Newlake Cap Partners Inc

Good day and welcome to the New Lake Capital Partners third quarter 2025 conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then the number one key 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 call over to Walter Pinto from Investor Relations. Please go ahead.

Thank you, operator. Good morning and welcome everyone to the New Lake Capital Partners third quarter 2025 earnings conference call. Joining me today are Gordon Dugan, Chairman, Anthony Coniglio, President and Chief Executive Officer, and Lisa Meyer, Chief Financial Officer. Before we begin, please note that certain statements made during today's conference call may be deemed forward-looking statements. under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially due to a variety of risks and uncertainties. For a detailed discussion of these risks, please refer to our press release issued yesterday, our Form 10-Q for the quarter ended September 30, 2025, and other filings with the SEC. In addition, we will discuss certain non-GAAP financial measures, including FFO and AFFO. Reconciliations to the most directly comparable gap measures are included in our earnings release. With that, let me turn the call over to our chairman, Mr. Gordon DeGinn.

Gordon DeGinn Thank you, Walter, and good morning, everyone. Our third quarter financial results were in line with our expectations, reflecting the quality of the investments we made several years ago and the disciplined underwriting approach we have taken since the company's inception. Where possible, we are being proactive in managing risk within our portfolio as demonstrated by lease amendments we announced with C3, and similarly by our collaboration with Curaleaf to relocate a dispensary asset last quarter. Being responsive to a changing landscape is critical to managing risk and optimizing long-term shareholder value. As we've discussed in prior quarters, the cannabis sector remains difficult, with limited access to capital, slower market growth, and ongoing regulatory uncertainty. Given these dynamics, we remain cautious on new investments in the cannabis sector and our focus on maintaining a strong balance sheet and sustaining our dividend coverage. At the federal level, we continue to await meaningful reform that would improve the operating environment for these state legal businesses. Unfortunately, the recent government shutdown and related political gridlock have further delayed progress on this front. While the timing remains uncertain, we believe reform will ultimately occur. And when it does, New Lake will be well positioned to benefit. In the meantime, we remain focused on execution, supporting our tenants, and delivering long-term value for our shareholders. With that, I'll turn the call over to Anthony.