Ladies and gentlemen, thank you for standing by. Welcome to the Main Street Capital Second Quarter Earnings Conference Call. [Operator Instructions] Today's conference is being recorded, August 3, 2012. I would now like to turn the conference over to Ben Burnham of DRG&L. Please go ahead.

Thank you, Alicia, and good morning, everyone. Thanks for joining us for the Main Street Capital Corporation's Second Quarter 2012 Earnings Conference Call. Joining me today on the call are Chairman and CEO Vince Foster; President Todd Reppert; and Chief Financial Officer Dwayne Hyzak. Main Street issued a press release yesterday afternoon that details the company's quarterly financial and operating results. This document is available on the Investor Relations section of the company's website at www.mainstcapital.com; it's main S-T capital.com. If you would like to be added to the company's e-mail list to receive press releases, please call (713) 529-6600. A replay of today's call will be available beginning about an hour after the completion of the call and will remain available until August 10. Information on how to access the replay is included in yesterday's press release. We also advise you that this conference call is being broadcast live through an Internet webcast that can be accessed on the company's web page. Please note that information reported on this call speaks only as of today, August 3, 2012, and therefore, you are advised that time-sensitive information may no longer be accurate as of the time of any replay listening. Our conference call today will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's estimates, assumptions and projections as of the date of this call, and they are not guarantees of future performance. Actual results may differ materially from the results expressed or implied in these statements 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. During today's call, management will discuss non-GAAP financial measures. Please refer to yesterday's press release, which can be found on the company's website, for a reconciliation to the most directly comparable GAAP financial measures. And now with that, I'd like to turn the call over to Vince.

Thanks, Ben, and thank you, all, for joining us today. I will comment on the performance of our investment portfolio, discuss our recently announced dividend increase and our dividend outlook, highlight our origination activity and conclude by commenting on the current investing environment. Following my comments, Todd will cover our second quarter portfolio activity in more detail and our current liquidity position, and Dwayne will comment on our second quarter financial results, after which we will take your questions. Our investment portfolio continues to deliver strong performance during the second quarter. Our lower middle market investments appreciated during the quarter by $13.5 million on a net basis, with 21 of our investments appreciating during the quarter and 5 depreciated. And our middle market investments appreciated by $1.1 million during the quarter. We finished the quarter with a net asset value per share of $16.89, a sequential increase of $1.17 a share over the last quarter. Our lower middle market portfolio companies ended the quarter with $80 million in cash on their balance sheets and averaged a very conservative net-debt-to-EBITDA ratio of 1.9:1 through our debt position and 2.2:1 including all debt. Earlier this week, we announced that our Board declared an increase in our monthly dividend payout to $0.15 a share beginning with the October dividend. This brings our quarterly dividend payout rate to $0.45 a share, an 11.1 increase over the fourth quarter of 2011 payout rate. This was also our third dividend increase so far in 2012. We have increased our quarterly dividend payout by over 36%, from $0.33 per quarter at the time of our 2007 IPO, and have never decreased our dividend payout or made a return of capital distribution, thus continuing our commitment to sustainability and growth in our dividends. Our spillover taxable income is…

Okay. Great. Thanks, Vince, and good morning, everyone. We are very pleased to report another strong quarter, which reflects our long-term strategy of realizing sustainable growth in earnings and dividends per share, while also generating meaningful growth in NAV per share. Our second quarter 2012 investment activity included total gross investments of approximately $163 million, including investments in 3 new lower middle market companies and 22 new middle market companies. We also received approximately $50 million in total cash payments and exit proceeds during the quarter, which primarily related to the middle market component of the portfolio. This June 30 we have exited -- or excuse me, executed 3 term sheets for a new lower middle market investments and have closed approximately $12 million of net middle market investment activity. I'm also pleased to report that our overall portfolio performance remained strong and the portfolio continues to improve its diversification by issuer, industry, end markets and geography. At June 30, we had investments in over 130 portfolio companies that are in approximately 50 different industries across both the lower middle market and middle market components of our portfolio. The largest portfolio company investment represents just over 2% of our assets and the majority of the portfolio investments represent less than 1% of our assets. This increasing diversity adds structural protection to our portfolio, our revenue sources and our cash flow, which translates into structural protection for our shareholders. Our portfolio companies are performing well so far in 2012, with most of the portfolio experiencing growth in operating metrics such as revenues, earnings and backlog. These operating trends are reflected in the improving lower middle market portfolio company credit statistics, that Vince referenced in his comments, as well as our net portfolio appreciation during the first 6 months of the year.…

Thanks, Todd. As Vince and Todd previously mentioned, we are happy to report significant increases from the prior year in both total investment income and distributable net investment income, significant appreciation in our investment portfolio and a significant increase in net asset value per share for the second quarter ended June 30, 2012. Total investment income for the second quarter increased by 29% over the same period in 2011, to a total of $20.8 million for the quarter. This increase was primarily driven by increased amounts of interest income associated with higher average levels of portfolio debt investments. The increase in investment income in the second quarter included an increase of approximately $400,000 and investment income associated with higher levels of accelerated prepayment activity for certain portfolio debt investments and marketable securities investments in comparison to the second quarter of 2011. The whole amount of investment income for the second quarter of 2012 from such prepayment activity was approximately $900,000, or $0.03 per share. Second quarter 2012 operating expenses, excluding non-cash, share-based compensation expense, increased by $1.3 million over the second quarter of 2011, to a total of $7.4 million. The operating expense increase was primarily due to higher interest expense as a result of increased borrowing activity under our credit facility, and the issuance of $10 million of SBIC debentures subsequent to the second quarter of 2011. The increase also included higher accrued compensation and other operating expenses related to the increases in investment income and the investment portfolio, compared to the second quarter of prior year. The ratio of our total operating expenses, excluding interest expense, as a percentage of average total assets, which we believe is a key metric in evaluating our operating efficiency, was 1.9% on an annualized basis for the second quarter of 2012, compared…

[Operator Instructions] And our first question comes from the line of Vernon Plack with BB&T Capital Markets. Vernon C. Plack - BB&T Capital Markets, Research Division: I was interested in the portfolio of mix. Right now, I think on a cost basis you are at about 50-50 between lower middle market and middle market, if you look at just those 2 pieces of your portfolio. I was curious in terms of -- are there any at least self-imposed limitations or thoughts in terms of what the mix may look like going forward?

Yes. Vernon, this is Vince. That's what I tried to address here. I mean, I think, clearly, the originations in Q2 were highly skewed towards middle market for a couple of reasons. One, when we had a large amount of cash lodge in our SBIC subsidiaries from those 2 exits. And then the next quarter, we had another close to $100 million come in. And rather than wait to deploy that capital lower middle market, we put it to work in the proper place and portfolio. So will that get rotated into the lower middle market or will the lower middle market originations catch up? It's hard to say, but that was clearly kind of a coincidental and unusual that the both of those would coincide within 90 days of each other or less, so that's really the reason. And again, I don't think we have a self-imposed limit. Clearly, the lower middle market is important. It's a critical differentiating factor and do we panic if it went from 50-50 to 60-40 or 40-60? Not particularly. But it's -- I would say that it shouldn't be a lot different than it is now in the future, plus or minus probably 10%. Vernon C. Plack - BB&T Capital Markets, Research Division: Okay. Well, that's helpful. And my follow-up question deals with one of your -- one of the big positives for Main Street is the low cost structure. And the number that you pointed out, the 1.9% in terms of operating expenses as a percentage of average total assets, I'm curious in terms your thoughts in terms of just how much more efficient can you get?

Well, Vernon, the way we're looking at that is I think we can continue to get more efficient. We have 5-year plan where, at end of the 5-year plan that we get to our Board, that's the first number I go to try to see how much more operating leverage we have. So the answer is it can continue to go down, but what will really drive it down is if we can -- if, again, it depends on how the accounting works because there's some strange things that happened in '40 Act accounting. But to the degree our third-party asset management activity gears up and that fee income comes in and either is accounted for as a reduction in SG&A or if it's kind of force-fee income, that's the real opportunity to drive that down. Todd, would you say that any differently, or Dwayne?

No. I think there's a practical limit to how efficient you can get and be responsible as an investor. So I wouldn't say that 1.9% goes to 1%, but I do think if we look out at our 5-year plan, as Vince referenced, and just in general for our planning, I do think we think that percentage can continue to get a little better as we go along, but I don't think you will see the same type of move that you've seen in it from when we went public to now.

Our next question comes from the line of Robert Dodd with Raymond James. Robert J. Dodd - Raymond James & Associates, Inc., Research Division: Just going back to that third party. I mean, you applied for exemptive relief, a couple of days back with one of those relationships. I mean, can you give us any color on how the lack of that right now is affecting any of your investment decisions, if it this? And can you give us an idea of -- the follow-up, I guess, is what's the timeline for getting that relief, and having full accessibility in a way you put the capital?

Well, I mean, the relief you're talking about is our ability to co-invest with HMS Income Fund which is the non-listed BDC joint venture we have with Hines. And that's going to be -- probably be a while before we get that approved. And that's really just so that we can allocate a portion of some lower middle market activity due to supporting ASC restrictions to HMS, which is part of what our understanding of them is. So that's really all there is to that. I mean, it's really not anymore exciting or complex than that. And that was our intent all along. So on the HMS front, they are now effective. I think we'll have this disclosure on our 10-Q, but that fund is effective with the SEC. It has signed its first selling agreements and it is beginning to do the fundraising process. Those tend to have a slow ramp to them, if you'd study that space. And so we don't expect, at least as to how it impacts our earnings, from the fee stream we don't expect that to be a material contributor in our earnings for at least until the middle of 2013. And in fact, we have agreed to conditionally waive our fees just as Hines has until as the ramp period comes really for the first 12 months of that fund's exist. So I think long term, that can be a real contributor with the real high return on equity. But in the near term, it's not going to have a huge impact. In the long term, all the co-investment does is really gives us the right to jointly co-invest in lower middle market opportunities.

[Operator Instructions] And I'm showing no further questions in the queue at this time. I'd like to turn the conference back to management for any closing remarks.

Great. Well, with that, we'll conclude the call. Thank you all for joining and we'll talk to you again in November.