Thank you for joining today's Capital Southwest Third Fiscal Quarter Earnings Conference Call. Participating on the call today is Bowen Diehl, CEO; Michael Sarner, CFO; and Chris Rehberger, VP of Finance. I will now turn the call over to Chris Rehberger. You have the floor.

Thank you. I'd like to remind everyone that in the course of this call we will be making certain forward-looking statements. These statements are based on current conditions, currently available information and management's expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from such statements. For information concerning these risks and uncertainties, see Capital Southwest's publicly available filings with the SEC. The Company does not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release except as required by law. I will now hand the call off to our President and Chief Executive Officer, Bowen Diehl.

Thanks, Chris and thanks to everyone for joining us for our third quarter fiscal year 2017 earnings call. Throughout our prepared remarks we will refer to various slides in our earnings presentation which can be found on our website at www.capitalsouthwest.com. We're pleased to report that the December quarter represented another quarter of progress towards our goal of building a premier middle-market lending firm with a diverse credit portfolio consisting of credits from both the lower middle-market and upper middle-market. A summary of our strategy can be seen on slides 5 and 6. We have seen solid portfolio growth at both Capital Southwest and at I-45, our senior loan fund joint venture with Main Street Capital. We have also had several realizations in the portfolio which we believe begin to provide our shareholders with tangible evidence of our track record and ability to generate attractive risk-adjusted returns in both of our target markets. Finally, we continue to execute under our shareholder-friendly, internally managed structure which we believe closely aligns our interest with the interest of our fellow shareholders to generate sustainable long term value through stable increasing dividends and NAV per share growth. As seen on slide 7, the evolution of our investment portfolio continues as 84% of our investable assets are now in securities-generating recurring cash income compared to 1% in mid-2014 when we began the transformation of Capital Southwest from equity to middle-market credit. As seen on slide 8, we have grown our own balance sheet credit portfolio during this time to over $150 million while experiencing over $33 million in prepayments along the way as detailed on slide 9. These realizations have generated a weighted average IRR of 32% with the highest IRR being generated from Hygea, our lower middle-market senior debt investment which included equity warrants.…

Thanks, Bowen. As seen on slide 15 excluding our equity investment in I-45, our investment portfolio mix was 73% debt and 27% equity at quarter-end. Our debt portfolio consisted of 60% first lien, 32% second lien and 8% secured subordinated debt. The weighted average yield on our debt portfolio was 10.3% for the quarter versus 10% for the previous quarter. As shown on slide 17, our NAV during the quarter increased by $6.5 million to $285 million or $17.88 per share which was mainly due to net portfolio appreciation. At quarter-end we had $33 million in cash available for investment activity and $15 million in debt outstanding. Turning to the income statement on slide 18, our investment portfolio produced $6.9 million in investment income with a weighted average yield on all investments of 10.78%. This represented an increase of $2.2 million or 47% from the previous quarter's investment income of $4.7 million. The increase was due to net investment growth in the credit portfolio during the quarter as well as an increase in the cash dividend from I-45 generated from short term realized gains. We incurred $3.1 million in operating expenses excluding tax and interest expense this quarter, an increase of $200,000 or 7% versus $2.9 million in the previous quarter. The increase in operating expenses was due primarily to legal fees related to corporate matters and an increase in share-based compensation during the quarter. For the quarter, we earned pre-tax net investment income of $3.4 million, or $0.21 per share compared to $1.8 million, or $0.11 per share in the previous period. We paid a $0.17 per share dividend on January 3 for the quarter ended December 31. Our net investment income exceeded our dividend this quarter by $0.04 per share which was due to a large realized gain at I-45 that occurred at quarter-end. Additionally, we continue to work toward our goal of receiving approval from the SBA for a new SBIC license with participation in the SBIC debenture program. As we previously mentioned, out of respect for the SBA and their licensing process we will only be providing updates on major milestones going forward. Finally, in regards to the share repurchase program currently in place we did not repurchase any shares during the quarter ended December 31, 2016. I will now hand the call back to Bowen for some final comments.

Thanks, Michael and thank you to our shareholders for giving us the opportunity to be stewards of your capital, a responsibility we take very seriously. We continue to thoughtfully and carefully execute our investment strategy, the creation of long term sustainable shareholder value, as our most important goal. This concludes our prepared remarks. I would like to turn the call over to the operator to open up the lines for Q&A.

Okay, thank you, operator and thank you to all participating on our call today. We look forward to keeping you apprised of our progress on future quarter calls. Again shareholder value creation is our absolute first priority and we intend to work hard to make that happen. Thank you very much and we hope everyone has a great week.

Thank you. Ladies and gentlemen, thank you again for your participation in today's conference call. This now concludes the program and you may now disconnect your telephone lines at this time. Everyone have a great day.