Good day and thank you for standing by. Welcome to Beneficient Company's Fourth Quarter Fiscal 2024 Earnings Conference Call and Webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Dan Callahan. Please go ahead.

Good morning and thank you for joining us today for Beneficient's Fiscal Fourth Quarter and Full Year 2024 Conference Call. In addition to this call, we issued an earnings press release that was posted to the shareholders section of our website at shareholders.trustben.com. Today's website is being recorded and a replay will be available on the company's website at shareholders.trustben.com. On today's call, management's prepared remarks may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ from those discussed today. Actual results and future events could materially differ from those discussed in these forward-looking statements because of factors described in our earnings press release and the risk factors section of our Form 10-K and in subsequent filings we make with the Securities and Exchange Commission. Forward-looking statements represent management's current estimates, and Beneficient assumes no obligation to update any forward-looking statements in the future. Today's call also contains certain non-GAAP financial measures. Please refer to our earnings press release, which is available on our website, for important disclosures regarding such measures, including reconciliations to the most comparable GAAP financial measures. On the call today are Brad Heppner, CEO and Chairman and Greg Ezell, Chief Financial Officer. I'll turn it over to Brad Heppner. Brad.

Thank you, Dan. Good morning and thank you for joining us. Today I will cover our plans to grow Ben's business through a combination of liquidity and primary capital fiduciary solutions as we work to scale our business and bring benefits to our customers and our shareholders. Then Greg will provide comments on our quarterly and annual results, as we closed out fiscal year 2024. I know many of you may still be new to Ben's business and strategy, so let's start with a quick overview of exactly what Ben is and why we are unique. Simply stated, Ben was created to provide fiduciary products and services that deliver increased liquidity and primary capital for holders and managers of alternative assets. For smaller managers, finding liquidity for alternative assets is an incredibly complex, expensive, and time-consuming process. This can often take as long as 15 months or more, if liquidity can be found at all. To address this problem, we have built a Fintech platform and fully integrated process with a goal of completing these important transactions in as little as 15 days. We've also created, through our GP Solutions Group, a unique primary capital fiduciary financing product aimed at general partners, which we see as an adjacent related market, as smaller managers are experiencing similar challenges sourcing capital and a lack of innovative new solutions to solve this problem. In our operating [Ben’s business] (ph), we benefit from at least three inherent advantages, including being a public company, statutory and regulatory oversight and compliance, and a custom-built technology platform to deliver our products and services. These advantages provide a substantial moat around our business, as we work to scale up and deliver on our vision. Included in that moat is our state-of-the-art, bank regulator examined and internally developed Fintech…

Thank you, Brad. Let's now turn to our quarterly and full-year results and our financial position as of March 31, 2024. Our primary business segments are Ben Liquidity, which generates interest revenue for supplying liquidity off the balance sheet, and Ben Custody, which produces fee revenue for the use of the platform and trust services. As typical, I will be focusing my discussion on these business segments since it's their operations along with corporate and other that accrues to Ben's equity holders. During the fourth quarter, Ben Liquidity recognized $10.6 million in base interest revenue, down 5.6% from the prior quarter, due to lower carrying value of loans receivable which was driven by higher allowances for credit losses. For the full year, revenue was $46.9 million down 7.6% also due to lower carrying value of loans receivable, because of higher allowances for credit losses. Operating loss for the fourth fiscal quarter was $29.4 million compared to an operating loss of $606.4 million in the prior quarter which included a large non-cash goodwill impairment charge. Absent those, adjusted operating income in the prior quarter was $2.5 million. The decrease was primarily due to higher credit loss adjustments, partially offset by lower credit loss adjustments related to securities of our former parent company in the fiscal fourth quarter. For the full year, operating loss was $1.8 billion compared to an operating loss of $46.5 million in the prior year period. The current period loss was driven by non-cash goodwill impairment totaling $1.7 billion and credit losses largely related to securities of our former parent company. Adjusted operating loss for the full year was $41.2 million compared to adjusted operating income of $9.7 million in the prior year period. The decrease in adjusted operating income primarily relates to higher credit losses offset partially…

With that, we close out today's webcast. Thanks to all who logged in this morning. Have a great rest of your day.

This concludes today's conference. Thank you for participating. You may now disconnect.