Q4 2025 Great Elm Group Inc Earnings Call and Business Update

Conference Operator: Greetings, and welcome to the Forest Investments, Inc. Fiscal 2025 Earnings and Strategic Investment Call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. I'd now like to turn the conference over to your host, Adam Yates, Managing Director. Thank you. You may begin.

Speaker #1: A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad.

Speaker #1: I'd now like to turn the conference over to your host, Adam Yates, Managing Director. Thank you. You may begin.

Speaker #3: Good morning, everyone. Thank you for joining us for Great Elm Group's fiscal 2025 earnings and strategic investment conference call. As a reminder, this conference call is being recorded on Wednesday, September 3, 2025.

Adam Yates: Good morning, everyone. Thank you for joining us for Forest Investments, Inc.'s Fiscal 2025 Earnings and Strategic Investment Conference Call. As a reminder, this conference call is being recorded on Wednesday, September 3, 2025. If you would like to be added to our distribution list, you can email Forest Investor Relations at forestinvestments.com, or you can sign up for alerts directly on our website, www.forestinvestments.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 Forest Investments, Inc.'s filings with the SEC for important factors that could cause actual results to differ materially from these statements. Forest Investments, Inc.

Speaker #3: If you would like to be added to our distribution list, you can email geginvestorrelations@greatelmcap.com or you can sign up for alerts directly on our website www.greatelmgroup.com.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: 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.

Adam Yates: 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 Forest Investments, Inc.'s website under Financial Information and select SEC Filing. 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 Forest Investments, Inc. 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; Nicole Mills, COO; and Keri Davis, CFO. I will now turn the call over to Jason Reese, CEO.

Speaker #3: 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 Filing.

Speaker #3: 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.

Speaker #3: 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; Nicole Mills, COO; and Keri Davis, CFO.

Speaker #3: I will now turn the call over to Jason Reese, CEO.

Speaker #4: Good morning, and thank you for joining us. Fiscal 2025 was a record year for Great Elm, the strongest in our history. We delivered a record $15.7 million of net income from continuing operations in the final quarter and increased book value per share by 24 percent year over year, driving momentum into Fiscal 2026, with over $100 million of capital raises completed in July and August across our credit and real estate platforms.

Jason Reese: Good morning, and thank you for joining us. Fiscal 2025 was a record year for Forest Investments, Inc., the strongest in our history. We delivered a record $15.7 million of net income from continuing operations in the final quarter, and increased book value per share 24% year over year, driving momentum into Fiscal 2026, with over $100 million of capital raises completed in July and August across our credit and real estate platforms. In credit, GECC generated record investment income and incentive fees, raised over $75 million of new capital, upsized and reduced the cost of its revolving credit facility, and increased its dividend, highlighting the sustainability of its performance. Our Great Elm Credit Income Fund also delivered top-tier returns. In real estate, we launched Monemoy Construction Services, rounding out our fully integrated platform.

Speaker #4: In credit, GECC generated record investment income and incentive fees, raised over $75 million of new capital, upsized and reduced the cost of its revolving credit facility, and increased its dividend, highlighting the sustainability of its performance.

Speaker #4: Our Great Elm credit income fund also delivered top-tier returns. In real estate, we launched Monomoy Construction Services, rounding out our fully integrated platform. MCS is already contributing meaningful revenue, expanding its pipeline and positioning us to scale rapidly while serving our industrial outside storage tenants and customers.

Jason Reese: MCS is already contributing meaningful revenue, expanding its pipeline and positioning us to scale rapidly while serving our industrial outside storage tenants and customers. Finally, just after year-end, we executed on three value-creating initiatives. First, in July, we entered a strategic partnership with Kennedy Lewis Investment Management, who invested in both Forest Investments, Inc. and Monemoy Properties REIT, committing up to $150 million to accelerate our real estate platform growth. In August, we completed two significant capital raises at Forest Investments, Inc. and GECC that provide meaningful new growth capital and expertise across our core businesses. We believe Fiscal 2025 was an inflection point, as we delivered record results, scaled both credit and real estate, and secured new capital and partnerships to fuel our next phase of growth.

Speaker #4: Finally, just after year-end, we executed on three value-creating initiatives. First, in July, we entered a strategic partnership with Kennedy Lewis Investment Management, who invested in both GEG and Monomoy REIT, committing up to 150 million dollars to accelerate our real estate platform growth.

Speaker #4: And in August, we completed two significant capital raises at GEG and GECC, which provide meaningful new growth capital and expertise across our core businesses.

Speaker #4: We believe Fiscal 25 was an inflection point, as we delivered record results, scaled both credit and real estate, and secured new capital and partnerships to fuel our next phase of growth.

Speaker #4: With momentum in both businesses and the strongest foundation in our history, we are well positioned to drive meaningful growth and create lasting value for our shareholders.

Jason Reese: With momentum in both businesses and the strongest foundation in our history, we are well positioned to drive meaningful growth and create lasting value for our shareholders. Let me now walk through the details of our performance and strategy. Net income from continuing operations was $15.7 million in the fourth quarter, a significant improvement over last year. Excluding one-time property sales, revenue in the quarter grew over 140% over the prior year period, led by record management and incentive fees at GECC and new contributions from Monemoy Construction Services. Book value per share rose approximately 24% year over year to $2.65 as of June 30. Book value as of June 30, both former for the two Forest Investments, Inc. issuances in July and August, remains solid at $2.58 per share.

Speaker #4: Let me now walk through the details of our performance and strategy. Net income from continuing operations was $15.7 million in the fourth quarter, a significant improvement over last year.

Speaker #4: Excluding one-time property sales, revenue in the quarter grew over 140 percent over the prior year period, led by record management and incentive fees at GECC and new contributions from Monomoy Construction Services.

Speaker #4: Book value per share rose approximately 24 percent year over year, to $2.65 as of June 30th. Book value as of June 30, both former for the two GEG issuances in July and August, remained solid at $2.58 per share.

Speaker #4: We also closed the year with a strong balance sheet, including $31 million of cash to support our expanding businesses, or over $40 million on a pro forma basis after the two issuances.

Jason Reese: We also closed the year with a strong balance sheet, including $31 million of cash to support our expanding businesses for over $40 million on a pro forma basis after the two issuances. In addition, our board expanded our stock repurchase program by $5 million in July, bringing the total program size to $25 million. Through August, we have repurchased 5.1 million shares for $9.3 million at an average of $1.85 per share, leaving $15.7 million in remaining program capacity. Repurchasing shares at a discount to book value has been directly accretive, contributing to the step-up in book value we delivered over the past year. We view these repurchases as an attractive use of capital, underscoring our confidence in long-term shareholder value. A key driver to profitability this year was the unrealized gains from our core lead-related investment, which added more than $11 million to earnings.

Speaker #4: In addition, our board expanded our stock purchase program by 5 million dollars in July, bringing the total program size to 25 million. Through August, we have repurchased 5.1 million shares for 9.3 million dollars at an average of $1.85 per share, leaving 15.7 million and remaining program capacity.

Speaker #4: Repurchasing shares at a discount to book value has been directly accretive, contributing to the step-up in book value we delivered over the past year.

Speaker #4: We view these repurchases as an attractive use of capital, underscoring our confidence in long-term shareholder value. A key driver to profitability this year was the unrealized gains from our quarterly related investment, which added more than 11 million dollars to earnings.

Speaker #4: This $5 million investment made on May 24, sourced through a strategic relationship, is a notable example of how we can use Great Elm's balance sheet and extensive network to capture unique opportunities that are not broadly available in the market.

Jason Reese: This $5 million investment made in May 2024, sourced through a strategic relationship, is a notable example of how we can use Forest Investments, Inc.'s balance sheet and extensive network to capture unique opportunities that are not broadly available in the market. Our returns in core lead have translated to significant gains for our shareholders, and while these are currently unrealized gains, they highlight our ability to create value by selectively deploying capital into high-conviction investments. Importantly, we view these types of investments as complementary to our recurring fee revenue business in credit and real estate. Strategic, high-conviction opportunities such as the core lead investment not only enhance our return profile but also give us a differentiated engine of growth and value creation for shareholders. Turning now to credit, this business was our biggest driver of growth in 2025.

Speaker #4: Our returns in quarterly have translated to significant gains for our shareholders, and while these are currently unrealized gains, they highlight our ability to create value by selectively deploying capital into high-conviction investments.

Speaker #4: Importantly, we view these types of investments as complementary to our recurring fee revenue business in credit and real estate. Strategic, high-conviction opportunities such as the quarterly investment not only enhance our return profile but also give us a differentiated engine of growth and value creation for shareholders.

Speaker #4: Turning now to credit, this business was our biggest driver of growth in '25. GECC delivered the best year in its history, generating record management and incentive fees for GEG as well as its highest ever total investment income, with more than 90 percent coming from cash income.

Jason Reese: GECC delivered the best year in its history, generating record management and incentive fees for Forest Investments, Inc. as well as its highest ever total investment income, with more than 90% coming from cash income. Net investment income exceeded its quarterly distribution, supporting a 6% increase in GECC's dividend to $0.37 per share. Over the fiscal year, GECC also completed four capital raises, totaling over $75 million, and launched a $100 million at-the-market equity program, providing capital for growth. Just after year-end, GECC upsized its revolving credit facility from $25 million to $50 million, with room to expand further, while also reducing its borrowing cost by 50 basis points. These capital raises, combined with enhancing financial flexibility and record performance, position us to drive fee revenue growth from GECC, scale our credit platform, and increase contributions to Forest Investments, Inc.'s overall earnings trajectory.

Speaker #4: Net investment income exceeded its quarterly distribution, supporting a 6% increase in GECC's dividend to $0.37 per share. Over the fiscal year, GECC also completed four capital raises totaling over $75 million and launched a $100 million at-the-market equity program, providing capital for growth.

Speaker #4: Just after year-end, GECC upsized its revolving credit facility, from 25 million dollars to 50 million dollars, with room to expand further, while also reducing its borrowing costs by 50 basis points.

Speaker #4: These capital raises, combined with enhanced financial flexibility and record performance, position us to drive fee revenue growth from GECC, scale our credit platform, and increase contributions to Great Elm's overall earnings trajectory.

Speaker #4: Meanwhile, our Great Elm Credit Income Fund continued its outstanding performance, posting net returns of 21% for the six months ended June 30. Driven by unrealized appreciation in its quarterly related investments, the fund achieved net returns of 12% in calendar year 2024.

Jason Reese: Meanwhile, our Great Elm Credit Income Fund continued its outstanding performance, posting net returns of 21% for the six months ended June 30, driven by unrealized appreciation in its core lead-related investments, following 12% net returns in calendar 2024. Taken together, our credit business is scaling rapidly, generating recurring cash flow, enhancing profitability, and positioning Forest Investments, Inc. for sustained long-term fee growth. Now to real estate, where we achieved a major milestone this year with the launch of Monemoy Construction Services, or MCS, in February. We created MCS by acquiring our long-term partner, Greenfield CRA, and combining it with our existing construction management business. The launch of MCS added in-house construction and pre-development capabilities to our existing asset management and development businesses to complete a fully integrated end-to-end real estate platform to serve our ILS tenants and customers.

Speaker #4: Taken together, our credit business is scaling rapidly, generating recurring cash flow, enhancing profitability, and positioning Great Elm for sustained long-term fee growth. Now to real estate, where we achieved a major milestone this year with the launch of Monomoy Construction Services, or MCS, in February.

Speaker #4: We created MCS by acquiring our long-term partner, Greenfield CRA, and combining it with our existing construction management business. The launch of MCS added in-house construction and pre-development capabilities to our existing asset management and development businesses.

Speaker #4: To complete a fully integrated end-to-end real estate platform to serve our iOS tenants and customers. The integration brings three clear advantages: accelerating development timelines, capturing construction margins in-house, and providing turnkey solutions that deepen tenant relationships.

Jason Reese: The integration brings three clear advantages: accelerating development timelines, capturing construction margins in-house, and providing turnkey solutions that deepen tenant relationships. In its first few months, MCS contributed nearly $1 million in revenue and has already grown its project pipeline by more than 50%. Looking ahead, we expect MCS to more than double its revenue in Fiscal 2026, and we believe it will be a central driver of our long-term goal of scaling real estate revenues. Beyond MCS growth, our broader Monemoy platform advanced significantly during the quarter. Monemoy CRA delivered stable fee revenue, contributing approximately $800,000 for the fourth quarter. Monemoy REIT executed on both acquisitions and dispositions, acquiring a $1.3 million property at an attractive cap rate and realizing on a $15.3 million sale versus a $9.2 million purchase price.

Speaker #4: In its first few months, MCS contributed nearly $1 million in revenue and has already grown its project pipeline by more than 50 percent.

Speaker #4: Looking ahead, we expect MCS to more than double its revenue in Fiscal 2026, and we believe it will be a central driver of our long-term goal of scaling real estate revenues.

Speaker #4: Beyond MCS growth, our broader Monomoy platform advanced significantly during the quarter. Monomoy CRA delivered stable fee revenue, contributing approximately $800,000 for the fourth quarter.

Speaker #4: Monomoy REIT executed on both acquisitions and dispositions, acquiring a $1.3 million property and an attractive cap rate, and realizing on a 15.3 million dollar sale versus a 9.2 million dollar purchase price.

Speaker #4: We also strengthened the REIT's capital position by expanding its warehouse facility from 25 million dollars to 50 million dollars at an improved interest rate.

Jason Reese: We also strengthened the REIT's capital position by expanding its warehouse facility from $25 million to $50 million at an improved interest rate. Meanwhile, Monemoy BTS advanced its development pipeline, placing a second property under contract for sale, continuing construction on a third, gathering specifications on a fourth, and capturing new tenant-driven opportunities nationwide. Finally, I would like to provide a detailed overview of the important strategic capital raises and partnerships we closed over the last few weeks. Our partnership with Kennedy Lewis Investment Management and our August transactions with Woodstead Value Fund and Booker Smith. On July 25, we entered a strategic partnership with Kennedy Lewis, an institutional alternative investment firm managing over $30 billion in assets.

Speaker #4: Meanwhile, Monomoy BTS advanced its development pipeline, placing a second property under contract for sale, continuing construction on a third, gathering specifications on a fourth, and capturing new tenant-driven opportunities nationwide.

Speaker #4: Finally, I would like to provide a detailed overview of the important strategic capital raises and partnerships we closed over the last few weeks. Our partnership with Kennedy Lewis Investment Management and our August transactions with Woodstead Value Fund and Booker Smith.

Speaker #4: On July 25, we entered a strategic partnership with Kennedy Lewis, an institutional alternative investment firm managing over $30 billion in assets. As part of the partnership, Kennedy Lewis purchased 4.9 percent of Great Elm's common stock and will invest up to $150 million in Monomoy Properties REIT.

Jason Reese: As part of the partnership, Kennedy Lewis purchased 4.9% of Forest Investments' common stock and will invest up to $150 million in Monemoy Properties REIT to accelerate the expansion of our real estate platform under the Monemoy brand. In addition to these investments, Kennedy Lewis appointed representatives to the boards of both Forest Investments and Monemoy REIT. The structure of this transaction included a $100 million term loan to Monemoy Properties REIT with an option for an additional $50 million in the future, a 15% profits interest with the potential to increase to up to 20% based on additional capital investment, and our newly formed Forest Real Estate Ventures subsidiary, which now houses Monemoy CRA, our investment manager, Monemoy BTS, our developer, and Monemoy Construction Services, our construction manager. As mentioned, a strategic equity investment in Forest Investments itself. This partnership is a game changer.

Speaker #4: To accelerate the expansion of our real estate platform under the Monomoy brand. In addition to these investments, Kennedy Lewis appointed representatives to the boards of both GEG and Monomoy REIT.

Speaker #4: The structure of this transaction included a $100 million term loan to Monomoy Properties REIT, with an option for an additional $50 million in the future, a 15 percent profits interest, with the potential to increase to up to 20 percent based on additional capital investment, and our newly formed Great Elm Real Estate Ventures subsidiary, which now houses Monomoy CRA, our investment manager; Monomoy BTS, our developer; and Monomoy Construction Services, our construction manager.

Speaker #4: And as mentioned, a strategic equity investment in Great Elm itself. This partnership is a game changer. Kennedy Lewis brings not only capital but also a proven track record of scaling institutional real estate platforms.

Jason Reese: Kennedy Lewis brings not only capital but also a proven track record of scaling institutional real estate platforms. Their success with the launch and IPO of Millrose Properties, a $5 billion REIT spun out from Lennar Corporation, serves as a powerful example of their ability to transform institutional platforms into market-leading public companies. With their support and the current favorable economic backdrop, we are well positioned to supercharge Monemoy REIT's growth toward our target of a billion dollars in assets and a potential future IPO, as well as to accelerate the expansion of our broader real estate platform under the Monemoy brand. On August 25, we announced two additional strategic investments, providing significant new growth capital to expand our assets under management and improve profitability.

Speaker #4: Their success with the launch and IPO of Millrose Properties, a $5 billion REIT spun out from a Lennar Corporation, serves as a powerful example of their ability to transform institutional platforms into market-leading public companies.

Speaker #4: With their support and the current favorable economic backdrop, we are well-positioned to supercharge Monomoy REIT growth toward our target of $1 billion in assets and a potential future IPO, as well as to accelerate the expansion of our broader real estate platform under the Monomoy brand.

Speaker #4: On August 25, we announced two additional strategic investments, providing significant new growth capital to expand our assets under management and improve profitability. At GEG, Woodstead Value Fund purchased 4 million newly issued shares of GEG common stock at $2.25 per share, raising $9 million in equity capital.

Jason Reese: At Forest Investments, Woodstead Value Fund purchased 4 million newly issued shares of Forest Investments common stock at $2.25 per share, raising $9 million in equity capital. Alongside the investment, Booker Smith, a seasoned credit and real estate investor, joined the Forest Investments board to support our core verticals. Forest Investments, Inc. also issued Woodstead 10-year warrants for an additional 1 million shares of Forest Investments, Inc. common stock struck at $3.50 and 1 million shares of Forest Investments, Inc. common stock struck at $5. These warrants serve to further align Woodstead with Forest Investments, Inc.'s shareholders. In a separate transaction, GECC sold 9.9% of its outstanding common stock for 1.3 million newly issued shares at $11.65 per share to an affiliate of Booker Smith. This issuance provides GECC with $15 million of equity capital to be levered to pursue attractive investment opportunities.

Speaker #4: Alongside the investment, Booker Smith, a seasoned credit and real estate investor, joined the Great Elm board to support our core verticals. Great Elm also issued Woodstead 10-year warrants for an additional 1 million shares of GEG common stock, struck at $3.50, and 1 million shares of GEG common stock, struck at $5.

Speaker #4: These warrants served to further align Woodstead with GEG's shareholders. In a separate transaction, GECC sold 9.9 percent of its outstanding common stock, or $1.3 million, in newly issued shares at $11.65 per share to an affiliate of Booker Smith.

Speaker #4: This issuance provides GECC with 15 million dollars of equity capital, to be leveraged to pursue attractive investment opportunities. The fresh capital investments from Woodstead and Booker Smith not only strengthen our balance sheet, but also position us to scale our credit and real estate platforms.

Jason Reese: The fresh capital investments from Woodstead and Booker Smith not only strengthen our balance sheet but also position us to scale our credit and real estate platforms. The addition of Booker Smith as a Forest Investments, Inc. Director further deepens the experience and strategic relationships of our board. In summary, Fiscal 2025 was transformative. We delivered record financial results, scaled both our credit and real estate platforms, and further strengthened our balance sheet. We also launched Monemoy Construction Services and forged strategic partnerships that position us for continued growth. We enter Fiscal 2026 with strong momentum, a solid balance sheet, and confidence in our ability to deliver sustained long-term value to our shareholders. With that, I'll turn it over to Keri.

Speaker #4: The addition of Booker Smith as a GEG director further deepens the experience and strategic relationships of our board. In summary, Fiscal 25 was transformative.

Speaker #4: We delivered record financial results, scaled both our credit and real estate platforms, and further strengthened our balance sheet. We also launched Monomoy Construction Services and forged strategic partnerships that position us for continued growth.

Speaker #4: We enter Fiscal 2026 with strong momentum, a solid balance sheet, and confidence in our ability to deliver sustained long-term value to our shareholders. With that, I'll turn it over to Keri.

Speaker #2: 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.

Keri Davis: 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 fourth quarter revenue was $5.6 million compared to $8.9 million for the prior year period. Revenue in the prior year period benefited from Monemoy BTS's first silk suit property sale, which generated approximately $6.6 million. Excluding this sale, revenue growth over the prior year period was over 140%, or $3.3 million, primarily driven by record management incentive fees paid by GECC and revenue contributed from MCS launched in February of this year. AUM and fee-paying AUM totaled approximately $759 million and $553 million, up 4% and 5% respectively from the prior year quarter end. Forest Investments, Inc.

Speaker #2: Fiscal fourth quarter revenue was $5.6 million compared to $8.9 million for the prior year period. Revenue in the prior year period benefited from Monomoy BTS's first built suite property sale, which generated approximately $6.6 million.

Speaker #2: Excluding this sale, revenue growth over the prior year period was over 140 percent, or $3.3 million. This was primarily driven by record management incentive fees paid by GECC and revenue contributed from MCS, which launched in February of this year.

Speaker #2: AUM and fee-paying AUM totaled approximately 759 million dollars and 553 million dollars up 4 percent and 5 percent respectively from the prior year quarter end.

Speaker #2: Great Elm Group generated net income from continuing operations of $15.7 million for the quarter, compared to a net loss from continuing operations of $0.6 million for the prior year period.

Keri Davis: generated net income from continuing operations of $15.7 million for the quarter as compared to net loss from continuing operations of $0.6 million for the prior year period. The increase in net income was primarily driven by the unrealized gains on Forest Investments, Inc.'s core lead-related investment that Jason previously reviewed, as well as strong GECC investment performance. Adjusted EBITDA for the quarter was $1.5 million compared to $1.2 million in the prior year period. As of June 30th, we had approximately $31 million of cash on our balance sheet to deploy across our growing alternative asset management platform. Please refer to slide six that provides an overview of our financial position and highlights our book value per share of approximately $2.65, more than a 24% increase from March 31st, 2025.

Speaker #2: The increase in net income was primarily driven by the unrealized gains on GEG's quarterly-related investment that Jason previously reviewed, as well as strong GECC investment performance.

Speaker #2: Adjusted EBITDA for the quarter was $1.5 million compared to $1.2 million in the prior year period. As of June 30th, we had approximately $31 million of cash on our balance sheet to deploy across our growing alternative asset management platform.

Speaker #2: Please refer to slide 6, which provides an overview of our financial position and highlights our book value per share of approximately $2.65, representing more than a 24 percent increase from March 31, 2025.

Speaker #2: As Jason mentioned previously, incorporating the two share issuances, in July and August, book value per share as of June 30th is $2.58 per share, in cash exceeds 40 million dollars on a pro forma basis.

Keri Davis: As Jason mentioned previously, incorporating the two share issuances in July and August, book value per share as of June 30th is $2.58 per share, and cash exceeds $40 million on a pro forma basis. This concludes my financial review of the quarter. With that, we will turn the call over to the operator to open for questions.

Speaker #2: This concludes my financial review of the quarter. With that, we will turn the call over to the operator to open for questions.

Speaker #5: Thank you. If you'd like to ask a question, please press *1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.

Conference Operator: Thank you. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Once again, it's star one to ask a question at this time. We'll pause just a moment longer. Mr. Reese, there are no questions at this time. I'll turn the floor back to you for any final comments.

Speaker #5: You may press *2 if you'd like to remove your question from the queue. For participants choosing speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

Speaker #5: One moment, please, while we pull for questions. Once again, it's star one to ask a question at this time. We'll pause just a moment longer.

Speaker #5: Mr. Reese, there are no questions at this time. I'll turn the floor back to you for any final comments.

Speaker #4: Thank you again for joining us today. Fiscal 2025 was a landmark year for Great Elm, with continued growth across all facets of our businesses, and we have positioned the company to drive growth in Fiscal 2026 and beyond.

Jason Reese: Thank you again for joining us today. Fiscal 2025 was a landmark year for Forest Investments, Inc. We've continued growth across all facets of our businesses, and we have positioned the company to drive growth in Fiscal 2026 and beyond. We look forward to keeping you updated on our progress. Thank you for your time and continued support.

Speaker #4: We look forward to keeping you updated on our progress. Thank you for your time and continued support.

Conference Operator: Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.