Good morning and welcome to TPG Specialty Lending, Inc.'s June 30, 2015 quarterly earnings conference call. Before we begin today's call, I would like to remind our listeners that remarks made during the call may contain forward-looking statements. Statements other than statements of historical facts made during this call may constitute as forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in TPG Specialty Lending, Inc.'s filings with the Securities and Exchange Commission. The Company assumes no obligation to update any such forward-looking statements. Yesterday, after the market close, the Company issued its quarterly earnings press release for the second quarter ended June 30, 2015, and posted a supplemental earnings slide presentation to the Investor Relations section of the website, www.tpgspecialtylending.com. The earnings presentation should be reviewed in conjunction with the Company's Form 10-Q filed yesterday with the SEC. TPG Specialty Lending, Inc.'s earnings release is also available on the Company's website under the Investor Resources section. As a reminder, this call is being recorded for replay purposes. I will now turn the call over to Joshua Easterly, Co-Chief Executive Officer and Chairman of the Board of TPG Specialty Lending.

Thank you, Ashley. Good morning everyone and thank you for joining us today. I'll begin today with a brief overview of our quarterly highlights and then will turn the call over to my Partner, Mike Fishman, to discuss our originations and portfolio metrics for the second quarter of 2015. Alan Kirshenbaum, our CFO, will then discuss our quarterly financial results in more detail. I will conclude with final remarks and our outlook for market conditions before opening the call to Q&A. I am pleased to report solid financial results for the second quarter. Net investment income per share was $0.46 for the second quarter of 2015, as compared to $0.39 per share for the first quarter of 2015. This $0.07 per share quarter-over-quarter positive variance was driven by fees on investment paydowns and prepayment premiums earned during the quarter. Net asset value per share as of June 30 was $15.84, as compared to $15.60 as of March 31. Alan will walk through this in greater detail, but at a high level these variances were largely driven by higher net investment income and net realized and unrealized gains on investments. Net realized and unrealized gains per share for the second quarter of 2015 increased to $0.17, up from $0.06 in the previous quarter, reflecting idiosyncratic, positive valuation adjustments in the portfolio and to a lesser extent, a tightening in spreads. As announced on last quarter's call, our Board of Directors declared a second quarter 2015 dividend of $0.39 per share payable to shareholders of record as of June 30th, which was paid on July 31st. Our Board has also declared a third quarter dividend of $0.39 per share, payable to shareholders of record as of September 30th on or about October 30th. Our Board has established a dividend policy reflective of…

Thanks, Josh. Gross originations and new commitments made during the second quarter totaled approximately $112 million across five new portfolio companies and three upsizings of existing portfolio companies, a lower level than we've experienced in recent quarters. Of the $112 million of new investment commitments made during the quarter, approximately $84 million was funded. As we previously discussed, our direct originations efforts, coupled with our high degree of investment selectivity, results in investment activities that tend to be idiosyncratic during any given quarter. It is therefore instructive to focus on our originations and investment pace over a longer term period. Over the last four quarters, we have generated average quarterly originations of approximately $240 million and average quarterly fundings of approximately $160 million, or approximately $640 million on a full year basis. Our investment focus is to concentrate our resources on selecting the 3-5 most attractive risk-adjusted return investments per quarter, which we expect to represent approximately $150-$200 million of gross originations on an average quarterly basis. Of the more than 4,100 opportunities we've screened since inception, we've closed less than 2% of these investments. During the second quarter, we exited commitments totaling $22 million due to a full investment paydown, two partial investment paydowns and the partial sale of a Level 2 investment. Approximately 94% of our debt investments have the benefit of call protection, which serves to mitigate reinvestment risk and results in additional economics when loans are repaid. Our net funded activity for the second quarter was approximately $63 million, as compared to our average quarterly net funded activity of approximately $74 million based upon the past four quarters, or approximately $300 million of net funded activity on a full year basis, a level of growth that we continue to feel is prudent in the current market…

Thank you, Mike. Good morning everyone. We ended the second quarter of 2015 with total portfolio investments of $1.4 billion, outstanding debt of $557 million, and net assets of $855 million. Our net investment income for the second quarter was $0.46 per share. Our average debt-to-equity ratio for the three months ended June 30th was 0.63x as compared to 0.50x for the previous quarter. At quarter-end June 30th, our debt-to-equity ratio was 0.64x, as compared to 0.59x at March 31st, both pro forma for unsettled trades. We have made considerable progress towards our target debt-to- equity ratio, which is 0.65x to 0.75x. As many of us are aware, there has been recent regulatory focus on how companies in our industry treat unfunded commitments. As we have discussed in the past, we have always carefully considered our unfunded commitments, as well as our forward pipeline, for the purpose of planning our ongoing financial leverage. As a further point, we maintain sufficient borrowing capacity within the 200% asset coverage limitation to cover any outstanding unfunded commitments we are required to fund plus our forward pipeline. As it relates to the right side of our balance sheet, we continue to evaluate additional ways to diversify our funding sources. We have significant liquidity at June 30th with over $450 million of undrawn commitments and we believe we remain match funded from an interest rate and duration perspective, and have little to no funding risk in our business. As you can see on slide 8 of our earnings presentation, during the three months ended June 30th, we had a number of factors impacting our net asset value per share. In May, our DRIP issuance had a small positive impact on NAV as shares issued under this program were at a price above our net asset…

Thanks Alan. The second quarter of 2015 saw a tightening of risk premiums across asset classes, including LCD second lien spreads, which tightened by 34 basis points, while conversely LCD first-lien spreads widened slightly by 8 basis points. The net impact of the spread movement was a small appreciation in the fair value of our investment portfolio prior to accounting for other idiosyncratic events that drove positive valuation adjustments in the portfolio this quarter. Our investment strategy, which is predicated on mitigating credit and non-credit risks, seek to avoid situations where asymmetric downside risks exist. However, despite our high degree of investment selectivity, the risk of principal or interest loss, as well as bankruptcy “process” risk, is an inherent aspect of our business. Though we remain committed to late-cycle sector and capital structure perspectives, from time to time, typically during later-cycle investing periods, certain of our portfolio investments will underperform expectations, or, as in the case of Milagro and A&P, our underwritten base case involving “process” risk will play out. In either of these scenarios, it is our belief that our expertise in managing credit and “process” risk, as well as our focus on senior secured investments at the top of the capital structure with substantial enterprise value and/or hard asset value protection, and our control positions, provide for opportunities for value creation and creating shareholder value, in addition to downside protection, as exemplified by the expected IRG restructuring. Although the IRG credit event was not consistent with our underwritten base case, our structural protections allowed us to swiftly take action to protect shareholder value by restructuring our investment into what we expect will be a performing credit. We believe that our proficiency in selecting and structuring downside protected investments, and our ability to navigate complexity in the portfolio, are…

[Operator Instructions]. Our first question comes from Rick Shane of JPMorgan. Your line is open.

Our next question comes from Douglas Mewirther of SunTrust. Your line is open.

Okay, because that was on a non-accrual status in 2Q?

Right, exactly. And it’s expected to go back on accrual this quarter, or in the third quarter.

So look – to take a step, I mean, I’ll take the quirky as a compliment.

Yes, I intended that as a compliment.

Our next question comes from Chris York of JMP Securities. Your line is open.

Our next question comes from Jonathan Bock of Wells Fargo Securities. Your line is open.

Thank you. [Operator Instructions]. I'm not showing any further questions in queue, I'd like to turn the call back over to Joshua Easterly for any further remarks.

So we really appreciate everybody's participation and again Alan, thank you for being a great partner to Mike and myself and we look forward to continuing the friendship, which is very, very important to me. So the last thing I want to say is that I hope people enjoy their summer and their Labor Day and we will surely talk if not in November before then. So thank you.

Thank you, Josh. Thank you, Mike. Appreciate it very much.

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone have a wonderful day.