But when you're dealing with an agency like Social Security or the IRS, something that is incredibly important but not the FBI, how do you help fulfill their mission?

It's a great question, Spencer, and for us, you know, at Easterly, this is part of our underwriting because, you know, it, while it is government real estate, there are segments, and you need to differentiate.

And what we would call plain vanilla office, which is most of what's in Washington, is the type of office that we don't own because there it would be very easy for the prickliness of an agency or a group to move from one place to another, and it becomes very price competitive.

What we're most excited to do is build the buildings like the ones Marcy was referring, the special facilities.

These are lab facilities, vault facilities, field facilities, place where actual mission is being executed by folks out by the people.

So that is law enforcement.

That is all the processing that's required to maintain those agencies.

Any particular reason why? Daryl?

"Oh, we're canceling, we're canceling, we're canceling." And then they seemed to kind of come back [laughs] and go, "No, we're not canceling." What did you see from your desk?

You know, maybe just stepping back, you know, what DOGE, um, essentially was or is and continues to be, is a dose of private sector practices into government.

Uh, and you see it in waves.

You know, over time, over the last 250 years, one of the things that makes America vibrant is the idea that private sector people can come into government, uh, make some changes, move things forward, uh, and then melt back into their communities.

And that's exactly what Elon Musk was doing in bringing this jolt of, uh, private sector accountability into a space that the bureaucracy had very much taken over, uh, over the last couple decades.

You know, what, what am I talking about? I mean, in that a couple...

Let's, let's, let's look back to 1995 to 2000.

Do you guys look at state-leased properties? A- and how do you compare them to GSA?

But let's talk about your background.

Yeah, no, I mean, I, uh, I, I started as a, uh, as a kid in New York.

My dad was a Navy captain, you know, served the country for, uh, for twenty years.

Uh, ended up, uh, going off to college in, uh, in Maine.

Uh, learned what it was to have trees and learned a little bit about farming.

Had no idea that you had to get a cow pregnant in order for it to produce milk.

I thought steak grew on styrofoam.

So speak to that.

And I'm sure the low quality or the more distressed assets is what we're reading about in the headlines.

Yeah, no, that's exactly right, Alex.

I mean, it really has become this two-tracked market.

One, where you've got these over-levered assets that are structurally challenged.

You know, think office, think weaker real estate, lots of financial pressure.

Then you've got the real estate that's durable, income-driven.

You know, the demand is essential, you know, where essentially population or other enduring factors are driving the demand for the building.

You got locked up.

Do you still see room for acceleration here? Where could we see an upside surprise in the coming quarters?

Yeah, I mean, Marlee, it's great.

We can see upside just in things staying normal, which is in contrast to almost every other stock folks are talking about today.

Because quite simply, we have billions of dollars of rent revenue from the United States government.

We house mission-critical facilities.

That's folks like the Veterans Administration, the FBI, the Drug Enforcement Administration.

Our ticker symbol is DEA, and because they wouldn't give us FBI, but we only focus on mission critical buildings.

So with that sort of misunderstanding that you're seeing that people just don't understand how the business functions and also the uncertainty with no end in sight as of right now, how do you reassure investors through this period?