Newlake Cap Partners Inc

Good day and welcome to the New Lake Capital Partners second quarter 2025 conference call. All participants will be in the 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, you may press star then two. Please note, this event is being recorded. I would now like to turn the conference over to Walter Pinto from Investor Relations. Please go ahead.

Thank you, Operator. Good morning and welcome, everyone, to the New Lake Capital Partners second quarter 2025 earnings conference call. I'm joined today by Gordon Dugan, Chairman, Anthony Coniglio, President and Chief Executive Officer, and Lisa Meyer, Chief Financial Officer. Before we begin, I'd like to remind everyone the statements made during today's conference call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Security Delegation Reform Act of 1995. The actual results may differ materially due to a variety of risks, uncertainties, and other factors. For a detailed discussion of some of the ongoing risks and uncertainties in the company's business, I refer you to the press release issued yesterday and filed with the SEC on Form 8 , as well as the company's 10 , 10 , and other reports filed periodically with the SEC. Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. FFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common shareholders to FFO and AFFO and definitions of terms are included at the end of our press release. Please refer to that press release for more information. With that, it's my pleasure to turn the call over to Mr. Gordon again. Gordon, please go ahead.

Thank you, Walter, and good morning, everyone. I appreciate you all joining us today. We were pleased with our second quarter results as New Lake delivered solid performance in a challenging cannabis landscape. Our second quarter dividend of 43 cents per share represented an AFFO payout ratio of 79%, just below our targeted range of 80 to 90%. Our portfolio has remained resilient through a difficult period for the cannabis sector, though we recognize we are not immune to the ongoing financial pressures faced by some industry participants. Anthony will provide more detail on an emerging default with a tenant representing approximately 5.9% of our annualized base rent a little later on this call. I think what's important for our shareholders is that we actively enforce our rights under the lease agreements and remain committed to maximizing shareholder value in these distressed situations. Additionally, our 79% payout ratio provides some cushion to navigate the situation and continue to support our dividend distributions in the near term as we work through this situation and any other potential situations. In an environment where some peers are distributing a larger share of earnings, New Lake's lower payout ratio gives us valuable flexibility to manage potential challenges. I would also point out that cumulatively, we've paid over $6 in dividends since going public in 2021, which is a nice indication of the dividend paying capacity of our company. Looking ahead, we expect the industry will continue to face headwinds as it awaits federal reform and works through elevated levels of leverage. Against this backdrop, we will remain vigilant and proactive in monitoring new developments and are steadfast in our focus on maximizing long-term value for our shareholders. Thank you for joining us today, and with that, I'll turn the call over to Anthony.