Good morning. Before the call begins, please note that certain statements made during this conference call may include statements that are not historical facts and are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Although the company believes that its expectations, as reflected in any forward-looking statements, are reasonable, it can give no assurance that these expectations will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including without limitation those contained in the company's most recent Form 10-K filed with the SEC and in its other SEC filings.

The company assumes no obligation to update publicly any forward-looking statements. Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, core funds from operations, and cash available for distribution.

You can find a tabular reconciliation of these non-GAAP financial measures to the most comparable current GAAP numbers in the company's earnings release and separate supplemental information package on the Investor Relations page of the company's website at ir.easterlyreit.com. I would now like to turn the conference call over to Darrell Crate, President and CEO of Easterly Government Properties.

Thank you, Cole. Good morning, everyone.

We continue to operate in a market defined by volatility, whether it's interest rates, geopolitical uncertainty, or broader capital market disruption. In these environments, investors tend to focus on businesses with durable cash flows, strong tenant credit, and disciplined capital allocation.

We believe Easterly continues to stand out in each of these areas. Our portfolio supports essential government functions that continue regardless of economic cycles or external events.

These are facilities tied to critical federal missions, high-credit state and municipal agencies, and select defense-related tenants. The durability of those missions and the strength of those credit relationships continues to provide a stable foundation for our business.

Importantly, we believe our portfolio is often misclassified alongside traditional office real estate. That comparison misses the specialized nature of what we own.

From our FBI offices in places like El Paso, New Orleans, and Pittsburgh, these facilities include secure, classified environments, SCIFs, and other controlled spaces where sensitive law enforcement and intelligence work is conducted. These are highly tailored facilities that support agency-specific operations and are difficult to replicate.

They serve essential functions, benefit from long-duration leases, and are backed by some of the strongest credit tenants in the world. Against that backdrop, we remain focused on a straightforward strategy: growing earnings steadily, allocating capital thoughtfully, and continuing to improve overall portfolio quality over time.

Over the past several years, we've taken deliberate steps to strengthen the company, including leadership transitions, resetting the dividend, and maintaining additional capital internally. These decisions are not always easy, but they position us to enter 2026 from a position of strength, supporting a robust and sustainable dividend while continuing to deliver consistent earnings growth that outperforms our peers.

Turning to the quarter, our portfolio continued to perform at a high level. Occupancy continues to outpace our REIT peers at 97%, and weighted average lease term stood at approximately 9.4 years.

These metrics reflect both the quality of our assets and the mission-critical nature of the work taking place inside our buildings. During the quarter, we also completed our first mezzanine investment, tied to the development of a new VA outpatient clinic.

This transaction reflects how we are thinking about capital allocation in today's environment. While traditional acquisitions remain central to our long-term growth strategy, we are also identifying adjacent opportunities that can generate attractive current returns while preserving future optionality.

This investment is expected to deliver a 12% yield, is backed by a committed federal tenant, and allows us to remain connected to an asset that may ultimately fit in our long-term ownership strategy. VA facilities represent one of our largest portfolio exposures, and that's by design.

These assets are highly specialized, tend to be very sticky, and are backed by the credit quality of the federal government. We were recently at our VA Jacksonville facility, and it was filled with veterans receiving the care and services they need, an important reminder that these aren't traditional office buildings, but essential infrastructure supporting critical missions.

We also believe that the administration's increased focus on defense spending represents an additional tailwind for the company, particularly as it relates to external growth opportunities. As we look to the year ahead, we are encouraged by the strength of our first quarter performance and our ability to raise the low end of guidance.

While broader market volatility remains, our priorities remain unchanged: disciplined capital allocation, operational execution, and consistent earnings growth. We believe our portfolio offers investors a compelling combination of income stability, long-term growth, and exceptional tenant credit quality.

With a leased portfolio that generates a AA+ revenue stream, we look forward to working with the credit agencies on achieving an investment grade rating in 2027. To wrap up, we're pleased with how the year has started.

We're growing earnings, maintaining strong occupancy, allocating capital thoughtfully, and continuing to improve portfolio quality. We believe that disciplined execution will continue creating long-term value for shareholders.

I want to thank our team for their continued focus and execution, as well as our tenants and shareholders for their ongoing trust and partnership. With that, I'll turn the call over to Allison.

Thanks, Darrell, and good morning, everyone. I'm pleased to report the financial results for the first quarter of 2026 on this sunny Monday morning.

The underlying growth in the business is clear. Total revenue increased to $91.5 million, up from $78.7 million in the first quarter of 2025, a 16% year-over-year increase.

This is driven primarily by acquisitions completed over the last 12 months, contractual rent growth, and continued lease stability across the portfolio. EBITDA also grew meaningfully, increasing from $57.3 million—from $51 million last year, representing approximately 12% growth, reflecting the expanding earnings power of the platform.

Most importantly, that growth continued to translate into higher earnings for shareholders on a per-share basis, even as we raised capital to support portfolio expansion. On a fully diluted basis, net income per share was 3 cents.

FFO per share increased to 76 cents, up from 71 cents, representing approximately 7% growth, while core FFO per share increased to 77 cents from 73 cents, or roughly 5.5% growth year-over-year. Our cash available for distribution was approximately $32.2 million.

In terms of our active development projects, we are on track to meet previously communicated timelines. Our Fort Myers, Florida lab project is expected to complete and commence its lease in the fourth quarter of 2026.

That will be followed by the Flagstaff Courthouse in Arizona, which is scheduled to deliver in the first quarter of 2027. Finally, the Medford Courthouse in Oregon is anticipated to complete during the second half of 2027.

The delivery of these development projects are natural deleveraging points towards our medium-term cash leverage goals as the NOI comes online and any agreed-upon lump sums are received. Turning to leverage, our adjusted net debt to annualized quarterly pro forma EBITDA was 7.3 times, edging higher during the quarter due primarily to the timing of equity issuance relating to our Commonwealth of Virginia acquisition.

Given the share price volatility the broader markets experienced in the first quarter, we elected to defer issuing the majority of that equity, and we expect to complete the issuance by the end of the year. As Darrell mentioned, during the quarter we completed our first mezzanine loan investment, providing $7 million of financing for the development of a new 120,000 square foot VA outpatient clinic in Kennewick, Washington.

The loan carries an anticipated 12% yield and supports a 20-year firm term lease commitment from the Department of Veterans Affairs, with an expected project completion date of October 2028. The transaction is backed by an experienced VA and GSA developer as sponsor, who our team has known for decades and Easterly has transacted with multiple times.

This allows us the opportunity to acquire the property upon completion as well, and the investment enables us to generate attractive current returns while remaining closely aligned with assets that fit our long-term portfolio strategy. With the successful closing of the mezzanine loan during the quarter, we are raising the low end of our full year guidance by 1 penny from $3.05 to $3.06, resulting in a revised full year range of $3.06 to $3.12.

While performance year to date is trending modestly ahead of our initial expectations, we continue to take a disciplined and cautious approach as we evaluate the remainder of the year, particularly given the ongoing volatility in the interest rate and broader equity market environment. At the midpoint, our guidance assumes that we will have $50 to $100 million of gross development-related investment during the year and $50 million in wholly owned acquisitions.

We continue to maintain a $1.5 billion acquisition and development pipeline, and we are beginning to make meaningful progress on potential transactions that meet our investment criteria and can be executed at a spread to our cost of capital, either independently or through a partnership. We're staying disciplined on capital allocation, focused on retaining our tenants, and executing across our development pipeline, all in line with the strategic objectives we've communicated.

These are the fundamentals behind Easterly's stable and growing cash flows, and we believe this will drive shareholder value. Thank you for your time this morning.

We appreciate your partnership and look forward to updating you on our progress. With that, I will now turn the call back to Shannon.

Hi. Thanks for taking my question.

I guess just starting off with the mezzanine lending piece. Is a $7 million kind of a one-off transaction or is it something you would look to kind of do more of, and how should we think about kind of the sizing of that if that's something that you would kind of think about doing more of in the future?

Yeah. Look, it's a terrific way for us to get involved early in a project, and I think we could see ourselves allocating about $30 million to this pipeline.

The VA pipeline over the next four, five, six years is quite significant. There's a set of terrific, well-respected developers who really have a knack for building these well.

As you can see, at $7 million, roughly $30 million allocated to this effort would get us involved in three, four projects. Which again, as those buildings are ready to go online in one to two years, I think we're very well-positioned for them to become part of the broader portfolio.

Thanks. Then it sounds like the size of the pipeline is kind of unchanged at $1.5 billion.

With the Virginia campus closing, you've kind of hit the acquisition or most of the acquisition guidance for the year. Just how active is that, what kind of catalyst do you think could unlock more of that acquisition activity and just trying to think about how conservative that number is.

Look, I think we're very active in working the pipeline. We're also just super judicious about making sure it's accretive.

As we look at our earnings that we're delivering for shareholders this year, the midpoint of the range is 3% growth, again, which I think is very favorable relative to the REIT sector, especially given our sort of AA+ revenue stream. I think things will pop out of that $1.5 billion.

We are maintaining a very wide funnel on opportunity that are all high-quality. The intent for that wide funnel is for it to then narrow down to some opportunities that given a little bit of our cost of capital challenge with regard to stock price, but as we improve on cost of capital and debt, and we continue to find opportunities, we can do things that are really attractive, accretive not only to core FFO per share, but also accretive to the portfolio in general.

There's a couple of very large development opportunities outside of the VAs that I'm discussing that are in that pipeline, which would be very attractive. We have made some relationships with folks that are actually five, six, seven years old.

Ultimately, I think we'll be able to work some things out with each of them. We want to make sure the promises that we make on this call we can keep.

I think that we're delivering strong growth, but we're very optimistic about what this pipeline can produce over the next one, two, three years. That is why we're confident in saying that our long-term growth rate for the company is 2% to 3%.

As we work with the rating agencies and can achieve an investment grade rating, that can also lead to our growth targets growing as we basically get debt refinanced over the next three, four, five years.

Great. Thank you.

Thank you. It sounds like you are moving forward with some investments in your acquisition pipeline of $1.5 billion.

I'm just wondering why not update guidance in terms of investment activity. Can you just update us on what kind of spread you're looking for in terms of investment versus your cost of capital?

Hey, John. We've thought a lot about whether or not to update guidance, particularly with respect to the acquisitions pipeline this quarter.

As Darrell mentioned, we are being conservative as we continue to evaluate near-term opportunities within that pipeline and would look to update guidance as we are closer to those deals being cooked. That doesn't, I think, reflect at all about what we think we can do.

It's just about being super transparent about how near-term opportunities are. Then the second part, I think we target 100 basis point spread to our cost of capital.

Obviously, this mezzanine financing transaction creates a 600 basis point spread for a fairly nominal investment, it's definitely balancing all of the opportunities. Mezz is an example of one of the actionable opportunities in our pipeline today, and one that, as Darrell mentioned, we'll continue to evaluate as we go forward.

I would say, just to reiterate, then target's 100, 50 to 100 is our defined range.

On the mezz book getting to $30 million potentially, is that something that could happen this calendar year, or could you just talk about how fast you want to get to that $30 million?

Over the next 18 months, John, is when we can get that deployed. I think we've delivered some really terrific growth for this year, and I think we're really setting ourselves up for a nice 2027.

I'd love to be giving guidance for 2027, but Allison and Cole won't let me. We're excited again to continue to grow in a way that we think will be pleasing to shareholders.

Are these on projects that you feel comfortable owning, or do you plan to own some of these assets?

Oh, yeah, they're great assets. How we're legging our way into them, I think, is very attractive for shareholders.

These are assets that are seven seven seven cap kind of assets that I think, given how we're entering and how we're in the capital structure, we can buy attractively.

This is an area where we really do have a deep underwriting expertise, not just on the financing product itself, but the underlying collateral. The VA CBOC program is one that continues to expand.

There are 20-plus projects that are coming through various stages of procurement, we do expect additional opportunities in that space particularly, though there are other GSA projects coming on as well.

Not to sound too exuberant about it all, but we absolutely understand these assets. It's worth saying that we're working with folks we've known a long time.

We're also very good at developing projects, mission-critical projects, and working with the government. We're seeing it at our Fort Myers project that's being run by a terrific group called Seagate.

Just our own understanding and perspective on how to move things along with the government, I think, is certainly neutral to accretive with regard to the project. We're getting to see how these buildings are built as they will because we do work in collaborative partnership with folks that we're mezz lending to.

We're not just a lender in the cap structure. We can also make suggestions along the way that can either save costs or position the building for more attractive operating costs for the next 20 years.

We're a terrific mezz partner. Given where the company is today and cost of capital, it's an excellent way for us to get involved in these assets.

We're really excited for the growth that means for shareholders over the next couple of years.

Thank you.

I'm sorry, was that me?

Hi, Merrill.

The sound dropped out. Will any of those VA projects be acquired by the JV, or is that entity filled?

Are these going to be wholly owned?

Great question. The answer is it could be either.

As we talked about, while we do have this very strong pipeline, we also are being more active today with potential JV partners. We obviously have some excellent long-term relationships there.

I think these are fantastic assets, and the degree to which we can afford them and deliver growth to our shareholders, they can be wholly owned. That said, if there's an opportunity for us to lend our ability to manage these kinds of facilities in the efficient way that we do, that would allow us to buy them through joint venture, we'd certainly want to capture those economics.

The North Star of all of this is delivering accretion and taking on projects that have that 100 basis point premium to our cost of capital.

Again,

when we think about cost of capital, we really do think about it on an accounting basis, looking at sort of stock price and FFO as a cost of equity because that's really what drives FFO accretion. When you think about the IRRs of our projects, with a dividend of 8% and growth of 2% to 3%, we can also start vectoring into different kinds of cost of equity.

We give very little credit for our future growth in our cost of equity as we allocate it and think about what the spread needs to be to deliver accretion to shareholders. Focusing on that FFO per share growth is the number one metric for this management team.

Great. As you look at your pipeline just more at sort of a distance, is it primarily federal government?

Because you said it was outside the VA there was activity. Is there also activity at the state level?

Cuz the Florida acquisition or development is pretty lucrative. It'd be interesting to know the mix.

We love Florida. Everybody's moving to Florida.

Yes. Lots of great people are moving to Florida, but there are a few criminals in that mix, they will be building law enforcement facilities in Florida.

They're pretty good at law enforcement. The one that we're working on right now that will be actually delivered early, crazy as it sounds, and on budget.

They have three or four more of those on the dashboard that they need to get built over the next 3 to 5 years. I think that we're very well-positioned to be a good partner in doing that and can probably do it in a way that's very attractive for the taxpayers of Florida, although they pay very little tax, and an opportunity for us to do something that's very accretive for shareholders.

Then

the broader pipeline, you can think about it in roughly thirds. I would say we see about third of that billion and a half being federal, a third being state and local, and a third being government-adjacent.

Then if you think between the split of regular-way, wholly owned, joint venture, development, mezz financing, it's sort of a mix of all of that, with primarily regular-way acquisitions as well as development filling that pipeline up.

The team has done just a terrific job of building a toolbox of ways to generate accretion for shareholders. Allison and her team are really just doing a terrific job on the balance sheet.

I think we'll have some nice things to talk about over the next 6 to 9 months.

I do appreciate the sort of diversity inside the pipeline. Thank you.

Thanks. Darrell, I wanted to circle back on the mezz investment.

I know you said in a couple times that you have the ability to potentially acquire these assets at someday in the future. Is there a purchase option related to that that DEA can exercise to acquire those properties, or is it just the relationship you get that would allow you to be able to negotiate a price as that deal gets completed?

Nope, we have a series of different ways where we have an advantage in the purchase. Allison, do you want to expound on that

or ROFO? We have both a ROFR and a ROFO on that particular deal, and those are mechanisms we look to build in to financing arrangements like this as a first look.

Okay. Then when you talk about deferring funding some of these deals, does that mean that you have to be more thoughtful about deploying capital here in the near term until you fund the deals that you announced year to

date? What does that mean exactly?

I guess in the call you said that you deferred raising equity to fund the 1Q '26 acquisitions, and correct me if I'm wrong on that. If you're waiting to fund those deals, does it make it more difficult to execute on the pipeline cuz you haven't funded the 1Q deals yet?

Look, I think it's actually a pretty marginal comment, and it's geared toward our debt providers. The idea being that we are going to continue to bring our leverage down over the medium term.

We're going to get something that has a 6-handle on it. Even though our leverage modestly ticked up a little bit this quarter, it's not a reflection of a change in our strategy to continue to properly equitize these opportunities.

As we look at some of the tools with regard to mezz and some of these development transactions, I think we're going to find ourselves where we can deliver the growth that we're promising, we can get our leverage in the right place, or absolutely directionally showing us getting into the right place. I've said is obtaining an investment grade rating can lead to 100 to 150 basis points of additional FFO per share growth over the next 5 years.

Great. Then just last one for me.

On the available space that you have in your portfolio, like the 3% vacancy, what's the prospects of being able to lease that up? Is some of this space potentially leasable within your portfolio that's currently free?

Crazy enough. Yes.

This is on the list of all the initiatives and where I'm super proud of the expanded leadership team. They are working tirelessly.

This FDA lab in Atlanta that we just opened has tens of thousands of square feet that are not leased. The building is fantastic.

All the vacant space that we have now is space that we underwrote to be vacant when we purchased these buildings or we're forecasting, obviously, NOI. A lot of it's a little extra, and we are pursuing that more aggressively than we ever have, and that would also be incremental earnings growth on top of what we've set in our guidance.

Great. Appreciate it.

Pursuing them takes a while with the government, and these can be 6 to 9 month kinds of things. As we look to 2027, I see that mezz debt, the opportunity to get some of this vacant space leased, and seeing some things shaking out of our pipeline that are unique for us being how we're positioned to the asset and the needs of the seller can probably come together in a pretty nifty way.

We're excited for the opportunity. We don't know exactly where that's going to all come from, but when you look at the pipeline of opportunities, the tools that we have, and the management team's enthusiasm, effort, and skill, I think we're really excited for 2027.

We are excited for 2027. I think we are.

Jeez.

Hey, guys. Thanks for taking my question.

Darrell, you noted in the opening remarks the intention to achieve an investment grade credit rating in 2027. Can you just speak to the deleveraging strategy and other metrics you're focusing on to achieve this?

Yeah. There's a couple.

One, if you just squint at it all, you can see that there are other firms that are quite similar to us that have a BBB+ rating, or BBB, just flat BBB, solid investment grade. Their revenue streams start from a place of being A- to BBB+.

If you look at the revenue stream that pours into the top of our business, it's basically AA+. The idea that the revenue comes in as AA+, and then all the things that happen before it gets to a bondholder is eight notches lower, that's what it would take for us to receive a non-investment grade rating.

I think as we look at scale of the business, we're in a place that's attractive, probably a little bit on the lower end, and that's probably why we have not pursued an investment grade rating as aggressively as we could have in the past. If you look at leverage, again, we're in the zip code of obtaining an investment grade rating today, especially when we talk about that differential of us being five notches among REITs of sort of similar credit quality.

If we get into the 6s, then, as you look at a scattergram of real estate REITs, again, we're very much in a place. Leverage is probably the only metric that we look at, and maybe a little bit on scale, where we wouldn't be BBB, but that said, we're working at all of those things, and we're very committed to behaving like an investment grade company.

We understand what that takes, and we think with WALT that's almost a decade, plus all that AA+ money coming in, that we're in a nice spot to be able to harvest that opportunity. It could take a little time, but we think 2027 is hopefully our year.

Makes sense. Then just on investments, acquisition targets still at $50 million.

I do understand cost of capital is a constraint, but maybe just ask more of a direct question, at what share price would you be able to become more active and aggressive on this $1.5 billion pipeline?

Look, I think every little bit of share price will obviously make it easier. From where we are, we don't want to have a robust call and try and get expectations ahead of where we are.

We're really happy with the growth that we're delivering right now. We're going to be very deliberate about making sure 2027 is right on track.

To set ourselves up to disappoint anybody is not what we want to be doing. That said, to just answer your question directly, at $24, $25, $26, $27, the flywheel really really gets going for what we do.

Great. Thank you for taking the time.

Appreciate it.

If we don't get the support from the capital markets and continue to have this 8% dividend, we can still meet these growth targets. We've built enough tools, we have strong JV partners, we're going to be able to deliver that value.

Of course, with a lower cost of capital, the team is excited and our disposition is to really accelerate the growth of the company. The team is very aligned in achieving those objectives consistently for a bunch of years.

Thank you. Regarding the mezzanine loan investment, is this now the preferred way to do developments, rather than the large cash outlays and the reimbursement later?

Does it make sense to do more with developers, and then you become the take-out on the back end? Should we expect you to do more of that and less of the other?

It's a good question. I think it really depends.

It depends on the project. In that you look at these FDA labs, there's seven more to be built, and we've built three of them.

Each one has been a better value for the government because they've been terrific collaborators with the same team on each of those three buildings, and we've able to get really into stride of how to save money. There's 35,000 miles of pipe and wire and all sorts of things that go into it.

Kind of figured it out. That said, I think that we can build the lowest cost FDA labs and highest quality for the US government, we should be doing exactly that.

I think you look at some of these VAs, while we can build them well, there are one, two, three, four, five developers that have done a terrific job in this space. For us, the idea of competing with five quality developers, spending the search costs to do it, we might as well let one of those high-quality folks win, stay really close to them while they're building the project, and I think that creates more value for our shareholders.

You look at Medford, Oregon, or you look at Flagstaff, we're very good at building courthouses, and these are courthouses that are in areas where this was not a major metropolitan courthouse, where we may have found ourselves with a high-cost competition with 11 other developers. The folks who are running the procurement understood Easterly, understood the value that we deliver.

They're in markets where the competition was less familiar with these types of assets, and in those cases, doing development from start to finish was the way to go. Sorry for all the explanation, but it's really the answer to your question, and it's just about trying to use our expertise to deliver the most value for the shareholders with each of these very high-quality projects.

They're terrific because you end up with a 20-year lease and find yourselves in a place where you really have significant government cash flows for years to come.

Oh, that's great. Thank you.

Then just lastly for me, you kind of alluded to, I think, a little bit of conservatism maybe in the acquisition guidance and the FFO guidance. If we annualize the first quarter results, it gets you to $3.10 for the year, the midpoint of the range is $3.09.

I guess the question is just is that it? Is it just a little bit of conservatism, or are there any drags through the rest of the year why you wouldn't have any sequential growth?

A few things. One, as you can imagine and even seen in the markets recently, interest rates are really wacky right now.

I think there's increased short-term volatility that we are seeing with respect to both SOFR and then all of the versions of treasury we like to play in. A little bit of our conservatism is really driven by the fact that we need to see if some of that volatility calms down, which would allow us to improve our cost of capital as the year goes on and strategically look to the debt markets to term out the revolver.

That's a big piece of uncertainty. I don't think we sat here 2 months ago and necessarily felt that way, but I don't think we are in poor company today with that concern either.

That's a big piece of the puzzle. As we move throughout the remainder of the year, obviously, as developments come online, timing is a very large piece of what underpins our guidance range.

If the earlier in Q4 or the closer to the beginning of Q4 we are able to deliver the FDA lab in Florida, the more improvement in our guidance range you might see. These are the critical 6 months here of being close enough to see it on the horizon and be excited about an opening party, but still far enough where there's development risk left.

We will continue to as we march closer to that evaluate its final projection of delivery as well.

Okay. Actually, maybe I'll throw in one more, since I asked kind of a guidance question about '26, I know you're not going to give guidance for '27.

You said you're excited about it. The consensus number for FFO is the same as it is for '26.

Is there anything you could say about what excites you about '27 and the growth potential there?

I think if you look at all the tools that we've created and you look at the opportunity set that we're harvesting, the idea of us being flat next year would make no sense. That's my point.

We have an FAA lab that finally these guys are going to leave. It's been 8 years that they're there.

That's a little bit of a drag. Everything else that we're doing from releasing the vacant space to mezz debt to harvesting a pipeline.

Allison's got it just right. Look, it's first quarter of 2026, not fair to look out, but we have more stable cash flows than every other REIT out there.

As we're looking forward, we are feeling a level of optimism. As things unfold here over the next 6 months, I think that we're going to be able to be very specific about where we're going for the year.

With all these tools and the team really reoriented towards growth, everyone understands what they need to do. God knows we've said it enough that we're going to grow 2% 2% to 3% a year.

We've done it for 2 years now. If we hit the middle of our guidance this year, we're going to be there as well.

We believe that that's our plan for the next handful of years, to grow at that pace.

Okay. I understand Allison not wanting to give the guidance, right?

A much bigger refi year next year than this year. If interest rates are uncertain and they're more uncertain for next year.

Thank you.

Sorry we can't give guidance, but I certainly would love to, but Allison Allison won't let me.

Thank you.

Great. Really appreciate you joining for the conference call as we share our first quarter earnings.

We're very excited about obviously what we're doing. We're very excited about our growth.

We really look forward to you paying attention to the company, spending some time with us. We appreciate the partnership, and we look forward to getting together at this time in about 3 months.