Good day, and thank you for standing by. Welcome to The St. Joe Company Second Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is also being recorded. I would now like to hand the conference over to Jorge Gonzalez, President, CEO and Chairman of The St. Joe Company. Please go ahead.

Thank you. Good afternoon, everyone. I am Jorge Gonzalez, President, CEO and Chairman of The St. Joe Company. It is my pleasure to welcome you to the quarterly earnings call of The St. Joe Company. Yesterday afternoon, after the market closed, we issued our 2025 second quarter earnings press release, which can be found in the Investor Relations portion of our website at joe.com. As a reminder, in a housekeeping matter in the top right-hand corner of your screen, the word submitted question are visible. Clicking at text, we'll take you to the section where you can top in your question and then click submit for later in this call. I'm joined today by Marek Bakun, our Chief Financial Officer. As we discussed at our 2025 Annual Meeting of Shareholders back in May, we committed to launching quarterly earnings calls to provide our shareholders and the investor community with another opportunity to engage with management and ask questions about our business and performance. We have always been an open and transparent company that welcomes engagement in any form throughout the year. Because of the types of assets that we own, we always encourage shareholders to visit us in person so they can assess the progress of the region and of the company. We are excited to begin this new chapter of investor engagement as the company continues to execute on our strategic transformation. Over the past several years, we have evolved from primarily a transactional land sales company to a diversified real estate operating company with multiple recurring revenue streams. Our strategy centers on growing and enhancing the ecosystem in Northwest Florida by developing scalable master-planned residential communities and businesses in hospitality and commercial leasing that generate recurring revenue. We call this our virtuous circle of value creation, where investments…

The first question is, would the Board consider reviewing the current access policies to ensure that hotel guest usage in our WaterSound Club do not dilute the premium experience and investment for members? There's currently 3 hotels on 30A that we allow access to our club amenities out of a total of 12 hotels. At this moment in time, we don't have a plan to change that current policy. The next question, distributed cash from Latitude Margaritaville WaterSound. Could you provide color on the decision-making of how much capital or cash is kept at Latitude versus being distributed out to the joint venture partners? The answer to the question is there's not a specific formula that the partners execute ourselves and Minto on the actual distribution. It's a decision that's made based on how the business is going, how sales are going, how closings are going, the infrastructure needs, the capital needs for the infrastructure. So there's not a specific formula. It is something that we work together with our partner as part of the normal day-to-day execution of the joint venture. The next question, what is the number of acres contributed to the Margaritaville joint venture with Minto? It is approximately 2,600 acres. Next question. What can you tell us on the ground in terms of what you're seeing in terms of population growth in the area over the past year? Do you think it's possible that we can see the housing market in the area above the national trend? You returned $26 million to equity holders in the form of dividends, buybacks, debt paydown, being able to return significant capital to shareholders while continuing to grow is essential to this investment. Do you believe you have reached a point where we can return close to $100 million annually…

This concludes today's conference call. Thank you for participating. You may now disconnect.