Gladstone Land Q3 2026 Earnings Call Transcript

Gladstone Land (NASDAQ:LAND) reported third-quarter financial results on Wednesday. The transcript from the company’s third-quarter earnings call has been provided below.

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Summary

Gladstone Land Corporation reported strong financial results for Q3 2026, with a net income of $11 million and adjusted FFO of $15.1 million, driven by early recognition of pistachio crop bonuses and strong almond and pistachio pricing.

The company is actively selling properties to pay down debt and buy back preferred stock, with two properties sold for $3 million and two more under contract for $30 million.

Gladstone Land modified lease structures to reduce fixed costs for growers, allowing for higher crop share participations, and is exploring solar development on 5,600 acres in California.

The company anticipates challenges due to lower yields in the 2026 pistachio crop but expects high pricing to partially offset the impact, with crop insurance proceeds expected to assist in Q4.

Management emphasized a disciplined approach to acquisitions, focusing on strategic water purchases, and plans to continue preferred stock repurchases based on capital needs and interest rate conditions.

Full Transcript

OPERATOR

Good morning. Welcome to Gladstone Land Corporation’s third quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Mr. David Gladstone, Chief Executive Officer.

Thank you, sir. You may begin.

David Gladstone (Chief Executive Officer)

Well, thank you, Sherry. That was a nice introduction. This is David Gladstone and thank you for calling in today. First we’ll hear from Kathryn Gerkes. She’s our Director of Investor Relations and she’ll discuss certain terms regulating regulatory matters that are involved with us. Kathryn, go ahead now.

Kathryn Gerkes (Director of Investor Relations)

Thanks, David. And good morning everyone. Today’s call may include forward-looking statements which are based on management’s estimates, assumptions, and projections. There are no guarantees of future performance and actual results may differ materially from those expressed or implied in these statements due to various uncertainties, including the risk factors set forth in our SEC filings, which you can find on the investors page of our website, gladstoneland.com.

We assume no obligation to update any of these statements unless required by law. Please visit our website for a copy of our Form 10-Q and earnings press release, both issued yesterday, for more detailed information. You can also sign up for our email notification service and find information on how to contact our Investor Relations department. We are also on X as well as Facebook and LinkedIn. Keyword for both is the Gladstone companies. Today we’ll discuss FFO, which is funds from operations, a non-GAAP accounting term defined as net income excluding gains or losses from the sale of real estate and any impairment losses on property, plus depreciation and amortization of real estate assets. We may also discuss core FFO, which we generally define as FFO adjusted for certain nonrecurring revenues and expenses, and adjusted FFO, which further adjusts core FFO for certain noncash items such as converting GAAP rents to normalized cash rents.

We believe these metrics can be a better indication of our operating results and allow better comparability of our period-over-period performance. Now I’ll turn it back to David Gladstone.

David Gladstone (Chief Executive Officer)

Oh, thank you, Kathryn. That was very nice. Let’s start out with just letting you know. We currently own about 98,000 acres across 143 farms and nearly 56,000 acre-feet of water. That’s about 18 billion gallons of water that we have mostly out in California. The farms are in 14 different states. And our water assets, well, they’re all in California where they need it to be. We are acquiring one property subsequent to quarter end. But that was not good news other than rather than part of a positive, it’s kind of an ending to a negative.

We were in a forbearance agreement with one of our tenants and they defaulted. This was a small row crop co. farm in Washington State that served as collateral for the lease and was transferred to us partially to satisfy the outstanding rent obligations. And during the quarter we sold a property consisting of two citrus farms in Florida, about $3 million. So good positive income. We currently have two other properties under contract to be sold for a total of about 30 million.

Let’s assume the transaction remains on track and I think it will. People are coming back in and buying up some properties. One of them should close in Q4, which we’re in now really, and the other there’s going to be Q1 of next year. Last time we checked they were still on going forward. And so we should receive that cash in over the next two quarters. In each case we look to use most of the proceeds to pay down debt and buy back preferred stock. But we’re still evaluating these and other opportunities at this time. We continue to take a disciplined approach to acquisitions and staying active in the market so we’re ready when conditions improve and it makes sense for us to start growing the portfolio again. When it does, we’ll jump in, but we want to make sure that we’re the only additional right kind of assets at the right prices.

In terms of leases we’ve got, we discussed in prior calls some of the updates in the leasing activity. Due to the market conditions affecting certain permanent crops, particularly nuts and wine grapes, we modified the lease structures in a handful of farms to reduce their growers’ fixed cost while allowing us to participate very strongly in the upside through higher crop share participations. We also continue to directly operate two properties. Who’s on the phone that keeps butting in?

OPERATOR

Need to mute out, that’s all?

David Gladstone (Chief Executive Officer)

Yeah, can you mute whoever it is that’s leading into my conversation? As we’ve discussed in prior calls, due to the market conditions affecting certain permanent crops, particularly the nuts and the wine grapes, we modified these lease structures on a handful of farms, reduce the growers’ fixed cost while allowing us to participate more in the upside through higher crop share participations. And we also continue to directly operate two properties with the help of third-party managers. So our group’s not managing the farms, but they’re hiring people who manage these farms.

Overall in 2015, almonds and pistachio harvests were very strong, with results generally exceeding all of our expectations and quite frankly of most people it underestimated strong they were going to be both in terms of yield and in pricing. Final pricing in 2025 pistachio crop is expected to be at least 21% higher in 2024, and initial pricing on the 2026 crop has already been announced at 67% above the initial price for the 2025 crop, with overall yields on the 2026 crop coming in significantly lower.

We expect pricing to remain strong, which should help partially offset the negative impact of the lower yields, but may not fully make up for the shortfall. But given the uncertainties around the 2026 crop results which impacted our 2027 earnings, the advisor has waived its incentive fee earned during the third quarter and our priority remains preserving the dividend for our shareholders during the time and this is a time of a lot of uncertainty of course with regard to farming.

The United States government has given a lot of money to the big farmers to keep them going. We made enough last year, probably one of our best years. We entered into similar arrangements for most of these farms that we are on for the 2026 crop as well. So we expect to see smaller earnings pattern next year with the majority of our related revenues and earnings again being recognized during the second half of the year. So we’ve got to ways out before we can give you much information about what’s going on in the crops.

And I also want to remind everyone that crop insurance continues to play an important role in our company as it helps to limit the downside risk on these farms where we have a lot riding on the production of nuts and other things. Our goal is still eventually to translate these farms back to more traditional leases structures which is fixed base rent. But timing for that will depend on several factors such as crop production and as well as pricing interest rates.

When you got in this business we were borrowing at I think 3.5%. The best we could make on it was about seven and a half when all hell broke loose in the farming business. Looking ahead, seven leases scheduled to expire over the next six months total. These represent about 6.8% of our lease revenue year to date in 2026. We currently in discussions with both existing and prospective tenants and we expect to be able to renew the leases prior to the expirations. So I think that’ll be just go along as we did last year. In addition, subsequent to the quarter end we entered into two agreements with solar companies granting them options to purchase up to 5,600 acres of farmland in California, both for potential solar development.

That’s becoming a big thing in California. The agreements have terms of five to six years with a combined annual option payment starting at about 331,000. And they’ll be increasing over time. We’re going to get a lot of money back on these if they work out. No reason they won’t work out because everybody needs electricity. And unlike so many of those companies that are building things to produce electricity, we remain in place and have not had to pay much for our land.

We also are pursuing several other alternative revenue opportunities, including all our water leases, following programs and solar leases. I think solar leases are going to be a big thing. Wouldn’t it be nice if we had solar leases on all of our vacant properties? And discussions continue to progress and we hope to have some more of these agreements in place over the coming months, probably in our portfolio. About 10 of these farms that could be converted to producing electricity.

And folks from New Jersey know this well because New Jersey has a lot of farms that were taken out of farming putting into producing electricity. And now I’ll give a quick update on some of the ongoing tenancy matters that we’re working through. We currently have seven farms that are wholly or partially vacant and we’re actively working towards solutions to get these funds back into our stable paying leases. Income producing situations where we want to be because we’re dividend payers. Hopefully we can get some of these situations resolved over the next few months. We’re also currently recognizing revenue on cash basis for leases with four tenants.

We receive some cash rent payments from a couple of these tenants during the quarter, but we’ll keep them on a cash basis until we see the rest of the payments come in. And I’ll note that these figures include two properties we currently have under contract to be sold. So get rid of some of the problems and keep going. I’m going to stop here and turn it over to Executive Vice President Bill Ryan. Bill, why don’t you come on and give us your report.

Louis Parrish Lewis (Chief Financial Officer)

Thanks, Bill, and good morning, everyone. I’ll start with a brief update on our recent financing activity. We did not secure any new borrowings during the quarter, but we did pay off two mortgages totaling about $5 million, one of which was paid off in connection with the property sale that David mentioned earlier. Given where our stock has been trading, we’ve had very limited activity under the ATM program lately, issuing just about $1.5 million of common stock at an average cost of capital of about 5.7%.

We’ve also continued to execute on our preferred repurchase program. Since July 1, we’ve repurchased about $13 million of our preferred stock under the program at an average repurchase yield of 7.3%, resulting in a total gain of about $1.3 million on those repurchases. Turning to our operating results for the third quarter, we recorded net income of about $11 million and net income to common shareholders of $6.1 million, or $0.14 per share. Adjusted FFO for the third quarter was $15.1 million, or $0.35 per share, compared to $1.4 million, or $0.04 per share, in the same quarter last year. Common dividends declared were $0.14 in both quarters. The improvement in AFFO was primarily driven by an earlier-than-usual announcement of the 2025 pistachio crop bonus by our primary processor, and that allowed us to recognize certain revenue amounts sooner than usual.

Higher almond and pistachio prices also contributed to increased participation rents and profits from direct farming operations. These increases were partially offset by higher operating expenses. I’ll also note that 2025 was a bit of a transition year for us as we shifted certain farms to modified lease structures or direct farming operations. So 2026 represents our first full crop cycle under these new arrangements. Year over year, fixed base rents decreased by about $400,000. That’s primarily due to lost revenue from vacant and non-accrual properties as well as property sales completed over the past year. Participation rents increased by about $11.4 million due to the early announcement of the bonus payment for the 2025 pistachio crop as well as continued strong pricing for almonds and pistachios. Direct farming operations also generated a net profit of about $2.9 million during the quarter, largely driven by those same factors.

On the expense side, our recurring cash operating expenses increased by about $1.1 million, primarily due to higher property operating expenses. The increase in property operating expenses was largely driven by supplemental water costs we incurred on one property pursuant to our lease obligation, higher professional fees associated with protecting water rights on certain farms in California, and additional costs related to properties that were vacant, direct-operated, or on non-accrual status.

Total net related-party fees remained relatively flat compared to the prior-year quarter, and G&A expenses increased slightly primarily due to higher professional fees. And finally, cash flows from operations increased largely as a result of higher cash receipts from participation rents and crop sales, a decrease in cash allowances paid to certain tenants, and lower interest payments. Turning to liquidity, we currently have over $105 million of immediately available capital and over $110 million of unpledged properties that could be used as additional collateral. About 92% of our borrowings are currently at fixed rates, and on a weighted-average basis, these borrowings bear interest at 3.5% for another 2.1 years. Looking at upcoming debt maturities, we have roughly $34 million of loans maturing over the next 12 months. Given the value of the underlying collateral, we don’t anticipate any issues refinancing these loans should we choose to do so.

In addition, we have about $16 million of scheduled principal amortization payments due over that time. We also have about $132 million of loans with fixed-rate terms that are scheduled to reset next year, although the loans themselves are not maturing. This includes about $130 million of loans under our MetLife facility that are scheduled to reprice in January 2027. We are in discussions with MetLife about refixing these rates, and we’re also exploring financing alternatives with other lenders as well as other options, including using proceeds from potential property sales to pay down a portion of— Finally, regarding our common distributions, in October, we declared a monthly dividend of 4.67 cents per share for the fourth quarter. At a most recent closing stock price of $6.88, this represents an 8.1% annualized yield, which is well above the REIT sector average. With that, I’ll turn the program back to

David Gladstone (Chief Executive Officer)

Well, thank you, Louis. Overall demand for prime row-crop farmland remains relatively stable across most of our regions, and particularly along the coast of California. We’re also starting to see some signs of improvements in certain permanent crops, both in the price of the permanent crops as well as broader economics around these crops. So we’re hopeful that the worst may be behind us now, but it’s still too early to say. This year will say a lot to us about where we’re going.

I expect it to be different from the past, but strongly in our favor. In closing, over the long term, we expect inflation, particularly in the food sector, to continue to move higher, and we expect the values of the underlying farmland to increase so that we start selling some more land. It will be to rid ourselves of some more of the preferred stock, and we expect this to be especially true in the healthy foods such as fresh fruits and vegetables and nuts. Long-term trends toward healthier eating continue to grow.

Now we’ll open up for some questions. Those who are listening, operator, would you please come on and help our listeners ask questions?

OPERATOR

Thank you. If you would like to ask a question, please press star one on your telephone keypad. The confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. And for participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Our first question is from Gurav Mehta with Alliance Global Partners. Please proceed.

Gurav Mehta (Analyst)

Thank you. Good morning. I wanted to ask you on the participation rents expectations for 4Q. Are you able to provide some color on what you’re expecting for 4Q? Is it going to be similar to what you guys received in participation rents last year?

Louis Parrish Lewis (Chief Financial Officer)

Sure. So it might not. As we said, we did recognize some crop share rents that would typically be recognized in Q4 early in Q3 because of that earlier announcement. So I don’t know that we’d say it’s going to equal Q4 of last year. It’s really made up of three components for us. We have the variable, the crop share rents from our standard leases, we have net crop sale profits from our direct-operated farms, and then we have insurance payments, which are expected to play a much larger role in the ’26 crop.

If we’re just talking about the crop share from standard leases and the profits from our direct operations, I’d probably say we might be similar to where we were at Q3 of last year. The wildcard here is the insurance payments. As Bill mentioned, we might be able to recognize a lot of that in Q4. Some of it could come into Q1 next year, but if it all comes in Q4, it could push us to where we were in Q4 of last year. But we’re not sure of the exact timing of those payments quite yet. So I think on the low end, similar to Q3 last year; on the high end, maybe similar to Q4 of last year.

Gurav Mehta (Analyst)

Understood. Second question on the balance sheet: you talked about some fixed-rate term resets expected next year. Can you remind us where are the interest rates on the debt that’s expected to reset and where do you expect the new interest rate to be?

Louis Parrish Lewis (Chief Financial Officer)

Yes. Right now, 98% of that repricing amount are the MetLife loans. Right now, that’s about $128–$130 million that’s going to reprice in January. Right now, the weighted average rate on those loans is about 3.5%. Today we’d probably be looking at roughly 250 basis points of an increase if we were to refix those right now. But again, we are continuing discussions with MetLife and also talking with other lenders to try to get some competitive bids.

And as I mentioned, we’re also looking at alternatives of maybe using proceeds from potential property sales to repay all or a portion of those notes.

Gurav Mehta (Analyst)

All right, thank you. That’s all I had.

David Gladstone (Chief Executive Officer)

Okay. Operator, would you come on and see if there’s some more questions?

OPERATOR

Yes, our next question is from Craig Cuchera with Lucid Capital Markets. Please proceed.

Craig Cuchera (Analyst)

Yeah, hey, good morning. Of the $17 million of variable lease payments that were made this quarter, can you give us a breakout of what was related to the 2025 pistachio bonus versus other crop types?

Louis Parrish Lewis (Chief Financial Officer)

Don’t have that exact breakout in front of me, but if I had to give a guess, it’s probably close to 70% of that amount.

Craig Cuchera (Analyst)

Okay, that’s helpful. And just as we think about 2027, given your commentary about kind of comparing on years versus off years, can you give us a sense of what the yield was off of the ’24 crop for pistachios and how that compared to 2025, understanding that pricing is going to be much higher, of course?

Louis Parrish Lewis (Chief Financial Officer)

Bill, you want to take that one?

Bill Ryan (Executive Vice President)

Yeah. Could you repeat that question? Yeah, I’m just trying to figure—

Craig Cuchera (Analyst)

I’m just trying to figure out, when you have a down year with pistachios on your farms, what the yield would be relative to what it was off of the ’25 crop, just for thinking about, you know, future revenue from the pistachios.

Bill Ryan (Executive Vice President)

Yeah, it really runs the gamut. Not to sound elusive, but it really depends, and it’s inconsistent. We’ve seen down years be, you know, 25% of an on year. And, you know, ’26 is—overall, California’s overall production is about 800 million pounds versus, you know, 1.6 billion the previous year. So it was half, generally speaking. But then you have to factor in the impact of the pricing, right? So, you know, does the percent that the yield goes down by—does the price go up by, you know, a significant enough percentage to fill it in?

You know, sometimes it does, sometimes it doesn’t. So it’s really hard to just kind of place a general percentage on it. I don’t know if that helps answer the question.

Craig Cuchera (Analyst)

No, that actually was perfectly what I was looking for. And you ramped up asset sales, or are looking to sell more—certainly, assets held for sale. Are those related to the impairment charges you took in Arizona and Washington, or are you looking to sell farms from other parts of the country?

Louis Parrish Lewis (Chief Financial Officer)

Yes, the impairment was related to those sales.

Craig Cuchera (Analyst)

Okay, great. Let’s see here. As you’re going through leasing here in fourth quarter, are you expecting any additional modified lease agreements, or do you anticipate that the three that you have will kind of be the ones that remain under modified leases?

Louis Parrish Lewis (Chief Financial Officer)

No, we’re not looking at any additional changes towards modified leases at this point. And I’ll let Bill speak to this, but we’re actually taking one—it’s a smaller property, but we are planning to take one property out of the modified lease structure and put it into more of a traditional lease, and that’s a small almond farm. Bill, any more color you want to give on that one?

David Gladstone (Chief Executive Officer)

Yeah, we don’t anticipate any other modified leases. We have been getting inquiries going back to traditional leases. And like Lewis said, we have one smaller almond farm that is going back to a traditional. It’s coming off the modified lease list and going back to a standard lease. And we just kind of evaluated, you know, case-by-case basis, you know, weighing those returns. And so, yeah, just one last going into next year, and I don’t anticipate any new ones for 2027.

Louis Parrish Lewis (Chief Financial Officer)

One thing I’ll add there, Craig, is on the direct operated side. We, you know, related to the tenant that was in default David mentioned, we acquired one property as part of a forbearance agreement. They operate a couple of vineyards up in the Pacific Northwest. We might end up having to take those back under direct operations. So not modified lease, but we might have a couple of vineyards added to the direct operated bucket next quarter or in the fourth quarter.

David Gladstone (Chief Executive Officer)

Both. One of the agreements is on—well, actually they’re both leased, so they really aren’t vacant.

Louis Parrish Lewis (Chief Financial Officer)

One was vacant last quarter then, right?

David Gladstone (Chief Executive Officer)

Well, that’s true. One was leased and the other one is now also leased. But on top of that, there’s the solar purchase option agreement. Operator, can you give us the last question?

OPERATOR

Yes, sir. Our last question is from John Muscola with B. Riley Securities. Please proceed.

John Muscola (Analyst)

Yeah, good morning. Maybe thinking about the kind of overall farm transaction market in terms of acquisitions and dispositions. Sorry, how is that being impacted by the move in interest rates, if at all? Is that kind of changing any kind of strategy you have around maybe selling some underperforming assets and using proceeds to kind of pay down parts of the capital stack? Just kind of curious how that’s progressing.

David Gladstone (Chief Executive Officer)

It’s a—yeah, it’s a, you know, it’s a buyer’s market for most farmlands, you know, at this point in time. So it is—it’s difficult to get things sold and particularly difficult to get things sold at a value that, you know, that is helpful to us. But, you know, for example, our farm in Arizona, we had under contract—just yesterday the buyer canceled, right? So, you know, we had a pricing that we liked, but they didn’t. You know, after doing their due diligence, they determined that, you know, what that was going to cost them to operate, you know, it was too expensive, so they backed out.

So it’s really, really difficult to get transactions closed. The buyer pool is typically—right now the buyer pool is really just strategics. Very, very few investors. Institutional activity is really at a very low level. And so any going out and selling a bunch of properties to free up capital is just—not a quick process at this time. It’s going to be a grind. So I would say that that process of liquidating assets to redeploy that capital in some of this is just going to be slow.

It’s going to be slow for a while.

John Muscola (Analyst)

Okay. I mean, are you seeing movements in kind of cap rates to kind of compensate for that, or is there just a buyer-seller disconnect out there given where kind of interest rates have moved?

David Gladstone (Chief Executive Officer)

No, that’s a great question, because that’s what happens, right? Interest rates go up, cost of money goes up, transactions slow down, profitability starts to come back, right. So we definitely see, you know, certain crops—crops that have good profitability, you know, almonds and pistachios—yeah, we’re definitely starting to see cap rates coming back, right, to compensate for that. So we expect those trends to just kind of gently continue. One thing that is, you know, the one positive with interest rates is they—yeah, they came up and we’re adjusting to that. But for the last, you know, 18 months, it’s relatively stable, right. So that stability gives confidence in, you know, in the industry. And so then we can build, you know, we can get to build profitability back in. So—and then, you know, as guys, you know, like in the wine grape market, as it cleans up, you know, it is kind of sad, people losing their jobs and companies going out of business.

But, you know, that’s capitalism, right? And so as it cleans itself up, you know, we expect that profitability, you know, to come back. And it will come back. So, you know, we’re watching all of those things and figuring out how, you know, our assets play into that and what we can do to position ourselves so that we maximize values and returns in the future.

John Muscola (Analyst)

Okay. And then a more technical level: you mentioned some crop insurance in certain crop types. You know, can you give maybe a little more color on the seasonality? I think it’s, you know, some of that’s going to hit in 4Q, but then the impact in terms of lost kind of crop revenue in 2027—just kind of curious how we should think about that impacting the top and bottom line both in 4Q and in 2027.

David Gladstone (Chief Executive Officer)

So. No, I was just gonna say that, you know, generally speaking, you know, crop insurance proceeds—let’s compare those to the normal crop revenue. The crop insurance proceeds come right away, right? They come right after harvest. In fact, we’ve received some payments already. And so comparing to the typical crop revenue on those crops, you know, that lags, you know, 15 months, sometimes longer. It just shifts, you know, it shifts that revenue stream.

Now, crop insurance obviously is kicking in when you’ve had a problem, right? So the profitability—if you’re getting crop insurance payments, then that, whatever that was for a particular crop or, in some cases, just a particular block—one block out of one farm, it could be that specific—means that you had probably lower yields and had to make a claim because your—what level of revenue you were insured to—you’re dropping below that. So your overall, you know, profitability obviously has taken a hit wherever you’re—because we’re insuring to a level that covers our cost, covers our investment in the crop.

We’re not insuring profitability. So I think that’s probably—I don’t know, Louis, what you can add to that—that’s probably the best way I could describe it.

Louis Parrish Lewis (Chief Financial Officer)

I think that pretty much covers it. Nothing to add here.

John Muscola (Analyst)

And then last one, maybe for Louis. How are you thinking about the preferred stock repurchase program kind of going forward? Is that something we should just expect kind of a steady utilization of, or would that be a little bit more variable based on where kind of capital needs are in any given quarter?

Louis Parrish Lewis (Chief Financial Officer)

Yeah, definitely the latter. I mean, we’re—our line of credit—we’re using that right now, and that’s going to reprice again in January, so that reprices every three months. We’ll weigh the cost of that versus the cash needs versus the cost of the preferred or what yield we’re able to buy it back at. And, frankly, right now the common—based on last night’s closing prices—is yielding a little bit higher than the preferred. So, you know, we’re going to weigh the best use of any funds that we have available versus other needs, possibly some acquisitions, although I don’t see that in the near term trumping either one of these repurchase options.

So, given if things stayed how they did during Q3, then, yes, I would expect it to continue. But we’ll have to see where interest rates go and what the yields on all of our securities look like.

John Muscola (Analyst)

Okay. I appreciate all that detail. That’s it for me. Thank you very much.

David Gladstone (Chief Executive Officer)

Okay. How are we doing on any more questions?

OPERATOR

There are no further questions at this time.

David Gladstone (Chief Executive Officer)

Well, we’re disappointed. We like it when people ask us a lot of questions. So we hope you all—so just get ready for the next one and give us a lot of questions, and we’ll do our best to answer. That’s the end of this, and we thank you all for being with us, and we’ll see you next quarter.

OPERATOR

Thank you. This will conclude today’s conference. You may disconnect your lines at this time, and thank you for your participation.

Disclaimer: This transcript is provided for informational purposes only. While we strive for accuracy, there may be errors or omissions in this automated transcription. For official company statements and financial information, please refer to the company’s SEC filings and official press releases. Corporate participants’ and analysts’ statements reflect their views as of the date of this call and are subject to change without notice.