Earnings call transcript Q2 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Ladies and gentlemen, good afternoon. Welcome, everyone, to BlackRock TCP Capital Corp.’s Second Quarter 2023 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. Instructions] [Operator

would of the Investor BlackRock Katie, proceed. I Katie over Relations to please Director McGlynn, TCP like now call turn to team. And Capital Corp.

Katie McGlynn

Thank Bailey. you,

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

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

Additionally, derived to no respect certain been representation and information independently discussed third-party not with warranty such and presented information. may have has make or from been verified. we Accordingly, sources

ended XXXX. Earlier June today, issued second XX, earnings we our release for quarter the

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

will I the to over Chairman CEO, turn Raj call and Vig. our now

Raj Vig

earnings we questions. few will investment our positioning a our activity; liquidity review joining Erik with and capital our quarter closing with Thanks, as and will Operating all and I remarks you your over on our financial conclude greater quarter will call will who will update well to our then for I Officer, Tseng, portfolio detail. in an an President as results. Chief I for provide thank second then TCP’s XXXX overview and take Cuellar, Katie, results of second Phil call. before begin CFO, us our turn the and

Turning the quarter. highlights from now to the

net an return delivered of net a increase representing XX% XX% quarter, per income approximate income on year-over-year For the equity. and $X.XX share TCPC annualized investment second investment

in our of well higher benefit our an of fixed our as rates liabilities nature continues environment rate, portfolio rate underwriting proportion floating spreads. and net of the base investment strong at higher Given to a wider income our marginally from as

the Our second as company. among end of run history the as a NII in highest is public TCP’s rate quarter of the

today is Directors per the last $X.XX year of dividend dividend increase the of quarter of Board the of of the last since quarter announced Board year. $X.XX a since increases share, reaffirmed the third dividend quarter Board has reflective Our the since has announced which third – third $X.XX

record September dividend The on third on payable quarter XX. XX is of shareholders to September

an announced disciplined acknowledgement year-to-date, strong of and shareholders special strong TCP’s Board income. our of payable consistent approach dividend is investment In stability as our the on to with emphasis September our our announcement on addition, and XX. also from recurring to dividend earnings September and on net record coverage This a XX $X.XX

in a investment As deploying this Phil new to dividends covered a Consistent of detail, our remain more those percentage number activity, during small reviewed with and but recurring in quarter throughout second activity volumes income. TCPC’s reminder, history, investment discuss comfortably our we will summary, in consistently muted net substantial transaction and the uncertain we’ve capital. quarter a approach only environment, transactions opportunities. in our of importance the increasing invested with disciplined our historical have of

of management with compelling encouraged identifying. to agnostic and reminded sourcing. cycles we deal the Because of our to deep Given our our be the deep build relationships opportunities of BlackRock direct – across teams experience are by approach and investing the and ability industry the upon power other continues are as our platform, well our draw we to team’s deal equity the of slowdown in to private continue as channel benefits participants, volumes, our pipeline we

X.X% total during quoted but solid, two level names. totaling of minimis levels prove very portfolio continues the to as driven fair the portfolio of by continues quarter impact losses but being unrealized suggest value, TCPC’s at underwriting quality Our the with companies in our credit loans primarily on a are quarter, de non-accrual The among effective investments remains declining mark-to-market that of the to at be end a lowest X.X% just the non-accruing history. second NAV

Finally, our various like and for periods market complex advantage experience are do be in rate a is slower an strong industry the results while It a resulted uncertainties. are cycles. have and throughout we foreseeable deep elevated and historical in forward this on macroeconomic an of do future view environment explicit growth we not that rates, have knowledge in we’ll with believe range

reflects are at return believe on our which We generated much the peer at which annualized and return opportunities as across total a public since attractive consistently than remains shareholders much and exceptional cycles. XX.X% delivered they high company our of deliver lower back historical premium have to invested wild a our X.X%, ability a of returns today. our performance this rates, cash we were much group performance Looking yields in we annualized base market of for – assets identify XXXX, end at

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

Phil Tseng

highlights environment and providing our the during Thanks, on start our on Raj. with portfolio activity few investment an I’ll a comments from investment quarter. before second the update

leverage driven has Institutional both second economic quarter. volumes. in noted, than U.S. were in the Raj more year-over-year a transaction XX% uncertainty issuance and loan volumes slowdown down market As M&A

teams, contexts sponsor to activity, industry from market as our and well including relationships. in proactively sources, wide slowdown a unique the continue focused identify management our through range of opportunities investment traditional teams as deal Despite through directly industry

market conditions not adequate the appropriately more on not are immune particularly lender pricing We when market provide in did does when to remain passing opportunities, volumes. the protections. year-to-date slowdown disciplined reflect current we’re terms However, not and or

new been we as loans. our lender we invested the negotiating our TCPC two leverage downside believe senior to positioned experience of deployment we in reviewing opportunities, rates factor existing in of $XX us over quarter has transactions this in In loans We influence, a the In to where meaningful two new key track of enables million, primarily terms decades two a included realized second long-term record. conditions quarter, deal emphasized believe and that and our companies secured which loss protection. low provide are

our industry our specialization, provides benefits. In borrowers value addition, which two key

value First, sheet sourcing reliable it which informed who bolsters partner. deal and our mitigate risk non-sponsors corporates industry our in lends and when foundry-owned in like effectively underwriting terms expands itself sponsors businesses and second, ability to it documentation. to experience, also execution negotiating assess And balance our and and with who an more our capabilities value credit

holdings which investment as full the to important of out opportunity. senior companies. be sector XX% a the Payments and been XX gaming the in Gaming quarter continue support was over called investments lien with division, of suite standalone loan online largest Solutions has and on provider new rebranded is since Global payment last deployed were of to sources total providing Pavilion services business Payments. secured of Pavilion first TCPC’s a second during gaming on-premise a carve acquisition portfolio a Follow months to payment existing solutions. dollars existing the term

high attractive lenders. barriers given group unique participated industry lead BlackRock among business strong an We lender as view positioning an industry and this of with oversight of to requirements. regulatory a as entry because in small

$XX million. quarter the in offset second of total by dispositions investments were New

to portfolio continue closely existing also monitor We companies. our

with in operators to continuously original are assumptions. current members engaged team to Our projected and and dialogue our performance both underwriting owners assess relative

navigating revenue the of Given general and slower our uncertainty companies portfolio input costs, economy, growth a rate are pressure. environment, margin few higher the in the and/or

in companies We’re teams handful working position. and closely the with of of this management these owners

However, we our quarterly review shape. recently good that to in generally process and report portfolio are remains their completed pleased

make customer more this. proven resilient business in Our times models that emphasis with is them bases companies on established and core like

end, investments spread $X.X XX% quarter value had industries, fair a across a At risk. minimizing of market range debt of providing portfolio concentration were portfolio wide and our senior our of diversity billion. approximately secure

We end average XXX also of company portfolio continue investments and emphasize consisted less The $XX.X companies cyclical to in was quarter in at investment our million. portfolio companies industries.

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

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

investments. The Investments companies effective base yield overall in year a of our new positions. yield weighted portfolio one with wider weighted portfolio XX.X% the in effective increased XX.X% effective X.X% to new benefit ago, quarter yield the XX.X%, on average exited of spreads exceeding average and had on the during rates compared reflecting higher

more a in and willingness and to ago. environment, in with benefit Given XX this to lender environment from to relative lend further ability both we’re in friendly pullback continuing improvements commercial terms pricing months investment bank’s

have activity companies have maintaining we’ve Post higher quarter including We cost input seen and discipline the while capital. significant been in emphasize in end, picked costs, investing increases a selectively, power our their environment. pricing modest of mindful pass that on inflationary of being to underwriting up

did to our macro their can to in build to ensure buffers in service withstand It’s important also companies sufficient changes impairing We not note ability environment, that without higher the costs underwrite including we perfection. loan. to seek to

quarter. had current building investments no pipeline with we income are date, generally pipeline the in portfolio. third in on our and our Our the yields have line in prepayment is To

turn liquidity Let Eric me financial our over as positioning. results and it to our now as through walk to capital well

Erik Cuellar

Phil. you, Thank

XX in million our $X.XX up in XXXX $XX.X last share, the net the $X.XX the last second base exceeded of the quarter income second versus the and months. the rates quarter $X.XX share per increase As of following per from quarter. announced benefited dividend second income Net investment share, over Raj was increase dividend of per investment XX% or noted, quarter

fully the per consistently quarter committed paying we by investment share. the income per of dividend income years. share. dividend per that $X.XX regardless base last We and $X.XX supplemental declared XX was as sustainable dividend remain Investment done a net of a Today, third a quarter second for rate we environment, covered over plus is share have of the to $X.XX

interest cash and income of included of recurring pick amortization discount $X.XX. fee $X.XX This of and $X.XX,

dividend our we income. income quarter, $X.XX income in one-time pick line the of an in over income Investment uptick our second pick did remains included see While recurring also in $X.XX including income, pick the average history. with of

of we over lack time As is upfront the the than at it a all reminder, recognizing investment rather of made. amortized the investment an economics

market on mark other unrealized the to in million losses names. well quarter impact and per losses in unrealized as in reflecting per Astra realized Acquisition, Thras.io, expenses were in fees the investment $X.XX investment share $X.X the gains unrealized the $X.X a per as for $X.XX $X.X $X.X million $XXX,XXX and second Unrealized our by included share, $X.X million and $X.XX $X.XX partially Net were totaled or or per $X.XX for second per Magenta, share. interest included on loss losses $XX unrealized unrealized $X.X million market million our in were quarter or in quoted debt expenses losses a quarter our of million These in quarter in Net Operating offset Incentive share. share. on totaled investment Hylan. a million of investment our loss secure. on primarily

The net share. million assets per was or for the increase net $XX.X in $X.XX quarter

to process our a of our testing independent quarter services is sources. every valuation third-party valuations. this and by oversight, against validation subject disposition all valued services. robust And prices using we As every quotation are reminder, provided of also and a including include substantially back independent These have rigorous process investments

X.X% As end quality portfolio the at strong. the at remains portfolio credit on fair of of and were the portfolio Only Raj overall non-accrual of noted, X.X% second our companies representing of quarter, status cost. the value two

to turning Now our liquidity.

investments revolver Our cash X% and which $XXX end the This million. positioning companies million Unfunded million billion. included leverage and $XXX liquidity $XX remains quarter total of million commitments to of only we of our were total sheet of strong, commitments. very of approximately at to $XX million, portfolio total equals loan $XXX for investments quarter with available ended relative $X.X balance of

includes issuances, two facilities, low SBA an and For flexible leverage diverse cost and no two unsecured program credit program.

be reaffirmed investment In outlook. note stable Fitch April, both investment rated – grade And our continues by to Fitch rating unsecured and TCPC’s a grade with unsecured debt Luis.

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

of have XXXX. only not at XX Additionally, needs. our XXX of secure X.XX%. modestly increase with with an comfortable current any do rate the unsecured average of X.XX% weighted mix end on outstanding over That is and we’re our interest and borrowings Combined, last financing immediate increased basis the This financing the months. compares to points

points the This that our of same increased of period. basis from is sources. borrowings over rates rate during XX% result fixed having base While XXX approximately

over Now, back Raj. I’ll a turn call to

Raj Vig

Thanks, Erik.

demonstrated are strategy shareholders confident returns believe different risk our have we Even investing as stronger we further We economic This market a delivered appealing of to opportunities. proven helps ability growth periods in attract has consistent volatility and to and in persists, investment partner us also throughout and a for that economic execute both adjusted borrowers makes for to approach our our reliable us contraction. environments.

that operator, the With questions. call please to open

Operator

line Thank question Ladenburg Christopher first Thalmann. Nolan you. comes [Operator from Our of Instructions] from the today

please So Christopher. go ahead,

now is line Your open.

Christopher Nolan

company’s T&Cs not to the than you just their comment just that walk terms it? away guys. deals performance meet TCPC they’re made tougher made Has their guys Hey Raj, from, making discussing Or conditions. than you before? not the and is a able weaker that basically

Raj Vig

I tougher. made that Thanks the question, for them Chris. we’ve wouldn’t say

categorically, focus that’s many on of I highlight a payments we items the the coming Unfortunately, want focus of of this levels that, cases, particularly, or of areas all as lot in tightened to out have The us been approval in targeted items. things. environment. those would say some sort, and financial we and leakage, think covenants. documentation on negative that And very consents front are things has rights would a into those of that, same focused I real I up. of things are

targeted buffer we’ve tightening off So, our covenants, loan-to-value been multiples between percentage things up. certainly or of

just murkiness of and we match more not up a targeting want with credit, it’s little what’s the And may cases available. what in where some our

this So, is of as overall. all context a mentioned, and in of, environment just a lower Phil deal

for about, growth. of never it’s us the been growing For just sake

of You’ve one active quarters just sort more environments, – we’re that’s seen us and that have market. things lower consequence approaching even the is I deployment the how think of in of front a

I wouldn’t tougher call But it items. or new

tighter, and things. in uncertainty, buffer. in fine are, cases probably results marginally assets I is an think this in And occasionally, lower of more which environment of holding probably, think a deployment, scheme performance the credit it’s I longer needing more good some for or

Christopher Nolan

My question is on ahead. value, go up please follow

Phil Tseng

quite in market clearly that, add lot to also there of you of our high. need the and on I’ll pass always rate our of valuation that comes But that, Sorry, the quite at seeking in we later the financing I’d higher perhaps should multiples. you from some just continue Chris. companies be lot so and get this a been on valuation a it wait you M&A, We in if out and winning, and impact uncertainty environment deals, can don’t the XX% pass we’ve has always luxury of to this environment. on, be point been and given have a plus are add selective for then a environment seller to you

the sidelines. So still on I we’re quality highest of haven’t lot They is are what assets a think the seeing transacted.

the raise are they and to have to more, complexity financing folks that in their seeing to we’re a sometimes, refinance story. or what need need more So might market

trying but that of context still bit be flow for seeing. of the a gives we’re So type to just selective, we’re little

Christopher Nolan

discounted these BDC as should an since Great. clarification. question in land the than investments to a unrealized turns follow-up realize the to trying off is question, see be was most me, rates? are valuations. risk-free use we short-term on you’re raises And higher to things what it keying surprised lot I cash I’m off and the appreciation, what rate variation on down. the of quarter, deal that of is longer which excuse investments the number short-term some term appreciation a in valuers of your just that Because curve tend go valuations where get the key inverted for a given your have rates, if rates flow,

Raj Vig

approaches. about as valued, Yes, applicability, But just of entirely valuation not triangulation then they and be will almost but obviously there providers quotes a be far think more market M&A, those of of pressed I’ll the doing losses. the is discounted really public typically market highlighting driver I try the unrealized and are add of quotes, It’s just never this parties some which a in case some There point, and in particularly some transactions ultimately market book there’s color or is which available, third market will as the go, was the rate. around where to a a by fit, clean are of comp combination it’s key you’re the two.

rate in a have happened was done earlier markets, of what’s guess market year, we before market above they’re kind be has the try in of would using of more months reference have taken part But will I a adjusted valuation though, in the take this in guess more forward view which it’ll point term then quarters, but view There vary. they’re approach, through to will book, terms to the They independently. whether volatility will this we specific equity their of taken using, a of a discounted there the in public and some downs. provider. I market SOFR from mark vary equity on cash rate do overall longer provider a think or a a that knock and mind flows but in rates be in it the more that. adjustment of keep three and forecasted curve I it the by some effect recovery on is, has and of the happening spread ultimately

Christopher Nolan

Okay, thanks, Raj.

Phil Tseng

spreads. valuation providers, the Chris, doing as they valuations where are Raj that add noted, I’ll are market using by fundamental And we

they that on adjusted needed the one-off So you flattish were seeing were those did more is use will in markdowns relatively markets the cash more more the the volatility basis. whatever as markets where to loans see they public traded little to a hold and do tend we in you on bit And see discount this. what are typically send spreads to that quarter-over-quarter flows like

Christopher Nolan

you. Thank

Operator

you. Thank

today Our comes Dodd next Robert. Raymond James. question from Robert go the of line from Please ahead,

Your line is now open.

Robert Dodd

questions. Hi guys. A couple

to First assume, I but if $X.XX again, ask at $X.XX and the would I reasonable it’s, a earnings, dividend projected earnings slowly the some be curve, and today, your of is, on special, board down we look excess to in well to the stands stay generate coming it’s mean, base decision, which the forward dividend. time it elevated got I realize as slowly, or down for come it the could

expect anticipate maybe long color $X.XX So you dividend this as Or earnings thought by on should investors that special continues or give base that’s any exceed that future in how margin? the a about? sizable quarter so us being can

Raj Vig

Yes. color. the by I’m and focused prudent very but both it being dividend on your within I we fast Robert, would I for three last that the on and you even would quarters. in in let sort increase, you’re we’ve mover are provide call get, as for highlight a a cannot the sustainable of four dividend the special very – little glad quarters And deliberate, question is methodical Thanks for one where but you But and disciplined background. done or focused or joined and us this dividend. spend, call we very wouldn’t are question, I know, associate the as regard, me a and around argue, and

way an basis. thought is was, quarter in an even to it the back far more we a give about than goes, a on special it effective as annualized increase way very cash As one it’s,

because out, in has gradual elevated of not, it taken to take the done force we’ve forward credit environment the it longer. the we’ve dividend take be It will you as we quarters. up how in And we layering forward point have as the and us are view, like seems for which lot methodical, a stay and a view more as a that, in does come although been a we of and the last then does but little cautious rate, we’ll view, few benefit reference our down, can historical done it not book

today, has and So have not benefited is if and credit everything run which issues. as rate, we of lot is from underwriting a really impacted this by

best we of time And assess, at think work do will rate to to it’s and whether or run the options look determine basis. one and shareholders reward you continue I a that it. immediate way to couple then more more for have do our on a

I ability increase I look assessment will of it shareholders this that’s would sustainable I the And think the continue through a It in of our it staying credit not in have rather if what’s quarter context this will could and in the from for and sizable, our and pretty shareholders, dividend. quarterly intact, resulting And dividend the a back the rate. day, so fortunately constant most most and tools. at to this side pay other, one-time things sizable both most to to historically your amongst and bit current be then one, think the run are tell will – than one you compromising return that be both. from favorable And special in choose dividend a return of fair the forecasting comfortably at or board I and elevated be I the we could what’s it those on think end can

Robert Dodd

get sponsors. secondly, your you by I called some sustainable I mentioned, you. mean, of structure additional from Very and one can Then capital having growth, appreciate experiencing portfolio out traded slower a Thank some not names couple companies without S&P that. did – as of may a equity helpful. deterioration that have

these but to situation, equity cover? on mean, the they are going in tie sponsors are to that, the step across lot being put how’s that with the I general the up willing negotiation names a not are there conversations and the in in on what of how the, in, at without, margin, margin over? So at that and businesses specific front Or

Phil Tseng

This question. Yes, is Phil. thanks for Robert, the

speaks nature it their is question other a have the of and private with are sponsors their the clearly, One these it conversations portfolio that’s where their what things. think in a equity because our we and willingness these pickup to protect the largely is because protections sponsors with of we’re But I do the naturally today of to positions. – of how We have seeing our because the bring to table? So that covenants payment great to I a and number to, only place, think, deals have benefit speaks amendment without default. moment really the perhaps covenants you to terms, bring have a the that activity we we’ve that structured with negotiated these of to the table, aspect

of by think having we So virtue conversations. we’re these covenants, these

to And meaningful these that, a what’s structuring equity at covenants value important implies when continues we level remaining. of is there that amount structure be

there a because on option could on, equity so willing on are, valuation feel in long that whatever there to put the prospects based be equity. the and is of or that there be the based good business, So equity, it actively as then to more or a we they’re owned family up and stakeholders whoever the continues it business sponsor engaged

over are events of negotiations in us series have amendments vacuum. loan. discussions, And know de-risk are for Robert one de-risk opportunities So and type and a we can opportunities our because They try events. as Restructurings, don’t those we amendment happen every our of where loan. you these to and these happen

Robert Dodd

I appreciate you. that. Thank

Operator

of the Please from line Thank ahead, Instructions] today question Ryan. go Lynch you. KBW. Ryan [Operator from next comes Our

open. now is line Your

Ryan Lynch

good Hey, morning.

your sort conducting had every portfolio thorough is I on to entire from kind review you about comments your love quarter more potential I what entails to just talked ahead a review here, that some of portfolio would get any stay of details issues. of in of question, First end. your

Phil Tseng

the Yes, question. for thanks

of entails, they along first our know, all, So specialize in. industries – we organized are as you teams, number what of investment industry that

the that So and not review are that borrowers our just going continued the of and that vigilance competitors, our process, quarterly, our on industries monitoring themselves, over in, events so is real monitoring is one of a on. quarterly benefits necessarily, are And but ongoing, continuous we having in as borrowers view that’s approach. formal,

business the portfolios closely. our with quarterly industry reporting investment as monitoring committee also the for of and with on formal performance assessing or that discussions context always portfolio memorandum including stakeholders and going really other materials we’re in teams, broader to that financial a review. what’s their well together lenders discussions using financial management in equity putting review the our includes assessing So the The

And across one of us It gives, lot gives we fanatic context. of into allows us it views. to And do entire portfolio. the and benefits that certain our borrowers the it a industry us broader gives deals put is it

broader portfolio informed across and entire our universe, benefit are of BlackRock and debt make information. also the we’re in monitor the the the We able and across from to us platform to also to leverage private the market, where the just in. industry we BlackRock really middle but maybe traded platform a markets sure borrowers our not and helpful terms for equity of It’s the vacuum, markets operate pull on resources companies

Ryan Lynch

that. helpful color That’s good and on Okay.

I’d what’s periods you the hesitancy environment I board’s, reducing the of decision, then for the is current long base they today, love point match of understand the some near of it of power adjust on base opinion on can the to business pay the if to increasing but speak dividend over, Robert’s questions base to, if going current rates, and obviously rates on the and hesitancy not of what for the are, time? depending or down, that’s businesses is the opinion what kind what of which then one given of rates will at close Chairman end base where the, dividend changing the up board’s up out Following so rates core kind closer to your TCPCs to Board, power what the the earnings dividend, either do and Raj, of earnings the hear you’re a regarding board

Raj Vig

a that wouldn’t call maybe is I I good I a what it That’s it question. I – hesitancy. say ultimate And would question. is, is an guess

we that possible is in pace. cases run as answer is manner like, your and approach year-over-year just match efficient the moved keep or increase down, have that risk rate and in ahead our that NII their match though us. intent question, sounds do very volatility pace which XX% just reward maintains, confidence the certainly to even deliberate in because much it in our elevated quickly, that earnings these doing is wouldn’t to then and, of a at Part is as I that about Our taking logically mind, to, power. but talking some And of also to we’re believe desire in at our in positively it shareholders it the the earnings of an that, like, will, easy and

the on think frequency but of wrong and that I frequency change can be I confidence. that I would that the of undermine may in say this, think in I change

be a, decade. is seen back in year can not now everyone dividend but or is increases means and since hear It of of capital feels if than moving to cost try we’ve more And you those that we’ve many not every whether And stability. the been are covered over very quarter us confidence you’re the we maybe not them, required And slow, dividend done that. at from, I’m it overly and obviously to operating dividend sure the in shareholders, being to had, like in we getting do a cumbersome It our this what we’ve the we like reward a deliberate. say know public. for higher last levels, to up our you debatable. try we’ve

business, think I those be continue. to as the really trend, obviously ability predictive on will we have the that discussions

invite of with, of undue along happen volatility keep is how means it we dividend in quality and to answer unnecessary highlight value speak philosophy. the more actively, which don’t little anyone or on to it. perception rather that of environment on very have of as and color approach. the take we my up performance a because down, we is whimsical the don’t want towards think our And but you and the the But just just the the philosophy, that and don’t something your And about approaches gives hopefully less it this want I to or dividend it want do volatility, that’s a board and our more taking these up we’d that up versus I these for actively versus it way reinforcing in notable to, individual you discussions a discussions little question,

Ryan Lynch

Yep. No, the time reasoning it. today. the me. appreciate understand from I that’s That’s helpful. behind I all

Phil Tseng

you. Thank

Raj Vig

you. Thank

Operator

Vig to Thank additional you. so back to call There waiting, currently are questions I’d pass over any closing like Raj no remarks. for the

Raj Vig

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

BlackRock TCP Capital (TCPC) 3 Aug 232023 Q2 Earnings call transcript