NETSTREIT - Earnings Call - Q3 2025
October 28, 2025
Executive Summary
- Q3 2025 revenue modestly exceeded Wall Street consensus ($48.31M actual vs $48.13M consensus; +$0.18M), but EPS missed ($0.058 actual vs $0.068 consensus); AFFO/diluted share rose 3.1% YoY to $0.33. The miss was driven by late-quarter closings and treasury stock dilution from forward equity, per management commentary.
- Record quarterly gross investments of $203.9M at a 7.4% blended cash yield, alongside $37.8M of dispositions (7.2% cap) and $24.1M loan repayments; net investment activity was $142.0M.
- Liquidity exceeded $1.1B at quarter-end (cash/revolver/forward equity/undrawn term loan), supported by a July forward offering and ATM sales; pro forma adjusted net debt/Annualized Adjusted EBITDAre was 3.6x.
- Guidance: AFFO/diluted share maintained at $1.29–$1.31 in Q3 (with $0.015–$0.025 dilution from forward equity) and net investment guidance raised to $350–$400M; subsequently, on Nov 18, low-end AFFO/diluted share was increased to $1.30–$1.31.
- Stock reaction catalysts: record deployment, improved cost of capital/spreads, and raised full-year AFFO low-end; management signaled an “attractive opportunity set” and disciplined pursuit of an investment-grade rating.
What Went Well and What Went Wrong
What Went Well
- Record quarterly investment volume: $203.9M across 50 properties at a 7.4% blended cash yield; WALT 13.4 years; more than one-third IG/IG-profile tenants.
- Strong balance sheet and liquidity: $1.134B total liquidity (cash $53.3M; revolver $499.9M; unsettled forward equity $431.2M; undrawn term loan $150M); pro forma adjusted net leverage 3.6x.
- Portfolio resilience: occupancy 99.9%, minimal near-term expirations, and reiterated best-in-class credit loss statistics (“we again had no credit losses in the quarter”).
- Quote (CEO): “We are currently seeing the most attractive opportunity set that we have seen since going public… and we are excited to have the dry powder to execute and drive growth.”
- Quote (CFO): “Our pro forma adjusted net debt to annualized adjusted EBITDAre was 3.6x at quarter end, well below our targeted range of 4.5 to 5.5x.”
What Went Wrong
- EPS miss vs consensus despite revenue beat; diluted GAAP EPS was $0.01, with management citing heavy back-end timing of acquisitions and forward equity dilution.
- Cap rate compression vs Q2’s unusually high yield (7.8% → 7.4% blend) amid lower rates and increased competition; management guided that 7.4–7.5% is a more sustainable run rate.
- G&A increased YoY to $5.1M on normalized staffing; though G&A as % of revenues is trending down, it weighed on near-term earnings optics.
- IG/IG-profile mix moderated: combined IG exposure (by ABR) was 62.1% at Q3 vs 68.7% at Q2, reflecting opportunistic higher-yield non-IG acquisitions.
Transcript
Operator (participant)
Greetings and welcome to the NETSTREIT Corp third quarter 2025 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, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce Matt Miller, Capital Markets NIR. Please go ahead.
Matt Miller (Capital Markets and Investor Relations)
Fuck you Remoat
Fuck you remoat
Mark Manheimer (CEO)
Fuck you with your account
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Tiny ass
With more than 62% of our ABR being generated from tenants with investment grade ratings or investment grade profiles, and only 2.7% of our ABR expiring through 2027, our portfolio should continue to produce consistent and predictable cash flow. Our active portfolio management continues to contribute to our occupancy rate remaining at an industry-leading 99.9% with no material tenant disruptions. With that in mind, we expect to have our lone vacant property, a former Big Lots, leased by the fourth quarter to an investment grade tenant at more than a 20% increase in rent, with rent to commence later in 2026. While we have been able to generate highly favorable cash yields on investments as a public company, we are proud of our best-in-class credit loss statistics, as we again had no credit losses in the quarter.
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Ending with the macro, while we have seen softness develop in the lower and middle-income consumer and some noise in the private credit markets, our focus remains on accretive investments in high-quality and less volatile necessity-based retail properties. We believe our tenant quality, diversification, and emphasis on opportunities with the best risk-add outlook.
Dan Donlan (CFO)
Thank you, Mark. Looking at our third quarter earnings, we report a net income of $621,000 or $0.01 per diluted share. Core FFO for the quarter was $26.4 million or $0.31 per diluted share. AFFO was $28 million or $0.33 per diluted share, which was an increase of 3.1% over last year. Turning to the expense front, our total recurring G&A in the quarter increased year over year to $5.1 million, which is mostly a result of our staffing levels normalizing after we restructured various roles last year. Th
Turning to capital markets activities in the third quarter, we completed a 12.4 million share follow-on offering in July, which raised $209.7 million in net proceeds. Turning to the ATM, we sold 1.2 million shares for $20.6 million of net proceeds in the quarter, and subsequent to q
In addition, our total liquidity was over $1.1 billion at quarter end, which consisted of $53 million of cash on hand, $500 million available on our revolving credit facility, $431 million of unsettled forward equity, and $150 million of undrawn term loan capacity. From a leverage perspective, our pro forma adjusted net debt to annualized adjusted EBITDAre was 3.6 times at quarter end, which remains well below our targeted range of 4.5 to 5.5 times. Moving on to 2025 guidance, we are reiterating our AFFO per share guidance range of $1.29 to $1.31, and are increasing our net investment activity range to $350 to $400 million from the prior range of $125 to $175 million. We continue to expect cash G&A to range between $15 and $15.5 million.
Additionally, with our outstanding forward equity increasing to $430 million this quarter from $202 million last quarter, our AFFO per share guidance now assumes 1.5 to 2.5 cents of dilution from the treasury stock method. Lastly, on October 24, the board declar, we will now open the line for questions.
Operator (participant)
Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we pull for questions. Thank you. Our first question is from John Kilichowski with Wells Fargo.
John Kilichowski (Analyst)
Hi. Good morning. Thank you. Mark, you made the comment in the opening remarks that you're currently seeing the most attractive opportunity set that you've seen. Maybe could you dive deeper there in terms of the assets that you're looking at, pricing, and then maybe the cadence that you think you can achieve going forward from here?
Mark Manheimer (CEO)
Yeah, sure. Good to hear from you, John. Very similar types of assets. We're looking at a lot of C stores, quick service restaurants, grocery, QSR, similange, provided. Looking forward to 2026, not giving guidance on acquisitions at this point, but I think you can expect the dispositions to come in quite a bit.
We'll continue to opportunistically sell some assets and focus on potential credit issues down the line and try to get out ahead of that, which we did even when we were in diversification mode. We've really accomplished the goals that we set out at the beginning of the year on the dispos side. It feels like the net investments should be a little bit higher next year.
John Kilichowski (Analyst)
Okay. That was very helpful. Just from a pricing perspective, I know this quarter there was a step down, but you had communicated that several times intra-quarter. I'm just curious, are the cap rates that you're seeing today a better run rate for the business going forward?
Mark Manheimer (CEO)
Yeah, I think so. I appreciate your comment there. We did try to make that clear in the second quarter that the 7.8% was not going to be repeated, and we'd return back to that kind of 7.4%, 7.5% type cap rate range. I think right now, the ten-year has come in from, call it, 4.5% to 4%, inside 4% right now, and so a little bit more competition in the space. I think it's reasonable to assume that there could be another 10 basis points of compression looking forward into 2026, but that's always difficult to predict outside of, call it, 60 to 90 days on a go-forward basis.
John Kilichowski (Analyst)
Very helpful. Thank you.
Operator (participant)
Our next question is from Michael Goldsmith with UBS.
Michael Goldsmith (Analyst)
Good morning. Thanks a lot for taking my questions. You know, lots of activity in the quarter, but the guidance didn't really move. Can you just talk a little bit about what are the factors that maybe didn't move the 2025 AFFO per share outlook, and I guess how that will impact the earnings growth kind of going forward? Thanks.
Dan Donlan (CFO)
Yeah. Hey, Michael. I think there's really two drivers to the guidance. The first being that while we had a ton of activity in the third quarter, the timing of that activity on the investment side was heavily weighted to the back half of the quarter. We closed basically $100 million on the last two days of the quarter, whereas the loan payoffs and the dispositions were heavily weighted to the front end. You can see that on the income statement. Our total revenues went up $22,000 quarter over quarter. Certainly, timing has played a big part in that. Whereas in the second quarter, the exact opposite was true. The other is just the unknown nature of the treasury stock dilution. We clearly know how much we've raised. We know how much we're thinking about raising.
It's just the price at which the stock is going to average over the quarter is unknowable. We certainly baked in a ton of conservatism. What I can say is if this stock kind of stays where it opened this morning, obviously, the bottom end of the range would be nowhere possible. Hopefully, that's not the case. We think our stock price should continue to season and move higher from here, just given the growth that we see coming in 2026 from everything that we're doing here in 2025. I'm sure, as you know, what you do in the third and the fourth quarter has a very big impact on what can happen in the following year. We're cognizant of that too.
I certainly think, looking at where our cost of capital is today, where we've already raised capital in terms of our term loans, we have another $150 million we can draw down on, basically, in the mid-fours. Assuming we can get an investment grade credit rating coming up here shortly, that moves down even further from there. If you think about that accretion, we feel pretty strongly we can get back to certainly an above-average growth rate in 2026 and beyond.
Mark Manheimer (CEO)
Just a little bit of color on the extreme nature of the timing of our acquisitions in the quarter. We raised capital at the end of July. We don't want to get over our skis and start deploying capital before we raise it. We really had a couple of months to deploy the capital. We were really only planning on doing a little bit more as well, on top of covering the dispositions that we did. Raising capital at the end of July kind of put us in a spot where we had two months to close. We're still able to hit pretty good numbers. To Dan's point, that was all very late in the quarter.
Michael Goldsmith (Analyst)
Got it. Thanks for that, guys. I really appreciate it. My follow-up question is just on the equity that needs to be settled. How are you thinking about that, and then what would be kind of the accretion on that equity, associated with future deals?
Dan Donlan (CFO)
Yeah. In terms of the forward equity, as you think about it, you also got to think about where we raised the prior equity versus where our prior cap rates were. In the first half of the year, we averaged a 7.7. Some of the equity raised was at lower stock prices than we are today. The spread is still fairly high on that, anywhere from 135 to 150 basis points when you think about where we raised the term loan capital. As we sit here today, our spreads are closer to, call it, 165, 170, which is still a very healthy spread when you think about the historical average for the sector over the last 20-plus years. I think for us, that should allow us, again, to continue to grow AFFO per share as we look out to 2026 at a fairly healthy pace.
It should ramp up further, hopefully, in 2027 as some of the lower priced forwards get settled over the course of 2026. For modeling purposes, I think you should settle somewhere around 8 to 9 million shares at the end of the fourth quarter. We should get rid of most of what was raised over the course of 2024 and 2025, radically over the course of 2026.
Michael Goldsmith (Analyst)
Thank you very much. Good luck in the fourth quarter.
Dan Donlan (CFO)
Thanks, Michael. Thanks.
Operator (participant)
Our next question is from Greg McGinniss with Scotiabank.
Hey, good morning. I really weren't surprised by the lower cash cap rates achieved this quarter because of the commentary that you guys have been providing. We were a little surprised by the limited increase in IG or IG-like acquisitions. Now it sounds like you're not really expecting much of an increase on that front going forward either. Could you just help us understand what you're seeing on pricing for the IG or equivalent assets and potential for increased acquisition levels within that subset, as your cost of equity improves?
Mark Manheimer (CEO)
Yeah, sure. I'd say there's probably about a 50 basis points difference in terms of the investment grade and investment grade assets that we acquired versus the non-investment grade. There's enough of a delta there where, as long as we're not taking much more risk, that's something that we're more than comfortable doing. There just is a lot more attractive opportunities in the non-investment grade side at this point. I am expecting the fourth quarter to be a little bit more heavy on the investment grade side than what we've done for this year. The reality is investment grade is just not really something that we focus on. We're looking for the best risk-adjusted returns that we can. In some quarters, that's going to be high. In some quarters, that's going to be low.
We're really kind of focused on getting the best pricing that we can, managing the portfolio, and then not having credit losses, which I think we've been able to accomplish both really strong pricing with minimal loss.
Are you seeing any trends in terms of what you're looking to acquire, from that standpoint, on an industry level in terms of where you're seeing the better risk-adjusted returns now versus maybe historically?
Yeah, sure. I mean, certainly, I've seen more opportunities on the convenience store side. You know, quick service restaurants is another area that has been a focus. You know, grocery, auto services, that's really been kind of the main four food groups that we've had the most success. There's always a deal here or there that's outside of those. You know, we've added a bit more Tractor Supply. You saw that move up quite a bit. You know, we're adding a little bit more in the fourth quarter. It's a pretty broad, diversified mix what we're adding in the fourth quarter.
Michael Goldsmith (Analyst)
Okay, thank you.
Operator (participant)
Our next question is from Haendel St. Juste with Mizuho Securities.
Hey, thanks for calling on me here. Appreciate the time. I wanted to ask about competition. Certainly come up quite a bit on the calls so far this quarter. You mentioned that you're seeing a bit of competition from private equity. I'm curious what you think of, what you think their investment strategy is, where are they deploying more capital versus where you are looking to deploy, and if and how you'll be able to insulate yourself from that a bit. Thanks.
Mark Manheimer (CEO)
Yeah, that's a great question, Haendel. You know, it's been a big topic. I think every private equity firm is a little different. You saw a couple larger private equity firms kind of get in the game a few years ago and didn't really make much of an impact, quite frankly. You have seen a couple more in the last couple of years, really kind of smaller teams going out elephant hunting. A lot of those have been more focused on industrial, but even on the retail side, kind of looking for the larger transactions to put a lot of capital to work. We're not really running into, obviously, the industrial side, but also if someone's kind of doing nine-figure type transactions, that's not going to be where we play.
More recently, we've seen one large player focused on smaller transactions, but further down the credit curve than really where we like to play, although we have seen them a little bit on the sales spec side. There's more than enough opportunity, and especially being that they are looking at a different credit profile for the most part than what we're looking at, not going to have a big impact on us. They're really the first one that we've seen out there in the investment world. I think with how fragmented the net lease retail space is and how little institutionally owned it is, there's just a lot of opportunity for even more groups to come in without having a large impact on the pricing that we're seeing.
Appreciate the thoughts there. Maybe as a follow-up, I was curious, maybe an update just more broadly on your strategic plans to reduce your dollar in general. Walgreens, CVS, looks like you made quite a bit of progress in your quarter. Curious how the pricing came in versus prior sales versus your expectations. Then looking ahead, any other categories that you're looking to cull a bit into next year, understanding that much of the heavy lifting has already been done. Thanks.
Yeah, I mean, I think the heavy lifting, to your point, is really already done. We made a big move on the dollar store side. Pricing was pretty attractive. We did do a little bit more with some institutions where the cap rate was maybe slightly higher than the 1031 market. I think the remaining sales that we have in that space are going to be 1031 driven. We were already in a pretty good spot going into the quarter as it relates to pharmacy. We're being a little bit more selective on pricing there, and we've hit our goal on Walgreens of getting that below 3%, just about there on CVS. Certainly, we'll be there here in the next couple of weeks. Getting those down, we can be a little bit more choosy when it comes to the pricing and not feel as much pressure there.
I'd expect us to continue to run the portfolio with tenants below 5%. Walgreens will continue to decrease over time, a little bit less pressure there. That'll still continue to come down with a sale here or there. With us not adding to either of those sectors, just increasing the asset base will decrease those exposures over time.
Michael Goldsmith (Analyst)
Thank you.
Operator (participant)
Our next question is from Smedes Rose with Citibank.
Michael Goldsmith (Analyst)
Hi, thanks. I just wanted to understand maybe the opportunity set a little better. I mean, you significantly increased the acquisitions outlook, obviously, for the year. I know part of that is driven by a better cost of capital, but also, I mean, is the overall market kind of expanding? Because, I mean, we just hear from other companies too, it seems like the acquisitions outlook just continues to sort of accelerate. I'm wondering if you think that is sort of going to continue indefinitely, or is there anything in particular that's driving that?
Mark Manheimer (CEO)
Yeah, we certainly are seeing a lot more opportunity. I think to your point, others are saying the same thing on their calls. I don't think it's just us. Thinking through really what's driving that, rates have come in enough where you have the ten-year's gone from 4.5 to 4, the five-year, which is probably more important to 1031 buyers, down around 3.6 or wherever. I haven't looked today. I mean, that's an area where it pencils on the debt side. I think we're at a point where rates aren't really restrictive to getting deals done. I think that's kind of opened up maybe not the floodgates, but I think on the margin, seeing more opportunity across the board with every different approach to acquisitions that we take. We're seeing more opportunity really everywhere.
Michael Goldsmith (Analyst)
Okay. Thank you.
Operator (participant)
Our next question is from Linda Tsai with Jefferies.
Hi. Yeah, it makes a lot of sense to continue diversification in your portfolio, reducing the drug and dollar stores and AAP exposure. That being said, where do you think spreads between acquisitions and disposition cap rates could trend into 2026?
Mark Manheimer (CEO)
Hey, Linda. Yeah, I mean, it's probably a little bit difficult to say, because, you know, we're going to be more opportunistic on the disposition side. The cap rates could come in a little bit if we see some good opportunities there. We had some pressure on ourselves by setting some diversification goals where we were selling assets in industries that were maybe a little bit out of favor. I think that made it a little bit more difficult, but certainly, a strong 1031 market allowed us to be able to hit those goals a little bit ahead of time. The dispositions really aren't going to drive much next year. We'll probably return to a $15 to $25 million pace, which I think is historically what we had done coming into 2025. Overall, I think the cap rates will probably be a little bit lower on the disposition side.
Thanks for that. In terms of your investment spread at 160 bps relative to your WACC, how do you think that could trend, say, by the second half of 2026?
Dan Donlan (CFO)
Yeah, I mean, you tell me where the stock's going to go, Linda, and I can give you that answer. I think, you know, as we look at the cap rates, as Mark said, we think cap rates may potentially drift down 10 basis points over the next 6 to 8 months. It's really unsure. I think we have a very good value proposition here. We've got our cost of capital back. We can continue to grow earnings at a healthier clip and a stronger clip than we did last year. It really just all depends on kind of the stock price. To a lesser degree, where debt is. I mean, we've basically satisfied our debt needs for the next, call it, 12 to 15 months.
Any type of our capital raising and/or our usage of debt is going to be relegated to the credit facility as well as just settling the forwards over the course of 2026. I'm hopeful that we're hopeful the stock price can continue to move higher, just given the opportunity set that we're seeing. I think spreads can hang out where they are or move higher. I think the one thing we feel confident in at least over the next six months is that cap rates should remain in and around kind of where they have been.
Just one last question. Your tenant credit outlook versus a year ago, how does that compare?
Mark Manheimer (CEO)
Yeah, not much different. I mean, I guess a year ago, we had big lots, which we knew was something that we had to work through. Right now, we don't really have anything on the credit watch list. You know, some coverages have moved around a little bit here or there, but nothing that we're concerned about, concerned with.
Thank you.
Operator (participant)
Our next question is from Jay Kornreich with Cantor Fitzgerald.
Hey, good morning. Thank you. I wanted to go back to the pace of growth going forward. You mentioned a robust opportunity set and net investments to pick up in 2026. Be curious just about how you think about your goals for next year. Are you more focused on getting to a certain quarterly investment pace? Is it more about achieving a certain earnings growth level? Just how do you think about that now that you've returned to that opportunity set?
Mark Manheimer (CEO)
Yeah, I think you have to evaluate what the opportunity set is. Right now, it's robust. We expect that to continue, and then you have to consider your cost of capital, which is improving. Certainly not quite where we want it to be, and you need to consider your team and what we're capable of. I think we're capable of significantly more than what we've done in the past. I think there's an opportunity as our stock has continued to recover and get better, that we can ramp acquisitions beyond what we've done historically. To what level remains to be seen. I guess we'll decide when we want to give AFFO per share guidance and acquisitions guidance at a later date, but I think right now, that's trending to a larger number.
Okay. Just as a follow-up, you referenced the prospects of getting investment grade rating. Can you give an update as to where that process stands and potential timing to achieve that?
Dan Donlan (CFO)
I think what we've said all along is that we would hope that we have some type of discussion this year. I think that still remains true. Obviously, nothing is set in stone. I think we'll continue to say hopefully we can do something by the end of the year.
Okay, thank you.
Operator (participant)
Our next question is from Wes Golladay with Baird.
Hey, good morning, guys. Looking outside of traditional acquisitions, are you seeing any development opportunities? Do you have any appetite to increase the loans?
Mark Manheimer (CEO)
Good question, Wes. We are seeing good opportunities both on the loan side and the development side, but really not seeing enough of a risk-adjusted return on the development side to really kind of ramp that. We've continued to work with a few tenants directly on some development. That's been pretty good. I think we'll probably see one or two new tenants kind of pop up in our top tenant list in 2026 from that. I don't think it's going to be as big a piece of what we've done historically. The loan book, we've decided to kind of bring that down a little bit over time, but we're still seeing some pretty good opportunities to replace some of the loans that are being paid off.
All right, thanks for the time.
Thanks, Wes. Thank you.
Operator (participant)
Our next question is from Upal Rana with KeyBanc Capital Markets.
Great. Thank you. Just one quick one from me. I want to get your thoughts on the auto parts exposure as it makes up about 2.5% of your ABR. You just given some of the recent bankruptcy news out there. Thanks.
Mark Manheimer (CEO)
Yeah, sure. I mean, we've got really three tenants there: Advance Auto, which has been brought down quite a bit, closer to 1% at this point, O'Reilly's, and AutoZone. We don't really think that the most recent bankruptcy is something that is going to impact them or even really tangential to them. Really, the bankruptcies that we've seen and the cockroaches that people are talking about, we haven't seen the spread of the cockroaches at this point. Some of that is really due to fraud, which we don't think is really indicative of what's really going on in the economic market.
Okay. Great. That was helpful. Thank you.
Operator (participant)
Our next question is from Jana Galan with Bank of America.
Thank you. Good morning. Given the increased competition for net lease retail strategies, are you seeing any changes in lease structures, whether it's term or escalators or options? Just curious if people are trying to compete on something other than price.
Mark Manheimer (CEO)
Hey, Jana. Yeah, we haven't really seen any change. I mean, I think the institutional capital that's coming to the space, I think they're pushing to try to get a lot of the same things that our public peers are trying to get, which is longer leases with good rental escalations. We haven't really seen much of a change in terms of lease structures.
Thank you.
Operator (participant)
Our next question is from Daniel Guglielmo with Capital One Securities.
Hi, everyone. Thank you for taking my questions. Based on the commentary and results, you all are exiting the recycling phase and headed back into a growth and scaling phase. Looking back on the recycling efforts, are there any learnings that you're going to take with you as net acquisitions ramp back up?
Mark Manheimer (CEO)
Yeah, I mean, I think we've always been confident in our ability to, you know, to reduce exposures. I think maybe the lesson learned, you know, for us is, you know, having some larger concentrations with publicly traded companies that are, you know, constantly in the news cycle, at the tenant level. Even if you've got really strong assets that generate a lot of cash flow, sometimes it doesn't matter and can still impact your cost of capital, which matters as an external, you know, growth vehicle, you know, like we are. I think we're going to be a little bit more cognizant of allowing some exposures to get higher, which is a little bit easier to do now that we've got, you know, about $2.5 billion of assets. You know, so being a little bit bigger does help that.
Okay. Great. I appreciate that. That makes sense. We always like to look at the ABR by state slide. When you think about the existing pipeline, are there states or regions where you see better investment opportunities over the next year or so?
Yeah, I mean, we're somewhat agnostic to what state an asset's in. We're focused a little bit more on the micro market of, does that location have the demographics to support not only the use of the tenant of the asset that we're buying, but also potentially future uses and future tenants? I think overall, we're probably seeing a little bit more opportunity in the Sun Belt where you're seeing more population growth. Texas is a big state. That being our number one state, we kind of think of Texas as being like two or three states, depending on what region of Texas you're in. Breaking that up by state sometimes, I think you see a lot of our peers also have Texas as the number one state. I wouldn't draw too many conclusions from what's in the pipeline or where we're looking to grow.
I think it's really just where the opportunities are, where we can get the best risk-adjusted returns, and that can be in really any state.
Great. Thank you.
Operator (participant)
Thank you. There are no further questions at this time. I'd like to hand the floor back over to Mark Manheimer for any closing comments.
Mark Manheimer (CEO)
Thank you, everybody, for joining today. We appreciate the interest in the company and look forward to meeting up with everybody in the conference season. Take care.
Operator (participant)
Thank you. This concludes today's conference. We thank you again for your participation. You may now disconnect.