Greetings, and welcome to the Great Elm Group Fiscal 2025 Second Quarter Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Adam Yates, Managing Director. Thank you. You may begin.

Good morning, everyone. Thank you for joining us for Great Elm Group's fiscal second quarter 2025 earnings conference call. As a reminder, this conference call is being recorded on Thursday, February 6, 2025. 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. 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 affiliates. 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; 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. We delivered a solid fiscal second quarter 2025, marked by significant year-over-year growth in both assets under management and revenue across our businesses, building on last quarter's momentum. We continue to evolve as a streamlined alternative asset management business, and our solid foundation leaves us well positioned to expand our core credit and real estate platforms while executing on our long-term growth strategy. Among our recent highlights. Earlier this week, we announced the launch of Monomoy Construction Services with the strategic acquisition of Greenfield CRE, a leading construction management company. Great Elm Capital Corp., our BDC, raised an additional $13.2 million of equity at net asset value in December, its third equity capital raise in calendar 2024. We continue to grow our assets under management, increasing our fee-paying AUM by 17% on a year-over-year basis. We generated total revenue of $3.5 million growing 24% year-over-year. We completed construction of and are working to sell our second Monomoy build-to-suit property for a potential gain. We surpassed double-digit net returns in Great Elm Credit Income Fund, or GECIF, since our inception through December 31. We continue to repurchase shares at a meaningful discount to book value, executing on our expanded $20 million buyback authorization and we ended the quarter in a strong financial position with over $44 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 $538 million, representing a 17% increase over the prior year period, primarily driven by our BDC. In December 2024, GECC raised $13.2 million of equity capital at net asset value through another SPV, Summit Grove Partners. This brings total capital raised at GECC through equity and…

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 second quarter revenues grew 24% to $3.5 million from the prior year period, primarily driven by increased revenue from Monomoy BTS alongside a pickup in management fees from GECC. AUM and fee-paying AUM totaled approximately $751 million and $538 million, up 14% and 17%, respectively, from the prior year quarter end. Great Elm Group generated net income from continuing operations of $1.4 million for the quarter as compared to a net loss from continuing operations of $0.2 million for the prior year period. Adjusted EBITDA for the quarter was $1 million compared to $0.6 million in the prior year period. As of December 31, we had approximately $44 million of cash 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 $2.30. 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] There are no questions at this time. I would like to turn the floor back over to Jason Reese, CEO, for closing comments.

Thank you again for joining us today. We look forward to speaking with you soon.

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