Financial Data and Key Metrics Changes - For Q3 2025, the company reported revenue of $15.4 million, an 18% increase compared to $13.1 million in Q3 2024, and an 18% sequential increase from the previous quarter [5][19] - Product revenue grew by 29% year-over-year, while service revenue was slightly higher at $5.3 million [19] - Gross profit for the quarter was $4.5 million, representing 29% of sales, down from 35% in the same quarter last year due to a change in sales mix and higher component costs [19] Business Line Data and Key Metrics Changes - The Technology Solutions (TS) segment is driving revenue growth, particularly through the Managed Cloud business, which has gained traction in niche markets like container shipping [6][8] - The High Performance Products (HPP) segment is seeing momentum with the ADT Protect cybersecurity offering, particularly in operational technology markets [8][10] Market Data and Key Metrics Changes - The company has established a strong presence in the operational technology marketplace, with successful deployments in industries such as steel, concrete, and lumber [8][10] - The company is expanding its cloud portfolio, which reflects a strategic focus on delivering secure and scalable cloud solutions [6][7] Company Strategy and Development Direction - The company is focused on a "land and expand" sales approach, aiming to build long-term relationships with customers by initially deploying solutions at individual sites and then expanding within the organization [9][10] - CSPi aims to maximize returns from the AZT Protect product line through prudent investments in marketing and participation in industry events [17][65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to grow both top and bottom lines for the full fiscal year if current trends continue [5] - The company is optimistic about the momentum heading into the end of the fiscal year, driven by recent contract wins and increased reseller activity [65] Other Important Information - CSPi ended the quarter with over $26 million in cash and cash equivalents, allowing for continued investment in growth and a quarterly cash dividend of $0.03 per share [17][21] - The company was added to the Russell 3000 Index, enhancing visibility among institutional investors [18] Q&A Session Summary Question: Can you expand on the consulting expenses mentioned? - Management indicated that the consulting expenses were for additional engineers conducting high-level testing of product enhancements, and this is expected to be a recurring expense for another quarter [26][27] Question: Can you disclose the location of the lumber mill? - The management confirmed that the lumber mill is located in the Pacific Northwest [30] Question: What features have been added to the AZT Protect software since its release? - The software has evolved significantly, now supporting Windows and Linux with 14 countermeasures against various cyber threats, compared to just one in the initial release [40][41] Question: Are there any updates on the water facilities project with UFT? - Management stated that progress is being made with UFT, but specific details are limited due to NDA restrictions [60] Question: What are the projections for ACT revenues in the coming years? - Management declined to share specific projections but confirmed that internal forecasts exist [62]

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $1,600,000, representing an 11% year-over-year growth from $1,500,000 in Q2 2024 [6][10] - Gross margin decreased to 31% in Q2 2025 from 35% in Q2 2024, attributed to product mix and new manufacturer trial costs [11] - Net loss for Q2 2025 was $880,000, an improvement from a net loss of $1,000,000 in Q2 2024 [12] Business Line Data and Key Metrics Changes - The company is expanding its manufacturing capacity with two co-manufacturers now producing products, which is expected to improve operational consistency [5][6] - The company is building inventory for the first time in many quarters, preparing for the high selling season in the education channel [7] Market Data and Key Metrics Changes - The company has only 5% market penetration in the education channel, indicating significant growth potential [8] - Interest in new products like Pop and Go 100% Juice Freeze Pops is increasing, targeting the lunch market [8] Company Strategy and Development Direction - The company is focused on solidifying its long-term supply chain and enhancing production capabilities to support sustainable growth [5][15] - The company is revising its fiscal year 2025 revenue guidance to $12,500,000 to $14,000,000, reflecting anticipated growth despite earlier manufacturing constraints [8] Management Comments on Operating Environment and Future Outlook - Management acknowledged that product supply shortages impacted revenue but emphasized progress in resolving manufacturing challenges [15] - The company expects revenue growth in the second half of the year as manufacturing capacity increases and operational consistency improves [9] Other Important Information - As of June 30, 2025, the company had approximately $1,300,000 in cash and accounts receivable and $1,800,000 in inventory [14] - Adjusted EBITDA for Q2 2025 was a loss of approximately $600,000, an improvement from a loss of approximately $682,000 in Q2 2024 [13] Q&A Session Summary Question: Progress on new school year contracts and interest in Pop and Go products - Management reported good interest in Pop and Go products, with large school districts already approving them, and the bidding process is nearing completion [20][21] Question: Commitment from customers who took products off their menus - Management indicated that most products are already approved, and customers will return them to menus once consistent supply is established [23] Question: Specific regions for near-term expansion opportunities - Management noted that increased capacity will allow broader penetration across the country, with a focus on larger populated areas [25] Question: Composition of inventory at the end of the quarter - The inventory primarily consists of bottles, built up to prepare for the school year [29][30] Question: Future manufacturing capacity and product distribution - Management expects the new manufacturing capacity to allow production in the range of 20,000,000 to 25,000,000 bottles next year, with significantly more capacity for cartons [41][42]

Financial Data and Key Metrics Changes - The company presented its financial statements for the fiscal year ended December 31, 2024, but did not seek shareholder approval for them, indicating a focus on transparency and engagement with shareholders [12][13][26]. Business Line Data and Key Metrics Changes - The company is shifting its focus entirely on the commercialization of its immunotherapy candidate, pelareorep, rather than exploratory studies, aiming to unlock its full potential [32][34]. Market Data and Key Metrics Changes - The industry is increasingly recognizing the need for effective immunotherapy in pancreatic and gastrointestinal cancers, with several high-profile companies also pursuing this indication, indicating a competitive landscape [33]. Company Strategy and Development Direction - The company aims to accelerate pelareorep into a registration-enabled study for first-line pancreatic cancer, positioning itself to create significant shareholder value [32][34]. - The strategic vision includes a focus on gastrointestinal cancer, with plans to extend intellectual property protection and regulatory clarity on studies [36]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's unique position in the market and its potential for a transformational transaction, drawing parallels to the success of Ambrex [34][35]. - The company does not expect to raise additional dilutive capital until clarity on key milestones is achieved, indicating a cautious approach to funding [36]. Other Important Information - The company plans to provide more regular updates to shareholders, moving away from quarterly discussions focused solely on financial statements [36]. Q&A Session Summary - No specific questions were raised during the formal part of the meeting regarding the financial statements or motions presented, indicating a smooth process [16][20][24].

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a GAAP net loss applicable to common stockholders of $900,000 or $0.03 per diluted share, with a comprehensive loss of $600,000 or $0.02 per diluted share [17][19] - The book value per common share decreased to $3.34 from $3.58 as of March 31, 2025, reflecting a decline in NAV of approximately $6.2 million or 2.7% [7][19] - Earnings available for distribution (EAD) attributable to common stockholders were $3.2 million or $0.10 per share, impacted by the maturity of a significant hedge [17][19] Business Line Data and Key Metrics Changes - The mortgage servicing rights (MSR) portfolio had an unpaid principal balance (UPB) of $16.6 billion and a market value of approximately $225 million, representing about 43% of equity capital [12] - The residential mortgage-backed securities (RMBS) portfolio accounted for approximately 36% of equity capital, with a prepayment speed of 6.1 CPR [12][14] - The RMBS net interest spread was reported at 2.61%, lower than the previous quarter due to the impact of a maturing swap position [14] Market Data and Key Metrics Changes - The ten-year treasury yield ended the quarter at 4.23%, slightly higher than the previous quarter, with the Agency MBS sector experiencing negative performance due to mortgage basis underperforming [6] - The economic environment showed resilience with low inflation, and the company is closely monitoring the Fed's potential shift towards a rate cut cycle [6][9] Company Strategy and Development Direction - The company entered a strategic partnership with RealGenius LLC, a digital mortgage technology firm, to enhance its investment strategy and explore unique growth opportunities [7][9] - The management indicated a potential shift towards a more risk-on investment strategy as the economic environment stabilizes, while maintaining strong liquidity and prudent leverage [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery and the potential for rate cuts by the Fed, which could positively impact refinancing incentives and portfolio performance [9][13] - The company plans to proactively manage its portfolio and adjust its capital structure to enhance shareholder value through improved performance and earnings [15] Other Important Information - The company raised approximately $9 million of capital through its common ATM program and ended the quarter with $58 million of unrestricted cash [7] - Operating expenses for the quarter were reported at $3.4 million, and dividends were declared for both common and preferred stockholders [20] Q&A Session Summary Question: What caused the lower servicing costs this quarter? - Management noted that lower servicing costs were due to deboarding fees from a prior quarter related to the Mr. Cooper acquisition, and a decrease in loan count [24] Question: What is the expectation for leverage moving forward? - Management expects leverage to gradually increase as the year progresses, influenced by economic conditions and potential Fed actions [26][28] Question: Can you provide details on the partnership with RealGenius and its projections? - The partnership is expected to be profitable within the first six to seven months, with dividends anticipated within the first year [33] Question: Are there any updates on the current book value? - The book value per share as of July 31 is expected to remain flat compared to June 30, prior to any third-quarter dividend accrual [39]

Financial Data and Key Metrics Changes - Total restaurant sales for Bad Daddy's decreased by $800,000 to $26.5 million for the quarter, primarily due to the closure of one restaurant and reduced customer traffic [11] - Good Times' total restaurant sales decreased by approximately $100,000 to $10.4 million, with same store sales down 9% [14] - Net income for the quarter was $1.5 million, or $0.14 per share, compared to $1.3 million, or $0.12 per share in the same quarter last year [17] Business Line Data and Key Metrics Changes - Bad Daddy's same store sales decreased by 1.4% for the quarter, with food and beverage costs at 30.6%, a decrease of 60 basis points from the previous year [12] - Good Times' same store sales decreased by 9%, with food and packaging costs at 31.5%, an increase of 100 basis points compared to the prior year [15] - Restaurant level operating profit for Bad Daddy's was approximately $3.8 million, or 14.4% of sales, compared to $3.9 million, or 14.3% last year [14] Market Data and Key Metrics Changes - Competitors in the QSR segment, particularly burger QSRs, are heavily discounting, impacting Good Times' sales performance [15][31] - Ground beef prices are at record highs, affecting both brands, with expectations of continued increases throughout the fiscal year [9][13] Company Strategy and Development Direction - The company is focusing on quality positioning rather than discounting, having not taken price increases since January 2024, and is now in parity with competitors [6] - A new marketing leader has been hired to enhance advertising and promotion strategies for both brands [4] - The company plans to launch a new campaign centered around Colorado native burgers and is considering incremental menu price increases to offset input cost inflation [8][9] Management's Comments on Operating Environment and Future Outlook - Management noted mixed results in the third quarter, with improvements in same store sales at Bad Daddy's but declines at Good Times [4] - The management expressed confidence in operational improvements and the potential for increased sales through better marketing and communication of brand stories [10] - There are concerns about macroeconomic factors affecting sales, particularly demographic and geographic influences [30] Other Important Information - The company incurred $200,000 in capital expenditures related to restaurant remodels and signage projects during the quarter [19] - The company repurchased 21,968 shares under its share repurchase program, although future purchases may be reduced as cash accumulation is prioritized [18] Q&A Session Summary Question: CapEx and EBITDA expectations - Management indicated that they are not providing forward guidance on EBITDA but noted that the current quarter's EBITDA of $2.2 million is among the highest [22][23] Question: Good Times underperformance - Management attributed the underperformance to several factors, including heavy discounting by competitors and demographic challenges [30][31] Question: Share repurchase acceleration - Management suggested that any acceleration in share repurchases would likely occur in fiscal 2026, depending on macro factors and internal forecasts [33] Question: Special projects for fiscal 2026 - Management outlined plans for completing remodels at Good Times and replacing the point of sale system at Bad Daddy's as part of their capital plan [35][36]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was reported at $52.3 million, with product revenue net at $49.2 million, an increase from $43.1 million in Q1 2025 and $44.4 million in Q2 2024 [5][19][26] - Net income based on GAAP for Q2 2025 was $5.9 million or $0.12 per share, compared to $3 million or $0.06 per share in Q1 2025 [25][26] - Non-GAAP net income for Q2 2025 was $7.5 million or $0.15 per share, reflecting an increase from Q1 2025 [26][27] - Cash burn for Q2 2025 was approximately $2.9 million, a decrease from $7.8 million in Q1 2025 [32] Business Line Data and Key Metrics Changes - NERLYNX sales in Q2 2025 were $49.2 million, up from $43.1 million in Q1 2025, driven by an increase in bottles sold [19][26] - Total prescriptions (TRx) increased by 3% quarter over quarter but declined by 2% year over year [21] - New prescriptions (NRx) decreased by approximately 3% quarter over quarter and 1% year over year [21] Market Data and Key Metrics Changes - The specialty pharmacy channel accounted for 63% of the business, while the specialty distributor channel accounted for 37% in Q2 2025 [18] - Demand in the specialty distributor channel grew by 8% quarter over quarter and 17% year over year [22] Company Strategy and Development Direction - The company is focused on increasing awareness of NERLYNX and its clinical benefits for HER2 positive early breast cancer patients [13][15] - Future clinical development of alasertib will focus on patients with specific biomarkers in breast and lung cancers [9][10] - The company is evaluating potential in-licensing or acquisition of additional drugs to diversify its portfolio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining positive net income and emphasized fiscal responsibility to shareholders [34] - The company anticipates net NERLYNX product revenue for the full year 2025 to be between $192 million and $198 million [28] - Management acknowledged the significant unmet medical need in oncology and the commitment to finding effective treatments [35] Other Important Information - The company expects to have interim data from ongoing clinical trials later in 2025 [10][12] - The gross to net adjustment for Q2 2025 was 20.8%, unchanged from Q1 2025 [27] Q&A Session Summary Question: What is the venue for upcoming data disclosures? - Management indicated that disclosures would likely be presented as corporate updates, possibly around November [36][37] Question: What are the criteria for advancing clinical trials? - The company highlighted the need for progression-free survival (PFS) and overall survival (OS) benefits to justify further advancement in trials [40][41] Question: How will meeting or falling short of clinical trial bars impact strategic views? - Management stated that they would be selective in pursuing additional products and would not want to jeopardize profitability [43][44]

Financial Data and Key Metrics Changes - American Coastal Insurance Corporation reported a 26% year-over-year increase in revenues and a 51% year-over-year growth in pretax earnings, achieving a core return on equity of approximately 42% [5][6] - Net income for the quarter was $26.4 million, with core income rising to $26.8 million, an increase of $7.2 million year-over-year [9] - The combined ratio improved to 60.6%, a decrease of 4.3 points from the previous year, and the non-GAAP underlying combined ratio was 62.2%, also below the 65% target [10][11] - Cash and investments grew by 34.3% since year-end to $726.2 million, reflecting strong liquidity [11] Business Line Data and Key Metrics Changes - The company’s policies in force increased by approximately 10% since year-end, with total insured value rising by about 18% to $69.8 billion as of June 30 [6] - Policy acquisition costs increased by $10.3 million or 74.8%, while general and administrative expenses decreased by $4.1 million or 34.5% due to the receipt of Employee Retention Tax Credit refunds [9] Market Data and Key Metrics Changes - The Florida market for admitted commercial residential property insurance remains relatively healthy, although property insurance rates continued to decline in most territories during the second quarter [6] - Southeast Florida is experiencing a firmer market compared to the rest of the state, with expectations of improvement due to ongoing capacity and underwriting constraints [6] Company Strategy and Development Direction - The company is cautiously optimistic about growing its presence in the apartment space in Florida, focusing on high-quality risks rather than aggressive growth targets [15][17] - The company aims to maintain a strong underwriting discipline, prioritizing expected returns on capital over sheer premium volume [17][34] Management's Comments on Operating Environment and Future Outlook - Management noted that the underwriting environment is expected to remain healthy, but potential decreases in rates could impact growth opportunities [32] - The company has regained investment grade status, which reduces the interest rate on senior notes by 100 basis points, indicating positive directional momentum [7][8] Other Important Information - The company completed its core catastrophe reinsurance program renewal with a risk-adjusted cost decrease of approximately 12.4% [6] - The company has received all Employee Retention Tax Credit refunds, confirming no lingering credits are expected [37] Q&A Session Summary Question: Insights on Skyway Underwriters and Market Context - Management expressed cautious optimism about growing in the apartment space, emphasizing a selective approach to underwriting [15][16] Question: Apartment Binding Ratio Implications - The increase in the binding ratio is attributed to gaining experience and improved relationships with distribution partners, along with seasonal factors [29][30] Question: Future Binding Ratio Expectations - Management indicated uncertainty about the binding ratio for the second half of the year, suggesting it could either increase or decrease based on market conditions [32] Question: Market Conditions in Southeast Florida - Management highlighted that Southeast Florida is a challenging market with more demand than supply, which bodes well for the company's book of business [35][36] Question: Employee Tax Retention Credit Status - Management confirmed that all expected Employee Retention Tax Credits have been received [37]

Financial Data and Key Metrics Changes - UFG reported a record net written premium of $373 million in Q2 2025, with a 14% growth compared to the previous year [7][8] - The return on equity reached 10% through the first half of the year, marking a significant milestone in the company's transformation [8] - The combined ratio improved by 9.2 points to 96.4%, with all components contributing favorably [8] - Net investment income increased by 20% year-over-year, driven by sustainable improvements in fixed maturity income [11][22] - Net income for the quarter was $0.87 per diluted share, with adjusted operating income of $0.90 per diluted share [24] Business Line Data and Key Metrics Changes - Net written premium in the core commercial business grew by 20% in Q2 2025, with gross written premium exceeding $400 million for the first time [12][13] - Rate achievement for the second quarter was 7.6%, with retention improving almost five points to 86% [12][13] - New business production surpassed $100 million for the first time, with double-digit increases across all business units [15] Market Data and Key Metrics Changes - The catastrophe loss ratio for Q2 was 5.5%, significantly below historical averages and expectations [9][19] - The underlying loss ratio improved by 1.3 points to 57.6%, reflecting strong earned rate achievement and moderating loss trends [8][16] Company Strategy and Development Direction - UFG is committed to executing its strategic business plan to achieve superior financial and operational performance [11] - The company is focused on improving risk selection and pricing to enhance profitability and competitive positioning [14][35] - UFG has made significant improvements in its catastrophe management, leading to better risk profiles and lower loss ratios [20][38] Management's Comments on Operating Environment and Future Outlook - Management noted that while competition remains strong, they are confident in their ability to grow despite rate moderation in the market [34][35] - The company is optimistic about maintaining favorable trends in catastrophe loss ratios and overall performance [39] Other Important Information - UFG declared and paid a cash dividend of $0.16 per share to shareholders [24] - The company issued $30 million of Series B notes as part of its capital management strategy [24] Q&A Session Summary Question: Trajectory on improving expense ratios - Management acknowledged a decline in non-variable underwriting expenses and indicated a good run rate for the next few quarters [27][29] Question: Visibility into positive reserve development for the second half - Management stated they are not in a position to predict future reserve developments but hope trends will continue [30] Question: Competitive environment insights - Management noted a competitive market with some moderation in rates, but expressed confidence in their risk selection and pricing strategies [34][35] Question: Differences between reinsurance and primary business - Management indicated that the reinsurance business has seen some pricing deterioration and mentioned non-renewal of treaties that did not meet profit expectations [36] Question: Catastrophe management improvements - Management expressed confidence in their improved management of catastrophe exposures and the positive impact of recent underwriting guidelines [38][39]

Financial Data and Key Metrics Changes - Net sales for Q2 2025 were $759.7 million, an increase of 3.2% year over year [7] - Gross profit reached a record $137.8 million, while gross margins decreased to 18.1%, down 40 basis points from the previous year [7][8] - Net income for Q2 was $24.8 million, a decrease of 5.2% compared to $26.2 million in the prior year [9][14] - Diluted earnings per share for Q2 was $0.97, down $0.02 from the previous year [14] - Adjusted EBITDA for the trailing twelve months was $122.5 million, a decrease of 2% from $125.4 million a year ago [14] Business Segment Performance - Business Solutions segment net sales were $293.2 million, an increase of 5.4% year over year, with gross profit increasing by 3.8% to $68.8 million [10] - Public Sector Solutions segment net sales were $140.5 million, down 11.9% from the previous year, with gross profit decreasing by 11.9% to $21.3 million [10][11] - Enterprise Solutions segment net sales grew 9.1% to $326 million, with gross profit increasing by 3.4% to $47.6 million [11][12] Market Data and Key Metrics Changes - The company noted a decline in sales to state, local government, and educational institutions, which decreased by $20.9 million [10] - Sales to the federal government increased by $1.9 million, indicating mixed performance in the public sector [10] Company Strategy and Industry Competition - The company is focused on driving value through integrated IT solutions and outstanding customer service, with a strong emphasis on data center modernization and edge computing [6][19] - The company plans to invest in education and tools to assist customers with AI and next-generation architectures [19][21] - The backlog is at its highest level in nearly two years, indicating strong future demand [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, citing a strong pipeline and increased customer activity [27][28] - The company expects less impact from subscription licensing program changes in the second half of the year [18] - Management believes they can outperform the U.S. IT market growth by 200 basis points [22] Other Important Information - The company repurchased approximately 255,000 shares at an average price of $60.95 per share, totaling $15.5 million [15] - Cash flow used in operations for the first half of 2025 was $26.1 million, primarily due to increases in inventory and accounts receivable [15][16] Q&A Session Summary Question: Context for moving into the back half of the year and trends in July - Management noted strong customer discussions and planned rollouts for the second half, with a record backlog and increased activity continuing into July [27][28] Question: Staging inventory for customer rollouts - Approximately 67% to 75% of the staged inventory is customer-specific, with proactive buy-ins to take advantage of favorable pricing [31] Question: Cash flow expectations for the back half of the year - Management expects to generate positive cash flow for the year, with operating cash flow roughly aligning with net income for the quarter [34] Question: Gross margin expectations for the back half of the year - Management anticipates gross margins will hold about where they are, with potential fluctuations of ten to fifteen basis points [40] Question: Exciting vertical markets for the back half of the year - There is optimism in retail and manufacturing markets, with strong outlooks due to solution-driven technologies [41] Question: Long-term growth initiatives - The company is investing in personnel, productivity platforms, and AI initiatives to drive long-term growth [43][44]

Financial Data and Key Metrics Changes - Core FFO per share was $0.53 for the quarter, an increase of 3.3% compared to last year [13] - Leverage remains low with net debt to annualized run rate adjusted EBITDA equal to 5.1 times [13] - Liquidity stood at $961 million at quarter end [13] Business Line Data and Key Metrics Changes - The company leased 90.8% of the operating portfolio square feet expected to lease in 2025, achieving cash leasing spreads of 24.5% [7][14] - Same store cash NOI growth was 3% for the quarter and 3.2% year to date, driven by leasing spreads of 26.1% and annual escalators of 2.9% [15] - Retention for the quarter was 75.3% [14] Market Data and Key Metrics Changes - The Midwest markets, including Minneapolis, Milwaukee, Louisville, Detroit, and Cleveland, are performing well, while bulk distribution markets like Indianapolis, Columbus, and Memphis are lagging [22] - The transaction market is showing signs of improvement, with an uptick in underwritten deals [8][39] Company Strategy and Development Direction - The company is focusing on its development initiative, with approximately 3 million square feet of development activity across 12 buildings in the U.S., 42% of which is under construction [10][11] - The company aims to maintain flexibility in building designs to accommodate both multi-tenant and single-tenant leases [75][76] Management's Comments on Operating Environment and Future Outlook - Management noted that while the environment is not "business as usual," companies are making space decisions amid ongoing uncertainties [7] - The company has seen a shift in market sentiment, with businesses continuing to grow despite tariff uncertainties [8] - Management expressed optimism about the second half of the year, citing a healthy deal pipeline and improved transaction activity [9][39] Other Important Information - Moody's upgraded the company's corporate credit rating to BAA2 with a stable outlook [15] - The company funded $550 million of fixed-rate senior unsecured notes with a weighted average fixed interest rate of 5.65% [16] Q&A Session Summary Question: What markets are seeing better early signs of recovery? - Management highlighted strong performance in the Midwest markets and noted some weaker bulk distribution markets [21][22] Question: How is the transaction market evolving? - Management indicated that the transaction market is becoming more active, with a narrowing bid-ask spread and more one-off transactions being completed [39] Question: What is the status of the development pipeline? - Management provided insights into the leasing status of various developments, indicating strong demand in certain markets [50][51] Question: How is the company planning to finance upcoming deals? - Management discussed the refinancing of a $300 million term loan and the use of liquidity for potential acquisitions [45][47] Question: What are the trends in rental escalators? - The company reported a weighted average rental escalator of 2.9%, with expectations for gradual increases [65][66]