Operator: Good morning, ladies and gentlemen. Welcome to Flow Capital's Earnings Call for Q2 2026. [Operator Instructions] 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 Q2 2026 company's management discussion and analysis, which is available on SEDAR. Today's call is being recorded on Friday, August 21, 2026. I would now like to turn the meeting over to Alex Baluta, Chief Executive Officer of Flow Capital.
Alexander Baluta: Thank you very much, Joelle. I am joined on this call today by our new CFO, Matthew Gan. 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 $0.06 per share from $0.03 per share last year. And we had a 14% increase in book value per share to $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. So we also had a $1 million 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 0 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 the past -- over a year now in terms of competitive pressure, excess cash in the system, additional players at the low end. And as you know, 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. But the slowdown in deployment that we've been experiencing over the last 12 months has slowed our revenue growth -- 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 deployed -- mentioned a new deal just the other day and a company -- an excellent company called [indiscernible]. And 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 results -- the numbers are quite small on the order of several million on an asset pool of over $80 million. But 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 debt term sheet, for one reason or another didn't do the transaction, yet the underlying equity of that company has gone up 7x. And so we just feel that that's an excellent opportunity for us to add additional value to our stakeholders. Again, it's very, very modest. But 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 we call exit fees associated with our primary business, which is making senior secured loans, high-growth companies. But we also have some equity positions in there now in both public and private companies. And as I said, that now numbers over 40 aggregate holdings. So it's increasingly helping us to diversify the portfolio. I want to mention a few other activities and events that happened during the quarter. One, you'll probably recognize Matthew Gan as our new CFO. We did -- Michael Denny, our prior CFO, has retired. Michael is an internal -- 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 high growth -- him helping us grow the company -- 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 and fees that they might charge on future raises. It really has no impact on trading given the way trades happened in today's -- across multiple exchanges and with the technology available. And it increased our availability for U.S. investors. So from our perspective, there was really no reason to stay on the TSX Venture. And it's been, as far as we can see, a very smooth transition to the Canadian Securities Exchange. I also want to mention -- 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. But over the last 7 years, we've acquired and retired over 17 million shares at a cost of just under $7 million at a price of $0.39 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. We have -- I'll just mention some of them without going into much detail, but we have Florence, which is our AI Chief Marketing Officer. We have -- 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, and a fair number of fairly incredible dashboards that provide us insight and metrics. And 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. And these dashboards are helping us give us -- helping provide us with additional insights into our own business. And 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. And 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 comments -- official comments and I'm going to open it up for questions.
Operator: [Operator Instructions] There are no questions at this time. I will now pass the call back to Mr. Baluta.
Alexander Baluta: 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.
Operator: Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.