Good morning ladies and gentlemen, welcome to the Great Elm Capital Corp Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions]. I would now like to turn the conference over to your host Mr. Adam Yates.

Thank you, Sadie and good morning everyone. Thank you for joining us for Great Elm Capital Corp.’s second quarter earnings conference call. As a reminder, this webcast is being recorded on Monday, August 10, 2020. If you would like to be added to our distribution list, you can e-mail investorrelations@greatelmcap.com or you can sign up for alerts directly on our website www.greatelmcc.com. The slide presentation accompanying this morning’s conference call and webcast can be found on our website under Financial Information, Quarterly Results. On the website, you can also find a copy of our earnings release, Form 10-Q, and a link to the webcast. I would 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 the Great Elm Capital Corp’s filings with the SEC for important factors that could cause actual results to differ materially from these projections. Great Elm Capital Corp 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 Corp’s website under Financial Information, SEC filings or visit the SEC's website. Hosting the call this morning is Peter Reed, Great Elm Capital Corp’s President and Chief Executive Officer. I will now turn the call over to Peter.

Thank you Adam. Good morning and thank you for joining us today. I am joined this morning by our COO, Adam Kleinman; Portfolio Manager, Adam Yates; and our CFO, Keri Davis. Where relevant in our prepared remarks, we will point you to the corresponding slide number in the deck that Adam referenced, which is available on our website, as well as through the webcast. Please turn to Slide 3 to discuss GECC’s portfolio repositioning. For the avoidance of doubt we remain intently focused on maximizing shareholder value through our monthly distributions, potential special distributions, and by increasing the book value of our shares. During the quarter ended June 30, 2020 we began repositioning the portfolio, including taking actions to create liquidity that had the effect of depressing net investment income or NII. Specifically with the impact of COVID-19 increased volatility in the leveraged credit secondary markets we proactively monetize investments in anticipation of more attractive redeployment opportunities. Toward the end of the quarter ended June 30, 2020 and following quarter end we redeployed a majority of our cash into new cash generative investment opportunities that diversify our holdings. As we continue to diversify our holdings we intend to [weight] [ph] investments in specialty finance businesses like Prestige Capital Finance LLC, whose performance has exceeded internal expectations more significantly in our future portfolio. Nevertheless, NII for the quarter was approximately 0.9 million or $0.09 per share, as compared to NII of 2.7 million or $0.26 per share during the prior quarter. The quarter-over-quarter reduction in NII was driven by the monetization of certain income generating investments as we continued to meaningfully grow our cash balance and the loss of cash and non-cash income from investments like PFS Holdings Corp. and Davidzon Radio, Inc. both placed on nonaccrual status during the prior…

Thank you again for joining us this morning. We look forward to continued dialogue and please let us know if we can be helpful with anything in follow-up.

Ladies and gentlemen, this concludes today's conference. Thank you for your participation and have a wonderful day. You may all disconnect.