Against the backdrop of continued market volatility, we took decisive steps to strengthen Forward's capital foundation, improve our cost structure and deepen our engagement across the Solana ecosystem. In March, we completed a strategic share repurchase that reduced our common shares outstanding by 7.4%, accessing $40 million of institutional debt from Galaxy Digital on highly advantageous terms and implemented a cost reduction initiative that has yielded material operating expense savings through disciplined cost management. Together, these actions reflect the long-term mindset that we bring to managing Forward: disciplined capital allocation, compounding SOL per share, which is currently above 44% on an annualized basis -- on an annualized in-the-money basis, and positioning the business to grow and diversify alongside the Solana ecosystem.
