Good morning, and welcome to the B. Riley Financial Investor Call. Earlier today, B. Riley issued a press release detailing its preliminary results for the second quarter of 2024, which can be found on its Investor Relations website at ir.brileyfin.com. Today's call includes prepared remarks from the company followed by a question-and-a session. [Operator Instructions] As a reminder, this call is being recorded, and an audio replay will be available on the company's Investor Relations website later today. Today's call will also include non-GAAP measures, the reconciliations for these as well as an explanation for the use of these metrics. And the definition of these terms is available in the press release, which is available on the company's Investor Relations website. And before we conclude today's call, I will provide the necessary cautions regarding forward-looking statements. Now I will turn the call over to Mr. Bryant Riley. Mr. Riley, please proceed.

Thank you for joining the call this morning. As we announced this morning, we are continuing to finalize our financial statements for the second quarter and are working to file our quarterly report as soon as possible. In the meantime, we have released preliminary estimates for the second quarter which included a net loss in the range of $435 million to $475 million. Operating adjusted EBITDA is expected to be in the range of $50 million to $55 million for the second quarter demonstrating the consistent contribution of our core businesses. The net loss for the quarter reflects a non-cash impairment charge of approximately $28 million for Targus a charge of $25 million, which relates to a deferred tax benefit and a non-cash write-down of approximately $330 million to $370 million our Freedom VCM investment, which relates to the Franchise Group to private transaction and also our loan to Vintage Capital. As it relates to our investment in FRG, the thesis that we and other investors underwrote for this transaction contemplated a continuation of normal course operations from its subsidiaries that would allow the FRG parent to execute on a value unlocking asset monetization strategy. FRG made early progress to this end with the sale of Sylvan Learning and the sale of Badcock Funiture to Conn's. However, the rapid deterioration in consumer spending, which accelerated over the past quarter, ultimately impacted its operating performance and investments, including in Conn's, which filed for bankruptcy in July. While these more recent events impacted the valuation of our investment during this quarter, all of these issues have been compounded by the ongoing fallout related to the alleged misconduct of FRG's former CEO, which has created a challenging dynamic among FRG's lenders and counterparties. Throughout all of this, our firm is directly or indirectly…

[Operator Instructions] This concludes our question-and-answer session. Before we conclude today's call, I will provide B. Riley's financial safe harbor statements includes important cautions regarding forward-looking statements made during this call. Statements made during this call that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions to prove incorrect, our business operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of today's date. Such forward-looking statements include, but are not limited to, maintaining a strong flexible balance sheet the strategic alternative review process for Great American Group and any expected related announcements and working to maximize value from existing principal positions and positioning the firm to capitalize on opportunities presented to our core operating businesses. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks described from time to time in B. Riley Financial and periodically annual report from the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.'s annual report on Form 10-K for the year ended December 31, 2023 under the captions Risk Factors and Management's Discussion and Analysis of financial conditions and results of operations as applicable. These factors should be considered carefully, and participants are cautioned not to place undue reliance on such forward-looking statements. All information is current as of today's call and B. Riley Financial undertakes no duty to update this information. Thank you for joining us for today's call. You may now disconnect. End of Q&A: