Earnings call transcript: Ichigo Inc Q1 2025 sees mixed performance amid strategic shifts

Ichigo Inc’s Q1 2025 earnings call revealed a mixed bag of financial results and strategic updates. With a market capitalization of approximately $1 billion, this prominent player in the Real Estate Management & Development industry reported a 20% decline in operational performance while stock earnings rose 12% year-on-year. According to InvestingPro data, the company’s revenue declined 27.36% in the last twelve months, though it maintains strong liquidity with a current ratio of 6.35. Despite these mixed results, Ichigo expects record full-year earnings, projecting a 14% increase in operational performance and a 10% rise in cash EPS. The company’s stock price closed down 1.06% after the earnings announcement, reflecting investor concern over certain operational challenges. InvestingPro analysis indicates the stock is currently in oversold territory, with a significant 9% decline over the past week. The stock trades at a P/E ratio of 11.61, and analysts have set a consensus target suggesting potential upside.

Key Takeaways

• Operational performance decreased by 20% in Q1.
• Stock earnings increased by 12% year-on-year.
• Full-year earnings projected to be record-setting despite Q1 challenges.
• Asset management and hotels segments grew by 50%.
• The stock price fell 1.06% following the earnings release.

Company Performance

Ichigo Inc’s performance in Q1 2025 was characterized by a decline in operational metrics but an increase in stock earnings. The company is navigating a challenging real estate market, with rising construction costs and high demand for institutional investments. Despite these hurdles, Ichigo remains optimistic about achieving record earnings for the full year.

Financial Highlights

• Revenue: Not specified for Q1, but full-year growth expected.
• Operational Performance: Down 20% year-on-year.
• Stock Earnings: Up 12% year-on-year.
• Asset Management & Hotels: Up 50% year-on-year.
• Sustainable Real Estate: Down 29% year-on-year.

Market Reaction

Ichigo’s stock closed down 1.06% following the earnings announcement, with the price dropping 4 points to 374. This decline reflects investor apprehension about the company’s operational performance and challenges in certain segments. The stock remains within its 52-week range, which saw a high of 445 and a low of 331.

Outlook & Guidance

Ichigo’s forward guidance remains optimistic, with expectations of a 14% increase in full-year operational performance and a 10% rise in cash EPS. The company plans to shrink its balance sheet profitably through significant asset sales in Q2 and is targeting expansion in the battery storage sector. InvestingPro analysis reveals the company operates with a significant debt burden, with a debt-to-equity ratio of 2.63, though its liquid assets exceed short-term obligations. Subscribers to InvestingPro can access 12 additional key insights about Ichigo’s financial health and market position, along with comprehensive valuation metrics and peer comparison tools.

Executive Commentary

Chairman Scott Callan emphasized the company’s commitment to achieving record earnings, stating, "We expect to have record earnings across the firm." Callan also highlighted Ichigo’s environmental commitment, noting, "We are 100% renewable energy." These statements underscore Ichigo’s strategic focus on sustainability and growth.

Risks and Challenges

• Rising construction costs, increasing by approximately 10% annually.
• Decline in sustainable real estate and owners business segments.
• Potential market saturation in real estate investments.
• Macroeconomic pressures affecting the real estate market.
• Execution risks in new strategic initiatives like battery storage.

Q&A

During the Q&A session, analysts inquired about the Ichigo Owners business transaction sizes and the potential of the Tradicia office asset. The company also confirmed its ongoing rent and occupancy strategies, highlighting its unique tenant engagement approach.

This comprehensive analysis of Ichigo Inc’s Q1 2025 earnings call provides insight into the company’s current performance, strategic initiatives, and future outlook in a challenging market environment.

Full transcript - Ichigo Inc (2337) Q1 2026:

Scott Callan, Chairman, Ichigo: Hi, everybody. I’m Scott Callan, chairman of Itchigo. Thank you so much for joining today’s presentation. I’m joined on my right by Dan Morisaku, who is a senior member of finance team and the global head of IR. We’re going off of the f y twenty six two q ’1 corporate presentation.

Thank you so much everyone for joining us today. It’s just a single quarter. And and and if we’re all lucky, I will I will speak, shorter rather than longer today, because it’s just three months. The, the quarter itself was light, op all in OP and cash EPS. Those are the two major, KPIs you should be monitoring us for.

We’re down 20% and down, 12% respectively. Nonetheless, things are very good. We’re on track for record full year earnings. You can see the progress better in our stock earnings that are up plus 12% year on year. We expect record stock earnings this year.

That’s 26%, progress versus the full year forecast. Floor earnings were down 45% year on year. Nonetheless, we expect to have record earnings in the flow area also on accelerated asset sales from q two onwards. Hotels continue to be very strong. All in OP is up 40%, 47% year on year despite having two hotels closed for rebranding as The Knot.

As you know, that is our, boutique lifestyle hotel that that will drive a significant increase in earnings at their hotels also. So a lot of things in progress gonna be very positive. In clean energy, we’re preparing battery storage entry. We expect to do that within the next year, and we’ve got a share buyback of 5,000,000,000 yen in progress right now. We completed about 60% of it.

If we do the maximum of our shares, it’ll be 4% of shares outstanding. Again, headline is, OP, all in OP down 20%, cash EPS down 12. As you know, we drive cash earnings, rather than, accounting earnings. Our cash earnings are 1.6 times accounting earnings. You can see on the right hand side, we expect full year OP, all in, OP to be up 14% and full year cash EPS to be up 10%.

That’s not the forecast. Of course, our goal is always to beat the forecast. We have done some work that hopefully is useful for all of you to try to get give better clarity on our various businesses. There we have a variety of them. In fact, we have five operating segments.

They have a joint underlying deliverable, which is a significant value add and sustainability. We think the two are interlinked. You you you you do things as a business that’s sustainable. You do things for society that’s sustainable. That is that is a durable source of value and activity also.

And so, across the five different segments, very different outcomes in the first quarter. So asset management and hotel, are both up about 50% year on year. Sedanal real estate SRE is down 29%. Each of owners almost deliver nothing is down 99. That’s gonna change very, very dramatically.

So a portfolio of businesses that offer diversification and earning streams, but time to a core capability of Itchigo’s ability to deliver, value add on a sustainable basis over the long term and growing value for our shareholders, of course, and all stakeholders. So from this quarter, we’re trying to give you a a very specific view on what’s happening in all of our segments on an all in OP basis is what I’m not gonna go through in a lot of detail, but this is this is meant to give you more more transparency. Not only when we have four segments, we also have diversity with no segments in terms of activity. And so I am we got stock earnings up 11%, full earnings up a 151%, because we had, each of the office, performance fees, and also some private fund fees. Sustainable real estate, SRE, that’s down 29%.

Stock earnings up 11, floor earnings are down 45%. We expect, to to to have a significant uplift from that on q two onwards. Hotels. There were no flow earnings in hotels last last year in the same quarter. There are none in this quarter, but hotels are are very, very, very strong.

It’s a combination of kind of inbound activity that’s very strong and are continuing work to improve wholesale services for our customers, and and and it’s working very, very well. Owners, again, that’s a business. I’ve said before, it’s it it arguably is one of our if it’s not our best business and maybe one of our best businesses, it’s a a a a very high turnover. We buy, brand new residential assets in prime locations. We we we hold them for less than a year.

We have significant leasing capability. We lease them up, and we we we on sell them. And so that is primarily a flow business. Any kind of stock earnings is on rental income on assets we own that we get at, you know, zero occupancy and and and generally, get up to 90% occupancy within kind of eight months. That’s how good the assets are.

That’s how quickly you can lease them, and then on sale. So it’s overwhelmingly a flow business. We we really did very little in the business in this quarter. We’re gonna do a lot during the year. We have visibility on that, so it was down 99% on an OP basis.

Clean energy, relatively straightforward. In fact, one of the things that’s missing here is it’s really not an OP business. We we we the cash earnings on this are very, very large. You can see the depreciation on this business is very substantial. That, of course, it creates a these are generally this is genuine cash to the firm and our shareholders that we deploy, either on growth investments or as I say, we’re doing as a version of growth investments to drive EPS, we’re doing a buyback right now.

So, again, on on the and I’m gonna go faster from here. This is materially provided on ongoing basis. We think it’s really important to have transparency, to have ongoing disclosures too on the same topics you can monitor as well. So so I’m gonna go a little bit faster from here. It’s very important to us that we have ongoing structural profitability, meaning that our stock earnings overwhelmingly cover our fixed expenses.

You know, we don’t need to do anything on the flow side, and we’ll be profitable. Now the good news is we have a very durable and diverse set of flow earnings streams that are that are also very variable, but our stock earnings are a little bit higher than fixed expenses in the first quarter at 206%. Stock organization was 75%. Again, it was light light for flow in the quarter. We would expect that to be more like 50% over the full year.

And, again, focus on cash earnings with a hybrid model. It has as kind of a durable foundation, stock earnings, plus, again, very significant durability in our full earnings. This is how, their earnings springs break up across stock earnings and they’re diversified across multiple segments. Again, owners each of owners is primarily a full income business, so it shows up a very small, but you’ve got significant, deliverable of cash to us over hotel, sustainable real estate, asset management, and clean energy. We have very durable long term borrowings and a strong financial base.

As you can see, we run with over 90%, long term bar, borrowings of and and have consistently done that for effectively forever. What that generates for us is an average borrowing period of about nine years. The current remaining loan maturity is about six years. You can see a a weighted average interest rate has gone up. You know, interest rates have gone up in Japan.

And so we experienced that. Also, 36 basis point increase. From this from this, quarter, we we’ve given you because we have hedges, and we we came to the side, we should probably show you the actual experienced average interest rate that we have. We’ve switched, and we’ve modified the data over time to show you what our actual effective interest rate is right now. So that’s post hedge.

And you should know right now, 57% of our borrowings have a fixing fixing interest rate and 42% are floating. I think probably we would we are in preference to increase, the fixed borrowings, to to to more than that. But at the moment, it’s at 57%. We are selective in acquisition sales. You can see we had net acquisitions of about 13,000,000,000 yen.

So what? $90,000,000 or or such. This is primarily in the owner’s business. Again, that’s a really high turnover business. We continue to need to feed that engine.

The and I I probably should have mentioned. It continues to be a seller’s market. There is extraordinary demand for real estate. Prices are going up. Prices are going up because replacement cost is going up, which is a way of saying that construction costs are going up.

So the assets we have on our balance sheet continue to increase the amount of unrealized gains on them. Each of those owners, which tends to be kind of a less than twenty four month construction period, where we agree with the developer they’re gonna build to spec for us at a fixed price. We don’t take any development or construction risk on it after delivered to our spec at the quality and the time that we that that that we agreed to in the contract. Then we take control of the asset, and we will, again, lease it up and sell it in under a year. But, you know, this is pricing that reflects kind of pricing from twenty four months ago.

So we have pretty short duration cycle risk, but we do take cycle risk, and we’re aware of that. And so what it means is any owner’s asset that we’re getting today on two year ago pricing has significant, embedded gains in it. At this point, real estate pricing is going up kind of, call it, order of magnitude. Well, construction costs are going up probably at 10% per annum. So something like that, would be on the construction side.

Depends on what land value is, but all in prices are going up, probably high single digits to to low double digits on annual basis at this point. Here’s what this this looks like at in terms of the total. Over time, as you can see, we’re pretty balanced in buying and selling across our businesses. Over the long term, in the first quarter, we did a whole bunch of acquisitions and including executed contracts. We expect to do significant selling over the year.

We do not expect to grow our balance sheet. In fact, we think we will shrink our balance sheet this year, in a very profitable way. But we have we have we have a nice pipeline of good assets, at good prices that we’re gonna create value for for our shareholders, over the next couple of years. One of the things that we’ve done, in terms of trying to innovate to accommodate, tenants, and this is a little something a little bit perhaps harder to understand outside of Japan, because we’re addressing a very a fairly distinctive Japanese phenomenon. But we’re we’re we’re we’re we’re building out more ready to move in offices.

And that means we’ve got we’re we’re providing tenants with already fully fitted out offices. And that you know, the tenant value to that is it’s incredibly expensive in Japan. So you come into offices in Japan, they are skeletons. The owners do not take any of the expense of fitting out the office, which can be very high. It’s particularly high if you don’t have economies of scale or you’re, you know, whatever you are.

You’re you’re an AI startup, and you’re negotiating with contractors, and it’s not kind of what you do. And so we bring our our our pricing power, our scale, our professionalism to to and by the way, so you you you move into office, you have to fit it out, and then when you exit, you have to take it back to its skeleton state. So it’s very, very expensive to, to go into a new office. As a result, if you can use your economies of scale, and it’s not just economies of scale, we’re saving our tenants, time for the move in. We’re saving our tenants cost for the move in.

We’re saving them kind of their brainpower. You’re an AI startup. You don’t you necessarily wanna spend kind of hundreds of hours figuring out how you’re gonna, fit out an office. So we do all these things. It’s very valuable for the tenants.

And across 25 offices, ready to move in offices that we deployed at 10 assets at this point, the average rent increase has been 60%. So the economics are very, very powerful because the economics are very powerful for our tenants. What’s interesting is we’re not alone in doing this, but but but it appears to be the case we’re very good at doing this. We have, actually, a 100% office, occupancy at a ready to move offices. It we’ve done some work on benchmarking.

Some a number of our peers have tried this, and their, occupancy is only about 50%. So we are close to tenants. It’s something we’ve always been very, very good at, and probably is another comment that’s worth knowing. Most owners like ourselves do not try to talk to tenants. They don’t wanna talk to tenants because in Japan, you know, tenants are important and and our customers.

And if your customer says they want something, then it’s kind of awkward to say, no. You can’t do that. Or, yeah, you want a air con air condition upgrade, we need to charge you a higher rent for that. And so what happens is that Japanese office owners, real estate firms avoid talking to their tenants. We do not.

We’re very distinctive. We actively spend time with our tenants. We wanna know what their needs are, what we can fix. It does mean we we we’re ready to have conversations like, and we want to have, you know, this fixed or that fixed or that improved. We take complaints.

We we deal with complaints. And it’s possibly that, on that basis, we have a a much richer set of information about what tenant needs are because we actually are talking to tenants on a daily basis. But, anyway, we’re very good at this. It has super powerful economics, and it’s a business that we’re expanding. The next page is an example of a brand new asset where we’ve done this.

You got a before after was on the previous page also. This is near Tokyo University. We’re accommodating a whole bunch of startups coming out of that, out of the university itself. And in this case, the increase, in rent was not 60%, but 80%. Trade to PAODAIVA, an asset which was great until it was utterly terrible, during COVID that has become great again.

It’s the biggest asset office asset we own. It was you know, it’s it’s on the water. Tokyo Bay Waterfront was where the Olympics were supposed to be until COVID occurred, and then the Olympics were the then postponed for a year, and no one could really attend. And so we got this massive exit from the space. We were we were we had been leasing primarily to large IT firms, and so occupancy literally halved.

And we’ve battled our way back. And the way we battle back is by building a super community, tenant community oriented, building. The theme we’ve used is is is Tokyo Bay Village. We’ve set up a cafe. We have we have events.

You know, meet the neighbors events. You can see everybody kind of eating together on on on on on our dime, as I say. These are all the tenants gathering together. We’ve, we’ve set up a farm on-site. Tenants can farm there.

They can bring their families. It, we have we we put in a gallery. It is a very community oriented look. Modern office buildings can be lonely and cold, and so we’ve done something that is really very powerful. And this is not only at, trade to p o Odaiba.

We have other assets which we’ve turned to village assets. It’s a very powerful approach to solving for tenants’ desire for community and support. And and in many cases, you know, businesses. At this point, I told you this the, that the building was primarily a large IT tenant building. It’s increasingly a start up building.

The start ups are interacting with each other. We’re creating an ecosystem that’s supportive. So it’s it is, you know, this is this is things go wrong. Things go wrong in the world. You need to be prepared for it.

You need to take action with respect to it. So it’s been a major and highly successful repositioning of this asset and is developing and is providing, you know, very, very powerful economics, for our shareholders. Again, hotels are doing super well. You can see the RevPAR is up 27% year on year. We took two relatively low, as I said earlier, RevPAR hotels, out of circulation.

One one in Utsunomiya, North Of Tokyo, and one in Tianjin in Fukuoka, Southwest of I mean, so on on on the MFQ shoe. And so kind of on a same store, sale basis, RevPAR is up more like a little bit over 20% year on year within plus 20% 7%. But, again, a very strong, income and growth story for our hotels. Owners, continues to be a super robust business. We we we, you know, again, fairly consistently in terms of the buy sell activity across, across the board.

We expect to do about 52,000,000,000 of both match kind of buys and sells roughly. Obviously, we end up in during the year. Super nice business. In order to sell assets, need to buy them. So so you you you need to kind of have the engine kicking in on this, and it’s going quite well.

Some volatility, more volatility in other businesses because it’s primarily a flow business. We we had we had a drop off last year. Some some of our assets got pushed into this year. There was we we were expecting to do more, residential security token sales. We didn’t, as the market froze a little bit, during last fall.

Things are coming roaring back, so it’ll be a good year for for for. Speaking to that point, we expected to do more in the security token space. Again, these are, on the the on the blockchain, so the digital real estate assets, but they are this is not crypto. They’re backed by, okay. Stable coins are backed by by things, hopefully.

But, anyway, these are these are highly secured, real estate, assets put on put in tokenized and put on the blockchain. It’s a growth business. There was some some concern, post post the US elections last fall and some slowdown in this activity, and it’s coming rolling back. You know, inflation is real. The shift out of out of Japanese deposits by Japanese households and corporations.

So so bank deposits and cash equivalents is real. Very, very big demand, for our assets. Again, we did not as you saw, we we chose not to sell a couple months ago when when when the market weakened because we thought there would be an opportunity like this. And, again, because rising construction costs mean that we had kind of the wind in our back in terms of value creation through the whole period. So so anyway, we expect to to do significant activity in this space this year.

And again, AM is growing, on on on, you know, various growth drivers. We think the I mean, the three major areas for us in terms of AM growth would be our public REITs, would be private, funds, and would be the security tokens. The the we think the public REITs, continue to be undervalued for where they where where they could be. So we don’t necessarily see kind of much AUM growth there, although we’ll see. See.

We’ll see where the market kind of takes them. However, there is, we think, a significant private fund activity, possibly even bridge funds from the public REITs. And again, we expect to see activity and and growth in the securitized token area this year. We’re going to do more in clean energy. The brand new activity is in battery battery storage.

This is incredibly exciting. There’s an opportunity to deploy significant amounts of capital at very, very high NOIs. At this point, double digit NOIs and very fast payback periods. We’ll start with our very first one next year. The next page, let’s go to the next page.

We talk about what the opportunity is. Look. You’re building out more volatile power generation sources. As you know, right now, there’s arguably too much solar in Japan. The grid cannot accommodate it.

You’re constantly told, can you shut your I mean, I say constantly, it happens kind of on average a couple days a year for your solar power plants. Can you shut your plant for the moment? Because we can’t take the energy. Battery storage is gonna solve that. And we are and and battery storage prices have come in so quickly, that there are now powerful economics of deploying them in Japan.

And so, you know, we think what we’re seeing at this point is we’re going from, solar access to probably a solar shortage very, very quickly. So that also provides an opportunity for us to do more activity in both solar and wind going forward. On the shareholder return side, as I said earlier, we’re doing a buyback right now. We we believe that this is compelling value to buy our shares at the current share price and would expect to have a continued activity going forward. Next page shows a dividend.

We’ve we’ve, you know, we we look. We can we can we can do buybacks. The the business is super cash generative. We can do buybacks. We can pay a nice growing dividend.

We can invest for the future. We can do all those things. And so we we expected to grow our dividend very substantial over time. As you can see during the COVID period, we we we stayed with you know, for a while in Japan, we stayed unchanged for a while. We’re back to growing our dividend on a double digit basis annually.

We have a daily shareholder program. You’ve with shareholder. You can go to daily games, which is fun. On the on the environmental side, this is something we care a lot about. It’s it’s worth pointing out that we were, we we were named on CDP, to be a double alias company.

Of the 25,000 companies in the world to participate in CDP, only 70 made the cut. So it’s literally in the top 0.3% of all companies based on CDP rankings for our environmental activity. We are at this point a 100%, renewable energy. And in the next two slides, we show how we are climate positive in a very, very powerful way. Those are my prepared remarks.

Thank you, everybody, for joining. I’m happy to take any questions or comments from anybody. Yes. Thanks so much for joining.

Greg, Analyst: Yeah. Thank you for the presentation. Just had a quick question on Ichigo owners. The obviously, you bought a lot of asset in Q1 and you have more in the pipeline by the look of it looking at kind of contracted properties. Yes.

On the sales side, is it, was the the lack of sale just a technical reason or simply the function of of timing, or your current inventory?

Scott Callan, Chairman, Ichigo: Customer timing. We’re we we adjust for the customer. So so just kind of you know, we we tend to do when we started the business, it was a small lot kinda we thought we’re gonna primarily be serving cash rich corporations and high net worth, and we’re gonna be doing you know, selling a billion yen at a time or kind of 500,000,000 at a time. So kind of, you know, but 3 to 3 to $7,000,000 sorts of transactions. And then what it what it turned out was that we had you know, first, we had the rise of institutional buyers.

So, like, we really, really would like to have a $100,000,000 super nice, Ichigo kind of quality, prime residential portfolio in Tokyo. By the way, Zoho only, these are Tokyo assets. And then after that and so we we came to started doing transactions that are more like a $100,000,000, a $150,000,000. And then, we’ve had the emergence of the, securitized tokens, which are also tend to be kind of $100,000,000 sorts of transit plus transactions. And so now it’s become more of a business, about, you know, a very large institutional buyer or in the case of the tokens, a very large securities firm saying, we wanna do kind of a a big transaction with you in July.

And so I was like, okay. And, you know, July July is not in q one, so it ends up in q two. But that that’s that’s that’s what’s going on.

Greg, Analyst: Okay. That that’s what I was thinking about. Okay. Great. Thank you.

Scott Callan, Chairman, Ichigo: Thanks. Oh, Greg, you’re back. Yes. Greg, thank you so much. You’re always welcome.

Yeah.

Greg, Analyst: Yeah. Just a follow-up on Tradicia. So I guess we are back to 92%. Is it as good as we is it as good as it gets, or do we think there is a bit more bit more upside there?

Scott Callan, Chairman, Ichigo: No. It’s going higher at this point. So, you know, you know, Japanese organizations tend to be relatively conservative in telling the tell telling telling me I’m the chairman, you know, telling me what what they expect to deliver. But the the guys, the and the, the trade PR team think this goes to 95% this year, so that suggests that’s probably a bottom. Yeah.

This is going higher. It’s a really attractive asset. It offers, as I say, this this community orientation. It’s become its own little kind of ecosystem and destination for startups and the and the Tokyo Bay Area, as you know. I mean, the the views are absolutely fantastic.

It’s yeah. So this is going up. We’re not done at ninety two.

Greg, Analyst: And are we kind of thinking when for the new tenant that we’re signing up, is it is it like no free rent and things like that at the moment? Is it getting tighter?

Scott Callan, Chairman, Ichigo: Yeah. I mean, we’re I mean, the the it still can easily be the case. You give a little bit of free rent, but, of course, we we try to shrink that as much as possible when you get it back on ongoing kind of high high, kind of ongoing rents. But, again, this is an asset that we think, is is something that is getting that is, because it is is demonstrating its incredibly strong competitiveness is something that we we think we move we we move off the balance sheet, which either gonna be a a straight sale. We have had some conversations about potential buyers taking it and having us continue to manage the asset because of the success we’ve had with with with this tenant building and community building.

I know I’m going to a different point from when you just asked Greg, but this is is something that you you it’s important for our shareholders and all that we think we we ain’t gonna move up we’re gonna end up moving off the balance sheet probably the next twenty four months.

Greg, Analyst: So you guys give out free lunches, but you don’t give out free rent. Okay.

Scott Callan, Chairman, Ichigo: Yeah. Well, it’s dukkah. We are still giving out a little bit of free rent, but but look. It’s you know, you don’t you don’t have to do as much. I mean, this is all about creating great value for for the tenants.

And so if there’s and the market is like, you know, we get six months of free rent over there. It’s like, okay. Well, your ass is better. Okay. We’ll we’ll have about three months, but it’s kinda harder to do zero.

But in return, you can you can raise the rents. So to be clear, we’re raising rents at TradePia because we can. We’re running out of space. We have significant tenant demand. And and and, you know, at the end of the day, this is not a a power play.

This is about creating extraordinary levels of value for tenants. And because we’re doing so, we can command higher rents. Overwhelmingly higher rents, higher occupancy, and higher rents than anybody any other building nearby.

Greg, Analyst: Understood. Thank you. Thanks.

Scott Callan, Chairman, Ichigo: Alright. I’ll go back to where it started. Like q one, nothing to write home about, as I say, in American English. There’s a lot coming, over the course of the year. We expect to have record earnings across the firm, across both the stock and full parts of the businesses.

It’s our job to deliver that for all of you, and and and we will do so. Thank you very much everybody for joining us, across the world. We’re really grateful for it. Thanks.

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