All right, good morning, everyone, and thank you for joining us today for the December Sidoti Conference. My name is Kyle May. I'm one of the analysts at Sidoti & Company. The next presentation will be Granite Ridge Resources. The ticker is GRNT, and we're pleased to have Luke Brandenberg, CEO, and Tyler Farquharson, CFO, with us today to discuss the company. For those in the audience, if you have a question, please type it into the Q&A section at the bottom of your screen, and we'll address as many questions as we can at the end of the presentation. Now I'll turn it over to Luke, so please go ahead.
Great. Thanks, Kyle, and appreciate you and the Sidoti team for having us here. You know, I think Kyle mentioned to me we'll shoot for 15-20 minutes remarks and then Q&A, so I look forward to having a good discussion. I'll start off here. As I think about going through this presentation, I'll give you a snapshot of Granite Ridge, talk to you about where we've been, and maybe I'll wrap up and share where we're going. I think that's one of the most fun parts of the story. But to start off with where we are today, Granite Ridge is about an $830-840 million market cap company right now. Call it a billion-dollar enterprise value company, and we have a pretty unique asset base, and it's diversified across most major resource plays in the U.S. We're really Permian weighted.
About 60% of our production and value is there, and that's really where most of our capital has been going as of late. We have assets across, again, the country in different basins. We've got a neat mix of hydrocarbons, gas, liquids, as well as oil, and there's a real reason for this, and we'll talk about it a bit, but what we'll get into, Granite Ridge is really a unique hybrid between an oil and gas company on one hand, but an investment firm on the other, and as an investment firm, one of the things that we really value is having the broadest opportunity set you can. We think that if you have a broad opportunity set that you can make a sophisticated investment in, you're going to have more opportunities for outsized returns.
The important thing about it is, though, I think you'll see as we go on, that the goal isn't just to have this diversified asset base and allocate capital, you know, accordingly. Ultimately, if you're doing that, you're just meeting the market. Our goal is to beat the market, so I think what you're going to see is we have a broad opportunity set, but we really have the conviction to allocate concentrated capital in areas that we would get real excited about, so again, snapshot of the company. We did just under $300 million of trailing EBITDA on the last 12 months, yielding about 7%, and this is a slide that I want to show. This is a slide that's unique, and one of the reasons I'm happy to get in front of this group at Sidoti is it's kind of a generalist group.
You know, if I were to say, hey, we've got this company yielding almost 7%. You know, in addition to that, we're growing. We're growing from an asset perspective. We're looking at about 7% growth this year over last, but I've said publicly that we think we'll do mid-teens growth next year. You've got dividend, income, stock, a compelling number. You've got asset growth, and all that is underpinned by a conservative balance sheet that's only about 0.6 times levered. You know, if I asked you what would the company that looks like that trade at, if you looked at practically any other industry other than oil and gas and, I don't know, maybe coal, that company would trade at a pretty compelling price. We trade at about three and a half times.
And so the reason that I say that is, I think that a primary objective for us as a management team, as we're out telling the story, is if I can convince you, the investor, that we can maintain this. This is a sustainable business model. Then I think that we ought to trade better. And so that's really my goal. That's my goal today is to convince you that we've got a sustainable business model and that we will outperform by maintaining that production growth year over year by also continuing to pay a strong dividend and defending that balance sheet. I mentioned diversification, and diversification for us really means a lot of things. You saw early on that it means across basins, but additionally, it means across different operators.
If you look at this, this is just a snapshot of the 60 or so operators that we partner with. But if you look at these operators, some of the names you're definitely going to recognize, right? I'm sure you're going to recognize Exxon, Chevron, right? But some of the names you may not be as familiar with, and that is intentional. So, you know, look, being a partner with the Exxons of the world, the EOGs of the world, these are great names. They're very high quality, and they're really good at what they do. But one comment that we like to say, and I actually borrowed this from a guy that does a needle on gas podcast, but, you know, Shale, right, which has really transformed U.S. oil and gas, Shale. Shale wasn't brought to you by ExxonMobil.
You know, shale was brought to you by five guys in a rusty pickup truck, and what I mean by that is it's not the majors. It's not the entrenched companies that are typically driving, you know, what's coming next, where are we going, you know, what's the next car to turn. It's the entrepreneurs. It's the wildcatters, and so while we're not in the business of wildcatting ourselves, what we are in the business of is we call being very fast followers. And so if somebody's trying something new, they're pushing the edge of a basin, they're trying a new completion design. We watch that like a hawk, and then once it's proven, it's at a point that we think that, you know, we're comfortable underwriting investments, we're going to scurry in there and start to put together positions.
I think you're going to see that with some of these different operators. Another thing that's kind of unique. We've got about, call it 40% of our operators, at least on a production basis, are private. And that's pretty unique. You don't see that very often. A lot of the private operators, let's take a Mewbourne, for example. Mewbourne Oil has one of, if not the best positions in the Permian Basin. Hands down, it's not up for dispute. But it's hard for a public investor to get access to the inventory that a Mewbourne has. Well, we could provide public investors access to what some of these private guys are doing. So let me tell you about what we do at Granite Ridge.
So, you know, I mentioned we're this hybrid oil and gas company and investment firm, but what is it we do? What is our daily pursuit, if you will? You know, step one is we have this asset base that generates cash flow. Again, on a trailing basis, about $290 million to EBITDA. And our job is to source opportunities, to evaluate those opportunities, and then to allocate capital to the best deals. We're not operators in most of these assets.
Now we're going to talk about why there's a difference by, you know, being a non-op does not necessarily mean non-control, but we're not the operator. Really, our job, again, is focused on sourcing, evaluating new opportunities, and allocating capital to the deals that have the best risk-adjusted returns. And we do all of that while maintaining a very clear focus on shareholder returns.
Right now, as we talked about, that's really three main things: fixed dividend, production growth, and maintaining a low leverage profile. Got a few ways to win Granite Ridge. We'll talk about it a little more. I feel like we're beating the horse on this one, but, you know, this is how you win. You win by asset growth. You win by getting cash, strong dividend returns. You also win by strategic partnerships. We're going to talk about that in a bit, and then finally, broadening the shareholder base. We'll talk a bit about why Granite Ridge trades like we do and why that's a really unique time to get into Granite Ridge. I'm going to hit that right now, actually. Granite Ridge is, you know, I say we're undervalued, right?
And I'm sure I'm the first executive that's ever come in front of you and told you this company is undervalued. But what I'm saying is a couple of things. You know, one, I think the street is missing something. And then two, I think the street is, I'd say, overallocating concern to a certain risk factor. And this is one I want to hit right now. So again, we're a over $800 million market cap company. But this chart on the right shows what we trade.
We're only trading about $3 million a day. Now, a typical small mid-cap oil and gas company trades maybe 1.5% of their float per day. And so this would suggest that we're, you know, a much smaller company than an $800 million company. But the challenge is we have a very tightly held shareholder base.
the SidotiCon, I'm going to meet with some of these shareholders, and they'll say, you know, I'll tell them, look, I'm so appreciative. I'm really glad that we have these real long-term shareholders. And they'll say, yeah, but you kind of want me to sell, don't you? You'd like to get some more liquidity. There really are two sides to the coin. But, you know, half our shares are held by our private equity sponsor. Additionally, some of the public float shares, which are truly public float, but they're held by some very sticky investors. And so probably only about 30% of our shares trade right now. And I point this out because you look at this trading volume.
If you think about a lot of the big funds, right, if you look at a lot of the investor bases in, you know, mid-cap oil and gas companies, it's your Fidelities, your BlackRocks, it's groups like that. It can be a bit tough for some of these folks to build a position in Granite Ridge because of where we trade. And so we view this as a real opportunity because as time goes on, you'll see the trend of this trading volume is really increasing. And as that happens, the investor base, the potential folks that can buy, is going to increase. And so while you're increasing supply of shares, you're increasing demand too small. We think that's going to be a big tailwind for the stock. So let me hit again, what do we do?
I kind of shared about our process, but where is it that we're allocating capital? We break our business into two buckets. One is our traditional non-op business. And the way I define traditional non-op is it's taken 10%-15%, you know, under EOG in a good area, right? That's the simple traditional non-op model. It's a great business. It's something we've been doing for over a decade. And we call this our colloquially, our burgers and beer game because it's burgers and beer.
These are deals. They don't have investment bankers selling them. These are deals that are generated by boots on the ground, being in Houston, being in Midland, being in Denver, Oklahoma City, Tulsa. It's boots on the ground deals. These are generally smaller transactions. Maybe it's $1-$5 million.
But that $1-$5 million will generate, you know, $15-$20 million of drilling. And so there's some real scale to it. But it's a lot of small deals where we feel like we have a unique line or a unique information. And so we think we're getting attractive returns. This is the cornerstone of our business. This is how the business was built. But we're starting to allocate capital to what we call our controlled capital program. And so I want to talk about that.
So the underwriting of a traditional non-op deal is we look at an area, we look at an acre, right? And we got to look at three primary things. One, what do we think the productivity of a well drilled here is going to be from a hydrocarbon perspective? How much oil and gas is coming out of the ground?
Two, what's it going to cost? And then three, when is that well going to get drilled? All right. And that three is a pretty big question, right? Sometimes it could be challenging to predict. And, you know, we talk about what's the value of an acre in oil and gas. Well, if you went to the core of the Permian Basin and you just had one acre, it's the best acre in the entire basin. Well, that's worth somewhere between, I don't know, hundreds of thousands of dollars an acre and zero. Well, why is that? Well, if it never gets drilled, it's not worth anything. And so that timing is a risk that you face in traditional non-op. But our thesis was it's kind of twofold.
You know, we said, look, one, if we can find a way to have more control over development timing, then we could really get a lot sharper on our bids, and frankly, we can drive more value because now we can bring forward those cash flows as opposed to waiting for them to come, and then two, one thing that we saw in the broader market was, you know, private equity has raised just an immense amount of capital for oil and gas, generally in the 2010s. I mean, you just saw an immense amount of capital raised. At a previous stop, I joined a firm. We were investing in about a $2.5 billion fund over a 10-year period. We raised $3.5, $5, $6.5, $7, just immense amounts of capital.
And then really in the late teens, and certainly accelerated by COVID, you saw just a drop off in private equity fundraising. Now, it hasn't gone to zero, and you've had a couple of big announcements lately of groups that have raised capital, but it is a significant decline from what these guys used to have. And their business was backing management teams to go out and build companies.
Well, we really saw this as an opportunity because due to the significant decline in capital available, you have some really high-quality teams that are proven moneymakers that may be left without a seat in the game of musical chairs. And we thought, man, this is pretty unique here. We're trying to find a way to maybe take some bigger interests so we have more control. We can control development through the purse strings.
You've got some proven moneymakers with good ideas that are homeless. They're looking for a place to go. We've really combined those two things with what we call our controlled capital program. This, at its core, is we're backing management teams to go out and buy controlled assets. We call it our controlled capital program because we have full control over development timing, what wells get drilled, what zones get drilled, where they get drilled, and when they get drilled.
In this case, we really look a lot more like an operator than we do like a non-op, which I think is a differentiated strategy. We really started this about two years ago. We partnered with our first team, a group called Admiral Permian out of West Texas. They've been doing it a long time. They are absolutely proven moneymakers.
We started with this concept. The idea was, you know, look, the big guys, there are a lot of efficiencies that you can have in running multiple rigs and having a big program. On the small side, it's hard to get some of those efficiencies, but one way that you can is by picking up a drilling rig and keeping it running full-time. We partnered with this group, and the idea was, let's go out and let's try to put together some inventory such that we could keep a drilling rig running full-time. We partnered with them. We spent about a year developing inventory, and then we picked up the rig. Our first wells came online late May, early June, and then we've been continuing to drill since then. So far, results are very compelling.
I mentioned on the last call that, you know, the costs have come in about 15% under budget, and conveniently, production has come in about 15% over budget. And so we're really excited about what we're seeing here. We think this higher rate of return projects, our typical deal is, you know, 25% or better here, and it's working. So as you look towards next year, you know, we're going to spend the majority of our capital on this controlled strategy.
And so if you think about who we are and what, you know, Granite Ridge represents, we're often grouped in a non-op bucket because our historical asset base is non-op. And that's true. But we're really bridging the gap towards being more of a controlled company and looking like a controlled investor, just as a typical operator does.
You know, I point that out because a part of the thesis here is, well, if we're going to go through all this trouble, you know, is the juice worth the squeeze? And one of the ways that we looked at this is, all right, do non-ops, you know, trade at a discount? And so this is just some high-level metrics of some comp sets. But generally, publicly traded non-ops trade at a discount to operators. And what Granite Ridge, our model, is really a lot more like an operator than a non-op. And so what we believe, we believe this will also be a tailwind for the business, is we continue to demonstrate that what we're doing is controlled. It is more like an operator, and also that it's working.
It's driving better returns, that there's real opportunity for multiple expansion, and that could be a real tailwind for gas price. You know, I'll just hit a couple of other things here, and then I'd love to go to Q&A because it's always more fun to chat about what you want to hear than just to look into the screen talking to myself. But one thing is, you know, look, I'm telling you that we're this investment firm, right? We're an oil and gas company investment firm combined. And so what does that mean? If you walk up and down the halls, we look like an oil and gas company. It's oil and gas engineers, oil and gas landmen, oil and gas accountants, but then you also have an investment firm of people, a bunch of finance folks.
And so if we are an investment firm and we're underwriting oil and gas, you know, you're only as good as your underwriting, right? It's easy to put capital to work. Anybody can spend money. But the question is, can you do it prudently? Are you good at predicting what the productivity of a well is going to be? We put this together because, frankly, it's something I'm real proud of, and I don't think it's something I've ever seen in a public company presentation, which is, hey, here's our underwriting, and then here's what actually happened, all right? And what this shows, I'll sum it up is, you know, we looked at over a thousand wells. These wells hadn't been drilled. They were proposed wells.
Our engineering team worked it all up, and we said, hey, this is what we think the quantity of hydrocarbons that are going to come out of these wells are. Over a thousand wells, it'd be $7 billion of capital. We didn't do all these wells, by the way. These are ones we just evaluated. You know, our actual production to our underwriting was 99% of actual. That's pretty darn good.
I think the oil and gas industry has gotten a bad rap for being, you know, maybe a bit too rose-colored glasses, or maybe we just focus on the good stuff. We don't want to share the, you know, warts. But we want to share with you what we do and how we actually underwrite this. So really, we're proud of our underwriting. We're proud of our team.
And look, we think we're really good at what we do. We're good at underwriting. We're good at deal sourcing. We're seeing, gosh, over a deal a day, approaching two deals a day, probably a deal and a half right now. So we have a tremendous opportunity set. And that opportunity set continues to grow as we partner with teams that are out developing their opportunity set as well.
So, you know, really, I think I'll wrap up with that and just say, look, there's a lot of ways to win with Granite Ridge, but ultimately, we have a shareholder-focused strategy. It's a dividend strategy that also has production growth. You have growth plus dividend underpinned by low leverage. You know, we trade at a discount to what I believe our true business model is and what our true comp set is.
And we have a lot of tailwinds that are going to actually drive a change in that. As I look to the Q1 of next year, I think that a lot of the time, energy, and effort we've put into this controlled capital strategy is really going to bear fruit. So I think we'll start to see that sooner rather than later. And frankly, up and down the halls here, there's a lot of excitement. This is what we've been building towards for a couple of years, and I think we're going to start to see it. So we've got something different. It's working. We're having fun doing it. And we'd love for you to join us on our continued journey here. So with that, I'm going to kick it over to Kyle.
Great. Luke, really appreciate the update. Interesting story at Granite Ridge. So looking forward to the questions and digging it a little bit deeper. For anybody else who's listening in the audience, we have some questions already coming in, but feel free to submit more through the Q&A button, and we'll try and get through as many as we can. Luke, maybe starting with the controlled capital, if you could maybe give us some sense of the framework of how you identify, you know, the teams that you want to partner with and how you go about underwriting those.
That's a great question. So I'll go about it from two approaches. You know, the way that we've really done this, we think we have a differentiated approach that's very compelling to manager teams. In fact, since our first partnership, we've had a good amount of inbounds. Folks have said, "Hey, I heard what you're doing with Admiral. That's pretty interesting.
You know, do you think we could partner on something like that?" You know, to date, we've partnered with two groups. But our approach has been, you know, let's not just partner with the first group that comes in the door that could be compelling. It's more of a rifle shot of, "Hey, let's look basin by basin. Let's think about what basins are compelling to us to put outsized capital. And then who are the best, you know, private operators in those basins?
And let's focus on those folks. We want the absolute best. We don't want people applying to the club. We want to invite people to be the club." That's really a big point for us. And so what are we looking for? You're looking for a few things. One, you've got to have proven moneymakers, you know, folks that know how to run a business.
And what's really unique for us is that, you know, a lot of these teams that we're talking to, they were backed by private equity in the past. So they built and sold companies. So they've made money. That making money part is important, one, because, you know, proven moneymakers, repeat teams have a higher probability of success if you just look backwards. But two, these guys are putting a lot of money in these deals.
I'll just take Admiral as an example. You know, we're spending $100-$150 million a year with these guys running, call it, one rig to a rig and a half. And, you know, we're, call it, 90%-95% of the capital. That means they're writing checks for $7.5 to, you know, $10-$15 million a year, right? Of their own checkbook, no additional capital. So they're really putting dollars to work.
And so they have to be proven moneymakers. But then the two other things that are really critical, one is operational expertise. And for us, we're putting in outsized capital. And so higher concentration for us. We want to know that the team is a proven operator, that they have demonstrated that, hey, we can drill wells, we can get them down at a good cost, and that we, you know, we're not learning on the job here, that they're proven in these areas.
And then the last thing I'd say, and this, you know, I'm not going to say one's more important than the other, but one of the toughest things about oil and gas right now, you know, I did talk about capital being down, right? And a lot of people like to paint the picture, oh, capital's down, so it's just the returns are fantastic.
I'll tell you, if capital's down 80%, as I've heard people say, good deals are down 90%. It is very challenging to find a good deal. And so who can actually go find the unique deal? You know, not the deal that's necessarily marketed by an investment bank, because at the end of the day, these investment bankers are really good at what they do. And so if they get their hands on a deal, they're going to get top dollar for it.
We're looking to find deals where the returns are not compressed, where it really is, you know, negotiated transactions, where we're able to get an opportunity at a compelling price. And who can actually find those good deals? I'll tell you, it's hard. While there are a lot of deals out there, there's also a lot of competition. And so who can actually source unique, creative deals that we can then continue to put capital to work?
That makes a lot of sense. And that actually feeds into one of the questions that we came in. So earlier, you mentioned that Granite Ridge can be a fast follower. And, you know, where do you see the best opportunities in the future?
Yeah, one thing, it's I look at something we did recently. We entered the Utica, all right? And the Utica is historically known as a gas play. But what you saw is EOG really shifted over to more of an oil phase window. And we had an opportunity to partner with a group that's, gosh, been working in Ohio or Appalachia since 2006, I think. So they know the area. They know it well. And we partnered with them.
And so we're putting together this. This is more of a non-op asset, but in that kind of condensate kind of phase change window. And so that's an area where you had some early results. It's primarily from private operators. And so it's not as well known, although that's starting to change. But we said, hey, we've got a group here that's experts in the area. They know the rock, they know the subsurface, and they know the land surface situation as well.
And we're seeing these early results, relatively speaking, from private operators, but they're not out press releasing it and blasting it all around like a public company has to do. And so this is a pretty unique window. You know, we're not able to spend a ton of money there. It's not a big fairway.
But that's an example of being a fast follower where they demonstrated it was working. These are oil wells. I mean, it's known as a gas basin, but these are oil wells. That's where the money is. And we could quickly hustle in there and put together a position. We're doing that as well as you think about the Permian. You know, look, this business, a joke, but this is one of the most technologically advanced businesses in the country. I mean, you think of, you know, just broader Silicon Valley and tech, and that's what's viewed as a tech sector.
But if you think about the quantum of capital that's going into technology to try to improve recoveries of oil and gas, you know, if you can increase the recovery of oil and gas, you know, oil coming out of the ground from 4%-5%, okay, you've completely changed the picture of, you know, the economics for oil and gas production. And so there is a lot of R&D capital going into that. And so new plays, new zones. Another fast follower is new zones. So, you know, you think about the Permian Basin in particular, you have a, I call it a layer cake, right? You could drill wells here, here, here, here, and they're different unique zones. Well, we're not excited about putting capital and testing a new zone.
But as other people start to develop around it and it starts to work, we can hustle in there and find a way to get access to that. And so that's what we've done in the Delaware Basin, particularly with Admiral. We've been drilling in the Wolfcamp B and the Wolfcamp C, which four years ago, you didn't see a lot of B and C wells. We started to see results. They were working. We hustled in there, put some money to work, and we've really driven some attractive returns. So we're excited about that project.
Yeah, it's always really interesting to see the innovations that come out of the industry. So that's a great point. Early on, you touched on the balance sheet, you know, the leverage ratio, I believe, is 0.6 times. Wondering if you could talk about maybe just capital from a few different perspectives. One, you know, is there a target leverage range? Two, would you go above that for certain opportunities that, you know, something that just, you know, really caught your eye? And then three, any need for capital, I guess, in the next year or two that you're expecting?
Yeah, good question. So if I think about capital, three sources, right? You've got internally generated cash flow, the lowest cost of capital. That's our primary source. That's reinvesting the cash and the existing assets. And then you have debt and equity, kind of switch to the other side of the spectrum, which is equity. You know, for us, and we talked about this a lot in our last board meeting, we think our equity is undervalued.
And so what that means is it's very expensive to use equity as a currency because I don't want to take any dilution at these current share prices. And again, for what it's worth, we've, I think if you look across Form 4 filings, insider buying, I think we've bought, you know, I bought every open window. Tyler has as well. And you see many people on our board doing the same. So we're putting our money where our mouth is and buying stock. And so we don't want to issue equity right now because we don't think it's at a fair price. And so that's, you know, for the most part, off the table for us. Really leverage, to your point, is the swing. And so for us, I'd like to stay below a turn of leverage, below, you know, one times EBITDA.
And a reason for that is you look at a lot of companies, the average and the median of, you know, small mid-cap companies. Well, gosh, all oil and gas companies is above that. But part of the reason I like it, I want to always maintain flexibility to, you know, I want, if a good deal comes along, I want to make sure I have a leverage capacity or some sort of capacity to go buy it. I don't want to have to pass on a good deal because I don't have, you know, my credit cards maxed out. The other side is there's a couple of ways to win in oil and gas, you know, just consistently recycling capital into good deals. And the other is buy low, sell high.
And in the event of a market dislocation where hydrocarbon prices fall out of bed, I want to make sure that we could be on the offensive and that we could go out and put money to work when other people may be scrambling, maybe more focused on their own balance sheets. If I'm below a turn going into a challenge, you know, I can really get aggressive and potentially pick up some great assets at a price, so I think you'll see us stay on the conservative side. I'd like to stay below a turn.
If there was something real strategic, we could go above that, but that's talking about a press release type deal where that press release is also going to say, hey, here's the path to getting below a turn of leverage because we're not comfortable here.
Got it. Got it. That makes a lot of sense. And then maybe one more. I know we're getting kind of close on time here, but given the expanding LNG export capacity and the expected domestic power demand growth, I want to get your thoughts on, you know, investing in gas plays.
Yeah, for us, gas is an interesting one because the current gas prices, it's not real compelling and just today, what today's spot price is. And most of our business is putting money into near-term development. So we've been allocating less capital to gas. On the flip side, you look at what the, you know, the natural gas strip pricing tells you. It tells you that gas is going to be, you know, three, four, you know, approaching $4. But the problem for us is predicting that timing.
And so what we've been doing more of is if I could buy long-dated gas call options at a value price, I could be interested in that. But because I don't know when that's going to happen, I said the other day that it seems like LNG is just, it's Mañana, Mañana, Mañana, you know, it's right around the corner. The sun will come out tomorrow, but we haven't seen it yet. And I believe it will. I believe it's real. I believe the data center story is real and that we really are going to see a, you know, not a permanent floor, but some sort of floor for gas that's higher than where we are that is due to increased, you know, stable demand. But right now, it's harder for us to allocate capital to gas plays because I don't want to predict that timing.
I feel confident about the oil returns I can get at current prices. It's a little bit more challenging on the gas side. So again, I'd love to if I could get paid today's price, but, you know, most sellers are pretty sophisticated. You know, they're not willing to sell to me at, you know, gas prices in the mid to high twos. They want me to pay $4 gas. So we're spending less money there now.
Understood. All right. Well, unfortunately, we're at the end of our time, but Luke and Tyler want to thank you for giving us an update on Granite Ridge. Really interesting story. But, you know, for those who we didn't answer your questions, feel free to reach out to me or the rest of the Sidoti team. Luke, what's the best way for people to get in touch with you?
Yeah, so two ways. We've got a website, graniteridge.com, and there's an IR link, or please just feel free to shoot me an email. It's luke@graniteridge.com, and so if there are questions we missed, I'm sorry about that. I have a tendency to get long-winded, but please shoot them to Kyle, shoot them to me. We'd love to chat with you and truly appreciate your interest in what we're doing. We think we're building something special. We're still new. We're only a couple of years old, and the support, the interest really is valuable to us, and it's what we're doing it for, you know, we're doing it for folks that we really hope that we can make you some money, so I'd love for you to be a part of what we're doing.
All right, great, well, really appreciate the time this morning. Hope everybody enjoys the rest of the conference and have a great day.
Awesome. Thanks much.