Good morning, and thank you for standing by. Welcome to the Great Elm Group, Inc. Q3 2022 Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to Adam Yates, Managing Director. Please go ahead.

Thank you, and good morning, everyone. Thank you for joining us for Great Elm Group's Fiscal Third Quarter 2022 Earnings Conference Call. As a reminder, this conference call is being recorded on Friday, May 6, 2022. If you would like to be added to our distribution list, you can e-mail investorrelations@greatelmcap.com or you can sign up for alerts directly on our website, www.greatelmgroup.com. The slide presentation accompanying today's conference call and webcast can be found on our website under Events and Presentations. A link to the webcast is also available on our website as well as in the press release that was disseminated to announce the quarterly results. I would like to call your attention to the customary safe harbor statement regarding forward-looking information. Also, please note that nothing in today's call constitutes an offer to sell or a solicitation of offers to purchase our securities. Today's conference call includes forward-looking statements and projections, and we ask that you refer to Great Elm Group's filings with the SEC for important factors that could cause actual results to differ materially from these projections. Great Elm Group does not undertake to update its forward-looking statements unless required by law. To obtain copies of SEC filings, please visit Great Elm Group's website under Financial Information and select SEC Filings. Great Elm Group is a holding company comprised of 2 verticals: investment management and operating companies. In investment management, we seek to drive sustainable growth in assets under management, both in Great Elm Capital Corp., a publicly traded BDC and across other investment vehicles. In operating companies, we manage Great Elm Durable Medical Equipment, or DME, a distributor of respiratory care equipment and sleep study services. Hosting the call today is Peter Reed, Great Elm Group's Chief Executive Officer. I will now turn the call over to Peter.

Welcome, everyone, and thank you for joining us today. I'm joined this afternoon -- this morning by our President and COO, Adam Kleinman; and our CFO, Brent Pearson. As you may have seen, we announced an important transaction in conjunction with earnings. Yesterday, we entered the private REIT business through our acquisition of the Investment Management agreement for Monomoy Properties REIT, a private real estate investment trust with a 108-property portfolio of diversified net leased industrial assets representing $348 million of real estate. This transaction is exactly what we should be doing to further our strategic objectives and is supported by every Board member. For reference, we added a number of slides to our earnings presentation that are dedicated to the transaction. At a high level, we believe this acquisition represents a transformative transaction for our investment management business and demonstrates significant progress towards our strategy of managing a diversified set of recurring fee generating long-duration capital vehicles. Our AUM more than doubled from $224 million to approximately $572 million. From a financial perspective, GECM will earn an asset management fee equal to 1% of the REIT's NAV in addition to property management fees equal to 4% of gross rents. In the first quarter 2022, asset management fees for the Monomoy REIT were $0.4 million and pro forma for the transaction, property management fees would have been $0.3 million in the quarter. Annualizing this quarterly result, this represents approximately $2.8 million in fees on an annualized basis. We believe the $10 million upfront purchase price is an attractive entry point at approximately 3.6x pro forma first quarter '22 annualized revenues on a growing durable capital vehicle. Taking a step back, I'd like to outline our thesis by speaking to the transaction's 2 key pieces: acquiring the manager and investing into…

Thanks, Pete. I'll provide a brief overview, and of course, I welcome all of you to review our filings in greater detail or to reach out to our team with questions you may have. During the quarter ended March 31, 2022, we reported consolidated revenue of $16.6 million, a net loss of $6.1 million and adjusted EBITDA, a non-GAAP measure, of $1.0 million. For the same period last year, we reported consolidated revenue of $13.8 million, a net loss from continuing operations of $2.8 million and adjusted EBITDA of $2.2 million. Great Elm reports the results of each of our 2 operating segments, including investment management and Durable Medical Equipment as well as unallocated general corporate activity. We'll begin the review with investment management. For the fiscal third quarter, investment management reported total revenue of $1.0 million compared to $0.7 million during the same period in the prior year. Revenue for the quarter was higher due primarily to increases in assets under management at GECC. Adjusted EBITDA was negative $400,000 in the fiscal 2022 third quarter compared to essentially breakeven during the same period in the prior year. We incurred higher payroll and shared service costs in the current period as we focus on growing and optimizing GECC's portfolio of specialty finance companies including the recently acquired Sterling Commercial Credit. These increased costs outpaced the increases in revenue during the quarter. Next, turning to Durable Medical Equipment. For the fiscal third quarter, DME generated $15.6 million in revenue compared to $13.1 million for the same period last year. The increase in revenue was primarily attributable to contributions from previous acquisitions of AMPM in March 2021 and a MedOne in August 2021. In addition, our previous investments into the business have significantly improved the intake and collections process, resulting in lower…

[Operator Instructions] There are no questions at this time. I'll turn the call back over to Peter for closing remarks.

Thank you again for joining us today, and we look forward to speaking with you in the future.

This concludes today's conference call. You may now disconnect.