Heather, thank you and good afternoon everyone. I appreciate you joining us today. I'm going to begin by walking you through key updates from the quarter. The third quarter was another milestone for Venu. Our mission remains clear to build world class, artist-centric, fan-focused and experience driven destinations that redefine live entertainment. This quarter demonstrated once again that our disruptive model continues to deliver measurable performance and meaningful value. As I've said many times before, every decision that we make is tied directly to long-term profitability and disciplined national expansion. Our work remains guided by four clear strategic priorities. Number one expanding markets nationwide and advancing our current developments. Our municipal development pipeline has increased to 48 municipalities exploring projects with Venue through our partnership with Ryan and the leadership of Tom Ashley, our President of Real Estate and Development, we remain on track to deliver two new public private partnerships every quarter, each expected to add between 150 and $300 million to our balance sheet. Upon completion, we anticipate opening three new facilities in 2026 followed by another in early 2027. As our President of Venues will discuss later, we continue preparing for operational readiness including content programming, premium food and beverage activation and hospitality integration. Number two Optimizing program and Content. We continue to secure and develop some of the most compelling live programming in the country driven by our expanding network of partners and our relentless focus on content that separates venue from other operators. For instance, our partnership with Primary Wave Music, a global music catalog powerhouse, represents a major unlocking moment for us. The relationship will bring immersive, year round, multi-configurational omni content to our venues and redefine what a live experience can be. And the results of our content and relationships are showing up in big ways. One year ago we had just four holes at the Ford Amphitheater as we prepared for for the 2025 season. Today we sit at more than 25 holes for the 2026 season. Content at the Ford Amphitheater is roaring. Number three growing fire suite Sales fire suites remain a cornerstone of our economic engine, driving both upfront and long-term value. Year to date we have generated more than $91 million in Suite and Aikman Club sales, up more than $33 million or 58% from this time last year. Our newly introduced triple net real estate leaseback structure as a pathway to suite ownership has exceeded initial expectations and is emerging as a flagship ownership pathway. Importantly, under this model we retain premium tickets in our inventory, unlocking a new stream of reoccurring revenue. And finally, number four, unlocking strategic value. This quarter we made significant progress in high value opportunities such as naming rights, strategic alliances and sale leasebacks, all areas that drive meaningful development, profit and enhance our capital positions. Our business model was intentionally designed to allow us to unlock and monetize our real estate when appropriate. Recently we announced and executed a sale leaseback generating $6.2 million in development profit, which we will realize in this current quarter, all while retaining operational control, preserving ongoing revenue and maintaining the option to repurchase the property in the future. A lot of the expense we have had has been directly associated with developing our balance sheet. It's important to note that a significant portion of our expense is in this quarter can be contributed to depreciation and non cash compensation. Before I turn it over to Terry, I want to pause on one major theme this quarter. Partnerships. As our footprint grows, so does our influence and the partners choose to align with us with venue are powerful proof points. They validate our model in real time, amplify our brand, unlock new audiences and accelerate our ability to innovate. When world class artists, global brands and major industry leaders stand with us, it signals something unmistakable. Venue is a force and the people shaping the culture recognize it. This quarter that momentum accelerated in meaningful ways, but there's nobody better positioned to speak to that than our President of Growth and Strategy, Terry Liebler, who will walk us through the partnerships we formed and why they're so critical to our nationwide growth. With that Terry, I'm going to hand it over to you.
Terry Liebler - President of Growth and Strategy00:10:25
Thank you jw. Over the past quarter we've continued to see meaningful growth in the visibility and strength of the venue brand. Our strategy has been centered on expanding our marketing reach while aligning with partners and platforms that elevate our influence in the live entertainment space. We also announced a major strategic partnership with Tixar, a global leader in modern ticketing and live event commerce. Under this new agreement, which was backed by a capital commitment in venue, Tixar will serve as the official ticketing and integrated commerce partner for four of our premium hospitality oriented indoor music halls. We also expanded our artist driven partnerships this quarter. Niall Horan,, global superstar and multi platinum artist and Dierks Bentley, independently joined Venue as a strategic partner. As shareholders and as founding members of our Advisory Council, their endorsement signals powerful validation of our artist inspired approach and brings meaningful global reach to the venue brand. Through our partnership with Billboard this quarter, we had the pleasure of honoring award winning singer Songwriter lead with its inaugural Billboard Disruptor Award presented by JW at the Billboard Live Event Music Summit in la. This collaboration continues to position Venue at the forefront of conversations around innovation and the future of live entertainment. In terms of industry recognition, J.W. Roth was named to the Billboard 2025 Touring Power Players list and also to the 2025 venues now all Stars list marking another year of leadership acknowledgment at the highest levels of the industry. These honors speak to the credibility of our model, our growth trajectory, and the fan centric focus that defines venue. Finally, our marketing reach continues to compound quarter over quarter through national media, artist collaborations and digital expansion efforts, the venue story reached audiences at a scale that continues to build trust, expand awareness and support demand across our venues. We reached an estimated 18.2 billion people through press across the globe since our IPO date, including press highlights from Billboard newsmaps, Bloomberg, Cheddar, Polestar and more. And speaking of our ipo, as many of you may know, next week marks our one year anniversary as a publicly traded company. It's a milestone we're incredibly proud of and one that reflects the passion, resilience and ambition of the entire Venu family. We'll be launching a major campaign in celebration, so keep an eye out for that. But more importantly, this moment is a reminder of just how far we've come and how much opportunity lies ahead as we rise and thrive and grow together. Collectively, these partnerships, recognitions and milestones continue to reinforce the strength of the venue brand and position us for a powerful close to the year. We appreciate you all spending time with us today. Thank you. And with that, I'll turn it over to Heather to get into our financial highlights.
Heather Atkinson - Chief Financial Officer00:14:14
Thank you so much, Terry. Now, to dig into the quarterly and year to date figures a bit more. Our total Assets increased to $315 million, up $136 million or 76% as of September 30 from $178 million at December 31, 2024. Venue's property and equipment increased to $250 million, up 113 million or 82% as of September 30 from $137 million at December 31, 2024. Our Lux fire suite and Aikman Club, sales reached $91 million through September 30, 2025, up $34 million or 58% from $58 million from September 30, 2024. This included sales of Luxfire Suites through traditional cash sales, fractional financing and triple net lease interest. The company generated net revenue, defined as profit after venue split with AEG Presents Rocky Mountains, the operator of the Ford Amphitheater with receipts from the company's naming rights agreements, which are outside of venues. Aegis partnership agreement of $2.0 million compared to $1.6 million for the three months ended September 30, 2025 and 2024, representing an increase of $393,000, or approximately 24% year over year. For the same period, the company generated net revenue, defined as profit after venue split with Aegis, with receipts for the company's naming rights agreements, which are outside of Venue's AEG partnership agreement of 2.8 million, compared to 1.6 million for the nine months ended September 30, 2025 and 2024, representing an increase of 1.2 million, or approximately 72%, year over year for the same period subsequent to this quarter ends. Then you completed a $14 million sale leaseback transaction, generating a 6.2 million-dollar profit during this current fourth quarter while retaining operational control and maintaining the option to repurchase the property within the first three years of the lease. And with that, this concludes our review of the quarterly and year to date financial highlights. I will now hand it over to Will to walk through our operational insights and key drivers from this past quarter.
Will Hodgkins - Unknown00:16:50
Thank you Heather and thank you all for being here today. This quarter marked a significant period of growth across our entire operational landscape. We wrapped a successful summer season with strong show performance and our clubs, particularly our campus in Georgia continues to gain meaningful recognition among artists and fans. This traction is solidifying our presence and demonstrating our ongoing growth in the industry. Now in the past few weeks we also reached a major milestone with the official opening of our $44.5 million Sunset Hospitality collection here in Colorado Springs, a fine dining and private event destination overlooking our Polestar nominated Ford Amphitheater. Anchored by Ross Sea and Steak, the campus includes a Michelin trained culinary team, elevated five star dining, Brohan's bar, luxury private event spaces and two grand owners clubs. It stands as the largest entertainment and hospitality complex in our portfolio to date and is designed to operate year round independent of and during the concert season. Roth, Sea and Steak has already seen exceptional early performance, a sold out grand opening weekend with outstanding reviews and rapid word of mouth momentum, stellar initial service scores and very positive media coverage continues. We are incredibly proud of this milestone and excited to continue building on the momentum moving forward as we grow as a team and advance our brand portfolio. Our focus on top line revenue remains strong. We continue to evaluate new revenue opportunities across our restaurants and entertainment venues, optimizing our menu mix by removing underperforming items and introducing new offerings wherever they strengthen performance. Additionally, the premium segment has always been a cornerstone of our model and we are actively enhancing those experiences and offerings to support long term growth in that category. Heading into the fourth quarter, we are focused on advancing our Omni Content strategy and further strengthening our already thriving private event business. We are booking into the 2026 season, as JW said, with over 25 holds on the calendar for the Ford Amphitheater, and our clubs continue to perform exceptionally well. Looking ahead, we expect to begin booking broken Arrow and McKinney by late spring or early summer. As those venues prepare to open, our holiday rental calendars are tracking way ahead of expectations with demand continuing to rise. To capitalize on this momentum, we've expanded our staffing and launched dedicated marketing campaigns to drive additional bookings. We anticipate a strong fourth quarter for private events and are building towards a larger, more robust booking calendar for the year ahead. At the end of the day, we're super energized by the momentum across our portfolio and confident in the opportunities ahead as we continue shaping the future of this industry. With that, I'll turn it back over.
J.W. Roth - Founder, Chairman, and CEO00:19:50
To JW Will thank you. Listen, if this quarter proved anything, it's that momentum is real, our model works and the future we've been building toward is right in front of us. As Terry mentioned, Next week marks 365 days of being a publicly traded company and we are incredibly proud of what we have accomplished in that time. The team we have assembled here is exceptional, working every day to create value, innovate and push boundaries across the board. Over the past year and even before that, we have seen that our momentum is real. Fans are responding, partners are eager to align with our vision and municipalities are engaging and our shareholders are watching venue evolve from an idea into an industry defining enterprise. As I said before, we are a tide that rises all boats and as we move into the fourth quarter, that tide is only getting stronger. With that said, let's go into our Q and A.
J.W. Roth - Founder, Chairman, and CEO00:21:52
So Marty, thank you for your support, for your question. So, you know, just to reiterate, you know, what, what Will had said, you know, this time last year we had four holes for the 2025 season. This year, AEG has over 25 holes going into the 2026 season. So there's absolutely no question that content is roaring at the Ford and that we're going to knock the COVID off the ball there. We also signed a booking agreement with Live Nation in Broken Arrow and we're excited about building that relationship with them there and we're just excited about that venue in total. But then beyond that, as we continue to sort of focus in on this Omni content strategy of ours, this Primary Wave agreement becomes more and more important and we are going to make more and more announcements about it. But the bottom line is we're going to be producing owned content. Owned content that will find its way into short term residencies, premiers in our venues, and then eventually into streaming. So I can tell you that every day we are laser focused on content at venue.
J.W. Roth - Founder, Chairman, and CEO00:23:26
JW, congratulations on your upcoming one year anniversary. It's amazing what you've been able to accomplish so far. And you recently released an updated appraisal on one property. I'm eager to see what the appraisal from the others look like. Do you have plans on doing that? First, Ben, thanks for your support and for your question. The answer is yes. You know, we are. We're currently in the process of appraising all nine of our properties and I can tell you the number is going to be significant. As you know. You know, there's just and always has been, there's just a disconnect and it drives me crazy. But there's a disconnect between the value of our properties, the true value of our properties and, and the value that we carry, our real estate on our balance sheet. And let me give you an example about that. So, and the reason I say it is because under GAAP we have to carry all of our real estate on our balance sheet at basis. And so while the value might be much, much higher, a contributed piece of property by a municipality sits on our balance sheet at zero. Let me give you an example. Let's pretend a municipality comes along and contributes a $50 million piece of property to us as part of a development agreement for us to build in their community. Well, that ground, while it might be worth $50 million, goes on our balance sheet at zero. So there's just an obvious disconnect between mark to market values and GAAP basis values on our balance sheet. So I look forward to over the course of the next few weeks as we wrap up these appraisals and to come out with announcements so that investors can get their heads around the true value of the assets that sit on our balance sheet. And again, I appreciate the question. Oh, thank you. I look forward to seeing what you and your team do in the second year. Thank you. Well, you'll be impressed.
J.W. Roth - Founder, Chairman, and CEO00:25:42
Jw, Congratulations. You already sound real excited, but let me pin you down to look into 2026 and tell me what you're most excited about. First, Pete, thanks for your support and I appreciate you as a shareholder. And I thank you for the question. I mean, at the end of the day, multi seasonal, multi configurational and omni content venues, right? What we are building is tomorrow's venue today. And so the most exciting thing for me is the path that we're on to open broken arrow, open McKinney, and then open El Paso. There's never been multi seasonal, multi configuration or omni content venues built in the form of amphitheaters. This will be the first. And it's a game changer. And it's a game changer in almost every way. And the bottom line is it's venue utilization. Right? So if I had to answer the question, it would. The most exciting piece about what we're doing is we're changing the way your typical or your thought of amphitheater is utilized. Nothing grows the top line like venue utilization. So it's more money for the. It's more money for the season, and there's just nothing more exciting about it. So there's my answer. And that's what we're building. Broken Arrow, McKinney and El Paso. Well, I'm looking forward to your success, my brother. I thank you. Appreciate it.
