ACRE 2026年第三季度财报电话会: REO资产出售, CECL准备金与贷款处置

核心要点

• Ares Commercial Real Estate Corporation（NYSE: ACRE）公布2026年第三季度GAAP净利润约为1000万美元，即每股稀释普通股收益0.18美元。可分配收益为670万美元，即每股稀释收益0.12美元。
• 该公司出售了位于北卡罗来纳州夏洛特的写字楼REO（止赎不动产）资产，所得净收益较账面价值高出约700万美元。写字楼贷款及写字楼REO投资规模降至4.44亿美元，环比下降10%，同比下降19%。
• CECL（当前预期信用损失）准备金总额为1.41亿美元，较第二季度增加约200万美元，相当于持有待投资贷款未偿还本金的约8%。风险评级为4级和5级的贷款占该准备金的1.33亿美元，占比达94%。
• 可用资本总计1.16亿美元，不计CECL的净负债与权益比为1.9倍。ACRE在本季度收回还款3500万美元，今年迄今累计收回还款1.46亿美元。
• 季度末后，ACRE全额收回了一笔到期违约的2800万美元纽瓦克工业贷款，包括本金、应计利息及违约利息。管理层表示，这是该投资组合中唯一一笔违约贷款。
• 董事会宣布2026年第四季度普通股每股派息0.15美元。管理层表示，妥善处置非应计投资并将资本重新配置至生息资产，有望成为未来可分配收益增长的重要驱动力。

关键财务数据

业务及经营表现

ACRE继续缩减存量写字楼资产的风险敞口。在出售夏洛特REO资产后，写字楼贷款和写字楼REO投资总额为4.44亿美元。目前剩余七笔写字楼贷款，其中五笔评级为1至3级，在发起人的支持下表现出稳定至改善的态势。

过去12个月中，该公司的贷款投资组合增长了超过40%。第三季度，ACRE新发起了一笔以工业地产组合为抵押的优先共同投资贷款，承诺出资额为3500万美元。其中，2800万美元持有待投资，700万美元为待售发起并在该季度内出售。

扣除相关CECL准备金后，风险评级为1至3级的贷款占贷款投资组合账面净值的90%。所有贷款均为浮动利率，其中94%设有利率上限，平均一个月期SOFR行权利率为4.3%。ACRE绝大部分浮动利率资产完全由浮动利率借款提供资金支持。

芝加哥写字楼贷款和布鲁克林住宅公寓贷款占风险评级为4级和5级贷款未偿本金余额的95%。ACRE已启动获取芝加哥物业产权的程序，以加强对其出售和处置的主导权。截至9月30日，该资产的出租率超过90%，加权平均租期超过七年，且相对于扣除CECL后的账面价值，产生了两位数的债务收益率。

布鲁克林公寓项目施工已完成，为进一步的市场推广和吸引买家提供了支持。随着ACRE对单元销售的时间节点和收益有了更清晰的预期，该贷款的风险评级从4级下调至5级。随着各单元交易的完成，相关亏损将按比例确认。

在10月份其最大的一笔多户住宅贷款结清后，ACRE仍持有六笔多户住宅贷款，其中四笔于2025年或2026年发起。一笔位于圣安东尼奥的6700万美元贷款在发起人追加股本以缩减本金后获得展期；另一笔位于辛辛那提的5700万美元贷款在超出要求的业绩考核指标后获得了合同展期资格。

管理层展望

管理层的优先事项是处置剩余的REO资产以及风险评级为4级和5级的贷款，同时以高性价比的杠杆有选择地配置可用资本。这些目标资产（包括非应计贷款）在扣除CECL准备金但在计入相关融资前的账面价值约为1.60亿美元。

该公司表示，将资本从收益微薄或无收益的投资重新配置到新的生息资产中，可能会成为更显著的盈利增长驱动力。管理层预计，投资组合的重新定位和多元化将支持每股收益（EPS）增长，并使收益达到或超过股息水平，不过具体时间取决于资产处置进展和市场环境。

风险及关注事项

• 管理层认为商业地产市场整体温和向好，但指出较高的利率正在对普遍向好的物业基本面形成制约。
• 管理层估计，近期利率变动导致大多数物业类型的价值下降了约2%至6%，各资产之间存在差异。
• 芝加哥写字楼贷款的风险评级仍为5级，占ACRE全部CECL准备金的近一半。该公司正在争取获取产权，以增强对处置过程的控制力。
• 布鲁克林公寓的亏损将随着各单元的出售而逐步显现，这导致亏损确认的时间节点存在不确定性。
• 风险评级为4级和5级的贷款占CECL准备金的1.33亿美元，约相当于其未偿本金余额的34%。
• 尽管管理层指出许多市场的基本面正在改善且新增供应受到限制，但利率走高仍可能影响公寓买家的行为和房地产估值。

分析师问答要点

管理层澄清称，这笔2800万美元的纽瓦克工业贷款评级并非4级或5级。该贷款风险评级此前一直保持在3级，因为ACRE认为其抵押品充足，且公司已全额收回本金、应计利息和违约利息。

针对芝加哥写字楼资产，管理层表示，取得产权主要是为了简化结构，并对处置节点和流程实施更直接的掌控。由于该物业出租率超过90%，拥有机构级优质租户，且剩余租期约为七年，因此预计不会出现大规模的资本开支周期。该物业在第三季度产生了170万美元的经营现金流净额支付，冲减了ACRE的贷款成本基础。

关于布鲁克林公寓项目，管理层表示项目竣工将有助于看房和销售。相关亏损将在各单元完成销售时陆续计入，而非一次性计提。

在季度末后偿还了有担保定期贷款后，ACRE表示其投资节奏仍将主要取决于还款情况、整体市场环境以及潜在投资机会。公司预计其融资结构将继续与以浮动利率为主的优先贷款组合保持一致，包括回购协议（repo）及其他灵活的融资方式。

在被问及股息覆盖率时，管理层并未给出具体时间表。管理层重申，妥善处置风险评级为4级和5级的贷款以及REO资产，是提升可分配收益的核心所在。

业绩电话会完整纪要

完整财报电话会议逐字稿

管理层陈述

Operator

Good morning. Welcome to Ares Commercial Real Estate Corporation's Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded on Friday, November 6, 2026.

I will now turn the call over to Mr. John Stilmar, Partner of Public Markets Investor Relations.

John Stilmar

Thank you, and good morning. We appreciate you for joining us on today's conference call. Before we begin, I will remind everyone that comments made during the course of accompanying documents contain forward-looking statements and are subject to risks and uncertainties.

Many of these forward-looking statements can be identified by the use of words such as anticipates, believes, expects, intends, will, should, may and similar such expressions. These forward-looking statements are based on management's current expectations of market conditions and management's judgment. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. The company's actual results could differ materially from those expressed in its forward-looking statements as a result of a number of factors, including those listed in its SEC filings. Ares Commercial Real Estate assumes no obligation to update any such forward-looking statements.

During this call, we will refer to certain non-GAAP financial measures. We use these as measures of operating performance, and these measures should not be considered in isolation from or as a substitute for measures prepared in accordance with generally accepted accounting principles. These measures may not be comparable to like titled measures used by other companies.

Now I'd like to turn the call over to our CEO, Bryan Donohoe. Bryan?

Bryan Donohoe

Thank you, John. I'm here today with Jeff Gonzales, our CFO, as well as other members of the management and Investor Relations teams. Overall, the commercial real estate market remains moderately constructive as the recent rise in interest rates runs counter to the generally positive underlying property fundamentals. We believe at times like these, it is valuable to be a part of the scaled Ares platform, which provides us with differentiated market insights and a deep pipeline of opportunities, allowing us to remain patient and highly selective as the market continues to adjust to these macro drivers.

During the third quarter and so far in the fourth quarter, we sold 1 of our 2 REO properties. We were fully repaid on our only loan in default, and we made progress on our risk-rated 4 and 5 loans. Leading off with the REO property. We completed the sale of the Charlotte, North Carolina office asset in the third quarter with net proceeds of approximately $7 million above our carrying value. When we acquired title in 2024, we believe that our ownership would allow us to enhance the value of the property, benefit from a relatively attractive cash flow yield and control the exit in a more constructive environment.

This successful exit underscores the merits of our view, the strength of our active management approach and the benefits of our balance sheet position. Supported by this outcome, our office loan and office REO investments totaled $444 million at the end of the third quarter, down 10% quarter-over-quarter and 19% year-over-year. There are 7 remaining office loans, of which 5 are risk rated 1 through 3 and continue to exhibit stable to improving performance with sponsor support to further advance their respective business plans.

Additionally, subsequent to quarter end, the $28 million Newark, New Jersey industrial loan that had been in maturity default was fully repaid, including all accrued default interest. Now let us discuss the advancements towards resolutions across 4 risk-rated 4 and 5 loans. As of 3Q 2026, the Chicago office loan and the Brooklyn Residential condo loan accounted for 95% of the outstanding principal balance of risk-rated 4 and 5 loans. Starting with the Chicago office loan. Our goal is to accelerate the resolution of this loan and have, therefore, recently begun the process of acquiring title to the property. We believe this action will provide us with greater control over the sales process while benefiting from the cash flow of the property.

Importantly, fundamentals at the property remained stable with occupancy above 90% and a weighted average lease term over 7 years. The property's operating cash flow relative to our carrying value net of CECL as of September 30, 2026, represents a double-digit debt yield. Taken together with the balance sheet flexibility we have maintained, we believe we have the ability to better determine the optimal outcome for this asset. Turning to the Brooklyn Residential Condo. It was completed supporting increased marketing and greater buyer interest. While we continue to monitor the potential impact of higher interest rates on buyer behavior, we remain encouraged by activity at the property as traffic has continued to pick up since Labor Day and early market signs remain positive.

As we have increased visibility of timing and proceeds from condominium sales based on the progression of the project, we have greater clarity into the probability of our financial results, which was one of the primary factors that drove the adjustment of the risk rating from a 4 to a 5. With respect to timing of recognizing losses, as a condominium project, proportional losses will be recognized as individual unit sales are closed. The remaining 2 risk-rated 4 and 5 loans totaled $20 million of carrying value at quarter end or $6 million net of related CECL reserves. Collectively, the 4 risk-rated 4 and 5 loans represent 10% of carrying value net of related CECL reserves. While we continue to make progress on our risk-rated 4 and 5 loans, we selectively added to the portfolio.

Supported by the depth and breadth of the Ares platform, we continue to see compelling opportunities to invest. However, as we have long communicated, the pace of portfolio growth reflects our management of liquidity, the pace of resolutions and our assessment of market conditions. To that end, during the third quarter, we closed one new senior co-investment loan on a portfolio of industrial properties with a $35 million commitment, of which $28 million is classified as held for investment and $7 million was classified as held for sale and thereafter sold.

Over the past 12 months, ACRE's portfolio has increased over 40%. We believe the Ares platform provides us with the scale, deep market insights and broad opportunity set to selectively invest in loans that we believe offer attractive risk-adjusted returns. By leveraging the Ares real estate debt platform, which has completed nearly $10 billion of new loan commitments globally over the past 12 months and co-investing alongside other Ares managed vehicles, ACRE is able to access what we believe are high-quality investment opportunities. This scale enables ACRE to drive greater portfolio diversification objectives while participating in larger institutional quality loans. Despite a backdrop of higher interest rates, we continue to see generally healthy fundamentals in our risk-rated 1 through 3 loans. These loans represent 90% of our loan portfolio carrying value net of related CECL.

Given the change in interest rates and the market's focus on multifamily assets, let me now provide a little bit more specificity on the positioning of our multifamily portfolio. Following the full repayment of our largest multifamily loan in October, we now have 6 multifamily loans. 4 of the loans were originated in 2025 or 2026 and continue to make progress on their business plan. The two pre-2025 vintage multifamily loans continue to benefit from strong sponsorship and structural protections. Subsequent to quarter end, the larger of these 2 loans, a $67 million multifamily loan in San Antonio, Texas was extended after the sponsor contributed new equity to reduce the principal amount of the loan. In addition, the loan benefits from the partial principal guarantee as well as interest and carry guarantees for the remainder of the loan term.

The other pre-2025 loan, a $57 million multifamily loan in Cincinnati, Ohio, qualified for a contractual extension given the property performance exceeded its required extension tests. We are encouraged by the performance of our risk-rated 1 through 3 loans, including both our multifamily and office portfolios. The stability of our risk rated 1 through 3 risk ratings and the level of our overall CECL reserve reinforce our view of the underlying health and quality of our portfolio.

In conclusion, we're proud of our progress this year while recognizing there is more work to do. Our focus remains clear. Number one, resolving our remaining REO asset and risk-rated 4 and 5 loans, including loans that are on nonaccrual, which in the aggregate total approximately $160 million of carrying value net of CECL, but gross of associated financing; and two, deploying our available capital in a disciplined manner to drive additional portfolio growth, utilizing cost-efficient leverage. As we execute on our business plan, we believe that the resolution of our nonaccruing investments represents a more significant potential driver of earnings growth as those resolutions can redeploy capital currently generating little or no income into new earning assets. Combined with the diversification and repositioning of our portfolio, we expect our actions to drive EPS growth and support earnings that meet or exceed our dividend while delivering long-term value for shareholders.

With that, I'll turn the call over to Jeff, who will walk through our third quarter financial results.

Jeffrey Gonzales

Thank you, Bryan. For the third quarter of 2026, we reported GAAP net income of approximately $10 million or $0.18 per diluted common share. Our distributable earnings for the third quarter of 2026 was approximately $6.7 million or $0.12 per diluted common share. This includes the impact from the net realized gain of $300,000 or $0.01 per diluted common share related to the sale of the North Carolina office REO property Bryan previously mentioned.

For distributable earnings purposes, the $7.1 million GAAP gain is adjusted to exclude the impact of accumulated depreciation and amortization as those charges were not previously recognized in distributable earnings since the acquisition of the REO property. Distributable earnings for the third quarter, excluding this realized net gain was approximately $6.4 million or $0.11 per diluted common share. Additionally, during the third quarter, we collected $1.7 million or $0.03 per diluted common share of cash interest on loans that were on nonaccrual and was accounted for as a reduction in our loan basis.

Turning to liquidity and leverage. We've made meaningful progress towards strengthening and diversifying our funding model with a focus on creating greater capacity, flexibility and efficiency as we reposition the portfolio. We continue to maintain moderate leverage, which supports further resolutions of underperforming loans and future growth. We ended the quarter with a net debt-to-equity ratio, excluding CECL of 1.9x. In the third quarter of 2026, we collected $35 million of repayments, bringing year-to-date total repayments to $146 million. Given the timing of repayments and resolutions during the quarter, we closed one new senior co-investment loan on a portfolio of industrial properties with a $35 million commitment, of which $28 million is classified as held for investment and $7 million was classified as held for sale at origination and sold during the quarter.

During the period between origination and the completion of the sale, we earned interest and fee income on the portion of the loan classified as held for sale. While the loan held for sale this quarter was small relative to the overall portfolio, we continue to believe the strategy of short-term originations provides an efficient way to deploy excess liquidity while preserving balance sheet flexibility for longer-term investment opportunities. As we continue to address our remaining risk-rated 4 and 5 loans, office loans and REO property, we remain focused on maintaining a flexible balance sheet.

As of September 30, 2026, available capital totaled $116 million, providing ample liquidity to support asset resolutions and selective deployment of capital into new investment opportunities. Our balance sheet also benefits from a well-matched asset and liability profile with predominantly floating rate assets and liabilities. To that end, subsequent to quarter end, we fully repaid the secured term loan and its term was not extended. The repayment of the term loan was supported by our flexible balance sheet position and reflects our broader strategy to optimize and align our financing structure with the evolving composition of the portfolio. As part of this strategy, we also consider the interest rate structure of our portfolio.

Importantly, we have intentionally structured both our assets and liabilities with features designed to mitigate interest rate risk. Currently, ACRE's predominantly floating rate portfolio is 100% financed with floating rate borrowings, providing a natural alignment between our assets and liabilities. At the individual loan level, we also seek to employ structural protections that mitigate the impact of changes in interest rates while our borrowers execute their respective business plans. Across our risk rated 1 to 3 loans, 100% are floating rate and 94% have interest rate caps with an average 1-month SOFR strike rate of 4.3%. Importantly, the expiration of these caps generally aligned with the maturity of the underlying loans. More broadly, we underwrite and stress test our loans for potential rate fluctuations and continuously monitor the portfolio.

Now turning to our CECL reserve. The total CECL reserve remained relatively stable for the second consecutive quarter at $141 million as of September 30, 2026, an increase of approximately $2 million from the CECL reserve as of June 30, 2026. This increase was largely attributed to certain asset level changes in our risk rated 4 and 5 loans as well as a relative decline in the macroeconomic forecast compared to the prior quarter. The total CECL reserve at the end of the third quarter of $141 million represents approximately 8% of the total outstanding principal balance of our loans held for investment. 94% of our total CECL reserve or $133 million relates to risk-rated 4 and 5 loans and nearly half of the total CECL reserve is attributed to the risk-rated 5 Chicago office loan.

Overall, the $133 million of reserves attributable to our risk-rated 4 and 5 loans represent approximately 34% of the outstanding principal balance of those risk-rated 4 and 5 loans. Our book value remained relatively stable at $8.86 per share. This continued stability reflects the progress we have made repositioning the portfolio and paired with stable CECL reserve is increasingly evident of the strength and health of the overall portfolio.

To conclude, the Board declared a regular cash dividend of $0.15 per common share for the fourth quarter of 2026. The fourth quarter dividend will be payable on January 15, 2027, to common stockholders of record as of December 31, 2026. At our current stock price on November 3, 2026, the annualized dividend yield on our third quarter dividend is approximately 18%.

With that, I will turn the call back over to Bryan for some closing remarks.

Bryan Donohoe

Thank you, Jeff. As we look ahead, we believe ACRE is increasingly well positioned to benefit from the progress we have made repositioning the portfolio. We have greater diversification, a growing mix of newer vintage loans and a flexible balance sheet while continuing to advance resolutions across our remaining risk-rated 4 and 5 loans. We believe executing against the strategy we outlined today can drive earnings growth over time while maintaining the discipline and flexibility that remains central to our strategy. As always, we appreciate you joining our call today, and we'd be happy to open the line for questions.

Operator

[Operator Instructions] We'll take our first question from Jade Rahmani with KBW.

分析师问答

Jason Sabshon

This is Jason Sabshon on for Jade. Did you say that an industrial loan in default.

Bryan Donohoe

That's correct.

Jason Sabshon

Great. And was that in the risk 4 and 5 bucket? And what was the carrying value of that loan?

Bryan Donohoe

It was not in the risk rated 4 and 5 bucket. We felt we were very well collateralized. So therefore, I believe, Jeff, it was still 3. And we realized 100% of principal plus interest as well as default interest. So we felt the default is more of a technical nature and not indicative of distressed value.

Jeffrey Gonzales

And just to add, that was our only defaulted loan in the portfolio.

Jason Sabshon

Great. Yes. And also, I'd be curious if you're seeing incremental pressure anywhere in your existing portfolio due to higher rates. I know you commented on it a bit, but I guess also within that, in your multifamily book, what kind of debt yields are you seeing?

Bryan Donohoe

Yes. I think we've spoken when we -- if you were to go back whatever it was, 3 years ago now when you saw SOFR move up, I think, at 10x order of magnitude than it has over the last 6 months or so, there was certainly more stress. But we've always spoken about interest rates effectively being like gravity for values. So I think the impact of the rate movement over the past stretch here has probably moved values 2% to 6% for most product and some good variability.

The backdrop of that in many markets, though, is improving fundamentals. The inflation story is going to further limit supply. So you're seeing less of a move in cap rates in real time than you are necessarily in the rates themselves. So I think we'd all be remiss to think about rates not impacting valuations. But as you heard us describe in the prepared remarks, we feel like the earlier vintage transactions that withstood both of these rate movements would, in general, be more impacted.

But as we outlined on the 2 remaining multifamily deals from that vintage, we saw one perform in keeping with our original underwriting, qualifying as of right for its extension and the second, seeing a pretty significant structural support from sponsorship. So certainly, rates are impactful and directionally negative for real estate, but the stability of our risk-rated 1 to 3 book, I think, should be indicative of how we feel about that part of the portfolio.

Jason Sabshon

Great. And then lastly, on the risk 5 Chicago office loan, it would be helpful if you could provide an update. And if you were to take it REO, what kind of income yield would you see?

Bryan Donohoe

If we did take it back, I think it's just to simplify the structure to some degree. We've been collecting all free cash flow for some period of time and paying down debt as you're paying down our basis as you're aware. I think by stepping in, it may just simplify the structure, change the manner in which we benefit and allow us to have more direct control over the resolution and the resolution timing.

But the profile of the transaction has not changed. We outlined the lease term. This is not a CapEx-intensive asset. This has quality tenancy. So really not much of a change, except a change in the control and the path towards resolution.

Operator

We'll take our next question from Rick Shane with JPMorgan.

Hong Zhang

This is Hong on for Rick. I guess as it relates to the Brooklyn Condo loan, you talked -- could you provide some color on how you expect the pace of unit sales going forward? And do you expect -- just given the fact that you recognized losses, is this something where we should just expect, I guess, a short drip of losses quarter until the sale complete?

Bryan Donohoe

I think I heard most of the question. In terms of the Brooklyn Condominium, as we mentioned, construction complete, which usually has a positive impact on pace of tours and sales. And while the risk rating has changed, I don't think the progress towards ultimate resolution of the asset itself has. We typically -- there is some seasonality around sales within the New York market. It feels like it's a pretty active marketplace today. And in terms of your question from realization of losses, those will occur as individual unit sales are consummated. The typical path would be marketing and contracts and then ultimately sales once the condo is fully effective. So this business plan is progressing in keeping with a typical condominium regime in the New York market.

Hong Zhang

Got it. And then I guess with the Chicago property, as you acquire the title, should we expect just incremental operating expenses, CapEx or anything going on in the income statement or the balance sheet?

Bryan Donohoe

No. I mean we do not expect any significant CapEx cycle. This is a relatively well occupied, north of 90% occupied asset, institutional-grade asset with a lease term of approximately 7 years. So not a CapEx-intensive asset or cash flow profile.

Jeffrey Gonzales

As I mentioned in my prepared remarks, we collected $1.7 million of payments this quarter from net operating cash flow. So it's about $0.03 per share. So it gives you an idea of the kind of cash flow the property is generating.

Operator

[Operator Instructions] We'll move next to Chris Muller with Citizens Capital.

Unknown Analyst

This is Allison in for Chris. I appreciate taking question this morning. So with the term loan repaid subsequent to quarter end, do you think you'll start looking to shift more to offense? Or will you stay cautious in this environment?

Bryan Donohoe

I don't know that the term loan really will relate too much to our disposition as to aggressive or passive or the manner in which we repaid the term loan should be indicative of the balance sheet positioning that we've undertaken for the past 2-plus years to maintain flexibility. And I think that flexibility, as you mentioned, really allowed us to be proactive as it relates to underlying asset resolutions like the North Carolina office, but also, as I said, the manner in which we repay the loan.

Our view of the market, as we stated in the prepared remarks, is this is a period of digestion given the movement in rates. And our repayments will largely be indicative of how we position for the next round of originations, if you will. So the term loan stands on its own in terms of the flexibility we've afforded ourselves. In terms of growth and positioning of the platform, that will be dictated by more broad market conditions and the opportunity sets that we continue to find.

Jeffrey Gonzales

And Bryan, I'll just add on top of that with regard to the term loan. Our financing strategy does continue to evolve along with the composition of our portfolio. So as we're moving forward, we expect to be predominantly floating rate senior loan portfolio. So we saw an opportunity to better align our liability structure with our floating rate assets and utilize structures that are more efficient in the current market.

So that includes more like repo financing and other financing alternatives that we continue to consider that just provide us more flexibility with regard to those floating rate assets.

Unknown Analyst

Got it. That makes a lot of sense. And then just one more for me. Any thoughts on time line for dividend coverage? Any color on that would be super helpful.

Bryan Donohoe

Yes. I think you can read through where we were in prior quarters and today in terms of our focus on the risk-rated 4 and 5 loans and the REO assets in terms of that will be catalytic towards the growth of DE. There is a lot of potential energy, if you will, in terms of the assets on nonaccrual and the like. So I think the sequence has not changed from prior quarters, and our focus remains the same.

Operator

And it does appear that there are no further questions at this time. I would now like to hand it back to Bryan for any additional or closing remarks.

Bryan Donohoe

Great. I just want to thank everyone for their time today and for the team for the work this quarter. We appreciate your continued support of ACRE, and we look forward to speaking with you all on our next earnings call. Thank you.

Operator

Ladies and gentlemen, this concludes our conference call for today. If you missed any part of today's call, an archived replay of this conference call will be available approximately 1 hour after the end of this call through December 6, 2026, to domestic callers by dialing 1 (800) 753-6121 and to international callers by dialing 1 (402) 220-2676. An archived replay will also be available on the home page of the Investor Resources section of our website. This does conclude [ today's conference call. ]