behind us. Obviously, we took capital earlier this year and bought back stock, and that capital will be available next year to, as Scott mentioned, put into the value-add program.

That's really helpful. And then, you know, maybe just last one, just strategically, given the relative size of the portfolio and, you know, just ability for you to remain, you know, more nimble, what are the biggest other opportunities in front of you, you know, now that you are seeing fundamentals, you you know, start to show some green shoots and improve into the back after this year?

Well, it's all about a cost of capital. You know, we would hope that with the market recovery that we have a cost of capital that will allow us to go back and, you know, acquire again. We have always resisted growth for the sake of growth, you know, so we've been patient. Value add continues to be clearly the best use of capital. You know, we're generating again, as Jim mentioned, I think in his remarks, you know, mid-teens, mid-teens unlevered returns. But again, there's only so much of that we can do. So at, you know, 4,000 units a year, you're talking about $80 million. I would like to see, again, the cost of capital at a point where we can, or a level where we can then start growing again. There's opportunities out there. and, you know, we've proven that our strategy works.

I appreciate the thoughts there.

Thank you.

We have reached the end of the Q&A session. I will now turn the call back to Scott Schaefer for closing remarks. Please go ahead.

Well, thank you all for joining us this morning. We appreciate your continued interest in IRT and look forward to speaking with you, many of you in the weeks ahead. So thank you.

This concludes today's call. Thank you for attending. You may now disconnect.