Thank you very much, Joelle. I am joined on this call today by our new CFO, Matthew Gann.

Appreciate everybody attending. As Joelle mentioned, our results are also available on our website and are filed on SEDAR.

Today we're reporting our Q2 2026 financial results. We had another good quarter.

Revenue increased 30% for loan interest and royalty income, to $4.2 million from $3.2 million a year ago. We had an 88% increase in free cash flow to $1.66 million, up from $884,000 a year ago.

We also had a 96% increase in free cash flow per share to approximately 6 cents per share from 3 cents per share last year. We had a 40— 14% increase in book value per share to a 1.34, $1.34, up from $1.17 in the prior year.

I should note as well that our equity book value increased from $35.7 million to $39.3 million in aggregate assets on the equity in the quarter. We did have some excellent exits in the quarter, we also had a million-dollar contribution to free cash flow, which is associated with successful exits of some of our investments related to various fees and prepayments associated with such early exits.

I should also mention that foreign exchange helped a little bit in the quarter as well. As most of you who've been with us on these calls in the past know that our calls are quite brief, I'll go through a few other highlights, and then I'll go to questions.

It was a little bit of a disappointing quarter, in spite of the decent results, on the deployment side. We deployed zero new cash in the quarter, and we had several repayments.

However, we did have already in Q3 to date deployed over $9 million. This is a continuation of some of the topics that we discussed in prior quarters.

There's been some industry headwinds over a year now in terms of competitive pressure, excess cash in the system, additional players at the low end. As we've discussed this, that we're an evergreen fund and we have no pressure to deploy cash, and we're very selective.

I will say we're seeing that stabilize and turn, and we're seeing a fairly strong uptick in our pipeline with a lot of good-quality deals. The slowdown in deployment that we've been experiencing over the last 12 months has slowed our recurring revenue growth, primarily just as we are more selective in our deployments.

Having said that, as I mentioned, I think that's turning. We have mentioned a new deal just the other day in an excellent company called [Aleyswire?]

. Our portfolio continues to be in very good standing.

I think it's worth mentioning here as well that we have been making equity investments over the last several quarters in both private companies and public companies. Now, this is not a broad diversification of our strategy.

It's more of an extension, and to be honest, the numbers are quite small, on the order of several million on an asset pool of over $80 million. We do it because we have an excellent in-house expertise in diligencing and evaluating both public and private high-growth companies, and we're taking advantage of that to make opportunistic equity investments when we see the opportunity.

There's been some examples in prior transactions where we've put forward a dead term sheet for one reason or another didn't do the transaction, yet the underlying equity of that company's gone up 7x. We just feel that that's an excellent opportunity for us to add that additional value to our stakeholders.

Again, it's very, very modest. We do now have over 40 holdings in aggregate.

Most of those holdings, the vast majority, are tied to either loans or warrants and other equity-like upside, often would call exit fees, associated with our primary business, which is making senior secured loans to high-growth companies. We also have some equity positions in there now in both public and private companies.

As I said, that now numbers over 40 aggregate holdings, it's increasingly helping us to diversify the portfolio. I want to mention a few other activities and events that have happened during the quarter.

One, you'll probably recognize Matthew Gann as our new CFO. Michael Denny, our prior CFO, has retired.

Matt is an internal promotion. Matt joined us 5 years ago.

He then took over our credit function, and most recently he's been promoted to take over the CFO function. I welcome Matt to the team, and I look forward to him helping us continue to grow the company over the coming years.

We also moved to the CSE from the TSX Venture. We did have a few clients and investors calling us, asking us why, and it's quite an easy story.

From our perspective, it's a better exchange. It's more efficient.

It's more cost-efficient in terms of fees that they might charge on future raises. It really has no impact on trading, given the way trades happen across multiple exchanges and with the technology available.

It increased our availability for US investors. From our perspective, there was really no reason to stay on the TSX Venture.

It's been, as far as we can see, a very smooth transition to the Canadian Securities Exchange. I don't always talk about this, but it's worth mentioning that over the last 7 years, Flow Capital has been an aggressive buyer of our own stock.

In the year-to-date, we've acquired about 161,000 shares, acquired and retired. Over the last 7 years, we've acquired and retired over 17 million shares at a cost of just under $7 million and a price of 39 cents per share.

We feel strongly that that is an excellent return of capital and use of our funds for our stakeholders. It's also worth mentioning on the AI front, these are very much internal developments, but we continue to invest in development of AI tools.

It's actually providing us excellent leverage and insight into our business and our opportunity. I'll just mention some of them without going into much detail, but we have Florence, which is our AI Chief Marketing Officer.

We are in the process of building an AI SDR BDR, or business outreach tool. We have built a competitive deal analysis tool, which helps us analyze transactions in our industry— who's doing what, what we've seen, what we haven't seen.

We have a deal scoring tool, which is providing excellent insight into accelerating our due diligence on transactions that we do. A fair number of fairly incredible dashboards that provide us insight and metrics.

I've probably mentioned this before, is that we strongly believe in our investee companies, and we try to live by the same mantra, which is you cannot manage what you do not measure. These dashboards are helping provide us with additional insights into our own business.

It's probably worth mentioning that, although not AI, many, many quarters ago Matt spearheaded the rollout of Chronograph, which is a tool that we use to manage our portfolio. All of these tools are providing us excellent insight, and we're going to continue to invest in these tools over time.

I think with that, I'm going to pause our official comments and open it up for questions.

Thank you very much, Joelle. In summary, thank you, everybody, for attending the call.

It was another decent quarter. We're very encouraged by the activity that we see in our pipeline.

Our portfolio remains healthy, our internal efficiency continues to improve, and I look forward to speaking to you in 3 months. Thank you very much.