Please note that this call is the property of Fifth Street Finance Corp. Any unauthorized rebroadcast of this call in any form is strictly prohibited. Before we go into our earnings portion of the call, I would like to call your attention to the customary Safe Harbor disclosure in our July 8, 2011 press release regarding forward-looking information.
Today’s conference call includes forward-looking statements and projections and we ask that you 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 projections. We do not undertake to update our forward-looking statements unless required by law. To obtain copies of our latest SEC filings, please visit our website or call Investor Relations at 914-286-6811.
The format for today’s call is as follows. Len will provide an overview, Bernie will provide an update on our capital structure, and Bill will summarize the financials, and then we will open the line for Q&A.
I will now turn the call over to our CEO, Len Tannenbaum.Leonard M. Tannenbaum Thank you, Stacey. This has been a year of changing debt markets. Pricing has fluctuated quickly from floppy to normal and back again during the entire first half of the year. So far, we have been premature on our view of interest rates as the Federal Reserve seems determine to keep interest rates near zero. However, we are well position to realize an immediate earnings benefit when interest rates eventually begin to rise. Our investment grade rating and expanded leading capacity are beginning to pay dividends both in terms of our relationships with lenders, as well as the private equity community. Our newly earned rating enables us to lower our cost of capital so further and later add our liability structure. The increased size and flexibility in our financing vehicles also enables us to offer more complete solutions for our clients, and senior only, one step, secondly in mezzanine and equity call investments.