Lument Finance Trust (LFT) 13 Nov 242024 Q3 Earnings call transcript

Good morning, and thank you for joining the Lument Finance Trust Third Quarter 2024 Earnings Call. Today's call is being recorded and that will be made available via webcast on the company's website. I would now like to turn the call over to Andrew Tsang at Lument Investment Management. Please go ahead.

Good morning, everyone. Thank you for joining our call to discuss Lument Finance Trust's third quarter 2024 financial results. Portfolio call CFO; Jim and Jim our Director the Jim our Zach on Managing our Briggs, Henson, of me today Flynn, are CEO; Halpern, With Management. our President; filed On Tuesday, issued press quarter to release XX-Q third the details our SEC a on our provide results. November and with we XX,

website. provided a which We earnings also can be presentation, supplemental found on our

uncertainties accessed presentation reliance the are to SEC. not filings intended XX-K. measures And to be on these with the of are that course is the to that non-GAAP risks. meaning cause to Before Flynn, Act Factors our those in measures the identify to in certain The financial listeners of A undertakes I'd filed statements is call forward-looking most those materially the section of this considered GAAP. in everyone results Form will of not call for contained all particular, could accordance of discussed and remind to XXXX from to financial It with place the can with during over as Such forward-looking SEC, Jim Act differ reports XXE based such GAAP company's Securities Risk information Exchange prepared or financial certain discussed predict the update of forward-looking historical made with uncertainties any statements. of are are handing possible XXXX. this to of the not statements constitute in and conference of on and substitute and in the undue measures comparable non-GAAP company on not obligation statements. These this cautioned subject no be accordance like isolation Section the of risks the forward-looking presented Section statements actual may Securities call. XXA statements. Further, through risks forward-looking the information be in to our nor various information within a Reconciliations the

the and Flynn. $X.XX quarter September, share the $X.XX ahead. respectively. reported line XXXX, go declared turn net the For earnings third of with stock, Jim of to of to Please In common respect common per with GAAP of prior. I dividend share $X.XX a of per we we will quarter, call third income the in over also distributable now

the figures, long-term rate, were fundamentals unemployment the we which cap cooling sidelines. continued market the investors translated rates, into -- economic a point off to you, morning, starting Thank soft Andrew. Welcome you third and of outlook, Trust U.S. that to Good We all recent that, toward new joining XXXX. of multifamily signs short-term on remain likelihood Lument inflation, for the And earnings increase the landing. we cautiously cuts with acquisition the as all start come activity of came the We'll today. everyone. The and in Finance of optimistic appreciate stability in property strong. remain see call quarter low relatively asset us uncertainties administration notwithstanding modest in

As new market. multifamily metrics, of each continue we transition continue we but monitor will have future the in to government, to the the confidence of to these

investors by expect to to multifamily stable, continue dividend focus We a to sustainable on deliver our to credit. continuing

the that or opportunities, affiliates LFT coming advantage significant on of its and manager's whether of company. our year. into we attractive competitive the and We ability expect ramp-up is origination actively continue pursue The steady pipeline the has to investment not capacity a lending currently see trend and a to continue to a for close manager

deep and affiliated we $XX the outcomes to maximize X quickly an expertise to capital company on manager. multifamily this loan of acquired of positive team payoffs. into asset manager's only management During continue the were for the assets to dedicated And quarter, to from our and redeploy value. able and achieve shareholder experience We million experienced rely LFT effectively

risk During our of loans held had QX, basis. our quarter book X.X. to during versus steady added the rating portfolio continued prior we at to X average The on And a perform rating category risk no well relative new the period. weighted

of X that plus received the principal X, outstanding of payment full no of the to on last determined We quarter our also quarter week, to of X/XX. We assets as positive existed borrower. resolution achieved Levels our additions also on specific that as reserves. loss loan accrued end appropriate late X-rated the we all pleased end. We're from a of needed were share interest

we As ended mentioned that a in to securitization last December transaction, CLO XXXX our our recap had call, reinvestment XXXX. period alternatives on are evaluating actively which

end, of of quarter had rate a funds CLO points effective average weighted cost the XXX plus basis with As of XX%. SOFR of advance approximately an

Briggs, alternatives ensure our details and favorable encouraging the value for the will long-term strategy sign choice I'd observed we creates new call results. to months, our to But turn provide last be the financing returning like demand relatively our shareholders. With on of consider issuances portfolio. us is ultimate the levels. financing to paths will our Briggs? via overall pricing which an Securitization have more investor over that CLO on We CLO one to couple financial to of normal carefully who that, with over best potential new Jim remains aligns may CRE the

for which on of X XX-Q presentation morning, your reference. Jim. a we updates presentation to pages well a and through earnings investor been provided uploaded investor report the during find has Form as supplemental Yesterday you the website, quarter. everyone. our summary key webcast X will the and presentation, our for On remarks. Thanks, Supplemental Good be referencing evening, on quarterly we'll filed

common share. million third The XXXX, quarter we net per $X.X approximately income to of reported or $X.XX stockholders of

items distributable reported to like of highlight few also approximately the the share. A $X.XX or million during per We activity earnings period. regarding $X.X I'd

XXXX. QX largely Our through income was interest flat QX net million, $X.X

our quarter, in slightly lower versus payoffs. Total line expenses drove UPB recognition outstanding the interest income in primarily was were substantially prior driven was in was and threshold. in X% line credit which lower the operating Other an losses. for are to $X.X approximately return sequential largely common $XXX,XXX in was were quarter, accrual of general a quarterly generally reported incentive majority distributable to approximately $X.X allowance interest decrease due in difference net by earnings fees the agreement expenses of our with payable The primarily between of prior equal expenses accelerated declining quarter-over-quarter. The income average connection a XX% as the additional While million portfolio with QX offset annum over and $XXX,XXX QX. core net coupon manager, on the earnings in by excess to of to of purchase which attributable income operating in versus loan million defined weighted basis discounts increase an per management the

X X. X million XX, One $XX with was loans recognized a September collateralized had nonaccrual our due income New default basis. risk a of and to cash Brooklyn, on we rated multifamily by rated loan in risk maturity of status property of As York, a

loan. approximately During $XXX,XXX the period, the company of interest on recognized this

income monetary risk properties collateralized by our $XX rated status recognized cash Another with and on due in Georgia, Augusta, multifamily default loan a basis. million was X nonaccrual to X a

on of recognized approximately the $XXX,XXX During the company loan. this interest period,

which we in will his had resolution Jim Jim touch Henson positive remarks. loan quarter to As mentioned, end, a on to this subsequent

in Pennsylvania, default. million with rated received to due $XX multifamily And a was loan the collateralized by our X Philadelphia, risk cash X cost properties from recognized on basis. nonaccrual Third a monetary status borrower recovery

asset in X XX. period million to million. per activity during as add the reserve a individually $XXX a book was of the turn increasing specific $XX the June determine of whether loans share, this financings million We secured We slightly of CECL performance And borrower our and forecast. balance the portfolio per common quarter. as by $XXX,XXX or or the general of on million Texas. was is and X Jim? approximately for ended collateral, approximately approximately but loan evaluated of changes That company's of cash the was to now necessary. Henson stock did cash $XXX,XXX the primarily investment with by multifamily period, the $XXX,XXX default. capacity total reduction share the quarter Company's an unrestricted credit driven in to we during loan. The the company to reserve, Total we $X.XX investment rated X recognized carrying the fully Jim from from increased our second received the approximately end were quarter collateralized During provide X reserves $X.XX quarter value details the during and $XXX approximately equity deployed. I'll this through third at a call underlying not losses after the maintained macroeconomic in was which of basis over year. The these property in recorded analysis risk-rated by asset-specific of technical fourth, in Dallas, $XX was

Thank you, Jim.

During quarter, initial experienced of coupon the X And plus $XX with basis loan balance LFT million points. $XX payoffs. an weighted we principal average in loans and new SOFR million acquired a third of XXX

of X-month portfolio rate and portfolio billion. XXX% properties. indexed loans multifamily the balance purchase portfolio note quarter, an SOFR plus the floating of third of a the XX% end SOFR by rate $X.X of XX, million. September collateralized As an the approximately of $X.X to aggregate with consisted At points of was our basis had discount XX was weighted aggregate portfolio of principal floating unpaid and our XXX unamortized of

to While our portfolio. in loan the is origination the maturity that worth foresight extension features transaction. time include It we in noting manage our to actively appropriate at endeavor had risk the of we

the available XX average exercised result, a weighted all months to our of be our remaining are borrowers. by loan if As continues term approximately extensions book

a of of leverage XX% of funds provided the in weighted leverage and at of SOFR completed points. provided leverage The at the average remains points. the XX% completed provided average end, attractive. XX% with cost in LMF SOFR basis portfolio financing quarter, a the effective basis of securitizations XXXX of plus CLO transaction of XXX weighted the basis XXX our funds of XXXX X secured At earlier, XXX average combined of basis mentioned points. cost quarter effective effective of portfolio As end third SOFR funds FLX weighted On with a plus plus at our CRE financing a cost

AX the our or As XX% compared quarter. of were rated better of to risk portfolio at in September end the approximately of XX% prior XX, the loans

risk was at X.X. Our weighted average sequentially unchanged rating

at September, X an risk rated total approximately As exposure X% loans the value $XX the aggregate loan with or of rated quarter carrying of the X of portfolio. end million had the approximately end of we of our of

ending off. of properties near multifamily a ending, X Friday, In collateralized had I'm As, connection million subsequent of we'll our the sorry, to record of recorded was loan, an by quarter quarter representing of fees interest $XX.X will outside other million income approximately the to the million. unlevered by we paid borrower company been $X.X structures. repayment repayment, and in Augusta, interest $X.X previously, default, loan alluded cash which payoff. XXXX, and income had the interest this the company with million basis positive year-end, in approximately X-rated monetary Georgia. Last was $XX.X increase loan December XX, collected This cash Since by approximately resolution financing the on from held in the equivalents

will business and closely team of Jim investment assets of plans. With its borrowers' performance positions and questions. with our the it remarks our I closing of progress working financial company's portfolio, their collateral managers' continues for all monitor borrowers Flynn that, manage proactive to back and our to in investment Our pass executing management

Thank interest the open to everyone's questions to call you, like might you Jim. I'd any and have. Appreciate up

question line from first the Your from comes JonesTrading. of Jason Instructions] [Operator Weaver

you sponsors possibly just be borrowers so if comment end tell. too the into this comments visibility is your projects. only thinking it delaying to week follow-up, that last could may some wondered noticed And I some among all, of hearing possible quarter the about And today. we pipeline whispers on in a soon after First as alone, prospective be might

this I are to again, than to what's going that have led -- uncertainty, saw with as the and right, heard it's government? inflationary -- terms see from a right? that's can government We officials have committee that see we what's think does think debt The more? patterns, gone, to the the think the starting of probably, expectations also a like, until overstated are certainly, moderated thought, who election think a until perspective, in to new hey, the was the the there recognize it's we be chairs, in give the we how is we those which this, or reacted maybe to look more -- overall little market forward. Are final give the expected. But players market. going has ways in are we're some to of has talk some a provided key in happening. key think, perhaps also et that I the expectations we have thoughts specifics. and I And conflicting what the an rate until happen has Are Then gone. going balance some there lot way. be general some where and are expectation starting -- where administration seats, the similarly stock of I'll the spend other all going happening cut, going new But people market Yes. in going cetera. moderation problem what's some move things, right? I my there'll we my to I House, tenure Zach We've But market has

in sponsors I and other to whether this may the You need for bit after departments. I on But exit, to out heard of have department going government transact is you some There's, potential year, and whether exiting what evaluating short not answer saw into these the uncertainty. the of to certainly, X, that's announcement, creation that of in going have owners it's Department the still done opportunities. Efficiency, there's couple they of refinancing, volatile waiting on that's asset, which particularly election. But here. both borrowers that to seen the the happens new past investment business the that's week efficiency get entirely be a that a want think, or those over I'm dedicated ironic of whistles said expectations I and over next whether an on weeks bells the see the that's an so as of look look, said, is, also market admittedly of

XXXX, see don't this I have in concern where the you So the the market. looking did see, do of seen part I it I like slowdown had slowdown and early around major as hey, in That's pause do can and transact taking consider, are need you guys said, heard until a first Or real. quarter? to I I that December? the anecdotally, wait to

XXXX. just one true and since standpoint as most every quick you of manager. provide our But products, looked in the is broadly won't come least still as and an fixed this bridge on from a that maybe a expectation short-term that had But that going I to for. not it products to like to down rates Zach, haven't we perhaps help people there's, our broader market, note. a of our are in is single for tell can continue a you. I is pipeline the low give rate maybe rate say some driver still Now there. I there certainly, down, to come long-term expectations as hoped that bridge pipelines At the on that this. does And market. can't this mean,

a economic Is it And do think we I in good. outlook still country is Yes. for so, don't dire? the transition I think so are pretty broadly period? because the

And so cover that that of higher Higher translate into rents you rents. costs. some will the mean higher can

if shake I period then pipeline, uncertainty. But out, stable and as to low likes into forward, we Zach, again, couple? let's where one of give look No the a want we're like to interest see in move think forward. we you environment rate can transact a on so And move a people what's

definitely that's No, helpful.

that Jim I everything would said. echo

QX, delineate And has that activity couple tremendously. on a first and up rate got pre-rate is cuts activity need same post million think positive We've in August. to versus those cuts picked of into front. close along I that in to the we expected hundred what really additional December so lines

S similarly where of characterizing plus sort XXX. your funds the market clear more And regarding sort remarks, that financing current blended cost plus as what is might just of a I rated you during the I clarification, today? Was of then one heard see of another prepared But transaction CLO get XXX. comment sort

I'm it. looking at

was, the cost the is the XXX first XX% That's in the I deleveraging part existing plus So CLO, CLO of that advance has at a no CLO the that made today, comment the funds CLO is X, of rate. that more rates. reinvestment SOFR

to relative is So the permanent. obviously, still it's market, think cost that attractive, I but not

to we think that at in opportunity a higher we would the get do As slightly this market be probably will delever, But up. of leverage. the to there's continue point. But above go cost that funds that

Raymond of the James. Your next of comes line Stephen Laws from question

I it mid-XXs on slightly of the X, see. think of November. higher done deals I the how of some to CLO even good rates periods about that are know and question. the in wanted like Congrats to the follow funds recently. on X-rated think FLX? you at advanced do do How have seems been about cost up the versus in you that was resolution regarding X-year in looking replenishment Kind

how next and which expectations as are event? half first your collapsing is as of come that question, I looking X putting at that simpler Is quarters? down guess to one you you what about So or far a repayment And do timing it as a may a in look X 'XX place? deal out that the new think

Sure.

guesswork going seen choppy, looking We in So a we're year. a some been second of repayment is quarter to for honest, But of this be standpoint But that don't higher, true norms be and -- to that activity. had we're XX%. bit, the around always run dramatically we've this to have slightly have months. rate didn't slightly it historical a the it's down of exit in lot expect could We've -- go many other way. it -- that's the things back be as lower. I to could up little do right, one, value look, these of We it's the And or deals. we kind of choppiness, XXXX, from whether and improve that because say.

still cases, are you longer. are both on in going think owners assets I bit to have to hold a that to going

we CLO partners in at are capital to Considerations transactions, On discussions that public our we for also looking but look, are said, ways other of as recap -- the markets of with we one so we take portfolio. front, at, pricing part looking life assets that out transaction. that bigger we're average weighted a deal, contribute more deal into the a is new whether portfolio, on impacts that the of some how actively and

those I are is. we we're for a I to come So things the evaluating our that the to what is can that to various I general, think with just market. And tell you partners going transaction think in history, in there impact think to overall XXXX. appetite see back

to of the focused no well because be come market I All been on characteristics, deals is that whether don't would we have our certain the of deal to of what or this most assets going efficient life be otherwise. transaction. to a different. But that's expect is factors or received. We to penalized are with want the

working currently we're so But evaluating guaranteed? does hey, certainly Is No. And this actively say, it make half Is It definitely could a to event? we're be. first the it. partners with sense? that

that a But going kind how become or wanted life you some little or XXXX loans, the to or is on pay X-rated the potentially to makes of loans in curious a back the a think of X, bucket And talk X-rated of the likely a then and their risk loans. off could color sense. the that to one so kind pushes are them X how as I'm other. if versus guessing. little about kind And of maybe go of bit you what get and touch I or that loans way part what can there's event to to Xs. catalyst about many there are X-rated to portfolio which I'm of X/X loan a on It's about

every through errors Jim, with tried and reporting, little as But tried years. over seeing or just unforeseen going Meaning bit have to rating adjusting we talk out. Zach, we're And process. a Well, Sure. as model. modeling, we to have every egregious loan can or go quarter, we've years our we consistent are really you back the the we be risk model Braggs consistent off. But very about the were to maintain it very that extent things reporting think we're that very consistent so that we're we only that that

have then the where And -- And have to based outputs. believe modeled loan should there those But the we and a on outcomes. And that Jim, look we the recovery take that a whether don't asset. we've made the if go expectation should have the value if you know some I we that's we we we about there on be by small. individually, And today, value, so it's off discussion we adjustment asset management the said be how we each reserve. evaluate And hand. determine at specific through of specific reserve one see a right?

assets mostly certainly and in plans. are assets in risk decline X-rated rates, the by impacted increase the business that have value So slow been

to rating saying, of know to our to and rest and still the on from want But if there's full whatever be to ability risk it's origination. Jim, the inaccurate we've of been And we have recovery. The hey, than anything was current asset they at repaid X it risk was origination. at stand originated what on today X did that the all risk add But is on but? get that behind or able more achieve was We seen means portfolio. optimistic a But for we based the based than side, it's those that that to fact market, and the cautiously remain on risk rated process where market at rating assets. value to we've view less based in confident expect don't improper the the it they our and when the the of on of that current and origination. the it resolutions you a at on the so would risk elevated say it I

covered No, we certainly, I point. But future? the good the perspective. Xs the but around that the the a process money turn There's yes, can your you that quarter, today reserve into today. whatever Xs expecting To of a from doing in The perspective. specific And some think potential. on question, those from Stephen, Xs it what we're feel repayment some good we on were about have bring process comments Xs Xs made or we at being Jim and each full including that is

Your the next line Steve Delaney question of from JMP comes Capital. from Citizens

Flynn, first you. to address this bit. one to a Jim runoff We I'm in just little the I'd talk like I'll curious. understand XXXX.

in can You XXXX. reinvest

market. bridge You entry remarks want made that being about today ORIX would I Based seeing multifamily terms for multifamily your how sort move how And versus lending on in with impact XXXX, of bridge talk we return of loans. just out you set XXXX? risk about what market in that bridge in ORIX there is ORIX is in little then the just compare active doing, to opportunity can a start we comment what the forward. the bit as saw Maybe a in LFT

standard look, a got that tightening lending market. better, -- mean, the whole risk as the You've in deals overall well, Well, clearly, risk I my the has return existed I think the in a today, Sure. opinion, side, are right?

more have kind muted of You assumptions. growth

of the the most have from years, the has in are have just many out as we've cities. Those more performed are and cap deliveries grown is looking, super Typically written attractive And environment. markets low rents up. new right, obviously, not low You're the a part, this. seen also construction perspective at my extraordinary very relatively of about growth rate are bridge you in about to mountain the talked midst for the taking loans and in which them a -- lease this most couple everyone giving the lease-up in concern Sunbelt over then time deliveries for that largely markets LTVs, of X assets and financing, past the cases,

view the those going over well. Our are that perform X-year X of overall market period next to of the all is markets to

long-term an the have, relatively my the taking on in in metric, lease-up, is opinion, attractive brand-new asset, large the better in at asset So part on based So in risk smaller market right? on leverage and the a a growth. a a both based on bridge point both leverage, traditional part great overall value-add credit low

Now kind I the think, have, Xs bottomed of, for maybe for profile, most in But Xs kind here. -- the in we're some Xs they've of out assets and the part earnings. spreads return and the

on that's a continue was the again, better. The see, been of touch But than that improvement seen maybe improvement -- which at it period. in drivers in So is market, key probably line, we've this lower one hopefully has financing risk the the for to side. and

return LFT, to market, coming market right? a financing. spreads attractive across vehicles like So but investors using in is overall It the that for provides for side on the more financing of a the real just driver

like has to but that But it's then, improved, it back we'd it's the right? It's not So than been. there. it's was to not but better getting than see, it's better levels

drive you've that's seen lower those the that's we're of buying thing credit, warehouse that drive, those the the of some on seeing, the of in things, costs assets. new pool whether same it's to of I think providing because financing that, the the side, is which also profile see could risk opportunities because the bonds, of come or loan return but a going think think thing I reason attractive. And side I So of that's one part are

follow-up. leading to color my great really That's up

seems XXXX kind pull to contract on of a the re-lever For until limited -- decide a $X.X obviously, move it's that can billion and trigger bit the and it CLO probably is point that portfolio, that could not higher going bit. to an you early

base As on likely just where kind your balance with figure? possible, capital you upside you portfolio today financing, months, where at with that to your billion look from and a to there think financing new we portfolio Is sheet X based not financing? your existing of could the base improved should go a look your over $X.X capital your possible and next maybe the guys, forward

short answer the mean yes. is I

the where turned I probably in calls. could fixed is current cost think that available. slightly harped than higher characteristic market at that We in have leverage today we some out financing achieve our we've always on that

certainly manager at that the acquired only the add we be portfolio. The to sponsor caveat is to the the So timing. assets and there have can

decide So XX we period sooner are right, that last we closer disruption transaction. we've refinancing to going through The or to that the over of XX enter a been perhaps the make this months. to

we've relative pretty size, to And pretty cash our so we've significant available. kept -- kept

we'll back balance do the the I add sure there But do to making billion we liquidity. But in other $X.X sure toward to have going to expect the leverage to I'm the to expect portfolio trend potential just there to be I portfolio. maintain the way. way opposed one all get transaction. as So with we not

of from Your line next Sandler. Love the Crispin Piper question comes from

is Capuzzi for This on Brad Crispin.

broader multifamily can cycle? wanted Just -- you the credit what's reached just from the intermediate-term this perspective, a credit on here stress to in current your your ask given And just we've believe you peak And discuss do outlook outlook? in environment?

stress. We reached peak

we level cetera. think some more next the probably tenure vintages for is accurate we've assets. disruption we over is multifamily months, this of X me we those of and agency overall, tell there the where are CMBS seen the that And et and toward that going short description. market could I debt months, I some already unique where greatest the outstanding. Meaning and that offer answer to rate be same there the loans the But stress. in stress coming of of We've seen But exists end is think the you the I a market, think, here be cycle in If past may know blips that some have. originated in with fixed the

So were stress assets financed have things been experiencing months, those even not last, that short-term the maybe most portfolio. And over little from whole, are a bit as assets. XX that longer the of prior is a say, the finance

to have our an a we on that work will them do us, out the reserves. going as of discussions a and I We know of our are economy that. able clear all you've be through from probably as those outstanding. performs think issues I We believe a so period how we're assets And directly risk including they of what still around impact as based to Lenders market seen are, to what standpoint But kind industry, ratings. right? the XX-month have think

So going we assets higher even increasing like economy, high, strong supply-demand pressure moderate inflation toward assets. job Well, despite or rates with at increasing probably that's most market, stock many if rents continued with to are trend now. in very and where NOI strong staying have we market a rates, strong

very there's on So I next feel We outlook think to probably industry. some bullish fundamentals. is the the the still a to peak, answer There's we've multifamily. for the time think through overall X known overall hit the good but fairly we about in those problems X work market

I just appreciate And that then last me. commentary. the for question

past adding lack a added we've you investments? in months? years. effort on what out the opportunities after past of the focus Is adding concerted but or would seen more the asset appears more there? loans the from kind new What's at active in or X of keeping not you more lower management coming quarter, as end the being And During investments it you of quarters, opportunities still on expect you

Sure.

We're is look, X that's to our deployed. the portfolio a its is reinvestment and activity period declining being CLO of result entirely So reinvestment deleveraging. balance so through And correlated payoffs. fully the

the securitization. And in reinvestment goes to just the payoffs quarter the in in to if that X, is So are CLO the CLO delever. the related or or lack reinvestment of solely payoffs current with fewer there

to back several outstanding. then buy additional no the a asset liquidity out challenged CLO used We've that discussed there's liquidity relatively high of and off. we've have invest. like keeping actually Augusta pay going to quarters, And So capital that

So cash. now we're going have to that

So to existing potentially that We balance I and with our than fill be to existing securitizations. then a look And hold in think provides Steve more able sheet. so as loans asking, we managers' the could way just financings that as on we some we was refinance that had. currently we've would capacity do

reinvestment the capacity vehicle. is will by be there. what the are the driven The So directly within opportunities

Presenters, [Operator Instructions] continue. questions further not please at do We time. this have

joining. we for next quarter and Okay. to call look speaking then. interest the on during here everyone's forward and Thank see appreciate you Well, our you we'll and look,

conference for concludes This participation. today's your call. you Thank

You may now disconnect.