Latest news with #Fidus
Yahoo
10-05-2025
- Business
- Yahoo
Q1 2025 Fidus Investment Corp Earnings Call
Jody Burfening; Investor Relations; Fidus Investment Corp Ed Ross; Chief Executive Officer & Investment Committee Chair; Fidus Investment Corp Shelby Sherard; Chief Financial Officer; Fidus Investment Corp Robert Dodd Dodd; Analyst; Raymond James & Associates, Inc. Mickey Schleien; Analyst; Ladenburg Thalmann & Co. Inc. Sean Paul Adams; Analyst; B. Riley Securities Operator Good day, and welcome to the Fidus first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Jody Burfening from LHA. Please go ahead. Jody Burfening Thank you, Danielle, and good morning, everyone, and thank you for joining us for Fidus Investment Corporation's first quarter 2025 earnings conference call. With me this morning are Ed Ross, Fidus Investment Corporation's Chairman and Chief Executive Officer; and Shelby Sherard, Chief Financial Officer. Fidus Investment Corporation issued a press release yesterday afternoon with the details of the company's quarterly financial results. A copy of the press release is available on the Investor Relations page of the company's website at I'd also like to call your attention to the customary safe harbor disclosure regarding forward-looking information included on today's call. The conference call today will contain forward-looking statements, including statements regarding the goals, strategies, beliefs, future potential, operating results and cash flows of Fidus Investment Corporation. Although management believes these statements are reasonable based on estimates, assumptions and projections as of today, May 9, 2025. 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 Securities and Exchange Commission. Fidus undertakes no obligation to update or revise any of these forward-looking statements. With that, I would now like to turn the call over to Ed. Good morning, Ed. Ed Ross Good morning, Jody, and good morning, everyone. Welcome to our first quarter 2025 earnings conference call. On today's call, I'll start with a review of our first quarter performance and our portfolio at quarter end and then share with you our outlook for the rest of 2025. Shelby will cover the first quarter financial results and our liquidity position. After we have completed our prepared remarks, we'll be happy to take your questions. In the first quarter, deal activity in the lower middle market was at more modest levels, continuing the lackluster M&A trends we have been seeing. Including a couple deals held over from the fourth quarter, we continue to build our debt portfolio on the strength of our durable sponsor relationships, proven industry expertise and investment experience. Carefully and deliberately selecting portfolio companies that fit our strategy of investing in high-quality companies with resilient business models, strong cash flow generation and achievable prospects for growth. Consistent with our strategy, we co-invested in the equity of nearly all of the new portfolio companies. As a result, at quarter end, assets under management stood at approximately $1.2 billion on a fair value basis, up 6% compared to December 31, 2024. Adjusted net investment income for the quarter was $18.5 million compared to $18.1 million in the prior year Q1 2024. On a per share basis, adjusted NII was $0.54 compared to $0.59 for the same period last year, including the impact of incremental shares issued under our equity ATM program over the past 12 months. Net asset value was $677.9 million or $19.39 per share at quarter end compared to $655.7 million, or $19.33 per share as of December 31, 2024. For the first quarter, dividends paid totaled $0.54 per share, consisting of the base dividend of $0.43 per share and a supplemental dividend of $0.11 per share. For the second quarter of 2025, the Board of Directors declared a total dividend of $0.54 per share, which consists of a base dividend of $0.43 per share and a supplemental dividend of $0.11 per share, equal to 100% of the surplus in adjusted NII over the base dividend from the prior quarter, which will be payable on June 25, 2025, to stockholders of record as of June 13, 2025. Originations totaled $115.6 million for the first quarter, a $102.1 million of which was invested in seven new portfolio companies. Reflecting our practice of investing in industries we know well, most of our investments in new portfolio companies focused on business service companies with relatively high enterprise value multiples and we continue to structure our debt investments with attractive loan to values well less than 50%. Debt investments totaled $111.6 million, First lien securities accounted for approximately 94% of the total. We co-invested in the equity of six of the new portfolio companies for a total of approximately $4 million. Subsequent to quarter end, we invested $5.8 million in first lien debt and equity in another new portfolio company. Proceeds from repayments and realizations totaled $57.3 million for the first quarter, and we monetized equity investments in two portfolio companies. Medsurant Holdings and [Health views], both of which have been evaluating strategic alternatives for a realized gain of $13.3 million. With $58.3 million in net originations for the first quarter, our total portfolio on a fair value basis increased to approximately $1.2 billion equal to 100.5% of cost. Our debt portfolio totaled approximately $1 billion on a fair value basis, 79% of which consisted of first lien investments, and our equity portfolio stood at $137.8 million or 11.9% of the total portfolio at quarter end. Our portfolio is well diversified and is structured to produce both high levels of recurring income and the potential for capital gains from our equity investments. From a credit quality perspective, the portfolio remains healthy with companies on nonaccrual remaining under 1% of the total portfolio on a fair value basis and 3.9% of the total portfolio on a cost basis. With respect to the macroeconomic challenges and uncertainties associated with the administration's current trade policies, we believe our portfolio companies are reasonably insulated from the stresses and challenges that may lie ahead. Not only are they domestic businesses with limited tariff exposure, but the vast majority of them are niche market leaders with pricing power and proprietary services and products, and they have effective risk mitigation levers to pull as necessary. While M&A activity overall is currently slowing down because of market turbulence, a fluid macroeconomic environment and a higher level of uncertainty, we have a decent outlook for originations in the second quarter based on our new investment pipeline, which consists of both new investment opportunities and add-on investments in existing portfolio companies. As we look forward, we believe we are well positioned from a capitalization and liquidity position as we expect a more interesting investment environment, which we may have -- which we have experienced historically in periods of high volatility. And should economic conditions deteriorate, our debt portfolio is well positioned to weather a storm. As a vast majority of our portfolio companies possess resilient cash flow-generating business models that can absorb economic stresses and possess moderate leverage levels and robust equity capitalizations. As in the past, when we faced uncertainties and challenges, our philosophy of managing the business cautiously and deliberately in the long-term interest of our shareholders keeps us active and focused on generating attractive risk-adjusted returns while preserving capital. Now I'll turn the call over to Shelby to provide some details on our financial and operating results. Shelby? Shelby Sherard Thank you, Ed, and good morning, everyone. I'll review our first quarter results in more detail and close with comments on our liquidity position. Please note, I will be providing comparative commentary versus the prior quarter Q4, 2024. Total investment income was $36.5 million for the three months ended March 31, a $1 million decrease from Q4, driven primarily by a $1.1 million decrease in interest income primarily due to a decline in the weighted average yield on debt investments, a $0.9 million decrease in fee income given the decrease in prepayment and amendment fees in Q1, offset by a $1.1 million increase in dividend income from equity investments. Total expenses, including income tax provision, were $18.3 million for the first quarter $0.5 million less than Q4, driven primarily by a $1.8 million decrease in income tax provision related to the annual excise tax accrual in Q4, offset by a $0.5 million increase in interest expense related to higher average debt balances outstanding and an increase in the weighted average interest rate with the issuance of incremental debt in March 2025 and a $0.2 million increase in management and income incentive fees and a $0.5 million increase in the capital gains incentive fee accrual. Net investment income or NII for the three months ended March 31 was $0.53 per share versus $0.55 per share in Q4. Adjusted NII, which excludes any capital gains, incentive fee accruals or reversals attributable to realized and unrealized gains and losses on investments, was $0.54 per share in both Q1 and Q4. For the three months ended March 31, we recognized approximately $11.5 million of net realized gains net of income tax related to the sale of two portfolio companies. We recognized a gross realized gain of $10.1 million, not including the income tax provision on our equity investments in Medsurant Holdings and a $3.2 million realized gain on our equity investment in Health views. In March, we issued $100 million of five year unsecured debt with 6.75% coupon and received net proceeds of $96.9 million. We ended the quarter with $545.6 million of debt outstanding, comprised of $182 million of SBA debentures, $350 million of unsecured notes and $13.6 million of secured borrowings. Our net debt-to-equity ratio as of March 31 was 0.7 times. Our statutory leverage, excluding exempt SBA debentures, was 0.5 times. The weighted average interest rate on our outstanding debt was 4.8% as of March 31. Turning now to portfolio statistics. As of March 31, our total investment portfolio had a fair value of $1.2 billion. Our average portfolio company investment on a cost basis was $12.5 million, which excludes investments in four portfolio companies that sold their operations and are in the process of winding down. We have equity investments in approximately 85.4% of our portfolio companies with an average fully diluted equity ownership of 1.9%. Weighted average effective yield on debt investments was 13.2% as of March 31 versus 13.3% at the end of Q4. The weighted average yield is computed using effective interest rates for debt investments at cost, including the accretion of original issue discount and loan origination fees, but excluding investments on nonaccrual, if any. Now I'd briefly like to discuss our available liquidity. As of March 31, our liquidity and capital resources included cash of $67.5 million, $140 million of availability on our line of credit, $24 million of available SBA debentures, resulting in total liquidity of approximately $231.5 million. As reported, later this month, we plan to redeem $25 million of the notes due in January 2026. Now I'll turn the call back to Ed for concluding comments. Ed Ross Thanks, Shelby. As always, I would like to thank our team and the Board of Directors at Fidus for their dedication and hard work and our shareholders for their continued support. I will now turn the call over to Danielle for Q&A. Danielle? Operator (Operator Instructions) Robert Dodd, Raymond James. Robert Dodd Dodd Thank you. Bring out kind of like the environment, the tariff issue. I mean all of the -- like the vast majority or it should be reasonably insulated. I mean is that -- have you done any first versus second order effects. I mean obviously, we do have anybody based overseas. But any color you can give on like impacts from your companies that are importing goods versus where they doing something in the US but maybe their customers, some customers in overseas. I mean any additional color you can give on what the potential exposure is there? Ed Ross Sure. Absolutely. And good morning, Robert. Robert Dodd Dodd Good morning. Ed Ross I'm going to just talk about the portfolio for a quick stack here. But what I would say is overall, we continue to be very pleased with the performance and its overall quality. As always, we have some companies that are exceeding expectations and some that aren't and are underperforming. As we all know, we are experiencing a heightened level of uncertainty and tariffs have certainly entered the equation in a real way from that perspective. What I would say is Fidus's direct exposure to tariffs is quite limited, just over 5% of our portfolio from a direct material exposure perspective, meaning exposure to China and exposure to other high tariff entities. So pretty small percentage for sure. And I think what's more important is really based on our assessments, and we've talked and assessed really the plans that are high and medium risk companies put in place. And what I would say is we feel like the situations are very manageable. The plans that are being put in place are prudent. It's not going to be perfect. There is chaos out there trying to deal with the issues. But overall, we feel very good about the portfolio, the plans that the management teams are putting in place and the long-term outlooks ultimately for those businesses. So hopefully, that's helpful. But I think it's -- the percentage is quite low and then more importantly is really how are our portfolio companies dealing with the issues in tariffs, in particular, in what I would say is very proactively and there are risk mitigation levers out there that can be pulled that we feel good about. Robert Dodd Dodd Thank you for that. Kind of tied to the thing that like you described the M&A market as lackluster, which is not a surprising description, but also not surprising that it is given all these question marks. I think part of the question. What do you think needs to change for the M&A market to rebound. I mean is it tariffs going away? Or is it just for a example or is it tariff certainty? Or is it the uncertainty that's causing the lackluster market? Or is it the existence of these potential as these trade values at all, that's creating more of the problem there? Ed Ross It's a great question, Robert. My view is that it's the uncertainty. I think it is a more uncertain world today. And people are aware of that with uncertainty, spreads rise, right? Prices go down as we saw in the public markets. And until we have a little more stability -- and it's -- ultimately, I think we will. I don't think tariffs have to go away. It's just stability and then a new level playing field. And then I do think M&A will come back. The long-term fundamentals for M&A are quite strong. The current uncertain environment, obviously, has put a major dent in that market activity. But having said that, I'll also say in the lower middle market, we expect continued activity just at lower levels than even the lackluster levels. But there is activity. There's add-on activity. There's plenty of companies that really aren't very impacted by tariffs. And so we expect to continue to be active, maybe not at robust levels, but we do expect to continue to be active as we move forward. And there is a chance that it becomes a pretty interesting investment environment as well, meaning from a higher spread or higher opportunity perspective. But -- that hasn't occurred yet, but there is a chance. In previous periods of high volatility, that is what has occurred. And so we are prepared for that if it does. Robert Dodd Dodd Got it. Got it. Thank you for that color. I mean one more on the -- congrats on being proactive and dealing with next deal (inaudible) That's the question, right? Your next year's maturity, effectively sort of prefunded. I mean do you think are you -- do you think you need to do more adjustments to your financing structure ahead of the maturities next year because you had to? Or do you think what you've done currently is proactive and enough that everything a year, 18 months from now is dealable position to be dealt with already? Or are there more steps you need to take. But obviously, you backed it early. And good timing on that. Ed Ross Sure, sure. Great question. What I would say is, I think we've created some flexibility with the capital raises and that was the $100 million offering Shelby spoke about. Obviously, ATM program as well, raised about $20 million and it created some real flexibility for the near and medium term. Longer term, do we need to refinance unsecured notes. I think the answer to that is yes. There's multiple ways to do that. And so -- and obviously, we feel like the offering that we did in March was well received out there. We feel great about that. So we're well positioned to deal with the markets and refinancing. But what we have done is created flexibility for the near and medium term, which was part of the intent. I don't know if Shelby, you want to add anything? Shelby Sherard No, I would just echo that. I would say, ideally, I'd like to see us raise additional debt capital in the second half of this year. But if for some reason, rates are particularly unattractive or markets are closed, we have other ways of dealing with the remaining $100 million coming due in January of 2026. Robert Dodd Dodd Got it. Thanks a lot. Ed Ross Absolutely. Good talking to you, Robert. Operator Mickey Schleien, Ladenburg. Mickey Schleien Yes. Good morning, Ed and Shelby. Ed Ross Good morning, Mickey. Mickey Schleien Ed, you mentioned that M&A in the lower middle market, I guess, is sort of muddling along, but there's also just a tremendous amount of capital being created to serve private credit. Meanwhile, we saw increased risk perception recently leading to stability in spreads. So do you think that spread stability can hold? Or will the effects of all that capital reappear and drive spreads even lower? Ed Ross It's a great question, Mickey. I think, yes, it is competitive. I think it's less competitive in the lower middle market. And what I see today, which is for A+ credits and businesses spreads are probably pretty stable in an environment like this because there is pent-up demand to deploy capital in high-quality situations or very high-quality situations and a real flight to quality. I also think if there are some scratches or scars on portfolio companies armour or potential portfolio companies are armour, there may be opportunities for spread widening in a market like this. I don't think it will be in a huge way by any stretch of imagination, but in more complex situations, if you will. So I think it will remain competitive, absent further negative changes. But at the same time, the M&A market is not dead. It's just down, and there are some companies that need to wait, and there are some companies that don't. And so we are continuing to be active and busy, but just not at robust levels overall. Spreads, though, I don't expect big changes, but I think it's really asset dependent at the end of the day. Mickey Schleien Thanks for that explanation, Ed. Looking at your portfolio, the proportion of your portfolio companies rated one has increased now to 12%. Those are obviously your best performers, which is great. But it leads me to ask how much prepayment risk there is amongst those companies and how much comp protection do you have in the investments you've made in those companies? Ed Ross Sure, sure. So prepayment risk continues to be something that -- I think everyone deals with, and we clearly have to deal with. We had one mezzanine security that was prepaid last quarter. It should have been. It was very low levered and EBITDA had grown exponentially. And then we do have one company that's under contract to be sold. And so we expect that to happen. So that's both the debt and equity investment. And then we do have a couple of companies in our portfolio right now that we expect to be refinanced out of. So it's both M&A and refinancings, which is a typical quarter. And I think we've got a very high caliber portfolio. So they'll be -- that will continue. But -- it's something we've dealt with, as you know, for a long, long time, and it's just part of the business, but it's clearly transpiring in today's market for sure. Mickey Schleien Okay. I understand. My last question relates to Quest Software, which has been marked at pretty distressed levels for a couple of quarters. I realize, this is a second lien, but I'm curious what the challenges are there? And do you expect that credit to remain on accrual? Ed Ross That's a great question, Mickey. Quest is a full suite kind of provider of cybersecurity solutions for both large and small companies and government entities. This is a -- as I think you're acutely aware, this is a much larger and probably the one real large business in our debt portfolio as we sit here today. We believe the long-term outlook here is solid. We also think the company is over-levered and dealing with the impact of higher interest rates for a longer period of time. The market is concerned about a potential LME event, liability management execution, which has really hurt the valuations of the loans in the secondary market. But as some people know, and I'm sure you know, there's been a recent uptick in LMEs in the BSL market. which is very unfortunate. However, there was a court ruling at the end of last year, they really dampened the aggressiveness of such LME transaction. So that's a good and arguably necessary thing. But I would say is the risk profile of our investment is reflected in the valuation. So there's risk there, but we actually have a pretty strong belief system in the long-term outlook of that business and of that investment. Hopefully, that's helpful. Mickey Schleien Yes, that is. I appreciate that explanation. Those are all my questions this morning. I hope you have a good weekend. Ed Ross You too, Mickey. Good talking to you. . Operator Sean-Paul Adams, B. Riley Securities. Sean Paul Adams Hey, guys, good morning. Shelby Sherard Good morning. Ed Ross Hey, good morning, Sean Paul. Sean Paul Adams Thank you. Most of my questions were already answered. But on Quantum IR, I know it was at its nonaccrual last quarter, and you guys were last out, first lienholders. But can you provide any sort of update on this investment? I also see that there was a continued write-down in Vertex and [Sweden] Connector. Ed Ross Yes. So Quantum IR, there really isn't a material update other than we are continuing to have all hands on deck on that situation. And as I mentioned, I think last call, there's been a series of pretty company-specific and very negative events that impacted our debt and equity investments here. And what I'd say is the risk profile of our investments are reflected in the value of our debt and equity investments on our balance sheet. From the other two names you just mentioned. I don't think there's anything -- I think both companies are operating, obviously, and are doing decently well, but you have ups and downs from quarter-to-quarter, and that really is what reflected in the valuation. Nothing that we see as a big change at the moment, but both companies are stable and we and the management teams and the other capital providers to those situations are continuing to work in good manner to try to move things forward. And -- but no update other than just quarter-to-quarter type performance issues. Sean Paul Adams Got it. Appreciate the color. Thank you. Ed Ross Absolutely. Good talking to you, Sean Paul. Operator This concludes our question-and-answer session. I would like to turn the conference back over to Ed Ross for closing remarks. Ed Ross Thank you, Danielle, and thank you, everyone, for joining us this morning. We look forward to speaking with you on our second quarter call in early August 2025. Have a great day and a great weekend. Operator The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
30-04-2025
- Business
- Business Wire
Fidus Global Pioneers Next Wave of Warehouse Automation With Acquisition of Software Assets From Fulfilld
PARAGOULD, Ark.--(BUSINESS WIRE)-- Fidus Global, an innovative warehouse software solution and full-service controls engineering firm, today announced the acquisition of Fulfilld, Inc, makers of a Warehouse Management System (WMS) and AI-Powered Slotting Solution. The acquisition will provide a strong technical foundation that enables Fidus to expand beyond equipment control into broader warehouse management, accelerating progress to create the industry's first truly open-architecture automation suite that is poised to revolutionize the future of warehouse automation. 'Our core philosophy at Fidus has always been that technology should adapt to how people work, not force people and businesses to adapt to the technology,' remarks Aarron Hale, CEO of Fidus Global. With this acquisition, Fidus will gain key assets from Fulfilld—a WMS system and an AI-powered slotting solution—that accelerate progress toward Fidus' own open-architecture solutions that aim to provide customers true ownership, flexibility, and long-term control over their warehouse automation technology. Additionally, several key engineers from Fulfilld will join the Fidus team. 'Our core philosophy at Fidus has always been that technology should adapt to how people work, not force people and businesses to adapt to the technology,' remarks Aarron Hale, CEO of Fidus Global, 'and now with the integration of sophisticated core assets from Fulfilld, we are able to take meaningful steps to create a comprehensive approach that ultimately frees businesses from the limitations of closed, vendor-controlled systems across their entire warehouse operation. We are excited to welcome our new team members from Fulfilld, and plan to make significant strides towards an unrivaled open-architecture Enterprise Control Platform.' Fidus Global is committed to building the industry's first truly open-architecture Enterprise Control Platform (ECP)—a comprehensive automation suite that will give operators control over every aspect of their material handling ecosystem. To learn more about Fidus Global and the Fulfilld acquisition, please visit For press inquiries, please contact Kailee Ayers at kayers@ Fidus Global is a warehouse software solutions firm and a full-service controls engineering firm with a diverse range of expertise that spans across retail, eCommerce, logistics, and manufacturing. Fidus provides clients with exceptional solutions in industrial automation with a team composed of seasoned engineers from leading corporations including Amazon, FedEx, Tyson Foods, and Walmart. Through the launch of Pontem (Best IT Innovation Award 2025, MHI), the industry's first open architecture Warehouse Control System (WCS) that puts the customer back in control with both flexibility and scalability, Fidus Global is reshaping the future of warehouse automation.
Yahoo
25-02-2025
- Business
- Yahoo
Fidus Investment Corporation Schedules Fourth Quarter 2024 Earnings Release and Conference Call
EVANSTON, Ill., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Fidus Investment Corporation (NASDAQ: FDUS) ('Fidus' or the 'Company') today announced that it will report its fourth quarter 2024 financial results on Thursday, March 6, 2025 after the close of the financial markets. Management will host a conference call to discuss the operating and financial results at 9:00am ET on Friday, March 7, 2025. To participate in the conference call, please dial (844) 808-7136 approximately 10 minutes prior to the call. International callers should dial (412) 317-0534. Please ask to be joined into the Fidus Investment Corporation call. A live webcast of the conference call will be available at Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. A webcast replay of the conference call will be available two hours after the call on the investor relations section of the Company's website. ABOUT FIDUS INVESTMENT CORPORATION Fidus Investment Corporation provides customized debt and equity financing solutions to lower middle-market companies, which management generally defines as U.S. based companies with revenues between $10 million and $150 million. The Company's investment objective is to provide attractive risk-adjusted returns by generating both current income from debt investments and capital appreciation from equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives. Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus has elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the U.S. Small Business Administration as a Small Business Investment Company (SBIC). FORWARD-LOOKING STATEMENTS This press release may contain certain forward-looking statements which are based upon current expectations and are inherently uncertain, including, but not limited to, statements about the future performance and financial condition of the Company, the prospects of our existing and prospective portfolio companies, the financial condition and ability of our existing and prospective portfolio companies to achieve their objectives, and the timing, form and amount of any distributions or supplemental dividends in the future. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered, such as changes in the financial and lending markets and the impact of interest rate volatility, including the decommissioning of LIBOR and rising interest rates; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors related to changes in the markets in which the Company invests, changes in the financial, capital, and lending markets, and other factors described from time to time in the Company's filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and are based on information available to the Company as of the date hereof and are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to update any such statement now or in the future, except as required by applicable law. Company Contact:Shelby E. SherardChief Financial OfficerFidus Investment Corporation(847) 859-3938SSherard@ Investor Relations Contact:Alliance AdvisorsJody Burfening(212) 838-3777Jburfening@ in to access your portfolio
