Good morning, ladies and gentlemen. Welcome to Flow Capital's Earnings Call for Q2 2025. At this time, all participants are in a 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 hearing the conference, you may press star zero for operator assistance at any time. I would like 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 info on Flow Capital's risks and uncertainties related to these forward-looking statements, please refer to the Q2 2025 company's management discussion and analysis, which is available on SEDAR. Today's call is being recorded on Thursday, August 14, 2025. I would now like to turn the meeting over to Alex Baluta, Chief Executive Officer of Flow Capital. Thank you very much, Operator, and thank you everybody who's joining this call live or listening to this call on the recording from our website. We will file, as we always do, our numbers. You can find our numbers, the transcript, the recording on our website, or filed on SEDAR. Very happy to announce another strong quarter for Q2 2025. Q2 2025 marks the eighth sequential quarter in a row where our revenue was up quarter- to- quarter, meaning up from the immediately prior quarter. For the three months ending June 30th, compared to the prior three months a year earlier, revenue was up 54% to a record $3.2 million, up from $2.1 million a year ago. It was up sequentially almost 7% from Q1 this year. On a six-month basis, revenue was up 49%. Free cash flow, which is a recurring free cash flow metric that we talked about, which is a non-IFRS metric, but important for us in the way we manage our business. You'll see a reconciliation from recurring free cash flow into IFRS in our statements. Our recurring free cash flow was up 212% year- over- year to $884,000, up from $283,000. For the six months, recurring free cash flow was at $1.7 million, up 148%. I'll come back to the growth in free cash flow in a moment, but it's worth pointing out that the free cash flow in our first half of the year at $1.7 million almost matches the recurring free cash flow that we did all of last year. That's a representation of the operating leverage in our business. Free cash flow per share for the first six months is just under $0.06 per share, up 152% over the same period of last year. Total investments are up to $72.2 million, up from $62 million at the end of December. For the quarter, we had an excellent quarter in terms of deployment into new investments, up gross $16.3 million in new investments. That's a record for us in a single quarter, up from $9.3 million a year ago. We did have a buyout in the quarter. A company called Valor Ready, one of our companies, sold a couple of years ago. They were acquired. The total IRR on that investment for us was over 30%. It was in thorough repayment. There were some early retainment fees associated with that, but in addition, we maintain an equity position in the acquiring company. It's kind of worth pointing out here, if I pause for a second, how most of our deals are structured in the form of cash interest and a tiny sliver of equity, either in the form, usually in the form of warrants. The value proposition for the borrower is that the cost of capital all-in of our capital is dramatically lower than the cost of doing an equity round, even with our small sliver of warrants. On average, we have sort of a 1%- 2% equity position in our borrowers. Not only do we get cash pay on our investments, on our loans, the companies get a lower cost of capital, and then we get a tiny sliver that, in many instances, those warrants will expire. It's probably one of the least understood parts of our business model from an investor perspective, that we have what we call internally a treasury chest of over 20 equity and warrant positions that we've established over the last seven years in high-growth companies. Remember, we target new and mining to high-growth companies, generally with growth rates over 20%. As I said earlier, the value proposition that we provide them is that the all-in cost of our investment is dramatically lower than the cost of equity. Ready is a great example of it works for them. It bridges them to a transaction. It works for us from an IRR perspective on a cash-on-cash basis. We continue to have a legacy equity position. Overall, the portfolio IRR over a seven-year period, going back to our pivot seven years ago now, is still over 22%. Overall, it was an excellent quarter. The book value is down $0.03 a share from the December 2024 number. It was driven by a couple of things. One, we had an FX hit of over $1.5 million. Two, we did have some big credit loss increase in one of our deals, and I'll get to that in a moment. Three, we are taking a much more conservative approach, meaning lower in the valuation of our warrant portfolio, the portfolio I just talked about, only because the warrant portfolio has to be marked to market on every quarter, and it creates volatility in our numbers when you know warrants go up a little bit, warrants go down a bit. If the company is a public company, we obviously do a mark-to-market. In our internal view, we're trying to be as conservative as possible, meaning valuing our loan warrants as low as possible. We still have over $7 million in total value in our warrant equity portfolio. We did take warrants down on a same-for-same basis, excluding new warrants issued during the quarter, down about $1.3 million. We had warrant write-downs, ECL, daily credit loss, and FX decline. That net against our profits meant that book value came down about $0.03. I did want to go back to that operating leverage commentary that I made. The business model that we, as I mentioned on our prior two calls, have tremendous operating leverage, and we see that continuing into the future as we scale our business. It should only get better. On a competition basis and the pipeline, pipeline is always lumpy for us. One of the interesting things we are seeing is that banks are coming back into the market. I think that after the Silicon Valley Bank episode a couple of years ago, banks paused their approach to the venture debt market. We're seeing a bit more of that, a bit more of them now. We're seeing competitive strengths from banks. Sometimes, you know, we can't compete with banks, but I wouldn't say it's dramatically changed the economics in the market for us. It's just a matter of it's a little unusual. Last point I want to make is on the portfolio. We had an unusual situation this quarter. It actually was post-quarter. That was actually in the bankruptcy of one of our investees. The net point is that on a cash-on-cash basis, we made a $1.75 million investment, and we should recover roughly, and that's in U.S. dollars, roughly $1.6 million in the end in terms of a cash-on-cash. It was an unusual situation in how quickly it unraveled. It had to do with the company being on a platform. The platform provider released a competing product. Customers got a bit nervous. The customers actually stayed on board. There was churn in the business. It went from about $3.5 million down to $2.7 million. It was also the departure of a lot of employees, including senior executives. In the end, we didn't have the ability to stabilize it in time. The best path forward for all stakeholders, including us, was to see the company go into bankruptcy. As I said, on a cash-on-cash basis, our losses were tremendous. We pride ourselves on working with our companies, on doing our best efforts to try and keep them going. Sometimes this is going to happen. We've got plenty of examples where we've worked, in fact, almost all other examples we've worked with our companies for extended periods of time to see them turn around their businesses. Sometimes this is an unfortunate outcome. From our perspective, it was about $700,000 in additional ECL charges on our balance sheet as Canadian. If the worst outcome for us in a company that unravels quickly is a 6%- 10% cash-on-cash loss, it's not so bad. We do our best to minimize that. We also do our best to work with our partners for as long as possible to try and help them recover. We're not just thinking about ourselves, but we're thinking about employees and customers and other stakeholders. An unfortunate outcome, and one that we hope doesn't happen again and one that we work to avoid. Unfortunately, that did happen actually in July of this year. With that, I'll pause my commentary. It was another record quarter for us on all macro metrics, year-to-date cash flow, revenue on a year-over-year basis, etc. I'll pass it back to you for questions. Thank you, ladies and gentlemen. We will now begin the question and answer session. Should you have a question, please press star followed by the one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speaker phone, please listen to the answer before pressing any keys. One moment, please, for your first question. There are no further questions at this time. I will now turn the call over to Alex for closing remarks. Thank you, Jerroll. Thank you, everybody, for tuning in or listening on the recording. I look forward to speaking to you in Q3. Thank you for your support. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.