Good morning, ladies and gentlemen, and welcome to Institutional Financial Markets’ First Quarter 2017 Earnings Conference Call. My name is Krystal and I’ll be your operator for today. Before we begin, IFMI would like to remind everyone that some of the statements that 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 those 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 conference call over to Mr. Lester Brafman, Chief Executive Officer of IFMI.

Thank you, Krystal, and thank you, everybody, for joining us on our first quarter 2017 earnings call. With me on the call is Joe Pooler, our CFO. We are pleased with IFMI’s continued strong performance in the first quarter delivering our fifth consecutive quarter of profitability as we continue to execute our strategy. During the quarter, we raised an additional $15 million of capital and deployed it in our registered broker‐dealer, J.V.B. Financial Group. We will continue to have discussions with other potential capital partners, as we are confident that we can deploy additional capital, strategically and opportunistically, in both our capital markets and asset management segments. We remain committed to enhancing stockholder value, and during the first quarter continued to pay our quarterly dividend and resumed our share repurchase program. Now I will turn the call over to Joe to walk through this quarter’s financial highlights in more detail.

Thank you, Lester. Starting with our statement of operations, our operating income was $2.6 million for the quarter ended March 31, 2017, compared to $2.5 million for the quarter ended December 31, 2016 and $1.3 million for the prior year quarter ended March 31, 2016. Our net income was $1 million or $0.05 per diluted share for the current quarter, compared to $400,000 or $0.02 per diluted share for the prior year and $300,000 or $0.01 per diluted share for the prior year quarter. Net trading revenue came in at $8.1 million in the first quarter, up $900,000 from the fourth quarter of 2016 and down $2.1 million from the first quarter of 2016. The increase from the fourth quarter was primarily due to increased trading revenue from our wholesale and mortgage, while the decrease from the prior year quarter was primarily due to decreased trading revenue from our wholesale and corporate groups. Our asset management revenue totaled $2.7 million in the first quarter, which was down compared to the prior quarter, but up compared to the year ago quarter. The decrease from the prior quarter was primarily due to higher CDO asset management fees in the fourth quarter of 2016 as a result of our European CLO resuming subordinated management fee payments, partially offset by one-time incentive fees in our Europe separate account business in the first quarter of 2017. The increase from the year ago quarter was primarily a result of the one-time incentive fees in the European separate account business in the first quarter partially offset by lower CDO asset management revenue from our European CLO due to the curtailment of subordinated management fees in the first quarter of 2017. We expect subordinated management fee payments for the European CLO to be somewhat volatile going forward. New…

Thanks, Joe. Please direct any investor question 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. Thank you all for joining us today. Operator, you can now end the call.