Advanced Flower Capital Inc.

Good day, and welcome to the Advanced Flower Capital Q1 2025 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Gabriel Katz, Chief Legal Officer. Please go ahead.

Good morning, and thank you all for joining Advanced Flower Capital's earnings call for the quarter ended March 31st, 2025. 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 April 15, 2025 press release and is posted on the investor relations portion of AFC's website at advancedflowercapital.com, along with our first quarter 2025 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, market developments, anticipated portfolio yield, and financial performance and projections in 2025 and beyond. These statements are subject to inherent uncertainties in predicting future results. Please refer to Advance Flower Capital's most recent periodic filings with the SEC, including our quarterly report on Form 10-Q, filed earlier this morning, for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections. During today's conference call, management will refer to non-GAAP financial measures, including distributable earnings. Please see our first quarter earnings release uploaded to our website for reconciliations of the non-GAAP financial measures with the most directly comparable GAAP measures. Today's call will begin with Robin providing a high-level overview of the capital markets and our origination pipeline. Dan will then provide an overview of our portfolio and an update on the cannabis industry. Finally, Brandon will conclude with a summary of our financial results before opening the lines for Q&A. With that, I will now turn the call over to our President and CIO, Robin Tannenbaum.

Thanks, Gabe, and good morning to all our investors and analysts that have joined us today. Looking at the state of the cannabis industry, we continue to see many capital markets participants remaining on the sidelines as the lack of clarity around federal reform continues. Many operators continue to seek additional equity and or debt capital to support their businesses. yet the supply of capital in the industry remains scarce. We see a growing supply and demand imbalance for capital across the sector, with demand outpacing an already limited supply. This demand is driven by refinancing activity, which we expect to accelerate in the second half of this year due to adult use and medical expansions and increased M&A in the cannabis space. As lenders, our investments are underwritten with a primary goal of protecting principal. In times of cannabis and broader market volatility, we may not find investments that meet our criteria, and as a result, originations may be muted. As of May 1st, 2025, our active pipeline has $287 million of deals. As we have previously discussed, we are focused on sourcing deals and backing operators with a prior track record of success and selectively providing construction financing to operators with existing operations in other states. We currently have one signed term sheet for a deal and documentation. With that, I'll turn it over to Dan, who will discuss our first quarter performance and provide an update on our portfolio.