National Cooperative Bank's equity investment in Frolic unlocks the potential to scale nationwide and transform how our neighborhoods grow to provide more homes. Historically, financing has been one of the most challenging barriers to scaling cooperatives, not only for ground-up development but also for conversions. Frolic’s strategies for working with conventional banking systems have allowed us to build trust and demonstrate success with key lenders like NCB, which manages over $3.7B in assets. This investment paves the way for not only the growth of our companies, but the expansion of the broader market for lending to co-ops. We are very proud to share this news and looking forward to deepening our partnership with NCB.