Bare markets are actually where winners are born.

And in a bear market like this, with a company like this, you need to have a strong balance sheet.

You need to cut costs.

You need to figure out ways to optimize revenue.

All right.

So you guys had Ford had a big announcement this morning, and I think it speaks to the direction.

I think the Treasury companies may need to go in right now. so maybe you can just break down what happened and what you announced. Yeah, thanks having me here, Scott. Thank you everyone for being here this morning, consensus on Tuesday. So this morning forward announced our first kind of major deal since doing our data transaction about six months ago. Forwarded investing in a company called Onri.

Anri is a reinsurance company.

I think they manage 150 million or so,

150 million of assets.

It's put it in reinsurance.

It's issued as an RWA on chain on Solana.

You could buy it today.

It yields 12 or 13%. And so the deal Forward did is Ford acquired a pretty

substantial minority stake in Henri, the parent company, and then also committed pretty

substantial capital into Henri's fund, which is yielding 12, 13%. The really cool part about

this transaction for Forward

is that we also announced a dead vehicle with Galaxy,

where we can get access to cost of capital of roughly 3.5%

and so we can actually earn that spread of call it 3.5 to 12, 13.

I'm particularly excited about this,

because when we first announced Forward, and I was doing kind of the first round of press tours around that, I said explicitly, like there's a lot of cost of capital arbitrages to be had, bridging Tradfai and Crypto, and also of Crypto and Tradify, there's an arbitrage of both directions. And so we're not capitalizing on that for our shareholders, and as a result, can deliver real strong outperformance for them. Yeah, I think a lot of the question marks around treasury companies early were, what were they going to do beyond just buy assets and hold and wait? And it seems like there's a trend now, and you, as you said, announced it from the very beginning that this was your intention, but to either buy cash flowing businesses or find ways to actually put the assets to work. I mean, do you think that

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