Greetings. Welcome to the Great Elm Group's Fiscal Fourth Quarter 2024 Earnings Conference Call. At this time all participants are in a listen-only mode. The question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded. I'll now turn the conference over to Adam Yates, Managing Director. Adam, you may now begin.

Good morning, everyone. Thank you for joining us for Great Elm Group's fiscal fourth quarter 2024 earnings conference call. As a reminder, this conference call is being recorded on Friday, August 30, 2024. If you would like to be added to our distribution list, you can e-mail geginvestorrelations@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. Today's conference call includes forward-looking statements, 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 statements. Great Elm Group does not undertake to update its forward-looking statements unless required by law. In addition, during today's call, management will refer to certain non-GAAP financial measures. Reconciliations to the most comparable financial measures are included in our earnings release. To obtain copies of our SEC filings, please visit Great Elm Group's website under Financial Information and select SEC filings. On the call today, we have Jason Reese, CEO; Adam Kleinman, President and General Counsel; Nichole Milz, COO; and Keri Davis, CFO. I will now turn the call over to Jason Reese, CEO.

Welcome, everyone, and thank you for joining us today. Fiscal year 2024 was a defining year for Great Elm. Our management team was able to focus on growing a streamlined, pure-play asset management business and driving shareholder value. Looking back, we delivered an excellent fiscal 2024 as we're able to improve profitability, expand our platform businesses and materially grow our assets under management. I would like to highlight several key milestone achievements this fiscal year. Most notably, our BDC Great Elm Capital Corp raised over $90 million in fresh capital from February to July 2024, significantly growing fee-paying assets under management by nearly 30% from prior year. This growth was accomplished through a series of capital raises made possible by an innovative structure that provided $36 million of equity capital for GECC. First, in February, GECC raised $24 million of equity capital through Great Elm Strategic Partnership I, LLC. GEG supported this capital raise by investing $6 million along with an institutional investors $18 million investment in the SPV, which in turn invested in $24 million of new GECC common shares at net asset value. GECC continued to utilize the structure as a template for a second equity capital raise in June. In this transaction, GECC raised $12 million of capital at NAV via Prosper Peak Holdings, LLC. GEG made a $3 million investment into the SPV alongside a $9 million investment from other institutional investors. We were able to raise capital at these SPVs due to our strategic relationships with sophisticated institutional investors and GECC's continued improved performance. We continue to work with our strategic partners to further enhance their relationship with Great Elm, which we believe will provide additional benefits over time for both parties. Additionally, in April, GECC completed an underwritten public offering of $34.5 million of…

Thank you, Jason. I'll provide a brief overview of the quarter and of course, welcome all of you to review our filings in greater detail or reach out to our team with any questions. Fiscal fourth quarter revenues tripled year-over-year to $9 million, driven by the Monomoy BTS property sale. AUM of $727 million as of June 30, 2024, was up 6% from the prior quarter end, and up 14% from the prior year-end while fee-paying AUM grew to $524 million, up 6% quarter-to-date and up 17% from the prior year-end. Including the net proceeds for GECC's July capital raise, AUM was $749 million, up 9% from March 31 and 17% from the prior year quarter end, and fee-paying AUM was $546 million, up 11% from March 31 and 22% from the prior year quarter end. Great Elm Group generated a net loss from continuing operations of $0.6 million for the quarter as compared to $5.3 million loss for the prior year period. As previously mentioned, this quarter's loss includes $1.1 million in unrealized loss on Great Elm's investment in Prosper Peak Holdings, LLC. Adjusted EBITDA for the quarter was $1.2 million compared to $0.4 million in the prior year period. As of June 30, we had approximately $58 million of combined cash and marketable securities on our balance sheet to deploy across our growing alternative asset management platform. Please refer to Slide 7 that provides an overview of our financial position and highlights our book value per share of approximately $2.06. This concludes my financial review of the quarter. With that, we will turn the call over to the operator to open for questions.

Thank you. We will now be conducting a question-and-answer session. [Operator Instructions] Thank you. At this time, I'll turn the floor back over to Jason Reese for closing remarks. : :

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

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.