Good morning, ladies and gentlemen, and welcome to the Institutional Financial Markets’ Second Quarter 2017 Earnings Conference Call. My name is Krystal and I’ll be your operator for today. Before we begin, IFMI would like to remind everyone that some of the statements that 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 notes 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 conference call over to Mr. Lester Brafman, Chief Executive Officer of IFMI.

Thank you, Krystal, and thanks everyone for joining us on our second quarter 2017 earnings call. With me on the call is Joe Pooler, our CFO. We’re pleased with IFMI’s results in the second quarter. Despite a weak environment for domestic capital markets business, we were able to post our sixth consecutive quarter of profitability. We continue to explore various business development opportunities in both our capital markets and asset management segments. We remain committed to enhancing stockholder value, and in the second quarter continue to pay our quarterly dividend. Now I will turn the call over to Joe to walk you through this quarter’s financial highlights in more detail.

Thanks, Lester. Starting with our statement of operations. Our operating income was $1.7 million for the quarter ended June 30 of ‘17 compared to $2.6 million for the quarter ended March 31 of ‘17 and $2.2 million for the quarter ended June 30 of ‘16. Our income before income taxes was $600,000 for the current quarter compared to $1 million for the quarter ended March 31 and 1.2 million for the prior year quarter. And our net income was $600,000 or $0.03 per diluted share for the current quarter compared to $1 million or $0.05 per diluted share for the prior quarter and $1.2 million or $0.07 per diluted share for the prior year quarter. In the second quarter of ‘17 our fully diluted shares outstanding increased from the first quarter of ‘17 by approximately 7.9 million shares to 27.9 million primarily due to our March of 2017 issuance of $15 million convertible note. The new conversion shares from that note are dilutive in the fully dilutive net income per share calculation and therefore get included in the fully diluted share count. The first quarter of ‘17 included only a prorate share of the 10.3 million conversion shares based on the 22 days that the new convertible note was outstanding during the first quarter. In the second quarter of ‘17 the entire 10.3 million conversion shares were included in the fully diluted share count. Net trading revenue came in at $6.1 million in the second quarter, down $2 million from the first quarter and down $5.2 million from the second quarter of ‘16. The decrease from the first quarter of ‘17 was primarily due to decreased trading revenue from our corporate group, while the decrease from the prior year quarter occurred across all of our trading groups. Our asset management…

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 does conclude today’s conference call. You may now disconnect.