Okay, thank you so much for the great details.

Sorry, I just have one very last question. So I know we carry loans on sale on our balance sheet, and we know that the loans value move according to interest rate environments. So, I mean, we do not know where the interest rate is going to hit in the next 6-12 months, but let's say if interest rates continue to go up, is there any risk to the value of our loans on our balance sheet?

I can take that. This is Jess. So we don't keep the loans on the balance sheet for more than a couple of weeks at a time. We try to get them off the balance sheet as quickly as possible, actually, and get them sold because we make revenue on the gain on sale. So if there is loans sitting on balance sheet, it's just for a very short period of time.

All right. Thank you. Thanks for the explanation. Thank you.

Well, yeah.

The next question will come from Matthew Campbell with Lareday Capital. Please go ahead.

Hey, good afternoon, and I appreciate all the context to what you guys are doing, and you can't control the market itself and the rates, but it sounds like you're doing a lot to bring in more revenue and more profit per transaction, which is commendable. commendable. I guess a couple of things I'd love to get a sense from you guys about is, you know, could you shed some light on the digital securities that you'd hold if you do do this TYTL transaction?

Yeah. Hey, Matt. Thank you for the call. We appreciate it. So look, TYTL has created an institutional grade reg D security that supports the transaction, the equity transaction. It's only available to institutions at this point. And so every single transaction that is consummated, there are digital securities that support that. And the way the model works is TYT will keep approximately 5% of the transaction value as digital securities. So if the transaction value is $200,000. Approximately $10,000 of Reg D digital securities will be held by TYTL and held on the balance sheet. So when we acquire TYTL, they already have a portfolio of transactions that have been completed and Reg D securities sit on the balance sheet that would come over as part of that transaction. And then every transaction that we would do, would be adding to that treasury through the sale of equity. And then over time, right, as that digital security becomes an asset with greater liquidity, it becomes an asset for Beeline that we can use to, you know, for whatever we want. We can use it for acquisitions. We could use it to buy back shares. We could use it for operating capital. The point is it's non-dilutive capital that could come in very handy. And so, you know, if you think about a billion dollars of transaction value, which is not a lot in this business, right, that's about $50 million of digital rigged securities held by Beeline. There's a lot we could do with that at the end of the day. So that's the real high level on that piece.

Got it. That's helpful. And, you know, I appreciate you guys not giving any formal guidance, given the market uncertainty, but it did sound like you had some very good momentum in the margin structure of your business, you know, through the last quarter. And just can we look at that and attribute that as any indication for this upcoming quarter in terms of the shift and just the momentum? them?

Sure, I can take that. Hey, Matt, this is Jess. So, like you said, we can't, you know, we're not going to give guidance, obviously, and we'll report on that fully for the third quarter numbers. But, you know, Nick hit on some of it, and I hit on some of it as well earlier in the call. But, you know, in April timeframe, we sort of sat down and said, you know, how are we going to drive the revenue differently, like you said, without having some kind of magic wand to improve interest rates or the macro environment. And we know that we do a super solid job in our non-QM products. The margins are solid. And so it was really about aligning marketing dollars a little differently and getting that mix right for what's going to drive us the highest revenue, highest margin. So we just made some really strategic moves there. So what you saw in Q2 was what I would say the building of that um you know and like i said i think july shows that momentum continuing um and we do you know we do expect barring some type of crazy unpredictability um that july can be seen as momentum you know continuing forward uh even though like you said we can't give you know full guidance but we do anticipate some some things to continue positively in that direction.

Yeah, look, July is certainly better than our first quarter, our first month of the previous quarter. So we hope that the trend continues.

Well, you're not sitting still there. So appreciate answering the questions. Thanks, Matt.

This concludes our question and answer session. I would like to turn the conference back over to Nick Laiouza for any closing remarks. Please go ahead.

Let me close with this. We believe the fundamentals of B-Line are improving. Revenue is growing, margins are expanding, expenses and cash burn are coming down, and our core mortgage business is shifting toward higher margin products. At the same time, we're building a business that we believe can become increasingly less dependent on traditional mortgage cycles. The proposed TYTL transaction could be an important part of that transformation. If completed, it would add a new residential equity product that we expect to generate approximately three times the revenue per transaction of a traditional B-line mortgage, while giving us exposure to residential real-world assets and a revenue stream whose economics are not tied to interest rates. Combined with MagicBlocks and our existing mortgage and title infrastructure, we believe TYTL has the potential to materially expand both the economics and the long-term opportunity of the B-Line platform. Our strategy remains straightforward. Generate more revenue per transaction, grow revenue faster than expenses, and build a more scalable and more diversified business by leveraging our proprietary AI. Q2 demonstrated meaningful process, and we expect that momentum to continue in Q3. I've supported B-Line, and I will continue to do so. We still have work to do, but I believe B-Line is stronger and becoming a different company with a substantially larger opportunity in front of it. Thank you for joining the call, and I look forward to seeing everyone on the Q3 earnings call. Thank you.

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