Good morning, ladies and gentlemen and welcome to Institutional Financial Markets’ Second Quarter 2015 Earnings Call. My name is Lorie, 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 this 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 of 2015, the non-GAAP measures of performance have been reconciled to their corresponding GAAP measures of performance. At the conclusion of today’s call, there will be a question-and-answer period. [Operator Instructions] I would now like to turn the call over to Mr. Lester Brafman, Chief Executive Officer of IFMI.

Thank you, Lorie. And thanks everybody for joining us for our second quarter 2015 earnings call. With me on the call is Joe Pooler, our CFO. Although the environment continues to be a challenging one, our firm is focused on the fixed income markets, we have made progress this quarter on two of our initiatives. Optimizing our resized broker/dealer platform and increasing the operating leverage of the firm by lowering its overall expense base. Regarding the US broker/dealer, we have allocated more resources to our mortgage group which has resulted in significant client growth and a 70% increase in year-to-date revenue as compared to last year. Our mortgage group focuses on the needs of middle-market mortgage originators, the products offered to assist these originators in growing our profitability by hedging the interest rate risk in their pipelines and increasing the velocity of their capital. We believe there is more opportunity space and we will continue to focus on this business going forward. Throughout the quarter we also continued to reduce operating expenses thereby increasing the operating leverage of the firm. Reduction in total operating expenses from the prior quarter was roughly $2 million or 16%. Nine compensation costs excluding D&A were also down $500,000 or 11%. The Board continues to return value to our stockholders as demonstrated through a $0.02 dividend for the quarter. As always, in a special account of these challenging market conditions, we will continue to carefully review our dividend policy on a quarterly basis. Now I will turn the call over to Joe, to walk through this quarter’s financial highlights in more detail.

Thank you, Lester. Turning to our statement of operations, our adjusted operating income was $1 million for the quarter ended June 30, 2015, compared to adjusted operating income of $1.1 million for the quarter ended in March 31, of 2015 and adjusted operating income of $2 million for the prior year quarter. Net trading revenue came in at $6.7 million in the quarter, down $500,000 from the first quarter and up $100,000 from the second quarter of the prior year. The decrease from prior quarter was primarily due to less trading revenue from our corporate and municipal groups, partially offset by more trading revenue from our mortgage and SBA groups. Our mortgage group performed well with revenue of $2.2 million in the second quarter of 2015, up 50% from $1.5 million in the second quarter of 2014. New issue and advisory revenue was $700,000 in the second quarter, which was down from both the prior quarter and the prior year quarter. Our new issue and advisory revenue has been volatile and we expect that trend to continue, our US capital markets’ new issue revenue will be limited to securitizations from our SBA group going forward. Second quarter principal transaction revenue was $600,000, which compared favorably to the prior quarter of $400,000 but unfavorably to the year ago quarter of $1.2 million. The increase from the prior quarter was primarily the result of higher revenues recognized from our investments in Tiptree, partially offset by lower revenue from our investments in CLOs and EuroDekania. The decrease from the prior year quarter was primarily the result of lower revenue recognized from each of those three investments EuroDekania and Tiptree and CLOs. Our asset management revenue totaled $2.3 million in the second quarter of 2015, which was flat compared to the prior quarter and…

Thanks, Joe. With that, I will open up the call for questions.

Thanks, Lorie and thanks, everyone for joining the call. We look forward to speaking with you next quarter. Have a good afternoon.

Thank you. This concludes Institutional Financial Markets’ Second Quarter 2015 Earnings Conference Call. You may now disconnect.