Advanced Flower Capital Inc (AFCG) 2024 Q2 法說會逐字稿

Good morning, and welcome to Advanced Flower Capital's second-quarter 2024 earnings call. (Operator Instructions) As a reminder, this call is being recorded.

早安，歡迎參加 Advanced Flower Capital 的 2024 年第二季財報電話會議。（操作員說明）謹此提醒，此通話正在錄音。

I would now like to turn the call over to Gabriel Katz, Chief Legal Officer. Please go ahead.

我現在想將電話轉給首席法務官加布里埃爾·卡茨 (Gabriel Katz)。請繼續。

Good morning, and thank you all for joining AFC's earnings call for the quarter ended June 30, 2024. I'm joined this morning by Daniel Neville, our Chief Executive Officer; Robyn Tannenbaum, our President; and Brandon Hetzel, our Chief Financial Officer.

早安，感謝大家參加 AFC 截至 2024 年 6 月 30 日的季度財報電話會議。今天早上我們的執行長 Daniel Neville 也加入了我的行列。 Robyn Tannenbaum，我們的總裁；以及我們的財務長 Brandon Hetzel。

Before we begin, I would like to note that this call is being recorded. Replay information is included in our July 15, 2024 press release and is posted on the Investor Relations portion of AFC's website at advancedflowercapital.com along with our second quarter earnings release and investor presentation.

在我們開始之前，我想指出這次通話正在錄音。重播資訊包含在我們 2024 年 7 月 15 日的新聞稿中，並與我們的第二季收益發布和投資者介紹一起發佈在 AFC 網站 advanceflowercapital.com 的投資者關係部分。

Today's conference call includes forward-looking statements and projections that reflect the company's current views with respect to, among other things, anticipated market developments, portfolio yield and financial performance in 2024 and beyond.

今天的電話會議包括前瞻性陳述和預測，反映了公司目前對 2024 年及以後的預期市場發展、投資組合收益率和財務表現等的看法。

These statements are subject to inherent uncertainties in predicting future results. Please refer to AFC's most recent periodic filings with the SEC for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections.

這些陳述在預測未來結果時受到固有的不確定性的影響。請參閱 AFC 最近向 SEC 提交的定期文件，以了解可能導致實際結果與這些前瞻性陳述和預測有重大差異的某些條件和重要因素。

During this call, we will refer to distributable earnings, which is a non-GAAP financial measure. Reconciliations to net income, the most comparable GAAP measure can be found in AFC's earnings release and investor presentation on AFC's website.

在本次電話會議中，我們將提及可分配收益，這是一項非公認會計準則財務指標。淨利潤調節表是最具可比性的公認會計準則衡量標準，可在 AFC 網站上的 AFC 收益發布和投資者介紹中找到。

The format for today's call is as follows. Robyn will start by discussing our spin-off, then Dan will provide an overview of our second quarter 2024 performance and an update on our portfolio, Brandon will then conclude with a summary of our financial results, and we will -- open the line for Q&A.

今天電話會議的格式如下。Robyn 將首先討論我們的分拆，然後 Dan 將概述我們 2024 年第二季度的業績以及我們投資組合的最新情況，Brandon 將總結我們的財務業績，然後我們將——打開電話：問答。

With that, I will now turn the call over to our President, Robyn Tannenbaum.

現在，我將把電話轉給我們的總統羅賓·坦南鮑姆。

Thanks, Gabe, and good morning to all our investors and analysts that have joined us today. We are excited to announce that following the successful spin-off of our commercial real estate portfolio on July 9, 2024, AFC has now fully transitioned to being a pure-play cannabis lender.

謝謝加布，今天加入我們的所有投資者和分析師早安。我們很高興地宣布，繼 2024 年 7 月 9 日成功分拆我們的商業房地產投資組合後，AFC 現已完全轉型為純粹的大麻貸款機構。

This strategic move allows us to focus solely on the cannabis sector. We believe that this positions us to more effectively capitalize on the opportunities in the cannabis market by concentrating our lending efforts on one industry.

這項策略性舉措使我們能夠專注於大麻產業。我們相信，這使我們能夠透過將貸款工作集中在一個行業來更有效地利用大麻市場的機會。

Additionally, this should allow us to target specific investor bases more effectively. Today, we are reporting on our second quarter results which were pre-spin and include results from both the cannabis and commercial real estate lending portfolio.

此外，這應該使我們能夠更有效地瞄準特定的投資者群體。今天，我們報告第二季度的業績，該業績是預先分拆的，其中包括大麻和商業房地產貸款組合的業績。

I'll now turn it over to Dan to discuss our second quarter results and some milestones we've achieved.

現在我將把它交給 Dan 來討論我們第二季的業績和我們已經實現的一些里程碑。

Thanks, Robyn, and good morning. This quarter was marked by strong performance and several key achievements in our portfolio management and origination efforts. I'll start my remarks with a brief overview of results and the spin-off then turn to portfolio management and origination followed by commentary on the state of the industry and capital markets before concluding.

謝謝，羅賓，早安。本季我們的投資組合管理和創始工作表現強勁，取得了多項關鍵成就。我將首先簡要概述結果和分拆，然後轉向投資組合管理和起源，最後對行業和資本市場的狀況進行評論，最後結束。

For the second quarter, AFC generated distributable earnings of $0.56 per basic weighted average share of common stock. As a reminder, distributable earnings is the primary metric the Board of Directors considers when declaring AFC's quarterly dividend.

第二季度，AFC 每股基本加權平均普通股每股可分配收益為 0.56 美元。需要提醒的是，可分配收益是董事會在宣布 AFC 季度股息時考慮的主要指標。

The Board declared the fifth consecutive $0.48 dividend, which was paid on July 15, 2024, to shareholders of record as of June 24, 2024. Also, in connection with the spin-off, the Board declared a special dividend of $0.15, which was paid on July 15, 2024 to shareholders of record as of July 8, 2024.

董事會宣布連續第五次派發 0.48 美元的股息，該股息於 2024 年 7 月 15 日向截至 2024 年 6 月 24 日登記在冊的股東支付。此外，就分拆而言，董事會宣布派發 0.15 美元的特別股息，並於 2024 年 7 月 15 日向截至 2024 年 7 月 8 日登記在冊的股東支付。

Since going public, we have generated distributable earnings that met or exceeded our dividend each quarter and paid out $6.65 in dividends per share. Going forward, the Board of Directors plans to continue to declare quarterly dividends on its normal cadence.

自上市以來，我們每季產生的可分配收益達到或超過了股息，並支付了每股 6.65 美元的股息。展望未來，董事會計劃繼續以正常節奏宣布季度股息。

When I joined AFC last November, I said that my three key priorities were to: one, reduce exposure to underperforming credits through active portfolio management. Two, to reinvigorate the origination engine. And three, to enhance our underwriting. Since then, we've made significant progress on each priority, highlighted by a successful quarter with several notable loan exits.

當我去年 11 月加入 AFC 時，我說過我的三個關鍵優先事項是：第一，透過積極的投資組合管理減少表現不佳的信貸風險。二是重振原創引擎。第三，加強我們的承保。從那時起，我們在每個優先事項上都取得了重大進展，特別是一個成功的季度和幾筆值得注意的貸款退出。

I'm extremely pleased to announce that in June we successfully exited our largest credit facility, an $84 million loan to a subsidiary of Public Company H. During our last earnings call, we highlighted that the borrower failed to make its April interest payment in May. Less than one month later we sold the loan to a third party at par plus accrued, including default interest.

我非常高興地宣布，6 月我們成功退出了最大的信貸安排，即向上市公司H 的子公司提供的8,400 萬美元貸款。月份支付4 月份的利息。不到一個月後，我們以面額加上應計利息（包括違約利息）將貸款出售給第三方。

This outcome was the result of months of very active portfolio management by the AFC team and generated at 19.9% internal rate of return over the life of the loan. This exit underscores our commitment to generating strong returns for our shareholders and taking a hands-on approach to managing complex credits.

這項成果是 AFC 團隊幾個月來非常積極的投資組合管理的結果，在貸款期間實現了 19.9% 的內部報酬率。這次退出凸顯了我們致力於為股東創造豐厚回報並採取實際行動管理複雜信貸的承諾。

I'm also excited to report that in May, Private Company C made a final prepayment on its $24 million loan via excess cash flow sweeps. With the last $3.5 million prepaid this past quarter. This exit generated an impressive 25.5% IRR over the life of the loan.

我還很高興地向大家報告，5 月份，私人公司 C 透過超額現金流清算支付了 2,400 萬美元貸款的最終預付款。最後 350 萬美元已於上個季度預付。此次退出在貸款期限內產生了令人印象深刻的 25.5% IRR。

Additionally, in prior quarters, we noted that Private Company B was in receivership following the $19 million loan maturing in September 2023. We are pleased to announce that in June, we sold our loan at par plus accrued, including exit fees.

此外，在前幾個季度，我們注意到私人公司 B 在 1,900 萬美元貸款於 2023 年 9 月到期後處於破產管理狀態。我們很高興地宣布，六月，我們以平價加應計金額出售了貸款，包括退出費。

Concurrent with the sale, we provided a $15 million loan to the purchasers to finance a portion of the acquisition secured by the same collateral. Our current portfolio has a weighted average yield to maturity of 19%. And as you can see from these two exits, we have recently generated an IRR at or above the weighted average yield to maturity on certain credit facilities. We will look to redeploy this capital into solid credits at attractive yields while also further diversifying our portfolio.

在出售的同時，我們向購買者提供了 1500 萬美元的貸款，為以相同抵押品擔保的部分收購提供資金。我們目前投資組合的加權平均到期收益率為 19%。正如您從這兩個退出中看到的那樣，我們最近在某些信貸安排上產生了等於或高於加權平均到期收益率的內部收益率。我們將尋求以有吸引力的收益率將這些資本重新部署到可靠的信貸中，同時進一步使我們的投資組合多樣化。

As of June 30, 2024, we had $1.94 per share in unrealized losses in CECL reserves. The positions we exited this quarter had CECL reserves and unrealized losses of $0.29 per share associated with them. By selling these positions at par, the $0.29 per share of reserves and unrealized losses were added back to book value.

截至 2024 年 6 月 30 日，CECL 準備金中每股未實現虧損為 1.94 美元。我們本季退出的部位有 CECL 準備金和與之相關的每股未實現損失 0.29 美元。透過以面值出售這些頭寸，每股 0.29 美元的準備金和未實現的損失被加回帳面價值。

We believe we are appropriately reserved today. And while we have generated positive outcomes to date, we will continue to be laser-focused on actively managing the portfolio to unlock additional value for our shareholders.

我們相信今天我們的保留是適當的。儘管迄今為止我們已經取得了積極成果，但我們將繼續專注於積極管理投資組合，為股東釋放額外價值。

Subsidiary of Private Company G continues to make steady progress. Since we entered into the forbearance agreement in March 2024, the borrower has infused $3 million of additional equity capital and has paid over $3.9 million of interest to AFC.

私營公司G的子公司持續穩定發展。自從我們在 2024 年 3 月簽訂暫緩協議以來，借款人已向 AFC 注入了 300 萬美元的額外股本，並向 AFC 支付了超過 390 萬美元的利息。

Additionally, there is significant accrued interest on this loan, which if paid in cash could enhance our returns. With the experienced operators we have put in place we continue to see improved performance at the borrowers, Pennsylvania and New Jersey operations.

此外，這筆貸款有大量應計利息，如果以現金支付可以提高我們的回報。憑藉我們配備的經驗豐富的營運商，我們繼續看到借款人、賓州和新澤西州業務的業績有所改善。

In just over three months, the New Jersey cultivation facility has gone from less than 25% planted without CO2 to fully planted with CO2 fully operational and we expect the lab and kitchen to be online sometime in the fourth quarter.

在短短三個多月的時間裡，新澤西州的種植設施已從不到25% 的無CO2 種植率到完全使用CO2 種植率並全面投入運行，我們預計實驗室和廚房將在第四季度的某個時候上線。

As a result, we expect a significant uptick in biomass produced in one of the tightest wholesale markets in the country. Similarly, in Pennsylvania, the operating partner has driven a remarkable turnaround in the stores with sales tripling from the bottom.

因此，我們預計該國最緊張的批發市場之一所生產的生物質將大幅增加。同樣，在賓夕法尼亞州，營運合作夥伴推動了商店的顯著轉變，銷售額從底部增長了兩倍。

We are very happy with the progress so far. And expect New Jersey wholesale to be firing on all cylinders by the end of the year. On the origination front, we are making substantial progress towards our target of $100 million for 2024 and are confident in meeting or exceeding this target.

我們對迄今為止的進展感到非常高興。預計新澤西批發市場將在今年年底前全力以赴。在發起方面，我們正在朝著 2024 年 1 億美元的目標取得實質進展，並且有信心達到或超過這一目標。

Year-to-date, we have closed three deals totaling $57.3 million with two additional deals in documentation, which would bring us close to our $100 million target. Our current cannabis pipeline is steadily growing and stands at $346 million.

今年迄今為止，我們已完成三筆交易，總金額為 5,730 萬美元，另外兩筆交易已歸檔，這將使我們接近 1 億美元的目標。我們目前的大麻管道正在穩步增長，達到 3.46 億美元。

During the quarter, we were pleased to provide a senior secured credit facility to Private Company O, one of the leading brands in the edible space. We are excited to support their growth as they expand further into the East Coast and Midwest. This transaction demonstrates our ability to provide flexible and tailored financing solutions to meet the unique requirements of our borrowers at all stages of their growth.

本季度，我們很高興為私人公司 O 提供高級擔保信貸額度，該公司是食品領域的領先品牌之一。隨著他們進一步向東海岸和中西部擴張，我們很高興能夠支持他們的發展。此交易顯示我們有能力提供靈活且量身定制的融資解決方案，以滿足借款人在成長各個階段的獨特需求。

I'd now like to provide some commentary on the industry before concluding my remarks. The march toward legalization continued yesterday with the launch of adult-use sales in Ohio. Ohio was a $500 million medical market with a very low medical patient penetration.

在結束發言之前，我想對這個行業發表一些評論。昨天，隨著俄亥俄州推出成人用品銷售，合法化的進程仍在繼續。俄亥俄州是一個價值 5 億美元的醫療市場，但醫療病患的滲透率非常低。

Pennsylvania has a similar population with a medical program more than triple in size at $1.5 billion. As a result of this low penetration, we expect to see a strong flip for existing players, including a few of our borrowers. The start of AU sales in Ohio, the potential for Florida and Pennsylvania to flip in the next two years and the start-up of de novo medical programs in Alabama and Kentucky, drive our optimism around the industry growth and more importantly, the increasing demand for capital over the coming years.

賓州也有類似的人口，其醫療計畫規模是其三倍多，達到 15 億美元。由於滲透率較低，我們預期現有參與者（包括我們的一些借款人）將會出現強烈轉變。俄亥俄州AU 銷售的開始、佛羅裡達州和賓夕法尼亞州未來兩年內翻轉的潛力以及阿拉巴馬州和肯塔基州啟動的從頭醫療項目，推動了我們對行業增長的樂觀態度，更重要的是，對不斷增長的需求的樂觀態度未來幾年的資本。

Turning to the capital markets. Two large, large Tier 2 public companies recently refinanced existing term loans each at an all in yield of a little over 14%. One of these borrowers refinanced 2021 vintage debt at a 9.8% yield resulting in a 400 basis points increase in the spread versus where debt was raised in 2021.

轉向資本市場。最近，兩家大型二級上市公司對現有定期貸款進行了再融資，每家公司的總收益率均略高於 14%。其中一位借款人以 9.8% 的收益率對 2021 年舊債務進行了再融資，導致利差比 2021 年籌集的債務增加了 400 個基點。

This increase in yields is in part due to industry performance since 2021, but is also due to the increase in rates generally over the past two years. All else being equal, if larger public companies are issuing at 14%, then private companies should have wider yields.

收益率的成長部分歸因於 2021 年以來的行業表現，但也歸因於過去兩年利率的普遍上漲。在其他條件相同的情況下，如果大型上市公司的發行利率為 14%，那麼私人公司的收益率應該會更高。

With that said, we are happy with the returns we generate and are going to focus on moving up the quality curve while still targeting mid to high teens IRR's as opposed to reaching on yield. Between these refinancings, adult-use in medical expansions and the recent uptick in M&A activity, we expect demand for debt capital to remain robust and the supply demand imbalance for that capital to persist.

話雖如此，我們對所產生的回報感到滿意，並將專注於提高品質曲線，同時仍以中高十幾歲的內部收益率為目標，而不是達到收益率。在這些再融資、成人醫療擴張和近期併購活動的增加之間，我們預期債務資本的需求將保持強勁，而該資本的供需失衡將持續存在。

With the spin-off of our commercial real estate business, we are now fully focused on lending to the cannabis industry. We remain confident in our ability to continue to deliver strong financial performance and generate value for our shareholders. We are well positioned to capitalize on the growing opportunities in the industry and believe the capital supply demand imbalance will allow us to deliver attractive risk-adjusted returns.

隨著商業房地產業務的分拆，我們現在完全專注於向大麻產業提供貸款。我們對持續提供強勁財務業績並為股東創造價值的能力充滿信心。我們處於有利地位，可以利用該行業不斷增長的機會，並相信資本供需失衡將使我們能夠提供有吸引力的風險調整回報。

With that, I'll turn it over to Brandon to discuss our financial results in more detail.

這樣，我將把它交給布蘭登，更詳細地討論我們的財務表現。

Thank you, Dan. As a reminder, all Q2 figures discussed are pre-spin. For the quarter ended June 30, 2024, we generated net interest income of $18.4 million and distributable earnings of $11.4 million, or $0.56 per basic weighted average common share, and had a GAAP net income of $16.4 million, or $0.80 per basic weighted average common share.

謝謝你，丹。提醒一下，所有討論的第二季數據都是預先旋轉的。截至2024 年6 月30 日的季度，我們產生了1,840 萬美元的淨利息收入和1,140 萬美元的可分配收益，即每股基本加權平均普通股0.56 美元，GAAP 淨利潤為1,640 萬美元，即每股基本加權平均普通股0.80 美元分享。

As previously mentioned we believe providing distributable earnings is helpful to shareholders and assessing the overall performance of AFC's business. Distributable earnings represents net income computed in accordance with GAAP, excluding non-cash items such as stock compensation expense, any unrealized gains or losses, provision for current expected credit losses, also known as CECL, taxable REIT subsidiary income or loss, net of dividends and other non-cash items recorded in net income or loss for the period.

如同前面所提到的，我們認為提供可分配收益有助於股東和評估 AFC 業務的整體表現。可分配收益代表根據GAAP 計算的淨利潤，不包括非現金項目，例如股票補償費用、任何未實現的損益、當前預期信用損失撥備（也稱為CECL）、應稅REIT 子公司收入或損失（扣除股利）以及其他計入當期淨損益的非現金項目。

We ended the second quarter of 2024 with $335.4 million of principal outstanding spread across 14 loans. As of August 1, 2024, our portfolio consisted of $287.1 million of principal outstanding across 12 loans following the completion of the spin-off of our CRE portfolio.

截至 2024 年第二季末，我們 14 筆貸款的未償本金利差為 3.354 億美元。截至 2024 年 8 月 1 日，在完成 CRE 投資組合分拆後，我們的投資組合包括 12 筆貸款的未償還本金 2.871 億美元。

The weighted average portfolio yield to maturity, which is measured for each loan over the life of such loan was approximately 19% as of June 30, 2024, and August 1, 2024. As of June 30, 2024, we had total assets of $458 million, including cash and cash equivalents of $170.3 million with the majority of our cash currently earning interest of approximately 4.5% to 5.3%.

截至2024年6月30日及2024年8月1日，以每筆貸款在貸款期間衡量的加權平均投資組合到期收益率約為19%。截至 2024 年 6 月 30 日，我們的總資產為 4.58 億美元，其中現金和現金等價物為 1.703 億美元，其中大部分現金目前賺取約 4.5% 至 5.3% 的利息。

We had $35 million drawn on our line of credit, which was subsequently repaid in full on July 1, 2024. Our line of credit provides us with up to $60 million in available funds that can be drawn as needed. Both the credit lines and the unsecured bonds remain at AFC following the spin-off.

我們從信用額度中提取了 3500 萬美元，隨後於 2024 年 7 月 1 日全額償還。我們的信用額度為我們提供了高達 6000 萬美元的可用資金，可以根據需要提取。分拆後，信貸額度和無擔保債券仍保留在 AFC。

As of June 30, 2024, the CECL reserve was $25.2 million or approximately 9.1% of our loans at carrying value, which decreased $6.2 million from the March 31, 2024 reserve of $31.4 million.

截至 2024 年 6 月 30 日，CECL 準備金為 2,520 萬美元，約占我們以帳面價值計算的貸款的 9.1%，比 2024 年 3 月 31 日的準備金 3,140 萬美元減少了 620 萬美元。

During the second quarter, we also had an increase in our unrealized losses on loans at fair value of $1.4 million increasing the current total unrealized loss included in our balance sheet to $15 million. As of June 30, 2024 our total shareholder equity was $314.3 million, and our book value per share was $15.21.

在第二季度，我們的公允價值貸款未實現損失也增加了 140 萬美元，使資產負債表中目前未實現損失總額達到 1,500 萬美元。截至 2024 年 6 月 30 日，我們的股東權益總額為 3.143 億美元，每股帳面價值為 15.21 美元。

After the quarter ended, we completed the spin-off of our CRE portfolio, which included the distribution of approximately $115 million of loans and cash or approximately $5.56 of book value per share.

本季結束後，我們完成了 CRE 投資組合的分拆，其中包括分配約 1.15 億美元的貸款和現金，即每股帳面價值約 5.56 美元。

On July 15, 2024, AFC paid a dividend of $0.48 per common share for the second quarter to shareholders of record as of June 24, 2024. Additionally, we paid a special dividend of $0.15 per common share on July 15, 2024 to shareholders of record as of July 8, 2024.

2024年7月15日，AFC向截至2024年6月24日登記在冊的股東支付了第二季每股普通股0.48美元的股利。此外，我們於 2024 年 7 月 15 日向截至 2024 年 7 月 8 日登記在冊的股東支付了每股普通股 0.15 美元的特別股息。

As a reminder, on an annual basis, our dividend policy is to pay between 85% and 100% of distributable earnings over the year. With regards to the effect of the spin-off on the cost basis of AFC shares, we will post a form on our website discussing this treatment in the near future. However, the final determination cannot be finalized until the end of the year and will be reflected on your 1099-DIV sent after year-end.

提醒一下，每年，我們的股利政策是支付全年可分配收益的 85% 至 100%。關於分拆對 AFC 股票成本基礎的影響，我們將在不久的將來在我們的網站上發布一份表格來討論這種處理方式。然而，最終決定要到年底才能確定，並將反映在年底後發送的 1099-DIV 上。

With that, I will now turn it back over to the operator to start the Q&A.

這樣，我現在將其轉回給操作員以開始問答。

(Operator Instructions)

（操作員說明）

Pablo Zuanic, Zuanic & Associates.

巴勃羅·祖安尼克 (Pablo Zuanic)，Zuanic & Associates。

Good morning everyone. Maybe the first question for Dan, if you can just, I know it's an earnings call, but if you can just give us more background and color in terms of what you have accomplished in the company since you joined, what you have focused on? That would be helpful to start with that. Thank you.

大家早安。也許丹的第一個問題是，如果你可以的話，我知道這是財報電話會議，但如果你能給我們更多的背景和色彩，說明你加入公司以來所取得的成就，你關注的重點是什麼？從那開始會很有幫助。謝謝。

Absolutely, Pablo. Thanks for the question. So the three priorities that I had when I came in here. First to manage underperforming credits. I think, as you've seen from the activity this quarter as well as activity in prior quarters, we made a lot of progress on that front. Getting capital back and being able to recycle that capital into new operators in the space with attractive credit profiles at attractive yields.

絕對是，巴布羅。謝謝你的提問。所以當我來到這裡時，我有三個優先事項。首先管理不良信貸。我認為，正如您從本季度的活動以及前幾季的活動中看到的那樣，我們在這方面取得了很大進展。收回資本，並能夠將這些資本回收到該領域的新運營商中，這些運營商具有有吸引力的信用狀況和有吸引力的收益率。

So over the last nine months, that has been a lot of work and a lot of that work was ongoing prior to myself joining, but we've made very significant progress. The job is not finished on that front. There's still a little bit more work to do. But I think overall, we're very pleased with the progress that we've made.

因此，在過去的九個月裡，我們做了很多工作，在我加入之前，很多工作都在進行中，但我們已經取得了非常重大的進展。這方面的工作還沒完成。還有一些工作要做。但我認為總的來說，我們對所取得的進展感到非常滿意。

Secondly, was focused on origination. AFC had been more focused on commercial real estate for about the prior 18 to 24 months of me joining and hadn't been as active in the cannabis space given some of the vintages that were coming out and the performance in the market that we were seeing. We're now back in the market and have $57 million of origination today.

二是注重原創。在我加入之前的 18 到 24 個月裡，AFC 更加關注商業房地產，考慮到一些即將上市的年份以及我們所看到的市場表現，AFC 在大麻領域並不那麼活躍。現在我們又回到了市場，並擁有 5700 萬美元的初始資金。

We're in active dialogues with, I think, a great vintage of quality operators that are sitting in our pipeline and very happy to be back on the offensive and deploying existing capital, as well as some of the capital that we've got back from some of the portfolio management efforts.

我認為，我們正在與一群優秀的優質運營商進行積極對話，他們正在我們的管道中，很高興能夠重新發起進攻並部署現有資本，以及我們收回的一些資本來自一些投資組合管理工作。

And then finally, is just being very active on the underwriting side of things. I think the existing team, Len and Robyn as well as everyone else over at the AFC side of things has a wealth of experience on the direct lending structuring and credit side of things and provides a very helpful top-down lens on the underwrite, and given my background on the operations side of things during my time at Ascend, that allows me to come in and do the bottoms-up evaluation of growth facilities, retail sites, just adding a little bit more context to the underwrite and looking at each operation on a de novo basis.

最後，在承保方面非常活躍。我認為現有團隊、Len 和 Robyn 以及 AFC 方面的其他所有人在直接貸款結構和信貸方面擁有豐富的經驗，並在承保方面提供了非常有用的自上而下的視角，並考慮到我在奧升德任職期間在營運方面的背景，這使我能夠對增長設施、零售站點進行自下而上的評估，只需為承保添加更多背景信息並查看每項運營從頭開始。

And that's something that, I have a decent amount of experience or a wealth of experience from my five years at Ascend and the scars that I have on my back working to help build that business and is proving very useful as we're looking at new credits in the portfolio.

這就是說，我在奧升德的五年裡積累了相當多的經驗或豐富的經驗，以及我在幫助建立這項業務時背上的傷疤，並且在我們尋找新的業務時，事實證明這些經驗非常有用。

Thank you. That's great color. Look, and just one last question. Obviously, I hear you in terms of the demand supply imbalance, right, which is a good backdrop for the industry or for companies like yourself. But any changes that you're seeing on the supply side, right? It seems that maybe it's more regional banks, whether there's more private debt capital out there, whether – when these companies are refinancing, we've seen four or five recently, there seems to be more options or that's not the case necessarily? Thank you.

謝謝。那顏色真棒。聽著，還有最後一個問題。顯然，我聽到了您關於供需失衡的說法，對吧，這對於這個行業或像您這樣的公司來說是一個很好的背景。但是您在供應方面看到了任何變化，對嗎？看來，也許是更多的地區性銀行，是否有更多的私人債務資本，是否——當這些公司進行再融資時，我們最近看到了四、五家，似乎有更多的選擇，或者情況不一定如此？謝謝。

I think on the refinancing side of things, it's primarily the same players. I believe somewhere around three quarters of the participants in one of the refinancings were an existing player. The other recent Tier 2 financing was a player that's been active in the space previously and someone that we see from time to time. So we're seeing a lot of the same folks out there to be quite honest.

我認為在再融資方面，主要是相同的參與者。我相信其中一項再融資的參與者中約有四分之三是現有參與者。最近的另一筆二級融資是一位以前活躍在該領域的參與者，也是我們不時見到的人。所以說實話，我們看到很多同樣的人。

I think on the regional bank side of things, we're not really running into those players much at all. One of those competitors is public. I think they've done $14 million into the space year-to-date this year. And some of the other players there are pulling back. So it's just not something we're running into, I think, our borrowers' value, the flexible dynamic solutions that we can provide. We're very much a bespoke credit underwriter and capital provider.

我認為在區域銀行方面，我們並沒有真正遇到這些參與者。這些競爭對手之一是公開的。我認為今年迄今為止他們已經在該領域投入了 1400 萬美元。那裡的其他一些參與者正在撤退。因此，我認為，這不是我們遇到的問題，我們的借款人的價值，我們可以提供的靈活的動態解決方案。我們在很大程度上是一家客製化的信用承銷商和資本提供者。

And each credit and each credit facility is a bit unique, obviously, with the standard protections that we need to protect our investment. But, I think, we're seeing a lot of people value that flexibility that we can provide relative to what I think is more of a cookie-cutter approach on the regional banking side of things at lower LTVs.

顯然，每項信貸和每項信貸便利都有點獨特，具有我們保護投資所需的標準保護。但是，我認為，我們看到很多人都看重我們能夠提供的靈活性，相對於我認為在較低生命週期價值的區域銀行業務方面更像是千篇一律的方法。

Thank you. Look, I want to add one more. I don't know if you can. If you're in a position to give any color in terms of a pro forma book, what it looks like, what the new dividend could be range-wise? I don't know any color you can provide in terms of pro forma numbers? Thanks.

謝謝。你看，我還想再補充一個。我不知道你是否可以。如果您能夠為備考書提供任何顏色，它看起來是什麼樣子，新的紅利可能是範圍方面的？我不知道你們能提供什麼顏色的預期數字？謝謝。

Sure. So from a dividend standpoint, I think as Dan said in his remarks. The Board will declare their dividend on the normal cadence. If you think about, we've declared a $0.48 dividend for the last five quarters, I believe. And if you just think about the spin-off, we kept about two-thirds of assets and we spun off one third of the asset. In terms of pro forma book, I think Brandon gave you on the Q2 numbers, right, what we spun off. So, we spun off approximately $5.56 of book value per share.

當然。因此，從股息的角度來看，我認為正如丹在他的演講中所說的那樣。董事會將以正常節奏宣派股息。如果你想一想，我相信我們在過去五個季度宣布了 0.48 美元的股息。如果你只考慮分拆，我們保留了大約三分之二的資產，並分拆了三分之一的資產。就備考書而言，我認為布蘭登向您提供了第二季度的數據，對吧，我們剝離了什麼。因此，我們剝離了每股約 5.56 美元的帳面價值。

(Operator Instructions)

（操作員說明）

And I'm currently showing no further questions at this time. This does conclude today's conference call. Thank you for your participation, and you may now disconnect.

目前我沒有提出任何進一步的問題。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。