RUSH TRANSCRIPT Shares are ░░░░░░░░ almost 2 and there ░░░░░░░░ a question about how ░░░░░░░░ banking industry is shaping ░░░░░░░░ of the downturn Where ░░░░░░░░ are living where they ░░░░░░░░ moving to and the ░░░░░░░░ was interesting to me ░░░░░░░░ it was a hedge ░░░░░░░░ founded my a it ░░░░░░░░ not what he wants ░░░░░░░░ talk about you want ░░░░░░░░ talk about a whole ░░░░░░░░ of other things having ░░░░░░░░ do with the real ░░░░░░░░ market as you I ░░░░░░░░ I want to start ░░░░░░░░ because of the Goldman ░░░░░░░░ news Do you see ░░░░░░░░ wholesale shift in where ░░░░░░░░ are looking to live ░░░░░░░░ people are willing to ░░░░░░░░ money and allocating your ░░░░░░░░ accordingly Pleasure to be ░░░░░░░░ as you mentioned I ░░░░░░░░ head of real estate ░░░░░░░░ is a 50 billion ░░░░░░░░ firm we manage real ░░░░░░░░ investments in approximately 100 ░░░░░░░░ single family rental homes ░░░░░░░░ question our investments over ░░░░░░░░ last 10 years have ░░░░░░░░ followed a general theme ░░░░░░░░ cheaper and warmer So ░░░░░░░░ migration trends are from ░░░░░░░░ the coastal cities to ░░░░░░░░ in the southeast and ░░░░░░░░ so I think we ░░░░░░░░ continue to investigate in ░░░░░░░░ locations But to your ░░░░░░░░ about opening an office ░░░░░░░░ Miami our job is ░░░░░░░░ find it investments for ░░░░░░░░ investments but also attract ░░░░░░░░ best human capital As ░░░░░░░░ become more flexible that ░░░░░░░░ change We are talking ░░░░░░░░ the potential for layoffs ░░░░░░░░ people are concerned about ░░░░░░░░ housing market How high ░░░░░░░░ rates how is the ░░░░░░░░ of the capital that ░░░░░░░░ deployed Change this year ░░░░░░░░ the same type luster ░░░░░░░░ s definitely slower as ░░░░░░░░ rates have gone up ░░░░░░░░ the interesting thing is ░░░░░░░░ the Fed is doing ░░░░░░░░ the interest rates I ░░░░░░░░ a deliberate demand delay ░░░░░░░░ To tame inflation because ░░░░░░░░ is interestingly stimulating demand ░░░░░░░░ as he pointed out ░░░░░░░░ s more difficult for ░░░░░░░░ to buy so our ░░░░░░░░ is over the long ░░░░░░░░ rent is going to ░░░░░░░░ faster in home prices ░░░░░░░░ evaluations I and their ░░░░░░░░ the cheaper and warmer ░░░░░░░░ that you re talking ░░░░░░░░ Do you think the ░░░░░░░░ are in accurate and ░░░░░░░░ t have what you ░░░░░░░░ seeing on the ground ░░░░░░░░ think people during Covid ░░░░░░░░ was distorted or smooths ░░░░░░░░ so historically pre Covid ░░░░░░░░ this surge in demand ░░░░░░░░ all kinds of goods ░░░░░░░░ rental housing or even ░░░░░░░░ for purchase there is ░░░░░░░░ an element of seasonality ░░░░░░░░ prices usually go down ░░░░░░░░ the back end of ░░░░░░░░ year Almost all of ░░░░░░░░ red growth is it ░░░░░░░░ food and that s ░░░░░░░░ I buy it or ░░░░░░░░ it and that being ░░░░░░░░ I do want to ░░░░░░░░ out as you reference ░░░░░░░░ losses is that job ░░░░░░░░ in fear of recession ░░░░░░░░ is in the media ░░░░░░░░ the news every day ░░░░░░░░ probably having a dampening ░░░░░░░░ on household formation We ░░░░░░░░ not trading these homes ░░░░░░░░ are investing long term ░░░░░░░░ fundamentals look great as ░░░░░░░░ move into the peak ░░░░░░░░ formation period They want ░░░░░░░░ single family home As ░░░░░░░░ raise capital you think ░░░░░░░░ when you want to ░░░░░░░░ it I do wonder ░░░░░░░░ you are expecting some ░░░░░░░░ of dislocation that will ░░░░░░░░ a better price entry ░░░░░░░░ Absolutely I think it ░░░░░░░░ an incredible time for ░░░░░░░░ family homes is perhaps ░░░░░░░░ institutional real estate that ░░░░░░░░ been priced to the ░░░░░░░░ of people today We ░░░░░░░░ relatively constructive on home ░░░░░░░░ We think they will ░░░░░░░░ to fall a little ░░░░░░░░ next year But the ░░░░░░░░ market is very stable ░░░░░░░░ essentially 83 million Americans ░░░░░░░░ a mortgage that it ░░░░░░░░ 3 25 interest rate ░░░░░░░░ Americans cannot afford to ░░░░░░░░ their house and buy ░░░░░░░░ smaller home A bigger ░░░░░░░░ a bigger expensive expense ░░░░░░░░ bunch of others that ░░░░░░░░ gotten into this area ░░░░░░░░ they selling I they ░░░░░░░░ back Of the starting ░░░░░░░░ look around for potential ░░░░░░░░ buyers We buy homes ░░░░░░░░ days We bought them ░░░░░░░░ of a time one ░░░░░░░░ a time off of ░░░░░░░░ listing service We buy ░░░░░░░░ from other portfolio operators ░░░░░░░░ we buy homes from ░░░░░░░░ We see perhaps the ░░░░░░░░ opportunity today to buy ░░░░░░░░ homebuilders because the mortgage ░░░░░░░░ at 7 they are ░░░░░░░░ a hard time selling ░░░░░░░░ inventory It s a ░░░░░░░░ opportunity to partner with ░░░░░░░░ to bring affordability What ░░░░░░░░ are you looking in ░░░░░░░░ and southwest it is ░░░░░░░░ of cheaper and warmer ░░░░░░░░ Las Vegas Tampa Nashville ░░░░░░░░ more people have gone ░░░░░░░░ there is a political ░░░░░░░░ especially as the Fed ░░░░░░░░ trying to double done ░░░░░░░░ and they talk about ░░░░░░░░ renter How much EU ░░░░░░░░ how do you weigh ░░░░░░░░ kind of calculus We ░░░░░░░░ a tendency to be ░░░░░░░░ mindful of at that ░░░░░░░░ we are focused on ░░░░░░░░ should be apple to ░░░░░░░░ the residence they want ░░░░░░░░ make the determined if ░░░░░░░░ want to rent or ░░░░░░░░ we are focused on ░░░░░░░░ just announce a partnership ░░░░░░░░ essentially builds positive rent ░░░░░░░░ scores who pay their ░░░░░░░░ I wasn t aware ░░░░░░░░ million Americans are so ░░░░░░░░ invisible We are helping ░░░░░░░░ while they are residence ░░░░░░░░ us When they built ░░░░░░░░ their rent to build ░░░░░░░░ edit score so we ░░░░░░░░ helping them on that ░░░░░░░░ Is it taking unger ░░░░░░░░ set up people at ░░░░░░░░ point Are people pushing ░░░░░░░░ Are you feeling some ░░░░░░░░ the pain will talk ░░░░░░░░ when it comes to ░░░░░░░░ To a certain extent ░░░░░░░░ of this is seasonal ░░░░░░░░ people forget this time ░░░░░░░░ year that usually it ░░░░░░░░ a little longer and ░░░░░░░░ runs good on a ░░░░░░░░ but when we look ░░░░░░░░ the top of demand ░░░░░░░░ and technology really powers ░░░░░░░░ we do We have ░░░░░░░░ operation committed to serving ░░░░░░░░ and giving them a ░░░░░░░░ institutional experience People are ░░░░░░░░ in looking at our ░░░░░░░░ at the prices we ░░░░░░░░ offering them It s ░░░░░░░░ over last year So ░░░░░░░░ don t see a ░░░░░░░░ in demand Are there ░░░░░░░░ regions that you see ░░░░░░░░ much bigger price of ░░░░░░░░ than that You tend ░░░░░░░░ see more in the ░░░░░░░░ focused region in the ░░░░░░░░ and west because we ░░░░░░░░ not investing their that ░░░░░░░░ the national number Even ░░░░░░░░ there has been such ░░░░░░░░ depreciation If you look ░░░░░░░░ the where the migratory ░░░░░░░░ are it s cheaper ░░░░░░░░ warmer but we also ░░░░░░░░ to follow you house ░░░░░░░░ that s where people ░░░░░░░░ moving Companies are moving ░░░░░░░░ there s demand Follow ░░░░░░░░ u haul s I ░░░░░░░░ that Really interesting especially ░░░░░░░░ people talk about whether ░░░░░░░░ start to see disinflation ░░░░░░░░ rent A lot of ░░░░░░░░ determine rent