Len Tannenbaum:
Thank you Robin, welcome to Fifth street asset management first quarterly earning conference call. I would like to thank our current shareholders, prospective shareholders and analyst for joining us today. We look forward to providing consistent updates as we continue to expand our asset management platform, although we were not public during the 3rd quarter of 2014 we decided to have a call to discuss this quarter’s results because we believe it’s important to have open communication with investors and analysts prior to reporting our 4th quarter numbers early next year. Additionally, I would like to thank our employees which now total almost a hundred individuals for all their hard work and contributions as we continue to grow ourselves.
I am very excited and proud to be here today as FSAM’s Chief Executive Officer, after taking the company that I started public at the end of October. Before we begin I would like to take a minute to introduce the other four members of our management committee. I am joined today by Todd, Alex, Bernie and Ivelyn. Bernie Burman our co president one of Fifth street co-founders has been with the company for over 10 years. Todd Owens our other Co-President joined us after 24 years at Golden Facts, where he was a partner and held various activities during his 10 years including head of the west coast financial institutions group. Ivelyn Demetrov chief investment officer has almost been with Fifth street for almost 10 years and leads our investment profits including our credit underwriting, risk management and credit approvals. Lastly but not leastly Alex Frank our chief financial officer was the CFO of Children investment company, has spent 22 years of mortgage sternly where he served in variety of capacities including as global head of institutional operations.
The public offering of FSAM in late October has already had a positive impact in our business, the increased transparency and improved capitalization of operating as a public asset manager has accelerated our conversations with institutional investors and we are increasingly confident in our ability to grow our institutional business. Traditionally the IPO is perfectly valuable has been pursuing strategy to develop an institutional business in Japan which may anticipate to include to opening in Tokyo office in 2015. Further we have seen an increase in hiring opportunities as well as acquisition flow which we believe is partially due to our public currency. Lastly, as we discuss on our road trip the IPL has allowed us to source a 176 million dollars 5 year syndicated senior unsecured revolving credit facility that is attractively priced at libor + 200. The credit facility should provide us with the necessary financial flexibility support for our continued expansion. For the quarter ended at September 30th of 2014, FSAM generated 24 cents which is just net income per share which is principally driven by AUM and earnings increase in our 2 business development companies Fifth Street Finance Corp and Fifth Street Senior Floating Rate Corp.
