Greetings and welcome to the Gladstone Capital Corporation Fourth Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Gladstone, Chief Executive Officer. Thank you. Please go ahead.

Thank you, Donna. Very nice introduction and hello, everyone. This is David Gladstone, Chairman, and this is the earnings conference call for Gladstone Capital for the quarter ending and also this is the ending of our fiscal year at September 30, 2021. Thank you all for calling in, we're happy to talk with all the shareholders. And now we'll hear from our General Counsel, Michael LiCalsi who makes a statement regarding certain forward-looking statements. Michael.

Thanks, David. And good morning, everybody. Today's report may include forward-looking statements under the Securities Act of 1933 and the Securities Exchange Act of 1934, including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties that are based on our current plans so we believe to be reasonable. Many factors may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements, including all the risk factors in our Forms 10-Q, 10-K, and other documents that we file with the SEC and you can find them on the Investors page of our website, www.gladstonecapital.com. You can also sign up for e-mail notification service there or you can get the documents on the SEC's website at SEC.gov. And we undertake no obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law of today's call is an overview of our results we need to take a look at our press release from yesterday in our Form 10-K, and get some more detailed information in there. And again, those can be found on the Investors page of our website. Now with that, I'll turn it over to Gladstone Capital’s President Bob Marcotte. Bob.

Thank you, Michael. Good morning and thank you all for dialing in this morning. I will cover some of the highlights for the quarter and the fiscal year ended September 30 and concludes with some market commentary before turning the call to Nicole Schaltenbrand, Gladstone Capital CFO, to review our financial results and our capital and liquidity position. So beginning with our last quarter results, originations for the quarter came in at $27.6 million, all of which represented attractive add-on investments to several performing portfolio companies. We had no material repayments last quarter, so net originations totaled $24.8 million for the period. Interest income rose in line with asset growth and was up 3.9% over the prior quarter to $13.2 million. Other income, which is mostly dividend related, increased and contributed to the 5.1% increase in total investment income to 14.4 million for the quarter. Borrowing and administrative costs were unchanged for the quarter, while net management fees raised $600,000 with the increase in other levels and lower new deal origination fee credits. However, net investment income rose to $6.8 million or 20 Cents a share and fully covered the shareholder distributions without any incentive fee credits. Net assets from operations came in at $32.7 million or $0.95 per share, which included a robust 26 million of unrealized portfolio appreciation on the quarter. While we had several strong quarters of appreciation this year, with a loan market recovery from COVID, the increase this quarter was largely related to performance of a number of our equity investments. Notably, our investment magnetics, which was under contract at the end of quarter and is subsequently closed, represented about half of the total appreciation for the period. For the period, NAB raised $0.76 per share or 8.9% to $9.28 per share as of September…

Thanks Bob. Good morning, all. During the September quarter, total interest income increased $500,000 or 3.9% to $13.2 million. The investment portfolio weighted average balance increased by $24 million or 5.2% to $487.6 million compared to the June 30th, 2021 quarter. The weighted average yield on our interest-bearing portfolio declined by 20 basis points to 10.3% compared to the prior quarter, which was associated with the increased proportion of first-lien loans. Other income rose by $196,000 to $1.1 million and contributed to the 5.1% increase in total investment income to $14.4 million for the quarter. Total expenses rose by $500,000 quarter-over-quarter driven by an increase in net management fees associated with the increase in asset levels and lower new deal origination fee credit. Net investment income for the quarter ended September 30th was $6.8 million, which was an increase of $200,000 compared to the prior quarter or $0.20 per share, and covered a 102% of shareholder distribution. The net increase in net assets resulting from operations was $32.7 million or $0.95 per share for the quarter ended September 30th, compared to $18 million or $0.53 for the prior quarter. The current quarter increase was driven by the $26 million of net unrealized portfolio appreciation as covered by Bob earlier. A couple of notes on the performance for the full fiscal year. The fund was able to generate an increase in total assets of $107.3 million, despite the uptake in prepayments. An average earning asset rose 10.7% to $463 million over our fiscal 2021. The weighted average yield on earning assets declined from 11% to 10.6% for fiscal 2021. However, other income doubled, which helped lift total investment income by 12.2% to $53.8 million for the year. Net investment income rose 3.8% to $26.1 million as net management fees increased with…

All right. Very nice job, Nicole, Bob, Michael, you-all did a great job of informing our shareholders and analysts out there that follow the Company in summary just another solid quarter which capped a stellar year Gladstone Capital. Company executed $27 million in attractive add-on investments to support the growth and diversification of the existing portfolio with companies. Increased net investment income to $6.8 million, which was able to cover the current dividend without any incentive fee credits and delivered just another strong quarter portfolio performance, which begins with a cumulative net asset value per share increasing over the past year to $1.6 per share or a total return of $1.84 per share, or about 24.9% or let's just round it out to about 25% per year, for the past year. Bob, I'll say one thing. You've got to beat this year, next year. In summary, the Company continues to invest in growth-oriented lower middle-market businesses with good management. Many of these investments that we go into are to support mid-sized private equity funds that are looking for experienced partners to support the acquisitions and growth of the business they're investing in. This gives us an opportunity to make an attractive interest paying loan to support the ongoing commitments to pay cash distributions to stockholders. So it was a great quarter and a fantastic year. And now Operator, if you'll come on, and let's see if we have some good questions from our team that's out there and following us.

Well, we don't understand that, but I guess when you have a terrific year like this, it's hard for anybody to ask a question. It's going to be meaningful because I think the question we already asked was Bob, what you are going to do to top out. All right. Thank you all for calling in and that's the end of this conference.

Ladies and gentlemen, thank you for your participation. This conclude today's event. You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day.