Greetings and welcome to the Rand Capital Corporation Third Quarter Fiscal Year 2022 Financial Results. [Operator Instructions] Please note this conference is being recorded. I would now like to turn the conference over to our host, Craig Mychajluk, Investor Relations. Thank you. You may begin.

Thank you and good afternoon, everyone. We appreciate your interest in Rand Capital and for joining us today for our third 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 are following along in the slide deck, please turn to Slide 2, where I’d like to put out some important information. As you are likely aware, we may make forward-looking statements during this presentation. These statements apply to future events and are subject to risks and uncertainties as well as other factors that could cause actual results to differ from where we are today. To find the 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 website or at sec.gov. During today’s call, we will also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance, 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 have delivered another strong quarter of total investment income growth of 54%, which reflects an expanded debt portfolio and higher portfolio dividends. While we have made great strides building out our portfolio that is delivering strong total investment growth, we are equally focused on prudent expense management, which was demonstrated in the measurable improvement of net investment income per share of $0.39 for the quarter. We paid a dividend of $0.15 per share during the quarter, the third quarter that is and so far this year, we have paid to shareholders $0.45 per share in dividends. During this quarter, we made one investment to fund a $400,000 follow-on equity investment in an existing portfolio company. With a flexible balance sheet that is supported by multiple sources of capital, we believe we can continue to evolve our portfolio company mix, scale our business to drive investment income and further grow our distributable dividends. If you turn to Slide 4, there you can see our portfolio mix between debt and equity and the slight changes during the third quarter. More than half of our portfolio is still comprised of fixed rate debt and investments as we ended the period at 54%. We have made significant progress in shifting our investment portfolio composition towards more debt instruments and we expect that trend to continue as we execute our strategy. The rest of the portfolio comprised of 36% in equity investments in private company and 10% in dividend paying publicly traded BDC and our ACV auction securities. The fair value of our investments totaled $59.7 million, expanding 1% primarily due to the changes in ACV auctions market value and the follow-on investment I noted. As of September 30, 2022, our portfolio consisted of investments in 29…

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 third quarter of 2022. Total investment income for the quarter was $1.6 million up 54% over last year, reflecting increased interest income from portfolio companies given four new debt investments over the last year and higher dividend income. The number of portfolio companies contributing to current investment income during the third quarter was 21%. Total expenses were $499,000 during the third quarter compared with $962, 000 in the prior year quarter. This decrease was largely due to lower accrued capital gain incentive fee that resulted from the decrease in unrealized depreciation on our publicly traded securities. As a reminder, the capital gains in Sanofi accrual under GAAP is calculated using the cumulative aggregate realized gains and losses and the aggregate net change in unrealized depreciation and depreciation at the close of the period. Excluding the capital gains incentive fees, adjusted expenses, a non-GAAP financial measure, were $477,000, down 6% from the prior year period. This decrease reflects lower interest expense given the company’s FDA indebtedness was paid off in full in December 2021, partially offset by higher professional fees resulting from the new senior secured revolving credit facility completed in the second quarter of 2022. Net investment income was $1 million or $0.39 per share for the third quarter compared with $53, 000 or $0.02 per share in the prior year quarter. On an adjusted basis, which is a non-GAAP financial measure, net investment income doubled to $0.40 per share for the third quarter of 2022. Slide 10 provides a waterfall graph for the change in net asset value for the quarter. At September 30, 2022, net assets were $58.4 million, an increase since the…

Thanks, Margaret. We’re excited about our future. With the support of our strong liquidity position, we believe we can continue to execute our strategy to grow our portfolio, drive investment income and support a growing dividend. Thank you for joining us today and for your continued interest in Rand Capital. We do look forward to updating all of you on our fourth quarter 2020 results, which will be reported in March. We hope you have a great day.

Thank you. That concludes today’s conference. All parties may disconnect. Have a great day.