Good morning, ladies and gentlemen, thank you for standing by. Welcome to Saratoga Investment Corp’s Fiscal First Quarter 2015 Financial Results Conference Call. Please note that today’s call is being recorded. During today’s presentation all parties will be in a listen-only mode. Following management’s prepared remarks we will open the lines for questions. At this time, I would like to turn the call over to Saratoga Investment Corp’s Chief Financial Officer Mr. Henri Steenkamp. Sir, please go ahead.

Thank you operator. I would like to welcome everyone to Saratoga Investment Corp's fiscal first quarter 2015 earnings conference call. Today's conference call includes forward-looking statements and projections. We ask you to refer to our most recent filings with the SEC for important factors that could cause actual results to differ materially from these forward-looking statements and its projections. We do not undertake to update our forward-looking statements unless required by law. Today, we will be referencing a presentation during our call. You can find our Q1 2015 presentation in the Events & Presentations section of our IR website. A link to our Investor Relations page is in the earnings press release distributed last night. A replay of this conference call will also be available from 1 pm today through July 21st. Please refer to our earnings press release for details. I would now like to turn the call over to our Chief Executive Officer, Christian Oberbeck, who will be making a few introductory remarks.

Thank you, Henri and welcome everyone. Although it has been a relatively short period of time since we last caught up with all of you related to our fourth quarter of fiscal year 2014 we are pleased to have this opportunity to further update you on our firm and our first quarter results. In the fiscal first quarter of 2015, we continue to make progress toward a long term strategy of strengthening our financial foundation by expanding our assets under management to $219 million from $206 million at the end of fiscal year 2014 and improving our investment quality and credit. As you can see on slide two, the upward trend in terms of quality and quantity of our assets has continued. With $219 million under management we’ve seen a 6.3% increase in our assets under management since last quarter with over 78% of our investments holding the highest internal rating that we award. The continued increase in assets during this quarter is also reflected in some of our key performance metrics this quarter compared to the quarter ended February 28, 2014, with adjusted net income per share increasing 11% from $0.36 a share to $0.40 a share and adjusted net investment income yield increasing 50 basis points from 6.9% to 7.4%. With that I would now like to turn the call back over to Henri to review our full financial results as well as the composition and performance of our portfolio.

Thank you, Chris. Looking at our key performance metrics on slide three, we see that for the quarter ended May 31, 2014, our net investment income was $2.1 million or $0.58 on a weighted average per share basis. Adjusted for the incentive fee accrual related to net unrealized capital gain in the second incentive fee calculation, our net investment income was $2.2 million or $0.40 per share. This represented a decrease of $0.4 million as compared to the same period last year but a $0.6 million increase compared to the quarter ended February 28, 2014. In the first quarter of 2015, we experienced a net loss on investment of $0.3 million or $0.05 on a weighted average per share basis resulting in a total increase in net assets from operations of $1.8 million or $0.53 per share. A net realized gain of $0.1 million was offset by net unrealized depreciation of $0.4 million. Net investment income yield as a percentage of average net asset value was 7.1% for the quarter ended May 31, 2014. Adjusted for the same incentive fee accrual, the net investment income yield was 7.4% for the same quarter. This is an increase of 50 basis points from 6.9% for the quarter ended February 28, 2014. Return on equity was 6.1% for this quarter. These are performance metrics that we feel are important indicators of how successful we are in pursuing our strategy of growing the asset base building scale and generating competitive yield while continuing to focus on the quality of our portfolio. Our total investment income for the fiscal first quarter 2015 was $6.1 million, an increase of $0.1 million or 2% compared to the same period in 2014 and an increase of $0.4 million or 8% from the quarter ended February 28, 2014. Our…

Thanks Henri. I’d like to take a couple of minutes to update everybody on the current market as we see it. With only six weeks having passed since we last spoke current market conditions remained extremely competitive as there is an abundance of capital chasing a historically low volume of new investment opportunities. This dynamic is particularly evident at the larger end of the middle market. As you can see on slide eight, middle market leverage now equals pre-crisis levels. At the same time, pricing has continued to contract considerably. We are still seeing a consistent flow of investment opportunities where in our view the debt providers are underpricing and taking on too much risk. In this environment, we believe our shareholders will benefit from our experienced investment perspective and our disciplined approach to deploying capital. We continue to reside on the lower end of the middle market and believe this is the place to be on a relative basis with the best risk adjusted returns. There are also substantial opportunities found here as banks and other capital providers are less focused on this end of the market. Moving onto slide nine, you will see on the left side of this slide that middle market volume albeit steady, remains well below pre-crisis levels. Institutional investors continue their move back into the middle market loans as institutional volume remains the main driver of the recent increase in total loan volume. Similar to trends for large corporate borrowers, pro rata loans continued to lose ground to institutional deals. On the right side of slide nine, you can see that as a result of the favorable lending environment, average senior debt multiples for new middle market loans increased to approximately 4.9 times, an increase from 2013’s average senior debt multiple of 4.5 times.…

Thank you, Mike. Moving on to slide 10, our final slide, our objectives remain consistent with what we have previously discussed with you all last quarter. We have achieved much and continue the execution of our long-term strategy to expand our asset base without sacrificing credit quality while benefiting from scale. We also continue to increase our capacity to source, analyze, close and manage our investments by adding to our management team. Our primary focus remains on maximizing the potential 20% plus returns on the equity invested in our SBIC and utilizing the 2:1 leverage that provides. This is the optimal means to increase our assets under management and net investment income yield, enabling us to increase returns to shareholders and achieving growth in our net asset and stock values. Along with our objectives of increasing our net assets and total returns to shareholders, our actions to increase assets under management are geared towards best positioning ourselves to begin paying regular quarterly cash dividends. In closing, I would again like to thank all of our shareholders for their ongoing support. We are excited for the growth and profitability that lies ahead for Saratoga Investment Corp. And I would now like to open the call for questions.

Thank you. (Operator Instructions). And sir, I'm not showing any questions at this time; I would like to turn the call back over to you.

Seeing as there are no questions, we want to thank everyone for joining us today. We will look forward to speaking with you all next quarter. Thank you very much.

Ladies and gentlemen, thank you for participating in today's conference. This does conclude today's program. You may all disconnect. Everyone, have a great day.