Good morning, ladies and gentlemen, and welcome to Institutional Financial Markets’ First Quarter 2016 Earnings Call. My name is Rachel and I will 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 obligations 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. I would now like to turn the call over to Mr. Lester Brafman, Chief Executive Officer of IFMI.

Thank you, Rachel, and thank you everybody for joining us for our first quarter 2016 earnings call. With me on the call is Joe Pooler, our CFO. Reflecting on the first quarter and the challenging market environment, we are very pleased with the performance of our U.S. Capital Markets business; remain focused on execution of our strategic initiatives including growing our mortgage and SBA groups. In particular, our mortgage group built up its gestational repo business to $175 million at the end of the quarter and now we’re close to $215 million after quarter end. This is an important funding service that we are providing to unreserved mortgage originators helping us to further deepen our client relationships. In terms of the rest of our U.S. fixed income trading operation, we are very happy with our team of traders. They have been quite nimble in avoiding some of the drag that has hindered many of the bigger trading shops. And in fact, our U.S. Capital Markets group delivered their best net trading revenue quarter in three years. We have created a stable and capable U.S. Capital Markets business and we are exploring ways to add revenue to this platform. Looking ahead, we will continue to focus on adding revenue and growing businesses where our clients’ needs are no longer addressed by larger financial institutions. Additionally, we are pleased to initiate a share repurchase program in the quarter, which will remain in place throughout year-end and our board has continuing our quarterly dividend. Now, I’ll 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 operating income was $1.3 million for quarter ended March 31 of 2016 as compared to an operating loss of $3 million for the quarter ended December 31 of 2015, and operating income of $300,000 for the quarter ended March 31 of 2015. Net income was $300,000, or $0.01 per diluted share, for the quarter ended March 31, 2016 compared to net loss of $3.8 million, or $0.19 per diluted share, for the quarter ended December 31, and net loss of $800,000, or $0.04 per diluted share, for the prior year quarter-end. Net trading revenue came in at $10.2 million in the first quarter, up $1.5 million from the fourth quarter of 2015, and up $2.9 million from the first quarter of 2015. The increase from both prior quarters was primarily due to increased trading revenue from our corporate, mortgage and wholesale groups partially offset by lower trading revenue from our SBA group. As Lester mentioned, our U.S. Capital Markets group delivered their best net trading revenue quarter in three years. New issue and advisory revenue was $400,000 in the first quarter of 2016, which was down from both the prior quarter and the first quarter of 2015. Our new issue and advisory revenue has been volatile and we expect that trend to continue as we earn revenue from a limited number of engagements, a small change in the number of engagements can result in meaningful fluctuations and the revenue recognized. First quarter 2016 principle transactions revenue was $100,000, which compared favorably to the prior quarter and unfavorably to the year ago quarter. The increase from the prior quarter was primarily the result of increased revenue from our CLO investments, which experienced significant mark-to-market adjustments in the fourth quarter of 2015.…

Thanks, Joe. Please direct any investor questions to Joe Pooler at 215-701-8952. His contact information is at the bottom of our earnings release or via email to investorrelations@ifmi.com. Thank you for joining us today. Operator, you can now end the call.

This concludes today’s conference. You may now disconnect.