Greetings, and welcome to the Main Street Capital Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark Roberson with Dennard Lascar, Investor Relations. Thank you, you may begin. Mark Roberson Thank you, Jasmine, and good morning, everyone. Thank you for joining us for Main Street Capital Corporation's third quarter 2017 earnings conference call. Joining me on the call today are Chairman and CEO, Vince Foster; President and Chief Operating Officer, Dwayne Hyzak; and Chief Financial Officer, Brent Smith. Main Street issued a press release yesterday afternoon that details the Company's third quarter financial and operating results. This document is available on the Investor Relations section on the Company's website at mainstreetcapital.com. A replay of today's call will be available beginning about an hour after the completion of the call and will remain available until November 10. Information on how to access the replay was included in yesterday's release. We also advise you that this conference call is being broadcast live through the Internet and can be accessed on the Company's homepage. Please note that information reported on this call speaks only as of today, November 3, 2017, and therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay listening or transcript reading. Today's call will contain forward-looking statements. Many of these forward-looking statements can be identified by the use of the words such as anticipates, believes, expects, intends, will, should, may or similar expressions. These statements are based on management's estimates, assumptions and projections as of the date of this call and there are no 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, which can be found on the Company's website or at sec.gov. Main Street assumes no obligation to update any of these statements unless required by law. During today's call, management will discuss non-GAAP financial measures including distributable net investment income. Please refer to yesterday's press release for a reconciliation of these measures to the most directly comparable GAAP financial measures. Certain information discussed on this call including information related to portfolio of companies was derived from third-party sources and has not been independently verified. And now, I'll turn the call over to Vince.

Thanks, Mark, and thank you all for joining us today. I will comment on the performance of our investment portfolio, discuss our recent dividend increase and a few other recent developments and conclude by commenting on our investment pipeline. Following my comments, Dwayne Hyzak, our President, and Brent Smith, our CFO, will comment on our third quarter financial results, recent originations and exits, recent announcements, our current liquidity position and certain key portfolio statistics and our operating expense ratio, after which we will take your questions. We are very pleased with our third quarter operating results. Our lower middle market portfolio, our primary area of focus, appreciated by $9.1 million on a net basis during the quarter, with 19 of our investments appreciating during the quarter and 13 depreciating. Our middle market loans, private loans and our other assets collectively depreciated roughly $0.5 million during the quarter. We finished the quarter with a net asset value per share of $23.02, a sequential increase of $0.40 a share over the second quarter. Our lower middle market companies collectively continue to exhibit very conservative leverage ratios on a relative basis, which Dwayne will cover in greater detail. Earlier this week, our Board declared our first quarter 2018 regular monthly dividends at $0.19 a share in each of January, February and March of 2018, maintaining our fourth quarter monthly payout rate. The ex-dates for these dividends are December 20, January 18 and February 21, respectively. In addition we are pleased to have recently announced our board's declaration of our semi-annual supplemental dividend to be paid in December of 27.5 cents a share. We expect to ask our Board to declare a similar dividend to be paid next year. Yesterday we announced the appointment of Valerie Banner to our Board. We are very excited to have a professional with Valerie’s background to become our 8th independent director. We have originated new lower middle market and private loan investments of roughly $410 million so far this year which exceeds our budget for the full year. As of today, I would characterize our lower middle market investment pipeline most of which is realized will likely close in the first quarter of 2018 is about average. We continue to seek and receive significant equity participation in our lower middle market investments, and as of quarter end, we owned on an average a 38% fully diluted equity ownership position in the 99% of these investments in which we currently have equity exposure. Our officer director group has continued to be regular purchasers of our shares, investing approximately $0.5 million during the third quarter. With that, I would like to turn the call over to Dwayne to cover our performance in more detail. I wanted to be particularly brief today to save room for potential tax reform discussion.

Thanks Vince, good morning, everyone. We are pleased to report another quarter, during which we grew both our total investment income and distributable net investment income, and again generated distributable net investment income in excess of our monthly dividends. Our third quarter operating results represent a GAAP return on equity or ROE of 12.7% for the trailing 12-month period, and 10.7% on an annualized basis for the third quarter. Returns are in-line with our stated long-term goal of producing an ROE percentage in the low-to-mid teens. We believe these returns illustrate the significant benefits of our investment strategy of investing in both debt and equity in the lower market which combined with our efficient operating structure and other complementary investment and asset management activities continue to provide a value proposition that differentiates Main Street from other yield-oriented investment options and generates a premium total returns realized by our shareholders as a result of the growth in our dividends per share, our net asset value per share and our stock price. As we discussed in prior quarters, we believe the primary driver of our long-term success has been and continues to be our focus on the underserved lower middle market, and specifically, our investment strategy of investing in both debt and equity in the lower middle market and acting as a sponsor and a partner to the management teams of our lower middle market companies and not just the financing source. Without this primary focus on the lower middle market, it will be very difficult to produce these returns for our shareholders. Given the unique benefits of our lower middle market strategy for the past few years we have been providing comments on different aspects of this strategy. Today, I am going to discuss how we apply our long term goal…

Thanks Dwayne. We are pleased to report that our total investment income increased by 11% for the third quarter over the same period in 2016 to a total of $51.8 million primarily driven by an increase in interesting comp of approximately $4.2 million, an increase in fee income of $0.6 million and increase in dividend income of $0.4 million. The total investment income for the third quarter includes $1.7 million related dividend income as considered either less consistent on a recurring basis or nonrecurring which is consistent with the amount in the third quarter of 2016 and an increase of $0.4 million related to higher accelerated activity compared to the same period in 2016. Third quarter 2017 operating expenses excluding non-cash share based compensation expense increased by $1.4 million over the third quarter of the prior year to a total of $15.3 million. The increased is primarily related to a $0.5 million increase in compensation expense, a $0.5 million increase in general and administrative costs, a $0.8 million increase in interest expense. These increases are partially offset by an increase of $0.4 million in cost we allocated to the external investment manager for services provided to it. The ratio of our total operating expenses excluding interest expense as a percentage of our average total asset which we believe is the key metric in evaluating our operating efficiency was 1.5% on an annualized basis for the third quarter. Our increased total investment income and a continued leverage of our efficient operating structure resulted in a 12% increase in distributable net investment income for the third quarter of 2017 to a total of $36.5 million or $0.64 per share which exceeded our recurring monthly dividends paid for the quarter by approximately 15%. Our external investment manager’s relationship with the HMS Income Fund…

Thank you. We would now be conducting a question-and-answer session. [Operator Instructions] Thank you. The first question is coming from the line of Robert Dodd with Raymond James. Please proceed with your question.

Hi guys and thanks Vince for bringing it up with -- thanks for the question. What’s your view currently, do you think on how that could, if it passes and impacts 2017, if it doesn't go to 2018 obviously at your Analyst Day you talked about it can have been different, obviously different impacts on dividend income versus NAV marks and fair value etcetera, that’s a really big question, but have you got any additional colour that you can give us given where we are right now and it sits on the hill as we speak?

Yes. I spent a quite a bit of time on it since it came out and I would say overall highly consistent with last summer, I would say modestly positive impact on our NAV because the way we value our lower middle market equity investments we have, we do a market approach and a DC up approach and with respect to the DC up approach you assume a C Corp buyer buys the company and then in determining what they would pay, we have been assuming a 35% tax rate, maybe plus I don't remember. While you drop that to 20 that drives up the DCF component of your valuation because your companies are worth more to a C Corp buyer. On the other hand, your [vac] would go up somewhat because your weighted average cost to capital has a 35% benefit on the interest expense component which is no longer worth 35% it’s only worth 20%. So net-net we were forecasting, a lower to mid single digit increase in NAV attributable to the lower middle market valuation, so again somewhat positive. The next thing you look to Robert, is the interest limitation and we got to do a little bit more work on it but generally it is going to apply to everyone, flow-through and C Corps etcetera, it's not going to apply interestingly, it looks like to reach and so we need to figure out if we are going to join the race and just having it not applied, but even if it did apply it limits your net interest expense, well under the common understanding of net interest expense, BDCs we’ve have more interest income and interest expense so it shouldn't apply to us as a practical matter even if we are, hard out like to reach.…

Okay. Well, I mean all of that together like obviously that last part is it income to you most of the other frankly is potentially NAV, all of them bind together to ROE but your view is this does not represent any – raise any concern about having to change your ROE goal?

Correct. That's correct. Absent are first look at this, less than 24 hours having missed something or misconstrued something the plain meaning of it, it looks like it's to more or less out of it.

Okay. Got it and just one final, on the Q4 the NOI guidance of 61 to 63 and you have said not only changes would be particularly significant. Is that based on current stack, tax status quo or a presumption of the new bill effects 17?

That is based on the current tax rules.

Got it. Thank you.

Thank you Robert.

Thank you. [Operator Instruction] Our next question is coming from the line of Doug Mewhirter with SunTrust Robinson Humphrey, please proceed with your question.

Hi, good morning. And thanks for heading off the inevitable tax question. I know that it's your favorite subject in the world than. Some non-tax related question sort of hitting a couple of different topics. First, I may have transposed this in my brain when I read the report but it appears that your middle market investments are marked below cost in aggregate. Again I may have reversed that but that seems unusual given the fact that spreads have tightened so much. I just wondered if either I got it wrong or if there is anything behind that?

You got that right and I would say that the reason will be below cost, certain specific names as opposed to anything that's market driven activity.

And then you combine that with in that portfolio the names won't trigger both really, and so you are – the good performers [indiscernible] also with some under performers that will be marked below par.

Yes, your call protection where they can if they take you out you have to pay – one has to pay one101 for example. It burns off after 6 to 12 months if we have it at all. And so it would typically be constrained by being – constrained in terms of evaluation, in terms how it trades because you would want to pay part of quarter and then get redeemed immediately and get called and you lose that quarter. So effectively, you would expect this type of portfolio to trade below cost because all it takes is one retailer or what have you whose loans are trading at 90 or 95 where it happens to be and everything else trailing at par you would expect the portfolio to be marked under par.

Thanks. That's very helpful. Second, just any commentary on, it looks like you had a pretty sizable jump in your private loan origination. I assume it was just a handful of deals and I assume nothing to read into that because I know it can be lumpy?

I’d say that activity Doug is consistent with what we have been saying now probably for the last year if not longer when you look at the different portfolios we have between lower middle market, middle market and private loans as you heard us talk there for a long time. The lower middle market has been and always will be the primary focus but if you look at the middle market versus the private loans all thing being equal we would favor more activity in the private loan area and we have been successful in doing out that part of our investment strategy and practice over the last few years and we are seeing the benefits of that. And I say that the benefits of that private loan strategy are particularly attractive given the current activity over the last six months or so in the middle market which has gotten more aggressive from the pricing and term standpoint.

What's interesting about that market Doug is we don't have a dedicated private loan originated team, originating team. So there are a lot of other lenders and all kinds of other individuals out there that were merging kind of as a preferred partner, we have been around, we have capital. They like the way we behave and we work as part of a group to try to be constructive and so there is a lot of demand that's coming in that’s unsolicited. Nick would you describe it any differently?

I consider some of the private loan portfolio would have been two or three, four years ago considered middle market and they have been led by larger bank and now they are led by non-bank lenders. And so you have seen that disintermediation of the banks and kind of moving more of our direction here on non-bank.

Okay. Thanks. That's helpful. My last question, you still get that a nice little kicker from your relationship with Hines and HMS growth with the continued delay to the DOR rule and this I also follow LPL which is one of the largest distributors and they have talked about how the pressure, the regulatory pressure is not nearly as great as many people thought. Do you expect sort of a restart of the growth in the HMS income fund because of the less regulatory pressure? Do you think brokers are still going to be really cautious just because they know what's around the corner?

Nick is on the board of HMS, so Nick why don't you take that? It's your forecast.

Thanks Vince. I would say, our thought on kind of a second vehicle with HMS it's probably going to be two of 18 event on a fairly significant scale. It's probably more of a 2019 timeframe for us. We do think, we are talking to broker dealers out there the LPL is the world, there is an appetite for more products and they do you want to place, they want more PDCs or closing bonds with yield. They are just trying to get the right structure that works for their investors and works for us as well. And that's what the market started with right now is what is that structure and how you pay for it going forward.

And Nick, I want to clarify that HMS1 that they have stopped fund raising as of September –

As of September 30 was the final close fund raising for HMS1 and so any new kind of fund raising there will probably happen under new vehicle.

Okay. Thanks. That's helpful and that's all my questions.

Thanks Doug.

Thank you. There are no further questions at this time. So I would like to pass the floor back over to management for any additional concluding comments.

Great. Well again, thanks for joining us today and we look forward to talking to you next year. Bye.