BlackRock TCP Capital Corp (TCPC) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon. Welcome everyone to BlackRock TCP Capital Corp second quarter 2024 earnings conference call. Today's conference call is being recorded for replay purposes.

女士們、先生們，午安。歡迎大家參加 BlackRock TCP Capital Corp 2024 年第二季財報電話會議。今天的電話會議正在錄音以供重播。

During the presentation, all participants will be in a listen-only mode. A question-and-answer session will follow the company's formal remarks. (Operator Instructions) I will repeat these instructions before we begin the Q&A session.

在演示期間，所有參與者將處於僅聽模式。本公司發表正式演說後將舉行問答環節。（操作員說明）在開始問答環節之前，我將重複這些說明。

And now, I would like to turn the call over to Michaela Murray, a member of the BlackRock TCP Capital Corp Investor Relations team. Michaela, please proceed.

現在，我想將電話轉給 BlackRock TCP Capital Corp 投資者關係團隊的成員 Michaela Murray。米凱拉，請繼續。

Thank you. Before we begin, I'll note that this conference call may contain forward-looking statements based on the estimates and assumptions of management at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties and actual results could differ materially from those projected. Any forward-looking statements made on this call are made as of today and are subject to changes out notice.

謝謝。在開始之前，我要指出的是，本次電話會議可能包含基於管理層在發表此類聲明時的估計和假設的前瞻性聲明，並且不能保證未來的業績。前瞻性陳述涉及風險和不確定性，實際結果可能與預測有重大差異。本次電話會議中所做的任何前瞻性陳述均截至今天，如有變更，恕不另行通知。

Additionally, certain information discussed and presented may have been derived from third-party sources and has not been independently verified. Accordingly, we make no representation or warranty with respect to such information. Earlier today, we issued our earnings release for the second quarter ended June 30, 2024.

此外，討論和提供的某些資訊可能來自第三方來源，未經獨立驗證。因此，我們對此類資訊不做任何陳述或保證。今天早些時候，我們發布了截至 2024 年 6 月 30 日的第二季財報。

We also posted a supplemental earnings presentation to our website at tcpcapital.com. To view the slide presentation, which we will refer to on today's call, please click on the Investor Relations link and select Events & Presentations. These documents should be reviewed in conjunction with the company's Form 10-Q, which was filed with the SEC earlier today.

我們也在我們的網站 tcpcapital.com 上發布了補充收益報告。要查看我們將在今天的電話會議中參考的幻燈片演示文稿，請點擊「投資者關係」連結並選擇「活動和簡報」。這些文件應與公司今天早些時候向 SEC 提交的 10-Q 表格一起審查。

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

我現在將把電話轉給我們的董事長兼執行長 Raj Vig。

Thanks, Michaela, and thank you all for joining TCPC's Q2 2024 earnings call. With me today is our President, Phil Tseng; our CFO, Erik Cuellar as well as Jason Mehring, who was recently appointed as our COO. By way of background, Jason is a key member of our US Direct Lending investment team with a long tenure at BlackRock and has been a voting and investment committee member of TCPC for some time now. Phil and I have worked with Jason for almost six years, and we look forward to continuing to work with him in his expanded role.

謝謝 Michaela，也謝謝大家參加 TCPC 的 2024 年第二季財報電話會議。今天和我在一起的是我們的主席曾菲爾 (Phil Tseng)；我們的財務長 Erik Cuellar 以及最近被任命為我們的營運長的 Jason Mehring。就背景而言，Jason 是我們美國直接貸款投資團隊的重要成員，曾在貝萊德長期任職，並且擔任 TCPC 投票和投資委員會成員已有一段時間。菲爾和我已經與傑森一起工作了近六年，我們期待繼續與他合作，以擴大他的角色。

Today, after I provide an overview of our second quarter results, Phil will discuss our portfolio and investment activities, and Erik will then review our financial results as well as our capital and liquidity position. We will all be available to answer questions. And before opening the call up to your questions, I will wrap up with some closing comments.

今天，在我概述第二季業績後，菲爾將討論我們的投資組合和投資活動，埃里克將審查我們的財務表現以及我們的資本和流動性狀況。我們都可以回答問題。在開始回答大家的問題之前，我將發表一些結論。

I'll start now with the key highlights from the second quarter of 2024. We delivered adjusted net investment income of $0.38 per share and our annualized net investment income return on average equity was approximately 14%, which remains at the high end of our historical ranges. Our Board of Directors declared a third quarter dividend of $0.34 per share, which implies dividend coverage of 112% based on our second quarter adjusted NII. The third quarter dividend is payable on September 30 to shareholders of record on September 16.

我現在先介紹 2024 年第二季的主要亮點。我們實現了每股 0.38 美元的調整後淨投資收益，平均股本年化淨投資收益回報率約為 14%，仍處於歷史區間的高端。我們的董事會宣布第三季股利為每股 0.34 美元，這意味著根據第二季調整後的 NII，股利覆蓋率為 112%。第三季股利將於9月30日支付給9月16日登記在冊的股東。

We continue to take a disciplined approach to our dividend with an emphasis on stability and strong coverage from recurring net investment income. As a reminder, throughout TCPC's 12-year history, we have consistently covered our dividends with recurring NII and have also paid several recent special dividends.

我們繼續對股利採取嚴格的方法，強調穩定性和經常性淨投資收入的強大覆蓋範圍。提醒一下，在 TCPC 12 年的歷史中，我們一直用經常性 NII 來支付股息，最近還支付了幾筆特別股息。

During the second quarter, our NAV declined 8.4% and we added six portfolio companies to non-accrual status taking non-accruals from approximately 1.7% to 4.9% of fair value. While this increase is clearly notable and disappointing, it's important to point out that for the most part the change is due to a set of factors at each individual company level that are wholly-unrelated, but coincidentally converged this quarter to drive the non-accrual levels.

第二季度，我們的資產淨值下降了 8.4%，我們將 6 家投資組合公司納入非應計費用狀態，使非應計費用從公允價值的約 1.7% 降至 4.9%。雖然這一成長顯然引人注目且令人失望，但必須指出的是，在很大程度上，這種變化是由於每個公司層面的一系列因素造成的，這些因素完全不相關，但巧合的是，本季這些因素共同推動了非應計利潤的成長。

More importantly, these changes do not change our view of the overall strong health of our portfolio. I'd like to take a few minutes now to discuss a number of action items for several of the companies that have actually been in process for some time now that we believe can drive near term improvements to the limited number of impacted names in the portfolio.

更重要的是，這些變化並沒有改變我們對投資組合整體強勁健康的看法。我現在想花幾分鐘時間討論幾家公司的一些行動項目，這些項目實際上已經進行了一段時間，我們相信這些項目可以推動投資組合中有限數量的受影響名稱的近期改進。

Overall majority or roughly 70% of the increase in non-accruals is related to just three companies: SellerX, Pluralsight and McAfee, most of which we have discussed in previous quarters.

非應計費用成長的總體大部分或大約 70% 僅與三家公司有關：SellerX、Pluralsight 和 McAfee，我們在前幾個季度討論過其中大部分公司。

We have been working intensely with each of these companies towards a fulsome balance sheet restructuring that we believe can facilitate a path to recovery. The first is SellerX, which is an Amazon aggregator. Following the combined impact of a stressed balance sheet and a slowdown in online consumer spending, we decided to place SellerX on non-accrual status this quarter. We've been actively engaged with company management, the rest of the lender group and SellerX’s ownership group to effectuate an agreement to address the company's capital structure and liquidity.

我們一直在與這些公司密切合作，以實現全面的資產負債表重組，我們相信這可以促進復甦之路。第一個是 SellerX，它是亞馬遜聚合商。在資產負債表緊張和線上消費者支出放緩的綜合影響下，我們決定本季將 SellerX 置於非應計狀態。我們一直在積極與公司管理層、貸方集團的其他成員以及 SellerX 的所有權集團進行接觸，以達成解決公司資本結構和流動性問題的協議。

You may recall that we've briefly placed Thras.io on non-accrual status in Q4, a company that faced a similar set of challenges. And as a result of its successful restructuring, the company quickly returned to approval status in the following quarter Q1 of this year. We remain optimistic that over the medium to longer term the aggregator space remains attractive and that continued consolidation and cost optimization will result in fewer larger scale and better capitalized vendors.

您可能還記得，我們​​在第四季將 Thras.io 短暫置於非應計狀態，該公司面臨一系列類似的挑戰。由於重組成功，該公司在今年第一季迅速恢復審批狀態。我們仍然樂觀地認為，從中長期來看，聚合商空間仍然具有吸引力，持續的整合和成本優化將導致規模更大、資本更好的供應商減少。

The second name is Pluralsight, which is held by a number of public BDCs and which many of you have probably heard about in the media or on other earnings calls already. As a reminder, Pluralsight is an enterprise learning platform that designs training software, online courses and video for software developers.

第二個名字是 Pluralsight，由許多公共 BDC 持有，你們中的許多人可能已經在媒體或其他財報電話會議上聽說過。提醒一下，Pluralsight 是一個企業學習平台，為軟體開發人員設計培訓軟體、線上課程和影片。

The company's premium product offering was negatively impacted by a tougher macroeconomic environment, which led to tighter IT budgets and layoffs in the tech sector as well as the higher rate environment which resulted in liquidity pressure for the company.

該公司的優質產品供應受到更嚴峻的宏觀經濟環境的負面影響，導致IT預算收緊和科技業裁員，以及利率上升導致公司面臨流動性壓力。

While we are not the lead lender nor agent for Pluralsight, we have been closely engaged and aligned with the rest of the lender group to determine the best path forward and are hopeful for a near-term resolution of this process.

雖然我們不是 Pluralsight 的主要貸款人也不是代理，但我們一直與貸款人集團的其他成員密切合作並保持一致，以確定最佳的前進道路，並希望這一過程能在短期內得到解決。

The third notable move is McAfee, a cybersecurity company that's also held by a number of lending groups that has seen weaker revenue trends and tighter liquidity over the past few quarters and as a result has been evaluating a potential balance sheet restructure. There are a number of public news articles and public disclosures that suggest the company is evaluating a financing alternative that would ease its near-term liquidity challenges.

第三個值得注意的舉措是麥克菲（McAfee），這家網路安全公司也由多家貸款集團持有，該公司在過去幾季中收入趨勢疲軟，流動性收緊，因此一直在評估潛在的資產負債表重組。許多公開新聞文章和公開揭露表明該公司正在評估融資替代方案，以緩解其近期流動性挑戰。

The remaining approximately 1% of change in our accruals is related to another three companies that we have also discussed before: Lithium, Astra and INH Buyer, each of which has experienced idiosyncratic circumstances that have led to credit considerations sufficient for us to reflect the non-accrual names this quarter.

我們應計費用中剩餘約 1% 的變化與我們之前討論過的另外三家公司有關：Lithium、Astra 和 INH Buyer，每家公司都經歷過特殊情況，導致信用考慮因素足以讓我們反映非- 本季度應計名稱。

In summary, at the end of June, debt investments in 10 of our 150 of portfolio companies or approximately 6% were on non-accrual status, representing 10.5% of the portfolio at cost and again 4.9% at fair value.

總而言之，截至 6 月底，我們 150 家投資組合公司中有 10 家（約 6%）的債務投資處於非應計狀態，以成本佔投資組合的 10.5%，以公允價值計算佔投資組合的 4.9%。

Net realized losses for the quarter were $35 million due to the restructuring of our investments in Thras.io, previously mentioned, and Hylan.

由於我們對前面提到的 Thras.io 和 Hylan 的投資進行了重組，本季已實現的淨虧損為 3500 萬美元。

Net unrealized losses were $52 million driven primarily again by SellerX, Pluralsight and Lithium. Despite these challenging names, the overall credit quality of our portfolio remains strong and we are actively monitoring the health of our portfolio companies with respect to their business, end markets, capital structure and the impact of higher rates and inflation on their performance.

未實現淨虧損為 5,200 萬美元，這主要是由 SellerX、Pluralsight 和 Lithium 造成的。儘管這些名字具有挑戰性，但我們投資組合的整體信用品質仍然強勁，我們正在積極監控投資組合公司的業務、終端市場、資本結構以及較高利率和通膨對其業績的影響等方面的健康狀況。

As of June 30, 2024, our weighted average internal risk rating was 1.5 compared to 1.56 as of March 31, 2024, underscoring that our portfolio companies are performing generally in line or above our base case expectations and the majority of our portfolio companies continue to report revenue and margin expansion. For reference, the rating categories are defined in the footnotes of our investor presentation.

截至2024 年6 月30 日，我們的加權平均內部風險評級為1.5，而截至2024 年3 月31 日為1.56，這突顯出我們的投資組合公司的表現總體符合或高於我們的基本預期預期，而我們的大多數投資組合公司繼續報告收入和利潤率擴張。作為參考，評級類別在我們投資者介紹的腳註中定義。

Before turning the call over to Phil, I would like to share a few additional updates. First, I'd like to congratulate Phil who was recently appointed to TCP's Board of Directors. And as you know Phil has been an invaluable contributor to our company for many years and is both our President and a member of BlackRock's Private Debt Platform.

在將電話轉給菲爾之前，我想分享一些額外的更新。首先，我要恭喜 Phil 最近被任命為 TCP 董事會成員。如你所知，菲爾多年來一直為我們公司做出了寶貴的貢獻，他既是我們的總裁，也是貝萊德私人債務平台的成員。

Second, I'm pleased that we were able to capitalize on attractive capital market conditions to raise $325 million of fixed rate unsecured debt at an attractive rate of 6.95% in May 2024. In addition, on August 1, we amended our credit facility extending the maturity date by three years and reducing the SOFR rate adjustment on the facility.

其次，我很高興我們能夠利用有吸引力的資本市場條件，於 2024 年 5 月以 6.95% 的有吸引力的利率籌集 3.25 億美元的固定利率無擔保債務。此外，8 月 1 日，我們修改了信貸安排，將到期日延長三年，並減少了該安排的 SOFR 利率調整。

When we announced TCPC's merger with BlackRock Investment Capital Corp, we noted that one of the benefits of the merger will be improved access to capital and we are pleased to see that it is already happening. We appreciate the support of our bondholders and bankers and are glad to have the dry powder to capitalize on new investment opportunities.

當我們宣布 TCPC 與 BlackRock Investment Capital Corp 合併時，我們指出合併的好處之一將是改善獲得資本的機會，我們很高興看到這一切已經發生。我們感謝債券持有人和銀行家的支持，並很高興擁有乾粉來利用新的投資機會。

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

現在，我將把它交給菲爾討論我們的投資活動和投資組合。菲爾？

Thanks, Raj. In the second quarter, we invested $130 million, $124 million of which was in senior secured loans. We experienced a meaningful pickup in activity across our platform, as deployments increased by approximately 40% versus last year, reflecting the return of M&A and refinancing activity.

謝謝，拉吉。第二季度，我們投資了 1.3 億美元，其中 1.24 億美元用於優先擔保貸款。我們整個平台的活動顯著回升，部署量比去年增加了約 40%，反映出併購和再融資活動的回歸。

Deployments in the quarter included loans to five new and five existing portfolio companies, and all of our debt investments in the second quarter were first lien loans. Investing in incumbent portfolio companies is an important part of our strategy and a competitive advantage that allows us to invest new capital in great businesses in industries that we know well.

本季的部署包括向五家新投資組合公司和五家現有投資組合公司提供貸款，第二季我們的所有債務投資都是第一留置權貸款。投資現有的投資組合公司是我們策略的重要組成部分，也是一種競爭優勢，使我們能夠將新資本投資於我們熟悉的行業中的優秀企業。

During the second quarter, we made a follow-on investment in AlphaSense, a growing enterprise SaaS company that provides an artificial intelligence and machine learning search engine to financial services firms, corporations and global consulting firms that want access to market intelligence on competitors, customers and markets.

第二季度，我們對AlphaSense 進行了後續投資，這是一家成長中的企業SaaS 公司，為希望獲得有關競爭對手、客戶的市場情報的金融服務公司、企業和全球諮詢公司提供人工智能和機器學習搜索引擎和市場。

TCPC provided AlphaSense with a first lien term loan in 2022 as a sole lender, and we're thrilled to participate in their recent refinancing to support a business that is now twice the size compared to when we made the initial loan in 2022. This is a great example of how we support our borrowers across their lifecycle and how we've earned a strong reputation with management teams for doing so.

TCPC 作為唯一貸款人於 2022 年向 AlphaSense 提供了第一筆留置權定期貸款，我們很高興能參與他們最近的再融資，以支持一家目前規模是我們 2022 年首次貸款時規模兩倍的企業。這是一個很好的例子，說明了我們如何在藉款人的整個生命週期中為他們提供支持，以及我們如何因此在管理團隊中贏得了良好的聲譽。

Another company we invested in during the quarter was SumUp, a leading global payment solutions company focused on empowering small to medium-sized merchants with an affordable intuitive payment solution.

我們在本季投資的另一家公司是 SumUp，這是一家全球領先的支付解決方案公司，專注於為中小型商家提供經濟實惠的直覺支付解決方案。

In 2021, we provided SumUp with a first lien term loan to support geographic and product offering expansion plans. Since then, SumUp successfully executed strategy. We were pleased to participate in their 2024 refinancing. SumUp was co-sourced by our US direct lending team and BlackRock's Capital Markets business, which speaks to the benefits we've realized from being part of the BlackRock platform.

2021 年，我們向 SumUp 提供了第一筆留置權定期貸款，以支持地域和產品供應擴張計劃。自此，SumUp成功執行了策略。我們很高興參與他們的 2024 年再融資。SumUp 由我們的美國直接貸款團隊和貝萊德資本市場業務部共同發起，這說明了我們作為貝萊德平台的一部分所獲得的好處。

We believe our channel-agnostic approach to deal sourcing allows us to eliminate risks associated with single source channel concentration and to remain selective in choosing the best possible investments from as robust a pipeline at any point in time.

我們相信，我們與管道無關的交易採購方法使我們能夠消除與單一來源管道集中相關的風險，並在任何時間點從穩健的管道中保持選擇性地選擇最佳投資。

The weighted average annual effective yield of our portfolio was 12.4% compared with 13.4% last quarter. We've received $185 million in proceeds from the sale or repayment of investments during the quarter. New investments had a weighted average yield of 12.6%, while investments we exited had a yield of 14.2%, which explains some of the yield compression we experienced this quarter.

我們投資組合的加權平均年有效收益率為 12.4%，上季為 13.4%。本季我們透過出售或償還投資獲得了 1.85 億美元的收益。新投資的加權平均收益率為 12.6%，而我們退出的投資的收益率為 14.2%，這解釋了我們本季經歷的收益率壓縮。

We remain disciplined with our underwriting standards in an environment where spreads have tightened. In several instances, we chose not to refinance or reprice existing loans at lower yields or without covenants, when the perceived risk simply did not match our potential return targets.

在利差收緊的環境下，我們仍然嚴格遵守承保標準。在某些情況下，當感知到的風險根本不符合我們的潛在回報目標時，我們選擇不以較低的收益率或在沒有契約的情況下對現有貸款進行再融資或重新定價。

At quarter end, our portfolio was comprised of investments in 158 companies with a total fair market value of approximately $2 billion and an average investment size of $12.5 million. 91% of our portfolio was invested in senior secured loans, 81% of which were in first lien loans.

截至季末，我們的投資組合由對 158 家公司的投資組成，公平市場總價值約為 20 億美元，平均投資規模為 1,250 萬美元。我們的投資組合 91% 投資於優先擔保貸款，其中 81% 投資於第一留置權貸款。

93% of our debt investments were in floating rate loans. And recurring income was distributed broadly across our diverse portfolio with more than 75% of our portfolio companies each contributing less than 1% of the total.

我們93%的債務投資是浮動利率貸款。經常性收入廣泛分佈在我們多元化的投資組合中，超過 75% 的投資組合公司每家的貢獻不到總收入的 1%。

Now, I'll turn it over to Erik to walk through our financial results and our capital and liquidity position.

現在，我將把它交給艾瑞克來介紹我們的財務表現以及我們的資本和流動性狀況。

Thank you, Phil. As Raj noted, our net investment income for the quarter was $0.38 per share on an adjusted basis. As detailed in our earnings press release, adjusted NII excludes amortization of the purchase accounting discount resulting from the merger with BCIC and is calculated in accordance with GAAP. A full reconciliation of adjusted NII to GAAP NII as well as other non-GAAP financial metrics is included in our earnings press release and 10-Q.

謝謝你，菲爾。正如 Raj 所指出的那樣，調整後我們本季的淨投資收益為每股 0.38 美元。正如我們的收益新聞稿中所詳述的，調整後的 NII 不包括因與 BCIC 合併而產生的購買會計折扣的攤銷，並根據 GAAP 進行計算。我們的收益新聞稿和 10 季度報告中包含了調整後 NII 與 GAAP NII 以及其他非 GAAP 財務指標的全面調整。

Gross investment income for the second quarter was $0.84 per share. This included recurring cash interest of $0.67 per share, nonrecurring interest of $0.07, recurring discount and fee amortization of $0.04 and PIK income of $0.03. PIK income remains in line with the average of our history. Investment income also included $0.03 of dividend income.

第二季的總投資收益為每股 0.84 美元。其中包括每股 0.67 美元的經常性現金利息、0.07 美元的非經常性利息、0.04 美元的經常性折扣和費用攤銷以及 0.03 美元的 PIK 收入。 PIK 收入與我們的歷史平均值保持一致。投資收入還包括 0.03 美元的股息收入。

Operating expenses for the second quarter were $0.42 per share, including $0.23 of interest and other debt expenses, reflecting higher interest rates and debt expenses from the merger with BCIC and the issuance of our 2029 notes during the quarter. Incentive fees for the quarter totaled $6.8 million or $0.08 per share.

第二季營運費用為每股 0.42 美元，包括 0.23 美元的利息和其他債務費用，反映出本季與 BCIC 合併以及發行 2029 年票據導致的利率和債務費用上升。本季的激勵費用總計 680 萬美元，即每股 0.08 美元。

Net realized losses for the quarter were $35.5 million or $0.41 per share. Net unrealized losses totaled $52 million or $0.60 per share, primarily reflecting unrealized markdowns on the investments Raj discussed earlier.

該季度實現的淨虧損為 3,550 萬美元，即每股 0.41 美元。未實現淨虧損總計 5,200 萬美元，即每股 0.60 美元，主要反映了 Raj 先前討論的投資的未實現減價。

The adjusted net decrease in assets for the quarter was $51.3 million or $0.60 per share. At the end of the second quarter, our available liquidity was $780 million, which includes $585 million in available capacity under our leverage program and $195 million of cash and cash equivalents. Unfunded loan commitments to portfolio companies were only 5% of total investments or approximately $93 million, of which only $58 million were revolver commitments.

本季調整後資產淨減少額為 5,130 萬美元，即每股 0.60 美元。截至第二季末，我們的可用流動資金為 7.8 億美元，其中包括我們槓桿計劃下的可用能力 5.85 億美元以及 1.95 億美元的現金和現金等價物。對投資組合公司的無資金貸款承諾僅佔總投資的 5%，約 9,300 萬美元，其中只有 5,800 萬美元是循環承諾。

Net leverage at the end of the quarter was 1.13 times, which is well within our target range of 0.9 times to 1.20 times. Our diverse and flexible leverage program includes three low cost credit facilities, four unsecured note issuances and an SBA program. And the weighted average interest rate on debt outstanding at the end of the quarter was 5.0%.

季末淨槓桿率為1.13倍，完全在我們0.9倍至1.20倍的目標範圍內。我們多樣化且靈活的槓桿計劃包括三項低成本信貸便利、四項無擔保票據發行和一項 SBA 計劃。季末未償債務加權平均利率為5.0%。

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

現在，我將把電話轉回拉吉。

Thanks, Erik. Before taking your questions, I will wrap up with some closing comments. Although the private credit market and our business are showing many healthy signs, we did experience higher non-accruals this quarter.

謝謝，埃里克。在回答大家的問題之前，我將發表一些結束語。儘管私人信貸市場和我們的業務顯示出許多健康的跡象，但本季我們的非應計費用確實較高。

Over our 20 plus year history, we've been through some challenging times and we're taking the same approach we have always as it has proven effective. That approach is to maintain a deep understanding of the business and its long-term prospects and to work collaboratively with our borrowers, other lenders applicable and business owners to constructively resolve business and credit issues.

在我們 20 多年的歷史中，我們經歷了一些充滿挑戰的時期，我們一直採取同樣的方法，因為它被證明是有效的。這種方法是保持對業務及其長期前景的深入了解，並與我們的借款人、其他適用的貸方和企業主合作，建設性地解決業務和信貸問題。

Resolving issues quickly is a priority, but we are also equally-focused on achieving the best possible outcome for our investors. As we head into the second half of 2024, we have a strong capital position and a robust pipeline of opportunities. We are taking a highly-selective and disciplined approach to deploying capital with a credit first downside protected mindset. We remain focused on the core middle-market, where there is less competition, more covenant protection and attractive pricing.

快速解決問題是我們的首要任務，但我們也同樣致力於為投資者實現最佳結果。進入 2024 年下半年，我們擁有強大的資本狀況和大量的機會。我們採取高度選擇性和嚴格的方法來部署資本，本著信貸第一的下行保護心態。我們仍然專注於核心中間市場，那裡的競爭較少，契約保護更多，價格也更具吸引力。

We continue to invest in great companies that have the business model and management teams to operate successfully in the current environment. We continue to pass on transactions that do not meet our underwriting standards, leveraging our experience in special situations lending to structure deals with strong financial covenants and lender-friendly deal structures.

我們繼續投資於擁有在當前環境下成功經營的商業模式和管理團隊的優秀公司。我們繼續轉嫁不符合我們承銷標準的交易，利用我們在特殊情況貸款方面的經驗，以強有力的財務契約和有利於貸款人的交易結構來構建交易。

As Phil mentioned, we are also supporting many existing portfolio companies with follow on financing. We remain committed to maintaining our well-covered dividend and to delivering attractive returns to our shareholders and look forward to keeping you updated on our progress.

正如菲爾所提到的，我們也為許多現有的投資組合公司提供後續融資支援。我們仍然致力於維持良好的股息支付，並為股東提供有吸引力的回報，並期待向您通報我們的最新進展。

And with that, operator, please open the call for questions.

那麼，接線員，請打開電話提問。

(Operator Instructions) Christopher Nolan, Ladenburg Thalmann.

（操作員說明）克里斯多福諾蘭、拉登堡塔爾曼。

I got a number of questions here. How much did the increase in non-accruals affect EPS in the quarter?

我在這裡有很多問題。非應計費用的增加對本季每股盈餘有多大影響？

Yeah. Good question, Chris. It was roughly $0.08 per share. That's the increase in the quarter. And I'll just note, we did take all of them on non-accrual as of the beginning of the quarter, so that was the full quarter impact.

是的。好問題，克里斯。每股約為 0.08 美元。這是本季的成長。我只想指出，截至本季度初，我們確實將所有這些都計為非應計費用，所以這就是整個季度的影響。

Okay. And I guess, that should be sort of a runway assuming that these take a few quarters to resolve. Is that a fair assumption?

好的。我想，這應該是一條跑道，假設這些問題需要幾個季度才能解決。這是一個公平的假設嗎？

Yeah. It's still ongoing currently, but it would be incremental to what we reported in the quarter. The quarter already reflected no income on these things.

是的。目前仍在進行中，但它將比我們在本季度報告的內容增加。該季度已經沒有反映出這些方面的收入。

Okay. And then I know that BCIC and TCPC had overlapping investments, but were these -- given that you just exited or just completed a merger, how much of these were legacy TCPC and how much were from the merger?

好的。然後我知道 BCIC 和 TCPC 有重疊的投資，但考慮到您剛退出或剛完成合併，其中有多少是傳統的 TCPC，有多少是來自合併？

Well, keep in mind, at the time of the merger, the portfolios were pretty much overlapping except for a few legacy BCIC positions, for the most part related to the Gordon Brothers entity. So I wouldn't necessarily call them legacy TCPC or legacy BCIC. Both portfolios were active and converged over time since TCPC's acquisition over six years ago. It's not really a distinction, given that we invest across the variety of funds we manage.

請記住，在合併時，除了一些 BCIC 遺留職位（大部分與戈登兄弟實體相關）外，投資組合幾乎是重疊的。因此，我不一定將它們稱為傳統 TCPC 或傳統 BCIC。自 TCPC 六年多前被收購以來，這兩個投資組合一直活躍且逐漸趨同。鑑於我們投資於我們管理的各種基金，這並不是真正的區別。

Leverage is now an issue for you guys. Your debt-to-equity ratio according to my estimate is 1.34. What sort of range are you targeting? What's the upper limit?

槓桿現在對你們來說是一個問題。根據我的估計，你的負債股本比是1.34。您的目標範圍是什麼？上限是多少？

Yeah. And I'm assuming that 1.34 that you mentioned is not net of cash (multiple speakers) Yeah, so our regulatory net leverage is 1.13 times. That is net of cash. We actually were holding off to about $194 million of cash at the end of the quarter, which will be primarily used to repay our 2024 notes, which are due in about a week from now. So we purposely had not prepaid them as we're actually earning more in cash than the rate on those notes are coming due next week.

是的。我假設你提到的 1.34 不是淨現金（多個發言者）是的，所以我們的監管淨槓桿是 1.13 倍。這是扣除現金的。實際上，我們在本季末保留了約 1.94 億美元的現金，這些現金將主要用於償還我們的 2024 年票據，這些票據將在大約一周後到期。因此，我們故意沒有預付它們，因為我們實際上賺取的現金比下週到期的這些票據的利率還要多。

Yeah. I guess I would push back on that, Chris. I don't think leverage is an issue. I think there's a couple of moving items that may -- you look at it all in net, it's actually pretty much in the range of what we've been doing historically, maybe even a little lower.

是的。我想我會反駁這一點，克里斯。我認為槓桿不是問題。我認為有一些移動項目可能——你在網上看一下，它實際上幾乎在我們歷史上所做的範圍內，甚至可能更低一些。

Yeah, net of cash, that's a fair point. Last point is, you guys seem to accelerate investments in the quarter. And you just completed a merger and the non-accruals increased. It seems like you had a lot of stuff going on in the quarter. And why was it this quarter that you suddenly decide to step on the gas for more investments?

是的，扣除現金後，這是一個公平的觀點。最後一點是，你們似乎在本季加速了投資。您剛完成合併，非應計費用增加了。看來你這個季度發生了很多事情。為什麼在這個季度您突然決定加大力度進行更多投資？

Yeah. Maybe I'll ask Phil to cover the investment side. The -- I mean, I look -- since the one outlier quarter is absolutely non-accruals, I think time will tell maybe in the very near term whether that really is a spike or is convergence of events that kind of come in and come out. But I guess I'll turn it over to Phil on the investments. I wouldn't characterize it as accelerating. It's pretty normal deployment.

是的。也許我會請菲爾負責投資方面的工作。我的意思是，我認為，由於一個異常季度絕對是非應計項目，我認為時間可能會在不久的將來告訴我們這是否真的是一個峰值，或者是那種來來往往的事件的聚合出去。但我想我會把投資的事情交給菲爾。我不會將其描述為加速。這是非常正常的部署。

Yeah, Chris. Hi, it's Phil. Yeah, we don't really view it as having accelerated our deployment. I think maybe what you're seeing is a number of companies that were in our portfolio have grown and actually refinanced the existing loans.

是的，克里斯。嗨，我是菲爾。是的，我們並不真正認為它加速了我們的部署。我想也許你看到的是我們投資組合中的許多公司已經發展壯大，並且實際上為現有貸款進行了再融資。

I mentioned SumUp and AlphaSense in the script earlier largely because those are ones that we actually upsized our investments in as they grew in size. So our existing portfolio companies are looking for expanded financing opportunities to support their growth and they've shown great evidence of execution and supportive equity value there underneath the debt, then we're very happy to continue investing new dollars to support their growth. And I think that's what we saw last year.

我之前在腳本中提到了 SumUp 和 AlphaSense，主要是因為隨著它們規模的擴大，我們實際上加大了對它們的投資。因此，我們現有的投資組合公司正在尋找擴大的融資機會來支持他們的成長，並且他們已經表現出了良好的執行力和支持債務下的股權價值的證據，那麼我們很高興繼續投資新的資金來支持他們的成長。我認為這就是我們去年看到的情況。

Robert Dodd, Raymond James.

羅伯特·多德，雷蒙德·詹姆斯。

Hi, guys. A question about, like, overall portfolio construction. Right? I mean, it looks like over the last little while, there's been more concentration by industry than by portfolio name, right? I mean, the Amazon aggregator space, it's a niche. You have 150-plus different companies, but four of them were in the same niche and three of those four ended up with a major restructuring or in non-accrual.

嗨，大家好。一個關於整體投資組合建構的問題。正確的？我的意思是，看起來在過去一段時間裡，按行業劃分的集中度比按投資組合名稱劃分的集中度更高，對吧？我的意思是，亞馬遜聚合器空間是一個利基市場。您擁有 150 多家不同的公司，但其中四家處於同一利基市場，而這四家公司中的三家最終進行了重大重組或非應計利潤。

Are there other pockets within the portfolio where you might have multiple portfolio names, but they're operating in the same niche. So is there more industry concentration than it looks like there is when we look at name concentration? Because that was certainly the case in the Amazon aggregated space and that hasn't worked out really well.

投資組合中是否還有其他部分，您可能有多個投資組合名稱，但它們在同一個利基市場中運作。那麼，產業集中度是否比我們看到的名稱集中度看起來更高呢？因為亞馬遜聚合領域的情況確實如此，但效果並不理想。

Yeah. It's a great question. And I think let me kind of address it in a couple of ways. The aggregator space absolutely is correlated and I think for several quarters now, maybe more, we've been talking about it. It's just a matter of time between the ones that have pulled the trigger, so to speak, on restructuring, in many cases, which we are pushing. And last quarter, Q4 and Q1 you saw Thras.io come in and out. This quarter, you saw SellerX.

是的。這是一個很好的問題。我想讓我用幾種方式來解決這個問題。聚合器空間絕對是相關的，我認為現在幾個季度，也許更多，我們一直在討論它。可以說，在許多情況下，我們正在推動重組，這只是那些扣動扳機的人之間的時間問題。上個季度，第四季度和第一季度，您看到 Thras.io 進進出出。本季度，您看到了 SellerX。

Ultimately, they are, I think, going to continue some view around consolidation, scale benefits, et cetera. Again, we've been talking about those themes, kind of as a one off in this space for some time now. Beyond that, we do not see any correlation along the lines that you're talking about. We have had a weighting to industries that we like, and I think that generally has worked out very well for us, in very defensive names.

我認為，最終他們將繼續圍繞整合、規模效益等問題保持一些觀點。再說一次，我們已經討論這些主題，有點像這個領域的一次性主題已經有一段時間了。除此之外，我們沒有看到您所說的任何相關性。我們對我們喜歡的行業進行了權衡，我認為這對我們來說總體上效果很好，而且是防禦性的名稱。

And keep in mind in some of these industries like software or healthcare or professional or financial services, there are many, many subcategories that really don't correlate even though they may be under one kind of holding industry grouping. We do not see that.

請記住，在軟體或醫療保健或專業或金融服務等某些行業中，有很多許多子類別實際上並不相關，即使它們可能屬於一種控股行業分組。我們沒有看到這一點。

The only other thing I would say and again we've talked about in the past is, there's some risk in healthcare around regulatory reimbursement, but for the most part we've navigated that I think well. But the aggregated space in and of itself is unique. So thus far we don't see a trend line in the portfolio.

我要說的唯一另一件事是，我們過去曾多次討論過，醫療保健領域在監管報銷方面存在一些風險，但在大多數情況下，我們已經進行了我認為很好的操作。但聚合空間本身是獨一無二的。到目前為止，我們在投資組合中還沒有看到趨勢線。

Appreciate that. I mean that's, I guess, the question. I mean, is there anything that's been done in how deals are value added, how they're onboarded in future to avoid any risk of these kind of correlated industry but not same name concentrations? Has anything changed in procedures to avoid this kind of situation out there?

很欣賞這一點。我想這就是問題所在。我的意思是，在交易如何增值、未來如何啟動方面是否採取了任何措施，以避免此類相關行業但不存在同名集中的風險？程序上是否有任何改變來避免這種情況？

Look, I think it's a double-edged sword. In many ways, the ability to invest within an industry and the knowledge that comes from that approach has actually net-net been a very big positive. Being able to assess competitors, being able to talk to industry executives and really do a deep dive has allowed us, I think, to invest well by industry.

聽著，我認為這是一把雙面刃。從很多方面來說，在一個行業內進行投資的能力以及從這種方法中獲得的知識實際上是一個非常大的積極因素。我認為，能夠評估競爭對手、能夠與行業高管交談並真正進行深入研究，使我們能夠按行業進行良好投資。

I think the case of the aggregators that might have been it wasn't necessarily a risk approach. In fact, we've avoided a lot of worse outcomes in the aggregator space. I think what we had was a whipsaw effect coming out of COVID with the balance sheet and inventory over purchasing and then consumer spending decline that just hit those companies. There was a little bit of a bad forecasting on trends that actually long-term will be positive. So net-net, the industry approach has been a great way for us to invest knowledgeably and choose the best companies.

我認為聚合商的情況可能不一定是一種風險方法。事實上，我們已經避免了聚合器領域的許多更糟糕的結果。我認為我們所遇到的是新冠疫情帶來的鋸齒效應，資產負債表和庫存超過採購，然後消費者支出下降，這對這些公司造成了打擊。對趨勢的預測有點糟糕，但實際上長期來看將是正面的。因此，行業方法一直是我們進行明智投資和選擇最佳公司的好方法。

I think in this one case thus far it has been a detriment, but the show isn't over. And I would say, like all restructurings, until the money is back and the cash is in, you don't know what it looks like. But our history of getting very strong recovery on names that have volatility until -- on an unrealized basis, I would highlight that record as being very positive and effective. And time will tell here and the story isn't over.

我認為到目前為止，在這起案件中，這一直是一種損害，但演出還沒有結束。我想說，就像所有重組一樣，在資金收回和現金到位之前，你不知道它是什麼樣子。但我們在波動性較大的名稱上取得了非常強勁的復甦的歷史，直到——在未實現的基礎上，我要強調這一記錄是非常積極和有效的。時間會證明一切，故事還沒結束。

I agree. Right. You do have a good track record on that front. So that's the follow-up. Next question. Of the non-accruals of all these stressed assets you have right now, how many or what percentage are you in the driver's seat have been restructuring? Obviously, that's not the case with Pluralsight, for example, and probably not McCarthy, right? So on that that front, I mean, how many are you driving the car so to speak to get that restructuring outcome?

我同意。正確的。您在這方面確實有良好的記錄。這就是後續內容。下一個問題。在您目前擁有的所有這些壓力資產的非應計資產中，有多少或多少百分比是您掌控的，已經進行了重組？顯然，例如 Pluralsight 的情況並非如此，而且麥卡錫可能也不是這樣，對吧？因此，在這方面，我的意思是，可以說，您駕駛著多少汽車來獲得重組結果？

I would say, in most of them, we are pretty meaningfully involved and I would include that -- obviously, Pluralsight is a longer list of folks, very qualified folks that we are working with. But if you take the argument that in every quarter which we talk about, most of our deals are either sole led or small club, then by proxy, the negotiations and the process for portfolio that's built that way will have us being the sole or very influential voice on restructuring. And that's by design, that's not a coincidence. And we want to be involved and meaningfully involved because I think we have a DNA which more often than not results in a better than average outcome.

我想說，在其中的大多數中，我們都非常有意義地參與其中，而且我會包括這一點——顯然，Pluralsight 是一個更長的人員名單，我們正在與之合作的非常合格的人員。但是，如果你認為在我們談論的每個季度中，我們的大多數交易要么是獨家主導的，要么是小俱樂部，那麼通過代理，談判和以這種方式建立的投資組合流程將使我們成為唯一或非常大的交易。這是設計使然，這並非巧合。我們希望參與其中，而且是有意義的參與，因為我認為我們的基因往往會帶來比平均值更好的結果。

Yeah, got it. Understood. Then just more broadly, if I can, on -- (inaudible) liquidity in the portfolio, not distressed names. Are you seeing any changes in sponsor willingness to support, obviously, it's all parallel to Pluralsight where the sponsor is not supporting, but are you seeing any incremental changes in how sponsors are willing to discuss, et cetera? What they're asking for or whether they're continuing where necessary always prefer to put capital? Is anything changing on that front?

是的，明白了。明白了。然後更廣泛地說，如果可以的話，投資組合中的（聽不清楚）流動性，而不是陷入困境的名字。您是否看到贊助商的支持意願有任何變化，顯然，這與贊助商不支持的 Pluralsight 是平行的，但是您是否看到贊助商願意討論的方式有任何增量變化，等等？他們的要求是什麼，或者他們是否會在必要時繼續投入資金？這方面有什麼變化嗎？

Robert, it's Phil. I would say we're not really seeing a real change in sponsors' interest in supporting and not supporting their companies. I think it's very much a case-by-case basis. As you can imagine, they're making rational decisions around the valuation of the businesses where they're putting up new money, whether it's equity or some kind of subordinated piece of paper, and also the return on that new money.

羅伯特，我是菲爾。我想說的是，我們並沒有真正看到贊助商對支持和不支持其公司的興趣發生真正的變化。我認為這很大程度上要根據具體情況而定。正如你可以想像的那樣，他們正在圍繞投入新資金的企業的估值（無論是股權還是某種次級票據）以及新資金的回報做出理性決策。

So I think it's very much a case-by-case basis depending on how the company is performing, how levered the business is, and how long it will take to turn it around given the accretion. And if the company is going through a tough amendment, maybe it's there's a lot of pick, which keeps accreting, pushing down the value of the equity and so on.

因此，我認為這在很大程度上要根據具體情況而定，具體取決於公司的業績、業務的槓桿程度以及在成長的情況下扭轉局面需要多長時間。如果公司正在經歷一次艱難的修改，也許是因為有很多選擇權，這些選擇權不斷增加，從而壓低了股權價值等等。

So I think it's very much a case-by-case basis. We are still seeing a number of sponsors putting in more money either to defend their ownership or to go on offense to support their company, to make an acquisition, or to keep growing the business. And that's across various industries. So I would say, generally speaking, I can't put a broad theme on sponsor behavior, but they're very much rational actors as are we.

所以我認為這很大程度上要根據具體情況而定。我們仍然看到許多贊助商投入更多資金，要么是為了捍衛自己的所有權，要么是為了支持他們的公司、進行收購或繼續發展業務而進攻。這涉及各個行業。所以我想說，一般來說，我不能對贊助商的行為提出一個廣泛的主題，但他們和我們一樣都是非常理性的行動者。

Paul Johnson, with KBW.

保羅·約翰遜，KBW。

Just a few following up on Robert's question. First on leverage, it would seem that the gross kind of 1.5 debt to equity, 1.3 sort of net leverage does seem a little high, possibly not outside of your target range, but it does seem like it might be, at least on the margin and a limiter of potential growth going forward.

只是對羅伯特的問題進行一些跟進。首先在槓桿方面，債務股本比為 1.5，淨槓桿率為 1.3，似乎確實有點高，可能不會超出您的目標範圍，但看起來確實可能是這樣，至少在邊際上是這樣。的限制因素。

So just kind of want to get your thoughts on how you're managing around that as well as keeping in mind the investment grade rating. I'm sure there's some kind of leverage you would like to maintain. And I understand Fitch recently upgraded the rating outlook there as well. So that's positive. But mainly just kind of the management around current leverage levels would be helpful.

因此，我想了解您對如何管理此問題的想法，並牢記投資等級評級。我確信您希望保持某種影響力。據我了解，惠譽最近也上調了該國的評級前景。所以這是積極的。但主要是圍繞當前槓桿水平進行某種管理會有所幫助。

Yeah. Good question, Paul. And the 1.1 -- the 1.3 leverage that you mentioned, it's very much temporary and very short-term. We view it as net of cash, because next week when we use that cash to pay down debt, you will see our leverage go down over 25 points. We view it as 1.13 at quarter end on a net basis and it is within our range between 0.9 to 1.2. But certainly, leverage is something that we watch on a daily basis, but we're comfortable with where it's at.

是的。好問題，保羅。你提到的 1.1——1.3 槓桿，它是非常暫時的、非常短期的。我們將其視為淨現金，因為下週當我們使用該現金償還債務時，您會看到我們的槓桿率下降超過 25 個百分點。我們認為季末淨值為 1.13，在我們的 0.9 至 1.2 範圍內。但當然，槓桿是我們每天都會關注的東西，但我們對它的現狀感到滿意。

Got it. And then in terms of new investments, I think you talked about this a little bit in Todd's questions, but has there been a shift to potentially smaller investment sizes just kind of given the leverage constraint and continue to focus on just diversification? Or how should we think about that?

知道了。然後就新投資而言，我認為您在托德的問題中談到了這一點，但是考慮到槓桿限制，是否已經轉向潛在的較小投資規模，並繼續專注於多元化？或者說我們該如何思考這個問題？

Yeah. I think you should think about it as being pretty consistent. We've always taken an approach of keeping a very diversified portfolio with, call it, a 1%, maybe 1.5%, give or take, position size. So we will continue that approach. I think given the size of the assets growing post-merger, the dollar amount may pick up, but you're not going to see the concentration pick up. The other thing is we absolutely will stay focused on being within the range of the guidance of the rating agencies. But there's a lot of room in my opinion, between the 1.13 and where that is and historical levels.

是的。我認為你應該認為它是相當一致的。我們一直採取一種方法來保持非常多元化的投資組合，稱之為 1%，也許 1.5%，給予或接受，頭寸規模。所以我們將繼續這種方法。我認為，考慮到合併後資產規模的成長，美元金額可能會上升，但你不會看到集中度上升。另一件事是我們絕對會繼續專注於評級機構的指導範圍內。但我認為，1.13 與歷史水準之間還有很大的空間。

The other thing I would highlight is, with a pickup in the market, both the BSL market and some of the activity in our market, we have seen a little bit pick up in refinancings. And keep in mind those refinancings bring cash oftentimes with a bit of a prepayment and the unamortized OID being picked up and that's obviously a good source of capital without growing the leverage to redeploy and to put back in the market.

我要強調的另一件事是，隨著市場（BSL 市場和我們市場的一些活動）的回升，我們看到再融資有所回升。請記住，這些再融資通常會帶來現金，並收取一些預付款和未攤銷的 OID，這顯然是一個很好的資本來源，而無需增加重新部署和放回市場的槓桿。

Some of that you already saw in this quarter, based on the earlier question that Phil answered about deployment side, we're just getting money back. And when we do that, that allows for us to meet the demand of our borrowers within the fund -- the public funds.

您在本季度已經看到了其中一些內容，根據 Phil 之前回答的有關部署方面的問題，我們剛剛收回了資金。當我們這樣做時，我們就可以滿足基金（公共基金）內借款人的需求。

Got it. Thanks for that. And then last question for me was just on the adviser support for the dividend. Can you remind me, is it -- how long does the adviser commit their support for the dividend. And I was also curious, I believe it's a $0.32 level that the adviser has agreed to waive fees if earnings falls below that level? What's the reason for $0.32 versus just the $0.34 current dividend? What's the difference there?

知道了。謝謝你。我的最後一個問題是關於顧問對股利的支持。你能提醒我嗎——顧問承諾支持股利多久。我也很好奇，我相信如果收入低於 0.32 美元，顧問同意免除費用？0.32 美元的股息與 0.34 美元的當前股息相比有何原因？那有什麼差別呢？

Sure. Yeah. Thanks for the question, Paul. Yeah, the investment manager support is for four quarters after the date of the close of the merger. So there's still two more quarters left in that support. And it covers anything below $0.32 of NII. The $0.32 was the dividend rate that TCP was paying at the time that the merger was agreed to. And we have -- since then, we took up the dividend from that point. But that's how the $0.32 was derived.

當然。是的。謝謝你的提問，保羅。是的，投資經理的支援期限為合併結束後的四個季度。因此，該支援還剩兩個季度。它涵蓋任何低於 0.32 美元的 NII。$0.32 是 TCP 在同意合併時支付的股息率。從那時起，我們就開始領取股息。但這就是 0.32 美元的來源。

Yeah. And keep in mind that last quarter, the coverage was 112%, so it's kind of a moot point. It was really done as a shareholder protection, but we don't anticipate, certainly with the cover zones we have, even post the non-accruals, of being at that threshold.

是的。請記住，上個季度的覆蓋率為 112%，因此這是一個有爭議的問題。這實際上是為了保護股東，但我們預計，當然是我們擁有的覆蓋區域，甚至發布非應計費用，不會達到這個門檻。

Got it. That's helpful. And then just to be clear, it's two more quarters, so the dividend support will run through the end of this year.

知道了。這很有幫助。然後需要明確的是，還有兩個季度，因此股息支持將持續到今年年底。

Correct. That's correct. Yeah.

正確的。這是正確的。是的。

There are currently no questions registered. (Operator Instructions) There are no additional questions waiting at this time. I would like to pass the conference over to the management team for any closing remarks.

目前沒有登記任何問題。（操作員說明） 目前沒有其他問題等待。我想將會議轉交給管理團隊進行總結發言。

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

感謝大家參加今天的電話會議。感謝我們的股東和資本合作夥伴的持續支持，感謝我們團隊的辛勤工作和奉獻。感謝您加入我們。今天的電話會議到此結束。

That concludes the BlackRock TCP Capital Corp second quarter 2024 earnings call. Thank you for your participation. And enjoy the rest of your day.

BlackRock TCP Capital Corp 2024 年第二季財報電話會議至此結束。感謝您的參與。並享受剩下的一天。