Ladies and gentlemen, thank you for standing by and welcome to the Great Elm Capital Group, Inc. Q1 2020 Conference Call and Webcast. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today Adam Yates. Please go ahead, sir.

Thank you, Emily, and good morning, everyone. Thank you for joining us for Great Elm Capital Group, Inc.'s first quarter 2020 earnings conference call. As a reminder, this webcast is being recorded on Tuesday, November 12, 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. A slide presentation accompanying this afternoon’s conference call and webcast can be found on Great Elm Capital Group’s website www.greatelmcap.com under Events & Presentations. A 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, and good afternoon, everyone. Thank you for joining us today. I am joined this afternoon by our President and COO, Adam Kleinman; our CFO, Brent Pearson, and two senior members of our investment teams, 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 five. During the quarter ended September 30, 2019, we reported consolidated revenue, net loss and adjusted EBITDA of $15.4 million, $3.3 million and $3.5 million respectively. We are intently focused on growing both revenue and profitability across our verticals. Please turn to slide seven 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 other investment vehicles managed by GECM. In Real Estate, we are interested in partnering with owners and lessees to utilize our substantial tax assets. On a consolidated basis, our goal is to generate increased free cash flow in fiscal year 2020. We intend to achieve this goal through continued growth at Great Elm DME and Investment Management enhanced by reduced corporate overhead. Please turn to slide eight. It is very important for us to maintain long-term alignment with you, our shareholders. Our team collectively owns approximately 2 million shares or 8% of the Company. Including our Board of Directors and their funds under management, insiders collectively own circa 19% of the shares outstanding. We believe this fosters…

[Operator Instructions] Our first question comes from the line of Brian Alexitch from Greenwich Investment. Your line is open.

Good evening, guys. A question on the Full Circle consulting. Is that going to result in any sort of expense reduction to GECC or does that -- I guess, 210,000 from this quarter, is that going to go right to GEC on a run rate basis?

Hey, Brian. Good question. So, that contract which has expired, as we noted, is between a subsidiary of GEC Great Elm Capital Management and an entity at Full Circle. So that's separate and apart from GECC, it's unrelated. So, the expenses over the past three years have been borne by a GEC subsidiary. And now that the contract is terminated, the relief of those expenses accrue to GEC’s benefit.

Great. And then, a question on the Real Estate segment. You said that things appear overheated. So, does that mean that you guys are really focusing on sourcing opportunities in the other two verticals?

I think, that's fair. We've looked at a lot of financings similar to the property that we have. And we've not been able to so far find another transaction where we believe that their risk adjusted returns are anywhere near that which we have in Fort Myers. So, that's why we haven't completed any more transactions. But, we see a richer opportunity set, for example, in add-ons or adjacencies for our DME business, or in our Investment Management business.

Okay, great. And then, finally, also opportunity for Real Estate, are you guys seeing like, kind of standalone properties looking for a tenant or is that the sort of transaction that you’re seeing that is not really interested and you want kind of like a tenant in place, is that fair to say or are you -- or that…

Yes. So, the kinds of transactions we would look for would be, I think stabilized assets with reliable, predictable cash flow, where our particular tax attributes in particular could give us enhanced return.

Great. That's all for me. Thanks for taking the questions.

Thanks, Brian.

[Operator Instructions] And we have no further questions at this time. I will turn the call back over to Adam Yates, for final remarks.

Thank you again for joining us this afternoon to discuss Great Elm Capital Group’s first quarter 2020 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 and follow up, and have a great day.

And this concludes today's conference call. You may now disconnect.