Advanced Flower Capital Inc.

Good morning and welcome to Advanced Flower Capital's third quarter 2024 earnings call. At this time, all participants are in a listen-only mode. Later, we'll conduct a question and answer session and instructions will be given at that time. As a reminder, this call is being recorded. I would now like to turn the call over to Gabriel Katz, Chief Legal Officer. Please go ahead.

Good morning. And thank you all for joining AFC's earnings call for the quarter ended September 30, 2024. I'm joined this morning by Robin Tannenbaum, our President and Chief Investment Officer, Daniel Neville, our Chief Executive Officer, and Brandon Hetzel, our Chief Financial Officer. Before we begin, I would like to note that this call is being recorded. Replay information is included in our October 14, 2024 press release and is posted on the investor relations portion of of AFC's website at advancedflowercapital.com, along with our third quarter earnings release and investor presentation. Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, anticipated market developments, portfolio yield, and financial performance in 2024 and beyond. These statements are subject to inherent uncertainties in predicting future results. Please refer to AFC's most recent periodic filings with the SEC for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections. During this call, we will refer to distributable earnings, which is a non-GAAP financial measure. Reconciliations to net income, the most comparable GAAP measure to distributable earnings, can be found in AFC's earnings release and investor presentation available on AFC's website. Today's call will begin with Robin providing some introductory remarks. Dan will then provide an overview of our third quarter 2024 performance and an update on the cannabis industry. Finally, Brandon will conclude with a summary of our financial results before we open the lines for Q&A. With that, I will now turn the call over to President and CEO, CIO, excuse me, Robin Tannenbaum.

Thanks, Gabriel, and good morning to all our investors and analysts that have joined us today. I'm thrilled to share that we've had a very active quarter. Following the spinoff of our commercial real estate portfolio on July 9th, we have operated as a pure play cannabis mortgage REIT. Since the start of the third quarter, we have originated approximately $59 million in new loans, and we've now exceeded our $100 million origination target for the year. reaching $116 million in total new originations so far. This milestone is not just a number. It represents our renewed commitment to provide the cannabis sector with timely, flexible capital at a moment when the industry needs it. Dan will dive deeper into the new deals we closed during the third quarter. We've deployed capital into promising cannabis 3.0 operators and continue to see attractive opportunities for additional investments. As of November 1st, we had an active pipeline of over $400 million of potential deals. We are pleased to have the capital to support our existing borrowers and fund future opportunities. During the quarter, we raised capital accretively through our ATM stock offering program, which will allow us to continue supporting this rapidly evolving industry. With the Republican sweep, we expect access to capital in the cannabis sector to remain scarce. While President-elect Trump has demonstrated some support for cannabis, broader cannabis legislation may not be the Republican administration's top priority. We believe that any progress will move at a measured rate. Rescheduling to Schedule 3 is still expected to advance, although at a slower pace than it would under a Democratic administration. The path for the Safe Banking Act appears more challenging as the momentum needed to push it forward may not be strong enough. With the prospect of progress at the federal level slowing down, we believe that there will be favorable conditions for AFC to deploy capital into deals with strong risk-adjusted returns over the medium term. With that, I'll turn it over to Dan, who will discuss our third quarter performance and what lies ahead.