Good day and thank you for standing by. Welcome to the Great Elm Group, Inc. Q4 2021 Conference Call and Webcast. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, [Operator Instructions]. Please be advised that today's conference is being recorded. If you require any further assistance, [Operator Instructions]. I would now like to hand the conference over to a representative of the company. Please go ahead.

Thank you so much. And good morning, everyone. Thank you for joining us for Great Elm Group's fiscal fourth quarter and year-end 2021 Earnings Conference Call. As a reminder, this conference call is being recorded on Tuesday, September 21st, 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 at www. greatelmgroup.com. A slide presentation accompanying today's conference call and webcast can be found on our website under Events and Presentation. While we will not be directly referring to the slides themselves, our comments today will generally follow the form and structure of the presentation. A link to the webcast will also be available on our website, as well as, in the press release that was disseminated to announce the Quarterly results this morning. For those who may not be familiar with Great Elm Group. I'll take a brief moment to review the company's general structure and strategy. Great Elm is a holding company, and our objective is to create shareholder value to the collective efforts of driving our two verticals, operating companies and investment management, each of which employ a distinct strategy. In operating companies, we currently manage Great Elm durable medical equipment, or DME, a distributor of respiratory care equipment and fleet 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. 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 those 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. With that, hosting the call today is Mr. Peter Reed, Great Elm Group 's Chief Executive Officer. Please go ahead, Pete.

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. Over the course of fiscal 2021, we made considerable progress for GEG and our shareholders. Our DME business grew through difficult pandemic conditions and is poised for further growth thanks to 2 acquisitions that have been completed in calendar 2021. Similarly, our investment management segment has benefited from 2 capital raises that GECC completed in FY 21. Additionally, yesterday, GECC issued another 13.25 million of equity at net asset value in connection with its acquisition of lenders' funding. Taken together, these transactions should drive increased fee revenue at GECM. Finally, we have dramatically simplified our corporate structure. As a result of 2 different transactions. Our consolidated balance sheet has 57 million less debt on it, and our corporate structure has less complexity. We completed a transformative financing with JPMorgan. This transaction resulted in a $5 million distribution to GET, as well as lowered DMEs cost of capital and provided it with funds for future acquisitions. After a period of investment into enhancing its scalability, DME used the incremental growth capital from the JP Morgan transaction and completed 2 acquisitions. On the investment management side, we completed several transactions that recapitalized in better position GECC for growth. We successfully raised 31.7 million in a rights offering at GECC, increasing it's investable assets. We also closed a new 3-year $25 million revolving credit facility at GECC. And in June and in July of 2021, GECC issued $57 million of senior notes due 2026 that bear interest at a rate of 5.875% per year. GECC subsequently used the proceeds of this offering, to redeem at 6.5% notes due 2022, resulting in $24 million of incremental liquidity. GECC…

Thanks, Pete. 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 any questions you may have. During the quarter ended June 30th, 2021, we reported consolidated revenue of 16.3 million, a net loss from continuing operations of 1.4 million, and adjusted EBITDA of 3.5 million. For the same period last year, we reported consolidated revenue of 14.7 million, net income from continuing operations of 4.1 million, and adjusted EBITDA of 5.9 million. These amounts do not include the contributions of our real estate business, which was sold on June 23, 2021 and previously reported financial information has been recast to reflect the real estate business as discontinued operations. As a result, we no longer report real estate as a separate segment of continuing operations. Great Elm reports the results of each of our two operating segments, including durable medical equipment and investment management, as well as unallocated general corporate activity. We'll begin the review with durable medical equipment. For the fiscal fourth quarter, DME generated 15.4 million in revenue compared to 13.9 million last year. The increase in revenues was due to organic growth in resupply sales and contributions from AM - PM add-on acquisition. The demand for sleep studies was soft due to the ongoing impacts from COVID-19 pandemic. And referrals for new equipment setups remain depressed as they are generally driven by in-house or external sleep studies. Although there are positive signs of recovering demand for sleep studies and for equipment setups heading into our next fiscal year, late in the fiscal fourth quarter, Philips Respironics announced a voluntary recall of certain C-PAP and ventilator products. Our DME business has sufficient on hand inventory stores in C-PAP and ventilator equipment to…

Thanks, Brent. I will comment on a topic that many of you who have been following us know well. And that is, the extent to which our team and insiders are aligned with our shareholders in terms of their ownership in the company. Employees and directors, including funds under their management of Great Elm collectively own or manage approximately 30% of Great Elm 's outstanding shares. In closing, we exited fiscal 2021 in a much better position than we began. 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 to you again next quarter.