Advanced Flower Capital Inc.

Good day, and thank you for standing by. Welcome to the Advanced Flower Capital Q3 2025 Earnings Conference 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 this session, you will need to press star 11 on your telephone. You will then hear an automated message, advise your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Gabe Katz, Chief Legal Officer. Please go ahead, sir.

Good morning, and thank you all for joining Advanced Flower Capital's earnings call for the quarter ended September 30th, 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 October 28, 2025 press release and is posted on the investor relations portion of the AFC's website at advancedflowercapital.com, along with our third quarter 2025 earnings release and investor presentation. Today's conference call includes forward-looking statements and projections that reflect the company's current view with respect to, among other things, market development, the company's anticipated conversion to a BDC, 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 third quarter earnings release uploaded to our website for reconciliation of the non-GAAP financial measures with the most directly comparable GAAP measures. Today's call will begin with Robin providing information about our recent shareholder vote to convert to a business development company. Dan will then provide an overview of our portfolio and pipeline. 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 our president, Robin Tanaba.

Thanks, Gabe, and good morning, everyone. We appreciate you joining us this morning to discuss AFC's third quarter earnings. Before turning to our earnings, I want to touch upon AFC's planned conversion from a mortgage REIT, the current structure under which we operate, to a business development company, or BDC. As a reminder, in August, AFC announced its intention to convert to a BDC, as this structure will enable AFC to originate and invest in a broader array of opportunities, which would include both real estate and non-real estate covered assets. On November 6th, 2025, shareholders approved the two proposals related to our plan to convert from a REIT to a BDC. The first proposal was to approve a new investment advisory agreement with our external manager to allow us to operate as a BDC in accordance with the Investment Company Act of 1940, and the second was to approve reduced asset coverage requirements under the 1940 Act. We were pleased with the strong engagement from our shareholder base with over 61% of outstanding shares represented by proxy at the special meeting, and over 94% of those votes cast in favor of both proposals. This broad shareholder support validates the rationale for AFC's evolution and long-term growth strategy. We thank our investors for their support and for their continued investment. We anticipate that the conversion to a BDC will occur in the first quarter of 2026, and AFC will continue to operate as a REIT until that time. The conversion remains subject to the approval of certain matters by AFC's board of directors. Upon completion of the conversion, AFC will continue to trade on the NASDAQ under our existing ticker, AFCG. As a BDC, the investment universe for AFC will expand, allowing the company to lend to operators with or without real estate collateral. Additionally, as of August 2025, our board has approved an expanded investment mandate that includes direct lending opportunities outside the cannabis industry. We see credit opportunities in other private and public middle market companies beyond cannabis that have the potential to generate attractive risk-adjusted returns. By broadening our opportunity set, AFC will be better positioned to diversify its exposure across industries and credit risk profiles. In short, we view this as an important and value-enhancing step for the company and for our shareholders going forward. Now, I'll turn it over to Dan to discuss our portfolio and pipeline.