Good day, ladies and gentlemen, and welcome to the Fidus Investment Corporation Fourth Quarter and Year-End 2013 Earnings Conference Call. (Operator Instructions). As a reminder this conference is being recorded. I would now like to turn the call over to your host for today Ms. Stephanie Prince of LHA. Ma’am, you may begin.

Thank you, Ben and good morning everyone. Thank you for joining us for Fidus Investment Corporation’s Fourth Quarter and Year-End 2013 Earnings Conference Call. With me this morning are Ed Ross, Fidus Investment Corporation’s Chairman and Chief Executive Officer, and Cary Schaefer, Chief Financial Officer and Chief Compliance Officer. Fidus Investment Corporation issued a press release yesterday afternoon with details of the company’s quarterly and annual financial results. A copy of the press release is available on the Investor Relations page of the company’s website at fdus.com. I’d like to remind everyone that today’s call is being recorded. A replay of today’s call will be available by using the telephone numbers and conference ID provided in the earnings press release. In addition an archived webcast replay will be available on the Investor Relations page of the company’s website at fdus.com following the conclusion of this conference call. I’d also like to call your attention to the customary Safe Harbor disclosure regarding forward-looking information included in the earnings release. The conference call today will contain certain forward-looking statements including statements regarding the goals, strategies, beliefs, future potential, operating results and cash flow of Fidus Investment Corporation. Although management believes these statements are reasonable based on estimates, assumptions and projections as of today, March 7, 2014 these statements are not guarantees of future performance. Time-sensitive information may no longer be accurate at the time of any telephonic or webcast replay. Actual results may differ materially as a result of risks, uncertainties, and other factors including but not limited to the factors set forth in the company’s filings with the SEC. Fidus undertakes no obligation to update or revise any of these forward-looking statements. I’d now like to turn the call over to Ed Ross. Ed?

Thank you, Stephanie and good morning everyone. Welcome to our fourth quarter year-end 2013 earnings call. Today I’ll begin with highlights of our results for the full year before discussing quarterly results and investment activity, the performance of our investment portfolio and current market conditions. I’ll then turn the call over to Cary who will go into more detail about our financial results and liquidity position before we open up the call for questions. Fidus had an outstanding 2013. We met our key strategic goals during the year, including covering shareholder distributions from adjusted net investment income, further increasing the diversification of our portfolio and generating attractive risk adjusted returns for our shareholders. Our portfolio grew by 12% to $307 million and we ended the year with 37 portfolio companies, up from 30 at the end of 2012. In addition our portfolio generated attractive risk-adjusted returns for our shareholders in 2013 including an increase in adjusted net investment income of 27% to $20.9 million or $1.54 per share plus realized net capital gains of $30.2 million or $2.24 per share. We ended the year with a net increase in net assets from operations of $27.2 million or $2.01 per share, a 40% increase. We also received approval for our second SBIC license which gives us access to an additional $75 million in attractive low cost long-term SBA debentures. And we raised $29 million in net proceeds from a follow on equity offering at a price accretive to net asset value. As a result we paid cash dividend of $1.94 per share comprised of two special dividends totaling $0.42 per share and our regular quarterly dividend totaling $1.52 per share. We also retained a portion of the realized capital gains for future growth by declaring a deemed distribution for stockholders of…

Thank you Ed and good morning everyone. I’ll now review our fourth quarter and full year 2013 results in more detail and close with comments on our liquidity position. Total investment income was $11.2 million for the three months ended December 31, 2013, an increase of $1.6 million or 16.5% over the $9.6 million of total investment income for the three months ended December 2012. This increase was primarily attributable to an increase in investment activity and average outstanding debt investments during the fourth quarter 2013 compared to the fourth quarter of 2012. Interest income increased 13% to $9.8 million compared to $8.7 million in the prior year quarter. Dividend income increased $0.1 million primarily due to a higher amount of income producing preferred equity investment as well as distributions from portfolio companies. Fee income which fluctuates from quarter-to-quarter depending on the level of new investment or prepayment activity was $927,000 for the fourth quarter of 2013 compared to $512,000 in last year’s fourth quarter. This reflects the high level of portfolio activity from our investments in five new companies that closed during the quarter, first fees related to the repayment realization activity in six portfolio companies that Ed mentioned earlier. Total expenses, including income tax provision were $5.3 million for the fourth quarter, an increase of $0.4 million or 7.6% over the $4.9 million of total expenses for the same period last year. Interest expense on our SBA debentures was approximately $1.8 million for the fourth quarter of 2013 consistent with the fourth quarter of 2012. As at December 31, 2013 the weighted average fixed interest rate on our SBA debentures remained at 4.6% before fees. The base management fee increased $0.1 million due to higher average outstanding total assets less cash during the fourth quarter 2013. The income…

Thanks Cary. I would like to thank the outstanding team at Fidus for their hard work over the past year and our shareholders for their continued support. I’ll now turn the call back over to Ben for Q&A. Ben?

(Operator Instructions). Our first question today comes from the line of Chris Kotowski from Oppenheimer. Your line is open. Please go head. Chris Kotowski – Oppenheimer & Co.: Yeah I am just curious, as to credit quality has been too good to be true for quite a long time and this is the first non-accrual we’ve seen in a long time. And now I am wondering do you see this just as part of a trend of normalizing or is this is a one-off situation or how would you characterize it?

Sure Chris, great question. I think let me just touch on the overall portfolio which I think will be helpful. We feel as I stated very good about the overall health of our portfolio. It is a situation and we’ve talked about this is in the past that we’ve many companies that are exceeding expectations and then we have a few companies that are not meeting expectations. And at the end of the day we would expect to have – we are taking real risk, earning the returns that we are getting and so we would expect to have a certain number of companies in our portfolio to not be meeting expectation, and in this case it’s non-accrual, it is a company that has been impacted by some of the headwinds that are impacting certain companies in the casual dining sectors and it’s also operating in certain geographic regions that have higher unemployment rates that the national average. So it’s kind of had a full set of headwinds, if you will. So I view this more as a one-off situation. I don’t think it’s indicative of our portfolio at all. And I think as I said in our prepared remarks I think we feel very good about the construction and overall health of our portfolio. But again having said that we are always going to have a few that are not meeting expectations and that we are managing very closely which is the case for sure. Chris Kotowski – Oppenheimer & Co.: Okay. Fair enough. And then also I am wondering just how much – being an SBA funded BDC you have access to more leverage than the average BDC and you highlight the dry powder that you have with $53 million of cash and $80.5 million in the SBA. And how – philosophically speaking, how much leverage do you – how do you look at the leverage and how much would you tolerate on the balance sheet of the BDC?

Sure, that’s a great question Chris. And I think we feel fortunate that the SBA and benefit of – the SBIC funds that we have and the benefits that come with that from a regulatory perspective and then we to the extent we want to or even need to we can run a little bit more leveraged than the average BDC. Having said that I don’t think we want to be in too leveraged position or an outlier in the industry I am not sure that’s overly healthy as well. So I think we feel at comfortable positions today from a leverage perspective. We could go up in leverage a little bit but I don’t think we intend on trying to just absolutely maximize and go outside of the norm from a BDC perspective. So I think we like the flexibility of it and the position that we have especially related to the benefits of the SBA programs. But I don’t think we are going to be an outlier either. Chris Kotowski – Oppenheimer & Co.: Okay. Thank you. That’s it from me.

Okay. Thank, Chris.

Thank you. (Operator Instructions). Our next question comes from the line of Robert Dodd of Raymond James. Your line is open. Please go ahead. Robert Dodd – Raymond James: Hi guys. Just a question on kind of the outlook as I always kind of hop on about, you mentioned that on the call you don’t expect repayment realization activity to be as high in 2014 as it was 2013 and you have talked before about having a pipeline with ramping up and excuse me if I have missed some of your comments on the call. Can you give us a bit more color on what you expect maybe in mix of activity in 2014 if you are seeing anything more from your pipeline in terms of like is it going to be brand new LBOs, do you expect more recaps but expect to participate in them [inaudible] out I mean can you give us anymore color?

Sure. I am going to try to take that question in a couple facets, one, just talking about repayments for a second. Clearly repayments were at what I would consider a pretty high level in 2013 and I would say that was probably a one in the [inaudible] you go back to 2012 you know I think the number was more in the $25 million to $30 million range versus $131 million so what our expectation would be in 2014 is it would be somewhere in between those two numbers. As we sit here today and this is obviously today’s point in time we don’t see getting anywhere near to $131 million and so we don’t see kind of refinancing activity coming our way. We do see some M&A driven repayments sometime during 2014 meaning there are discussions going on with some of our portfolio companies but as you know it’s impossible to predict but we do and we are just a bigger company today so going back to 2012 that’s probably 20 but we also think $131 million is pretty high. So hopefully that is helpful from a repayments perspective. On the origination side you know I think we feel very fortunate that over the past year our deal flow has been strong and it’s been meaningfully up for us as we calculate which is just deal flow coming into that, into the shop and that’s driven by a very concerted effort on the part of our company and our partners of trying to drive deal flow and originations. It doesn’t mean that it’s not harder to get deals done today, it doesn’t mean that we are not being extremely judicious and deliberate and thoughtful in terms of the assets that we are ultimately putting on our books. So…

It’s a great question. I think pontificating here a little bit but I think over time I think that does help us. I do think there will be an increase in opportunities over time and I do think it’s going to be more difficult for banks to deploy highly leverage loans on their balance sheet. Having said that over the past 18 to 24 months as you all know there has been an increase in appetite by banks to do cash flow lending, not at crazy leverage levels but they have been more active. At the same time we don’t view that as a negative. We view that as a potential source of capital that we can ultimately partner with to effect transactions. You know I do think they are more active. They are one of the groups of competitors out there that are getting more active in the market but I do going back to your initial question believe long term is a fundamental positive for non-bank lenders and particular BDCs. Robert Dodd – Raymond James: Okay, great. Thank you.

Yeah, absolutely good talking to you, Robert.

Thank you. And with no further questions in queue I would like to turn the conference back over to Mr. Ed Ross for any final remarks.

Well, thank you Ben and thank you everyone for joining us this morning. We look forward to speaking with you on our first quarter call in early May. Hope everyone has a great day and a great weekend and thank you again.

Ladies and gentlemen thank you for your participation in today’s conference. This does conclude the program and you may all disconnect. Have a great rest of your day.