Good morning. My name is Lisa and I will be your conference operator today. At this time I would like to welcome everyone to the Great Elm Capital Group, Inc. Third Quarter Results Conference Call. [Operator Instructions]. Thank you, Adam Yates, you may begin your conference.

Thank you, Lisa. Good morning everyone. Thank you for joining us for Great Elm Capital Group's third quarter 2019 earnings conference call. As a reminder, this webcast is being recorded on Friday, May 10, 2019. If you'd like to be added to our distribution list, you can either email Investor Relations at greatelmcap.com or sign up for alerts directly on our website. This slide presentation accompanying this morning's conference call and webcast can be found on Great Elm Capital Group's website www.greatelmcap.com under events and presentations. The link to the webcast is also available on this section of our website, as well as in the press release that was disseminated to announce the quarterly results. I'd like to call your attention to the customary Safe Harbor Statement regarding forward looking information. Also, please note that nothing in today's call constitutes an offer to sell or a solicitation of offers to purchase our securities. Today's conference call includes forward-looking statements and projections, and we ask that you refer to Great Elm Capital Group's filings with the SEC for important factors that could cause actual results to differ materially from these projections. Great Elm Capital Group does not undertake to update its forward looking statements unless required by law. To obtain copies of the SEC filings, please visit Great Elm Capital Group's website under financial info and select SEC filings. Hosting our call this morning is Peter Reed, Great Elm Capital Group's, Chief Executive Officer. I will now turn the call over to Peter.

Thank you, Adam. Good morning, everyone. Thank you for joining us today. I'm joined this morning by our President and COO, Adam Kleinman, our interim CFO, Brent Pearson and two senior members of our investment team Adam Yates and John Ehlinger. We will walk through an update on our operating companies, investment management, real estate and general corporate business segments as well as their associated financials. Where relevant in our prepared remarks we will point you to the corresponding slide in the presentation that Adam referenced. Please turn to slide 5, our investment management business has been active since 2016. We made our first real estate investment in March of 2018 and we launched Great Elm DME in September of 2018. This was Great Elm's first full quarter with all three verticals active and we're quite pleased with the results. During the quarter ended March 31, 2019, we reported consolidated revenue and adjusted EBITDA of $14.1 million and $3.9 million, respectively. Please turn to slide 7 to discuss drivers of shareholder value. We have clear objectives in each of our verticals. In operating companies we're focused on acquiring undercapitalized companies with significant growth potential, both organic and through M&A. In investment management, we seek to increase assets under management both in GECC and in our co-investment vehicles. In real estate, we're interested in partnering with owners and lessees to utilize our substantial tax assets. Please turn to slide 8, it is very important for us to maintain long term alignment with you our shareholders. Our team collectively owns over 1.8 million shares or 70% of the company, including our Board of Directors and their funds under management, insiders collectively own greater than 18% of the shares outstanding. We believe this fosters a significant and long term alignment of interest amongst…

[Operator Instructions]. We have no questions in queue. I will turn the call back over to Mr. Yates for closing remarks. : :

Thank you again for joining us this morning to discuss Great Elm Capital Group's third quarter 2019 financial results. We appreciate your support and we look forward to creating long term shareholder value together. Please do not hesitate to reach out to us if we can be helpful with anything in follow up and have a great day.

This concludes today's conference calls. You may now disconnect.