Ladies and gentlemen thank you for standing by and welcome to the Monroe Capital Corporation's Third Quarter 2020 Earnings Conference Call. Before we begin, I would like to take a moment to remind our listeners that remarks made during this call today may contain certain forward-looking statements, including statements regarding our goals, strategies, beliefs, future potential, operating results or cash flows, particularly in light of the COVID-19 pandemic. Although, we believe these statements are reasonable based on management's estimates, assumptions and predictions as of today November 5, 2020, these statements are not guarantees of future performance. Further, time-sensitive information may no longer be accurate as of the time of any replay or listening. Actual results may differ materially as a result of risks, uncertainties or other factors, including but not limited to the risk factors described from time-to-time in the company's filings with the SEC. Monroe Capital takes no obligation to update or revise these forward-looking statements. I will now turn the conference over to Ted Koenig, Chief Executive Officer of Monroe Capital Corporation. Please go ahead sir.

Good afternoon and thank you to everyone who has joined us on our call today. Welcome to our third quarter 2020 earnings conference call. I am joined by Aaron Peck, our CFO and Chief Investment Officer. Last evening we issued our third quarter 2020 earnings press release and filed our 10-Q with the SEC. First and foremost, we hope you and your families remain healthy and safe. We are pleased that despite the continued economic and public health challenges associated with the ongoing COVID-19 pandemic, we were able to generate a very good quarter of solid net investment income and increased NAV performance, again, during the third quarter of 2020. The continued uncertainty associated with COVID-19 pandemic has created concerns related to the economy, as well as specific unanticipated challenges for many companies due to business interruptions and a slowdown in business activity. This market volatility caused by this uncertainty was most pronounced in March and through the early part of the summer, but has moderated and mostly reversed itself into the fall. This can be seen in the performance of a couple of key market metrics. After being down as much as 30% for the year in late March, the S&P 500 index has seen a significant recovery and as of the end of the third quarter was up approximately 4% for the year. Price increases were also seen in traded credit investments as the S&P/LSTA Leveraged Loan Index, which finished the first quarter down approximately 14% in market value after being down as much as 22% in March has rebounded considerably and as of the end of the third quarter was down less than 2% on the year. The reduction -- the recent reduction in credit spreads has benefited our portfolio marks, which has contributed to significant improvement…

Thank you, Ted. During the quarter, we funded a total of $15 million in investments which consisted of new fundings to existing borrowers. This modest portfolio growth was offset by sales and repayments on portfolio assets, which aggregated $68.4 million during the quarter. At September 30th, we had total borrowings of $323 million, including $99 million outstanding under our revolving credit facility, $109 million of our 2023 notes and SBA debentures payable of $115 million. Our outstandings under our revolver decreased by approximately $47 million during the quarter as we continue to reduce our leverage during the period. It is important to note that our significant reduction in leverage over the last two quarters was primarily as a result of pay downs and payoffs of performing credits in addition to the significant positive settlement related to the Rockdale Blackhawk matter in the second quarter. We achieved a significant deleveraging of our portfolio without a significant sale of assets or having to recognize losses on dispositions thereby avoiding any realized losses, which was our plan that we articulated earlier this year. We are well situated to carefully grow our portfolio through participating in the substantial pipeline of opportunities generated at Monroe. Any future portfolio growth, revolver draws or advances to existing borrowers will predominantly be funded by the $156 million of availability under our ING-led revolving credit facility subject to borrowing base capacity and the uninvested cash held in our SBIC subsidiary. Turning to our results. For the quarter ended September 30th, adjusted net investment income a non-GAAP measure was $5.8 million or $0.27 per share, a decrease from the prior quarter's adjusted net investment income of $12.8 million or $0.62 per share. Last quarter's results were positively impacted by a onetime recognition of previously accrued interest and fees received on…

Thank you, Aaron. In closing, we find ourselves in an unprecedented economic environment. At the same time, we see unique opportunities in the market to utilize our proprietary sourcing channels to create differentiated risk-adjusted returns for our shareholders. Our overall Monroe Capital platform is experienced -- experiencing its largest pipeline of high-quality investment opportunities in almost a year. As a result, we are excited about our investment portfolio and our prospects similar to what we saw in the substantial growth of our firm after the Great Recession of 2008 and 2009. The key is our conservative underwriting a purposeful defensive portfolio and our access to a large and experienced portfolio management team with experience managing through multiple economic cycles. We have a defensively positioned portfolio with solid loan documentation and a lot of control over our own destiny in terms of risk management. As such, we continue to believe that Monroe Capital Corporation provides a very attractive investment opportunity to our shareholders. Our dividend is fully covered by net investment income and we have sufficient liquidity to now play offense in this market. We are committed to navigating successfully through this economic period and we are confident that we have the skills and experience necessary to maximize returns for all of our lending partners, bondholders, JV partners and shareholders. We believe that MRCC is affiliated with the best-in-class external manager which has decades of experience over 125 highly skilled employees and more than $9 billion in assets under management, which provides us the infrastructure and stability in times like these, which is important. It also provides us an opportunity for MRCC to outperform. We would like to thank our shareholders for their loyalty and confidence. We would also like to thank the entire team at the Monroe Capital organization for their hard work and dedication. Thank you for all of your time today and this concludes our prepared remarks. I am going to ask the operator to open the call now for questions. Thank you.

Okay. Thank you everyone for joining the call today. We appreciate your continued support and we look forward to speaking to you again in our next call. Like we say each quarter, to the extent anybody has any questions or any thoughts, they would like to ask, please do not hesitate to call Aaron directly or me. Thank you.

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation. You may now disconnect.