TCPC - Earnings call transcript Q1 2024 | BlackRock TCP Capital Corp.

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Operator

Ladies and gentlemen, good afternoon. Welcome, everyone, to BlackRock TCP Capital Corp.'s First Quarter 2024 Earnings Conference Call. Today's conference call is being recorded for replay purposes. [Operator Instructions] And now I would like to turn the call over to Katie McGlynn, Director of the BlackRock TCP Capital Corp. Investor Relations team. proceed. please Katie,

Kathleen McGlynn

Emily. Thank you,

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

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

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

we issued today, first for the quarter ended Earlier earnings XX, XXXX. our March release

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

Rajneesh Vig

thank and XXXX Call, first joining BCIC. our with is BlackRock Investment us you for BC, Capital Earnings combined the TCPC, TCPC's Corp, earnings our also QX officially as for combination successful for which call a Katie, post Thanks, entity, former affiliate

by joined Cuellar. I'm our Today, Erik and President, Tseng; CFO, Phil our

welcome the will to Michaela Michaela officially by McGlynn, who today be over I'd leaving joined Murray, from also show. opportunities. the like pursue Relations firm are Katie the taking We who to is other to Investor role

friend private team merger. well was XXXX, structuring who closing her We, instrumental platform a and valued As and recent member a a since will has be reminder, endeavours. missed. of net wish of been sorely partner her the course, the in and great in future TCPC She's Katie and been

will of completion and environment the first then then follow greater an review and BCIC. will our a and as financial the our will of as with results I'll few begin activity, well liquidity Phil successful today, and comments provide with I of an results. investment Erik merger overview For our on capital portfolio overview in with our our quarter investment detail.

wrap a your comments we will with I few taking the see opportunities Finally, up on before questions. ahead

on As our we quarter affiliate I earlier, with first March BCIC. mentioned closed the during merger XX,

the formalizes leadership. were materially one a and As since through value TCP's the investment our simply BlackRock's shareholders targeted and TCPC by reminder, and platform delivers efficiencies. scale XXXX, the greater The of of merger managed these operating combination acquisition for current meaningful the under BCIC both portfolios of X in activities team overlapping

overall access and lower likelihood accretion and we point combined the capital a will forward, be fee basis. company for ultimately from entity, for structure more to a financial includes the the the entity This efficient combined results shareholders. for of on larger our income this discussing From

of highlights give prior results. pleased increase XXXX, share, report $X.XX the per per TCPC our to for quarter let's quarter. of quarter am adjusted the I review in of that the first $X.XX a Now share income delivered net of from first an

continues among base our NII rate relatively rate quarter run the rates in history to public was base equity income And from remains the -- return a of XX.X%. higher for benefit and highest spreads. Our net TCP's company. on annualized NII investment And

in companies including X unrealized first quarter, primarily previously equity invention. During on our to due along with Thrasio in portfolio investments X.X%, losses Amazon the aggregators, our declined discussed, and NAV investment our net Razor,

challenges generating are specific mostly with margin report performance before, are situations portfolio. continue we many broader any of we do believe The of and companies have result quarter portfolio of of to credit to the expansion handful circumstances not our first stated as sustained these majority our the a companies. revenue improvements. in indication in write-downs of The And

That to the Razor we small in space. through markdowns. said, operate and few both discussed are I that again have consolidated brands the portfolio want third-party platform. contributed aggregator names of previous that commentary the Amazon Thrasio market-leading on medium-sized to aggregators calls, And Amazon's provide a as to on of the sell

alleviated inventories initially in resulting overleveraged This supply related balance as and online by sheet. chain growth by in impacted then [indiscernible] slowing sector supply consumer and excess chain spending, issues was issues

Given in a Thrasio, the a via balance liquidity the XXXX, of from net for XX annual persistent we opted that given challenges resulted, and which benefits that aggregators filing February Chapter operating restructuring sheet one the supported largest process.

of fair bit more a to ahead as emerge emergence remains and us, company the return This of with a as long-term structure, expect focus to Thrasio the a believe manageable work continue remain lower a sector debt and we and industry. profitability, to efficient post profile. and attractive allow and we should ultimately what well more operating the leaner and our on viable leader to in to Although

expect in Razor drive more addressed efficient the stand-alone. strategic company either operating to position combined stand-alone combination in space. consolidation a entity's the the structure group a the via also solidifying achieved as contrast, have Thrasio's challenges global near-term leader Similar than March, By Perch to and effort, could restructuring in acquired we

will that in capitalized it. believe larger scale consolidation continue space better serving and there ultimately, also and this cost optimization are vendors further be to and fewer, We likely

the to continue of to. of as able you will We update progress are we each on these

that is successful noted more but Demand for provider, demand a spikes environment. positive learning Edmentum, but still Next, normalized the its services which, I'll to many and tools has schools. the during to pandemic we in discuss quarter, an in-person reversion as corrected following attendance navigating a last since online return

positive and pre-pandemic to services Covenant industry remote trends. well education an grow to popularity secular at remains Relative and continue learning in in digital levels, Edmentum positioned with

our company. in is Edmentum we full investment a current loan residual repayment after the our position reminder, a to equity As on received

As and record track direct a challenging the space, of has developed through situation. cycles experienced success, lending working lending player -- proven market our team a credit across in challenging unique credit and has long-standing expertise

We have to and expertise, performance owners are proactively with this lenders for are teams, believe in and working other we teams achieve equity positive place the and management improve investments. leveraging right our outcomes

Most the these strong. credit remains situations, importantly, of outside of our portfolio quality

XX, from of As or the relatively the risk of expectations. and March reflects December that in portfolio was internal line XX, majority companies our ahead base are rating XXXX, substantially of case our unchanged fact XXXX,

a coverage based Directors adjusted a NII on of of dividend Board which first quarter $X.XX our quarter declared second Our implies NII. per share, XXX%

is June quarter shareholders dividend second XX, The June of XX. payable on to record of

and also approach have We dividend with recurring special the strong including have net a an taken and disciplined quarters. investment XX-year coverage always dividends, our from net Throughout emphasis recurring our income history, we covered TCPC's on investment dividend stability paid income. in with have our to recent consistently several most

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

Philip Tseng

on Thanks, environment. then our few update the portfolio provide on with providing investment an Raj. and from I'll start comments a our investment quarter during and the first activity highlights

new Deployments core companies customer and more loans. to remains we economic them companies. the with portfolio quarter and strategy, million, that business proven X and our Consistent resilient senior In the established models X primarily invested XXXX, on $XX bases included in quarter existing secured our make of in across first loans emphasis cycles.

that than In more where and positioned meaningful where X to a influencer, our have are deal ability we leverage decades relationship reviewing with as emphasize borrower opportunities, experience provide we a negotiating the downside transactions protection. believe the lender of in conditions we and direct we terms the

We history. our realized loss believe a driver key this low been has over rates our of

opportunity horizon, as transactions pent-up We also come to M&A market. see the emerging on

higher-quality to the been on we for spread expect who market bid-ask assets more participants As and be sidelines valuations sitting the narrow, have active.

to as catalyze to service an help industry lower in X to about environment, near on pickup debt us. should borrowers. a provides participants, prospective benefits specialization medium for the this market due continues term. advantage, cuts activity with rate the optimistic our interest our be it based to in for And conversations key In costs we're M&A, Actual

First, And industry and when negotiate mitigate capabilities execution who it our for sourcing nonsponsors, deal assess ability we risk in more lends itself enhances borrowers. documentation. and experience, expands terms effectively which our value it to and sponsors our credit reliable second, with our underwriting, to

existing capital in companies for opportunity an continue investments to deployed we XX important months Follow-on the last source of existing of be About portfolio. the half was to over us.

fund in clients the during sector administration investment other manager One comprehensive K-XX advisory quarter of a investment entities. a its of advisory, suite markets Asset is sector investments first market public asset made leading services. Management. an public provides education and money with government, serving PMA PMA local and company recent capital The was the

We sponsor's an in its opportunity risk-adjusted believe has acquisition BlackRock investment to this unique market support over history. to a provided PMA. money growth capital and exhibited a the offers that asset scaled manager attractive [indiscernible] provides of invest return

New investments million. dispositions payoffs $XX in quarter first offset the of by and were

assumptions. we existing current our relative assessing portfolio underwriting directly our management, ongoing both to companies, of part original with portfolio As and monitor closely our proactively and engage performance projected

through limited and we're capital to owners below drive well our protected. engaged Managing the proactively is remains management situations expectations, situations improvements performance the the teams our where and In priority XX-plus we ensure performance with for years experience may for be And a managing capital portfolios significant where of our cycle is a is top in at advantage competitive TCPC. risk our believe team.

our are majority to right navigate the the as this believe growth in middle good to report that economy. rate pleased reflects to our investors. the that the inflation transactions industries uncertainty are continue of the the as higher general structure as companies expansion in for the for and and and companies our We ability durability our right and they well lingering portfolio of to market, and margin companies borrowers environment successfully revenue deliver We pick

portfolio. turn I'll Now to our

As a were the spread a wide our our minimizing merger with $X.X end, had BCIC. across consolidated billion. providing of a senior concentration to debt, diversity relate and range a quarter secured fair risk. At reminder, portfolio value investments XX% portfolio following figures market approximately of industries portfolio our of these

diversified portfolio of our At investment quarter was company in portfolio And our XXX investments million. average end, consists companies. $XX.X

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

than less portfolio In contribute X% our each to fact, companies more XX% income. recurring our than of

average the rates yield the reflecting base portfolio and overall companies rate. higher XX% on are of the portfolio exceeding investments. was had quarter weighted XX.X%, and yield effective XX.X%, of our on during weighted protection are portfolio investments a wider first on XX% Investments debt providing of yield in significant debt lien, of exited XX% our benefit new floating new the effective The downside average spread effective position.

looking the And returns, quarter. date, we well our To publicly commence, see second could to environment a growth of forward, BDCs. of no lending had cuts in any we team deliver the and prepayment believe income continue Fed rate given slower future for in the attractive we Irrespective in of when direct track foreseeable to a traded believe the have scenarios. longest will and that of of one elevated rate we're range macroeconomic the be an positioned records has we

our our market year But persisted in industry the market and in experience is The various and environment periods cycles. result advantages provide results past like knowledge strong us this, changing. we throughout believe that over deep

saw part generally structural stronger conservative profiles XXXX, protections. we wider a and saw large leverage of spreads. We more For

and continue. repricing, work favorable to deals much broader of favorable to year to with means far, this have economics expect However, we've this for structures. harder we a This identify and so managers seen

As persist market, to continues the been lending today. there's an bifurcation direct of we quarter, last which noted increased

and or deal observed have market, trends covenant-light of pricing especially to middle prevalent robust lending return upper the market more banks are segment. cap These that in Many as direct borrower-friendly structures. the tightening given such large

been market, this middle However, there's impact by core in trend. focus, less the where we

benefit and We continue the in from maintenance which all to [indiscernible]. leverage of to fewer to presence entire lead documentation companies [indiscernible], lower overall of generally

flow durable see yield market. transaction broadly our to for relative the syndicated a continue to premium We

capital results as Erik Now it as to through our over financial and well liquidity I'll walk positioning. to our turn

Erik Cuellar

Thank you, Phil.

adjusted income benefited noted, the increase quarter in basis the first Raj for rates base investment the last the XX an in and net over months was quarter. on our As from $X.XX

with accounting release, As the BCIC merger earnings detailed from calculated purchase amortization is NII the accordance resulting in in with the of press excludes and discount GAAP. adjusted

$X.XX included The NII to press well other quarter metrics environment net GAAP the XX was for non-GAAP first in investment covered the as share. declared interest $X.XX is dividend sustainable Today, share. we committed as our by rate NII, is income XX-Q. release Investment dividend a full last a paying over quarter adjusted of second of we regardless the reconciliation that We as have earnings of the remain financial done per per to and fully years. income consistently

discount cash $X.XX, also other recurring PIK of the amortization interest over average income quarter and of nonrecurring income $X.XX interest included with dividend Investment Operating of and income first $X.XX This of were expenses our share, remains income. of including in PIK $X.XX, fee of interest $X.XX. per recurring and the $X.XX included $X.XX expenses. for line debt history.

Incentive fees in quarter transaction closing rate, XX. or lower million quarter management the on totaled reflected $X.XX expenses March of fee Operating the since share. the $X.X the impact of per the for the

quarters. synergies other next We to over the expect savings and few expense materialize

losses were $X.XX markdowns share, first in for realized quarter previously on the than investments Net unrealized reflecting as $XX losses Raj million or $XXX,XXX described discussed per $X.XX less unrealized primarily earlier. totaled quarter per this or Net share.

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

XX, have the at nonaccrual, As X.X% fair X portfolio companies portfolio of at representing March on cost. and we X.X% of value

companies well BCIC Gordon as portfolio. the including portfolio Brothers, During nonaccrual a we Aventiv portfolio company to added the quarter, status, Securus, from previously as nonaccrual acquired known as preexisting X

to liquidity. our Turning

increased balance of to billion. relative included to positioning cash solid, Our total liquidity million. quarter and our remains leverage sheet of and investments of end million the $X.X total of at our the million $XXX $XXX available $XXX This

commitments. our X.Xx to Net or million, end SBIC to million quarter of loan debt is within $XX commitments well revolver quarter which range X.XXx of X.X total portfolio excluding $XX were target Unfunded only the at leverage, equaled investments X% approximately for of companies leverage.

Our and an low-cost program issuances leverage credit unsecured SBA and flexible diverse X includes facilities; X program. note

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

near comfortable and weighted of with our quarter the rate during And in current as a increased including on XXXX assumed financing. interest average borrowings merger, we result to expect unsecured future. secured our address notes of upcoming Additionally, X.XX%. the of are to the mix modestly we maturity outstanding our the Combined, debt the

rates points average base lower XXX March period. of capital. XXXX, interest is while rate increased since basis basis the than of this our overall only points That This during more of result up is XXX cost

the over to call back turn Raj. Now I'll

Rajneesh Vig

an TCPC took invested shareholders. on XXXX, we've our Thanks, of delivered XX% annualized X.X% a return return cash Erik. Since to we in public annualized assets and

they to remains We peer were base are and proud shareholders of this of today. middle which opportunities to very high results across end We the economic include exceptional to market consistently our deliver during performance performance attractive these periods when cycles. yields rates group substantially at premium our returns and are at lower and believe speak investment our to identify ability market than

please Following for structure questions. that, we operator, our deliver BCIC, and to with to the open forward to our successful merger shareholders. borrowers with our continuing solutions transactions look deliver attractive returns to to And financing call

Operator

Robert first with Our the James. comes from of Raymond Instructions] question line Dodd today [Operator

Robert Dodd

mean I cetera, it I was et mean, after discussion is it these that the docs disagree at you potentially? have, of resolved, time recovery the aggregator the because not positions? valuation you end, the I think Thrasio, that in the want was the quarter I of carry because Or mark were below business X long-term you factored known to Thrasio quarter on On after currently just evaluating happened about that. the got in Is in or the some that clarify, end. in it particularly, fully think, I bankruptcy the And space.

Rajneesh Vig

end. after of was, is I but quarter that think think question, I question correct? that got the most bankruptcy the Is I Robert,

Robert Dodd

at was right? current I you read obviously was mean the end, was quarter is implied that. which what And XX%, I the It resolved to finalized. lenders market it value to carry have senior that than lower

yet wasn't because that the resolved a is factored So been fine? which in is that with it it is disagreement Or it yet? hasn't valuation,

Rajneesh Vig

Yes.

let get So the I question. -- think I me

valuation. account So [indiscernible] and procedures circumstances [indiscernible] the they'll through done third-party of take time all the are at valuation the into

the of depending be a process kind being forth on different strategic process in bankruptcy capital are structure. that is are may where The more put you where the valuations

tool of think differences So are necessarily. at and they it I do the the we the potentially? collective would capital valuation a was bankruptcy structure same appropriate strategic decision itself a for for be guess liabilities. say something And value are additional more portfolio marketing, other clean purpose? looking financing, Yes. really will there is maintained policies, -- a was some -- the to that up we folks Are what and I Not have process

ultimate But company, general, maybe just restructuring, in until but the Thrasio the a just it a there and volatility I Edmentum, in giving and has That here. variance with ultimately, more is we're not going happens either filing. information the will including available, where process, happens probably the all to as see, aggregators Robert, that's say you for right realization. happened any marks, probably by where, doing That you're know, [indiscernible] with the other

But all plus. is based. I cash And the at par volatile, in ultimately, cash at realization original debt And least the and equity off the the though of even think case taken years the be a the valuation, our to on we've a is is maintaining basis, recovery but be on rigor the going will here focusing couple which restructuring. effort the in work and the realized on of really of Edmentum probably

the But valuations yes, may differ.

answers that they're at them the sort. face projections hand the give results and forecast, versus valuation operating will that question. things take going folks think information your of value Hopefully, Our around we I don't in bankruptcy take to necessarily

Robert Dodd

Absolutely.

Erik Cuellar

has activity even the through to the this process. as mark, And loan had it trading actually bankruptcy X/XX Robert, some relates

mark the what So it's quoted, that's and X/XX. at drove

Robert Dodd

parts of there's Then think in for next there. a market understand decline. moving in pickup you, lot you I it. expect activity as Phil, said and question, rates I the Got

curve moves -- based I it today, and decline curve the around a projected lot, rates materially on all that. at really and there is change to today year the this will at So looking aren't

are give us here? remain any so more rates factors to mean, that you can you activity long I other So level are very Or moderate stay as color. the [indiscernible]. expecting there

Philip Tseng

a Yes, good that's point.

folks curve a XX were we're closer a The in was, about in Xs kind it looking I to let's forward think rates mid is ago, few yield dramatically say, the months. right. ago, But probably different expecting high You're to quarters stabilize few of quarters down at now than I to mid-Xs. think

rates not expected down So dramatically. you're right, come as are to

last So we drive here, are rate will processes the talked normalized think real the But more folks sure and are more moderating what's I'm in our rate probably done. expecting really given in increase, to higher that the will valuations expectations rates get few not because touch weeks. have equity market about I fact been

hear a do are deals, lot we sponsors But participants, processes are continuing of lot some of lot private from bankers are price investment that to whether premarketing nonprocessed on of there trying underway. of or they're to meaning processes assets. There market a a there are discovery

And that tells so us momentum is some that underway. there

distributions we're hear GPs. there, to from their institutional they The to continuing demand investors that is clients coming continuing are second out back from

pressure to give So in and get they're putting back. for more money more vintages future to order money more

of not back then outright, type if to are at test distributing trying you're their continuation maybe other like capital the our they're two, really recap, market. what selling clients But vehicles. dividend GPs some they seeing so businesses to ways And looking

over good where of delevered recaps sorry, for that time, great deal areas happy continue -- on situation. money profiles assets, we're quarters course the to the we've several that we past Dividend to put that over funded the are

dramatic optimistic, closely. that we're is Robert, So more I but showing curve not be yield agree, I -- something should we is the cautiously think reduction a watching

Robert Dodd

it's mentioned it I find investigate I direction well And slightly things certainly appreciate financing in as that take different it. in wonder I to then I'd answer. and harder And Got deals, LBO that like and like that. favorable as mean I if can well. you a

stays should a to it [indiscernible] lot have leasing, willingness decade, of ABL last in expect guys the other environment increasingly LBOs more a these to market see than you -- bit retail, market of verticals are Should where kind we to for call thinking do Or deals, more Is terms operating that mean you you you see the other that something moderate. flexibility remains of years, that I periods? areas if the LBO have prolonged Over financing couple guys? at. of we some more over other look shown for next of an about activity for little you modular the for maybe hypothetically in how

Rajneesh Vig

Yes. Great question, Robert.

And the also think we've maybe things that risk, that to the are think even things which public or picked insight I And I goes always of less opportunistic perhaps I I pivot areas to think an BDC is existed as the platform that well low vehicle been maybe itself, beyond little say was but -- have you won't able in a has are you aviation before highlight, leasing. public. sort. that that like over

investments work credit comfortable the that. consolidation. the other we your that of areas one of us of about and source new do and about advantage M&A say, activity expect that as or in mind would last we industry with we of portfolio LBO we think just good the of through I benefits additional perhaps take speak through types scale those greater taking going companies question, elsewhere, some feel of years, less I to allows think abated, that will even asset, will even things good if you're as the as a as the I or couple as be we advantage of element, things help of also are the those merger is keep always don't that. of is can an interesting advantage say forward will and But the the portfolio where see answer it's remains whether deals, I are add-on to much because healthy, taking through existing the

think there's is more exposed good where I rise of approach. entity that. going to a to as But to very well I is desire advantage opportunities, downside credit-first the ABL be also And take discrete a of the the desire our done environment those the protection example. it's more leasing a asset. structures, team but always by We've covered gives positioned And less to to type think of be be to

Operator

Our next question with comes Ladenburg from Thalmann. Nolan Christopher

Christopher Nolan

Katie, congratulations. welcome. Michaela,

maturing the you guys to able to be that On -- debt thought Is your to for to turn leverage you the going rating, terms you're of that, you're referred do what's financing? it going that? and you earlier, refinance going where in investment-grade bond think? issuance because to you Or are bank to

Erik Cuellar

We're Yes, happy certainly future. those the looking the to in in maturities Chris, address capital sector. what we've markets near seen our We're good with within question. very

a that will be So factor. definitely,

like of mix also current versus We our unsecured. secured

wanted address of transaction, will was that that just was do the wait -- point into But pending in really, to term. addressed play. So only we come to done all till and hadn't so the able plan near the We to to to reason this the maturity. we be it we

Christopher Nolan

really then article, does taking on your on an general. where is Does And dimmer Moody's All an turn rating? investment-grade funding having credit private this read -- right. view just in I a cost

Rajneesh Vig

seen our issues we outlook past specifically. a I issuance the which is It more it I was the would wasn't think to And an in rating, on mean have I change, no ours a them things sector. do article, just is X that different. was any broader in clarify based than before the in credit downgrade. correlated honing

months. TBD see comparable that last net that can really pricing actually deals. exploring has that whether and I issuance in as I directly, So the XX pricing, market over movement I with XX in issuances very been we're think, the think favorable that. impacts some you hit the the issues is think, to And -- also have

stay So tuned.

going the I thing options. we're responsible the of and to think exploring do sort

long investment-grade is Obviously, fortunately, irrelevant, how a -- we've well-established it sort And the the had relevant rating is I in write-up very the of is, think TBD. not but market.

in hopefully, and looking keep I bond it, line. at think, our So that investors we'll others,

Operator

from Johnson The KBW. Paul next comes question with

Paul Johnson

this I'm amendments of higher anything or curious, dividends the particular the anything that what there just or Was driving quarter. was other like driver that? income in

Erik Cuellar

exit of any Yes, have or income, of just we general we that linked $X.XX received we investment. -- in that be amendments a prepayments to time any fee any prepayments an that couple might have that advertised and accelerate did tends nonrecurring that to discount

Paul Johnson

then of give ARR? portfolio. There's portfolio. you've disclosed know the percent the And not And it's kind of But software amount of something just the kind you to portfolio level with are those are decent sense of kind just I higher any a able what in I loans? I'm ARR of mean, curious, businesses historically. is any of of

Philip Tseng

Yes. Thanks, Paul.

a and deals. subset have exposure. our our software -- ARR But ARR So disclosed so look percentage the software for software a ARR is when we of of our we at portfolio in more portfolio way, detailed

generally kind of end across more strongest. speaking, number up as We brush the been us broad exposures. it's at about software it actually of that exposure. And sectors for as think a a the held the of But is we one horizontal industry look market actually not way

about the we company risk insurance that way the [indiscernible] example, it, software is a management insurance services company is So for or think or market. insurance provider in

And then the retail is e-commerce alternatively, helps a transactions provider that market. perhaps software that retailers end market -- for consumer facilitate in

in software group, actually it fashion, view when broadly correlated susceptible much we to actually markets. diversified. that look quite but more we at it's less as So exposure the risks And on end as a

Operator

any questions. have not do We further

the management call I'll to So team. the turn back

Rajneesh Vig

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

Operator

This you, our and everyone, for concludes you now joining us disconnect Thank your call, lines. today. may

BlackRock TCP Capital (TCPC) 1 May 242024 Q1 Earnings call transcript