Good morning, ladies and gentlemen, and welcome to Institutional Financial Markets’ Fourth Quarter and Yearend 2016 Earnings Call. My name is Paula 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 notes 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, and thank you, everyone for joining us for our fourth quarter and yearend 2016 earnings call. With me on the call is Joe Pooler, our CFO. IFMI’s strong performance in 2016 as well as our fourth consecutive quarter of profitability, was driven by the solid execution of our business strategy. We continued to execute on our business strategy with an eye towards stockholder value. In addition, we are pleased to announce a $15 million capital raise and are confident that this additional capital will allow us to pursue strategic opportunities we have identified in our capital markets and asset management segments. Going forward, we remain focused on our mortgage (throughput) and in capital and growing businesses where our clients’ needs are no longer addressed by large financial institutions and businesses that are synergistic with our current platform. Additionally, we have once again declared a $0.02 dividend in the quarter, highlighting our commitment to enhancing value for our stockholders. Now I will turn the call over to Joe to walk through the quarter’s financial highlights in more detail.

Thank you, Lester. Looking first at our statement of operations, our operating income was $2.5 million for the quarter ended 12/31/16, compared to $2.7 million for the quarter ended 9/30/16 and operating loss of $3 million for the quarter ended December 31, 2015. Net income was $400,000 or $0.02 per diluted share for the current quarter, compared to net income of $1.5 million or $0.09 per diluted share for the prior quarter and net loss of $3.8 million or $0.19 per diluted share for the prior year quarter. Net trading revenue came in at $7.1 million in the fourth quarter, down $3.4 million from the third quarter and down $1.5 million from the fourth quarter of the prior year. The decrease from the fourth quarter of 2016 was primarily due to decreased trading revenue from our wholesale, mortgage and SBA groups, while the decrease from the prior year quarter was primarily due to decreased trading revenue from our wholesale and corporate groups. In the quarter, our wholesale trading group’s client base was quite inactive during the volatility surrounding the period leading up to and immediately after the election. Our asset management revenue totaled $2.9 million in the fourth quarter, which was up compared to both the prior and year ago quarters. The increase was primarily due to higher CDO asset management fees as a result of our European CLO reserving subordinate management fee payments, causing the accrual of subordinated fee revenue in the fourth quarter of 2016. We expect subordinate management fee payments for the European CLO to be somewhat volatile going forward. New issue and advisory revenue was $800,000 in the fourth quarter of 2016, which was flat with the prior quarter and down $300,000 from the prior year quarter. Our new issue and advisory revenue has been volatile…

Thanks, Joe, and thank you all for joining the call. At this time, the call is concluded. No questions. Thank you, ladies and gentlemen. 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.