Q4 2021 ARMOUR Residential REIT Inc Earnings Call
Speaker 1: you
Speaker 2: Good morning and welcome to the Armor Residential REITs fourth quarter and full year 2021 Earnings Conference call.
Good morning, and welcome to the armour residential REIT fourth quarter and full year 2021 earnings conference call.
Speaker 2: All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions.
All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing Star then zero on your telephone keypad. After today's presentation, there will be an opportunity to ask questions to ask a question. You May Press Star then one on your telephone keypad to withdraw your.
Speaker 2: To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press star, then 2. Please note this event is being recorded. I would now like to turn the conference over to Jim Mountain, Chief Financial Officer. Please go ahead.
Question. Please press Star then two please note. This event is being recorded I would now like to turn the conference over to Jim Mountain Chief Financial Officer. Please go ahead.
Thank you Andrew.
Speaker 3: Thank you, Andrew, and thank you all for joining our call this morning to discuss Armor's fourth quarter 2021 results. I'm joined today by Armor's co-CEO Scott Almond Jeff Zimmer and Mark Gruber, our Chief Investment Officer.
Thank you all for joining our call. This morning to discuss <unk> fourth quarter 2021 result.
I'm joined today by Armours co Ceos, Scott, Ulm, and Jeff Zimmer and Mark Gruber, our Chief investment Officer.
Speaker 3: By now everyone has access to Armour's earnings release, which can be found on Armour's website, www.armourread.com. This conference call may contain statements that are not recitations of historical fact, and therefore constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
By now everyone has access to Armours earnings release, which can be found on Armours website, Www armory Dot com.
This conference call may contain statements that are not recitations of historical fact, and therefore constitute forward looking statements within the meaning of the private Securities Litigation Reform Act of 1095.
Speaker 3: All such forward-looking statements are intended to be subject to the Safe Harbor provisions provided by the Reform Act.
All such forward looking statements are intended to be subject to the safe Harbor provisions provided by the Reform Act.
Speaker 3: Actual outcomes and results could differ materially from the outcomes and results expressed or implied by the forward-looking statements due to the impact of many factors beyond the control of Armor. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the Risk Factor section of Armor's periodic reports filed with the Securities and Exchange Commission. Copies are available on the SEC's website at www.SEC.gov.
Actual outcomes and results could differ materially from the outcomes and results expressed or implied by the forward looking statements due to the impact of many factors beyond the control of armour.
Certain factors that could cause actual results to differ materially from those contained in the forward. Looking statements are included in the risk factors section of Armours periodic reports filed with the Securities and Exchange Commission.
Copies are available on the SEC's website at Www SEC Gov.
All forward looking statements included in this conference call are made only as of today's date and are subject to change without notice we disclaim any obligation to update our forward looking statements unless required by law.
Speaker 3: All forward-looking statements included in this conference call are made only as of today's date and are subject to change without notice. We disclaim any obligation to update our forward-looking statements unless required by law.
Speaker 3: Also, our discussion today may include references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measure is included in earnings release.
Also our discussion today may include references to certain non-GAAP measures. A reconciliation of these measures to the most comparable GAAP measure is included in the earnings release.
An online replay of this conference call will be available on Armours website, shortly and will continue for one year.
Speaker 3: An online replay of this conference call will be available on ARMA's website shortly and will continue for one year.
Speaker 3: Since we last spoke, the interest rate mortgage markets have been marked by choppy waters. Armour's quarter-end book value was $10.33 per common share, down 76 cents from September 30, 2021. This quarter-over-quarter decrease reflects spread widening across our MBS portfolio, which is likely the result of the market ruminating on talk of inflation, Fed interest rate hikes, and future reductions in agency mortgage purchases.
Since we last spoke the interest rate and mortgage markets have been marked by choppy waters Armours quarter end book value was $10 33 per common share down 76 cents from September 32021, this quarter over quarter decrease reflects spread widening across our MBS portfolio, which is likely there.
Result of the market ruminating on talk of inflation fed interest rate hikes in future reductions in agency mortgage purchases.
Speaker 3: We expect this tightening and taper market will be with us for a while, and we're optimistic that it will remain relatively orderly and avoid throwing another tantrum.
We expect this tightening and taper market will be with us for a while and we're optimistic that it will remain relatively orderly and avoid throwing another tantrum.
Speaker 3: For an apples to apples comparison across the sector, book value was $9.76 per common share on January 31st, 2022.
For an apples to apples comparison across the sector book value was $9 76 per common share on January 31 2022.
Speaker 3: As the close of business on February 15th, we estimated Armor's book value per common share to be approximately $9.17.
As the close of business on February 15th we estimated Armours book value per common share to be approximately $9 17.
While spread widening negatively impacts the current market value of our existing MBS portfolio. It also reflects increase in current asset yields and improving opportunities for new MBS investments that.
Speaker 3: While spread widening negatively impacts the current market value of our existing MBS portfolio, it also reflects increasing current assets yields and improving opportunities for new MBS investment.
Speaker 3: At December 31st, 2021, ARMA's portfolio consisted of $4.4 billion of agency securities and TVA positions, representing another $4.5 billion. We also had $200 million of U.S. Treasury securities.
At December 31, 2021, Armours portfolio consisted of $4 4 billion.
Agency Securities and TBA positions.
Representing another $4 5 billion, we also had $200 million of U S Treasury Securities.
Speaker 3: Since then, Armor has reduced its agency and TBA portfolio by $2.9 billion and increased its U.S. Treasury position by $1.6 billion to be ready to take advantage of those improving opportunities.
Since then armor has reduced its agency and TBA portfolio by $2 $9 billion and increased its U S. Treasury position by $1 6 billion to be ready to take advantage of those improving opportunities.
Speaker 3: ARMA's Q4 comprehensive loss was $37.8 million, which includes $20.8 million of gap net loss.
Armours Q4 comprehensive loss was $37 $8 million, which includes $28 million of GAAP net loss.
Speaker 3: distributable earnings which exclude gains or losses from securities fails and early termination of derivatives as well as market value adjustments but it does include PBA drop income was $27.7 million or 27 cents per common share.
Repeatable earnings, which excludes gains or losses from security sales and early termination of derivatives as well as market value adjustments, but it does include TBA drop income was $27 $7 million or 27 per common share.
Speaker 3: During the fourth quarter, Armor issued 6,386,724 shares of common stock through the ATM programs, raising $67.5 million of capital after fees and expenses. As we've discussed on prior calls, increases in our common share base reduced per share administrative costs.
During the fourth quarter armour issued 6.386 million 724 shares of common stock through the ATM programs, raising 67 $5 million of capital after fees and expenses as we've discussed on prior calls increases in their common share base reduced per share admin.
<unk> costs for the full year Armen Armours common share count is up 44%, which reduces the administrative expense load by 17 cents per common share on an annualized pro forma basis.
Speaker 3: For the full year, Armors common share count is up 44%, which reduces the administrative expense load by 17 cents per common share on an annualized pro forma basis.
Speaker 3: Armour Capital Management, the company's external manager, continues to waive a portion of its management fee. The waiver currently offsets $650,000 of operating expenses each month.
Armour capital management, the company's external manager continues to waive a portion of its management fee waiver currently offset $650000 of operating expenses each month.
Speaker 3: The company paid dividends of 10 cents per common share for each month in the fourth quarter for a total of $30.9 million. Armour maintained that monthly dividend rate of 10 cents per share with the recently announced March 2022 common dividend. The Series C preferred stock dividends for Q1 2022 have also been declared at the contractual rate of 7% per annum.
The company paid dividends of 10 cents per common share for each month in the fourth quarter for a total of $39 million armour maintained that monthly dividend rate of <unk> 10 per share with the recently announced March 2022 common dividend.
The series C preferred stock dividends for Q1 2022 have also been declared at the contractual rate of 7% per annum.
Speaker 3: Now, I'll turn the call over to Co-Chief Executive Officer Scott Alm to discuss our portfolio positioning and current strategy in further detail. Scott. Thanks, Jim.
Now I'll turn the call over to co Chief Executive Officer, Scott Ulm to discuss Armours portfolio positioning in current strategy in further detail Scott Thanks, Jim <unk>.
Speaker 3: December's FOMC meeting resulted in a hawkish pivot, signaling the end of the quantitative easing program and at least four to five federal funds on rate hikes in 2022.
December is Ethel M. C meeting resulted in a hawkish pivot signaling the end of the quantitative easing program and at least four to five federal funds rate hikes in 2022.
Speaker 3: In addition, the FOMC hinted at a possible reduction of the Fed's balance sheet by mid-year 2022. January's FOMC meeting further reinforced the resolve to address the high inflation rate, leaving all options open for an even more aggressive tightening policy on the table, including a possible 50 basis point hike in March.
In addition, the FMC you hinted at a possible reduction of the fed's balance sheet by midyear 2022 January is epilepsy meeting further reinforced our resolve to address the high inflation rate, leaving all options open for an even more aggressive tightening policy on the table, including a possible 50 basis point hike in March.
Speaker 3: This hawkish shift sent a strong warning to investors to reassess historically tight valuations on most asset categories and for us particularly US agency MBS.
This rocket shifts and a strong warning to investors to reassess historically tight valuations on most asset categories and for us, particularly U S Agency MBS.
Speaker 3: After OAS widened in the fourth quarter on mortgage backed securities, there's been a further OAS widening of 15 to 20 basis points in the first quarter. While these levels are now significantly closer to longer term historical averages, the uncertainty around the policy response to the rising rate of inflation remains high, posing further risk of wide-scale inflation.
After OAS widened in the fourth quarter on mortgage backed securities. There has been a further OAS widening of 15 to 20 basis points from the first quarter. While these levels are now significantly closer to longer term historical averages the uncertainty around the policy response to the rising rate of inflation remains hot posing further risk of widening.
Speaker 3: Armor substantially reduced the risk in our mortgage portfolio early in 2022. We lowered the spread risk in our portfolio by net selling $2.9 billion of MBS, rotating our TVA positions into 600 million specified pool MBS and 1.6 billion of US Treasury.
Armored substantially reduce the risk of our mortgage portfolio early in 2022.
We lowered the spread risk in our portfolio by net selling $2 $9 billion of MBS rotating our TBA positions into 600 million specified pool, MBS and $1 6 billion of U S treasuries.
Speaker 3: This action significantly improved the negative convexity of our portfolio and lowered our implied leverage ratio from 7.5 times at the end of the fourth quarter down to 6.5 times today.
This action significantly improved the negative convexity of our portfolio and lowered our implied leverage ratio from seven five times at the end of the fourth quarter down to six five times today.
Speaker 3: The other side of this wider spread and higher rate environment is better investment opportunities, and Armour is well positioned to take advantage of them.
The other side of this wider spread in the higher rate environment is better investment opportunities and armor is well positioned to take advantage of them.
Speaker 3: 30-year agency-backed mortgage rates now exceed 4%, signaling at least a temporary end to the pandemic-era finance wave. This will slow down prepayment speeds and potentially increase net margin on the existing portfolio and new investments.
30 year agency backed mortgage rates now exceed 4% signaling at least a temporary yet into the pandemic era refinance with this will slowdown in prepayment speeds and potentially increased net margin on the existing portfolio and new investments.
Speaker 3: Our lower leverage gives us room for two or more terms of leverage to take advantage of improving investment opportunities. And we have substantial excess liquidity to support a larger portfolio and hedge book.
Our lower leverage gives us room for two or more turns of leverage to take advantage of improving investment opportunities.
And we have substantial excess liquidity support a larger portfolio and hedge book.
Because we have 101% of our repo book hedged out with current pay swaps.
Speaker 3: Because we have 101% of our repo book hedged out with current pay swaps.
Speaker 3: We have removed much of the uncertainty and added borrowing expense around the exact timing and sizing of the future Fed hike.
We removed much of the uncertainty and added borrowing expense around the exact timing and sizing of future fed hikes.
Speaker 3: If you include our forward starting swaps, 123% of our repo book is hedged and 90% of our current asset portfolio is hedged. Our average repo rate today is still historically low at just 13 basis points.
If you include our forward starting swaps of 123% of our repo book is hedged and 90% of our current asset portfolio is hedged.
Our average repo rate today is still historically low at just 13 basis points.
Speaker 3: Armor is active with 19 different repo counterparties and approximately 49% of our principal is borrowed with our broker dealer affiliate Buckler Security.
Armour is active with 19 different repo counterparties and approximately 49% of our principal was borrowed with our broker dealer affiliate Buckler Securities.
Speaker 3: We do see potentially significant opportunity around the corner, but for today we maintain a lower risk profile going into the Fed tightening and quantitative easing ending. As we've noted before, we set our dividend policy based on the medium term outlook in our business. We continue to see our dividend level as appropriate. With that, we'll see you in the next video.
We do see potentially significant opportunity around the corner, but for today, we maintain a lower risk profile going into the fed tightening and quantitative easing and day.
As we've noted before we set our dividend policy based on the medium term outlook in our business. We continue to see our dividend level is appropriate.
With that we'd like to open up for any questions.
Speaker 2: We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys.
We will now begin the question and answer session.
Lastly question you May Press Star then one on your telephone keypad, if youre using a speakerphone. Please pick up your handset before pressing the keys.
Speaker 2: If at any time your question has been addressed and you would like to withdraw your question, please press star then 2. At this time we will pause momentarily to assemble our roster.
If at any time. Your question has been addressed and you would like to withdraw your question. Please.
Please press Star then two.
At this time, we will pause momentarily to assemble our roster.
Speaker 2: The first question comes from Doug Harter with Credit Suisse. Please go ahead.
The first question comes from Doug Harter with Credit Suisse. Please go ahead.
Speaker 4: Thanks. Can you talk about the timing of the first quarter portfolio changes that you discussed? And then what conditions you would be looking for in order to kind of move, to redeploy that capital or move out of treasuries back into MBS?
Thanks can you talk about the.
The timing of the of the first quarter our portfolio changes that you discussed and then.
What conditions you would be looking for.
In order to kind of move.
To redeploy that capital or move out of treasuries back into MBS.
Speaker 5: Sure, Doug, this is Mark. So those portfolio moves were pretty much towards the end of January and a little bit in February . You know, it's kind of really throughout the first quarter so far. To answer your question on reinvestment.
Sure Doug This is mark.
So those portfolio moves were pretty much towards the end of January and a little bit in February .
It was kind of really throughout the first quarter so far.
To answer your question on Reinvestments.
Speaker 5: You know, look, we're looking for, you know, we think there should be some wider spreads going forward. We, you know, we'll look at opportunities and when we're comfortable with both the, you know, the yield targets and the risk profile, we'll start to reinvest.
Look we're looking for.
We think there should be some wider spreads going forward.
We will look at opportunities and when we're comfortable with both the <unk>.
Yield targets and the risk profile, we'll start to reinvest.
Speaker 5: There's no real timing per se where we think we have to invest. We just think there are going to be opportunities coming forward.
There is no real timing per se, where we think we have to invest but just think they are going to be opportunities coming forward.
Speaker 6: So the Fed meets March 16th, Doug, and I think between now and then, they're gonna dribble out through interviews and conferences with all the Fed members, and we're gonna learn more and more and more as we get closer to that. So we believe when we get there, there'll be no surprises. And in between now and then, we suspect you'll see a little bit more widening. But when we start seeing low double-digit returns with all the safety features, like good convexity, okay, they're not on the prepayment spectrum. In other words, they're not,
Fed meets March 16th Doug and.
Between now and then theyre going to dribble out through interviews.
As with all of the fed members and we're going to learn more and more and more as we get closer to that so we believe when we get there will be no surprises and in between now and then we suspect you'll see a little bit more widening but when we start seeing low double digit returns with all the safety features like good convexity, okay, they're not on the prepayment spectrum in other words are nuts.
Speaker 6: characteristically could be heavy prepaid one month and then you slow the next month cuspy kind of stuff
Characteristically could be heavy prepays, one month, and then slow the next month's cuts be kind of stuff. We can get the all the good characteristics, you'll see us start investing and we may invest actually before March 16th we will see how things develop.
Speaker 6: We get all the good characteristics. You'll see it start investing and you know, we may invest actually before March 16th. We'll see how things develop.
Got it and then just on the dividend.
Speaker 4: You know, you look at the current rate, the dollar, you know, the 10 cent monthly divided by your current book value, that would imply, you know, call it a 13% return on book value.
If you look at the current rate.
You know the Tencent monthly divided by your current book value that would imply you know call it.
13%.
Return on book value.
Speaker 4: Do you think that that is an achievable return in the current environment or where spreads might go to?
Do you think that that is an achievable return in the current environment or where spreads might go to.
Speaker 6: So all reinvestment right now is actually marginal money, right? Your overhead is already covered.
So all of the investment right now is actually marginal money right. Your overhead is already covered if you look at the historical leverage in this space, It's high Sevens to high eight's kind of range, where two full turns down from that so if we invested another $2 billion is more than achievable.
Speaker 6: If you look at the historical leverage in this space, it's a high sevens to high eights kind of range. We're two full turns down from that. So if we invest another $2 billion, it's more than achievable. We're just being very careful. You just have the degradation recently of the mortgage spreads. So as I just said, we're going to be slow about reinvesting. But yes, it's very achievable. Not to mention the swap of treasuries into mortgage backed securities, which is a very
We're just being very careful you just have the degradation recently of the mortgage spreads.
So we're going to be slow about reinvesting, but yes. It is very achievable not to mention the swap of treasuries into mortgage backed securities which.
Speaker 3: doesn't affect the leverage, but certainly, you know, it would be mortgage-backed securities, potentially a much more interesting category. But we kind of like Treasuries and their lack of spread risk right now.
It doesn't affect the leverage but certainly.
It would be when mortgage backed securities potentially much more interesting category. So we kind of like treasuries and their lack of spread risk right now.
Got it thank you.
Thanks.
Speaker 2: The next question comes from Trevor Cranston with JMP Securities. Please go ahead.
The next question comes from Trevor Cranston with JMP Securities. Please go ahead.
Speaker 2: Hey, thanks. Good morning. Follow up on the question about the dividend level.
Hey, Thanks, good morning.
Follow up on the question about the dividend level.
You know with the with the moves you guys made so far in the first quarter. It seems like that would.
Speaker 2: You know, with the with the moves you guys made so far in the first quarter, it seems like that would.
Speaker 2: reduce the earnings power of the portfolio a decent amount, at least over the near term.
Reduce the earnings power of the portfolio.
A decent amount at least over the near term.
Speaker 2: But you guys reiterated that you're comfortable with the dividend level. Can you just sort of share your thinking around why you guys want to maintain that level with the yield that the stock is currently trading at versus maybe taking it down a notch and retaining some more capital for reinvestment in the future? Thanks.
But you guys.
Reiterated that you are comfortable with the dividend level can you just sort of share your thinking around.
Why are you guys want to maintain that level.
With the with the yield that the stock is currently trading at versus.
Maybe taking it down a notch in regaining some more capital for reinvestment in the future. Thanks.
So what we've said over the last 567 conference calls is that we look at the dividend rate over the medium term, maybe even a little longer what is appropriate and what this machine can earn and although we have been a few cents for each of the last few quarters, it's because despite the fact that we learned lessons.
Speaker 6: five, six, seven conference calls is that we look at the dividend rate over the medium term, maybe even a little longer what is appropriate and what.
Speaker 6: this machine can earn, although we've been a few cents under it for each of the last few quarters, it's because, you know, despite the fact we lost some book value here, you know, we're being defensive. And we just indicated how, you know, two turns of mortgage investment would add $2 billion and I think a billion six to a billion seven of swapping out of Treasures into mortgages will add a lot of earnings power. So we're very comfortable where we are right now with the dividend. We would not expect that to change in the near future.
Better here being defensive and we just indicated how two turns of mortgage investment would add $2 billion and I think a 1 billion 621 billion southern of swapping out of treasuries into mortgages will add a lot of earnings power. So we're very comfortable where we are right now with the dividend we would not expect that to change in the near future.
Speaker 2: Okay, got it. And then on the on the prepaid outlook, it looks like the portfolio had a pretty meaningful drop in in speeds in February . Do you guys think that is sort of close to close to bottomed out? Or is there any additional room for that to drop given the spike higher rates we've seen so far in the first quarter?
Okay got it.
And then on the on the prepay outlook it looks like the portfolio you had a pretty.
Meaningful drop in our speeds in February .
Do you guys think that is sort of close to close to bottomed out or is there any additional room for that to drop given the spike higher in rates we've seen so.
So far in the first quarter.
Speaker 5: So, you know, our portfolio speeds are pretty low as is. We think there may be a little more room for it to drop a little bit, but we're getting closer to, we think, the turnover speeds. So little upside to speeds for us on the amortization earnings forefront, but we think we're close to the bottom here for us in speeds.
So our portfolio speeds are pretty low as it is we think there may be a little more room for it to drop a little bit, but we're getting closer to we think that turnover speeds.
So little upside just feeds for us.
The amortization earnings forefront, but we think we're closer to the bottom here for us in speeds.
Speaker 2: Okay, and would that imply that you think the portfolio is pretty fully extended with the durations where they're at currently?
Okay.
Would that imply that you think the portfolio is pretty pretty fully extended.
With the accretions, where they're at currently.
Yeah, our spec portfolio, yes.
Okay I appreciate it.
Speaker 2: OK, appreciate the problem. Very excellent. Hey, just to be clear, I'm Trevor when he said a little upside, he didn't mean the upside and speed him at the upside in potential earnings from reduced amortization expense. Just to be clear there.
Hey, just to be clear Trevor when he said a little upside he didn't mean upside in speaking about the upside potential.
Industrial earnings from reduced amortization expense just to be clear there.
Yes, I got that right.
Speaker 7: Again, if you have a question, please press star then 1 on a touch tone phone.
Again, if you have a question. Please press Star then one on a touchtone phone.
Speaker 7: The next question comes from Christopher Nolan with Ladenburg-Vollman. Please go ahead. Hey, guys. Based on your comments, we have a question from
The next question comes from Christopher Nolan with Ladenburg Thalmann. Please go ahead.
Hey, guys based on your comments.
Should we be expecting more investments into 30 year agencies.
Speaker 5: I would say yes, in that that's where we think there are going to be opportunities, because we expect more spread winding there. There are already some low double digit opportunities, but like we said, we should expect some more spread winding, a little bit rise in rates. But yeah, 30 years is.
Yeah.
I'd say, yes, and that that's where we think they're going to be opportunities because we expect more spread widening there.
There are already some low double digit opportunities.
But like we said, we should expect some more spread widening a little bit rising rates.
But yes, 30 years, but where we will target.
Okay, and then given your comments, where the feds excuse me the market is expecting four to five fed hikes.
Speaker 3: Okay, and then given your comments were the market's expecting four to five Fed hikes, are you given that?
Are you defend and given that it's been the case for.
At least a few weeks.
Should we expect further.
Going into treasuries.
Coming weeks, she guys Youre thinking the market is not fully baking in.
What's going to transpire.
Basically should we expect further defensive posturing of the portfolio.
Same way it is right now.
So.
Speaker 5: So in regard to Scott's comments, that was more of what the Fed was implying in December meeting. What the market's implying now, I think, is a little more than that. From a portfolio perspective, I don't think we will get more defensive. We've already moved a lot into treasuries. We've taken leverage down. And that's part of my example of where I think the? Nasr thinking about people so far is quite
In regard to Scott's comments that was more of what the fed was implying in December meeting, what the market's implying now I think theres a little more than that.
From a portfolio perspective.
I think we will get more defensive.
We've already moved a lot into treasuries, we've taken leverage down.
Speaker 5: So, you know, I think the next time we talk, we'll probably have hopefully been able to do some reinvesting and added assets as, you know, the opportunities to present themselves. But I think more defensive is not really where we wanna go right now. I think we're set up based on our profile, our risk profile that we're very comfortable with. Great, and are you seeing anything in terms of non-agency investments that you might consider?
So I think the next time, we talk we will probably have hopefully being able to do some reinvesting and added assets as the opportunities present themselves, but I think more defensive is not really where we want to go right. Now I think we're set up based on our profile our risk profile that we're very comfortable with.
Great.
Are you seeing anything in terms of non agency investments that you might consider.
Back into the old crts or anything like that or is that too premature.
Exactly.
Yeah.
Okay. Thank you guys.
Have a great day, thanks for calling in.
Speaker 7: This concludes our question and answer session. I would like to turn the conference back over to Jim Mountain for any closing remarks.
This concludes our question and answer session I would like to turn the conference back over to Jim Mountain for any closing remarks.
Thank you Andrew and thank you all for joining us.
Speaker 3: Thank you Andrew and thank you all for joining us. We look forward to continuing the dialogue in the intervening months. So you know where to find us. If questions arise, please feel free to reach out. And until next time, everybody stay safe.
We look forward to continuing the dialogue in the intervening.
Months, So you know where to find us.
Questions arise please feel free to reach out.
And until next time, everybody stay safe.
The conference has now concluded. Thank you for attending today's presentation you may now disconnect.
Speaker 7: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.
Speaker 1: Music
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Yes.