Flow Capital Corp.

Good morning, ladies and gentlemen. Welcome to Flow Capital's earnings call for Q4 and year-end 2025. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for questions. If anyone has difficulties here in the conference, you may press star-zero for operator assistance at any time. I would like to welcome everyone to remind everyone that today's discussions may contain forward-looking statements that reflect current views with respect to future events. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For more information on full capital's risks and uncertainties related to these forward-looking statements, please refer to the YE 2025 Companies Management Discussion and Analysis, which is available on CEDAR. Today's call has been recorded on Friday, April 17, 2026. I would now like to turn the meeting over to Alex Baluta, Chief Executive Officer of School Capital.

Thank you very much, Joelle, and thank you, everybody, for joining here for our Q4 and 2025 year-end financial results. I am joined by our CFO, Michael Denny. You can find our results filed on CDAR or in the investor relations section on our website. For the 12 months ended December 31st, we recorded $13.2 million in revenue. That's up 41% from the year earlier period. We had a 79% increase in recurring free cash flow to $3.4 million on a per share basis. That was 11 cents up from 6 cents. We also deployed Almost $28 million in new capital during the year. And book value per share is up to $1.27 from $1.20 at the end of the prior year. All in all, it was an excellent year. That is the highest growth rate we've recorded in revenue and the highest revenue that we've recorded since we transitioned to actions forever, since our entire history. But if you recall, in early, late 2018, we transitioned to venture bet away from what the prior company used to do, which was royalties.

And that's been a very successful transition.