Chicago Atlantic Real Estate Finance, Inc.

Good day and welcome to the Chicago Atlantic Real Estate Finance, Inc. Second Quarter 2025 Earnings Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to hand the call to Tripp Sullivan of Investor Relations. Please go ahead.

Thank you. Good morning. Welcome to the Chicago Atlantic Real Estate Finance Conference call to review the company's results. On the call today will be Peter Sack, Co-Chief Executive Officer, David Kite, Chief Operating Officer, and Phil Silverman, Chief Financial Officer. Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website, along with our supplemental filed with the SEC. A live audio webcast of this call is being made available today. For those who listened to the replay of this webcast, we remind you that the remarks made herein are as of today and will not be updated subsequent to this call. During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential loans, and other investments, future dividends, and financing activities. All forward-looking statements represent Chicago Atlantic's judgment as of the date of this conference call and are subject to risk and uncertainties that can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the company, including the risk and other information disclosed from the company's filings with the SEC. We also will discuss certain non-GAAP measures, including but not limited to, distributable earnings. Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC. I'll now turn the call over to Peter Sack. Please go ahead.

Thank you, Chip. Good morning, everyone. While the cannabis equity markets have vacillated on the headlines surrounding the DEA and rescheduling, and other capital providers have been inconsistent in their commitments to the industry, we've maintained our steady-as-it-goes approach. We're deploying capital with consumer and product-focused operators in limited-license jurisdictions at low-leverage profiles to support fundamentally sound growth initiatives. And more importantly, We're staying disciplined and patient by making decisions based on credit and our ability to predict principle and achieve strong risk adjusted returns. The cannabis pipeline across the Chicago Atlantic platform has increased from $462 million a quarter ago to nearly $650 million today. We have a number of signed term sheets within this pipeline that should offset the early Q3 payoffs and keep us on track for net portfolio growth for the year. Upcoming maturities in the market M&A activity related to operational and balance sheet restructurings and a growing number of ESOP sale transactions drive recent pipeline growth. With our long history in the industry and over $2.2 billion of capital deployed in the cannabis industry alone, we continue to have the most robust platform to meet the growth of the industry. We enhanced our ability to support that growth with the recent extension of our credit facility with no change to the economic terms from June 30, 2026 to June 30, 2028. Our overriding goal for our shareholders is to create a differentiated and low-levered risk-return profile that is insulated from cannabis equity volatility and outperforms our industry-agnostic mortgage repairs. While there has been some near-term divergence in the financial services industry due to uncertainty around tariffs and the direction of interest rate policy, we're confident that we will outperform long-term and deliver strong returns to our shareholders. David, why don't you take it from here?