TCPC - Earnings call transcript Q3 2020 | BlackRock TCP Capital Corp.

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Operator

Ladies and gentlemen, good afternoon. Welcome everyone to BlackRock TCP Capital Corp's Third Quarter 2020 Earnings Conference Call. Today's conference call is being recorded for replay purposes.

During the presentation, all participants will be in a listen-only mode. A question-and-answer session will follow the company's formal remarks. repeat before will Q&A begin I session. Instructions] these we instructions the [Operator would the Global to Katie now like And I turn of TCP team. McGlynn, BlackRock call Capital Relations Corp Investor Director to over please Katie, proceed.

Katie McGlynn

you, Thank Ray.

Before management contain the statements may conference performance. forward-looking guarantees time the I'll of we assumptions and based of of are note not begin, and this call that estimates at on such statements future

forward-looking risks involve and from uncertainties and made could are results call materially September Any change are without today and actual those notice. we differ made projected. for release XX, Earlier quarter Forward-looking earnings the statements to of ended this on XXXX. today, statements as our third issued subject

documents website will this presentation, on select at tcpcapital.com. We to a refer the which and also Howard the call, posted the To which to reviewed These Investor slide now our supplemental please turn Chairman we in Events on to call earnings Presentations. with be today. today's will with you earlier link CEO, and click Relations filed SEC was view our presentation conjunction should I & XX-Q, Levkowitz. over Form company's the

Howard Levkowitz

you and for today. Katie, us thank Thanks joining

on before call your review portfolio slide despite healthy I headwinds First Paul Davis. including I provide members as liquidity the and call continues on the portfolio Vig that, our our CFO, perform Paul we our the four, key Raj by our will will and pandemic. update well and and to well, the hope with then President TCPC comments closing will team safe. is with foremost, There to several us position. the the highlights third are financial our everyone of caused Starting on our and as from results, an quarter. COO, significant questions. start some After opening

reflect following that in spreads results the in credit further occurred quarter the third dislocation significant spring. Our improvement markets and

narrowing market X.X% companies. as value as the a credit investments, middle on from X.X% increased asset net spread portfolio prior improved net for reflecting market transactions our private several on by gain value Our results quarter, financial well driven

the portfolio remains our quality overall Importantly, strong. credit of

$X.XX As in the of BlackRock to fair offering to the our portfolio XX million our lending by platform. position September strength more the the This $XX and the X.X% we actions at strengthened to during value. only a opportunistically testament on XX a years replacing outstanding non-accruals disciplined funding capital of Also to of of $XXX took quarter, lenders. and well breadth add-on terms enhance the We is we have in a companies total per we Today, line underwriting, middle accordion facility adding of our credit commitments. with more long-standing we of share quarter to aggregate third and with our quarter payable of as facilities declared the the shareholders in relationships as on on of record $X.XX as appreciate XXth. one favorable XX, share December XXXX per December XX, earlier complements further were XXXX. approach value dividend facility truly issuing and than and our This market new paid notes by due in our September dividend to strong our X.X% with liquidity million the experience quarter fourth

our public and dividend a XXX%. coverage quarter continuing our committed dividend having as company. record quarter, are We to dividends covered ratio In our the third every track was of paying sustainable

are the debt wide across of update industries. positioning. $X.X on our senior an our of a our spread XX% prior substantially and had fair secured Turning portfolio six, At to a investments quarter-end, billion, portfolio approximately market from variety value and slide of unchanged are quarter.

limited with with impacted perform industries companies of cyclical more continue collateral airlines in loans severely businesses of well. sectors that in our exposure by affected companies direct by protections generally to strong including these We have portfolio and industries our pandemic. been diverse investments to the a and most emphasis Furthermore, to retail an more have less are on supported

investment flight As appreciated an example, OneSky, the portfolio diverse second XXX in in end on quarter, companies. our services the jet based the resulting quarter of the from At performance, private the provider the value increased of our aviation country third of largest during strong included charter activity.

an X.X% leasing diversified only highly that is company largest has portfolio of the Our underlying of position, a itself equipment represented assets. which portfolio lease

is of company. income not the our seven reliant slide side from illustrates, on As one income the on recurring any portfolio chart left

In less fact, contribute our over to X% income. half of companies than our recurring individual portfolio

rate, As our floating XX% interest these debt are floors, of now of effect. of XX% all to subject September of were were in which investments rate XXth,

of Additionally, debt investments as lien demonstrated XX% slide our are first on eight.

investment on Moving activity. our to

to loans, prudently of half in capital investments quarter. Follow-on borrowers. with to risk $XX the in well. be continue portfolio net in continue investments and quarter dispositions We including companies million. important invested of an opportunities. in were a deploy Dispositions which perspective, the we $XX are were these $XX From know understand third of companies We existing source new for existing eight management million, million

to transactions continue analyze a lead and investment we industry we As seniority new as structure, where opportunities, in emphasize diversity capital act co-lead. or we the

BlackRock to quarter, where as strong solutions. deep The the risk in lender, third team's risk secured awareness lien pandemic. companies. managing is leading provider from on to governance, and a as well emphasis on demonstrates equity based global Metricstream response in Metricstream market in act software during sponsorship is to experience of a on teams Metricstream similar reached first directly the the integrated reputation BlackRock loan lead industry knowledge investing term investment out our compliance emphasis company and in and largest a its investing as increased and benefiting companies. experience Our has our and management the transactions software senior

a team in as our acted result, sole transaction. the As lender a

and are million third minimally that to payoffs our Dispositions $XX our our the companies Broadband in Secure. been the focused refinancing of impacted to to-date activity American loan $XX and pandemic InMobi, on loan Pulse environment. to Our of included by impacted COVID the beneficiaries investment $XX quarter of the fourth has million or in million selective quarter operating loan the

on X.X%. which a portfolio yield restructured had a monetized portion our ongoing equity investment we loans, also position. a over effective Since the quarter the XXXX, through the had companies weighted We primarily weighted our increased by yield preferred of our average X.X%. which XXX [indiscernible] XX%, LIBOR small The overall basis end versus portfolio new debt reflecting points made loans during put higher on exited originations our declined of period. potential exits. of a yield portfolio while Investments yield maintaining in XX%, this effective average effective several to of amendments Investments upside on of yield coupled on or pressure with

declines with slide portfolio any from interest LIBOR over further demonstrated of largely floors is as as However, protected XX% nine. rate our on currently floating in our rates are operating loans

shareholders and delivering Finally, the performance, impact over the to are current the while cognizant market on our cycles price industry-wide always we environment of been of on has across returns has BDC focus TCPC consistent long-term. had stock

XX, per return of on Since X.X% the to of TCPC XX.X%. dividends Wells the TCPC slide translates share can an is assets our years, which returned annualized our cash consistently X.X Fargo over and reflective of last investors BDC has invested in you to see As in outperformed of on IPO, excess $XX return index. has

turn in Paul? more will to I discuss detail. Now, our the call who Paul, will over financial results

Paul Davis

and hello everyone. Howard Thanks,

continue noted, enhance Howard the to third position. liquidity and we quarter, as During strong capital our

maintaining new million we extension low facility XXX of in August First, LIBOR again facility and points. to $XXX million have two-year we commitment a rate plus terms, accordion basis our replaced a a while improved million. with totaling with accordion $XXX funding $XX commitments Combined, now XXXX our maturity

our opportunistically issuance the Additionally, $XX an to in $XXX we of September notes XXXX, X.X% additional bringing raised total due million. million

the XX, new leverage help notes, to equity excluded credit regulatory our broad to debentures With in which were be X.XX liquidity within by allows well our million of range leverage pending net ensure our XX% significantly we down regulatory $XX are conditions. debt, have and from from had liquidity This limit. is available a $XXX of facilities of and September of X.XX we SBA calculations. which debt our over-collateralized and X:X cash was unsecured of a which equity, million that and market trades, to ratio times XX At supported assets times regulatory unsecured ample secured of June at

rated both by unsecured to Moody's. and Fitch be Our investment continues grade debt

quarter. Investment share track per was covering we XX, generated our of for quarter $X.XX income $X.XX, had $X.XX modest and third OID. and slide third the of of dividend share. of of XX. other contributed $X.XX This recurring $X.XX We income per share, paid which discount dividend to extends net third our regular This on income. prepayment every fee prepayments the September record Investment in continuous the both quarter quarter Turning including PIK of exceeded and included per quarter our $X.XX that per recurring share also in income fees income amortization and cash of unamortized $X.XX. included income $X.XX interest of investment $X.XX dividend

the amortizing in debt quarter other is income share follows of were expenses for it third than and rather per $XXX,XXX total third at fees quarter policy made. income investment of the time totaled expenses investment net of the $X.XX economics share $X.XX all per for and conservative included or and per Operating generally of Our recognizing investment share. $X.X upfront an Incentive fees our the over included of catch-up share. $X.XX per recognition million interest the life $X.XX of

our and demonstrates five, earned deferred second last confidence As performance our five to quarter's incentive in believe capacity noted this aligns further subject quarter of our catch-up strength quarters, in fees subsequent remaining the return of our We over-time. its of hurdle. the six over earnings over the were portion our and shareholders earnings portfolio the total with interest in our call,

AGY for during $X.X several comprised net $X.X quarter realized Unrealized of assets the of the our net as realized the losses and and dramatic included per of shift of accelerated spread spring value toward in in and from were Edmentum in flight services of online independent in as environment. share, provided Substantially, quarter during net continues investment services rigorous at process or million Edmentum by volatility Howard at $XX.X are current the losses occurred charter million. discussed as benefit the well to gains and of third-party a investments our and unrealized of noted included back to and including spread activity gains million Our every net $X.XX in earlier. performance appreciation as primarily investment gains Net all our quarter OneSky our the that valuation widening investment restructuring expectations performance during included Unrealized has appreciation prices the was subject has $XX the following including which our against using companies. that oversight on portfolio outpaced our in quarter $XX million increase of improved testing quarter the independent valuations. OneSky. Howard learning quotation tightening strong is the million of every disposition sources in valued

diversified and portfolio quality environment market well to highly continue Our perform even credit our challenging this is sound. overall in

individuals We slowdown just together a for been CIBT, fair CIBT, global of three and is of in leading at quarter this the current which and the X.X% X.X% non-accrual, represented provider services and portfolio companies of travel. loans given visa have costs. has GlassPoint, challenged, value corporations immigration is the company to and new international Avanti, which and portfolio on only

less Turning million available of $XXX $X of pending cash quarter-end. liquidity net included total million. of and had of settlements This at million to XX. slide million, leverage We $XX $XXX

$XX.X just stronger investments total or is our commitments. term quarter-end and funding unsecured revolver delayed-draw facility, ever. flexible With new increased investments unfunded companies facilities credit million notes, at loans portfolio X% which lower and only of additional commitments program leverage diverse cost $XX totaled than our our million accordion Additionally, in was to of and

and an program convertible issuance, included straight this program. unsecured credit low-cost note XX, September SBA of issuances two a facilities, two As note

of on single of any of well is not issuances, laddered the and reliant no financing each are program with overly Given our near-term size modest we debt our source maturities. leverage

I'll XXXX to weighted had outstanding now of down interest than X.X% less from is outstanding basis of and XXXX. a points or X.X%, our as represents nearest XX the over of end September Combined, since call Our XX% liabilities this average the rate liabilities XX. Howard. March of maturity turn of back

Howard Levkowitz

Paul. Thanks,

the environment delivering overall significant While have dislocation improve team market focused middle than to outlook uncertain, the has performed shareholders expectations. economic TCPC. The market is have in our better our expect is March from the to on companies that continued following and come results overall market occurred

While executing the we terms. or seeing those deals number activity we extremely are We a remain environment. pipeline opportunities small are in are deal outperform in in remain a below pickup attractive focusing exposure that minimal environment positioned our this only review on this and to on levels, volumes more pre-COVID COVID generally and we in believe companies of on and have are selective

focused We protections. our know we and appropriate also negotiations deal where team-leads well in companies on on or include teams industries ensure remain co-leads structures and to creditor transactions

performance times our ability environment and of succeed are our underwriting to Our experience our strength as this as in credit, everyone, to-date driven In of resources both teams' strong performing platform with adjusted risk well our that, two entire in firm-wide closing, and in the the returns our and confidence the of call for generating distressed while depth by decades for operator, open on questions. focused breadth these for are shareholders. challenging the please And of is team BlackRock.

Operator

Instructions] from [Operator Your Certainly. Chris Kotowski of first from question the line Oppenheimer. comes

is Your open. line

Chris Kotowski

for Hold that on. you my hear me? questions. Thanks better? taking Can Is

Howard Levkowitz

ahead. Go Good. Yes.

Chris Kotowski

Good.

the I all, of or was kind expect that any there dividends the other income. next and levels I guess of quarter. kind to of outside Is on there just relatively First story wondering we normalize should of

Howard Levkowitz

question. the thanks Chris, for

portfolio As connection this of think the is requested that's aware, and from companies. performing credit us others followed a I lumpy. our it's well amendments other relationships company and do income who have In different It from in We with which biggest have some long comes fact contributor, extension in case for are sources. agreement. with a time an you income of

we from that as We also well. income companies dividend get portfolio have

Chris Kotowski

slide I Okay. that decline interpreting just share rate say sure slide then per but a your interest make before sensitivity nine fees. amounts incentive you it wanted know a correctly, to on And you've I'm $X.XX in in had LIBOR where there. to cumulative I

X.X, of So NII I I number kind by take to just line, right. mean that impact, the bottom get just multiply would and

like it So would $X.XX. be

Paul Davis

Yes, that's correct. $X.XX, $X.XX.

Chris Kotowski

Yes. $X.XX, that. like $X.XX, something

lastly, I been a an then it it, CIBT, about there is that flip Last can one it has holding the guess what don't it -- marked. what And Okay. you that but event color non-accrual significantly say I had know time can new it preferred. side, on the you you are for on there. guess and or And feature us said give you decline took just convertible AGY then a I that the straight does have preferred upside, was

Howard Levkowitz

upside in is it Sure. specifically. non-accruals. of the company's particularly AGY that with Asia order dependent connection in conclusion global for and was out small is appropriate travel, in reverse the remaining for is it CIBT, very our performance, go is level In China which of with global and more though and on good significantly to to to reached travel on it but With a We dependent a respect position it's AGY, there business, it [indiscernible]. respect a in position on

Chris Kotowski

driving M&A, to thoughts can general, logic coming I see activity Okay. on of back market deal weeks months. have in deal -- in seem as couple And and the of that significant they seeing well? kind or last mean, we volumes. you any Is just are picked for -- numbers then, your announced up in

Raj Vig

Chris, Hi, that one. I'll it's Yes. Raj. take

also we good are a asset I the competition seeing commented generally -- environment navigated activity, pickup on think capital in think that class, this last are private call the I has seeing I We there deal as well. out

not model. But to testament it's also a a we're think no are -- lot. saying the saying we I business

companies we're ready competitive not up sign structures are think I doing terms it's for. certain that whether people are, to things pricing of for in

activity the election has from that the that thing. your and -- we'll as And question, end yes, while feel picked But been what comfortable in bad cycle, has answer we're with. through the certainly it inbound we perspective. that's to And So and activity hopefully to this correlation. well deployment, one year, pickup a necessarily I of as don't make our know to up We're they're continuing. maintain we discipline deal as we're one a doing just not there see

Chris Kotowski

some And I I'll let you. it Thank there ask and questions. leave guess Okay. somebody else

Howard Levkowitz

for thanks questions. the Chris,

Operator

Thank from Finian Fargo question of line our you. the O'Shea Wells And from next Securities. comes

is line open. Your

Finian O'Shea

afternoon. Good thanks. Hi,

restructuring. Just your Any equity. a debt any that. there? AGY can a or provide there in receive out -- reorg the or first you reorg color money or do just investor to did Was follow-on you for money Probably you into there another

Howard Levkowitz

Sure. AGY good more small let come cost sell but pay that a of the was the the our business conclusion and party appropriate retain is and its part preferred of down significant and major inputs fundamentally into we one economics it our of third it upside. down And has business, rhodium. reached with to struggled position

Finian O'Shea

I then comment Any that's much that how for opportunistic an your do, Any sort expect it. stays comment as market you is Paul this to being just more on Okay, helpful. given should the we unsecured that of And might that you issue, way? quarter. a obviously think, Howard of may you structure, post the portion as capital on see large and unsecured availability this to -- more on -- given availability come close

Howard Levkowitz

thanks question. for Fin, the Yes.

balance very the sheet. in about we been liability side how think building careful have of We out our

As aware, referenced. issue to I think you're added the we just note you

to different them have sources, features. two both other managing in as They way maturity our so any be we We have can intent accordion the with we by long-term asset facilities, other we of positioning deploy fund and that to opportunistic staggered six have concerned about us and we unsecured sheet invest very one SBA having have lenders. the replaced. no and be spring, which have relationship balance of the a credit funding large we from given is note distinct think and we tests of increased balance we to base. capital sheet It by in without We it's as important facility our issues, overly a which one that two sources particular of

Finian O'Shea

Okay, that's taking helpful. for Thanks my questions.

Howard Levkowitz

you. Thank

Operator

Thank you.

question the Your from of comes Christopher Thalmann. line Ladenburg next Nolan from

Your line sir. is open

Christopher Nolan

Were matured paid Kawa off? Solar it those XX/XX/XX. guys. on Holdings, Hey, loans

Raj Vig

off The including larger off certain equity Kawa is, is, is Solar via because the part securities of in which was outstanding remaining believe, And some were loans a paid position. loans is [ph]. and what's then were answer nuanced, also of in the of I series the paid converted some Holdings of [indiscernible]. Kawa that APAC region, loans, regions the the

So the we've expect part a few a on about were also run-off longer talked asset mode as near remains the is an point times completed. in paid exit conversion sheet in we that future Asia. as are we're process loans of that to number successfully That's at in facility there operating the The balance were past. that there. equity a were a off and is position that through no going What in the some simply the primary a

Christopher Nolan

and is Asia Asian [ph] affiliate And that the... Raj Energy

Raj Vig

Correct.

Christopher Nolan

Last zero. that at quarter, toll Okay. of particular credit coupon has spread XX%

Now the the zero basis, there a coupon? have why And with on the zero? jet is coupon spread toll is $X cost million zero, but is the

Raj Vig

so remaining the business. the on the business it about -- is, of we we think asset, have that preferred the position Essentially a way collateral is that

that's with the asset We sole sale. marketed lender the for are

we the at party capital are think level I how and sole it's form there. substance So -- some over

form security. the zero in look that's that held should something sale for really as at interest think -- essentially just it the of I you

Christopher Nolan

Got it.

the clarification. for thank Okay, you

Raj Vig

Welcome.

Operator

Thank you.

KBW. comes question next Lynch from line Ryan of from Your the

Your line is open.

Ryan Lynch

for questions. Thanks my afternoon. good Hey, taking

new had new borrowers. quarter, half The first you eight loans about one, this you of said

the You little cycle, this activity are up, you new uncertain guys extensively where economy add is out in on a in deals how very it's mentioned When to you additional kind resistant? for this about deal more still positioned risk are provider. are really COVID as on are environment the Or again, there the really today. you guys looking software businesses point pick there, starts to is more Stream certainty Metric companies of but the sourcing focusing that at

Howard Levkowitz

that But more the being efforts we'll And collateralized are add take just is one. focused I to a-cyclical companies loan. we I'll on or really on that business always Yes, have defensive, viewed are may sometimes -- our asset and less so or pre-COVID generally cyclical focus then a comment. on even

aircraft asset-backed in if That the COVID the financing ways in of COVID. the we've not in the I it's in some loans instance, through business. there taken many through approach changed retail historically, it is, For more have a validated we done area as fact broader anything or if think cyclical has

You have stable seen quarter-over-quarter. a very portfolio

but the always I from But is has the there margin earnings we be some businesses focusing on defensive in I tightens businesses Those happen think more to performing defensive businesses better approach necessarily or good at to are benefiting more some well. because neutral. been have lens be and say, are revenue overall, perhaps where are would COVID, visibility. as benefit, our that, COVID

And that continue. that philosophy and approach will so

uncertain approach such the and the going in makes us -- mindset about given that we're stretching in inclined more then venturing that done same be in I time, to the are that we're But want this that a sense. structure also relatively versus And until -- defensive have and on has we are well generally time where uncertainty, to the your environment. that structure We on think risk we to capital continue through risk comment in point be the out things for curve various feel curve. we as ways is both agree and

Ryan Lynch

to some other build Okay. economic debt. defensive liability about probably you I as certainly mean, can -- that's about and diversification a on deal heard do talked side, a your that and picking the guys Is have right guys of robust the it even are a a show you seeing leverage you feel is level the flow, trying structure the demand, lower? what do activity would deal bit anticipation intend guys pushing more potentially up to if the to stuff further around pent-up grow increase which something we've you your deals? you environment pipeline is here and level deal sheet little and durability if say of and the want of BDCs up conservative from you portfolio would that the guys election. to more amount for the intent that given here some balance are guys the Or keep to uncertainty adding I that say despite have you on volume way unsecured leverage guys more of the

Howard Levkowitz

Yes.

we is the So, gives assets the thank the some in that The starts us portfolio talked you Then to question. and and reserve we that as a lot to leverage. for the room conservatism although impacted. focus with about, gives have may more flexibility, Raj assets things slightly themselves. some in ability The do a of our And it building structures. us durable add businesses of structure liability reduce loan-by-loan be

prudent we've for TCPC use we're amount they to come the we've we trying artificial leverage some And loans have when leveraged that think public mindful the in cushions. fashion. but a the running having good we're of for running for not we has mindful been making it that of so, portfolio, over the us benefits always sure of maintaining leverage significant we to And very funds is, two years way doing it respectful hit about of and been target X.X decades. And that of on been

at from way it deal to but we about the do a time, it assets to have first. more think we time and on on flexibility is, the we basis we by deal And put really so that look

Ryan Lynch

Sure.

last one Okay, me. from fair enough. One

making [ph] quarter, in. if us you more some update gave wondering for like You update demand commentary on held the charter business OneSky well any is gives to in valuation that? was favorable on be on subset give just quick space. of the It that airline just the business good but a flight up different [ph], that's backdrop Mesa-Air that a I the increased that given this pretty of industry looks

Howard Levkowitz

Yes, thanks for the question.

to major Clearly aid what with the significant structured comfortable Mesa. structured Clearly, were under the loan they a our amount to carrier's they very continue serve. but airline we be attachment the been points from pleased fair to to industry gotten -- we with industry the has amortize continue tough under good And our to important of think assets. and the is on to our industry, thought but wrote they are in that was in are performance way of be impacted, We durable at to stress whole functioning the a that dramatically We government. the the environment. a have we loans remarkably hubs valuations loan date as is company's focus

Ryan Lynch

Okay, thanks for afternoon appreciate really and a congrats my that. I quarter. you taking guys nice questions on this

Howard Levkowitz

you for Thank very much, questions. you thank and your

Operator

line James. Thank from next the of from our Matt comes you. And Tjaden question Raymond

Your line is open.

Matt Tjaden

on deal Hi, end my all. Afternoon and of commentary flow towards call. the the the thanks for taking questions. Howard, appreciate I

of improved say fronts. is if all you levels, one kind or more versus look leverage at we another. attractive than those terms underlying that when clarify, of pre-COVID all is of to kind pre-COVID are or and are Say, quality, spreads, on just Just it levels covenant

Howard Levkowitz

much of we're some speaking, markets after. think and time, protective more terms more better wider, I quarter. pricing that into and in get and Look deals and private and finding you than pulled additions to Generally back were can you in drive a ability With better some starting exits see public variability. markets is crisis. is really that documents general the stronger and to we the our push respect same are a investments to the see to are in some Yes. last market on the that bit sheet. public read versus attractive There see back fairly the same And pickup, always too or on from can one people is small balance to there caution going in some ability pricing. are markets seeing the coming are our you're companies things are at quarter And believe push competitive deals a both off on the dynamic drive of At that we deals the there and or you've that tight the remarkably tightening markets number we continue don't on into some bit a have in before time, where got going same lender overall in terms where chasing we packaging.

Matt Tjaden

for then. one me second guess, I

So $X.XX kind line prepayment quarter Any been when provide pick in can have fees historic the that of lower that prepayment might kind than of on to up we you to second $X.XX range. expect more activity visibility that historic range. with

Howard Levkowitz

to first including model desire to pay and that. in was to It is had quarters I use lumpy. it a If off get a knew an It's company paid two disruptive, We July supposed it it. way past and the quarter off the XXX appreciate week reporting paid of instead this that was to InMobi, was it we refinancing example. on prior as three there. -- project off took quarters -- basis which of the XXX. And a

the And were where day multiple so of not on credits sure we year-end, And we've across whether business some had years had common, weren't repay transactions. portfolio. bespoke last we have that it's that's we've the including so present they it the not of nature year. make or to with way business, the are the transactions markets at individual the It's year these borrowers capital into next least or the going

-- not refinancing timing people respect their with or they're when a it the manage and necessarily. counter side may other is hit in quarter a to are to party on who there often on trying given the may So get timeframe to us, there

are externalities some is back over long making that pretty environment COVID extent. in So we probably a to clearly decision of small think a well. there look time, a that's a But people's as And good are if impacting other indication. there period you seasonality

Matt Tjaden

last I just one about be the Howard, to loan And Okay. for companies know that say over it you quick was me. there what XX lastly a willing was XQ? then for Would you said amendments portfolio quarter, quarter. took

Howard Levkowitz

this similar remarkably was quarter coincidence. It by Yes.

Matt Tjaden

That's it Appreciate for it. me.

Howard Levkowitz

Thanks for questions. the

Operator

closing question like at time. the no I'm to Howard for turn this further now any you. Mr. Thank back showing to conference Levkowitz remarks. would I

Howard Levkowitz

thank to I'd for work your call. and support. talented professionals dedication our Capital of I'd us. Thanks thank today's shareholders like and TCP times. continued concludes in you. Thank again team joining BlackRock like and hard This to your challenging experienced of at your all Corp for our continued these for confidence also

Operator

and this Thank call. for all joining. today's Thank you, ladies concludes gentlemen, conference

all now You disconnect. may

BlackRock TCP Capital (TCPC) 5 Nov 202020 Q3 Earnings call transcript