Rithm Capital (RITM) 30 Apr 242024 Q1 Earnings call transcript

Hello, and welcome to the Rithm Capital First Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to hand the call to Emma Bolla, Associate General Counsel. Please go ahead.

Thank you, and good morning, everyone. thank Quarter joining XXXX to Rithm today like First Capital's Earnings would you us for for I Call.

of Santoro, Joining Chairman, me Financial Nick of CEO Nierenberg, and Officer Chief and President Silverstein, today of Rithm Newrez. are President Rithm Capital Michael Baron Capital;

posted www.rithmcap.co. call, was are supplement we the to the to reference morning Throughout earnings Rithm the going that this Capital website,

made now. out so, not encourage you statements presentation already that the point to done I'd will statements. I you've forward-looking like If download would be today certain to

our These differ earnings statements, with filed disclaimers I to and statements factors by their annual SEC. and nature, the in review the regarding supplement are encourage and materially uncertain may to quarterly in review release risk and results. reports from press forward-looking our actual the you contained

In measures discussing addition, measures directly call. Reconciliations non-GAAP the be these supplement. during can comparable earnings found today's financial most we measures our to be of GAAP some will in

the with I And that, call will over Michael. to turn

Thanks, joining us. Emma. thanks for and morning, everyone, Good

you it very Rithm quarter for all is quite operating business, look frankly, at solid and of another our As our companies.

our business extremely well. lines performed of All

backup deploy generate us should the rates, great opportunities continue with to With market outsize recent capital the and in generate and provide to returns.

much quarter, frankly, MSR first last the late year, Regarding most a duration rates, home and, quite -- or in hedged are to throughout risk risk, perspective. we positions. early of from targeting closer quarter With Fed's MSR the peak we we our lower

as go-forward to as the do stability should continue book basis. in on well for this value What a create is earnings company

business. be risk-adjusted not this size, is more just on LPs. our our As excellent everyone a to clear, mission grow knows, for and importantly, To but shareholders in alternatives returns out set we

seen we quarter the terms are seeing attractive to levels levels. in platform. during financial of we risk across Sculptor years the of most markets outside some in results crisis deliver in of have What strong continued reward the are credit

risk The to niche real to multi-strat excellent continues estate group, is fund at generate relative asset the conservative others you focuses returns. to Their nontraditional marketplace. in when returns, which classes numbers, continues unparalleled the generate while posturing. The maintaining record track look strong on

In announced launch partners. The X CLOs, first X Sculptor and U.S. quarter, the was loan by investment in of a the first ] CLO produced quarter, In we commitment platform. Rithm. we the Europe equity from financing anchored firm's captive [ This the in X

where about and we think the the business future. you for As all are comments, super excited with we're prospects the these

company, in the mortgage SLS Origination business segment. to did Servicing the our announced transaction, will the we Newrez, great excellent during which a We At to add significant Baron the results had We platform. closing both as well in team as in which fourth and late forward segment quarter, the the the look quarter. job third-party

-- new Our the had only never the been up clients Genesis Not our ever. retreat, best to platform quarter higher. origination which banks as is business, volumes addition it's transition of has of business

quarter. the during points we as we well quarter, rates. million cost as securitization the advance by counterparties different rated Also, funds in XX basis to our achieved XXX a loans originated of we approximately completed think higher I $XXX lowering

the the posted sheer our aside to put page, where higher to during are from our when at hedges look a X X, the as has sheet quarter very thing this the along highlight these All we I updating on the on balance business, is of of at I'll been our forward way. MSR of which we are online. Rithm today, scale want you the against exciting today that business. result to just Page supplement, On for business, turn and things look we now you

life-to-date, at the dividends page, of look you inception side billion paid, right and $X.X Sculptor $XX since total of when $X.X -- AUM. is equity economic of XXX%. the billion billion return the our in During

available During $XXX distribution or the diluted quarter, share. million per $X.XX GAAP net diluted income, earnings share or $X.XX $XXX for million per or

QX and common economic Cash is dividend the liquidity QX Our at X.X%. $X.XX. the at billion, end $X was of for return and total

in to market you back at to As Basel first banks Page in quick III you in were as XXXX flip company of selling -- look constraints. just X in company Fortress we take at where advantage this history, going a started, started was the and dislocations MSR MSRs capital when to snapshot

billion. is billion a excess in $X.X What we we're well manager equity. full-scale in started businesses lending of as $X the strictly Today, and space. the obviously, So owner all credit, as with estate, kinds asset real business out at mortgage an of of started with today as MSRs capabilities

forward, we forward, scale we our business. to increase [ As in ] go will we look -- forward as look go we alts our

We will add insurance over look to time.

like offerings, to the retail continue we'd our markets, the market. and we'll we institutional tap about tap As to think

So if to we QX share. origination our bit look flip a go-forward at here. a did the is on Page things Newrez market for going in mortgage the company continues in activity, you on basis. exciting about lot X, hopefully ahead a grow platform what to The to companies talk of side, Rithm you Baron operating when

clients as that franchise. We've loans That's growth with for. the servicing we due both know service in business excellence and quite third-party servicing side SLS to had just as well that our we the already the in organic frankly,

out a you where As the in I quarter had regional are with origination. about banks Genesis the banks think record retreating pointed as the business, earlier,

billion -- million at in origination. you -- platform, I $X on target target senior the about we're looks do we and think during on unsecured When like QX, in issued billion. do $X markets, we're first the $XXX When we of to credit notes. to around They're look

for of outstanding XX% tendered also We our issue.

CLO When parties investment that CLO you due we platform, CLO at look Sculptor are -- the Obviously, that. we parties 'XX. third seeded have So time every platform, we in there's the buy unsecured of which senior million the do a notes, again, $XXX deal, currently outstanding the third equity equity. captive there are CLO

When continue shareholders I basis, in only Rithm When a could investment is go-forward going then go-forward reach our platform. the together. look Sculptor lead partnerships, this with capital to more and that expand basis. look performance, we're Sculptor global and different what our try strong and to at solutions this to when performance and on performance. all With come you scratching AUM do on look And we LPs at see create we platform, think returns platforms, with both we we in our surface on at we at risk-adjusted a

Page Sculptor, X.

$XX years. couple Of company is billion, here. and many that $XX The credit business, outstanding can billion, roughly been $XX a at business $XX Again, highlights Just the has of for credit estate look in CLO total is between real you AUM the billion. billion.

Over going the $XX in is platform of 'XX, look course and November at the look the acquisition, company you we're something this in go. I AUM closed think the today which was excited past, at super started to you billion, where 'XX. at When just of

truly are investment and position overall, in I the credit, the at real Sculptor I of returns the on both you are When on between to -- on estate overall we're to the on platform think real frankly, we're the -- And look markets, credit Quite years. multi-strat Page these that second our front. we've many, doing in a today what think none. seen estate some X, and many environment execute the markets -- the best returns

get XX% side, quarter-over-quarter. the On delivered to servicing some ROEs, questions buying Newrez Q&A, frankly. there'll when on bulk perform Servicing XX% increased The continues business regarding I year-over-year. the that. quite huge From we'll at extremely XX% UPB grew some well. ex-mark-to-market Page numbers, going out by business be a point packages, X, we PTI standpoint, address know into we and

where quite business not and in XXX subservicing as we MSR today a owned our we here, you'll race more servicing, the and third-party of we race frankly, house. a get between bigger. more slides between earnings. get our exposure see is through is billion-ish This or really But to generate that have to This business are

Servicing right million million, and $XXX the corporate $XXX look to expense, page, million. mark-to-market you When the quarter, MSR Originations the million. $XX with was obviously, the made $XXX side mark-to-market then for our is of net excluding there number

by continues job quarter, done pointed Genesis great $XXX Capital, team extremely originations sponsors. in the overall. I well. The out So XX commitments, million great to perform On before, record different business

to and back and XX% that XX% continue the clients as to the new to something pull banks the quarter operate. we continue areas platform come First in ROE between

mortgage Page Baron company we'll what performance. XX, And segment is to then take going the let's take and do then I'll get is into finally, stuff. the just

to at the the and of platform, On growth there you course be where ability believe billion Sculptor level over time, huge in for with the the make you of think outside do you opportunity couple the portfolio, platform business, about our things the servicing. other stream a truly again, investments us. going that think we're would or servicing at When whether are earnings Sculptor on earnings we total about is you the it that to I a $XXX and today as look

added servicing, Of again, LPs. just we're that of an that billion. gross and just total around the going portfolio, $XXX acquisition on servicing. servicing shareholders earnings to XX% our thing, it's real something portfolios And billion AUM which for it's not XXX owned is that generate of WAC I third-party money, Total of adds now. is the of $XXX right SLS The think, billion $XXX

go turn Page from I'll there. Baron that, it to With we over XX, I'll and don't take to why and it

Good morning, thanks, Michael. and

for just mentioned, another quarter Michael good us. As

last cost As we've over is and our right? on we the foundation and leadership, few built grow strategic years, growth that continued on the focus core to continue

now of platform on We've executed strategy, platforms. initiatives. and brand unified through servicers. third-party across the and our digital experience our on of our business, most and our customer and we're then AI employee growing Rithm internalized synergies growing focused We've our We modernizing all

on Servicing business. On our Slide XX,

continue Servicing does well. Our perform business to

acquisition packages, share, evaluate there's acquisitions see other As co-issue SLS, while opportunities additional second with close additional we bulk billion capabilities. existing but continue $XXX that add of quarter as well. we Michael market to share also picking an up Away from strategic it's the mentioned, including subservice gain and to adding we're third-party at to we acquisition MSRs, SLS owned MSR base, continue customer the and expecting to going our and in MSR to look wallet

remain the on and muted to an Overall, million maintaining also the transaction. expected after even we consumer delinquencies. $X speeds loans operational adding management, prepayment well SLS it on additional all, year cost the with focused $XXX,XXX excellence last low and Across performs with platform and historically loans

our servicing, remaining to Going XX to similar on market of Origination advantage business to opportunities Slide strategic was disciplined while the growth. able origination on And side. take

While we also the market correspondent quarter-over-quarter, our remains historically volume, increasing muted driven were both grew originations which in margins, while origination by of of channel. XX% terms overall

We momentum seeing were first in originating on our have strong products to back of over $XXX non-QM we million basis. in quarter, almost quarterly in the levels XXXX a loans non-agency

our in also our home also approximately quarter-over-quarter equity we XX% months volume, follow. to funded up see the While but originations equity million with originations into home growth expect were to coming and $XX quarters in increasing

purchase market the that program across And Our retention our of in in the we show us, upside rates, through big signs Newrez interest in quarter our Home platform. would a first after growing strategies, and the disclosed rewards I market was say home significant breakeven to to began is retail channel, launched our share with team for JV, first we which was purchase moves regardless entire continues the our have including quarter, positive February. while in win which for we able our made

on And rest impact like industry a that on scale the a Slide AI have business. of as our will technology XX, we, the view transformative

see education We of in incredible onboardings, entire focused originations RESI we platform. applications And data branded on across AI amount have its and broad servicing. a but an and while is employee platform through early our our currently days,

advantage, strategic clients. enterprise control us delivering We to also our to costs be a nimble, custom solutions allowing our proprietary believe technology is while

will always are expense by driven applying turn on we future While in AI remain management, our efficiencies. the focused best near-term customer initiatives which create experience,

the further Michael. final Newrez really you, starting Investment hosting tell Rithm to and business will to a just Day Back can more be in be we broadly. dig an more website. on on We're the And details our Community note, on Cap found story to

Baron. work. Thanks, Good

going Just a last for me, of up then couple for it slides and to we're Q&A. open

sheet. at and Schonbraun GreenBarn balance and the done GreenBarn on investment knows, the time, just this there's On professionals everybody XX Typically, the David side, David Rithm investments off that when so team, do Welch it's shelf. we

So Rithm have investment real on estate house. strategy in real I estate, do related legacy it now the of would right as commercial a not commercial any think we

we touch strategy, on So sheet, X,XXX things and the deploy there we there the are name do so. see capital want will just -- to as on Rithm to our scale. The opportunities units. Adoor, is single-family of rental balance game

the Adoor so-called will growth of co-investment growth that business $XXX -- our to the we I company where in that in in about that the a the think business. fund I committed million come alongside public have equity capital know

loan June or $X.X loans knows from you in of we then to billion, deploy we as it rates of need to capital $XXX on you there, business, and on scale are just as now $X.X continue investing to would do loans, in that 'XX, finally, side, we and sense, million, billion business. we consumer thoughtful significant amortizes overall the And is down quick. Goldman. rates, opportunistic think be, going where extremely we give portfolio I can July say, think cap bought far But what in we everybody consumer consumer the That cap a where

will I next probably X average of think to flow life the over cash that years. be X.X the

is portfolio it And good. from back performing So Q&A. a Business we'll overall, for the quite operator standpoint, everywhere. extremely frankly, stable, with to extremely things that, turn well

comes Instructions] George [Operator question Bose our first of And from KBW.

quarter-to-date? up. on taken hedges that You update an the had sheet get I balance value the Could book noted

would an yes, update be So great? just

for values in I've around start now, would capped. is I bit $XX.XX it But to a to sell we the still see be and Bose continues have as during time. market off, -- to a $XX.XX what bias. the MSR of long We're to said you're a right ] if -- little [ obviously, short this going does, overall, will say

where we well as, today. as quarter, last I very we mark conservative think I a think, had MSRs our on are

duration going you're duration rates backup what the a point, to positive in duration. and see negative at from is But some will, flips

we So thoughtful right all be that. $XX.XX. have $XX.XX of to now, But to all pretty it's

timing also, to helpful. in right the any it more remaining I Or thoughts conditions Okay. and just on updated get of Great. And to to do is And any potential the larger terms That's then company the for market switch does any scale? be wanted need spin. of you something?

a you look company, out Well, when you of there, I the couple above think at our they're peers when mortgage look book. at trading

and clearly, below So we trade book we look at where we are, overall.

obviously, amount trying So business. our what need to do capital segment of each is, that's assess we're capital to of in we the seen

spin is able us from think if our But company including the be really we non-mortgage-related. to to I significant take the whether that earnings that or for would or it evaluate franchise, What just create be and public, advantages other progress. whether things in this still do to say our of it's would public, we are as take overall a work it do, to want what company, make mortgage to -- trying may we're the business, about power investment you investments

that we're we're give not sure it. on we go that's evaluate and to work going thing, today, that, with to the So right way with but our that continue which advisers to up

Eric from comes question next of Hagen BTIG. The

you do improve a expect the have turn Sculptor? for the of CLO results made that mean And rate the and do positive? you investment you from that Just the I in equity when at return Sculptor, looking might in target

Rithm should the a value this. equity to One ways of think lead the creating investments level. higher couple making Sculptor enterprise overall at that to in valuation parent we're a franchise is by there's for about the Eric,

words, we our or for Sculptor. Sculptor it value in business increase Sculptor do grow or we would we to whether fees management things, CLO as So other investments create other actually Sculptor. and make that's the going What in in is of alongside be

one. So that's part

realizations. the fund earnings, look for be be earnings are fourth going geared at of Sculptor quarter. at Typically, multi-strat would you that you look some at see earnings, think, see, has, you look when the two you'll for or it is of you when towards least be at whether other are Part the going to you're when the funds now. 'XX to I to earnings lumpy have Most going the

more platform. platform the Rithm with going you're level, results And more with Sculptor. the to at enterprise at we obviously, as see value business, as to but the the back that then not -- start are to good only And as will and the about continue also the to bring at level AUM lift in they real then think hopefully

that's you a portfolio the point? in maybe this in the get the among Yes, point? the really of at relatively would portfolio capital even equity capital the segments maybe like to the how there you this at direct different investment ahead could you stable helpful. preferred and is what of spin-off Do really more helpful, feel structure And allocate equity

to So you're we that the X series on preferred equity, referring have the -- outstanding. we

Yes. exactly. Yes,

We're that We future. a in likely addressed. We'll liquidity. the are are look capital, reset at this cash have it's here, Today, SLS being and we X quarter short billion extremely $X of -- near to year. lower. with hopefully, going going those fund tad we ended When to the

risk-adjusted just or return. absolute high-yield they've And deploy it's mortgage a credit as it indexes, around as environment to whether the capital would able ripe think pretty deploy yield the things. be is we're you I markets earlier achieve, The in at we in other for to market think, us capital, when in XXX. look opening what and levels the and that I We'll in good we look when today pointed have looked right my remarks, years. out

business. have from we operational we focused bigger obviously, term, are really, things term, short company. necessarily and a to the in alongside Genesis the a excellence that with create have And of we're think in long So not opportunistic. I a management more where a be we'll We asset lot and how continue corporate perspective, we in but true that's mortgage the other company that things global our --

again, the up that series we'll back near getting coming here future. the the to On that, in are address preferreds,

next of Harter The UBS. Doug question from comes

lines capital more the you model. as we transition should kind the which about see an will the third-party Michael, How management and/or business of asset to think about think timing of raised first? of

Nick The AUM When you billion is Jimmy obviously, the Sculptor side between obviously, at at noise easy, I franchise. Hecker look -- the past and couple back it team platform. it's Klein the estate of at around team. to franchise and a Brett the there's going Orbuck mean years real the Steve the side, raise and I because money the $XX credit been hasn't mean of great leadership there the on of

frankly. why estate where when why more multi-strat But the couple have That's that's the strategies, are excited super the lead the look -- we into and and we're far money actual credit quite what well as that's strategies as the going next funds. years, you real platform performance the as we to over bringing at of to as

returns So good. the are

and lot are bring of and of continues to that a bunch the that's go platform. be returns to existing both LPs There's going to think LPs. more hopefully, a new going around on from marketing I capital, from in

new going here. little capital, performance time take bit is for bring to So a to pools flow. money going of It's But of in sure. to going it's -- is

your I just relative guess gone, to the talk deal closed has just can how on And since retention you Sculptor, expectations? about

that's resumes acquisition. kind where be added level, talent. join we would what it of, platform, I lot whether couple We've are that the want of of people level call, to a would but to incoming expected at Rithm new what be and a Great. any are the We've at the in and/or Sculptor doing. There's bodies, lost we're excited

are -- as the investment don't there's So well. solid of is and solid anything. I The team results no lack

side. on retention whatsoever no So the issues

question The next Raymond of from comes Stephen Laws James.

are? sensitivity about progressing you borrowers seeing moving highs, volumes near of talk how towards to kind to of with rates pipeline there, the back for rates And what the I and start, mortgage outlook can term in year? moving you guess they where that see you're through

rates, want Baron, hit the do mortgage to that... on higher you

our remains as deliver market they can the about market, mean service. delivering and for to either quality company a service purchase otherwise a predominantly sure us, understand I it's or customers we and excellent are making through what So who then right? products we

origination talking we perspective. And think channels our our of in mentioned for upside different opportunistic either of And through growth. ongoing our lot customer have I as we'll a an we remain points, retention in all from

to our servicing market. efficient not and can but going ], market basically cost origination at to we're rates that the we're and Fed perform and and very, interest Michael's used fight very And term higher, going way on being [ the in efficient look this nimble business our market business the every we in remain cost

then a relationship? and gears your announcement think the and that with And what's there little touch Ajax changing the great envision on Great. fees Rithm with benefiting how about bit. Can you you

Yes. Great question.

we flow to Great going a externally the publicly -- assuming that traded at legacy will no platform be for the commercial exposure is is vote that with commercial which estate As commercial grow a into fees that management will Ajax, to into affirmative estate NewCo, real management that has real look managed, REIT a there And company. us. that's it's idea shareholder be --

will So Sculptor generated into that that I about you think the fees a is the management when flow and over start be years, to think company. that going are

think plate Great that Ajax, we really today, the have -- You our that's goal. about the other of things some on

the team's work platform it, be lot on one, some the a A But the relative that's it's platform between, other real to the will probably estate it mandate, that a clean be really type and -- $XXX but clean something in that to intention. call equity folks. going million be of of commercial investing with we'll of to

Weaver Trading. come Instructions] [Operator of And Jones will Jason our question from next

what looking returns it, talk right as if about Michael, you're there you As the incremental closer prepared you about MSRs remarks, you're on anticipating mentioned were seeing well at can the production now? your current anything to out you coupon? but in

how over the we've business. wells When MSR asset are them So We when the doing a small packages. lot a evaluate A there bulk, been of time. of -- couple say we I pointed see was as I here's bulk out, We long lot a this don't course from we could past the produce versus of back could could at we if went year. look think large where that we the at cheaper where a asset an we of level. buy we produce asset, an

We're -- obviously and an that you're value always be do company mortgage creating going going to just because our creating around asset. enterprise we buying should versus out

that So lines. our going business to mortgage goes whole theme more do value other goes is that to and things create or as our around of enterprise some to the subs we company other that Sculptor, we're

of XX we for at and opt a we have we and all, ] [ XX real evaluate origination, it's [ have MSR the of little But be all coupon estate at going unlevered capabilities [ leverage, MSRs when is XX bit If don't to buying we we a real look or it could where between whether with us. it total commercial return and a out credit we we just everything and distressed at estate XX As versus that ]. lower have for it's asset buy thing an are a ]. today insurance. Obviously, an we're

obviously, manufacture And that loan I about or buy every in just evaluate say, asset other think investing everything MSRs But the versus we'll then generically with MSRs return-oriented should we how some We that we that to going create. is organically, total can we where class. market. in secondary be

Yes.

if mark, MSR or for weighted XX X or [ average did mind, industry becomes some longer. ] XXX off in another sell point, at right get duration the or basis now, overall, values, you points, keep take Just give rates that capped

just in class. it's something think that about So asset to

Understood. could a the Genesis bit on And sponsor if provide little was I business, wondering around demand more you context greater noted. then the you

really year, just rate of getting function on is this really thus far a little that of a banks Given this business? relief front out the

I think actually. it's both,

the bit think our always construction listen, I about think -- are at this it a overall you When little look banks lines, around business hesitant way. angle.

comes -- multi development make call of rental it, rental. or, with sorry, us single-family or I'm a the Somebody Adoor then those business them sponsor, loan homes. and are going we'll who on our that get will and that rental buy go Genesis leased to loan make side they'll then out then single-family up. to homes construct to the single-family single-family rental will

were spread think Goldman. I around from were you basis, a we this than the more you I in or XX%. So a XX% in Genesis, acquired crust bought at the than sponsors, say as we're much when business, broadening the risk-adjusted the in of you are when Today, about today are amount team you today much, XX% sponsorship. bit, think, -- job past. seeing kind what so I XX say And of it's the the place out. origination a concentration I itself back platform actually would little better platform what with when X years was, is we but we large -- different lot a done we've look from than And When of banks pulling great sponsor doing a where we first think

Cranston The next question JMP comes from of Securities. Trevor

You in of opportunity some guys overall all opportunities. the non-reach level are that? and on talked investment give company capital I guys how think you a overall dividend the lot platform, update about opportunities you when about which across that deployment guess of growth you entire portfolio the the light about can you an the there, out sort for think us return of have

XX%, deploy hopefully, do that can quarter-after-quarter. continue the if we XX% The we'll capital dividend, our dividend, return, to us, use we outperform calculation XX% is average. XX%, So standpoint XX%, that, on do and versus could obviously, at for X% yield to return back. we If everything XX% accretive deploy from capital is or rate versus going investment highly something dividend we around an money a of at be of giving a

we that's how think about So it.

comes Crispin from Love of Piper question Sandler. next The

sense What most looking do interested the about thinking be this investments and over you're the when opportunities in most term? you And space, the expect intermediate what in you and area you management makes do for alternative firms of Just in at asset to would you be there types acquisitions kind of believe in? XXXX?

plenty a AUM that we We don't performance again, need I for And There's to is more the will always really bring in would today platform. of anything than firms Sculptor. performance. What business there sale. say have out back are

anything. don't we buy to So need

fund. We are try our X our Sculptor The credit going real are grow business. estate to business of and pillars the estate, and multi-strat to real credit

different those We verticals. firm is and great. grow Rithm, performance. Performance X bring will we're races. are great grow The We're them in to AUM. extremely stable, going to by going in been off That partner more has to the

we'll we putting pieces And don't extremely there think If we than in play the about sale on there's the place course, attractive, have to It's now, that. a is is is that for running we Baron the great no think to all and it. a of right need we company continue different the up space platform mortgage comes asset course, growing company highly we of that's make for LPs. that up accretive world, look anything we'll way I more overall that at alt than in that. that another mortgage returns and But the think think

unless is stay extremely something course. the So attractive, we'll

closing concludes This for to call the any over to Michael Nierenberg our like turn session. question-and-answer remarks. back I'd

this Thanks Thanks questions. joining for for us morning. everyone's

forward where LPs along and to up and hopefully excited you. our for Thank and forward are overall great updating put you going we a continuing look look forward to said before, way. to a I results the great as super As firm day. Have shareholders

has disconnect. today's presentation, and for conference concluded. may now The you you Thank now attending