Hello, and welcome to the Rand Capital Second Quarter Fiscal Year 2022 Financial Results Conference Call [Operator Instructions]. It's now pleasure to turn the call over Craig Mychajluk. Please go ahead.

Thank you, and good afternoon, everyone. We appreciate your interest in Rand Capital and for joining us today for our second quarter 2022 financial results conference call. On the line with me are Dan Penberthy, our President and Chief Executive Officer; and Margaret Brechtel, our Executive Vice President and Chief Financial Officer. A copy of the release and slides that accompany our conversation is available at randcapital.com. If you’re following along in the slide deck, please turn to Slide 2, where I’d like to point out some important information. As you are likely aware, we may make some forward-looking statements during this presentation. These statements apply to future events that are subject to risks and uncertainties, as well as other factors that could cause actual results to differ from where we are today. You can find a summary of these risks and uncertainties and other factors in the earnings release and other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our Web site or at sec.gov. During today’s call, we’ll also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance. You should not consider the presentation of this additional information in isolation or as a substitute for results in accordance with GAAP. We have provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today’s release. With that, please turn to Slide 3. And I’ll hand the discussion over to Dan. Dan?

Thank you, Craig, and good afternoon, everyone. We delivered another strong quarter of total investment income growth of 67%, which reflected our focused investment strategy and significant debt portfolio expansion over the past year. We paid a cash dividend of $0.15 per share during the second quarter and at the end of July, Rand declared its quarterly cash dividend of $.15, again, this being for the third quarter. Our strategy is focused on continued portfolio expansion into income producing assets to drive investment income and future dividend growth. In support of that strategy, we added a new source of capital by securing a $25 million credit facility during the quarter. Of this facility, we have approximately $21 million available based on our quarter and borrowing formulas. In addition to this increased liquidity, this facility provides greater flexibility and an increased funding commitment than our previous credit arrangement with the SBA, which as a reminder, was repaid in full during the fourth quarter of 2021. In addition, during the quarter, we exited some of our publicly traded securities and also monetized some equity investments to fund our $2.2 million follow on debt investments. I will talk to these specific portfolio changes in a moment. If you turn to Slide 4, you can see our improved portfolio mix between debt and equity and the changes during the second quarter. Of note, we crossed the milestone with more than half of our portfolio now being comprised of fixed rate debt investments as we ended the quarter at 55%, up from 48% just a quarter ago. We have made significant progress in shifting our investment portfolio composition towards more debt. With these instruments, we expect that trend to continue as we execute our strategy. The rest of the portfolio comprised of 35% in equity…

Thanks, Dan and good afternoon, everyone. I will start on Slide 9, which provides an overview of our financial summary and operational highlights for the second quarter of 2022. Total investment income for the quarter was $1.4 million, up 67% over last year, reflecting increased interest income from portfolio companies and higher dividend income. The number of interest yielding companies contributing to the current investment income has increased over the last 12 to 18 months due to a focus on making investments in interest yielding instruments and alignment with our investment objectives and strategy. A reduction in value of Rand’s publicly held securities impacted accrued capital gains and sign up fees to the external investment advisor, resulting in a credit of $663,000 for the second quarter of 2022 compared with $1.1 million of expense for the second quarter of 2021. As a result, total expenses were a credit of $96,000 during the second quarter compared with an expense of $1.6 million in the prior year quarter. Excluding the capital gains incentive fees, adjusted expenses, a non-GAAP financial measure, were $567,000 for the quarter, up only 1% from the prior year period. Reflected in that amount were higher professional fees, which was largely offset with the elimination of interest expense payments for the SBA obligations that were paid off in full during December 2021. Net investment income was $1.4 million or $0.55 per share for the second quarter compared with a loss in the prior year quarter. On an adjusted basis, which is a non-GAAP financial measure, net investment income was $0.29 per share for the second quarter of 2022, up almost 3 times over the $0.10 per share in the last year's quarter. Slide 10 provides a waterfall graph for the change in net asset value for the quarter. At…

Thanks, Margaret. As we go forward, will continue to execute our strategy, which is to position our portfolio to grow investment income and distribute our earnings to shareholders. Thank you for joining us today and your continued interest in Rand Capital. We do look forward to updating all of you on our third quarter 2022 results, which will be reported in November. We hope you have a great day. Thank you.

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line this time, and have a wonderful day. We thank you for your participation today. End of Q&A: