Hello, and welcome to the Beneficent First Quarter Fiscal 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. It is now my pleasure to introduce Director of Communications, Dan Callahan.

Good afternoon, and thank you for joining us today for Beneficent's fiscal first quarter 2025 conference call. In addition to this call, we issued an earnings press release that was posted to the shareholders section of our website at shareholders.trustspam.com. Today's webcast is being recorded and a replay will be available on the company's website. On today's call, management's prepared remarks may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those discussed today. Actual results and future events could materially differ from those discussed in these forward-looking statements because of factors described in our earnings press release and in the risk factors section of our Form 10-K and in subsequent filings we make with the Securities and Exchange Commission. Forward-looking statements represent management's current estimates and Beneficent assumes no obligation to update any forward-looking statements in the future. Today's call also contains certain non-GAAP financial measures. Please refer to our earnings press release, which is available on our website, for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. Hosting the call today are CEO and Chairman, Brad Heppner; and Chief Financial Officer, Greg Ezell. Now I'll hand the meeting over to Brad.

Well, thank you, Dan, and good afternoon and thank you for joining us. Today, I will cover three advancements the company has made in order to initiate our growth plans and renewed sales efforts starting this month. I'll also discuss some positive news on the legal front. Then Greg Ezell, our Chief Financial Officer, will provide comments on our quarterly results. As a reminder and to help frame today's discussion, Ben was created to provide fiduciary products and services that deliver liquidity and primary capital for holders and managers of alternative assets. We particularly focus on the target markets of high net worth individuals and small to mid-sized institutions who have been underserved when it comes to exiting alternative assets prior to their maturity. The traditional process for these smaller investors is incredibly complex. It's expensive and time-consuming, often taking as long as 15 months or more if liquidity can be found at all. To address this process, we built a fintech platform called Ben AltAccess with a goal of completing these very important transactions in a fraction of that time, now potentially in as few as 15 days. That's thanks to our newest release of an automated pricing system coupled with our standardized documentation we developed to enhance this entire process. I will speak more on this in just a moment. But turning to our three advancements. First, we created through our GP Solutions group a unique primary capital fiduciary financing product aimed at general partners, which we see as an adjacent and related market to our liquidity fiduciary financings. This product is targeted to general partners who are experiencing the challenges of sourcing capital and a lack of innovative new solutions to solve this problem. Recent PEI data shows that it is now taking an average of 18…

Thank you, Brad. Let's now turn to our quarterly results and financial position as of June 30, 2024. First, I'll start with a few highlights from the quarter. We reported investments with a fair value of 331.4 million, up slightly from 329.1 million at the end of our prior fiscal year, which served as collateral for Ben Liquidity's net loan portfolio of 255.9 million and 256.2 million, respectively. Revenues were 10.0 million in the first quarter of fiscal 2025, as compared to a negative 2.7 million in the same quarter of fiscal 2024. Due to the court ruling vacating the previously disclosed arbitration award, this resulted in a release of the recognized loss contingency accrual in the amount of 55.0 million being reflected in the June 30, 2024 Statement of Comprehensive Income and Loss. Excluding the non-cash goodwill impairment Due to the court ruling vacating the previously disclosed arbitration award, this resulted in a release of the recognized loss contingency accrual in the amount of $55.0 million being reflected in the June 30, 2024 Statement of Comprehensive Income and Loss. Excluding the non-cash goodwill impairment and the loss contingency accrual release in each period as applicable, operating expenses were $17.3 million in the first quarter of fiscal 2025, as compared to $56.9 million in the same period of fiscal 2024, which represents a decrease of 70%. Next, we'll move to our primary business segments, Ben Liquidity, which generates interest revenue for supplying liquidity off the balance sheet, and Ben Custody, which produces fee revenue for the use of the platform and trust services. As typical, I will be focusing my discussion on these business segments as it's their operations, along with corporate and other, that accrues to Ben equity holders. During the first quarter of fiscal 2025, Ben Liquidity recognized…

Ladies and gentlemen, thank you for participating. This does conclude today's program and you may now disconnect.