Good morning and welcome to TPG Specialty Lending, Inc.'s December 31, 2015, fiscal year-end 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 including with regard to TPG Specialty Lending Inc.'s proposal to acquire TICC Capital. Statements other than statements of historical facts made during this call may constitute 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 closed, the Company issued its earnings press release for the fourth quarter and fiscal year ended December 31, 2015, and posted a supplemental earnings slide presentation to the investor resources section of its website, www.TPGSpecialtyLending.com. The earnings presentation should be reviewed in conjunction with the Company's Form 10-K 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 conference 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, Inc. Please go ahead, sir.

Thank you, Ashley. Good morning, everyone, and thank you for joining us. I will begin today with a brief overview of our quarterly and annual highlights and will then turn the call over to my partners, Mike Fishman and Bo Stanley, to discuss our origination and portfolio metrics for the fourth quarter and full year ended December 31, 2015. I would like to introduce Ian Simmonds as TSLX's Chief Financial Officer. Ian will discuss our quarterly and annual financial results in more detail. And I will conclude with final remarks before opening the call to Q&A. I am pleased to report solid financial results for the fourth quarter and full year 2015 with net investment income per share of $0.44 for the fourth quarter and $1.76 for the full year, the latter of which is on the upper end of our guidance of $1.63 to $1.79 per share. Net investment income exceeded both our fourth-quarter and full-year dividends of $0.39 per share and $1.56 per share, respectively, continuing our track record of over-earning our dividend on a net investment income plus net realized gains basis. Net asset value per share as of the year-end was $15.15 as compared to $15.62 at the end of the third quarter and $15.53 at the end of 2014. Net asset value per share movement during the fourth quarter was largely driven by unrealized losses related to widening credit spreads in the broader markets and continued volatility in the energy sector, both of which negatively impacted our investment valuations. The fourth quarter of 2015 saw continued widening of credit market spreads and risk premiums across asset classes due to concerns about global growth. LCD first-lien spreads widened by approximately 50 basis points and LCD's second-lien spreads widened by approximately 225 basis points during the fourth…

Thanks, Josh. I will give a quick overview of our fourth-quarter and full-year portfolio activity before passing it over to Bo Stanley to discuss our investment themes and originations outlook. Q4 was our second-strongest originations quarter since inception with gross originations of approximately $399 million. We syndicated approximately $115 million of these originations, resulting in new investment commitments and fundings of approximately $284 million. These investments were distributed across six new portfolio companies and three add-ons to existing portfolio companies. During the fourth quarter we had $154 million aggregate principal amount in repayments from four investment realizations, including the exit of our $60 million position in Milagro. Since inception through December 31, we have generated a gross unlevered IRR of 16.3% on exited investments, totaling approximately $1.2 billion of cash invested. Through our direct originations efforts, 87% of our current portfolio was sourced through non-intermediate channels. This enables us to control the documentation and investment structuring process and to maintain effective voting control in 81% of our debt investments. As of December 31, our portfolio totaled approximately $1.5 billion at fair value compared to approximately $1.4 billion as of September 30. At quarter end, 88% of our investments by fair value were first-lien and 96% of our investments by fair value was secured. In keeping with our theme since early 2014, we have primarily focused on investing at the top of the capital structure and our junior capital exposure remains below 12%. Additionally, since the beginning of 2013, we have reduced our exposure to non-energy cyclical industries from approximately 31% of the portfolio at fair value to approximately 7% at the end of 2015 and reduced our energy exposure from approximately 10% of the portfolio at fair value in late 2014 to approximately 3% at the end of 2015. The…

Thanks, Mike. I would like to begin by discussing our originations pipeline. We expect the current liquidity shortage--as traditional and/or undercapitalized lenders are unwilling or unable to underwrite and manage risk--to benefit middle-market lenders with strong underwriting capabilities and access to capital, like ourselves. January 2016 marked the lowest number of private equity deals completed for the first month of the year in more than a decade due to disconnects in buyer/seller valuations, resulting in a general unwillingness to transact. Given our deep relationships with the middle-market sponsor community and our track record of delivering over $2.4 billion of capital in sponsored transactions since our inception, we believe we are well-positioned to fill the developing void in the market. Through our discipline of match funding our assets and liabilities, we have created a structural advantage of long-dated capital, which in combination with the reduced market liquidity and wider credit spreads, could lead to higher net interest margins for our shareholders. In addition, we have the capability to opportunistically participate in secondary markets when outsized risk/return exists in sectors and/or companies in which we have a differentiated perspective. We believe the ability of TSSP and TPG-affiliated funds to co-invest alongside us will continue to enhance our ability to provide larger commitments and certainty of execution for our borrowers. Per the terms of our SEC Exemptive Relief, co-investments made by affiliated funds on the same economic terms and in the same part of the capital structure as TSLX. TSLX will continue to receive priority allocation on every US middle-market loan origination investment opportunity that our broader platform identifies. We believe our fourth-quarter originations results speak to the robust opportunity set for well-equipped capital providers like ourselves in the current environment, and we expect this trend to continue in 2016. Our investment in…

Thank you, Bo, and good morning, everyone. We ended the fourth quarter and fiscal year 2015 with total portfolio investments of $1.5 billion, outstanding debt of $653 million, and net assets of $821 million. Our net investment income for the fourth quarter and full year 2015 was $0.44 and $1.76 per share, respectively. This is towards the upper end of our full-year guidance range of $1.63 to $1.79 per share. Our average debt-to-equity ratio for the quarter ended December 31 was 0.77 times as compared to 0.65 times for the previous quarter. As always, we remain highly selective in our investments and take into account both our unfunded commitments and our forward pipeline when managing our financial leverage. We maintain adequate liquidity with approximately $281 million of undrawn commitments prior to regulatory leverage constraints and we believe we remain match funded from an interest rate and duration perspective. We continue to evaluate additional ways to diversify our funding sources on an opportunistic basis and will only pursue them if they are in the best interests of our shareholders. As it relates to our leverage and the current investment opportunity set, our ability to employ co-investments from TSSP-affiliated funds, which combined have over $7 billion of dry powder, affords us the distinct advantages of driving originations independent of market cycles and of optimizing leverage to drive ROE. As we have been since our inception, we remain disciplined in our capital raising strategy and will seek to raise capital only if it's accretive on both an earnings and book value basis. As you can see on slide 8 of our earnings presentation, during the three months ended December 31, we had a number of factors impacting our net asset value per share. We added $0.44 per share to NAV from net investment…

Thank you, Ian, and welcome to the team. A central theme underlying the results of 2015 and our successful track record since inception is our focus on identifying, mitigating, and managing risk in our portfolio. Despite the backdrop of volatility and dislocation in credit and energy markets, our investment framework going forward remains unchanged. We believe that the fair valuation of the portfolio, cycle-sensitive capital structure and sector selection, and control features and credit documentation are the foundations of sound risk management in our business. The trend since mid-2014 has been a general widening of risk premiums across credit asset classes. While we have reflected the spread widening in our calculation of fair value, from the perspective of our portfolio construction and asset management approach, our belief is that the US and broader global economies are generally healthy. Much of the market volatility we have seen is driven by concerns about China's growth and the global energy sector. However, the global spillover effects of a slowdown in China’s GDP are somewhat limited, with only 2% of the S&P 500 revenues exposed to China. As for the consequences of low oil prices, research highlights a $550 billion annual wealth transfer from oil-producing countries to oil-consuming countries, with the largest gains accruing to countries with low gasoline taxes, such as the US. We believe robust consumer spending, which drives two-thirds of US GDP, will continue into 2016 due to resilient labor markets, steady housing prices, low commodity prices, and less fiscal austerity. That said, we remain late cycle-minded in our investment approach and have shifted the capital structure and sector selection of our portfolio accordingly. Although we are optimistic about the US consumer, we are much less so on the traditional storefront retail model and believe therein lies an attractive opportunity for…

Thank you. [Operator Instructions] Our first question comes from Mickey Schleien of Ladenburg. Your line is open.

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Thank you. [Operator Instructions] All right, I’m not showing any further questions in queue at this time. I would like to turn the call back over to management for any further remarks.

Great. We appreciate people's time and, Ian, welcome to the dance, I guess. We appreciate people's efforts in understanding the story and we will speak to people in, I think, May if not before. Thank you.

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.