Golub Capital BDC, Inc.

Hello, everyone, and welcome to GBDC's earnings call for the quarter ended March 31st. Before we begin, I'd 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 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 GBDC's SEC filings. For materials we intend to refer to on today's earnings call, Please visit the Investor Resources tab on the homepage of our website, which is www.golubcapitalbdc.com, and click on the Events Presentations link. As a reminder, this call is being recorded for replay purposes. I'll now turn the call over to David Golub, Chief Executive Officer of GBDC. David?

Thanks, John. Hello, everybody. Thanks for joining us today. I'm joined here by Chris Ericson, our Chief Financial Officer, Greg Robbins, Senior Managing Director, and John Simmons, Managing Director here at Golub Capital. Yesterday, we issued our earnings press release for the quarter ended March 31st, and we posted an earnings presentation on our website. We're going to be referring to this presentation throughout the call today. For those of you who are not familiar with GBDC, Our investment strategy is to focus on providing first lien senior secured loans to healthy, resilient middle market companies that are backed by strong partnership-oriented private equity sponsors. The headline for this quarter is that GBDC had another strong, consistent performance, and that came despite a very challenging macro backdrop, which included rising interest rates, continuing supply chain issues, the Russia-Ukraine war, and a significant down draft in equity and fixed income markets. For the March 31 quarter, adjusted NII per share before the capital gain incentive fee accrual was $0.30, adjusted EPS was $0.39, and ending NAV rode from $15.26 per share to $15.35 per share. During the quarter, GBDC made a quarterly distribution of $0.30 per share. We believe our results highlight the resilience of our strategy, and we'll talk some more about that over the course of today's call. Now I'll hand the floor to Gregory, John, and Chris to elaborate on GBDC's performance for the quarter. And after that, I'm going to provide some closing commentary, talk about our outlook, and then I'll open the floor for questions. Gregory, over to you.

Thank you, David. I'm going to begin on slide six, which describes two key themes that contributed to GBDC's success during the quarter. The first theme is strong portfolio performance. I'd call your attention to the Golub Capital Middle Market Report, or GCMMR, from March 31st, which we published several weeks ago. The median earnings growth rate in January and February from 2021 to the same period in 2022 was nearly 10%. Although GDP fell by an annualized 1.4% in Q1 in inflation-adjusted terms, Golub Capital portfolio companies continue to perform well. This is not only reflected in strong credit results. We'll take a closer look at the data later in the presentation. It is also reflected in the second key theme for the quarter, net portfolio growth. Golub Capital's origination was above our expectations. We expected the first calendar quarter to be slow. It typically is. And we expected that dealmakers, would need to catch their breath after a really busy 2021. We were right in part. M&A was not particularly strong. However, Golub Capital's origination in calendar Q1 exceeded our expectations primarily because our portfolio companies were playing offense. They were closing out on acquisitions and executing growth programs which created new investment opportunities for Golub Capital. Origination and existing borrowers, what we call incumbencies, across the platform represented over 70% of all originations this quarter. In calendar Q1, GBDC's net portfolio growth also had a tailwind from unusually low repayments. Moving on to slide seven, this slide provides a bridge from GBDC's $15.26 NAV per share as of 12-31 to its increased $15.35 NAV per share as of 3-31. Let's walk through the bridge. Adjusted NII per share was 27 cents. Dividends per share paid during the quarter was 30 cents. And adjusted net realized and unrealized gains per share were 12 cents. Let's now take a closer look at our results for the quarter. And for that, let me hand the call over to John Simmons to walk you through the results in more detail. John?