Ladies and gentlemen, greetings, and welcome to the Great Elm Group Fiscal 2025 Third Quarter Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. It is now my pleasure to introduce your host, Adam Yates, Managing Director. Please go ahead.

Good morning, everyone. Thank you for joining us for Great Elm Group's Fiscal Third Quarter 2025 Earnings Conference Call. As a reminder, this conference call is being recorded on Thursday, May 8, 2025. If you would like to be added to our distribution list, you can e-mail geginvestorrelations@gatelmcap.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 & 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. Today's comments do not constitute an offer to sell or a solicitation of an offer to buy interest in any investment vehicle managed by Great Elm or its affiliate. Any such offer or solicitation will only be made pursuant to the applicable offering documents for such investment vehicle. On the call today, we have Jason Reese, CEO; Adam Kleinman, President and General Counsel; Nicole 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. We delivered a solid fiscal third quarter '25, marked by significant year-over-year growth in both assets under management and revenues across our businesses. This momentum reflects our continued evolution into a streamlined alternative asset management business and strengthens our position to expand our core credit and real estate platforms as we execute on our long-term growth strategy. Among our recent highlights, in February, we launched Monomoy Construction Services, an integrated full-service construction business with the strategic acquisition of Greenfield CRE, a leading construction management company, which was combined with our existing Monomoy BTS Construction Management business. We continue to grow our assets under management, increasing our fee-paying AUM by 15% on a year-over-year basis. We generated total revenue of $3.2 million, growing 15% year-over-year. We closed on the land purchase for our third build-to-suit property and made meaningful progress on our fourth project. We continue to repurchase shares at a meaningful discount to book value, executing on our $20 million buyback program. And we ended the quarter in a strong fiscal position with approximately $32 million in cash available to facilitate continued growth across our asset management platforms. Diving into the quarter in more detail. Fee-paying assets under management continued to grow and reached approximately $565 million, representing a 15% increase over the prior year period, primarily driven by our BDC, Great Elm Capital Corp., which raised approximately $147 million through equity and debt issuances in calendar 2024. Notably, GEG has participated in 3 equity raises at GECC with a combined investment of approximately $12 million, facilitating an increase in fee-paying AUM at GECC of over 40%. GECC also delivered strong results to kick off the first quarter of 2025, generating record total investment income of $12.5 million, driven by cash…

Thank you, Jason. I will 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 third quarter revenues grew 15% to $3.2 million from the prior year period, primarily driven by increased revenues from real estate project management fees and rental income, as well as increased management fees from GECC attributable to fee-paying AUM growth. AUM and fee-paying AUM totaled approximately $768 million and $565 million, respectively, up 12% and 15%, respectively, from the prior year quarter end. Great Elm Group generated net loss of $4.5 million for the quarter as compared to net loss of $2.9 million for the prior year period. The net loss was primarily driven by unrealized losses related to certain investment positions marked down at quarter end, which we expect to reverse over time as market conditions stabilize. Adjusted EBITDA for the quarter was $0.5 million compared to $1.2 million in the prior year period. As of March 31, we had approximately $32 million in cash on our balance sheet to deploy across our growing alternative asset management platform. Please refer to Slide 6 that provides an overview of our financial position and highlights our book value per share of approximately $2.14. 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 again for joining us today. We look forward to speaking with you in the future.

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.