Morning, ladies and gentlemen, and welcome to Flow Capital's Q1 2026 earnings call. 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. If anyone has difficulty hearing the conference, you may press star zero for an 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 information on Flow Capital's risks and uncertainties related to these forward-looking statements, please refer to the YE 2025 company's management discussion and analysis, which is available on SEDAR. Today's call is being recorded on Tuesday, May 12th, 2026, and I would now like to turn the meeting over to Alex Baluta, Chief Executive Officer of Flow Capital. Please go ahead. Thank you, operator. One clarification, this is our Q1 2026. Although, as the operator said, you can find our results for all prior quarters filed on SEDAR or on our website. Thank you everybody for joining. I expect this will be a very short call. Happy to announce a continued growth in Q1 2026. Highlights include a 21% revenue increase to CAD 3.5 million, up from CAD 2.9 million. A 4% increase in Recurring Free Cash Flow to just under CAD 900,000, up from CAD 850,000 a year ago. An 8% increase in Recurring Free Cash Flow per share to CAD 0.03 a share. A 27% increase in total investment assets to CAD 80.3 million. That's up from 63.4 a year ago and up from 73.5 in December. And a 6% increase in book value from a year ago, now at CAD 1.29 versus CAD 1.22 a year ago, and also up from CAD 1.275 in December. Additionally, during the quarter, we made CAD 6.5 million of new investments, which compares to CAD 3.2 million a year ago. All in all, it was another strong quarter. We're well into our sixth year of profitability of every quarter. Free cash flow hitting almost CAD 900,000 in the quarter. Things continue to be on track for us. I do wanna make a couple of comments on the environment. I made some of these comments in our Q4 call about a month ago. I encourage everybody to listen to that call as well. You know, we have seen over the past couple of years increasing competition, which has led to tighter competition on deal flow, but also decreases in pricing, in particular around headline interest rates. You know, that was driven if you go back into the early 2020s, you know, there were high valuations in the 2021, 2022, 2023 timeframe. You also saw a lot of capital flow into private credit in the 2023, 2024, and 2025 timeframe. In particular, you saw that at the very large end of the market. You know, we've seen some announcements in that timeframe of almost a doubling of capital access available for private credit. And broadly speaking, we're very much in the growth segment of smaller companies, but in the growth segment of private credit, non-asset backed, high growth companies. That's what we do. And we did see a trickle-down effect you know, in terms of pricing pressures that came down from the bigger players slowly down into our space. Now, it's been a challenge in particular on keeping our discipline, but I'll talk about that in a minute. But the good news is, I think we're starting to see a reversal of that trend. In particular, you know, a lot of the larger players, there's lots and lots of news stories out there about redemptions, about concerns at investor levels, about gating of funds. To be very clear, that has nothing to do with us. We're not in that scenario, although we know several people are. With the gating of those funds, that trickle-down effect of excess capital is starting, in my opinion, to reverse. And so we're seeing pricing stabilize, if not increase a little bit. Broadly speaking, we're seeing the SaaS valuation stabilize, if not recover. You know, even in our own portfolio, we're seeing the businesses stabilize in terms of their own growth rates. And I think I mentioned this on a prior call, but I'll say it again, I feel that our portfolio is probably in the best condition it's been for a long, long time. It's in very strong health. That's not to say it was bad before, it's just in terms of sort of both objective and let me just say, perception, the portfolio is in very good shape. So, we have a unique business model that again, I've highlighted before, we're essentially an evergreen model. We're not a fund that had w hen money is often paid back to a fund, sometimes they can pay that back to their limited partners, but often they have to redeploy it. We're a unique model where we can pay back our lenders at both levels of our capital stack and then redraw, on particular on our senior line of credit to redeploy capital. What that means in practice is that we are not pressured to make decisions or investments that might not meet our very high economic thresholds of risk return. We've been cautious and judicious deployers of capital over the last couple of quarters, and that's served us well. We've also started to see some of our portfolio companies as they've continued to improve, either get refinanced, new equity rounds, or in some cases, M&A transactions. In fact, we announced one such M&A transaction in Q2, not in Q1. That was with TVision. It was a good exit for the company. It was an excellent exit for us. That investment had a 25% IRR for us. There was over a CAD 1 million gain to book value for us that'll hit in Q2. It does show the strength and resilience of our model, and you know, we wish them well in their future endeavors for the acquirer, that was an excellent outcome. That's what we hope to see in all of our deals. While there's been pricing pressures, we've been very cautious and very conservative. Our portfolio health is good. The one maybe unfortunate aspect is that we've deployed less capital than I'd hoped, although we continue to deploy capital. In fact, as I mentioned in my preliminary comments, our investable assets, our investment assets on our balance sheets is actually up to CAD 80.3 million, up from CAD 73.5 million at the end of Q4. The impacts, though, have been slower deployments, and that will have some impact on our growth here in the short term. We continue to grow, but you'll notice that our growth in the quarter was down below the growth that we had last year. But we do continue to grow our book value per share. You know, our alignment as management to own a significant stake in the equity of the company is alignment with shareholders and shareholders' return. All that to say is, it's a good quarter, we remain very selective. We're seeing an easing of pricing pressures. We're actually seeing an increase in good deals in our pipeline. We're seeing some of our more direct competitors feeling challenged. We will continue to invest in our business, and we'll continue to seek out excellent investment opportunities on a risk-adjusted basis. With that, I'm gonna pause and see if there's any questions. Thank you, Alex. Ladies and gentlemen, should you have a question, please press star followed by one on your touch tone phone. You will hear a prompt that your hand has been raised. Should you wish to remove your hand from the queue, please press star followed by two. If you're using a speakerphone, please lift the handset before pressing any keys. Just a moment, please, while we tabulate the Q&A. It looks like there are no questions currently in the queue. I'll turn the call back over to you, Alex Baluta. Thank you very much, Marissa. Thank you everybody for listening to the recording of this call, and I look forward to speaking to you after Q2. Thank you very much. This concludes today's conference call. We thank you so much for your participation. You may now disconnect. for your participation. You may now disconnect.