Good morning, ladies and gentlemen and welcome to Institutional Financial Markets’ Fourth Quarter and Year-End 2015 Earnings Call. My name is Maria, and I’ll be your operator for today. Before we begin, IFMI would like to remind everyone that some of the statements 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 note 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 call over to Mr. Lester Brafman, Chief Executive Officer of IFMI.

Thank you, Maria. And thank you everybody for joining us on our fourth quarter and year end 2015 earnings call. With me on the call is Joe Pooler, our CFO. Like many in our space we were not immune to the market volatility and headwinds that persist in the quarter. Despite some of the recent success we’ve had in our U.S. Capital Markets business, the quarter was adversely affected by the underperformance of certain principal investments as a solvent the equity and credit markets had a negative impact on our CLO portfolio. During the fourth quarter, we recorded $1.9 million of losses on our CLO investments. Additionally, our results were impacted by the $2.1 million write-off of a note receivable from a former European investment banking client, despite these market-wide challenges, we continue to remain focused on the execution of our strategic initiatives including growing our mortgage and SBA groups. We also continue our discipline operating expense management as evidenced by the 9% year-over-year decrease excluding the goodwill impairment. Looking ahead our focus will be on adding revenue and growing businesses where our client’s needs are no longer addressed by larger financial institutions. Now I will turn the call over to Joe, to walk through this quarter’s financial highlights in more detail.

Thank you, Lester. Our operating loss was $3 million for the quarter ended December 31, 2015 compared to operating income of $600,000 for the quarter ended September 30, 2015, and operating income of $4.2 million for the prior-year quarter end. As Lester mentioned, the fourth quarter of 2015 was adversely impacted by a $2.1 million write-off of a note receivable due from a former European investment banking client in the mining industry. And $1.9 million in recorded losses on our CLO investments. Net trading revenue came in at $8.7 million in the fourth quarter, up 350,000 from the third quarter of 2015 and up 500,000 from the fourth quarter of 2014. The increase from prior quarter was primarily due to more trading revenue from our corporate group. And the increase from the prior-year quarter was primarily due to more trading revenue from our corporate and mortgage groups, partially offset by lower trading revenue from our wholesale group. New issue and advisory revenue was $1.1 million in the fourth quarter of 2015, down from both the prior quarter and the fourth quarter of 2014. Our new issue and advisory revenue has been volatile, and we expect that trend to continue as we earn revenue from a limited number of engagements, a small change in the number of engagements can result in meaningful fluctuations in revenue recognized. Fourth quarter 2015 principal transactions revenue was negative $1.8 million, which compared unfavorably to both the prior and year-ago quarters. During the fourth quarter of 2015, our CLO investments generated $1.9 million of negative principal transactions revenue. Although, our CLO investments have experienced significant unfavorable mark-to-market adjustments in 2015. They’re still making routine distributions, we will continue to hold these investments, but have not made new investments in CLO positions since July of 2014. Our…

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, was also at the bottom of our earnings release. Thank you for joining us today. Operator, you can now end the call.

Thank you. This concludes IMFI’s fourth quarter and year-end 2015 earnings call. Thank you for participating. And you may now disconnect.