Good morning. My name is Karen, and I will be your conference facilitator today for the BlackRock Capital Investment Corporation first quarter 2023 earnings conference call. Hosting the call will be James Keenan, Chairman and Interim Chief Executive Officer, Nik Singhal, President, Chip Holladay, Interim Chief Financial Officer and Treasurer, Laurence D. Paredes, General Counsel and Corporate Secretary, Jason Mehring, Managing Director and member of the company's investment committee. Lines have been placed on mute. After the speakers complete their update, they will open the line for a question-and-answer session. In order to ask a question, you can press star one on your touch-tone telephone. Thank you. Mr. Paredes, you may begin the conference. Good morning, and welcome to the first quarter 2023 earnings conference call of BlackRock Capital Investment Corporation, or BCIC. Before we begin our remarks today, I would like to point out that certain comments made during this conference call and within corresponding documents contain forward-looking statements subject to risks and uncertainties. Many of these forward-looking statements can be identified by the use of words such as anticipates, believes, expects, intends, will, should, may, and similar expressions. We call to your attention the fact that BCIC's actual results may differ from these statements. As you know, BCIC has filed with the SEC reports which list some of the factors which may cause BCIC's results to differ materially from these statements. BCIC assumes no duty to and does not undertake to update any forward-looking statements. Additionally, certain information discussed and presented may have been derived from third-party sources and has not been independently verified. Accordingly, BCIC makes no representation or warranty with respect to such information. Please note we have posted to our website an investor presentation that complements this call. Shortly, our management team will highlight some of the information contained in the presentation. The presentation can be accessed by going to our website at www.blackrockbkcc.com and clicking the May two thousand twenty-three investor presentation link in the presentations section of the investors page. I would now like to turn the call over to Jim. Thank you, Larry. Good morning, and thank you for joining our first quarter earnings call. After I provide an overview of our performance and highlights for the quarter, Nik will give an update on our portfolio activity. Chip will discuss our financial results in more detail. We will open the call to your questions. Building on the momentum we generated over the past couple of years, we produced another strong quarter by further diversifying our portfolio and increasing net investment income. We selectively identified several compelling investments during the quarter while benefiting from higher LIBOR and SOFR rates and an improved pricing environment for new originations to drive a 9.5% sequential increase in NII as compared to the prior-quarter. Our NII covered our $0.10 dividend by 122% this quarter, up from 112% in the fourth quarter of 2022, marking our third consecutive quarter of full dividend coverage. This is a reflection of our deliberate strategy to grow our loan portfolio with high-quality investments. As is evident from the results over the last several quarters, we have made significant progress with this strategy. We had no new non-accrual investments in the first quarter. The vast majority of our investments are in first lien positions where we have extensive downside protection. In the current market environment, we have been able to structure new loans with improved pricing, lower leverage, and a more favorable documentation. Our first quarter weighted average portfolio yield increased by 50 basis points from the fourth quarter to 12.4% based on total portfolio fair value. We have a solid foundation to continue our pursuit of prudent growth, adding to our portfolio's earning power and delivering consistent and favorable risk-adjusted returns to our shareholders. Our net leverage for the first quarter increased to 0.81 times from 0.77 times from the prior- quarter. Driven by $37.6 million of new deployments, nearly all in first lien loans. We added eight new portfolio companies, boosting our total to 121, as compared to 116 at the close of 2022, 86 at the end of 2021, and 55 at the end of 2020. Notably, our current leverage leaves us ample runway to further diversify the portfolio as we draw upon our team's deep expertise across multiple cycles and the power of BlackRock platform to identify compelling income-producing investment opportunities. First lien investments now make up 82% of our portfolio, another record for BCIC. This marked a dramatic improvement from 50% at the end of 2020. Junior capital investments now comprise only 5% of our portfolio, down from 23% at the end of 2020. Another indicator of our substantial and ongoing improvement in the credit quality and positioning of our portfolio. While the U.S. job market remains resilient amidst higher inflation and interest rates, we are mindful that such conditions have historically resulted in slower economic growth or contraction, creating tighter financial conditions for borrowers. We believe that the diversified nature of our portfolio, with the prevalence of first lien loans, as well as high quality of ownership support in our portfolio companies, help us to be defensively positioned in an economic downturn. We communicate regularly with our portfolio companies to assess their financial health and outlook. We are well equipped with the experience and resources to proactively engage with the management teams in the event of emerging challenges. For now, our investments continue to perform well and our credit quality remains strong. We are confident in our ability to succeed across economic cycles while generating improved profitability on behalf of our shareholders. I'll now turn the call over to Nik to discuss our portfolio activity in further detail. Thanks, Jim. We again made steady progress this quarter towards increasing our core earnings power. We provided capital to eight new and seven existing portfolio companies with a weighted average interest rate of 11.9%, up from 11.5% on our new deployments from the prior-quarter. Approximately 26% of investment dollars went into existing relationships. First quarter investments in new portfolio companies were nearly all in first lien loans, consistent with our strategy of maintaining a lower risk profile, especially as the risk of a recession remains ahead of us. Exits and repayments during the quarter were $21 million. This included the full exits of our investments in Zest Acquisition Corp, Kamar, and Advanced Lighting. Kamar and Advanced Lighting were both legacy non-core positions, and we realized approximately $3 million of proceeds from the exit of those investments. Advanced Lighting was also a prior non-accrual investment. So far in the second quarter, we're seeing a steady flow of opportunities across both new and existing names. We continue to be very selective about what we invest in. Since the end of the first quarter, our investment committee has approved transactions of $12 million that have either closed subsequent to the first quarter or are pending close, although there can be no assurances that all such transactions will close. Our three largest new portfolio company investments in the first quarter include a $6.1 million SOFR plus 7.5% first lien term loan and $0.7 million unfunded commitments to Showtime Acquisition LLC, a live dinner attraction and family entertainment operator. A $5.9 million SOFR plus 7.25% first lien term loan and $0.5 million unfunded revolver to Bynder, a digital asset management provider. A $5.1 million SOFR plus 7.5% first lien term loan and $0.5 million unfunded revolver to Duck Creek, a property and casualty software provider. Our NAV per share increased by 0.5% in the first quarter, largely driven by net investment income exceeding our dividend. Portfolio marks were approximately flat from the fourth quarter. As previously mentioned, we had no new non-accruals during the first quarter. We feel confident about our overall credit quality and believe that we're well-positioned to withstand the impact of a potentially deteriorating economic environment. We're pleased to once again achieve more than full coverage of our dividend, even if we excluded the benefit of one-time fee income. We remain conservative in underwriting new investments and vigilant in monitoring our existing portfolio. We still have room to grow our portfolio towards our target leverage range. As we continue to evaluate the pipeline of attractive opportunities in this market, we will remain disciplined in our approach. I'll now turn the call over to Chip to further discuss our financial results for the quarter. Thank you, Nik. I will now take a few minutes to review some additional BCIC financial results for the first quarter. GAAP net investment income for the first quarter was $8.9 million, or approximately $0.12 per share, an increase of over 9% from the fourth quarter and up 36% from the first quarter of 2022. NII provided first quarter dividend coverage of 122% as compared to 112% in the fourth quarter and up substantially from 88% coverage in the first quarter of 2022. Our gross investment income was $18.8 million for the first quarter, an increase of 7% from the prior-quarter and up 54% from the first quarter of 2022. The increase was driven primarily by the impact of a higher interest rate environment, net deployments of approximately $25 million over the past two quarters, and a performing portfolio with no new non-accrual assets. Company's weighted average portfolio yield based on fair value increased to 12.4% at quarter end, up from 11.9% at December 31st. Total net expenses for the first quarter increased by approximately half a million dollars from the fourth quarter, primarily driven by an increase in interest and other borrowing costs due to an uptick in our average outstanding debt balance quarter-over-quarter and an increase in LIBOR rates. Portfolio valuations remained relatively flat quarter-over-quarter due to stabilizing credit spreads and a slight increase in the unrealized value of our interest rate swap. We recorded total net unrealized gains of $0.3 million in the first quarter. We also recorded realized losses of $0.6 million in the quarter upon exiting two non-core positions in Kamar and Advanced Lighting. At quarter end, the portfolio had two non-accrual investments representing 2.7% of our portfolio's total fair value, down from 4.4% as of March 31st, 2022. Our weighted average internal portfolio rating at fair value remained fairly consistent at 1.35 as compared to 1.33 at year-end. At quarter end, total available liquidity for deployment and general operating use was approximately $98 million, including cash on hand and subject to leverage and borrowing-based restrictions. Our net leverage ratio was 0.81 x, up from 0.77 times at the end of the fourth quarter, due to approximately $10 million in net borrowings during the quarter to fund new deployment. As announced yesterday, we declared a quarterly dividend of $0.10 per share payable on July 6, 2023 to shareholders of record at the close of business on June 15th, 2023. With that, I would like to turn the call back to Jim. Thank you, Chip. In closing, our strategy of portfolio diversity, senior positioning, and disciplined growth puts BCIC in great shape for the year ahead, and we are confident in our ability to drive strong profitability and strong returns for our shareholders. With that, we would now like to open the call for your questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure that your mute function is turned off to allow your signal to reach our equipment. Again, that's star one to ask a question. We'll take our first question from Finian O'Shea with Wells Fargo Securities. Please go ahead. Hi, everyone. Good morning. On the portfolio overall, we saw a couple of borrowers migrate to partial PIK this quarter. Can you give us a sense of your discussions with borrowers, if we should see more of this in the coming quarters, or if you have any outlook on what PIK might reach as a% of revenue this year? Hi. Good morning, Finnian. This is Nik. let me first just give some overarching commentary on the portfolio, then I can address your specific question about the PIK. Overall, I would say that the portfolio we feel has held up very well. There were no new non-accruals in the first quarter. In certain sectors, we are seeing a slowdown in revenue growth. Needless to say, persistent inflation is impacting margins at some companies. What we're seeing are many of these borrowers or their private equity sponsors adjusting to this reality by rightsizing their cost structure and/or passing the increased cost to their customers. Much of this happened in the second half of last year. Those, the impact of those initiatives is starting to show up in their financials a bit with a lag, and we see more and more of that activity on an ongoing basis. You know, we take comfort in the fact that we are first lien heavy with a substantial capital behind us in the borrower's capital structure. We structure and underwrite our loans to be resilient in down cycles like this one. Importantly, most of our loans have financial covenants which facilitate a seat at the table in the event of adverse performance. Specifically, I would note, there was one name where the conversion to PIK was via an amendment, that's our investment in Rezore. The other name where part of the interest converted to PIK was actually contractual. You know, we have that feature in some of our more tech-oriented names, and we actually anticipate that that sort of conversion will be used from time to time. You know, that's the sort of overall commentary I would give. Our PIK income was approximately 6% of total income in the first quarter. You know, we're, you know, we engage with our portfolio companies almost on a continuous basis throughout the quarter. Again, could, you know, over time as things progress, could the PIK income increase over time? That's a possibility. We're also seeing, on the other hand, a number of the companies taking all the actions that they need to take to preserve margins in this market. That's a very helpful color. Thank you. Just as a follow-up, sort of related question on if you have these numbers for the overall portfolio, what's the current or forward-looking fixed charge coverage? What percent of the portfolio is underwater or under 1? Yeah. I don't have the exact numbers in front of me right now. What I can say is that, you know, when we underwrite new loans at inception, generally we require the interest coverage ratios to be strong, call it 2.5-3 times, in many cases even more than 3 times. Largely because of LIBOR and SOFR having gone up, we've seen contraction in those ratios. I would say, in an aggregate basis, they've maybe come down by a turn. You know, we look at the median interest coverage ratio that might be, you know, in the high 1s or low 2s at this point in time compared to, you know, 2.5-3 times at origination. The one thing I would say is that when we speak to our borrowers, we're very, very focused on their liquidity situation. We were starting to see, you know, liquidity getting tighter for some of the names in Q3 and Q4. Surprisingly, in many of those names, we're actually seeing the liquidity situation get better as the owners continue to take the right actions to manage their cash flow. Okay. That's helpful. Just one more for me. Can you talk about the remaining securities related to Gordon Brothers, how that portfolio is performing, and any outlook for that eventual off-ramp? That's all for me. Thank you. Yeah. You know, if you will recall, we monetized most of our GBFC position back in November 2020, and GBFC itself was left with certain additional assets that, one, have continued to provide a source for additional paydowns since that time. We expect will continue to provide additional recoveries over time. Th e, you know, the exact timing is just by its nature uncertain. You know, I would say it's not, you know, it's not a few quarters. I think it's gonna be over the next several quarters. While we can talk about the underlying portfolio at Caladyne specifically, what we can tell you is that the reference portfolio of loans to which the first loss not related continues to shrink in size as Caladyne realizes the exits and recoveries on those names. We'll take our next question from Melissa Wedel with JP Morgan. Please go ahead. Thanks very much. Appreciate you taking my questions today. Finn covered a lot of it, but I was hoping to follow on in a couple of areas. First, Nik, I believe you gave an update on activity quarter to date of roughly $12 million of originations. Just wanted to make sure I heard that right. I don't think I caught anything that you mentioned perhaps on exits for the quarter to date, or did I miss it? No. That is correct, Melissa. $12 million is the expected number. Again, keep in mind that that's only first four weeks of the quarter. Things can change, right, in the remaining two months. Again, I think the point I would enforce is that we are, you know, we're seeing opportunities. Even though overall M&A activity is very slow in the market, it's not zero. We're still seeing deal-making activity. The one thing we can assure you is that we will continue to remain selective in the opportunities we invest in. Also every quarter, our existing portfolio companies continue to be an important source of deployment opportunities. These are not defensive deployments. These are good deployments that we wanna make to help our companies grow. Again, I think look, what we feel good about is we have enough dry powder to take advantage of the market conditions we are in right now. You know, obviously rates are up. You know, spreads are attractive. We're also seeing, you know, it's not sort of the borrower's market that it used to be. You know, we can get favorable documentation. We can get tight cushion on covenants. It's really a good period of time to be deploying capital. On the repayments, correct that we did not have any repayments or at least any material repayments in the quarter so far. Okay. Got it. I appreciate that context. It did jump out to us that you guys are finding opportunities in a lot of new portfolio companies, which is consistent with what your stated goal has been of diversifying the portfolio. Just conceptually, is that intention, or is that, you know, diversification of the portfolio somehow intention with the idea of, you know, keeping your lending standards incredibly tight? Arguably, you know, we see a lot of managers de-deploying primarily to existing borrowers because they know them. There's that sense of we know the business better. How do you guys approach that? Is there a point at which you might feel like the diversification piece should take a back seat to sort of deploying to companies that you know better? Hopefully that made sense. It, it does. I'm gonna answer two ways, right? First, the strategy to diversify is 100% intentional, right? We are focused on creating NAV stability, predictable net investment income, and we feel that achieving portfolio diversification is a key tool in delivering that to our shareholders, okay? Secondly, the way our platform, the BlackRock direct lending platform, has evolved and grown over time, it actually tremendously helps BCIC in achieving diversification. What I mean by that is that, you know, the team that supports BCIC also supports a much larger direct lending platform, which enables us to be a player in scale and size. As an example, we might be participating in an investment that's, you know, call it $100 million, $200 million, even more in size, and then we allocate it across multiple different funds, including BCIC, right? We're getting the benefit of being a scaled lender. At the same point of time, BCIC is getting the benefit of diversification, right? That's my response from an overall strategy perspective. Then I think the second part of your question was, you know, new investments versus existing portfolio companies. I think we have both tools open, right? You'll see that percentage vary from quarter- to- quarter. You know, I think in the past it has ranged from 20%-50%. We don't necessarily have any preconceived notions there. It's all about putting our capital in the best available, opportunities. If you look at the number of portfolio companies, it's 121 portfolio companies. That's a massive improvement from the 27 or so portfolio companies BCIC had, a few years ago, right? It's truly a diversified, portfolio at this point in time. Certainly. Point taken. If I could follow on with sort of my persistent question quarter-over-quarter. We did notice on repurchase activity that there wasn't any in this quarter, following, you know, a decent track record, I think it was seven-ish quarters prior to that, of some share repurchase. Given that you do have plenty of room to increase leverage and that share repurchases are inherently a levering activity, can you update us on just how you're thinking about that now and what has changed, if anything? Yeah. Melissa. You know, in terms of the share repurchases being one of our tools to deliver shareholder value, nothing has changed with respect to that. We and the board assess the plan every quarter, and any repurchases that we make are conducted pursuant to the provisions of Rule 10b5-1 and Rule 10b-18. Once that program is in place, repurchases are out of control. You know, it's possible to see variability quarter-over-quarter and Unfortunately, I can't comment any more, so I'll leave it there. Okay. Thank you, Nik. That concludes today's question and answer session, and this concludes today's call. We thank you for your participation. You may now disconnect and have a great day.