Q4 2019 Earnings Call

Welcome to today's garrison capital Inc. fourth quarter ended December 31st 2019 earnings call.

For the fourth quarter ended December 31st 2019 earnings presentation that we intend to refer to on this earnings call. Please visit the Investor Relations link on the home page of our website Www Dot garrison capital BDC Dot com and click on the fourth quarter ended December 31st 2000.

19 earnings presentation under upcoming event.

As more fully described and that presentation not words, such as anticipate.

Leave expects intends and similar expressions identify forward looking statement.

Actual results could differ materially from those implied or expressed in our forward looking statement for any reason and future results could differ materially from historical performance.

You should not rely solely on the matters discussed in today's call as the basis of an investment in garrison capital.

Please review our publicly available disclosure documents that further information on the risk of an investment in our company.

Questions will be taken via the phone different during the Q1 day session at the end and it's now my pleasure to turn the webcast over to Mr. Joseph Tansey CEO you may begin.

Good morning, everybody and thank you for joining the call.

I'm joined by Brian Chase, our Chief operating Officer, and Damn Daniel on our Chief Financial Officer.

Thursday afternoon newly issued a press release that include financial results for the fourth quarter ended December 31, 2019, Dalsa posted the earnings presentation to our website and we'll be referring to it throughout today's call.

We expect the filed on form 10-K result on Monday after market close before I begin today I want to remind you that cars has retained KBW and it's in the midst of strategic review process. While we are actively working with KBW to explore all options are committed to taking actions that will maximize shareholder value, we cannot make assurant any assurances that.

The company will be able to execute on any of them. As we previously we said we do not expect to comment further will provide any periodic updates until to the market until the company's board of directors has approved a specific transaction or otherwise deemed disclosure appropriate or necessary and I will not be commenting further or answering questions today regarding the strategic.

If you process.

I'll start today are spending a few moments discussing our financial results the portfolio activity. During the course every provide a few comments on the current market conditions before opening up glad to procure today.

We reported fourth quarter net investment income of 16 cents per share, which was slightly higher than our fourth quarter dividend, a 15 cents per share our and I. It was offset by net losses 54 cents per share, resulting in a drop in net asset value eat 51 share. These losses were primarily driven by Mark downs taken a fixed investment and realize.

Losses from our.

Investment in first bakeries and age our eyes.

Exiting our investment in gold puts papers and they try holding corp., both gounkoto nature I when I look real as a huge number of non accruals down to two as of December 31 2000.

The board declared a dividend 15 cents per share.

2020 payable on March 31st to shareholder record as of March Twentyth during the fourth quarter, New participants hurdle.

$12.2 million across eight portfolio companies offset by the payment and sales of $64 million across seven portfolio companies, resulting in a net decreased $51.8 billion have used a portion of these net proceeds to repay approximately $40 million Umer FDIC debentures.

And for Q2 thousand 19, and one Q2 thousand 20.

We expect repay the approximately $20 million of debentures remaining over the next two quarters, a and intend to wind up the FDIC entities. What's the debentures have been repaid now turning to current market conditions, we are seeing significant volatility in both credit and overall markets. As a result of the Kobin 19 headlights, although it's too early to terminal.

But the overall impact will be on or underlying portfolio companies are closely monitoring the situation enter in contact with our portfolio company as the situation continues to develop.

That concludes our prepared remarks for today's call and with that I'd like to open up the lines for questions.

As a reminder, if you'd like to ask your question. Please press Star then the number one on your telephone keypad. If your question has been answered and you wish to remove yourself from the Q press the pound key once again to ask your question. Please press star one.

There are no questions at this time.

Okay that will conclude the call. Thanks, everybody.

Thank you for participating in today's conference call you may now disconnect.

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