In looking at the first quarter, the trends around the country were fairly consistent. There is still a gap between the growth markets, such as Georgia, Florida, and Texas in particular, where you have the benefit of a lot of immigration, including business migration as well. really catching investors' appetite for future growth. I've actually traveled quite a bit over the past few months and spent some time in Florida. The demographic numbers are very impressive when you look at the next five-year forecast in those particular states, but Florida stands out.

May 7, 2025 / CEO / receipt, needs a key / Hissam Nagy, CEO | earnings call 2025-05-07 | transcript be011f66-9e42-43a7-8a8b-f7f62a7b45e3 | chars 18823-19387 | segment 18

But California in general, if you look at the national landscape, based on my travels and a lot of investor interactions, has kind of been the diamond in the rough. It lagged in the recovery. It has, of course, a number of local political issues and growth limitations. But nonetheless, because of the price adjustments and relative kind of a lagged but now positive recovery on job growth and a little bit of a healthier economic outlook, we've seen a lot of capital want to come back into California. So it's, you know, I would say that the beginning of maybe a new cycle in the state, especially on the other side of some of the macro concerns that I commented on in my formal remarks.

May 7, 2025 / CEO / receipt, needs a key / Hissam Nagy, CEO | earnings call 2025-05-07 | transcript be011f66-9e42-43a7-8a8b-f7f62a7b45e3 | chars 20108-20796 | segment 20