- Earnings call transcript Q3 2022

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Operator

Ladies and gentlemen, good afternoon. Welcome everyone to BlackRock TCP Capital Corp's Third Quarter 2022 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. I McGlynn, to TCP Director now, over the Capital And Katie to of instructions] would turn like call Corp. [Operator the BlackRock team. Relations Investor Katie, please proceed.

Katie McGlynn

you, Thank [Mia].

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

made those and as projected. subject without risks involve could results statements this are actual call today, and on of uncertainties are forward-looking and to Any notice. materially Forward-looking statements made from differ change

Additionally, our certain respect not with been sources release quarter third earnings no information XX, been discussed from has warranty issued have of to and for the such make presented and September we representation derived ended may information. independently Earlier XXXX. Accordingly, verified. we third-party today,

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

Rajneesh Vig

joining and today Katie, XXXX all for for thank earnings us Thanks, you TCPC's call. third quarter

an quarter our from over third with who and and comments call provide update the in President Operating our as I turn call as activity. few portfolio begin Phil a Chief usual, today's highlights will on Tseng our investment As I market environment, will will to well Officer the results. then

conclude well will our capital review will in liquidity a before your closing our Cuellar as remarks then few greater questions. take and detail. we Erik financial results positioning CFO, as I with Our

continuation the year. markets this equity a negatively market often in seen global have across It with turbulence closed same year. trade both and financial public of bond markets the we quarter isn't third The that

combination interest borrowers in a In of move the value and and safer provide both of terms to raise is of However, Central in than lending environment, this inflation driving visible to volatility. and continues more years capital solutions curb Bank's for to proposition levels rates strong a investors of XX geopolitical returns direct uncertainty highest respectively. significant availability

While we in take this our portfolio the fact structurally in cautious increasingly are senior. in environment, comfort we investments the are that

approach seniority are borrowers with an primarily with loans engage and underwritten are meaningful lien quality constructively avenue are that protection. commitment Our first as of are provide our and hallmarks our principal standing structural and with combined to with strong This proactive strategy challenges covenants foreseen. us credit to long

cyclical always on businesses strategy in focused and resilient industries. Our middle diverse, has market poor less

large has nimble proved take address actions companies resilient To-date, environment. economic public be challenging to are downturns. we market are be during market to middle to Although the historically the less often our risky, perceived seeing and portfolio companies more

spending. needed costs. observing are also that drive companies other and where are budgets, on raising capital continue reduce scale and to acquisitions Certain discretionary and We companies focusing marketing reduce

investments our of are in environment. all this and monitor continuously we doing portfolio, our actively to Turning so

very margin senior very are as we of comfortable position and believe result are with growth typical pressure While covered. seeing some they well outlook, lender generally are inflationary as a tempered we the loans our and our environment, a secured

given our portfolio withstand through standards. disciplined to diverse the or underwriting our have historical market with prior demand in ability along pass any we end periods for companies of and borrower's our increases Regardless our continue strength We volatility. lens periods been of of also are of seeing manage customers, both environment, stress always products through economic our underwriting the forward-looking of team, to and have services. a of a elastic in times Ultimately, duress, evaluate cost each dislocation. performance and portfolio confidence ability We we to a to general to

quarter Let's now third turn our the quarter. a performance to and few from highlights

First, net share. $X.XX delivered income per of strong we investment

rate income our in investment continues portfolio, floating from net this the increase of benefit nature the to through year. our base Given rates

net on our quarter dividend fourth share share. are Our Directors dividend per our to December payable to of And of an exceeded XXth $X.XX $X.XX on investment we $X.XX declared income again per of December a pleased of XX. today shareholders increase announce record quarter third Board of

dividend the the and recurring ongoing investment record of power our competence the of dividend emphasized dividend our of maintaining the to to earnings coverage coverage. income. stability net of is the and always have and increase continuous our acknowledgement in We an portfolio decision increase track And Board's the

increased investments value Second, of the the well were portfolio, as unrealized the the by the wider an market gains and offset impact across dividend. portfolio. excess income the gains turned our Securus increase investment during investment net in the and of net unrealized and NAV primarily value our by in in in AutoAlert X.X% XXth spreads in in Street by partially as of quarter driven of Net decreases

Third, we credit had the our portfolio quality non-accruals in quarter. no remains new and strong

XXth, of at were the X.X% September value. As non-accruals portfolio just fair of

as investments underwriting and underwriting and of monitoring. detail, more new Our credit excellent disciplined $XX will is drive function XX both Fourth opportunities our total resulted solid in of totaling consistent to million. are asset quality continue a Phil in of our a investment discuss strength that practices platform the and vigilant

the several had at of loan We occurred plus our quarter, end par the that at including jewel. accrued of repayment full the prepayments also to

net $XXX million, third million. the As dispositions a result repayments resulting in totaled during $XXX of quarter

our above will remains our to to and healthcare excited six background return President Senior a deliver wealth return shareholders. Karen directors. board distinguished cumulative on strong our shareholders, a Board members, Baxter total welcome our continues strengthen including brings TCPC governance of of of that and independent Board for behalf Vice hurdle. company, expanding a Leets, experience International, further total is to results Karen she TCP's a Directors of seven Treasurer and are we multinational Finally,

TCPC income component the we cash TCPC the of a return and losses public, and As strong returns invested a results Since unrealized hurdle to annualized the generated back. total gains identify intensity, annualized X.X% our across returns at rate reminder, based shareholders and XX.X% gains total return cycles. when took and a on cumulative to ability consistently XXXX, X% market we demonstrating capital realized both yields deliver have on maintains a including on assets, look and opportunities premium attractive consistent our of

and it Now, turn over I portfolio to to will positioning. discuss activity our investment Phil

Philip Tseng

markets, of that private teams uncertainty the we capital public BlackRock, that attractive capitalize U.S. the Despite industries, driving volatility value to is and broader diversity breadth risk. fair minimizing our identify of experienced environment. Raj. At approximately providing range investments XX% senior and debt on secured of Thanks wide of market this our billion, platform concentration quarter scale continue the $X.X portfolio in opportunities a in portfolio capital investment of spread were market end, our across

companies As high quarter our established portfolio is industries. less weighted time cyclical in XXX models investments an this towards we noted, business all with previously companies in for the ended portfolio. portfolio The consistent at

broadly the on across illustrates income one presentation Slide the company. As distributed recurring left the is for on income our chart reliant is X any not our of portfolio and side,

our than first XX% downside debt XX% important lien investments investments In this portfolio XX% rate recurring floating and benefit of providing income. an our of protection, are contribute X% debt companies environment. rate fact, more significant providing to of our than are each in our less racing

and team conditions providing of private for Moving complete believe a lenders packages expect of small meaningful capital our These This lead a customized that of we financing transactions activity, include small on today substantial as protection. and U.S. focus acts foreseeable lenders. group enabled in investment on capable tailored like COVID in reputable of downside us are where economic to part that to collateral as terms are a negotiate of of deal or future. and covenant especially solutions, we to the important, one be club volatility provide periods we our and

our assess terms and addition, documents. the mitigate which our value, underwriting In industry negotiating to were borrowers specialization, ability effectively in our risk our and in bolsters credit

for lending two U.S. more capital We deal companies. sources the have our private delivered across of market than through on middle in transactions over decades to XXXX borrowers platform

standing with power the of investment Blackrock those opportunities. long over provide advantage coupled relationships platform an with two of cultivated identifying attractive us decades, the Our and sourcing

that source ability understood situations the environment. believe from in and to lend pipeline to current also our opportunities ability our or unique channels, our of investment multiple We are best and benefiting

deploying in relative a actively levels maintain approach market, to capital this the While has have slowed market General we XXXX. in activity record been investing. very to we disciplined

quarter, and from TCPCs primarily on non-sponsor to new deal activity in invested ones. XX three to million such XX in $XX portfolio third continue and companies strong including we acquisitions, investments, as existing sources. new deal opportunities loans However, see in add areas

and terms invested is quarter sourcing the and increase XX% We already investments if first and term advantage third company and last deployed economic an from understand to of a helps dollars quarter this during largest accounting our over important Achieve reduce debt TCPC's secured are In to making existing nearly source total consumers know dollars these important companies led be continue of portfolio finance came is XX-months. only third further. was total well opportunity, in investments of therefore lien outstanding of existing we investments These for companies. overcome investments investments. a XX% well, that follow-on loan senior believe conditions Achieve, holdings deteriorate the incumbency Follow-on that founder in personal will burdens. comfortable

services growth down team financing was used the transaction, to Achieve’s financial lead be Given debt initiatives. set complexity and existing And of our the our transaction. team's lending pay selected companies, forth will experience to to and this this

in to Anaconda’s global investment as as over as a Anaconda. toward sole transaction, debt science more vendor this the growth. With scale Our fund loan of senior customers on including served million Anaconda second was learning term users machine first active refinancing the well to platform. will go than BlackRock largest XXX enterprise lien existing XX and which quarter data secured

meaningful to meaningfully In offset par. The the Dude on continues As as opportunistically reflecting million. of of light of Solutions, June face, investments are the at effective repayments our to Metric Raj new higher and exit XXth, payoffs, totaled Foursquare, dispositions $XXX quarter. mentioned, our Total challenges XX.X%, we able in rates by benefit rose quarter including X.X% overall loan Stream. debt this and third during the to and Jewel portfolio were from yield Jewel were thrilled several

benefit full had of Importantly, a XX.X% XX, the our effect weighted exceeding portfolio new will the of at positions. majority during rates quarter companies loans exit in of on our the in the Investments yields average yield given September X.X% effective reset reflected quarterly. quarter results, fourth average in be weighted

to react award with we in to the slower six to a and shift friendly relative the vendor market seeing changes and toward environment, terms Although pricing ago. tend in nine-months an markets private to be are to environment improvements

of we activity relative pipeline are generally fourth results including of throughout but Well, to-date, And selectively, quarter. to as inflationary The to increasing our input pass sufficient underwriting the cost emphasize important we focus investments with will in deal well to to costs, our note liquidity portfolio. models ensure invest are the fourth economic had also to to line slowdown now and to perfection, remains It we with the to on walk to did on in that the our have environment can saw established this discipline maintaining costs continue prepayment We capital. last being healthy. in and buffer capital deals is in pricing have built And impairing withstand Erik we on higher that changes we our in in positioning. our year, of companies loan. underwrite service environment. companies our of financial ability seeing their limited to turn and power income it companies flurry are the yields market without not positioned well pipeline in the I mindful business cycles. quarter through We our succeed over as significant that current a

Erik Cuellar

investment Phil. from you, again quarter exceeded per year, Net in the the from more benefit than second increase $X.XX quarter third and year-ago. up our of Thank base $X.XX income second investment from the so far well income. in was income Net XX% Approximately of our $X.XX as as one quarter, share. investment dividend rate for net XX% this income prepayment

increasing quarter paying income, per our our pick income of per other to of Raj dividend a cash is years. dividend fully $X.XX. was committed accelerated as investment $X.XX penny fourth that covered of share. R&D the recurrent $X.XX amortization share, of last We quarter pick we income, dividend included the have per average. are sustainable net income we consistently done Notably, from than and noted, and XX discount and income Investment Investment of fee a dividend over third by interest Today by declared This for our and plus $X.XX as share. included also a remains historical $X.XX, recurring exit $X.XX income lower fees. income of $X.XX $X.XX

per realized we were primarily portfolio. services, These exited of impact gains per share. our our in we losses of than devalue every were total investments included $X.X the prior $XX.X quarter quarter investment portfolio. as provided partially that the our all XXth third-party recognizing decline one debt well also the valued in in gains is million independent value and reminder, the economics investment and million Incentive net spreads AutoAlert decrease The $X.XX June, process third quarter for net our the we investment third over Street. $X.XX of share subjected made. across technology quotations mark-to-market our oversight, included unrealized $X.X These include increase of rather Unrealized $X.X unrealized in Net gains per the million investment million million in and And of share, and assets per by unrealized value including and amortize by sources. on also upfront a $XX.X it Substantially, time rigorous quarter net and and net a interest for $X.XX million quarter at or in Unrealized the services. As disposition the valuation all last of unrealized $X.X the events of increase quarter, per $X.XX as Operating or of the during the on $X.X par driven investment, million expenses reversal investment was third $X offset independent third quarter the are as against of fees using at in testing gains in on in our our are is his share. expenses our totaled quarter. include wider the of share. market $X.XX gains by an third in to every million, and this prices back valuation. investment other

loans Our end basis just at credit portfolio XX portfolio that quality limited represent remains basis strong to with the non-accrual and of quarter points companies value XX costs. points at

liquidity, comment quarter toward on turning a expectations. quick fourth earnings Before our

don't is to nonrecurring NII of we forward- it While third looking provide that items. important our benefited from note $X.XX guidance, quarter

the our also benefit Additionally, quarter. out paid rates, increase reduced that fourth expect the had we while a at size leverage the further from base of and going the the amount into in we occurred of quarter that you end of third significant portfolio

to $XXX available million, companies equaled $X.X leverage commitments of loan approximately were total or of Turning total investments million commitments. relative only quarter cash million our XX liquidity, million million. This liquidity revolver for of portfolio to billion. Unfunded in end, $XXX ended $XXX we at investments quarter of with the which to X% total $XXX included

and Our Fitch. diverse issuances an includes low by to our grade continues program. rated program credit be unsecured both and leverage cost facilities, debt flexible Not unsecured two Moody's SBA investment note only two and

reliant of on modest maturities the later. financing Given issuances, not we any our size of remain debt and are our of each source well overly single

at half mix any and we in in of of combined of with to XXXX. secured needs. to advantage the of X.XX% financing the outstanding Additionally, an and environment financing are not modestly percentage our Also, we higher borrowings have our unsecured given average add on media fixed which last rate our end borrowings, of the do at attractive this comfortable that time, computed we show current our opportunistic on have year, doing rate the X.XX% be financing, weighted only from interest second increased took

the Raj. I to over Now will turn back call

Rajneesh Vig

of terms. capital volatility deploy Eric. selectively we markets, in and the power team's experience favorable leveraging to on the our Despite deep Thanks, BlackRock and are broader platform comprehensiveness

Our we liquidity and opportunity. powder ample is the see where incremental we capital, dry have deploy to strong,

direct situations breadth current well special Our for expertise of and suited that performing investing, team’s lending is a investment particularly the consists environment. combination of

our quality, for disciplined the focus questions. experience investment the reward in credit build And of of team have been value we our that continually Although the with remain our both on portfolio. we efforts and please demonstrates The able call proposition. approach our to consistency and open diversify the of risk operator, and performance

Operator

Okay.

Kevin Please first question-and-answer Fultz The will Securities. with question from begin Instructions] We now comes [Operator the session. proceed. JMP

Kevin Fultz

Hi activity and me rate is how us basis? an the congratulations give on is deal from has what your dollar level then that My very you historical Could an review your remind rate annual of And nice flow flow you deal idea activity and quarter. first a number good volume. on apart on morning and average deals recently? question total trended deal you or value on secondly, could one

Philip Tseng

Yes, this is Kevin, Phil. sure. question the Thanks for

rate So anywhere X% ranges and environment. X% generally our between that with the on selectivity consistent given is to any different year

stay year, as let's X,XXX us, refinancings for generally. So It average. not doesn't pipeline on today, lot to is be say, And healthy. we deals and to robust, us a anywhere continues around XX-months quite But busy. you will it imagine given as versus X,XXX for to ago M&A between our the take evaluate a can environment

mind that, pipeline keep on owned XX% past XX% we we of come But a that high founder businesses focused on quite thriving to is our so real we comes very roughly set funnel to have quite for great But existing sources not anywhere XX%. and generally, it also through wide also portfolio. important is know to well, because like, the credits. where family non-sponsored portfolio, existing channels, which just happened It that of we We sponsored, This in have we quite flow a management. a a certainly be between for find deals. our deal make opportunities of very relationship do light businesses is but much our quarter those fantastic our channel number at to achieved from a based with

portfolio if after We companies. execute, we putting good then that and management seen good are have is comfortable, money

Kevin Fultz

And leverage current helpful Okay, that the thinking all you in Phil. about environment. around is are really how is my then follow-up

realized to the fairly light. origination payments have side you the I during Now, on activity sideboard was quarter other

So I'm the curious you or driven the so by if are seeing investment market? of that deleveraging portfolio of in was intentional opportunity the more attractiveness

Erik Cuellar

Yes take I is Kevin, that. this Erik, will

the In QX. hardest But terms mentioned, to the of it I the is that factor that pace repayments, as of elevated one is was probably during predict.

than terms last it In leverage then is it like said the been levels quarters. shrank. we it gives that to over is of Having portfolio deploy, opportunities. We attractive lower see comfortable the us we are the that the few flexibility

Kevin Fultz

that And this appreciate time I your helpful. morning. is Okay,

Erik Cuellar

you. Thank

Philip Tseng

Thank you Kevin.

Operator

Thank you.

Lynch comes Our from question with next KBW. Ryan

You may proceed.

Ryan Lynch

afternoon. good Hey

on mentioned gain had million Street Capital. drove First you I to that that XXth $XX valuation? question what unrealized I hear in increase love

Erik Cuellar

because this been the a the valuation is really It performing investment the multiple the Sure, consistency third-party. One and they well more a pleased very the just to better that all of credit, of performing we comps again, question. just factors to is are for that. thanks reminder has the the accreted performance. and also group the to and two providers, with relative from through That was just very get

based you at that company on company valuation and clarity specific But more quarter. have hopefully detail to next also of also about a that are part and of talk benefit some to it with to is the market level, it benefits. hope As initiatives strategic to the was current strategic getting combination we pending a the

Ryan Lynch

how Okay. say that the is coverage the your was average trended let's is last six-months? And then interest over what portfolio other weighted I one on current and had your

Erik Cuellar

I make necessarily I portfolio of growing have in it coverage trended or a to and step will lot don't applicable part that is a ratio our companies, roughly step of stabilizing times a would little to coverage. many of have that is the a an that average But deleveraging cash people they have misleading. worst, can improvement. covenants, downs of the is to of increase. growing But also require on specific offset because these Yes, rate it that And say X.X on coverage give is of really extent Part Obviously, accretes people numbers We think and the ups number flow the there even portfolio, flow roughly times in are X.X to strong. where cash them are the still at they the or is has coverage seeing up. is of slower, benefit we that require the will to case if the credit are the range. variances

Ryan Lynch

is that And just helpful. Okay, and coverage. then question dividend my on was final dividend

kind earnings. some coverage there obviously excuse dividend look of well know, kind relative you $X.XX prepayments items $X.XX there of which which earnings, couple in were one-time that as a repayments, help did this you the of quarter quarter quarter late raised could quarter, pressure accelerated If the QX say last guys or earnings quarter. fourth me, to salads, the their You as maybe at versus for for was of I upcoming

you XXX% dividend know You still high. coverage, over feels which had extremely about

it thought a and coverage room where the can increased of there is through the from want increase based the lot because running you that it walk to like of process out current So dividend to level you you on trajectory. standpoint guys do dividend be feels the chose and you how a

Rajneesh Vig

There is color. it. science And Yes, provide try let no me appreciate me to that. let to some

through. to that basis have obviously cases reference are where and the have there and dividend. don't same those well feels that We been that maintain coming we from so we The room, year through this it driving as I a on it continue The it most been playing think, prognosticators play but to and maybe benefit The important stated so far investments, we benefit stable stable, increases increase very clearly is know that worst in and factors rate as rapidly, increases, believe know we quarterly covered invest have dividend foremost, benefits, are including down in higher in first on through a spread not time of if we we or dollar. now rate. the at necessarily, we not increasing. more returning investing like seeing is some it are not marginal is being this,

I just we we defensive, tried that So we I pleased think - by environment, by we this so. and are have chosen cautious, are Coming cautious, stay the industry think always then the are have increasingly been is into to we both environment, third thing, obviously, very very but structure. and

And some, so longer, room. this importance the be strong though extent an moment and might is at having is just stable Even continued there buffer lower there to is view additional the a well provide for that there covered to of that dividend. and

requires rather covered we pressure have stable, dividend confidence in up the view take then clarifies and and it reversal environment do reassess shareholders continue I well as or that would level. something and that think of and our is the puts it our on our a confidence coverage then to

$X.XX was we conclusion for healthy board this start I think to maybe the and that benefits to took our our a and of set good our in to and that with sort to into discussion current set was came at how dividends provide race the we all level shareholders. a we were template of quarter to account our but the if environment want that sticking thinking feels

Ryan Lynch

and exit on the discussion. Jewel. Okay, is the I on Nice questions fair That my enough congrats all of quarter had.

Rajneesh Vig

you. Thank

Operator

Please from comes proceed. Instructions] Dodd The [Operator you. Raymond Thank James. Robert next with

Robert Dodd

obviously, and the kind and like in available question a more available Hi, mean, same seem certainly that be got direction liquidity bit you How should the in but bit of you to that obviously, available bad than leverage is this you wait environment I leverage thing. to little friendly little to be a was Especially moving more to with utilize you feel or anyway, how Just low have relatively near-term hold leverage a going going to back modest to structures advantage liquidity. mean, take opportunistic, I in kind lender do be content are will expect expecting you more we up rates a that more it opportunity you earnings to of the helping lender wait now, are do today, friendly to back the capital pipelines a terms? maybe even - and of terms or, year-ago. take maybe maybe not

Rajneesh Vig

will I more question. color. provide a to little good Yes, try

I and think level down day the is pretty of the quarter. the the it of last just mind the of in pay keep part and timing was on including back loaded

given capital types deals, is so invest capital timing. opportunities. it of lot it new available That great than seeing doesn't So it typical there right there the a was to are a, and this in have -, environment, the of an impact to deal to much that just a is just and the said, Cadence quicker have as capital cadence into of good pay down processing we to redeploy

partly attractive very will But we need this rating to and bit we to and anticipate decide environments. that market a stretch deals utilize through the think are really utilize. of because we expect to be level. have the have benefits part to think, that, both leverages top Whether maintaining defensive view is we of, stance the to are the maintain buffer that in answer leverage far worked additional we don't so the in on available a is structures is it, returns will we do our guidelines even we other function thus that and stay also fashion, both, I those as the approached, we the at And with of industries any what some to something of able guidelines quite compelling,

act, I be don't think So fast I a it think hard any balancing and there is will target.

- leveraging We to benefit an go that expect so will of the we to the extent we on not at with the comfortable thresholds clear not dictates. are expect move down it any it came grade whether environment And level the up, additional read, With for cap there thresholds TBD. quarter. just a be to quickly exceeding the end because as around or the those that investment as they

Robert Dodd

been received at about to just you them be industry kind and I'm of, necessarily point an the that obviously, indications agencies indications wanting of would the see in in rating to rating leverage you lower about any about in agencies want will. Have rating, you, regard? any But not talking from maintain. there this feedback maybe the that I concern investment to grade order keep and has you suspect cycle Obviously, the preliminary from

Rajneesh Vig

or our case, I our has with a others, I message implication new don't a want in for To but But that any we to of that speak are environment. and say again, that conveyed. or don't knowledge sort in been

think need we to being be been answer to as there and be. we your question, as trying no, are any hasn't that. just informed feedback cognizant I to on But

Philip Tseng

going they was look in said say limits. report the I And at recently change to term they changes the he they longer Robert, sector begun Yes, those limit. environment a issued normally changing before and that on the

Robert Dodd

Got it, yes. I appreciate it. Thank you.

Rajneesh Vig

you. Thank

Operator

you. Thank

with from comes Ladenburg Nolan question next Our Christopher Thalmann.

proceed. may You

Christopher Nolan

guys you Hey, guys, income how do spillover have? much

Erik Cuellar

tax versus significantly per on a is cumulative is gets a basis, It primarily on about the treatment a basis. treatment tax a $X.XX on for on that on which is It significant. given purposes capital ordinary prepayment job it book is basis, basis, income, share. $X.XX But less tax

Christopher Nolan

mean, for some update Thanks. seeing the the constraints are supply is forth. same issues Any still talking to question. guess is chain as your companies Last I before? general it or about you that me. seeing, are Got you. we supply quarter, of and better so effect I And And are it chain that.

Rajneesh Vig

Yes, question. thanks for the

I supply issues was that acknowledging think speaking. chain broadly quarter, the around there last commentary are

industry level, However, gross relevant it type on level, an But at portfolio, context. in in flow given is be for really of and for something light monitor a our to margin focus the less broader we high high have part asset investing, aware businesses. most company a cash our are it we is IP

to the clear. observe but So something it something the in of see we is that market just less in portfolio, be we

Operator

the in queue. be to appear There you. questions further Thank no

now Vig. will it pass to back I So Raj

Rajneesh Vig

the joining thank Thank like Thanks our call. you. your business This to shareholders, I continued and appreciate partners also We work call. for partners us. I for dedication. and would concludes and like team our their would confidence our all their capital hard to thank today's on participation continued our support. for today's

Operator

for concludes the conference your you call. This Thank participation.

You may lines. your now disconnect

BlackRock TCP Capital (TCPC) 3 Nov 222022 Q3 Earnings call transcript