Financial Data and Key Metrics Changes - Total revenue for the fiscal third quarter of 2025 was $3.2 million, reflecting a 15% year-over-year growth [6][16] - Fee-paying assets under management (AUM) increased by 15% year-over-year, reaching approximately $565 million [6][16] - The company reported a net loss of $4.5 million for the quarter, compared to a net loss of $2.9 million in the prior year period [16][17] - Adjusted EBITDA for the quarter was $500,000, down from $1.2 million in the prior year [17] Business Line Data and Key Metrics Changes - The company launched Monomoy Construction Services through the acquisition of Greenfield CRE, enhancing its real estate capabilities [5][11] - Great Elm Capital Corp (GECC) raised approximately $147 million through equity and debt issuances, contributing to a 40% increase in fee-paying AUM at GECC [6][7] - Base management fees from GECC grew over 40% year-over-year to $1.3 million [9] Market Data and Key Metrics Changes - The company ended the quarter with approximately $32 million in cash, positioning it well for future growth amid market volatility [13][17] - GECC generated record total investment income of $12.5 million, marking the highest cash income quarter in the company's history [7] Company Strategy and Development Direction - The company is focused on expanding its core credit and real estate platforms as part of its long-term growth strategy [5][15] - The acquisition of Greenfield CRE is expected to provide revenue and cost synergies, enhancing the overall real estate value proposition [11][14] - The company aims to evaluate strategic opportunities to expand its businesses and add differentiated product offerings with attractive risk-adjusted return profiles [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of unrealized losses related to investments as market conditions stabilize [13][17] - The company remains focused on enhancing financial performance and growing AUM, with a strong liquidity position to support future growth initiatives [14][15] Other Important Information - The company has repurchased approximately 4.8 million shares for $8.7 million under its $20 million buyback program, achieving an average cost of $1.84 per share [12][13] - The net loss for the quarter was primarily driven by unrealized losses related to investments marked lower amid broader market volatility [13][17] Q&A Session Summary Question: What are the expectations regarding the recovery of unrealized losses? - Management remains highly confident that the unrealized losses will reverse over time as market conditions stabilize [13][17] Question: How is the company positioned for future growth? - The company has a strong liquidity position with approximately $32 million in cash, enabling it to support future growth initiatives across its alternative asset management platform [13][14]