Ladies and gentlemen, thank you for standing by. Welcome to the Great Elm Group Q2 2021 Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] And I would like to hand the conference call over to [indiscernible]. Please go ahead.

Thank you, and good morning, everyone. Thank you for joining us for Great Elm Group's fiscal second quarter 2021 earnings conference call. As a reminder, this conference call is being recorded on Tuesday and you Feburary16, 2021. If you would like to be added to our distribution list, you can email investorrelations@greatelmcap.com or you can sign up for alerts directly on our website, www.greatelmgroup.com. The slide presentation accompanying this morning'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 constitute an offer to sell or 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. Hosting the call this morning is Peter Reed, Great Elm Group's Chief Executive Officer. I will now turn the call over to Peter. Please go ahead.

Thank you. Welcome, everyone, and thank you for joining us today. I am joined this morning by our President and COO, Adam Kleinman; and our CFO, Brent Pearson. I will begin with a general overview and key highlights for the quarter including the corporate structure reorganization and financing transaction that we previously announced and closed in December. Brent will discuss our financial results in greater detail and then I'll return for closing remarks. For those who may not be as familiar with Great Elm Group as a whole, I'll take a brief moment to review our general structure and strategy. Great Elm is a holding company and our objective is to create shareholder value through the collective efforts driving our three verticals, each of which deploy a distinct strategy. In our operating companies, we are focused on acquiring under capitalized companies with significant growth potential, both organic and through M&A. Currently, we manage Great Elm Durable Medical Equipment or DME, a distributor of respiratory care equipment and sleep study services. In Investment Management, we seek to increase the assets under management, both in Great Elm Capital Corp, the publicly traded BDC and in other investment vehicles managed by Great Elm Capital Management or GECM. In Real Estate, we're managing our existing investment in our Fort Myers property to monetize our substantial tax assets. Turning to our Fiscal 2021 second quarter ended December 31, 2020, this quarter was notable for our DME and investment management businesses. As we've consistently said in the past, our strategic goals for these businesses have been to support them with the capital necessary for growth while simultaneously positioning the whole company for future success. I'm very pleased to report that we achieve this objective for both businesses this quarter. Furthermore, with this momentum we drove growth…

Brent thanks, Peter. I'll provide a brief overview and of course, welcome all of you to review our filings in greater detail or reach out to our team with questions you may have. During the fiscal 2021 quarter ended December 31, 2020, we reported consolidated revenue of $16.6 million and net loss of $0.9 million and adjusted EBITDA of $2.1 million. For the same period last year, we reported consolidated revenue of $16.6 million and net loss of $2.0 million and adjusted EBITDA of $3.4 million. Great Elm reports our three operating segments including Durable Medical Equipment, Investment Management and Real Estate, as well as unallocated general corporate results. Turning our attention to Durable Medical Equipment first. For the fiscal second quarter, DME generated $14.5 million in revenue compared to $14.4 million last year. Medical equipment sales revenue experienced robust growth year-over-year, which was partially offset by lower revenues generated by sleep studies and lower rental revenues due to softened referral pipelines during the pandemic. In addition, revenue reserve adjustments during the quarter increased $1.0 million as compared to last year. Last year's revenue reserve adjustments were favorably impacted by a change in estimate related to the integration of acquisitions. In addition, collection experience during the pandemic and the resulting composition of receivables at December 31, 2020 also impacted the increase in the revenue reserves adjustment during the current quarter. The combined effects of these items, resulted in nominal overall net revenue growth at DME for the quarter as it compared to the prior year. The net loss of $2.9 million at DME compares to a net loss of $0.7 million last year and includes a $1.9 million non-recurring charge related to the paydown of DME's term loan with Corbel. Adjusted EBITDA DME for the quarter was $1.9 million compared…

Thanks, Brent. The fiscal second quarter was a very important one for Great Elm with our DME and Investment Management businesses being recapitalized and repositioned to pursue and deliver growth in 2021. We believe we are off to a strong start with increased momentum at DME and also our new fund in Investment Management. As many of you who have been following us know, our team and insiders are very strongly aligned with our shareholders and this alignment underscores our relentless effort to create long-term shareholder value. To date, our team at Great Elm collectively own almost 2 million shares or 7% of the company. Including our Board of Directors and their funds under management, insiders collectively own or manage approximately 27% of the shares outstanding. This dynamic clearly fosters a significant and long-term alignment of interest among the employees, directors and other shareholders of Great Elm. Before I open it up for questions, I'd like to acknowledge the tremendous efforts of our DME staff who played such an important role in serving our patients' health needs during a truly unique year. We remain focused on building sales relationships by thinking about our customers first, along with the well-being of our patients. I'm incredibly proud of the entire team and how each and every team member stepped up to help those in need throughout the COVID-19 crisis. I'm convinced that these efforts will both help our patients as well as benefit Great Elm Group as a whole in the coming quarters. With that, we'll turn the call over to the operator to open for questions.

[Operator Instructions] I am seeing no telephone questions at this time. I will turn the call over to the presenters. : :

Thank you for joining us this morning. We look forward to speaking to you again next quarter.

And this concludes today's conference call. You may now disconnect.