Good day and thank you for standing by. Welcome to the Strawberry Fields fourth quarter and year-end 2025 earnings conference call. At this time, all participants are in a listen-only mode. After this previous presentation, there will be a question and answer session. To ask a question during this session, you will need to press star 1-1 on your telephone keypad. I will now hand the call over to Jeff Feidner, Chief Investment Officer. We may begin.

Thank you and welcome to Strawberry Fields REIT's year-end 2025 earnings call. I am the Chief Investment Officer, and joining me today on the call are Marge Schubin, our Chairman and CEO, and Greg Flamingham, our CFO. Yesterday, the company issued its year-end 2025 earnings results, which are available on the company's Investor Relations website. Participants should be aware that this call is being recorded, and listeners are advised that any forward-looking statements made on today's call are based on management's current expectations, assumptions, and beliefs about Strawberry Field's REIT's business and the environment in which it operates. These statements may include projections regarding future financial performance, dividends, acquisitions, investments, returns, financings, and may or may not reference other matters affecting the company's business or the businesses of its tenants, including factors that are beyond its control. Additionally, references will be made during this call to non-GAAP financial results. Investors are encouraged to review these non-GAAP financial measures as well as explanation and reconciliation of these measures to the comparable GAAP results included on the non-GAAP measure reconciliation page in our investor presentation. And now onto discussing Strawberry Fields REIT and our 2025 performance. I wanted to start by sharing some key highlights for the year. Throughout 2025, the company collected 100% of its contractual rents. This is something we are very proud of, as collecting our rents year in, year out shows our disciplined investment approach works. On January 1, 2025, the company re-tenanted its 10 Kentucky properties, formerly part of the landmark master lease. The new tenant, Hill Valley, has a strong background in operating skilled nursing facilities and was a great fit for this portfolio. The new base rents are $23.3 million a year and are subject to annual increases of 2.5%. The initial lease term is 10 years with four five-year extension options. Also in January, the company entered the state of Kansas by acquiring six facilities consisting of 354 beds for $24 million. The company entered into a new triple net master lease with Willie and Michelle Novotny of Advinacare for an initial 10-year term that included two five-year extension options. In June, the company issued 312 million shekels in Series B bonds on the Telviv Stock Exchange, which is approximately $89.5 million. The bonds are unsecured and were issued at par with a fixed interest rate of 6.7%. This was the company's sixth series completed on the Telviv Stock Exchange since the company was founded in 2015, and we look forward to maintaining this long-standing relationship that Mush has grown into future series. In July, the company completed the $59 million acquisition of nine skilled nursing facilities comprised of 686 beds located in Missouri. Eight of the facilities were leased to the Tide Group led by Brian Ramos and were added to its existing master lease the company entered into in August of 2024. The ninth facility was leased to an affiliate of Relying Care Group led by Rick and Nick DeStefane and were added to their master lease the company assumed in December 2024. This deal highlights the company's goal to grow its master leases. When there is a deal in an existing state or with an existing operator it is very easy for the company to get the deal done. It's almost like plug and play as we do not need to renegotiate the lease or other terms with our tenant. We can simply add the new facility to the existing master lease and business goes on as usual. During 2025, the company continued to pay a dividend of around 5%. We started in Q1 with a dividend of 14 cents a share and in August the Board of Directors increased the dividend by $0.02 to $0.16 a share, which represented a 14% increase. As a final point, as we detailed in our earnings release yesterday, and as both Meish and Greg will discuss further, 2025 was the best year the company has had since its inception. Over the last five years, the company has had 13-plus percent growth of the adjusted FFO, adjusted EBITDA, and the average base rates. I believe that these numbers reflect the success of the company's disciplined investment approach and our ability to close on deals that are accreted to the balance sheet. I would now like to have Greg Fleming, our Chief Financial Officer, discuss the year-end financials.

Thank you, Jeff, and welcome, everyone, to the Strawberry Field's fourth quarter earnings call. Let's begin with a look at our balance sheet. Full assets are $885 million, an increase of 97.9 million or 12.4% compared to December 31st, 2024. Our asset growth was driven by a couple of key factors. First is our recent real estate acquisitions. This includes 112 million of acquisitions in 2025. Second is the retenanting of key leases, namely the landmark master lease into the Kentucky master lease. On the liabilities and equity side, increases were driven by financing activity associated with our acquisitions, along with the impact of foreign currency translation adjustments. Together, both of these factors contributed to the overall growth in our debt balances. Equity declined, reflecting lower other comprehensive income, driven again by the foreign currency translation adjustments. Continuing now to the consolidated statement of income. 2025 revenue was $155 million, up 37.9 million compared to December 31st, 2024. This represents a 32.4% increase, which was driven by the timing integration of properties acquired in 2024 and 2025, and the landmark to Kentucky master lease retenanting that began in January 2025. While we experienced higher revenues, the income growth was offset by higher depreciation, amortization, and interest expense, which is driven by new property acquisitions. This results in a year-to-date net income of $33.3 million, or $0.60 per share, compared to $26.5 million, or $0.57 per share, in 2024. Finally, I'd like to end my presentation with some financial highlights. Our 2025 AFFO is $72.5 million. This is a growth of 29.8% versus 2024 and represents a 13.3% compound annual growth rate. The 2025 adjusted EBITDA is $125.3 million. This represents a 38.2% increase compared to 2024 and a 13.5% compound annual growth rate. Our net debt to net asset ratio currently sits at 49.5%. As of December 31st, 2025, our dividend was 16 cents a share, representing a 4.9% yield and an AFFO payout of 46%. This concludes the financial portion of the earnings fall presentation. I'll now turn it back to Jeff, who will walk us through additional portfolio highlights.

Thank you, Greg. Our portfolio highlights are as follows. Currently, our portfolio has 143 facilities located in 10 states, which comprises 16,602 license banks. The total value of our portfolio acquisition is $1.1 billion. But if you take the value of our portfolio based on the leases, that amount is closer to $1.5 billion. There are 17 consultants advising to our operators our weighted average lease term is 7.2 years um i am happy to report that our tenants continue to do well and our ebitda rent coverage as of november 30th was 2.07 our net debt to ebitda is 5.7 as i mentioned earlier our we continue to collect 100 of our rents and as a final point our acquisition pipeline remains strong at 250 million dollars As Marcia and I have mentioned in the past, for us to close on a deal, it has to meet our disciplined investment approach, which is a 10-cap at acquisition. And with that, I pass it on to Marcia Rubin, our Chairman and CEO, to continue the presentation.

Thank you, Jeff. As Jeff mentioned, this was a great year for our best year we've ever had, And it was a great year for our AFFO growth, where we had a 13.3, which is the average growth rate over the last six years, but proudly from 38 million to 72 million. These are really good numbers that we're very proud of. On the next slide, we got base rent. Again, 13.4% growth rate, almost double like the last one, very similar numbers, from 75 million in 2020 to 142 million 675 these are these are good numbers that we're very happy with on the next slide we talk about our stock price which in december we hit an all-time high we've got to 14 a share and we're still way undervalued we believe that our stock value was close to $18,000, $19,000, $20,000 share. Our stock is still straggling behind our peers. But we figure we'll keep doing what we're doing fundamentally. Strong business, and God willing, eventually everything will get caught up to us. You can see on the next slide how the AFFO multiples for us were at the lowest of everybody at a nine and a half times. And Care Trust, or even Savra, is at 12.8. And Care Trust is at almost 20 times. They're doing real good. They're happy for them. They're good people. The return on the stock, you know, 30% return this year, that's pretty good. We're happy about that, though we feel that when the market truly gets to where we're supposed to be, we'll see a nicer pop than 30%. That being said, the next slide, our AFFO payout ratio continues to be the lowest where we're paying out of 47 percent, close to 47 percent of our AFFO, using the rest of the money to pay down debt as a placeholder, but to be able to use it to buy more assets. That's our dividend yield, because we're still, you know, the packet, CareTrust, HI, and us, about 5%. And we feel that that's a good place to be, especially when we're able to go take the money, put the money out to the right of 10 cap, where we get to get a blended return. At this point, we're a blended return of about 17% to 18%, which is what it's been. And we're very happy about that. But really, it's a very calm portfolio, collecting our rents, doing what we're doing, growing when we can. We're still anticipating guidance of being able to grow $100 to $150 million a year. We hope to beat that. And we had a deal that fell through that we were going to announce, that $890 million deal. I was so happy to go get that and get it out of the way earlier in the year. But that fell apart, unfortunately. But God willing, God willing, we will be able to hit our targets of, you know, $100 million, $150 million this year. The next slide really just talks about how we're still the pure play, skilled nursing facility, health care week. We were recently at a convention, and we asked, you know, investors and others if they thought we were doing the right thing. and everybody across the board said, no, you keep doing what you're doing. As the pure play, people will gravitate towards you. So we feel like we're going to just keep sticking with our guns and how we do things and what we're buying, and we should be able to continue staying above 90% in skilled nursing facilities. The next slide really just talks about the coverage, our rent coverages. Over two times rent is pretty good. We're happy with that, and hopefully that'll continue. Our AFA focus share growth, you can see we're the highest. Proud of that as well, 12.8% over the last five years. It's good. We're running a nice, clean business, as you guys know, and we expect things to be able to stay the same or improve going forward. On this slide 12, we're just showing how our debt maturity schedule is currently. In the next few weeks, me and the team are heading to Israel. And at the same time, we should be announcing that we are entering into a term sheet with a bank for the unsecured line of credit and term loan, which we've talked about over the last few years. So we expect in the next 45 to 60 days to be able to have most of our debt cleaned up and pushed off to have almost equal maturities over the next four or five years. And so we're really happy about that. I've been pushing that for a while. We will have a bunch of availability under our line of credit once it's done to, you know, over $100 million. So it'll help us. Actually, the most important thing that will probably help us with is that it will be able to tell, you know, potential investors that, you know, we'll tell them that, look, we have cash. We're able to get a deal done. And so if you're worried about our growth, besides looking at our previous history where we've been growing nicely year over year, they'd be able to say, okay, they have the cash to be able to grow. So I want to try to get rid of all these impediments so that the stock will have less pressure to not improve. Slide 13 has become my favorite slide. This just shows how diversified we are by state where the largest concentration is Indiana, which is our best state, which is a good situation to be in. Everybody else is in the low double digits. and you see it's pretty evenly dispersed throughout the states and by by consultants in the states so this is good hopefully hopefully this is the year we'll add maybe one or two more states and that'll be that'll be great and we'll continue to diversify this pie graph lastly for me slide 14 this just shows you I'm colorblind but I know that basically what we do has been where we bring in regional operators and the color should indicate that you know through all of our operators and and portfolios we're growing and we're staying in you know little pockets of each state and hopefully that'll continue and things are going great the bottom bottom bottom pie graph just continues to drive home the point of how we're the pure play SNF health care reap and we're going to continue to stay the same way that we are okay and with that I want that I'll hand it back to the operator for any questions I want to thank everybody again for for joining us today and I will answer whatever questions that anybody has thank you as a reminder to ask a question at this

time you will need to press star one one on your telephone keypad please stand by while we compile the Kenya roster first question will come from the line of Richard Anderson with cancer Fitzgerald Yolan is now open hey good morning everyone great great quarter so if I could ask the sort of mathematical question first the the EBIT DARM with an M coverage of 2.07 times what does equate to on a DAR basis in your mind so what do you guys want to say you want me to answer that I could get you that in one second do you want to go to the next question another mathematical one and then I'll I got a bigger picture one for moisture but um what it was a you know the very attractive payout ratio of 47% what does that equate to from a free cash flow available to you after dividend, which is, you know, zero cost of capital, essentially. And, you know, where do you see, you know, that sort of growing to over the course of And, you know, what are the pressures on you to have to raise the dividend to maintain some sort of, you know, standard as it relates to dividend payout?

So, the number is right around $40 million after everything's said and done that we are stockpiling. But, you know, the pressure based on wheat rules, I mean, we're at about 100% of distribution. So, like, we have room if we wanted to hold back. But, you know, as we make more money, you know, we're trying to build up a following in the marketplace that says, okay, we can trust these guys that every year they're the same or more. And so we want to have an annual increase every year. The bigger fights in the board meetings have been how much the increase should be, whether it be one cent, two cent, or more. And, again, you know, I'm actually the one who's pushing not to, you know, go crazy on the dividend from the point of view of because if, God forbid, we're not able to meet it one time, I don't want to be erratic and then lower it. And I want to be able to always be relied upon that you'll know that the dividend, if you're investing in our company, you know you're going to get at least this or more going forward annually. And so that's what I've been protective of. And so far we've been, you know, doing it exactly that way for four years at this point almost, I think. And it's been good. And so, you know, that 40, you know, equates to being able to buy, you know, easily $80 million. And, you know, and whatever else we need to supplement with, we could supplement. Well, first of all, since we're paying down a bunch of debt every year, we could draw on the debt to keep our – because our leverage today is below 50 or right around 50%, and we could then still draw on those lines and, you know, ratchet back up to 50 and draw on that to be able to close deals. So I think I answered. Good to hear your voice, Rich.

And, Jeff, you got an answer for the DAR?

Our EBITDA coverage is 1.6.

1.6, okay. And then last for me, Moishe, the, you know, the news out there today on Medicare Advantage sort of flat for next year, wondering, you know, what your exposure is to MA in the portfolio and what concerns you might have that fee-for-service Medicare to the extent you have any, you know, major exposure is kind of a risk to the industry, if not necessarily directly at you. Thanks.

Yeah, so that's a good question. And talking about context of strawberry, you know, we don't have any shop in our portfolio. We don't have any of our rents that are, you know, predicated on results of our tenants and our rent changing up or down as bonus rent or not bonus rent. So we don't have – we don't suffer from that at all. And the fact that, you know, the coverage is a 1.6, like Jeff said, is an EBITDA, And I would have thought it would have been a little bit lower, but actually I'm happy that's 1.6. 2.07 is the number we're actually looking at, but the point is that we don't have any of those risks in our portfolio, and because of the master leases, individual facilities that might be marginal, the overall portfolio of every one of our tenants are doing well. So, you know, a lot of these things, you know, are just – they happen one year, and then next year they'll raise the number for the increase, you know, to make up for the year before. So I'm not too worried about it. You know, some of the other weeds that are out there, you know, they're more connected to the operator as far as operator results. And they'll probably suffer a little bit. But in the grand scheme of things, it'll bounce back. You know, this has been the way it's gone, you know, not even administration to administration. Year to year is the same administration that's gone because then they realize, you know, the operators can't live. They rely on Medicare to help supplement the shortfall that Medicaid has. And, you know, as time has gone on, they've squeezed that the operator makes, you know, less. And the operators are okay with that, I guess, today where it is. But it's still, you know, they work in tandem. And when the nursing homes get squeezed too much from the government, you know, where it's short, right, they go back and then the government fixes it. And so I'm not too worried in the grand scheme of things. Again, you know, we're in an industry, you know, we've talked about the silver tsunami. We're in an industry where we're a necessary business that, you know, the nursing homes need to take care of people and people need to be taken care of. The nursing homes are the least expensive model to be able to take care of people. And so we provide the role as the REIT to be the landlord and provide the capital so somebody that's an operator doesn't have to put the money in and buy the real estate. And, you know, we have a very simple model that's been working so effectively for so many years, and that should hopefully continue. Okay. Great. Thanks very much. Thank you.

Our next question coming from the line of Gaurav Mita with Alliance Global Partners. C-L-N is now open.

Yeah, thank you. Good morning. I wanted to pass a balance sheet for the 2026 debt maturing. Really expect the new rates to be compared to the maturing debt.

So we modeled out that the line of credit debt is going to come back in at SOFR 270 about, So for $265, $275, right around there, and that the bond debt's going to come in around $6.25. So assuming we pay off the conventional that today is sitting at $3.75, let's say, as a blended, so that'll go from $3.75 to, you know, we'll say probably 50 basis points about that on that. was like 160 million or so or whatever the number is and and then for the for the bond debt we'll see we'll see a savings of a drop it's not gonna be a big not a big savings but it'll extend the maturity out you know four or five years and nice and clean and it also at this point it'll be helpful for refinancing that because then I don't have to deal with the currency right now the dollar is weak and this shekel is strong and so I need to kick that can down the road so that I'm not stuck using dollars to pay off pay off shekel debt and so because in the grand scheme of things the shekel will will drop at some point and the dollar will strengthen it's inevitable and when that happens we'll make a bunch of money on the currency exchange too all right that That's great.

Second question on the 4Q financials in the GNA, was it any one-time items that you guys reported? And then going forward, the run rate for ASFO per share is 4Q the right number?

Greg, do you want to answer that?

So yeah, in the GNA, we did have, let's just say a one-time item. We had some initial payroll that came through in Q4 due to additional executive compensation so that that was a little bit higher than what we were expecting to come in I guess from early on in the year however looking I guess looking at the payroll going forward we think that we think that it's not going to be we don't see any further increases if going into 2026.

So basically Guare of what But the one-time event is I finally got a raise. I've been paid $300,000 a year for the last 15 years or something like that. And they finally gave me a competition committee decided to give me a raise to $700,000, which I think I'm still way underpaid. It doesn't make a difference to me. But the reality is I think in fourth quarter they recorded somewhere between, and it went back, they did retroactively to like 18 months. So I think it's been a quarter of a million-dollar or a million-one in a one-time thing. Our go-forward, we ended up the year with an AFFO of $1.30. We should beat that easily in 26.

All right. That's all I have.

Thank you. Have a good weekend.

Our next question coming from the line of Mark Smith with Lake Street, Yolanus Nelkvin.

Hi guys, I wanted to ask first about the acquisition pipeline, you know, have you seen any changes in this pipeline either in volume or valuations and, you know, is the only real potential impediment to continued growth through acquisitions really just access to capital or, you know, any thoughts on kind of continued growth through acquisitions in your pipeline would be great?

So I'll answer that, and then Jeff will add to it, give him a little time to think, because he's not as fast and as fast as I am. So the starting point is we've never had an impediment as far as cash. We are confident and we know that, you know, debt markets and, you know, I don't want to sell equity at such a cheap price, But reality is, you know, we keep track of what NAV is. And worst case scenario, if we had to sell equity, you know, above NAV, it's still accretive. It's just not – it doesn't feel right doing it. But the point is, we could always do that. We've, over the years, you know, we've stayed very disciplined, as you guys know. And lately, the deals that I'm seeing, personally, are sale lease fat deals. seems to be a ton of that and so this year most likely which will be a little bit different it's the same math but a little bit different of an operator where it's gonna be the same operator in a spot that we could tell you we could tell somebody historically this is what they're doing and this is how they're operating this how much money they're making and then we're gonna re rebalance them to you know a one and a quarter which is how we underwrite to and then and then you know as opposed to what we typically had done not that they were we were adverse to sell these facts, we typically were just buying and then re-tenanting. In this case, it's going to be a little bit easier on one side, and the fact that you'll have people that have been the operators there for many years, that's what I'm seeing.

Jeff, do you want to answer that? I mean, I think Mark is dead on with his view on it. I mean, it's not an issue with access to capital. I mean, the deals are coming in day in, day out. I mean, they're coming in from across the country, but as we said in the past, we're in our 10 states. I mean, to add to our existing 10 states, it's very easy to grow the master lease, but finding a new state to go into, we may need a sizable acquisition. And valuation right now, it's, prices have gone up significantly. I mean, especially, I mean, I'd say last year I was on the East Coast. This year we're seeing in the heartland of the country, I mean, you're seeing prices per bag go to their highest levels that they may have ever been. And for us, with our disciplined approach, I mean, we're sticking to our guns, and if the deal makes sense, the deal makes sense. I mean, Mush has always said, if a deal pencils out, we're going to close it. So that's been the approach that we've been going at, I mean, since I've been with Mush for about five years now, and there hasn't been a deal we haven't closed. So we're always looking, and we're always looking at different ways we can grow, but it all goes back to the basics. It's 10 cap acquisition, 125 coverage on day one. So, I mean, as we enter 2026, we're excited to see what's going to come our way. The sale of these packs have been very front and center for us, and we look forward to seeing everyone next quarter, and we'll hopefully have some deals to report then as well.

Perfect. The other question that I had was really around occupancy, you know, sitting here at, like, I think you guys said, like 76%. Just kind of curious your comfort level at that rate and where you maybe see that moving and impact to the model as occupancy maybe moves up or down.

Yeah, so I'll answer that. I mean, we've talked about this before. You know, I know that there's, you know, read analysts and folks that, you know, look at a bunch of different, you know, multifamily and other things across the board. In the health care space, you know, the occupancy is not a great gauge of how a portfolio is doing. You know, we're in states, and I've talked about this before, like we're in Oklahoma. In Oklahoma, the average occupancy for the whole state is like 50%. And, you know, and rightfully or wrongfully, they want it in Oklahoma that they should have a nursing home local for, you know, like every county as an example. Similar to Indiana, same way. But in Indiana, the average occupancy is like 70% compared to 50% in Oklahoma. But they did it because, you know, they didn't want people that wanted to visit their mother in a nursing home that they should be driving an hour every day, you know, to go visit mom. And so you have certain states. So we're in states where in the Midwest that are known as low occupancy places. Now, Illinois occupancy, you know, averages like in the 90% and, you know, or high 80s. Same thing with Kentucky, 85%, but Arkansas is a low number, and our operators are doing great there. They're way-beating the trend and the state average. Indiana is right around how Indiana runs is how our, maybe a little bit lower, actually, in our tenant's operations. So that being said, you know, and again, our revenue is not based on, because in our case, You know, we're showing 100% occupied because every building that we have has been leased out and we get paid a rent, you know, no matter how full they are. But that's just a color I just want to provide you. I don't know if that helps you or hurts you, but that's, you know, we expect our portfolio is now probably right around or, you know, the same or higher than it was before COVID. So it's taken a bunch of years to recover, and we're okay with it. I mean, we're really looking more at rent coverage more than the occupancy of the tenant.

I would add that as we're underwriting the portfolio, so they aren't, I mean, their occupancy may have been in the 60s, and now, four or five years later, their occupancy has gone up, which is ultimately, I mean, it's helping their bottom line, giving higher rent coverage, but as much as saying, I mean, the likelihood of it them being in other, I'd say, verticals in real estate and at least multifamily 100% is very important in this particular case it's a little less important it's more just it goes down to the operations it sounds like the big thing to look at is really the rent collected at 100% and if you can continue to do that even at occupancy

in some states it's as low as 50% yes yeah yeah because when we buy it we're We're not buying it off of what could be. We're buying it off of today, where does the deal play out as far as, you know, coverage. And, you know, I guess that's the difference between us and maybe multifamily, where multifamily, you know, they want to charge market rents and they're assuming something and they're giving a vacancy rate of 5% or something and then they're buying off of that and then they have to build into that. We're not buying into that. That we're charging the rent as a mathematical formula off of what we're paying. And we're praying every day that our tenants do great and raise occupancy because the more coverage they have, the more certainty we have we'll get our rent. The more certainty we have that we're going to get our rent, the more certain we are that we can pay a dividend and buy more assets. And the more we do that, the more we know that we're going to make more money. and, you know, wash, rinse, repeat, wash, rinse, repeat, and keep doing it. And that's been what we've done, and that's been effective and successful, and we want to keep doing that.

Excellent.

And I know from your presentation it seems like the demographic trends that you guys call out gives us a long runway before we need to really worry about occupancy dropping off because of just demographic trends and aging out. yeah the transcripts the transcripts not going to catch the fact that all three of us started bobbing ahead yeah exactly exactly what you just said i was i was thinking a sober tsunami it's it's you know reality is if if you're really a prognosticator right our tenants should as long as the government doesn't decide to start being anti you know geriatric folks uh you know there There is absolutely no reason why our tenants won't, like, you know, have coverages, like, way in excess of, you know, two, three, four times because 10 years from now, you know, we're still making our 10 cap return with, you know, annual inflationary increases. And they're going to be making, you know, outside of what, you know, the cost of the work is, you know, but their cost of occupancy to be able to have the space to be able to run the nursing home. right, that's going to stay relatively flat other than, you know, small inflationary increases. But they should have their occupancy go up, you know, through the roof, certainly in bigger cities. You know, I don't know if Bardstown, you know, Kentucky is going to now, it happens to be that building is like relatively, well, you know, that's maybe a bad example. Like Elkhorn County, you know, like the place is full. But the other places where they're running 60%, 70%, 80% or 50% in Oklahoma, you know, that number ratchets up to 70, 80, 90 percent, you know, our coverages are going to be through the roof. And that's really what we want. We want everyone, we want the country to have nursing homes that take care of the residents, and they're able to take care of the residents when they make money. And for them to make money, they need a landlord that's not too onerous and takes, you know, buys properties effectively at the right pricing and gives them a rent that they can live with.

And that's the model we have. excellent that's helpful thank you yes you're welcome thank you I'm strong enough for the question of Q&AQ at this time I will not turn the call back over to Jeff for any closing comments I'd like to thank everyone for joining us on this call we appreciate you joining us we appreciate your support if anybody has any questions we'd like to reach out send us an email ir at sfreet.com and we look forward to seeing you again next quarter have a great weekend thank you thank you this concludes conference call thank you for your participation you may

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