Newlake Cap Partners Inc

Good morning and welcome to the New Lake Capital Partners fourth quarter and full year 2025 earnings conference call. Today's call is being recorded. I will now turn the call over to Jack Perkins, Investor Relations.

Thank you, Operator, and good morning, everyone. Joining me today are Gordon Duggan, 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 call may be considered forward-looking under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to various risks and uncertainties. We will also reference non-GAAP measures, including FFO and AFFO. Reconciliations to the most direct comparable GAAP measures are included in our earnings release. With that, I'll turn the call over to our chairman, Gordon DeGann.

Thank you, Jack, and good morning, everyone. We are very pleased with our fourth quarter and full year 2025 performance, delivered against a backdrop that remains challenging for the cannabis industry, with continued capital scarcity and inconsistent operator execution. For the year, we generated 51 million of revenue, 44 million of AFFO, and returned $1.72 per share in dividends from our $2.09 per share of AFFO, highlighting the cash flow generation of our business. Since our IPO in 2021, we have paid $6.86 per share in dividends. Our team remains focused on disciplined risk management, retenanting where necessary, and sourcing high-quality opportunities. Our measured pace of origination reflects intentional discipline as we navigate the current environment and position the company for future growth once reforms materialize. On the policy front, the most notable development of the quarter was obviously President Trump's executive order directing the Attorney General to accelerate the process of rescheduling cannabis from Schedule 1 to Schedule 3. This represents an important and constructive federal signal but one that now requires decisive follow-through from the Department of Justice. Rescheduling is critical to eliminating the burdensome 280e tax regime and supporting additional reform that could restore access to capital, both foundational to long-term health of this industry. Like many, we are awaiting DOJ action. Until that occurs, we will continue to operate cautiously based on today's regulatory environment and maintain our disciplined risk aware approach. As we look into 2026, New Lake is entering the year with a strong balance sheet. We have more cash than debt. We have no expensive preferred stock and basically the lowest leverage ratio of any rate that I'm aware of. We expect continued cannabis industry headwinds until reforms are ultimately completed. And against that backdrop, we will remain disciplined waiting for the opportunities that will come as the industry progresses. Thank you for joining us, and I'll now turn the call over to Anthony.