Advanced Flower Capital Inc (AFCG) 2025 Q4 法說會逐字稿

(Operator Instructions)

（接線員指示）

Good morning and welcome to Advanced Flower Capital's 4th quarter and fiscal year 2025 earnings call.

早安，歡迎參加 Advanced Flower Capital 2025 會計年度第四季暨全年財報電話會議。

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

現在我想把電話會議交給法務長 Gabriel Katz。請開始。

Good morning, thank you all for joining AFC's earnings call for the quarter and fiscal year ended December 31, 2025. I am joined this morning by Robyn Tannenbaum, our President and Chief Investment Officer, Daniel Neville, our Chief Executive Officer, and Brandon Hetzel, our Chief Financial Officer. Before we begin, I would like to note that this call is being recorded. Replay information is included in our February 10, 2026 press release and is posted on the investor relations portion of AFC's website at advanced flower capital.com, along with our fourth quarter and full year earnings release and investor presentation.

早安，感謝各位參加 AFC 截至 2025 年 12 月 31 日止季度與會計年度的財報電話會議。今天早上與我一同出席的有：總裁兼投資長 Robyn Tannenbaum、執行長 Daniel Neville，以及財務長 Brandon Hetzel。在開始之前，我想先說明本次電話會議將被錄音。重播資訊已包含於我們 2026 年 2 月 10 日的新聞稿中，並與我們第四季及全年財報新聞稿與投資人簡報一同發布於 AFC 官網 advanced flower capital.com 的投資人關係專區。

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 2026 and beyond. These statements are subject to inherent uncertainties in predicting future results.

今天的電話會議包含前瞻性陳述與預測，反映公司目前對於（其中包括）預期的市場發展、投資組合收益率，以及 2026 年及其後的財務表現之看法。這些陳述在預測未來結果時存在固有不確定性。

These statements are subject to inherent uncertainties in predicting future results. Please refer to AFC's most recent periodic filings with the FCC, including our annual report on Form 10k filed earlier this morning, for certain conditions and significant factors that could cause actual results to differ materially from these forward-looking statements and projections. During this call, we will refer to distributable earnings, which is a non-GAAP financial measure.

這些陳述在預測未來結果時存在固有不確定性。請參閱 AFC 最近期向 FCC 提交的定期申報文件（包括我們今天稍早提交的 Form 10-K 年報），其中載有若干條件與重大因素，可能導致實際結果與這些前瞻性陳述與預測存在重大差異。在本次電話會議中，我們將提及可分配盈餘（distributable earnings），其為一項非 GAAP 財務衡量指標。

Reconciliations to net income, the most comparable GAAP measure to distributable earnings, can be found in AFC's earnings release and investor presentation available on AFC's website.

可分配盈餘與淨利（與可分配盈餘最具可比性的 GAAP 指標）之調節表，可於 AFC 官網提供的財報新聞稿與投資人簡報中查閱。

Today's call will begin with Robin providing a high level recap of our 2025 fiscal year, including the conversion to a BDC. Dan will then provide an overview of our portfolio.

今天的電話會議將先由 Robyn 進行 2025 會計年度的高層次回顧，包括轉型為 BDC。接著 Dan 將概述我們的投資組合。

Finally, Brandon will conclude with a summary of our financial results before we open the lines for Q&A. With that, I will now turn the call over to our President and Chief Investment Officer, Robin Tannenbaum.

最後，Brandon 將在開放問答前，以財務結果摘要作結。接下來，我將把電話會議交給我們的總裁兼投資長 Robyn Tannenbaum。

Thanks, Gabe, good morning to all our investors and analysts that have joined us today. Looking back on 2025, AFC was focused on, one, reducing our exposure to underperforming credits through active portfolio management. Two, converting from a REIT to a BDC to expand the universe of transactions AFC could invest in. We continue to focus our portfolio management efforts on underperforming credits to preserve capital. We believe that as we begin to get repaid on some of these underperforming assets and reinvest that capital into performing credits, we may unlock future earnings potential. I am pleased to announce that we received $117 million of paydowns from performing and underperforming credits from the start of 2025 through today.

謝謝你，Gabe，各位投資人與分析師早安，感謝今天加入我們。回顧 2025 年，AFC 的重點在於：第一，透過積極的投資組合管理，降低我們對表現不佳信貸的曝險；第二，從 REIT 轉型為 BDC，以擴大 AFC 可投資交易的範圍。我們持續將投資組合管理的重點放在表現不佳的信貸上，以保全資本。我們相信，隨著部分表現不佳資產開始獲得償還，並將該資本再投資於表現良好的信貸，我們可能釋放未來的獲利潛力。我很高興宣布，自 2025 年初至今，我們已自表現良好與表現不佳的信貸合計收到 1.17 億美元的本金回收（paydowns）。

During fiscal year 2025, AFC originated $53 million of new commitments, and subsequent to year-end, we have closed on $89.7 million of new commitments in the lower middle market, which Dan will describe in further detail. Turning to our conversion to a BDC, as of January 1, 2026, we completed our previously announced conversion from a REIT to a BDC. Our conversion expands AFC's investment flexibility to pursue opportunities beyond real estate-backed loans, including a broader universe of operating businesses aimed at enhancing long-term shareholder value. Before turning the call over to Dan, I want to touch upon our earnings for the quarter and fiscal year. For the quarter and full year ended December 31, 2025, AFC generated distributable earnings per basic weighted average share of -$0.12 and $0.39, respectively.

在 2025 會計年度，AFC 新增承諾額（new commitments）5,300 萬美元；而在年末之後，我們已於中小型市場（lower middle market）完成 8,970 萬美元的新承諾額成交，Dan 將進一步說明。關於轉型為 BDC，自 2026 年 1 月 1 日起，我們完成先前公告的由 REIT 轉型為 BDC。此一轉型提升 AFC 的投資彈性，使我們得以追求不僅限於不動產擔保貸款的機會，包括更廣泛的營運型企業投資範疇，以提升股東長期價值。在把電話會議交給 Dan 之前，我想簡要提及本季與本年度的盈餘表現。截至 2025 年 12 月 31 日止之季度與全年，AFC 之每股基本加權平均股數可分配盈餘分別為 -0.12 美元與 0.39 美元。

Primarily due to realized losses from two underperforming credits recognized during the year, our 2025 dividends were characterized as a return of capital, making the 2025 distributions to our shareholders tax-free. Future dividends may receive similar treatment if AFC recognizes additional losses in 2026. Looking ahead, the board of directors has declared a first quarter dividend of $0.05 per share, which will be paid on April 15th, 2026 to shareholders of record on March 31st, 2026.

主要由於年度內認列兩筆表現不佳信貸的已實現損失，我們 2025 年的股利被歸類為資本返還（return of capital），使 2025 年對股東的配息在稅務上為免稅。若 AFC 於 2026 年認列額外損失，未來股利亦可能獲得類似處理。展望未來，董事會已宣告第一季每股股利 0.05 美元，將於 2026 年 4 月 15 日支付給 2026 年 3 月 31 日登記在冊之股東。

With that, I'll turn it over to Dan, who will discuss our portfolio management efforts, strategy expansion, and new deals we have recently invested in.

接下來我把時間交給 Dan，他將說明我們的投資組合管理工作、策略擴張，以及近期投資的新交易。

Thanks, Robyn. Good morning, everyone. I will begin with an update on our portfolio, then turn to our expanded strategy and deals we recently completed. Looking at our existing portfolio from the beginning of 2025 through today, we received $117 million back in paydowns. This includes the repayment of two loans subsequent to year-end at par plus accrued, with an additional $1.8 million in prepayment and exit fees from those two loans.

謝謝你，Robyn。各位早安。我將先更新我們的投資組合狀況，接著談我們擴大的策略以及近期完成的交易。從 2025 年初至今檢視既有投資組合，我們已回收 1.17 億美元的本金（paydowns）。其中包括年末之後兩筆貸款以面值加計應計利息（at par plus accrued）償還，並自該兩筆貸款另取得 180 萬美元的提前清償費與退出費（prepayment and exit fees）。

We currently have three loans on non-accrual and are focused on receiving paydowns on those loans to redeploy that capital into performing credits that should contribute to current income. We have continued the liquidation process for Private Company A. From the beginning of 2025 through today, we have received $6.3 million of paydowns.

目前我們有三筆貸款處於停計息（non-accrual）狀態，並專注於取得這些貸款的本金回收，以將資本重新部署至表現良好的信貸，進而貢獻當期收益。我們已持續推進 Private Company A 的清算流程。自 2025 年初至今，我們已收到 630 萬美元的本金回收。

Borrower is still in receivership, and the distribution of proceeds needs to be approved by the court. We currently have a pending motion for an additional distribution of $6.4 million in proceeds. While we are frustrated by the pace of distribution to date, I am happy to report that all of the operating assets of the estate are under agreement, and we expect distributions will continue to flow in over the course of 2026 as regulatory approvals and other milestones are met.

借款人仍處於法院接管（receivership）中，且款項分配需經法院核准。目前我們已提出一項待審動議，申請額外分配 640 萬美元的款項。雖然我們對迄今的分配進度感到挫折，但我很高興報告，該財產（estate）的所有營運資產均已達成協議，我們預期在 2026 年期間，隨著監管核准與其他里程碑達成，分配將持續入帳。

Regarding Private Company K, two of the three Massachusetts dispensaries have signed purchase agreements approved by the court and are awaiting regulatory approval to effectuate the sale. We expect the sale of all the collateral of Private Company K to be completed sometime in 2026. Lastly, we wanted to take a minute to touch on Justice Grown.

關於 Private Company K，三家麻薩諸塞州藥局（dispensaries）中的兩家已簽署經法院核准的購買協議，並正等待監管核准以完成出售。我們預期 Private Company K 的所有擔保品出售將於 2026 年某個時間完成。最後，我們想花一點時間談談 Justice Grown。

In February, one of Justice Grown's claims was dismissed in the New Jersey action, and we also had oral arguments on the appeal of the preliminary injunction. We expect a ruling on the appeal in the coming months, and the Justice Grown loan matures on May 1st, 2026. We continue to actively manage these positions to preserve shareholder capital and maximize recovery value.

在 2 月，Justice Grown 於新澤西州訴訟中的一項主張遭到駁回，我們也就初步禁制令（preliminary injunction）之上訴進行了口頭辯論。我們預期未來數月內將就該上訴作出裁定，而 Justice Grown 貸款將於 2026 年 5 月 1 日到期。我們持續積極管理這些部位，以保全股東資本並最大化回收價值。

Our earnings may continue to be affected by the underperformance of some of these legacy loans and any realized losses we take on assets. However, as we begin to get repaid on some of these loans on non-accrual and reinvest that capital into performing credits, we may unlock future earnings potential. Since expanding our investable universe, our active pipeline remains strong with over $1.4 billion of deals as of today.

我們的盈餘可能仍會受到部分既有貸款表現不佳以及我們對資產認列任何已實現損失的影響。然而，隨著部分停計息貸款開始獲得償還，並將該資本再投資於表現良好的信貸，我們可能釋放未來的獲利潛力。自擴大可投資範圍以來，截至今日，我們的活躍案源（pipeline）仍然強勁，交易規模合計超過 14 億美元。

We are focused on sourcing deals and backing companies in the lower middle market across a variety of industries. We are primarily focused on providing loans to cash flowing borrowers with $5 million-$50 million of EBITDA. These financings are often used for expansion capital, acquisitions, refinancings, and recapitalizations. Since converting to a BDC, I would like to discuss two loans that we closed in Q1, 2026.

我們專注於在多元產業的中低端市場（lower middle market）尋找交易並支持企業。我們主要聚焦於向具現金流的借款人提供貸款，其 EBITDA 為 500 萬至 5,000 萬美元。這些融資通常用於擴張資本、併購、再融資以及資本重整。自轉型為 BDC 以來，我想討論兩筆我們在 2026 年第一季完成的貸款。

In January, AFC closed a $60 million senior secured credit facility to support the combination of SA and the Moresby Group, which is backed by Cambridge Capital.

1 月，AFC 完成一筆 6,000 萬美元的優先擔保信貸融資，以支持 SA 與 Moresby Group 的合併；該交易由 Cambridge Capital 支持。

That is a leading revenue recovery specialist servicing the Walmart, Target, and Amazon ecosystems.

該公司是領先的營收追收（revenue recovery）專家，服務於 Walmart、Target 與 Amazon 生態系。

Moresby is a procurement specialist that focuses on long tail supplier negotiations and savings for Fortune 1,000 clients. AFC provided the $60 million to finance the acquisition of Moresby and refinance existing indebtedness.

Moresby 是採購專家，專注於為《財富》1,000 大客戶進行長尾供應商談判並創造節省。AFC 提供該 6,000 萬美元資金，用於為收購 Moresby 提供融資並為既有債務再融資。

In February, AFC committed $30 million to a $60 million senior secured term loan to support the acquisition and growth of a leading healthcare benefits platform tailored toward hourly and sub $50,000 salaried employees, which is a large and underserved segment of the workforce.

2 月，AFC 承諾在一筆 6,000 萬美元的優先擔保定期貸款中投入 3,000 萬美元，以支持收購並推動一家領先的醫療福利平台之成長；該平台針對時薪員工及年薪低於 5 萬美元的受薪員工量身打造，這是勞動力中規模龐大且服務不足的族群。

At closing, ASC funded $20 million of this commitment, supporting a top tier sponsor.

在交割時，ASC 已就此承諾出資 2,000 萬美元，支持一位一流贊助方（top tier sponsor）。

In closing, we remain focused on unlocking value from underperforming loans and are excited about the new lending opportunities that we're seeing.

總結而言，我們仍專注於從表現不佳的貸款中釋放價值，並對我們所看到的新放貸機會感到振奮。

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

接下來我把時間交給 Brandon，請他更詳細地說明我們的財務結果。

Thank you, Dan. For the quarter ended December 31st, 2025, we generated net interest income of 5.2 million.

謝謝你，Dan。就截至 2025 年 12 月 31 日的季度而言，我們產生的淨利息收入為 520 萬美元。

And distributable earnings of 2.8 million or 12 cents per basic weighted average common share and had GAAP net income of 900,000 or $0.04 per basic weighted average common share.

可分配盈餘為 280 萬美元，或每股基本加權平均普通股 0.12 美元；GAAP 淨利為 90 萬美元，或每股基本加權平均普通股 0.04 美元。

For the full year ended December 31, 2025, we generated net interest income of 24.6 million and distributable earnings of $8.7 million or $0.39 per basic weighted average common share and had a GAAP net loss of $20.7 million or $0.95 per basic weighted average common share.

就截至 2025 年 12 月 31 日的全年而言，我們產生的淨利息收入為 2,460 萬美元，可分配盈餘為 870 萬美元，或每股基本加權平均普通股 0.39 美元；GAAP 淨損為 2,070 萬美元，或每股基本加權平均普通股 0.95 美元。

As previously mentioned, we believe providing distributable earnings is helpful to shareholders in assessing the overall performance of AFC's business. Distributable earnings represent the 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 CISIL. Taxable RI subsidiary income or loss net of dividends and other non-cash items recorded in net income or loss for the period.

如先前所述，我們認為提供可分配盈餘有助於股東評估 AFC 業務的整體表現。可分配盈餘係以 GAAP 計算之淨利，剔除非現金項目，例如股票薪酬費用、任何未實現收益或損失、當期預期信用損失準備（亦稱 CISIL）、應稅 RI 子公司收入或損失（扣除股利後），以及其他於本期淨利或淨損中認列的非現金項目。

We ended the fourth quarter of 2025 with 317.4 million of principal outstanding spread across 15 loans.

我們在 2025 年第四季結束時，未償還本金為 3.174 億美元，分布於 15 筆貸款。

As of February 25, 2026, our portfolio consisted of 366.4 million of principal outstanding across 15 loans.

截至 2026 年 2 月 25 日，我們的投資組合包含 15 筆貸款，未償還本金為 3.664 億美元。

During the quarter we repurchased 13 million of our unsecured bonds. Currently 77 million of our unsecured bonds remain outstanding with a maturity in May of 2027. We continue to evaluate and explore options to refinance that bond prior to maturity.

本季度我們回購了 1,300 萬美元的無擔保債券。目前仍有 7,700 萬美元的無擔保債券在外流通，將於 2027 年 5 月到期。我們持續評估並探索在到期前為該債券再融資的選項。

As of December 30th, 2025, the Cecil reserve was 46.1 million, or approximately 18.2% of our loans at carrying value, and we had a total unrealized loss included on the balance sheet of $27.7 million for our loans held at fair value.

截至 2025 年 12 月 30 日，Cecil 準備金為 4,610 萬美元，約占我們按帳面價值計量之貸款的 18.2%；此外，我們以公允價值持有之貸款在資產負債表中包含的未實現損失合計為 2,770 萬美元。

As of December 30th, 2025, we had total assets of $275.6 million total shareholder equity of $175.6 million and our book value per share was $7.46.

截至 2025 年 12 月 30 日，我們的總資產為 2.756 億美元，股東權益總額為 1.756 億美元，每股帳面價值為 7.46 美元。

Lastly, on March 2, 2026, the board of directors declared a first quarter dividend of $0.05 per share, which will be paid on April 15, 2026 to shareholders of record on March 31, 2026.

最後，於 2026 年 3 月 2 日，董事會宣告第一季每股股利 0.05 美元，將於 2026 年 4 月 15 日支付給截至 2026 年 3 月 31 日為止的登記在冊股東。

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

接下來，我將把時間交回給接線員，開始問答環節。

(Operator instructions)

（接線員指示）

Our first question comes from Aaron Gray with Alliance Global Partners. Your line is open.

我們的第一個問題來自 Alliance Global Partners 的 Aaron Gray。您的線路已開通。

Good morning.

早安。

Good morning. Thank you for the question. This is John on for Aaron. The active pipeline increased meaningfully with $1.4 billion, you know, up from last quarter's $400 million. Could you provide some colour on the key factors that led to this increase and, you know, how quickly you believe this could potentially translate to closed originations?

早安。謝謝提問。我是 John，代 Aaron 發問。活躍管線大幅增加至 14 億美元，從上一季的 4 億美元上升。您能否說明促成此增長的關鍵因素，以及您認為這可能多快轉化為已完成的放款（closed originations）？

Sure. Thanks for the question. The pipeline increased meaningfully. That is primarily a function of our conversion from a REIT to a BDC. As you know, and as we've discussed, the investable universe within a REIT-only framework, and the associated restrictions on real estate coverage, was limiting to the loans that we could do within our portfolio.

當然。謝謝提問。管線確實大幅增加。這主要是我們從 REIT 轉型為 BDC 的結果。如您所知，也如我們先前討論過的，在僅限 REIT 的架構下，可投資範圍以及與不動產覆蓋相關的限制，會限制我們在投資組合中能做的貸款類型。

Upon converting to a BDC, that investment universe has been expanded beyond cannabis, which happened in August of last year, but also allows us to invest in cash flow loans that are not fully covered by real estate as they were under the REIT framework.

轉型為 BDC 後，投資範圍已擴大至大麻以外的領域（此變化發生在去年 8 月），同時也允許我們投資於現金流貸款；在 REIT 架構下，這些貸款必須由不動產充分覆蓋，但現在不再受此限制。

Great. Thanks. Then is there a split you could provide between the cannabis and non-cannabis pipeline? You know, what the expected yields for the non-cannabis, how those would compared to the legacy portfolio?

很好，謝謝。那麼您能否提供大麻與非大麻管線之間的拆分？另外，非大麻的預期收益率如何，與既有投資組合相比會是什麼情況？

Sure. This is Robyn. We view the active pipeline as an active pipeline for lower middle market companies, regardless of industry, and spreads across a few industries. We are not going to break out what industries those are associated with, including cannabis. As for yields, I would point you to page 14 in our deck. Yields that we have invested in are obviously not indicative of future yields, but Private Company X and Private Company Y were the last two loans that we did, which were in the lower middle market. One loan's yield to maturity per the deck is 14% and one is 19%.

當然。我是 Robyn。我們將活躍管線視為中低端市場公司的活躍管線，不論產業別，並分布於數個產業。我們不會拆分其所屬產業（包含大麻）。至於收益率，我會請您參考簡報第 14 頁。我們已投資的收益率顯然不代表未來收益率，但 Private Company X 與 Private Company Y 是我們最近做的兩筆中低端市場貸款；依簡報所示，其中一筆到期收益率為 14%，另一筆為 19%。

Great, thanks. I will jump back in the queue.

很好，謝謝。我會回到隊列中。

(Operator instructions)

（接線員指示）

Thank you.

謝謝。

Our next question comes from Pablo Zuanicwith Zuanic and Associates. Your line is open.

我們的下一個問題來自 Zuanic and Associates 的 Pablo Zuanic。您的線路已開通。

Thank you. Good morning, everyone. Dan, can I just follow up on, you gave good colour there about the loans in non-accrual. In the case of Private Company A, what is left then is $4.4 million. There is nothing else to recover, right? If you can confirm that. In the case of Private Company K, you said two dispensaries are in the process of being sold. A third one, I guess, is still pending.

謝謝。各位早安。Dan，我想就你剛才對不計息（non-accrual）貸款的說明再追問一下。以 Private Company A 為例，剩下的是 440 萬美元。除此之外就沒有其他可回收的了，對吧？請你確認一下。以 Private Company K 為例，你說有兩家藥局正在出售流程中。第三家我猜仍在等待中。

The principal is over $12 million. You know, can we assume that when you are talking about, you know, proceeds that you will recover and redeploy, that for Private Company K, you will be getting the $12 million? Then any further colour you can give on Justice Grown. You know, from our study, it seems unlikely that you will be paid the $78 million or $79 million principal in May. If you can just give colour there or correct me if I am wrong in my assumptions. Thank you.

本金超過1,200萬美元。您知道，我們是否可以假設，當您談到您將回收並重新部署的款項時，對於私營公司K，您將收回這1,200萬美元？另外，您能否就Justice Grown提供更多說明。您知道，根據我們的研究，看起來您不太可能在5月收到7,800萬或7,900萬美元的本金。如果您能在這方面提供一些說明，或如果我的假設有誤請更正。謝謝。

This is Robyn. I will let Dan answer a few. On Private Company A, I believe what Dan was referring to is the amount that is currently pending in front of the receiver, not the total amount that we expect to get over time. Then I will let Dan take Private Company K. Then in terms of Justice Grown, we've commented all that we're going to comment, and that's we really don't have anything to expand upon there aside from the loan is due in May.

我是Robyn。我先讓Dan回答幾個問題。關於私營公司A，我相信Dan所指的是目前在接管人（receiver）面前待處理的金額，而不是我們預期隨時間推移將收到的總金額。接著我會讓Dan回答私營公司K。至於Justice Grown，我們已經就我們會評論的內容都做了評論；除了該筆貸款於5月到期之外，我們沒有其他可補充的。

Yeah, so just to elaborate on Company A, we commented on the amount that was distributed in 2025 which is I believe $6.8 million, we have a pending motion for $6.4 million that we expect to be distributed in the coming months. And then there were various other assets within the estate, both operating assets and financial assets that will be monetized over time, and as those proceeds come in, we would expect additional distributions. We did not make a commentary on, what the expected amount of the proceeds, from the balance of the assets would be, relative to what you see in our disclosures regarding Private Company K, which is the Massachusetts operator. As I discussed, two of the dispensaries are under APA and, have court approval to effectuate those sales. Both are pending regulatory approval in front of the CCC which typically is a 3-to-4-month process although can be longer, can be shorter. And then the third dispensary, is we're receiving, final LOIs in the coming weeks and expect that sale will also be effectuated in the 2026 time frame.

是的，為了進一步說明公司A，我們提到2025年已分配的金額，我相信是680萬美元；我們有一項針對640萬美元的待決動議，預期將在未來幾個月內分配。此外，該資產管理財產（estate）中還有各種其他資產，包括營運資產與金融資產，將隨時間變現；隨著這些款項進來，我們預期會有額外的分配。我們並未就其餘資產餘額所能產生的預期回收款項金額發表評論，亦未將其與您在我們對私營公司K（麻薩諸塞州營運商）的揭露中所看到的內容作比較。正如我所說，兩家藥房已簽署資產購買協議（APA），並已取得法院核准以完成這些出售。兩案目前都在CCC等待監管核准；通常這是一個3到4個月的流程，但可能更長也可能更短。至於第三家藥房，我們將在未來幾週收到最終的意向書（LOIs），並預期該筆出售也將在2026年的時間框架內完成。

We don't break out reserves, with respect to individual loans, but I would say that, the, but I would say that we believe that we're appropriately reserved on, our portfolio as everything stands today.

我們不會就個別貸款拆分揭露準備金，但我會說，我們相信就目前一切狀況而言，我們對投資組合的提列準備是適當的。

Thank you. That is a good colour done. And then just, I know you're not going to guide for future, loans, but is the first quarters based on the two facilities you extended to, low middle market companies, is that cadence, call it 100 million per quarter, is that something that you think can be sustained for the rest of the year? And just remind us how that would be funded in terms of your credit facilities and of course the proceeds you may receive.

謝謝。這些說明很有幫助。然後再問一下，我知道你們不會對未來放款提供指引，但以第一季你們對低中型市場公司所延伸的兩筆融資來看，這樣的節奏——姑且稱為每季1億美元——你們認為今年剩餘時間可以維持嗎？另外請提醒我們，這將如何透過你們的信貸融資額度，以及當然你們可能收到的回收款項來提供資金。

Yeah, so Pablo, I think, you can look at cash on the balance sheet, the capacity of our credit facilities so that as it stands today, the $100 million per quarter pace is not something that we currently have, capacity to sustain outside of, obviously there are some loans that are on non-accrual today and we could receive proceeds from. Those loans over time but it's very difficult to predict, but I would say that we're pleased to come out of the gate and start the year on a strong footing with two solid loans, in the lower middle market to sponsors that we like and companies that we like at attractive yields and I think, I would again as Robin said point folks to. Page 14 of the deck, and some of the terms associated with those loans and that is the kind of deal that we would like to do going forward as we deploy capital over the course of 2026.

是的，Pablo，我想你可以看看資產負債表上的現金、以及我們信貸融資額度的可用容量。以目前狀況來看，每季1億美元的速度並不是我們目前在資金容量上能夠維持的，除非——很顯然——目前有一些處於非應計（non-accrual）的貸款，我們可能會隨時間收到其回收款項。但這非常難以預測。不過我會說，我們很高興能在年初就以兩筆穩健的貸款強勢起步，這些貸款位於低中型市場，對象是我們喜歡的贊助方（sponsors）以及我們喜歡的公司，且具吸引力的收益率。我也會再次如Robyn所說，請大家參考簡報第14頁，以及與這些貸款相關的一些條款；這就是我們希望在未來、於2026年期間部署資本時持續進行的交易類型。

Thank you. And then just two more if May 1, again, I know you are not going to give guidance in terms of pipeline between cannabis and non-cannabis. But given everything that is happening on the regulatory landscape, do you foresee making any new loans in cannabis this year? I mean, I think the 4Q activity in terms of new loans was minimal in cannabis, right? So just, your macro-outlook in cannabis and whether that indicates that there will be opportunities to make loans in cannabis or not. And then the second question, which is unrelated, but that, that is the whole blew out capital situation.

謝謝。再兩個問題：第一個是關於5月1日——同樣地，我知道你們不會就大麻與非大麻的管線提供指引。但鑑於監管環境正在發生的一切，你們是否預期今年會在大麻領域發放任何新貸款？我的意思是，我認為第四季在大麻方面的新貸款活動很少，對吧？所以想請教你們對大麻的宏觀展望，以及這是否意味著會有在大麻領域放款的機會或不會。第二個問題不相關，但關於那個整個資本爆雷的情況。

How does that obvioudoes notdoesn't affect your performance directly, but it does affect sentiment. Do you want to make any comments on that in terms of how investors should think about that situation related to Advanced Flower Capital?

這顯然不會直接影響你們的表現，但會影響市場情緒。你們是否想就此發表任何評論，讓投資人應如何看待與Advanced Flower Capital相關的那個情況？

Thank you.

謝謝。

In terms of the cannabis loans and the question regarding that, I think it is something that is in our pipeline that we continue to evaluate. As we have said previously, the bar is very, very high for making any new loans into cannabis. Unfortunately, the regulatory approval that everyone is talking about first happened in August of 2023, and there really has not been a ton of incremental progress since then. While we are hopeful and optimistic that there is regulatory approval, I think the lack of equity capital in the industry over the last three years, combined with the burgeoning tax liabilities that some of these companies are carrying, make it a very difficult sector for us to deploy fresh capital into.

關於大麻貸款以及相關問題，我認為這仍在我們的管線中，我們持續評估。正如我們先前所說，對於在大麻領域發放任何新貸款，我們的門檻非常、非常高。不幸的是，大家所談論的監管核准最早是在2023年8月發生，但自那之後實際上並沒有太多增量進展。雖然我們對監管核准抱持希望與樂觀，但我認為，過去三年產業缺乏股權資本，再加上一些公司背負日益增加的稅務負債，使得這對我們而言是一個非常難以投入新增資本的產業。

In terms of the BDC question, I think that each BDC speaks on its own credit performance and credit portfolio, just as we have. The middle market loans that we have made are new vintage, and we feel good about those loans and where we invest it. I am not going to speak on the industry or any other companies. They know their book a lot better than we do, so I will leave it to them to discuss on their earnings call.

至於BDC的問題，我認為每一家BDC都應就其自身的信用表現與信用投資組合發聲，就像我們所做的一樣。我們所做的中型市場貸款屬於新批次（new vintage），我們對這些貸款以及我們投資的標的感到有信心。我不會評論整個產業或其他任何公司；他們對自己的投資組合（book）比我們更了解，所以我會留給他們在自己的財報電話會議上討論。

All right.

好的。

Thank you. That is all for Me.

謝謝。我的問題就到這裡。

(Operator Instructions)

（接線員指示）

Thank you. This concludes the question-and-answer session.

謝謝。問答環節到此結束。

I would now like to turn it back to Dan Neville, CEO, for closing remarks.

我現在想把電話交回給執行長Dan Neville作結語。

Thank you for joining us today and we look forward to talking to you on future earnings calls.

感謝各位今天加入我們，我們期待在未來的財報電話會議上再與各位交流。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, you may now disconnect.

感謝您的參與，您現在可以掛線。