loss XXXX, with rate swap noncash losses quarter. a we

from quarter, loss source third During we $X.X million BUC. or unrealized of the noncash recognized that $X.XX per a approximately

interest a on amounts notional all X.XX% swaps $XXX X.XX%, currently as our net fixed average compounded million in which XX, approximately SOFR, our we on a XXXX. receiver rate of as and of receive We rate now are pay weighted September swap of is

next spread an over stays cash from that point in would basis result Assuming additional the X approximately our XXX our SOFR in constant which unit CAD. that be counterparties, would compounded not income, but in per level net be million us payments would swap reflected in receiving reflected $X.XX the as months, $X.X

of as of $XX.XX October we XX, on On $X.XX assets a leverage billion the which a and XXst, value quarterly defined announced per book a unit regular XX%. September ratio paid per XX% XXXX. reported of also We cash me, excuse partnership distribution was unit, on -- by of $X.XX

investments revenue equity currently loans, mortgage in and investments. form we In terms in affordable of bonds, billion and of venture the hold partnership's multifamily $XXX joint governmental property issuer loans the $X.XX million of investment portfolio,

of September and revenue current all was underlying Physical their the for properties as such of mortgage borrowers on performance portfolio XXXX. the the is bonds, principal as interest no had have concerned, far XXth, multifamily the mortgage revenue stabilized investment we forbearance occupancy for XX.X% are payments. As requests on bond portfolio and

Our of venture the equity the consist stage. is remaining property Vantage construction X, in complete, planning with in joint properties, X interest where investments

where the continue good construction we For properties is to complete, X see leasing activity.

Vantage We chain see projects construction. under the continue labor no or to disruptions on material supply

As will experienced the the each sale of Vantage we managing the stabilization. property Group as a project owning position past, member upon in have for entity

As Tomball the have at for Vantage been sale. Hutto at and previously listed announced, Vantage properties

leasing We has for in projects commenced X have and units. X project investments construction and nearly have has equity in X X completed Texas. has Colorado the commenced Development joint construction Freestone project work. with projects X venture Group, project and a begun site X

located Our nearing joint lease Nevada property of a and seniors for Valley, units. venture equity deposits project XXX-bed housing in Carson XXX the XX has is the Living completion, Minden, Senior in property's Valage investment currently

third the at Jesse Jessam will quarter market Huntsville, Our well. With construction the for discuss joint to multifamily in property Farm, commenced the in financial our to construction equity has XXXX. rate Coury, a XXX-unit as I Alabama, turn over data of new Hays investment venture things CFO, that, located

for basic diluted, positive or we We net earnings September third Earlier our million and reported $X.XX Ken. available and cash basis $X.X per unit, you, reported XXth. per we CAD, of unit. $X.X ended GAAP $X.XX and Thank today, of million and reported loss quarter distributions, for

unrealized our BUC. loss losses mentioned, of interest income to approximately the fair our or change or derivatives We derivatives reported value rate in quarter the quarterly significantly loss. guidance within and accordance during interest per mark of $X.XX value value Ken As net reported impacted our with is by accounting on fair $X.X the in net was million rate noncash

swap weighted a interest X Our portfolio rate remaining term approximately average of has years.

in decline be on value portfolio our are rate from sharply during So derivatives added are by to generally declined financings. swap expect rate in in decline have cash variable settlement calculate roughly this offset or to Unrealized in we loss XXX SOFR cost swap changes impact basis the minimal interest of net our losses expected net X declines to the September rate. savings June back a quarter the XXth. due swap flows a to the debt future point on year to value, year X fair income The fair valuation interest SOFR interest to of as projected payments XXth Despite CAD. our swap the rate rate tracks our

Our increase was XXth. $XX.XX, book quarter on of value mortgage between unit our per bond loss of primarily unit of an June third basis, increase partially and revenue GAAP is offset The XXth the a the $X.XX distribution. the diluted from is by reported which per net fair a value September as in an difference result increase of our portfolio,

approximately on investments curve average a value providers MMD's bond rates mortgage which use for revenue in resulted XXth from that to models across basis the Our fair of September quarterly fair estimates estimate tax-exempt service XX June our points increase with in portfolio. the the revenue yield predominantly curves. Tax-exempt bond our decreased mortgage third-party value corresponding XXth, multifamily

our a holders mortgage investments. As we reminder, and fixed revenue be to are bond of predominantly we long-term rate expect will continue

fair in to changes direct impact expect or on flows, we cash So value no our operating income have CAD. net

if market protect We unit yesterday, significant unit September close which New are discount as our was investment and the declines our As to on against Xth, value Exchange net fund in $XX.XX, York closing XXth. our of price liquidity values. events regularly to there is book monitor per Stock November debt asset of XX% deleveraging to potential commitments our a

cash of As equivalents $XX.X million. of September cash XXth, unrestricted and we reported

our interest that we other rate rates which the levels, million analysis, to of sensitivity also rate secured is lines We our will $XX.X net assumptions. increases on in income of report interest believe in fund on given we analysis At discuss an are to commitments, and well sensitivity various potential on changes of availability approximately interest included management shows current our credit. XXX which Page through these XX-Q. later. We exposure quarterly regularly we rates financing monitor various Form impact interest I had The positioned our and market interest our overall

income curve shows yield uses yield The an in the SOFR Alternatively, immediate market base an do months. the which and the The is $X.XXX point an declines or rates present result response September there in in CAD we will we decrease XXth, for basis of decrease includes analysis in point curve Our shift assume rate net per million in anticipated basis case that income CAD nothing our net curve or $XXX,XXX increase unit. XX approximately XX the increase interest months. and that immediate XX as our of in forward in unit. result XXX a that in $X.X across next approximately per and assuming rates will $X.XXX a over scenarios of interest SOFR

many closed transaction, accounted Freddie approximately for for Securitization as securitization $XX.X based that with fluctuations September we We to does of reflect posting. to scenarios, MXX we repaid is all the in no MXX transaction a market the analysis largely XXth, terminated nonrecourse interest The facility. large in subject financing interest not which scheduled PFA alternative significant then of on Transaction. previously issues. facility. Also TEBS on refer the This as Mac's we interest in and rate October, bonds Freddie MXX activity. were mortgage financing within our against new on revenue from closed Mac credit we date fixed income the partnership, hedged debt information in principal rate our So million. are financing is has movements and a October, transaction collateral of gross This as assuming of million. termination XXXX, is is $XX.X debt our liquidity not facility TEBS TEBS upon variable totaled approximately resulted The proceeds rate, by XXXX the In subsequent net

have our rate changes exposure rate by interest variable rates. the MXX essence, market we been has, to Transaction, fixed the reduced in TEBS financing further future replaced XXXX Securitization in PFA As

loans, financing of Our assets. as portfolio of value mortgage XX% to that total bonds, billion own debt of XX% XXth issuer across mortgage totaling properties California, XX% of affordable September in and XX revenue our currently or bonds, Texas, states. revenue South these Carolina. portfolio mortgage in for property provide properties revenue bonds and in permanent XX% $X.XX consists loans We investment Of our governmental XX multifamily relates

governmental construction first loans loans of multifamily companion that or properties investments, share totaling bond issuer or affordable for governmental the by $XX.X loans states. often million. revenue redemptions currently our quarter, X mortgage third During issuer related totaling funds have was finance taxable we own $XX.X offset property the and lien. that million rehabilitation We the mortgage X mortgage taxable revenue advanced bond Such loans which across

the we governmental commitments. property During advanced $XX.X Redemptions quarter, during investments our issuer loan the million such issuer totaled totaling $XX.X of million governmental funds loan, taxable third quarter. and third loan for

for and XX base. asset Our will These funded future add $XXX.X approximately bond, over be commitments issuer as commitments of will funding outstanding our was investments loan income-producing months million our governmental and related revenue September to mortgage XXth.

quarter, remaining our receive to nearing into are credit CECL existing proceeds from establish funding expect maturity, investment $XXX,XXX of for apply that We investments our our the also reduced our commitments. We loan which to the third reserves the credit governmental investments life related recent allowance taxable weighted governmental commitments. We reduction loss by investment redemption our be of funding for for will property standard debt issuer largely financing a result and and average construction redeployed which was issuer portfolio. loan and losses remaining in loan, redemptions, the

in adjusted losses CAD, loss credit have impact the treatment We allowances. of historical with back consistent of our provision for the calculating

in investment, of basis. venture the a San a joint of is $XX.X of consisted that on Marcos investment consolidated portfolio quarter approximately one exclusive investments during at reported $XXX We XX million of carrying million, third advanced September Our segment. value XXth, as properties reported this with equity Vantage

Our JV $XX.X totaled XXth. remaining of investments September commitments as for million funding equity

rate of our assets categories, X.X% fixed rate hedged in variable interest June to hedging, changes total our rate Our rate account $X.X Form XXth. designated short-term debt assets principal $X our assets XX.X% return after of represents rates. with are debt and risk analysis rate of This XX, the categories with rate outstanding XXXX, we for of variable is with manage rate fixed reflect as is does These rate September our interest is Page only generally facilities categories financing the billion date. in variable fixed debt, as We Three $XX most exposed on no leverage of and up This X rate debt of fourth billion from million near-term. or with report such is our category XXth. debt, to is debt fixed an XX September where million category total approximately interest that from is our swaps or changes which had net financing. The assets rate financing not debt any and financing. approximately investments This debt insulated $XX used are that totaling variable X balance XX-Q. with main designed in approximately that with

previously financing and Transaction. I entered MXX fixed our variable rate new into October we XXXX, terminated our Securitization XXXX mentioned, TEBS As PFA in rate facility

fixed rate have have to our variable we we interest As the near-term. replaced exposure reduced in debt risk further rate rate with new debt,

On issuances continue Ken market an now under additional to call of Series preferred over pipeline. and the update we turn investment units our pursue on preferred for his capital front, active to the B offering. I'll conditions

of an and last call was months at It's income XX Jesse. well. a the our August, Thanks, call quarter's MMD been interesting year whole bonds X in year last At and as X.XX%. since fixed municipal markets X.XX% the time for in XX as at was MMD

those basis roughly was months. X.XX% for higher year XX As year of yield yesterday's XX at both was XX and X in MMD MMD X.XX%, at points close,

XX of X.XX%. As XX MMD was X.XX% at MMD and September year XXXX, end was XXth, at quarter year on

over that's in Refinitiv, to almost of muni past past saw year-to-date months. higher billion for billion move $XX year $XXX came of over and billion. October, of during record the the a month billion X see issuance $XXX new months issuance market first issuance, the $XXX billion that the of to gross market the fund when track the of monthly From $XX on perspective, October, the in totaled months. most according including record over issuance put year. Through supply XX XX saw new October the day would $XX That issuance So technical's billion inflows ETF total X market up potentially

the to the XXXX investment year-to-date up loss basis While the for post XXst, the and saw yield a the index of muni are high XXXX, index on grade of they as October and Municipal index both still Bloomberg X.X%, sell-off each with is the demand month in muni low October X.X% of XX%, a of black in curve, high almost yield The as the point curve index to on MMD yield current is up year the ratio focused leading the October's X.X%. X end up outperformance. of XX muni-to-treasury year shorter munis. has retail the reflecting its

construction are joint new We the with excited Impact BlackRock venture lending about Opportunities.

the to on and to in banks relationships that commercial a seen of affordable result manage created relationships purpose execution has mentioned as portfolios. commercial clients effectively we for we pullback fill a dedicated calls, with new lending transaction have quarterly to our help capital our existing in we deepen that That and pool allows our broader have build to on challenges well. believe market face years a void. Having real equity their With a sponsors construction meet potential us development that I new window are sponsor strategies that while sponsors in to our position step us available joint be establish for may in when needs. reflective to as new are properties, will projects merchant put believe significant that We will investments limited. and a take to their that new regard questions. underway for We with XXXX better X to continue venture our now, we our that, JV capital your rate there exits road made XXXX getting down us equity approach. With other success and Jesse X multifamily of opportunity to past as loan offer pressures of As the by estate to of to pipeline happy supply us timely for existing deploy

first the question JonesTrading. of from Erdner The Instructions] [Operator line with Matthew comes

within might that new change or you fiscal With issuance? current happening affect policy year, there issues any are new administration next foreseeable that the in see credit

Matt. Thanks,

to point control. time little in who in see house the up I think race it's results ends early this the tell pending to at of a too still

potentially to low bipartisan is debate, There changes of help going still priority I historically program. early the think Act think going of fact during become I there legislative provisions are for experience, Jobs Tax support think, a strong have for, open XXXX, be next tax in with. But number my you've that's the a might been or particular, sunsetting there that need that XXXX the has been the that Whether not housing got program. that is in anticipated to I a to good the when efficiency for in Congress, some of the made Cuts vehicle be income legislative credit to particularly a next be to the dealt of might legislative lot and the actually of on potential bill a Congress tax tax this credit to might be changes those program.

So that's plays not We'll or out. to whether going have really certainly my next into Congress. that see hope itself just the

touching helpful expand could, That's little capital? program going just a do kind please? how this guess, a line And some time use on there. deploying Like, of bit right. you of you I the envision you from kind could that perspective, partnership, this whole then a of quarter? on you to Yes, it if BlackRock are as for

Sure. do Matt. Happy that, to

So same from the is be sheet. used the to in going balance out to that our off we Freddie product offering TEL product and that directly operational Mac historically will the floating loans taken offering permanent construction exact loan. Forward that rate relationships We're past sponsor be we're an perspective, have ultimately by partnership's fixed the

being the It's we, loans, currently of it changed. scale given to might team, in marketplace, the source raise capital the in may as where have business for be only partnership directly the the rely the partnership's rather management be was as those a we're itself that means really a part traditional for it have that execution hasn't not source. those efficient us capital process dedicated most going opportunity through of the to that a that sheet, to could doing capital seeing on we pool of that than opposed the strategy to So to long-term to the loans balance better fund of off doing the position that fund felt

the and capital we relatively benefit a client joint that with we're that see without of that doing off the us, base sheet So big able stable serve partnership's that, to worry directly with our balance that to BlackRock of is ourselves. source to continue reliable venture the having to about

origination about to by able about forward excited been the venture. lending joint to We're And looking we're work. that platform the that. broader to and between that's excited capacity origination we're created money GHI Greystone team being direct So new put that the

comes Stewart of question Jason with from line Next Janney. the

you was in I But hoping in and rate extended could some sort it's address months. I volatility. Ken, elevated it exacerbated for seeing of the market today? recent today. loans for you're that period been mean impacted of demand that's How general,

Jason. Thanks,

demand done. terms governmental having impact allocation environment, more We of out may in of ways loans tracks. income pencil. core a rates from tax have the In need lending mortgage our for its challenging, have we state figured themselves low agencies business issuer activity cap to people that they deals and It of with and volume haven't higher in allocating for really that on have interest housing but continue been loans, of in to private seen products hasn't credits revenue and interest to rate their dead the Even bonds. the stopped get pipeline it sponsors still significant

new current to with So continue who project submit the those transact new they've our sponsors balance got new look with inbound either fourth and get early and executed expecting year cap who to the quarter to allocation there. that of inquiry sponsor remaining they're the us applications are allocations that have sponsor then or in looking relationships we for to relationships see from deals from

see about allocation certainly pipeline to made the have we optimistic and that So relationships to our deals it deploy with things for JV. we from challenging, but capital from sponsor ability, the particular, this perspective, more our in sense makes in them, that continue we're new BlackRock

was sort then you your you market comment -- rate on could the side, helpful. expand and That's And hoping I Great. touched on of there. I

ground to is, rate terms bit Just impacted given think, not right? like And maybe seeing I could shovels that of and slowed, opportunity your put continue multi? commitment in in the about to which does secular it sales expand activity that. normal you're you that's somewhat market expected, maybe the and cadence what has talk Is of sound little a and more

Thanks, Jason. Yes.

investments about statement. terms continued fair to we're equity JV I those there. we the be, a been are volatility management think that's of profile on more what strategy risk can with merchant Certainly, the that -- with build say being overall from the of markets of opportunities business a in the things into. that to side in we're and evaluating made to do I the evaluating we've would marketplace, perspective We've the doing say, the selective sponsors the and try to safe derisk that some

we point road, the taking JV we're good terms that of those opportunities. But assets that may that types earlier, at of a in down historically in, the difficulty invested a in said the good as we us at to believe markets to So look for the activity sponsors the lot that's such our that those investments, opportunities at partners capital in be actively XX that direction deals that think to we continue of on sourcing time. of we've stand harvested look in going that's months investment have I as to see been lack for stead something new XX well-structured good that given other of given

line question Chris with the Next from comes Muller of Citizens JMP.

how guess, MRB those deployment for have like visibility It dynamic looks then XXXX. Should pipeline on expect recent So the into deployment that into continue? on trending see capital may that expect portfolios you the And And type thoughts you I of and has capital investment where into are guys to portfolio you I'm slowly? guess, grown to curious higher thinking do just end year things? much quarters. be? in I then we your Do

a level current management be to evaluation assets starting level discussion Chris, a start high of philosophy dividend our are team in sort I'll requiring point So yield. or take. that a as we I accretive at terms of for think as of the We, investment

stand on or earlier day, current the the we you look where XX.X% trading if at So a in at marketplace today, at least yield. the on take in dividend based we're give

all from investment our point threshold committee our from that guidance that evaluating investment of to a So have criteria. Board we're as the opportunities starting meet and

in that's fourth So have build balance the going be an merchant to quarter, of out or we're depending JV on issuer to impact where or the the that loans there, level investments. opportunities equity on new that pursue it governmental MRBs potential shakes able

So first that is ] starting [ a threshold at. at what we look

I into to with and team least that the that meet is we to new in a team transactions our who capital follow is to and that our in management that specific JV, work quickly new that as try to show can may the allocation that that a capital at layer in the You in Lending think strategy ability opportunities Construction as to BlackRock to other the have commit with strategy, -- we because we goal BlackRock future. lending the position put that capital as put goal potential our similar to that criteria that to grow want ourselves investors from construction institutional a work put find have there BlackRock investment

baseline going to think of So from evaluate where sort of that meet a perspective. of or see windows really threshold taking level that we're of hurdle a it's new high And approach sort that our investments. question I as that's be the we at we opportunity

of restrictions new JV helpful. to it. is guess of to with some BlackRock, partnership you the JV, I initial larger? JVs? you size And commitment capped to Or that Got see other construction $X.X on due the I the only scale is then similar plan kind very million from Do the guys. the That's

size the investments limitation under isn't a don't with capped that really equity mortgage we partnership have the we the traditional from the that end there same JV perspective given investments. agreement, because our in have So qualified partnership are investments

question think I us partnership terms available seeing said, where put into initial work that that we've least potential got itself institutional So within or commitment BlackRock expansion right sit other the a the additional of opportunities we of capital I right initial the to through allocation it's involvement potential of capital allocation having as strategy, us have of I in that parameters that from to the think investors to allocating we and But as at now, strategy. of capital either to the the to BlackRock of itself. additional that's of strategy from a the

it. That's you Got scale as up helpful. And needed. very guys that see that's you great that can

Next Larry line question comes from of [ Linden with ] GHI. the

I question statement. by a that's a have preceded

paper its investment lost the decrease to year stayed reason This XX% range of its will year, value by of is between GHI extremely value. is happening, I low ability fear accelerating to this honestly XX%. has From the clearly I what in have ago, dividends. for Over in with years and The has troublesome today some its Please only continues inevitable seen clarify X $XX.XX explain September X past that and I bought $XX, value, dividends GHI almost continuous $XX.XX at considerable volatility to reasons it point, dividends. its a impacted GHI diminished. be that from of and disquieting. will XXXX, be in January dramatically its unabated valued But shares and sink if is value this because impact $XX and to decline future on pay

the over from significant we X has the change by there. distribution time period time. not or Well, basis Greystone talk in perspective, the overall terms factors been been and done our by horizon portfolio. year in extended And marketplace. historically has stock partnership. From driven perspective general of over the either give since the cash our the management been on and look acquired All our the driven Board's any that about investment investment a Mr. has I we've price an can team you that of really Linden, of what That's what implemented as determination strategy investment I by of at distribution really partner the of strategy a answers day-to-day the and for other drives core the there the can't is available

based not cash secondary So price in by units partnership's decisions that portfolio market the power driven historically, the have then the for made investment been on the It's really distribution of market. current available been itself. the and core earnings of distribution

something is of do implement and I about strategy as team, units here can view with try years not the talk changing. to that consistent that we, all can't the see we've that to market's I value a speak over team. But management the So to is the themselves. a continued management of the been that as we've

to want this as enabled curious, was that investor, pursue from up market, just but years ago of just I'm go a layman, to X the I tenor the it to what an share a mean, the that caused took over I $XX a it's year that drop whereas plus share and in what precipitous X a such place factors period $XX share. value? now

explain X Linden, in income-oriented What year since market's has a our been can't time are as investment rates expressed horizon. interest can our through we a say significant thing been of Mr. I one again, an I -- change over that trading view units. price there's the Well, level at is high that

XXXX. it distribution dividend we're significantly where now. as and longer-term of partnership change been same from short-term are levels income the where in basically, sort today, intents the of they adjusted split $X.XX If a a today. The fall has in you and made primary seen me of fixed years us investment for purposes, look that interest basically were were basis, X lower at $X.XX and ago the sort overall by had was than at then, you X to get it the perspective rates we've back landscape was On the is all the to we at that rates to

been level yield hasn't the unitholders. those of is really investment, It's generating the the dollars that what changed. market's the view same return required So on to of

[Operator Instructions] we is private here, it Jim a Ladies and Merrick, gentlemen, question have from investor.

do $XX.XX and at buybacks book being than value point? the that With price that, share does a make the less stock to lot the this being and sense

Merrick. you, Thank Mr.

that returns analysts making dividend accretive we I that at yield. being was earlier, look can versus our new of investments, speaking at looking we're when as we think the one generate from current perspective, with the the -- I

return for our capital that these construction investments to able So in perspective, we're expectation build I for there long that investments back investments as use JV expect that making venture to the is the utilizing as be partnership's other will either accretive as at multifamily, side the market from we're joint partnership's secondary on through the think BlackRock the we of rate to or that if loans a equity making the see from our on would market. merchant buy capital those actually opposed capital better we the units potential look long-term new

approach think I So the we as from going really that that change, philosophy from sort until see preferred our management team preferred perspective, of forward. or the the is dynamic a us

not I question chance the of give any Okay. but decided some of a and Is these prices? of to at the anyway. know personal question, investors it's there us hope to small, little maybe a some ask kind see stock to the right that's it purchase more I insiders

Well, our filing all at today, window can XX-Q is closed tell has of for that in insiders least advance been for our I you activity.

so position or whether we that to that, is in will partnership the that window activity. have And opened be for insiders a announcement after could today's see not

of turn Thank Rogozinski the you. session. to like the comments. we and gentlemen, now for Ken over floor have Ladies to closing I reached end question-and-answer would

again Thank you, forward for next look everyone, with us today. We to quarter. joining chatting you

today's Thank you. This concludes teleconference.

participation. for your disconnect you at your may lines You time. Thank this