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Aaron Gray

Managing Director and Head of Consumer/Cannabis Research at Alliance Global Partners

Aaron Grey, CFA, CPA, is a Managing Director and Head of Consumer/Cannabis Research at Alliance Global Partners, specializing in consumer retail, staples, and the cannabis sector. He leads research efforts providing market updates and insights, with his work featured in Barron’s, Bloomberg, Business Insider, Reuters, and The Wall Street Journal, and was recognized as one of Business Insider’s Rising Stars of Equity Research in 2022. On TipRanks, he holds an overall ranking of 9284 with a 59% buy success rate and -21.70% average return, previously part of J.P. Morgan’s #1 Institutional Investor-ranked Consumer Retail team. Grey joined Alliance Global Partners in March 2019 from Vice President roles at J.P. Morgan (2018-2019) and Cowen and Company (2014-2017), starting his career at Deloitte & Touche, and holds a B.A. in Finance and B.S. in Accountancy from Villanova University along with FINRA registration.

Aaron Gray's questions to Chicago Atlantic Real Estate Finance (REFI) leadership

Question · Q4 2025

Aaron Gray inquired about the demand for growth capital, seeking clarity on the pipeline's progression, potential timing for originations, and the company's confidence in achieving net portfolio growth for the year. He also asked about the current yields for pipeline deals and whether rescheduling has influenced rate negotiations or the underwriting process.

Answer

Co-CEO Peter Sack confirmed the target for net portfolio growth, expressing high confidence in pipeline execution. He noted current liquidity of approximately $50 million as of March 12th, acknowledging the difficulty in forecasting future loan repayments. Regarding rescheduling, Peter Sack stated it has increased demand for debt capital, with operators accelerating investment and M&A decisions, but has not altered pricing discussions or underwriting standards, as no new lenders have entered the market.

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Aaron Gray's questions to Turning Point Brands (TPB) leadership

Question · Q4 2025

Aaron Gray inquired about Turning Point Brands' innovation strategy in the nicotine pouch category, particularly concerning new products, flavors, and moisture levels, given competitive introductions and the FDA's PMTA program.

Answer

Graham Purdy (CEO) stated the primary focus is on winning with existing products, confident in their flavor profiles, satisfaction, and moisture levels, especially in the dominant mint and wintergreen segments. He noted future opportunities for additional flavor options as the business grows.

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Question · Q4 2025

Aaron Gray asked for more color on FRĒ's distribution opportunities in 2026, particularly regarding white space and potential chain wins, and also questioned the company's strategy for innovation in the category, including flavors and moisture, given new product introductions and the FDA's PMTA program.

Answer

CFO Andrew Flynn highlighted tremendous store opportunities in both chain and independent environments for FRĒ, emphasizing the importance of expanding portfolio within existing stores and expecting continued, though potentially lumpy, store growth. CEO Graham Purdy stated the primary focus is winning with existing products, confident in current flavor profiles and moisture levels, and sees long-term opportunities for additional flavor options, believing the current FRĒ and ALP portfolio is strong.

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Fintool can write a report on Turning Point Brands logo TPB's next earnings in your company's style and formatting