Greetings, and welcome to Rand Capital Corporation's third quarter fiscal year 2023 financial results. At this time, all participants are in a listen-only mode. [Operator Instructions]. It is now my pleasure to introduce Craig Mahalik, 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 2023 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 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 website 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 generally accepted accounting principles. We have provided reconciliations of non-GAAP measures with comparable GAAP measures in the tables that accompany today's earnings 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. There was a recurring theme as our results once again reflected the strength and execution of our strategy as we continued to deploy capital, largely centered on high-quality debt investments. Total investment income grew 12% for the quarter and was driven by the sustained growth in interest income from our portfolio companies. For the quarter, net investment income per share was $0.31, which was down year over year. The contributing factor of which affecting this decline were higher expenses tied to our debt financing, which has been put to work to fund future growth. Our net asset value per share of $23.77 was relatively flat for the quarter, but up 6% since year-end 2022. We've completed two new investments during the quarter that totaled $7.8 million, which I will highlight in a few slides. And even after those investments, we continue to end the quarter with significant liquidity to put to work for future investments. The company paid a quarterly cash dividend of $0.25 per share during the third quarter. We believe that our deal flow and unique position in the market will continue to support future dividends, and following past practice, we expect to announce our fourth quarter dividend in early December. If you turn to slide 4, you can see our portfolio mix between debt and equity, and it changes during the past quarter. At quarter end, our portfolio consisted of investments with a fair value of nearly $75 million across 30 portfolio businesses. This is up, one, given the two new investments, and was offset by one exit of a former equity investment that was previously listed at no fair value and which provided a tax loss. The portfolio comprised approximately 63% in fixed rate debt investments, which has continued…

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 2023. Total investment income was $1.7 million, which is up 12% over last year, driven by a 40% increase in interest income from portfolio companies. The higher interest from portfolio company reflects seven new debt instruments that we originated over the last year. Of our 30 total portfolio investments, 23 contributed to our total investment income during the third quarter. We did see lower dividend income during the quarter, which was largely due to a large prior year dividend from Carolina Skiff, which did not repeat in the third quarter of 2023. Also contributing to the decline was the sale of the company's investment in Dealer Solutions and Design during the second quarter of 2023. Total expenses were approximately $810,000 during the third quarter compared with $499,000 in the prior year third quarter. This increase largely reflects a $264,000 increase in interest expense on borrowings under the senior revolving credit facility entered into in June of 2022 to fund growth. Also contributing to the total expense increase was a $43,000 increase in base management fees, which is calculated on our total assets, less cash. So as we deploy more capital into investments, that fee increases accordingly. Partially offsetting was the change in accrued capital gains incentive fees to the company's external investment advisor. The current period did include a credit of $41,000 of capital gains incentive fees compared with an expense of $22,000 for the third quarter of 2022. As a reminder, we are required to accrue capital gain incentive fees on the basis of net realized capital gains and losses and net unrealized capital gains and losses at the close of…

Thanks, Margaret. We have delivered another quarter of strong performance. Looking forward, we believe we can continue to execute on the strategy and do remain focused on generating strong and consistent returns for our shareholders. The expansion of the portion of our portfolio investment into these debt instruments has proven to be a cornerstone of our success, and we do expect to continue this trajectory of this growth in order to drive our earnings potential and support a growing dividend well into the future. Thank you for joining us today and for your continued interest in Rand Capital. We look forward to updating all of you on our fourth quarter 2023 results which will be reported in March. We hope you have a great day.

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day. End of Q&A: