Golub Capital BDC, Inc.

Welcome to the Golub Capital BDC, Inc.'s December 31, 2019 Quarterly Earnings Conference Call. Before we begin, I would like to take a moment to remind our listeners that remarks made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts made during this call may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Golub Capital BDC, Inc.'s filings with the Securities and Exchange Commission. For materials the company intends to refer to on today's earnings conference call, please visit the Investor Resources tab on the homepage of the company's website at www.golubcapitalbdc.com and click on the event presentations link. Golub Capital BDC's earnings release is also available on the company's website in the investor resources section. As a reminder, this call is being recorded for replay purposes. I will now turn the call over to David Golub, Chief Executive Officer of Golub Capital BDC.

Thanks, Christine. Hello, everyone. Thanks for joining us today. I'm joined by Ross Tooney, our chief financial officer, Greg Robbins, and John Simmons, both managing directors here at Gallup Capital. Yesterday in the morning, we issued our earnings press release for the quarter ended December 31st, and we posted an earnings presentation on our website. We'll be referring to that presentation throughout today's call. For those of you who are new to GBDC, our investment strategy is, and since inception has been, to focus on providing first lien senior secured loans to healthy resilient middle market companies backed by strong partnership oriented private equity sponsors. Gregory's gonna start today with an overview of GBDC's results for the first quarter of 2020. Ross will then review those results in more detail and I'll close with an update on our market outlook. Let me just start with the headline. Quarter ended December 31st was another solid, consistent quarter for GBDC. Last quarter, you'll recall that GBDC's reported GAAP results were complicated by one-time non-cash accounting items related to our merger with College Capital Investment Corporation, or GCIC. We said we expected GAAP net income beginning in the first fiscal quarter of 2020 to more clearly reflect GBDC's fundamental economic performance, and we believe it does. and we believe it will continue to do so going forward. Our first fiscal quarter post-merger results show strong GAAP EPS in excess of our regular distributions per share of 33 cents a quarter, driven by solid net investment income and two cents per share of net realized and unrealized gains. With that, I'll turn the call over to Gregory who will begin to go through the details.

Thank you, David. Before I go through the details, please note that in addition to the GAAP financial measures in the investor presentation, we have provided certain non-GAAP financial measures to make GBDC's post-GCIC merger financial results easier to compare to our pre-merger results. These non-GAAP measures, referred to as adjusted measures, seek to strip out the impact of the merger-related purchase premium write-off and amortization. and are further described in the appendix of our earnings presentation. We will refer to the adjusted measures where appropriate, as we think they are better indicators of performance. With that context, let's turn to slide three to look at the results for the quarter. Adjusted net investment income per share, or as we call it, income before credit losses, for the quarter ended December 31st, 2019, was 33 cents. This compares to adjusted net investment income per share for the prior quarter. Adjusted net realized and unrealized gain per share was two cents. This compares to adjusted net realized and unrealized gain per share of two cents for the September 30th quarter. Earnings per share and adjusted earnings per share for the quarter ended December 31st, 2019 were 35 cents. As we communicated last quarter, we expect earnings per share will equal adjusted earnings per share going forward as any purchase premium amortization should be offset by a corresponding reversal of the unrealized depreciation on the loans acquired from GCIC in the merger. Adjusted earnings per share for the quarter ended December 31st, 2019 of 35 cents remain unchanged from the prior quarter. On December 31st, 2019, we paid a quarterly distribution of 33 cents per share, an increase of one cent from before the GCIC acquisition. In addition, we also paid a special distribution of 13 cents per share, our fourth consecutive calendar year in which we have paid a special distribution. Absent this special distribution, our NAV per share would have increased this quarter. Primarily as a result of this special distribution, our NAV per share declined to $16.66 as of December 31st, 2019, from $16.76 as of September 30th. Finally, on February 4th, 2020, our board declared a quarterly distribution of 33 cents per share, which is payable on March 27th, 2020 to stockholders of record as of March 6th. I'll now hand the call over to Ross to go through more details.