Good morning, ladies and gentlemen and welcome to the Institutional Financial Markets’ second quarter 2014 earnings call. My name is Christie and I'll be your operator for today. Before we begin, IFMI would like to remind everyone that some of the statements the company makes during the call may contain forward-looking statements under applicable securities laws. These statements may involve risks and uncertainties that could cause the company’s actual results to differ materially from the results discussed in such forward-looking statements. The forward-looking statements made during this call are made only as of the date of this call and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances. IFMI advises you to read the cautionary note regarding forward-looking statements in its earnings release and in its most recent Annual Report on Form 10-K filed with the SEC. Please note also that in the company’s earnings release for the second quarter 2014, the non-GAAP measures of performance have been reconciled to their corresponding GAAP measures for performance. I would now like to turn the call over to Mr. Lester Brafman, Chief Executive Officer of IFMI.

Thank you, operator and thank you everybody for joining us for our second quarter 2014 earnings call. With me on the call is Joe Pooler, our CFO. We’re pleased that recent strategic initiatives have started to positively impact IFMI’s financial results as demonstrated by our adjusted operating income of $2.0 million in the second quarter. Also without impairment of goodwill charge, our net income would have been a positive $300,000 in the second quarter. We are optimistic that with our enhanced capital position and simplified organization, IFMI is better positioned to more effectively take advantage of important growth opportunities in our industry. During the second quarter, we continued to deploy available capital into our principal investing portfolio primarily in CLO equity tranches. CLOs are proven asset class with solid performance over the past cycle and we’re targeting double-digit returns for these investments. During the second quarter of 2014, we purchased $13.6 million of CLO equity and non-sponsored investment vehicles bringing our CLO portfolio to $18.8 million and our overall principal investment portfolio to $26.4 million as of June 30, 2014. So far during the third quarter we own additional $4.5 million pending closing. We have to grow the principal investing portfolio to $35 million in coming quarters. The focus on CLO equity leverages IFMI’s strengths in structured credit and leveraged finance. Investment and origination trading team is already in place and consists of structured credit products and leveraged finance industry veterans. We have strong relationships with key market participants. We continue to work diligently to reposition the company for future success and remain committed to generating an asset returns and increasing value for our shareholders. Importantly, our board continues to return value to our stockholders through a $0.02 dividend for the quarter. As always, and especially in the context of these challenging markets, we will carefully review our dividend policy on a quarterly basis. Now Joe will walk through some of the previous financial highlights in more detail.

Thank you, Lester. As Lester mentioned, our adjusted operating income was $2 million for the quarter ended June 30 ‘14 compared to adjusted operating loss of $700,000 for the prior quarter and adjusted operating loss of $5.1 million for the prior year quarter. New issue and advisory revenue was $2.4 million in the second quarter of ‘14, which compared favorably to both the prior and year ago quarters. The increase was primarily due to a SPAC transaction fee received in the second quarter of ‘14. Our asset management revenue was down $900,000 to $3.4 million in the second quarter of ‘14 from the first quarter of ‘14 and was down $800,000 compared to the year ago quarter. The prior quarter decrease was primarily the result of the payments of previously unpaid subordinated fees by one of the Company’s managed CDOs in the first quarter of ’14, which did not recur in the second quarter and incentive fees in our European separate account business that were received, as well as the sale of the Star Asia entities early in the first quarter of ‘14, which included Star Asia Management. The decrease from the prior year quarter was primarily due to the sale of the Star Asia entities, which as noted included the Star Asia Management. Second quarter of ‘14 principal transactions revenue was $1.2 million, which compares favorably to both the prior quarter and the year ago quarters. The increase from the prior year period was primarily the result of the sale of the Star Asia entities in the first quarter of ’14, which eliminated a significant source of volatility in IFMI’s past financial results, as well as revenue recognized during the second quarter of ’14 from our growing CLO portfolio and our investments in EuroDekania. The increase from prior quarter…

Thanks Joe. We are pleased to see some positive momentum in our earnings and contribution from some of the strategic initiatives that we’ve recently implemented. However, we recognize that the market continues to have numerous challenges, though we hope we are able to build our momentum in the quarters coming and going forward. Please write any investor questions to Joe Pooler at 215-701-8952. His contact information is at the bottom of our earnings release or the email to investorrelations@ifmi.com.

Thank you. This does conclude today’s conference call. You may disconnect your lines at this time and have a wonderful day.