Fantastic. Jake and team, thanks so much for prepared remarks. Uh Jake, you probably saw we have folks from all over today, which is absolutely exceptional. Thrilled to have you all here. Feel free to drop any and all questions in the chat. This is your time. U so feel free to drop those. Sometimes if we see like kind um in terms of the questions, then we’ll group those together. So go slightly out of order. And then once we get to the top of the hour or earlier, I’ll ask if I’ve missed any. So, um, Jake, I’ll take this first one in here, and I’ll pop the second one from Thomas to you. I’m looking to invest in rental properties, but there are not none available for a long time. Why is it So, good question. So, we have quite a few properties that are available to invest in on our website right now. I’m going to go ahead and pull up uh our invest page so you can see this on your side. As a note, you do not have to have an account in order to view this information. So, if you want to uh view it on the front side, you’re more than welcome to. You’ll notice our real estate income fund, our Seattle city fund, and single family residential fund are always open. So, you can invest in that at any time. But in order to see the properties that are available to invest in, you go over to that filter button on the right hand side. You’ll click for sale and then it’s going to show you the properties that you can invest in today in the percent funded. So once they’re fully funded, they’re no longer to available to invest in unless they become available again on the secondary market like Ryan was walking through. But you’ll notice we have quite a few different properties in different markets. I’ll say too that we’re typically releasing new properties on a weekly or bi-weekly cadence. That can always vary over time, but that would be the standard typically around um on Thursdays. Um specifically asking for vacation rentals. Great feedback there. We’re uh right now we’re hyperfocused on operational efficiencies for our vacation rental properties in particular. We have roughly 40 on our platform. Um so we aren’t planning to add more right at this moment. That said, they can become available on the secondary market. So one thing to note with secondary market, uh you have to have at least one trade and be on the platform for 60 days from that trade. So uh keep an eye out there. I know there’s a lot of vacation rentals that folks get excited about. One in particular would be the buyer’s house which is from Stranger Things. Uh but great feedback there. We’ll be sure to share that with our team as well. All right, Jake. Anything to add before we move on to the next one? No, that’s great. Perfect. All right, let us know. Awesome. You said thank you. Let let us know if there’s any other questions there. Thomas had asked, “Where are your high leverage properties on the website?” Maybe I’ll go back, Jake, um so we can we can show that. Yeah. It’s a similar kind of answer. We haven’t really been adding a lot of leverage to properties in the last four years at this point. Um, interest rates went up in 2022 and that that was kind of the point where it didn’t make sense to add a lot of leverage to homes. So, we have a leverage filter in here. Um, you can see there’s nothing for sale that has leverage, but are, you know, there’s 143 properties that do have some amount of debt on them. Um, all of them, you’ll see, are fully funded. So, the only way to get access to those particular properties is going to be to invest on the secondary market. Like Karin mentioned, that’s not something you can do right off the bat. But after you’ve been an arrived investor for a few months, you’ll have access to the secondary market, which runs once per month and allows you to buy any of the shares of these older properties from arrived investors who are interested in selling. So that’s a great way to get access to things like properties that don’t that have leverage that, you know, we don’t have available right this second. And it gets you access to those properties of leverage that have, you know, 2021 or 2022 interest rates. So they generally have debt that is much cheaper than new debt is today. Uh that would be kind of the best place to look. In the meantime, we’re kind of watching the capital markets and we’re hopeful rates will come down, but right now it sure looks like the Fed is signal signaling that rates are going to stay elevated for this year and maybe start to come down next year. So we’ll be watching and waiting to see, you know, when we can possibly start to add leverage to new properties or even refinance properties that, you know, are fully equity funded right now. Absolutely. Hey, do you remember when we made the change? It’s been quite some time now to not include leverage on properties. Yeah, it was about summer of 2022. Um that was kind of when we hit the inflection point where interest rates went up high enough that it didn’t make sense. Um because our goal was to create, you know, these single family home investments where there’s a balance of cash flow and appreciation. And when interest rates went up high enough, you know that all of a sudden taking out more debt meant that you’re going to really start to destroy your cash flow because all of the cash flow you’re earning is going toward paying off the debt and paying the interest on the loan. So when that the interest rates went high enough where it didn’t really make sense um we stopped adding leverage and since that about then um you know last four years it’s been with with properties that are all equity funded. Absolutely. Awesome. Thanks for walking through it Thomas. Great question. I also dropped the details like Jake and I were mentioning with the secondary market how to access that. So definitely stay tuned. We’re running our windows on a monthly cadence right now. So I’ll drop those dates just so you’re aware as well. And then we would notify you when you’re eligible. I know that’s from the previous question, but eligible to participate in that. U Jake, I did get a DM on fees. Are you open to walking through how fees work? And then I’ll drop a FAQ in the chat. Yeah. So, there’s generally two types of fees that arrive charges for making investments. There’s going to be an upfront sourcing fee and then a recurring assets under management fee. Now, that upfront fee is a onetime fee that goes toward Arrive um for our work in, you know, finding and identifying a property, acquiring it, and getting it onto the Arrive platform. It’s already included with how much money we’re raising for that particular investment. So, you don’t you if you say, “Hey, I want to invest $1,000.” You invest $1,000. That’s inclusive of the fee. you don’t get hit with a taxes and fees section, you know, when you go to check out. Um, that onetime fee goes toward arrived and then from there on it’s just an recurring assets under management fee and that’s what, you know, compensates our team to, you know, actually operate all the properties and deal with managing contractors and talking to tenants and handling accounting and doing all the kind of back office and administrative things that need to happen in order to have a successful investment. Both of those fees are going to be listed on each individual investments page. Um on the financials tab, you’ll see information about the fees um and some examples of what those fee amounts are. Um and the reason I’m being I haven’t quoted any numbers yet is um the best place is really going to be in the FAQ just posted. The fees are a little bit different for each asset class. So, they generally all have the same structure of an upfront sourcing fee and then a recurring assets under management fee, but the fees are going to be slightly different for the real estate income fund versus the single family residential fund versus the individual single family properties. Um, so that’s why that FAQ is going to be the best place to look. And again, the same information is repeated on each investments page, too. Fantastic. Awesome. Thanks so much for walking through it, Jake. Very much appreciated. Uh for folks on the line, drop any and all questions. We’re here for you. Jake, we’re heading into what Q3 is coming up here. What are you most looking forward to from a product perspective? Um I’m really looking forward to Autocast. It’s been a product that everyone’s been asking for for a long time. The ability to just kind of say, “Hey, I want to set it and forget it and put, you know, $500 a month into real estate and, you know, make it really easy.” Um and right now you have to come back and log in every time. So really excited about auto invest because it’ll allow you to just set up how you want to build your real estate portfolio and then you know come back in a year or two and and you know have things automatically have been invested automatically have grown for you really similar to how you might have your you know 401k or any automatic contributions to a brokerage account. Fantastic. Awesome. Very excited. Uh for context right now, if you do have an arrived cash balance, so from your dividends, you can manually apply those towards your investments right now. So let’s say you have $10 in dividends. Uh the other 90 to meet that minimum of $100 would come from your connected bank account. So there is a way to do that in the checkout flow now. But to Jake’s point, AutoInvest is going to unlock a whole new world that we’re very excited about, primarily building on investor feedback, which is very exciting. All right, moving back over here. A good one from Thomas. What’s the expense ratio for properties? Do the funds work like EFTs? Maybe we’d clarify EFTs as well. Um, yeah, it’s it’s the the expense ratios are going to be again on each individual investments page and it’s going to be a little bit different depending on what assets you’re investing in. So, the fees are going to be a little bit different for the single family homes versus the, you know, uh, the vacation rentals versus, you know, the real estate income fund. Um, you know, in general, the the expense ratio I’m assuming you’re going to talk about here just the general expenses for the property. So not specific to fees, but generally expenses on a single family property are going to run from uh you know what 30 to 40% of the rent. So you end up getting margin of about you know in the 50 to 65% range depending on the particular property and how long it’s been owned and you know how long you’re kind of averaging out over. Um you can see all sorts of historical financial information on our financials page. And then we also have a bunch of SEC filings because each investment is a registered investment with the SEC. So we’ve got public um audited financials and public non- audited financials that cover different time periods. And that’s a great place to go look to kind of poke through all the different historical expenses. Fantastic. And Thomas, I’ll drop both of those. So to Jake’s point, we have all of it on each individual offering page and then they are consolidated on the circular. So that’s the second link I dropped. and then to walk through line by line on the difference in reports that we have. Uh you can see the FAQ on more details there. So let us know if there’s any other questions. All right, I think we cruise through all the questions today. I’ll give folks 30 more seconds. Let us know if we if you’ve if we’ve missed any or if there’s any other questions you have. It’s definitely your time. Uh Jake, as we look towards the latter half of the year, so let’s say after AutoInvest, um what do you foresee on the horizon for Herdrive? Oh boy, I don’t know. There’s all sorts of things that we’ve got coming on between Auto Invest and we’re looking at referral programs. Um and we’re looking at, you know, some specific um kind of investment guides. Um there’s definitely going to be some cool stuff coming in the second half of the year. So, it’s a great time to get started investing with Arrived and kind of getting your foot in the door, learning how it all works. And there’ll be a number of cool exciting products coming in the back half of this year. Absolutely. Very much looking forward to what we have to come. And Jake, thanks for working so hard to build the foundation for not only our existing products that we have uh but for new features coming up. So very excited for all the things. Uh for the folks that spent 34 minutes on your Tuesday morning and afternoon, thank you so much. We so appreciate the engagement. If there’s any other questions that come up, feel free to email supportive.com. You can also use our chat function in the bottom righthand corner of our platform. It’s a little circle uh with a smiley face in it. We do have an agent that um starts off asking questions and you can always request a human at any time. So, feel free to do so. Uh but hope you have a great rest of your day and happy investing. Thanks, folks. Chat soon. Bye all.