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DATE

Tuesday, May 12, 2026 at 10 a.m. ET

CALL PARTICIPANTS

  • Chief Executive Officer — Ole Bjarte Hjertaker
  • Chief Operating Officer — Trym Otto Sjølie
  • Chief Financial Officer — Aksel C. Olesen
  • Head of Investor Relations — Espen Nilsen Gjosund

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TAKEAWAYS

  • Revenue -- $174 million reported for the quarter, indicating stable top-line performance.
  • Adjusted EBITDA -- $108 million, consistent with the prior quarter, underpinning steady operational cash flows.
  • Net Income -- $26 million, or $0.20 per share, swinging from a GAAP net loss of $4.6 million ($0.04 per share) in the previous quarter due to operational improvement and nonrecurring items.
  • Dividend -- Increased to $0.22 per share, a 10% rise from the prior quarter, representing the 89th consecutive quarterly cash dividend.
  • Cumulative Dividends -- Over $3 billion, or more than $30 per share, returned to shareholders since 2004.
  • Charter Backlog -- $3.7 billion, with more than two-thirds from investment grade counterparties, bolstering revenue visibility.
  • Fleet Composition -- 57 maritime assets as of quarter end: 2 dry bulk vessels, 30 container ships, 16 large tankers, 2 chemical tankers, 7 car carriers, and 2 drilling rigs.
  • Segment Utilization -- Container vessels and car carriers at 100%, tankers and dry bulk at 99%, energy segment at 50% due to warm stacking of the Hercules rig.
  • Suezmax Tankers Spot Performance -- Two vessels reported $54,000 per day time charter equivalent in Q1, with Q2 booked rates averaging $185,000 per day on 53% of vessel days, though booked revenue is expected to adjust downward due to ballast days and spot market trends.
  • Suezmax Vessel Transition -- Sale of two older Suezmax vessels generated net cash proceeds of $52 million, while compensation of $11.5 million per vessel was received to release charters on two newer Suezmaxes, resulting in nearly $30 million incremental cash position.
  • Bonds Issuance -- $75 million tap issue of 2030 senior unsecured bond at 103.5% of par, implying a 6.8% yield to maturity and extending liquidity profile.
  • Available Liquidity -- $128 million in cash and equivalents, plus $160 million in undrawn facilities, for total available liquidity exceeding $280 million.
  • Operating and G&A Expenses -- $69 million, broadly consistent with the previous quarter.
  • Divisional Gross Charter Hire -- $81 million from container vessels (including profit share), $26 million from car carriers, $46 million from tankers (up from $42 million QOQ), $2 million from dry bulk (down from $3 million QOQ), and $23 million from energy assets.
  • Capital Expenditure Commitments -- approximately $850 million for five contracted container newbuildings, to be funded via a mix of pre- and post-delivery financing.
  • Loan Amortization -- $56 million paid during the quarter, equating to more than $220 million annualized.
  • Book Equity Ratio -- approximately 27% as of quarter end.
  • Maersk S Class Dry Docking -- Three Maersk S Class container ships underwent or completed major upgrades linked to new five-year charters.
  • Hercules Rig Contract -- New contract secured for 400 days starting 2027, totaling $170 million backlog addition, plus options that may further extend duration and revenue.
  • Refinancing Activity -- Facilities tied to Hercules and Linus rigs were refinanced on favorable terms during the quarter.
  • Dividend Yield -- Current annualized yield is approximately 7.5% based on share price at time of the call.

SUMMARY

Management emphasized a diversification strategy reinforced by a $3.7 billion charter backlog, with a notable shift in Suezmax tanker exposure from long-term charters to spot market, resulting in higher recent cash flows. Operational execution led to near-full utilization for most segments, while the energy segment reflects future revenue potential through the Hercules and Linus rigs. The company’s opportunistic $75 million bond issuance at a premium extended its liquidity profile and lowered implied borrowing costs. Lease and sale transaction structures, such as the strategic exit from older tankers, improved flexibility and strengthened the cash position for investments and shareholder returns.

  • Dividend decision factored in increased visibility from new Hercules rig contracts, high asset utilization, and limited capital expenditure requirements for rig upgrades compared to original expectations.
  • Spot tanker market volatility, fueled by Middle East disruptions and VLCC consolidation, presented unprecedented revenue-generation opportunities for the two Suezmaxes.
  • Refinancing of the Hercules and Linus rigs illustrated constructive conditions in bank lending for high-quality maritime assets, supporting continued fleet renewal.
  • Company expects charter revenue from Suezmaxes to normalize in future quarters as spot rates moderate, but remains positioned to seek long-term charters for these and other vessels when conditions warrant.

INDUSTRY GLOSSARY

  • Time Charter Equivalent (TCE): A standard industry metric converting voyage revenues into daily earnings for comparative vessel performance across markets.
  • Tap Issue: Additional issuance of existing bonds on the same terms, often at a different price, expanding the initial offering and enhancing liquidity.
  • Warm Stacked: Vessel or rig maintained in operational condition but not actively employed, allowing for faster reactivation at reduced operational cost.
  • Bareboat Charter: Lease arrangement where the charterer assumes both operational and crewing responsibilities, as opposed to time charters where the owner manages the vessel.
  • Spot Market: Market allowing vessels to be hired for single voyages or short-term contracts, subject to fluctuating market rates rather than fixed long-term agreements.
  • Kamsarmax: Bulk carrier vessel class optimized to the maximum dimensions allowed for entry into the port of Kamsar, Guinea.
  • Suezmax: Tanker size class referring to the largest vessel dimensions capable of transiting the Suez Canal in a laden condition.

Full Conference Call Transcript

Ole Bjarte Hjertaker: Thank you, Espen. We are pleased to announce our 89th consecutive dividend and we have firmly positioned SFL as a maritime infrastructure company with a diversified high quality fleet. For the first quarter, we reported revenues of $174 million and an EBITDA equivalent cash flow of $108 million Over the past 12 months, EBITDA amounts to $443 million reflecting the continued strength and stability of our operations. Net income in the quarter was $26 million or $0.20 per share, and dividend has been increased to $0.22 per share this quarter. In aggregate, we have now returned $3 billion or more than $30 per share in dividends since 2004.

And we have a robust charter backlog of $3.7 billion with a very strong counterparty profile, where more than 2-thirds of the backlog is to customers with investment grade credit rating. In the quarter, we announced a new contract for the ultra deepwater environment drilling rig Hercules, which would be employed in Canada from 2027. The third part of the contract is 400 days and represents a backlog increase of approximately $170 million There are also shorter options, in addition to that, which could extend the contract beyond the 400 days.

Generally, we see a significant demand for harsh environment deep water capable semisubmersible drilling rigs towards the end of the decade and believe this contract could position the rig attractively for prospective drilling campaigns in harsh environment areas. It is the only rig in the market with a valid Canadian safety case, and has previously also worked in Norway and Namibia. This last quarter, we have also had the pleasure of having 2 2020 build Suezmax tankers employed in a booming spot market. You may remember that we agreed to release the charters on these against the compensation of $11.5 million per vessel in December, instead of selling the vessels in the market to a third party.

We used to have 4 vessels to the same charterer, and we sold the other 2 older vessels with net cash proceeds after debt repayment of approximately $52 million in aggregate. So adjusted for the compensation to terminate the charters on the newer vessels, we took nearly $30 million cash off the table. The vessels are currently traded in the spot market, and the market has strengthened significantly since the deal was concluded in December. In fact, net cash flow contribution is now higher from these 2 vessels alone, compared to all 4 vessels in the original charter arrangement. We reported nearly $54 thousand per day on a time charter equivalent basis in the first quarter.

Which compares to a cash breakeven below $20 thousand per day after debt service. But this is dwarfed by the earnings into the second quarter, where we have experienced a historically strong market on the back of market disruptions caused by the war in the Middle East. So far, we have covered 53% of vessel days, at an average charter rate of around $185 thousand per day. But please note that reported charter hire from vessels in the spot market is accounted for on a low to discharge basis pursuant to US GAAP.

We therefore expect their average for the full quarter to be lower than the book revenue so far due to expected ballast days in the remainder of the quarter. Also, the spot market is lower than the charter rate we have booked so far this quarter, But still, we expect a very firm quarter in the second quarter. While we are enjoying phenomenal cash flows from these vessels right now, we will look for new longer term charter opportunities in due course. Recently, we also successfully raised $7.6776 billion in a tap issue over our 2030 senior unsecured bond loan where we issued $75 million at the price of 103.5% of par value.

The original bond loan has an interest rate of 7.75%. And we are pleased to see an implied interest rate in the TAPISH of only 6.8%. This tap issue was not planned, but something that came about after reversing inquiries from bondholders who wanted to increase their exposure to SFL at premium pricing. So we decided to act optimistically in the situation and the transaction was executed on very short notice. With that, I will now handle the call over to our chief operating officer, Trym Otto Sjølie.

Trym Otto Sjølie: Thank you, Ole. We have a diversified fleet of assets charted out to first-class customers on mostly long term charters. And the majority of our customer base is large industrial end users. Following the sale of 2 Suezmaxes, the SL Ottawa in Q4 last year, as well Telen, which was delivered to its new owners in February. Our current fleet stands at 57 maritime assets, including vessels, rigs and contracted newbuildings. Our backlog from owned and managed shipping assets stands at approximately $3.7 billion and the fleet is made up of 2 dry bulk vessels, 30 container ships, 16 large tankers, 2 chemical tankers, 7 car carriers, and 2 drilling rigs.

2-thirds of our contracted revenue is with investment grade counterparties, which gives us a high degree of confidence in the earnings visibility of this portfolio even in a volatile market environment. Our charter backlog is mainly derived from time charter contracts and with the exception of 4 contract containerships on bareboat leases, the rest are in time charter or operating in the short term or spot market. Charter revenue from our fleet was about $174 million Q1, and we had a total of 4.6 thousand operating days across the fleet in the quarter. Utilization was strong across most segments. As container vessels ran at 100%%, car carriers at 100% and tankers and dry bulk came in at 99%.

The energy segment ran at 50%, reflecting that our Hercules rig remains warm stacked in Norway in preparation for its new contract. OpEx for the shipping fleet came in at $42 million in Q1, broadly in line with the budget. And this quarter, we had 3 Maersk S Class container vessels in or completing dry dock. The Maersk Sarat, Maersk Shivling, and Maersk Skarstind. All undergoing significant upgrades under the new 5-year charter agreements with Maersk This is part of our ongoing effort to maintain and improve the quality and earning capacity of our assets over the long term. I will now give the word over to our CFO, Aksel C.

Olesen, who will take us through the financial highlights of the quarter.

Aksel C. Olesen: Thank you, Trym. Turning now to the cash flow slide. I find this 1 valuable because it gives investors a clear view of the business's underlying operating performance, separate from the effects of noncash and nonrecurring items in the GAAP results. Before I begin, I want to flag the required disclosure. Cash flow presentation is a non GAAP measure, repairs the management tool to help us assess underlying performance. It is not prepared in accordance with U. S. GAAP, and investors should not consider it in isolation or as a substitute for any GAAP measure. The presentation also includes certain noncash charges, and items we consider nonrecurring. With that context, let me take you through the performance of our portfolio.

Across the fleet as a whole, we generated approximately $177 million of gross charter hire during the quarter. Of that total, approximately $81 million came from our container fleet, including profit share income related to fuel savings on 7 of our large container vessels. The container market backdrop remains constructive, and the long term contracted portfolio continues to generate strong visible cash flows. Moving to car carriers. The fleet generated approximately $26 million of gross charter hire consistent with the previous quarter. All vessels are employed on charters with high quality counterparties providing strong earnings visibility. In tankers, the fleet generated approximately $46 million of gross charter hire up from approximately $42 million in the prior quarter meaningful sequential improvement.

This reflects the continued strength of charter arrangements across the tanker fleet, As previously disclosed, the portfolio now includes 2 Suezmax tankers trading in short term market, where we have been well positioned to capture favorable spot rates. Turning to dry bulk. As many of you are aware, we have been strategically divesting vessels recent quarters as part of our fleet renewal. We now have 2 Kamsarmax vessels remaining, whilst trading in the short term market. Revenue from these vessels was $2 million compared to $3 million in the prior quarter. The dry bulk market has shown encouraging improvements which is reflected in an improving day rate environment so far in the second quarter.

Moving to energy, Revenue from our energy assets was approximately $23 million for the quarter. This was driven primarily by the Linus drilling rig, which remains on a long-term contract with ConocoPhillips running through May 2029, providing substantial contracted cash flow visibility. We are also pleased to announce that the Hercules has secured a new contract that will contribute revenues from 2027. While we are not in a position to share full details at this stage, this is an important development. It extends the earnings visibility of a key asset and reinforces our confidence in the long term demand outlook for high-specification drilling units.

On the cost side, total operating and G&A expenses for the quarter came in at approximately $69 million broadly in line with the prior quarter. Putting it all together, adjusted EBITDA for the quarter was approximately $108 million also consistent with Q4 25. The sequential stability is a meaningful indicator of the quality of our contracted cash flows and the resilience of our business model across varying market conditions. I would remind our listeners that adjusted EBITDA is a non GAAP measure, We define it as net income before interest, taxes, depreciation, amortization and certain nonrecurring and noncash items. Reconciliation to GAAP net income is provided in today's earnings release. Turning now to our results on a U.S. GAAP.

For the quarter, we reported total operating revenues of approximately $100 million compared to approximately $175.5 million in Q4 25. Leases contributed approximately with $151.5 million while other rigs contributed with approximately $23 million. Operating expenses were approximately $69 million in line with the prior quarter. Onto clearly identified nonrecurring and noncash items that affected the GAAP, net results this quarter so that investors can appropriately adjust their models. Gain on sale of assets of $11.5 million. Mark to market gain on hedging derivatives of $2.5 million and mark to market gain on equity investments of $1.9 million After accounting for these items, we reported a GAAP net profit of approximately $26 million for the quarter, or $0.20 per share.

This compares to a net loss of $4.6 million, or $0.04 per share in Q4, a meaningful swing that reflects both the operational improvement and the nonrecurring items I just noted. Turning to the balance sheet. As of March 31, 2026, had cash and cash equivalents of approximately $128 million with an additional approximately $160 million available under undrawn credit facilities, giving us total available liquidity in excess of $280 million. We believe this is a solid and well positioned balance sheet as we move through 2026. Furthermore, we would like to highlight several noteworthy developments. First, we have refinanced the facilities related to both the Hercules and the Linus rigs on favorable terms.

This confirms that the bank lending market for high quality assets remains open and constructive. And we are very pleased with both outcomes. Second, subsequent to quarter end, we did a $75 million tap issuance of our 2030 U.S. Dollar senior unsecured bonds at 103.5% of par. Implying a yield to maturity of approximately 6.8%. This was an opportunistic transaction that extends our liquidity runway and we believe reflects the bond market's confidence in SFL's credit profile. Regarding upcoming maturities, our $150 million senior unsecured bonds issued in 2029 mature shortly now in May. We intend to redeem these notes using available liquidity and we are well positioned to do so.

During the quarter, we made approximately $56 million in schedule loan amortization. More than $220 million annualized. This reflects the systematic deleveraging of our fleet and it is a structural feature on how we manage the balance sheet. On newbuildings, our 5 contracted container newbuildings represent remaining capital expenditure commitments of approximately $850 million. We expect to fund this through a combination of pre and post delivery financing, and we are seeing strong lender interest. Which reflects the quality of the assets, the strength of the charter counterparty, the favorable financing environment for modern fuel efficient tonnage. Finally, our book equity ratio as of quarter end stood at approximately 27%.

Before I hand the call back to Espen, let me close with a few summary points. First, the Board has declared our 89th consecutive quarterly cash dividend of $0.22 per share. An increase of 10% from the prior quarter At current prices, that represents an annualized dividend yield of approximately 7.5%. Second, our charter backlog now stands at approximately 3.7 billion. Where in 2-thirds of that backlog is with customers carrying investment grade credit ratings. That combination, scale, duration, and counterparty quality provides exceptional cash flow visibility and gives us the confidence to continue investing in growth. Third, with strong balance sheet, ample liquidity, disciplined capital allocation, we remain well positioned to pursue accretive investment opportunities.

The maritime asset market continues to evolve, We believe SFL is uniquely positioned with a long-term charter model, diversified fleets and access to capital to continue generating value for shareholders. Thank you all for joining us this morning. I will now hand the call back to Espen to open the line for questions.

Espen Nilsen Gjosund: Thank you, Aksel. We will now open for a Q and A session. Those of you who are following this presentation through Zoom, use the raise hand function under reactions in the toolbar to ask a question. When your name is called out, please unmute your speaker to ask your question. Thank you. We will have our first question from Gregory Robert Lewis. Gregory, please unmute your speaker to ask your question, please.

Analyst (Gregory Lewis): Hey. Thank you, and good morning and good afternoon, everybody, and thanks for taking my questions. Clearly, these are interesting times across all of maritime shipping. But I was hoping to talk a little bit more about the tanker sector Your backlog is good at a little over, what, 3.5 years. But we do have some vessels on spot that you alluded to.

And then even some vessels that are rolling off their existing contracts, you know, not just over the next couple quarters, we will just say, As we sit here today, just given a lot of the volatility, in tanker rates, some of the uncertainty out there, How should we be thinking about the opportunities for SFL maybe to, you know, put some of these vessels or, you know, either extend existing charters maybe that have options or just kind of maybe build out on that backlog portfolio for the tanker market just given the strength we are seeing in tanker rates?

Ole Bjarte Hjertaker: Yes. Thank you, Gregory. This is Ole here. Thanks for the question. We, you could say that we were lucky in the way we ended up with the 2 Suezmax tankers in the spot market. We did expect that market to firm, but we did not anticipate you know, the extent of how it has firmed. And know, it is important here to understand that this is, of course, partly due to the to the market disruption caused by the Arabian Gulf but also by significant consolidation, on the supply side for VLCCs, I. E, the larger 2 million-barrel vessels. So we see a combination here that is unprecedented. We have never seen that. Before.

We will look for because our principal business is long term charters, so we will look for longer term charters also for these 2 vessels. In due course. But for now, we have been enjoying the very strong spot market. And we do have some vessels that are coming up later in the year, but there are extension options on those. And, and given the charter rate and the prevailing market for the, you know, these are Aframax LR2 tankers. We would not be surprised if those vessels were extended for another year or 2. So we do not have sort of any sort of spot vessels where we effectively control the trading you know, in that sector right now.

We have also seen values go up significantly, but also backed by higher charter rates. So we are we are looking at also new opportunities in also in the tanker space, but cannot comment on the we cannot be specific yeah, until or unless we actually do a deal.

Analyst (Gregory Lewis): that is great. And then and then I did wanna talk a little bit about the 10% dividend increase. That was good to see. That was a nice move higher. Yeah. I mean I mean I mean, I guess I guess it is never just 1 thing when you, think about increasing the dividend. You know, just given the focus by the company on returning cash to shareholders, But I would be kinda curious, you know, how we are thinking about the dividend. You know, maybe what drove that? What you know, I mean, I am assuming it was a combination of the backlog. You know, you had some positive developments on the Hercules.

Just kind of if you could walk us through know, from a cash flow perspective of, you know, you could arguably pay out a lot more than you are currently paying. So just if you could kinda walk us through, when you were speaking with the board, how we kind of came up with the decision for the 10% move.

Ole Bjarte Hjertaker: Yeah. I think from the from a from a board perspective, we never give guidance on forward dividends. But the dividend and the dividend discussion is also always back by the long term, call it, expectations for cash flows going forward. And we have a combination of multiple effects here. And then you mentioned some, we have more clarity now on the Hercules. And That Also Includes Upgrades And Investments We Need To Do On The Rig, You Know, To Before That Contract. There Were Other Contract Opportunities, Where We Might Have Had To Invest A Lot More In The Rig Than What We Need To Do To Put It Back To Work In Canada.

So there is lower CapEx really on that 1. Also, incidentally, if you look at the net cash flow from the 4 vessels we had with Industries in the past, the incremental cash flow in the first quarter from just those 2 vessels were around $0.02 per share. So but that is that is, that is a coincidence. it is all the direct link to that uplift.

But there is certainly more cash flow and more or less, I would say, uncertain around our portfolio, and we also have to remember that we have lots of vessels that are performing, have a stellar performance you know, close to 100% utilization, strong cash flow, strong counterparties, So that is really the confidence the board then had to lift the dividend this quarter. From $0.20 to $0.22. And, of course, our long term objective is, of course, to return cash flow to shareholders.

So you know, that is so that is our driving force, and that is our, you know, all around incentives are really focused on returning, turning capital to our investors, and we are happy to do that increase it this quarter.

Analyst (Gregory Lewis): All right. Super helpful. Thank you all for taking my questions.

Espen Nilsen Gjosund: Thank you, Gregory. We will take our next question from Climent Molins. Please unmute your speaker to ask your question.

Analyst (Climent Molins): Hi, team. Thank you for taking my questions. I also wanted to ask about the Hercules. Ole, you briefly touched upon this mentioning that upgrades for the contract you secured may be a bit lower than for other contracts you had looked at. But could you talk a bit more about this and how much you currently plan to spend?

Ole Bjarte Hjertaker: Thanks. From a--you know, we have not been sort of the specific on the numbers and what we are doing, there are relatively low call it, tactical upgrades required. We are doing some replacement of equipment, you know, a rig. You know, there are some there are some the equipment on board that is coming to the end of the effective, life cycle. So we are doing that. Those upgrades you know, in parallel. These are more, you know, longer term. You know, this is, you know, really to make the rig capable for really long term, you know, deployment in harsh environment.

But the rig was, you know, the last, employment for the rig Canada, and it is and it is going back to Canada. And, therefore, very limited upgrades that we have to pay for. We have our customer who is who will who will pay for some upgrades that they see as a benefit for them, in those vessel operations. So it is relatively small number and we guided you know, on CapEx, you know, for all our vessels. And I would say, half of the CapEx that we guided in the press release is or so relating to the Hercules. And the other part is relating to our other, you know, vessels in the portfolio.

But it is a compared to our asset base, it is a, you know, it is a you are talking small numbers on an on an aggregate scale. Of course, also as you move into, move closer to know, the mobilization to Canada, we need to increase staffing on the rig. Right now, it is warm stacked, but we need to put the full crew on before drilling operation starts. Etcetera. So that will happen.

But this is, more of a say. that is that is just how we plan for it and how we ensure that this rig is ready to go and can start to produce cash flow for us at the first opportunity within the commencement window in Canada in the first quarter. that is very helpful.

Analyst (Climent Molins): Thank you. I also wanted to ask about the index link contract on the Linus? Could you remind us when the index link hire is revisited? And based on recent market trends, do you expect to see any change on the daily hire under the long term contract?

Ole Bjarte Hjertaker: The charter rate for the liners has been increasing gradually. it is by a market panel, and it is been scraping upwards. The contract runs until May 2029. And we all know that Conoco and this is, like, 2 years ago or 3 years ago, they had they increased the scope or they extended the license from 2029 to 2049. So they have another 20 years. And with increased focus now on energy, call it, you know, production, particularly, I would say, in the Northern Hemisphere, and this is on a Norwegian continent shelf. We believe there will be a lot more activity on The UK side, and same thing also in Canadian waters.

You know, we expect that there will be a need for high end units, you know, on that field or other, you know, similar fields nearby, you know, in the foreseeable future. But, it is still 3 years out, so it is a little early to start you know, these discussing anything specific Okay.

Analyst (Climent Molins): Makes sense. And final question from me. You have been clear you will be looking for a long term contract for the 2 spot Suezmaxes when the time is right. Should we expect the same approach to be applied to the 2 spot Kamsarmaxes? Or is a sale maybe more likely for these 2 vessels?

Ole Bjarte Hjertaker: Yeah. Well, it is good it is a good question. We have been looking for contracts also for those vessels. But I would say for medium sized bulkers, there is typically not a very long term. it is difficult to find longer-term charters. So typically, their, you know, charters would do, say, up to 1 year, but that is also the they can themselves hedge out through FFAs, etcetera. So, we do not find that attractive for SFL. Then we would rather take the marginal premium of having the vessel in the spot market, but you are looking into on a time charter basis and effectively keep that margin ourselves.

So when we look for tankers, we typically look for longer terms than 1 year, you know, typically, you know, you know, I would say our sweet spot would be maybe 3 to 5 years. Depending on charter rate, etcetera. But it is all down to finding the right counterparty finding the right structure of the charter, etcetera. So this is something that we will work on a what do say? We watch the market closely. We have very good market intelligence, but we cannot be specific on the charter rates term at this stage. We will be opportunistic. That rate should assure you.

Analyst (Climent Molins): Makes sense. Thank you. I will turn it over. Thank you for taking my questions.

Espen Nilsen Gjosund: As there are no further questions, I would like to thank everyone for participating in this conference call. If you have any follow-up questions to the management, their contact details in the press release, or you can get in touch with us through the contact pages on our webpage, sflcorp.com. Thank you.