BlackRock TCP Capital Corp (TCPC) 2024 Q3 法說會逐字稿

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

女士們、先生們，午安。歡迎大家參加貝萊德TCP資本公司2024年第三季財報電話會議。今天的電話會議將被錄音以供重播。

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.

在演示過程中，所有參與者將處於只聽模式。公司正式發言後將舉行問答環節。（操作員指示）在我們開始問答環節之前，我將重複這些指示。

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。在我們開始之前，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陳述，並不保證未來的表現。前瞻性陳述涉及風險和不確定性，實際結果可能與預測結果有重大差異。本次電話會議中所做的任何前瞻性陳述均截至今日為止，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 third quarter ended September 30, 2024.

此外，討論和呈現的某些資訊可能來自第三方來源，尚未經過獨立驗證。因此，我們不對此類資訊做出任何陳述或保證。今天早些時候，我們發布了截至 2024 年 9 月 30 日的第三季財報。

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上參考的幻燈片演示，請點擊“投資者關係”連結並選擇“事件和演示”。這些文件應與該公司今天早些時候向美國證券交易委員會提交的 10-Q 表一起進行審查。

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

現在我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 third quarter 2024 earnings call. I'm here today with our President, Phil Tseng; our CFO, Erik Cuellar, as well as Jason Mehring, our COO.

謝謝，米凱拉，感謝大家參加 TCPC 2024 年第三季財報電話會議。今天我和我們的總裁 Phil Tseng 一起來到這裡；我們的財務長 Erik Cuellar 以及我們的營運長 Jason Mehring。

Today, I will provide an overview of our third quarter results, Phil will discuss our portfolio and investment activity, and Erik will then review our financial results as well as our capital and liquidity position. We'll all be available to answer questions. And before opening the call up for Q&A, I will wrap up with some closing comments.

今天，我將概述我們第三季的業績，Phil 將討論我們的投資組合和投資活動，然後 Erik 將回顧我們的財務表現以及我們的資本和流動性狀況。我們將隨時解答您的問題。在開始問答環節之前，我將做一些結束語。

By now, I expect that many of you saw our press release in September announcing leadership changes at TCPC, including my decision to leave BlackRock and the accompanying resignation as CEO and Chairman of TCPC. It has been an honor to lead BlackRock TCPC Capital Corp. and to have played a key role in the development and growth of the company for almost two decades since 2006, and I am excited for the next chapter.

到目前為止，我想你們中的許多人都已經看到了我們 9 月發布的新聞稿，宣布了 TCPC 領導層的變動，包括我決定離開貝萊德並辭去 TCPC 執行長和董事長的職務。我很榮幸能夠領導貝萊德 TCPC 資本公司，自 2006 年以來近二十年來在公司的發展和壯大中發揮了關鍵作用，我對接下來的篇章充滿期待。

Following my departure, Phil Tseng will succeed me as CEO and Chairman of the Board, and having partnered closely with Phil and other members of the management team, I believe you are in very good hands and that TCPC is well-positioned for long-term success.

在我離職後，Phil Tseng 將接替我擔任執行長兼董事會主席，透過與 Phil 以及管理團隊的其他成員的密切合作，我相信你們將得到很好的照顧，並且 TCPC 也已準備好取得長期成功。

Now turning to the highlights for the third quarter of 2024. We delivered adjusted net [investment](added by company after the call) income of $0.36 per share and our annualized net investment income return on average equity was approximately 14%, which is at the high end of historical levels. Our Board of Directors declared a fourth quarter dividend of $0.34 per share, which implies dividend coverage of 106% based on our third quarter adjusted NII.

現在來看看 2024 年第三季的亮點。我們實現了調整後的淨[投資]（電話會議後公司增加）每股 0.36 美元的收益，年化淨投資收益平均股本回報率約為 14%，處於歷史高點。我們董事會宣布第四季度股息為每股 0.34 美元，這意味著根據我們第三季度調整後的 NII ，股息覆蓋率為 106%。

In addition, for the fourth quarter, our Board declared a special dividend of $0.10 per share. The fourth quarter dividend along with a special dividend is payable on December 31, 2024, to shareholders of record on December 17, 2024. We continue to take a disciplined approach to our dividend with an emphasis on stability and strong coverage from recurring net investment income.

此外，董事會宣布第四季派發每股 0.10 美元的特別股息。第四季股利連同特別股利將於 2024 年 12 月 31 日支付給 2024 年 12 月 17 日登記在冊的股東。我們繼續對股利採取嚴謹的態度，強調穩定性以及經常性淨投資收益的強大覆蓋範圍。

As a reminder, throughout TCPC's 12-year history as a public company, we have consistently covered our dividends with recurring NII and have also paid several special dividends. Further, on October 30, our Board of Directors re-approved our authorization to repurchase up to $50 million of our common stock in the aggregate at prices in accordance with certain thresholds below our net asset value per share.

提醒一下，在 TCPC 作為一家上市公司的 12 年歷史中，我們一直用經常性 NII 支付股息，並且還支付了幾次特別股息。此外，10 月 30 日，我們的董事會重新批准了我們的授權，以低於我們每股淨資產值的某些門檻的價格回購總計最多 5000 萬美元的普通股。

As always, we continue to maintain a thoughtful approach to share repurchases in order to maximize shareholder value. Overall, non-accruals have decreased since last quarter. However, one additional non-accrual loan and certain markdowns resulted in a slight 0.9% reduction to NAV. This reflects the removal of one portfolio company, Pluralsight from non-accrual status and the addition of Razor Group's preferred equity to non-accrual status.

像往常一樣，我們繼續保持深思熟慮的股票回購方式，以最大化股東價值。整體來看，自上季以來未提列項目減少。然而，一筆額外的非應計貸款和某些降價導致資產淨值小幅下降了 0.9%。這反映了一家投資組合公司 Pluralsight 從非應計狀態中被移除，以及 Razor Group 的優先股被加入到非應計狀態。

As a result, loans on non-accrual status declined from 4.9% to 3.8% of portfolio fair value. While this level of non-accruals may be higher than historical levels, it is clearly moving in the right direction.

結果，非應計貸款佔投資組合公允價值的比例從 4.9% 下降到 3.8%。雖然這不提列水準可能高於歷史水平，但顯然正朝著正確的方向發展。

Turning to specifics. We removed Pluralsight from non-accrual status following its restructuring in August. The lender group and sponsor agreed to a consensual change of control where the lender group took control of the business followed by an additional investment as part of the recapitalization that strengthened the balance sheet and provided over $200 million of capital to accelerate growth initiatives and support long-term strategic goals.

談到具體情況。Pluralsight 於 8 月重組後，我們將其從非應計狀態中移除。貸款集團和發起人同意進行一致的控制權變更，即貸款集團接管業務，然後作為資本重組的一部分進行額外投資，以加強資產負債表並提供超過 2 億美元的資本來加速增長計劃並支持長期戰略目標。

As part of this recap, TCPC now owns a portion of the equity as well as the debt. We continue to closely monitor Pluralsight's performance alongside the remainder of the lender group.

作為重組的一部分，TCPC 現在擁有部分股權和債務。我們將繼續密切關注 Pluralsight 以及其他貸方集團的表現。

As you may recall, Razor Group, which is in the Amazon aggregator industry, chose to address some of their challenges via consolidation and acquired Purch in March of this year. We believe this strategic combination will ultimately create a more efficient company. This will take time.

您可能還記得，屬於亞馬遜聚合器行業的 Razor Group 選擇透過合併來解決一些挑戰，並在今年 3 月收購了 Purch。我們相信，這項策略結合最終將打造出更有效率的公司。這需要時間。

We chose to place Razor's preferred equity on non-accrual in the third quarter as the company has not performed in line with our expectations. During the third quarter, we marked down positions in several portfolio companies, the largest of which were Gordon Brothers Finance Company, SellerX and InMoment.

由於該公司的表現未達到我們的預期，我們選擇在第三季將 Razor 的優先股置於不計息狀態。第三季度，我們減持了幾家投資組合公司的持股，其中最大的是 Gordon Brothers Finance Company、SellerX 和 InMoment。

Other than SellerX, which is an Amazon aggregator we've discussed in the past, the circumstances of each of these portfolio companies were unique and company specific. The first is Gordon Brothers, a commercial finance company that originated, structured and invested in specialized asset-based loans to middle-market companies. The company sold substantially all of its loan assets to an unaffiliated third-party in November of 2020.

除了我們過去討論過的亞馬遜聚合商 SellerX 之外，這些投資組合公司的情況都是獨一無二的，並且因公司而異。第一家是 Gordon Brothers，一家商業金融公司，主要為中型市場公司發起、建立和投資專門的資產抵押貸款。該公司於 2020 年 11 月將其大部分貸款資產出售給了一家非關聯第三方。

The investment originated at BCIC and transitioned to TCPC as a result of the TCPC / BCIC merger. At the time of the merger, this investment was on non-accrual and it has maintained that classification since the merger. The value of our current position in Gordon Brothers is largely related to residual claims associated with the sale of the firm's assets.

此項投資最初源自於 BCIC，由於 TCPC / BCIC 合併而轉移至 TCPC。在合併時，該項投資為非應計投資，且自合併以來一直保持該分類。我們目前在 Gordon Brothers 的持股價值主要與該公司資產出售所帶來的剩餘索取權有關。

During the third quarter, certain developments led our deal team and third-party valuation providers to believe there would likely be a decrease in the proceeds TCPC ultimately realizes from those claims.

在第三季度，某些發展導致我們的交易團隊和第三方估值提供者相信 TCPC 最終從這些索賠中獲得的收益可能會減少。

The second is SellerX, which following the combined impact of a stretched balance sheet and a slowdown in online consumer spending, we decided to place on non-accrual status in the second quarter. As you may have seen in the news, we have been actively engaged with the company management the rest of the lender group and owners to effectuate an agreement to address the company's capital structure and liquidity, and we will provide additional details when we can.

第二家是 SellerX，由於資產負債表緊張和線上消費者支出放緩的綜合影響，我們決定在第二季將其置於非應計狀態。正如您可能在新聞中看到的那樣，我們一直積極與公司管理層、其他貸款人集團和所有者合作，以達成協議來解決公司的資本結構和流動性問題，我們將在可能時提供更多詳細資訊。

Regarding the Amazon aggregator space, we believe we are invested in the leaders at this point. While the sector has evolved over the past three years, we continue to see a path forward for successful investment outcomes for those aggregators with the appropriate capital structures, liquidity, and strategies to compete in this new environment. Over the medium to longer term, we believe these businesses will benefit from continued consolidation, improved capital structures, and lower operating costs.

至於亞馬遜聚合器領域，我們相信我們目前已經對領導者進行了投資。雖然該行業在過去三年中發生了變化，但我們仍然看到，對於那些擁有適當的資本結構、流動性和在新環境中競爭的策略的聚合商來說，成功的投資結果的道路仍然清晰可見。從中期來看，我們相信這些業務將受益於持續的整合、改善的資本結構和降低的營運成本。

The third is InMoment, which provides customer experience management software and analytical solutions. InMoment's financial performance has experienced softness, resulting in an unrealized loss for the third quarter. As a result of this underperformance, the management team has taken several steps to improve product and service quality to expand growth.

第三家是InMoment，提供客戶體驗管理軟體和分析解決方案。InMoment的財務表現疲軟，導致第三季出現未實現虧損。由於業績不佳，管理團隊已採取多項措施改善產品和服務質量，以擴大成長。

At the end of the third quarter, debt investments in 10 of our 156 portfolio companies were on non-accrual status, representing 9.3% of the portfolio at cost and 3.8% at fair value.

截至第三季末，我們 156 家投資組合公司中的 10 家公司的債務投資處於非應計狀態，以成本計算佔投資組合的 9.3%，以公允價值計算佔 3.8%。

Net realized losses for the quarter were $31.4 million due to the restructuring of our investments in Pluralsight and McAfee. Net unrealized gains were $19.2 million, driven primarily by the reversal of previously unrealized losses from the restructuring of Pluralsight and McAfee and unrealized gains in Securus and Domo, offset by unrealized losses in Gordon Brothers, SellerX, and InMoment.

由於我們對 Pluralsight 和 McAfee 的投資重組，本季的淨實現虧損為 3,140 萬美元。淨未實現收益為 1920 萬美元，主要由於 Pluralsight 和 McAfee 重組產生的先前未實現損失的逆轉以及 Securus 和 Domo 的未實現收益，但 Gordon Brothers、SellerX 和 InMoment 的未實現損失抵消了這一影響。

We are actively monitoring our portfolio of companies with respect to their businesses, end markets, capital structures and the impact of higher rates and inflation on their performance.

我們正在積極監控我們投資組合中的公司的業務、終端市場、資本結構以及利率上升和通膨對其業績的影響。

As of September 30, 2024, our weighted average internal risk rating was 1.55 compared to 1.5 on June 30th, 2024. Our average internal risk rating continues to indicate that our portfolio companies are generally performing in line with or exceeding our base expectations.

截至 2024 年 9 月 30 日，我們的加權平均內部風險評級為 1.55，而 2024 年 6 月 30 日為 1.5。我們的平均內部風險評級繼續表明，我們的投資組合公司整體表現符合或超越我們的基本預期。

Now, let me turn it over to Phil to discuss our investment activity and portfolio.

現在，讓我讓菲爾來討論我們的投資活動和投資組合。

Thanks Raj. Before I begin, I want to say it's been a privilege to work alongside Raj for many years, and I appreciate the Board's vote of confidence and appointing me Chairman and Chief Executive Officer.

謝謝 Raj。首先，我想說，多年來與拉吉一起工作是我的榮幸，我感謝董事會對我的信任並任命我為董事長兼執行長。

I'm excited to lead TCPC going forward with the support of my long-time colleagues, Jason Mehring, who is appointed President; Patrick Wolfe, who is appointed COO, and Dan Worrell, who is appointed Co-CIO effective November 7th.

我很高興能夠在長期同事 Jason Mehring 的支持下帶領 TCPC 繼續前進，他被任命為總裁； Patrick Wolfe 被任命為首席營運官，Dan Worrell 被任命為聯合首席資訊官，任命將於 11 月 7 日生效。

We have a tremendous opportunity ahead and look forward to collaborating with our talented team as we continue to leverage the strength of the BlackRock platform to create value for our shareholders and our borrowers. I want to thank Raj for his partnership over many years and his contributions to TCPC and wish him the very best in his future endeavors.

我們面臨著巨大的機遇，並期待與我們才華橫溢的團隊合作，繼續利用貝萊德平台的優勢為我們的股東和借款人創造價值。我要感謝 Raj 多年來的合作以及他對 TCPC 的貢獻，並祝福他在未來的事業中一切順利。

Now, I'll begin with a few thoughts on the broader market environment and discuss our new investments for the quarter and our portfolio performance. Starting with the market environment. Potential for rate cut has been a topic of speculation for some time now and with the Fed announcement in September, they have finally arrived.

現在，我將首先談談對更廣泛的市場環境的一些想法，並討論我們本季的新投資和我們的投資組合表現。先從市場環境說起。降息的可能性一段時間以來一直是人們猜測的話題，隨著聯準會九月宣布降息，降息終於到來。

Last night's election results may change the course of the Fed's previously messaged accommodative stance, although rates still remain high relative to recent history and higher for longer, may truly be higher for longer now, if inflation ramps up.

昨晚的選舉結果可能會改變聯準會先前傳達的寬鬆立場，儘管利率相對於近期歷史水平仍然維持在高位，並且將在較長時間內維持較高水平，但如果通膨上升，利率可能確實會在較長時間內維持較高水平。

The recent rate cut does provide some relief to borrowers who have endured higher floating rate debt burdens over the past few years. If shorter term base rates continue to decline, key indicators of portfolio health, such as interest coverage and debt ratios should improve.

最近的降息確實為過去幾年背負較高浮動利率債務負擔的借款人提供了一些緩解。如果短期基準利率繼續下降，利息覆蓋率和債務比率等投資組合健康狀況的關鍵指標應該會有所改善。

We believe the long anticipated rate cutting cycle and uncertainty on the election outcome, will serve as important catalysts for M&A, which has been sluggish for the past year.

我們認為，期待已久的降息週期和選舉結果的不確定性，將成為過去一年低迷的併購活動的重要催化劑。

As we have previously said, we continue to see meaningful pickup in activity across our platform, reflecting the return of M&A and refinancing activity, and we are very excited about what we're seeing in the pipeline.

正如我們之前所說，我們繼續看到整個平台的活動顯著回升，反映了併購和再融資活動的回歸，我們對即將看到的情況感到非常興奮。

Turning to our investment activity. During the third quarter, we invested $73 million primarily into six new and three existing portfolio companies. All the new debt investments in the third quarter were first lien loans, which continues to be our primary area of focus. Investing in incumbent portfolio companies is an important part of our strategy and a competitive advantage that allows us to invest additional capital in companies and industries we know well.

談到我們的投資活動。第三季度，我們主要向六家新投資組合公司和三家現有投資組合公司投資了 7,300 萬美元。第三季的所有新債務投資都是第一留置權貸款，這仍然是我們關注的主要領域。投資現有的投資組合公司是我們策略的重要組成部分，也是一項競爭優勢，使我們能夠在熟悉的公司和產業中投入更多資金。

However, we've seen a marked uptick in new platform activity and have continued to identify compelling opportunities to invest in these new companies. Our pipeline of new opportunities has grown due to an increase in overall M&A activity, as well as continued demand from borrowers for incremental or growth capital, as well as refinancing activity. We continue to source attractive investment opportunities from the direct relationships of our dedicated deal sourcing professionals as well as from the broader BlackRock platform.

然而，我們看到新平台活動明顯上升，並繼續尋找投資這些新公司的誘人機會。由於整體併購活動的增加，以及借款人對增量或成長資本的持續需求以及再融資活動，我們的新機會管道不斷擴大。我們繼續透過我們專門的交易採購專家的直接關係以及更廣泛的貝萊德平台來尋找有吸引力的投資機會。

During the third quarter, these included a first lien investment in a new portfolio company, iLobby, which is an enterprise facility and visitor management software company that serves 1,200 clients across 55 countries, including several in the Fortune 500.

第三季度，這些投資包括對新投資組合公司 iLobby 的優先投資，這是一家企業設施和訪客管理軟體公司，為 55 個國家的 1,200 個客戶提供服務，其中包括幾家財富 500 強企業。

iLobby solutions are focused on tracking, monitoring, reporting and providing access control to human and physical assets within a specific work perimeter. iLobby is a leading niche vertical software business, and we were pleased to be the sole lender in this transaction to support the acquisition of a complementary asset.

iLobby 解決方案專注於追蹤、監控、報告並提供對特定工作範圍內的人力和物力的存取控制。 iLobby 是一家領先的垂直軟體企業，我們很高興成為此次交易的唯一貸方，以支持收購互補資產。

Another new portfolio company we invested in this quarter is Docupace, a provider of cloud-based Software-as-a-Service solutions that streamline back-office administrative and operational tasks for wealth managers. Docupace is a category leader with a strong market reputation and back-office workflow, the non-wire house and RIA channels. We source this opportunity by leveraging our strong relationship with the sponsor, and we believe Docupace represents an attractive investment opportunity as they maintain a stable customer base in an industry that is benefiting from multiple secular growth trends as RIAs and independent broker dealers continue to gain share in the market.

我們本季投資的另一家新投資組合公司是 Docupace，這是一家基於雲端的軟體即服務解決方案提供商，可簡化財富管理人員的後台管理和營運任務。Docupace 是該領域的領導者，擁有強大的市場聲譽和後台工作流程、非有線公司和 RIA 管道。我們透過利用與贊助商的牢固關係來獲得這一機會，並且我們相信 Docupace 代表著一個有吸引力的投資機會，因為他們在一個受益於多種長期增長趨勢的行業中保持著穩定的客戶群，因為 RIA 和獨立經紀交易商繼續在市場上獲得份額。

We believe our channel agnostic approach to deal sourcing is an advantage that reduces risks associated with single channel sourcing concentration. And when combined with our industry-focused underwriting approach allows us to be selective in choosing the best possible investment from a robust pipeline of opportunities at any point in time.

我們相信，我們採用與通路無關的交易採購方法的優點在於，它能夠降低單一通路採購集中帶來的風險。結合我們以產業為中心的承保方法，我們可以隨時從眾多投資機會中挑選出最佳的投資。

At the end of the third quarter, the weighted average annual effective yield of our performing debt portfolio was 13.4%, compared to 13.7% last quarter. We received $139 million in proceeds from the sale or repayment of investments during the quarter.

第三季末，我們正常債務組合的加權平均年有效收益率為 13.4%，上一季為 13.7%。我們本季從出售或償還投資中獲得了 1.39 億美元的收益。

New investments had a weighted average yield of 11.3%, while investments we exited had a weighted average yield of 13.4%, which explains some of the yield compression we experienced this quarter.

新投資的加權平均收益率為 11.3%，而我們退出的投資的加權平均收益率為 13.4%，這解釋了我們本季經歷的部分收益率壓縮。

In an environment where spreads have tightened, we remain disciplined with regard to our underwriting standards and our focus on structuring deals with lender friendly terms. In several instances, we chose not to refinance or reprice existing loans at lower yields, or weaker structures that simply did not align with our risk/reward analysis. At quarter end, our well-diversified portfolio was comprised of investments in 156 companies, with a total fair market value of approximately $1.9 billion at an average position size of [$12.2 million](corrected by company after the call). 91% of our portfolio was invested in senior secured loans and 81% were in first lien loans. 93% of our debt investments were in floating rate loans. Recurring income was distributed broadly across our diverse portfolio, with more than 70% of our portfolio companies each contributing less than 1% to the total.

在利差收窄的環境下，我們依然嚴格遵守核保標準，並專注於建立對貸款人有利的交易條款。在某些情況下，我們選擇不以較低的收益率或較弱的結構對現有貸款進行再融資或重新定價，因為這根本不符合我們的風險/回報分析。截至季度末，我們多元化的投資組合包括對 156 家公司的投資，總公平市值約為 19 億美元，平均持倉規模為 [1220 萬美元]（電話會議後公司進行了更正）。我們的投資組合中 91% 投資於優先擔保貸款，81% 投資於第一留置權貸款。我們93%的債務投資都是浮動利率貸款。經常性收入廣泛分佈於我們多元化的投資組合中，其中超過 70％ 的投資組合公司對總收入的貢獻均不到 1％。

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

現在我將讓艾瑞克討論我們的財務表現和資本及流動性狀況。

Thank you, Phil. As Raj noted, our net investment income for the quarter was $0.36 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 net investment income to GAAP net investment income as well as other non-GAAP financial metrics is included in our earnings release and 10-Q.

謝謝你，菲爾。正如 Raj 所說，本季我們的淨投資收益按調整後每股 0.36 美元。正如我們的收益新聞稿中詳細說明的那樣，調整後的 NII 不包括與 BCIC 合併產生的購買會計折扣的攤銷，並且是根據 GAAP 計算的。我們的收益報告和 10-Q 中包含了調整後淨投資收益與 GAAP 淨投資收益以及其他非 GAAP 財務指標的完整對帳。

Gross investment income for the third quarter was $0.83 per share. This included recurring cash interest of $0.65, non-recurring interest of $0.05, recurring discount and fee amortization of $0.04 and PIK income of $0.05. PIK interest income remains low at about 6% of total investment income.

第三季的總投資收益為每股 0.83 美元。其中包括 0.65 美元的經常性現金利息、0.05 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 0.05 美元的 PIK 收入。 PIK利息收入仍然較低，約佔總投資收入的6%。

Investment income also included $0.02 of dividend income. Operating expenses for the third quarter were $0.43 per share, including $0.25 of interest and other debt expenses. Incentive fees for the quarter were $6.5 million or $0.08 per share. Net realized losses for the quarter were $31.4 million or $0.37 per share, primarily from the restructurings of our investments in Pluralsight and McAfee, which were already reflected in our prior net asset value.

投資收益還包括0.02美元的股息收入。第三季的營業費用為每股 0.43 美元，其中包括 0.25 美元的利息和其他債務費用。本季的激勵費用為 650 萬美元，即每股 0.08 美元。本季淨實現虧損為 3,140 萬美元，即每股 0.37 美元，主要來自我們對 Pluralsight 和 McAfee 的投資重組，這已經反映在我們先前的淨資產價值中。

Net unrealized gains totaled $19.2 million or $0.22 per share, primarily reflecting the reversal of previously unrealized losses from the restructuring of Pluralsight and McAfee, which we discussed earlier. The net increase in net assets for the quarter was $21.6 million or $0.25 per share. At the end of the third quarter, our available liquidity was $582 million and included $478 million in available capacity under our leverage program and $104 million of cash and cash equivalents.

淨未實現收益總計 1,920 萬美元，即每股 0.22 美元，主要反映了我們之前討論過的 Pluralsight 和 McAfee 重組造成的未實現損失的逆轉。本季淨資產淨增加額為 2,160 萬美元，即每股 0.25 美元。截至第三季末，我們的可用流動資金為 5.82 億美元，其中包括槓桿計劃下的 4.78 億美元可用容量以及 1.04 億美元的現金和現金等價物。

Unfunded loan commitments to portfolio companies were 5% of total investments for approximately $100 million, of which only $58 million were revolver commitments. Net leverage at the end of the quarter was 1.08 times, which is well within our target range of 0.9 times to 1.2 times. As a reminder, gross leverage, excluding SBIC debt was 1.35 times as of the end of the second quarter. This was higher than past quarters as we increased cash by issuing new debt in May of 2024 and elected not to immediately prepay the prior notes outstanding as we were earning a higher return on the cash held than what we were paying on those notes that were coming due.

對投資組合公司的未撥付貸款承諾佔總投資的 5%，約為 1 億美元，其中只有 5,800 萬美元是循環貸款承諾。本季末的淨槓桿率為1.08倍，遠低於我們0.9倍至1.2倍的目標範圍。提醒一下，截至第二季末，不包括 SBIC 債務的總槓桿率為 1.35 倍。這高於前幾季度，因為我們在 2024 年 5 月發行新債增加了現金，並選擇不立即預付之前未償還的票據，因為我們持有的現金獲得的回報高於我們支付的即將到期的票據。

In August 2024, we repaid the outstanding notes and gross leverage declined to 1.20 times. We continue to have ample financing options with our diverse and flexible program that includes three low-cost credit facilities, three unsecured note issuances and an SBA program. The weighted average interest rate on debt outstanding at the end of the quarter was 5.4%.

2024年8月，我們償還了未償還票據，總槓桿率下降至1.20倍。我們繼續擁有充足的融資選擇，我們的多樣化和靈活計劃包括三種低成本信貸安排、三次無擔保票據發行和一項 SBA 計劃。本季末未償還債務的加權平均利率為5.4%。

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

現在，我將把電話轉回給 Raj。

Thanks, Eric. Before taking your questions, I'd like to wrap-up with some closing comments. Overall, non-accruals decreased since last quarter as we continue to focus our resources and working diligently with our borrowers and their lenders and sponsors to resolve credit issues, with the goal of also achieving the best possible outcome for our investors.

謝謝，埃里克。在回答你們的問題之前，我想做些結束語。總體而言，由於我們繼續集中資源並與借款人及其貸款人和發起人勤奮合作以解決信貸問題，同時還希望為我們的投資者實現最好的結果，因此非應計項目自上個季度以來有所減少。

Over our history, we have experienced challenges, and the team is taking the same approach we always have reviewing every company in our portfolio with an eye toward identifying potential issues and acting as early as possible. As we head into the final quarter of 2024, we have a strong capital position and a robust pipeline of investment opportunities. We continue to take a highly selective and disciplined approach to deploying capital with a credit-first downside protected mindset.

在我們的歷史上，我們經歷過挑戰，團隊採取同樣的方式，審查我們投資組合中的每一家公司，專注於發現潛在問題並儘早採取行動。隨著我們進入 2024 年最後一個季度，我們擁有強大的資本實力和豐富的投資機會。我們將繼續採取高度選擇性和嚴謹的方式來部署資本，並秉持信貸優先、保護下行風險的思維模式。

We remain focused on the core middle market where there is less competition, more covenant protection and attractive pricing. We continue to invest in great companies that have the business models and management teams to successfully operate in the current environment and we are passing on transactions that do not meet our underwriting standards and leveraging our experience in special situations lending to structure deals with strong financial covenants and asset-based deal structures. We remain committed to creating value for our shareholders and look forward to keeping you updated on the progress.

我們仍專注於競爭較少、契約保護較多且價格具吸引力的中端核心市場。我們將繼續投資於擁有在當前環境下成功運營的商業模式和管理團隊的優秀公司，並且我們正在放棄那些不符合我們承保標準的交易，並利用我們在特殊情況下的貸款經驗來構建具有強大財務契約和基於資產的交易結構的交易。我們始終致力於為股東創造價值，並期待向您通報進度。

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

接線員，請開始提問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Finian O'Shea, Wells Fargo. Finian.

富國銀行的菲尼安‧奧謝 (Finian O’Shea)。菲尼安。

Hey, everyone. Good afternoon. Congrats, Raj, Phil and the rest of the team on the changes. Raj, I wanted to go to one of your opening remarks on the NII return being on the high end and seeing what you could impact for us there. There's, obviously, the SOFR curve that moves around, we can gauge that. But sort of the other inputs that you would anticipate as they relate to spread and leverage on the book return for TCP?

嘿，大家好。午安.恭喜 Raj、Phil 和團隊其他成員所做的改變。Raj，我想聽聽你關於 NII 回報率處於高端的開場白之一，看看你能為我們帶來什麼影響。顯然，SOFR 曲線正在波動，我們可以對此進行衡量。但是您預期還會有哪些其他輸入與 TCP 的帳面回報利差和槓桿有關？

Erik Cuellar

艾里克·奎利亞爾

Yes. Hi Fin, it's Erik. As you noted, yes, our NII return has been on the higher end of our historical levels. We certainly have benefited from the higher base rates over the last year and a half. We see that reversing a little bit, and that has led us to maintain the dividend level where it has been, helping out that even with the increased level of nonaccruals over the last couple of quarters, we continue to maintain that level of dividend and a significant higher level of NII return. But we do see that reversing a little bit as expected. And part of the reason why we're maintaining the dividend level where it's at today.

是的。嗨，Fin，我是Erik。正如您所提到的，是的，我們的 NII 回報率一直處於歷史較高水平。在過去的一年半中，我們確實受益於更高的基準利率。我們看到這種情況略有逆轉，這使我們能夠維持原來的股息水平，即使過去幾個季度未計提金額有所增加，我們仍然能夠繼續維持該股息水平和顯著更高的 NII 回報水平。但我們確實看到情況正如預期的那樣逆轉。這也是我們維持目前股利水準的原因之一。

Okay. That's helpful. And then on the management changes. This also came with some maybe reorganization or just other management changes at BlackRock, the parent with the higher ups in credit or private credit and seeing if there's anything there, maybe resource-wise, style-wise, effort to go upper middle market like everyone wants to do, or anything you would expand on there in that regard would be helpful. And that's all for me. Thank you.

好的。這很有幫助。然後是管理變革。這也伴隨著貝萊德的一些重組或其他管理變革，母公司在信貸或私人信貸方面擁有更高層次的領導，看看那裡是否有任何東西，也許是資源方面，風格方面，努力進入中高端市場，就像每個人都想做的那樣，或者你在這方面擴展的任何東西都會有所幫助。對我來說這就是全部了。謝謝。

Yes. Hey Fin, it's Phil. Thanks for the question. So, I think what you're referring to is here at BlackRock, we've put together our direct lending group in the US, Europe, and Asia into a single global direct lending business unit.

是的。嘿 Fin，我是 Phil。謝謝你的提問。所以，我認為您指的是，在貝萊德，我們將美國、歐洲和亞洲的直接貸款集團合併為全球直接貸款業務部門。

And I think that is just the natural evolution of our business, having strong franchises in each of those geographies and really trying to drive the right kind of business collaboration and synergies across the entire franchise.

我認為這只是我們業務的自然發展，在每個地區都有強大的特許經營權，並真正努力推動整個特許經營權範圍內正確的業務合作和協同效應。

As you know, the real tangible benefits that we see from being part of the BlackRock platform and by consolidating the group into a single business unit provides a lot of focus around the strategy and around achieving those benefits.

如您所知，作為貝萊德平台的一部分，我們將整個集團整合為一個業務部門，從而獲得切實可行的利益，這將使我們更加關注策略和實現這些利益。

So, we see it as ongoing opportunity for us to keep growing our business continue to optimize our investment process, get the benefits of the platform. It is not an indication of a strategy shift. I think you referenced moving into the upper market. That is not a purpose or goal of ours. We think that the core middle market, which is our focus, as you know, continue to present tremendous amount of opportunity where we can get differentiated origination, differentiated structures, including covenants and certainly premium yields

因此，我們將其視為持續發展業務、不斷優化投資流程、獲得平台利益的持續機會。這並不表示戰略發生了轉變。我認為您提到了進入高端市場。這不是我們的目的或目標。我們認為，如你所知，我們關注的核心中端市場繼續提供大量機會，我們可以在其中獲得差異化的起源、差異化的結構，包括契約，當然還有保費收益

Thanks so much.

非常感謝。

Robert Dodd, Raymond James.

羅伯特多德、雷蒙詹姆斯。

Hi guys and yes, congrats Raj and good luck in wherever you're heading.

大家好，是的，恭喜 Raj，祝你們無論去往何處都能好運。

Thank you.

謝謝。

And congrats Phil and the rest of the team for their roles. Just a follow-up to Fin's question, I mean given you've now put the things together into global direct lending program, should we expect a greater incidence of maybe international deals making their way into TCPC or is that going to have any impact on portfolio mix, the geographic or asset type or style with the new format of the overall global direct lending?

並祝賀菲爾和團隊其他成員所扮演的角色。我只是想回答 Fin 的問題，我的意思是，鑑於您現在已經將這些東西整合到全球直接貸款計劃中，我們是否應該預期會有更多國際交易進入 TCPC，或者這會對投資組合、地理或資產類型或風格產生任何影響，以及新的全球直接貸款模式？

Yes. Robert, it's Phil. Thanks for the question. So, it's not really to change the mix of the portfolio. We don't expect the mix to change much because we are a global platform. I think what we do expect are the benefits, like I was mentioning, around our investment processes, ideas, synergies around all the other areas, both on origination as well as the other platform resources, whether they be around legal transactions, compliance and so on.

是的。羅伯特，我是菲爾。謝謝你的提問。因此，這其實並不是要改變投資組合的組合。由於我們是一個全球平台，因此我們預計這種組合不會發生太大變化。我認為，我們確實期望獲得益處，就像我剛才提到的那樣，圍繞著我們的投資流程、理念、所有其他領域的協同效應，包括起源以及其他平台資源，無論它們是圍繞法律交易、合規性等等。

But one thing that's important to reiterate that we do source deals today for TCPC across the BlackRock platform. So we have been seeing the benefit of having a global sourcing effort. So there are some deals that are in the portfolio absolutely that are coming in through the benefits of having feet on the ground in various markets outside the US

但有一點需要重申，那就是我們今天確實透過貝萊德平台為 TCPC 尋找交易。因此，我們已經看到了全球採購努力的好處。因此，投資組合中的一些交易肯定是透過在美國以外的各個市場立足而實現的

Got it. Thank you. On the dividend question, right, I mean, can you give us an update what's the estimated spillover position. And can you give us any thoughts on like why -- I don't think that's particularly high from what I recall, but if you could update us on that. And what was the thought process to the Board, but the $0.10 special, is it kind of an indication that you want to keep spillover very low to minimize excise tax? Or how does all that math into the decision-making on that dividend? Special.

知道了。謝謝。關於股息問題，對，我的意思是，您能否向我們提供最新情況，預計溢出效應如何。您能否告訴我們原因—據我記得，這個數字並不是特別高，但您可以向我們更新嗎？董事會的想法是怎樣的？或者所有這些數學運算對於股利的決策有何影響？特別的。

Yes, Robert, I'll try to kick that off and then, Erik, I think we'll add some more color. I think with the spillover, obviously, it's a function of that we've out-earned. I mean, I view the excise tax is kind of a low-cost loan. And as we approach the end of the year and we have more visibility, we can weigh that off with opportunities in the pipeline I think we'll start weighing that with share buyback opportunities.

是的，羅伯特，我會嘗試啟動它，然後，埃里克，我想我們會添加一些顏色。我認為，顯然，溢出效應是我們超越預期的結果。我的意思是，我認為消費稅是一種低成本貸款。隨著年底的臨近，我們擁有了更多的透明度，我們可以將其與即將出現的機會進行權衡，我認為我們將開始將其與股票回購機會進行權衡。

So there's just a variety of trying to assess the cost and the opportunity cost and making the best general decision when you have the specials, we are trying to mitigate the excise tax as we get to the end of the year based on having that spillover being a function of good out-earning return to the assets, and then maybe I can add -- turn it over to Erik to add any other color. But it really is a capital allocation decision at its core with the special being a partial decision in the latter part of the year.

因此，我們會嘗試評估成本和機會成本，並在有特殊情況時做出最佳的總體決策，我們會嘗試在年底時減輕消費稅，因為這種溢出效應是資產良好收益回報的函數，然後也許我可以補充一下 - 交給 Erik 添加其他內容。但它的核心其實是一個資本配置決策，而這個特殊決策是今年下半年的部分決策。

Yes. And Rob, I'll just add that it is a balance between the amount that we're required to distribute versus the amount that's required to avoid excise taxes. As Raj noted, we're fine incurring the excise tax as it's a cheap cost of capital. However, we do have minimum distribution requirements and part of that, we need to ensure that we are meeting those requirements.

是的。羅布，我只想補充一點，這是我們需要分配的金額與避免消費稅所需金額之間的平衡。正如拉吉所說，我們很樂意承擔消費稅，因為它是一種廉價的資本成本。然而，我們確實有最低分發要求，其中一部分，我們需要確保滿足這些要求。

Got it. And then going back to kind of the longer-term question. I mean, this quarter, I mean, you add on $0.37, you had $0.08 of prepaid fees, which is really elevated and prepay everything associated with that, which is pretty elevated by recent quarter standards, I mean, it ramped up last quarter, but $0.08 is pretty high. Is it the expectation that that prepay activity is going to stay elevated, because if not with obviously lower base rates for Q4, maybe it's not $0.08. I mean there's some -- you mentioned you expect the NII return to reverse a little bit with rates coming down, but prepay activity is also a component of that. And looking into next year, yeah, the earnings -- the prepay normalizes the rates come down, that's going to get on price.

知道了。然後回到長期問題。我的意思是，這個季度，我的意思是，你增加了 0.37 美元，你有 0.08 美元的預付費用，這確實很高，並且預付了與此相關的所有費用，這按照最近一個季度的標準來說是相當高的，我的意思是，它在上個季度有所增加，但 0.08 美元是相當高的。是否預期預付活動將保持在高位，因為如果第四季的基本利率沒有明顯降低，可能不會達到 0.08 美元。我的意思是，您提到，隨著利率下降，您預計 NII 回報將略有逆轉，但預付活動也是其中的一個組成部分。展望明年，是的，收益 - 預付款正常化後利率會下降，這將影響價格。

Yeah. I'll start, and I'm sure if anyone else has any comments they can add to it. I would just say, historically speaking, I'm referring to being here almost two decades. $0.08 is not necessarily out of the range from -- if you go back historically, I think as we went into a higher rate environment, and maybe a less active M&A environment, that naturally cools off a little bit, the duration of the loans got longer.

是的。首先從我做起，我相信如果其他人有任何意見，他們也可以補充。我只想說，從歷史上看，我指的是我在這裡已經近二十年了。 0.08 美元並不一定超出範圍——如果你回顧歷史，我認為隨著我們進入更高的利率環境，也許進入一個不那麼活躍的併購環境，這種情況自然會稍微冷卻下來，貸款期限也會變得更長。

The nice thing was rates were higher, so you're getting higher yields. But if you really go back quarterly over the last, I don't know, 10-plus years, we had many quarters with prepays in that level. I think to echo Phil's comment in his prepared comments, rates are coming down. The election is behind us. There is an anticipation that there'll be more M&A activity. There certainly is a pickup in refinance activity through this year.

好消息是利率較高，因此你可以獲得更高的收益。但如果你真的回顧一下過去的季度，我不知道，過去 10 多年，我們有許多季度的預付款都處於那個水平。我認為，與菲爾在其準備好的評論中所表達的評論相呼應，利率正在下降。選舉已經結束。人們預計將會有更多的併購活動。今年的再融資活動確實有回升。

So without speculating or projecting, it's not illogical to think prepays can be picking back up, but it's always been very hard to predict and very episodic, so we don't forecast it, but the conditions that we're kind of in and moving forward, do feel a lot more like the conditions in some of the prior years where we generated higher prepay. So it's time will tell.

因此，在不進行推測或預測的情況下，認為預付款會重新增加並不是不合邏輯的，但這一直很難預測，而且非常不穩定，所以我們無法預測它，但我們所處的情況以及未來的發展，確實更像前幾年我們產生更高預付款的情況。所以時間會告訴我們真相。

The nice thing is the structures we focus on, we always focus on having some prepayment rights. It's very important to us. And then I would also echo that we've had most of our history in a lower yield environment where even if rates come down, they're not low relative to the history of the business. So I think there's good condition on the go forward without being able to answer that question specifically.

值得慶幸的是，我們關注的結構始終專注於擁有一些預付款權利。這對我們來說非常重要。然後我還要重申一下，我們的大部分歷史時期都處於低收益環境中，即使利率下降，相對於業務歷史而言，利率也不低。因此我認為未來的發展情況良好，但無法具體回答這個問題。

Got it. I appreciate that. And then one last one, if I can. I mean, you gave us an update where the write downs are, et cetera, and obviously, pull off this restructure, et cetera. I mean, I think last quarter at large, I mean we talk a multiyear cycle on resolving these issues, resolving those particular restructured companies, right? Any change on that? Is it still that kind of the expectation that it's going to take a while? Or is there anything, if the M&A activity market picks up, is there a potential that you could resolve those things faster in terms of recycling capital, if not having the businesses recover if you understand one?

知道了。我很感激。如果可以的話，我還有最後一個問題。我的意思是，你向我們提供了減記情況的最新消息，等等，顯然，還完成了重組，等等。我的意思是，我認為上個季度總體而言，我們談論的是一個多年的周期來解決這些問題，解決那些特定的重組公司，對嗎？有變化嗎？是否仍期望這需要一段時間？或者，如果併購活動市場回暖，是否有可能在資本回收方面更快解決這些問題，如果沒有讓企業恢復，您理解嗎？

Yeah, I think you're asking, Robert, is does the pickup in M&A activity allow us to exit some of these restructuring situations earlier than we would otherwise, if that M&A market didn't pick up. And I think the answer is that it depends on the situation. We feel quite confident that we are undertaking the appropriate steps and processes to optimize the outcome for these borrowers undergoing restructurings. They are multiyear processes, but they can be multiyear processes, as you mentioned. And sometimes getting the best outcome for shareholders does require time and patience. If there are scenarios, where the market or an interested bidder comes in but we feel like the market is right for our borrower to get the best value then we would undertake an M&A process and evaluate those situations.

是的，羅伯特，我想你要問的是，如果併購市場沒有回暖，併購活動的回暖是否能讓我們比原來更早地退出一些重組局面。我認為答案是視具體情況而定。我們非常有信心，我們正在採取適當的步驟和流程來優化這些正在重組的借款人的結果。它們是一個多年的過程，但它們可以是多年的過程，正如您所說。有時為股東獲得最佳結果確實需要時間和耐心。如果存在這樣的情況，即市場或有意向的競標者進入，但我們認為市場適合我們的借款人獲得最佳價值，那麼我們將進行併購流程並評估這些情況。

I will say that, that does come up and it has come up in some of our restructuring situations or where we have restructured and we only control the company post-reorg. So we're very much open-minded. Whether that really accelerates some of these exits, I think that's still TBD broadly speaking.

我想說的是，這種情況確實會出現，並且在我們的一些重組情況下出現過，或者在我們進行重組並且只控制重組後的公司的情況下出現過。因此我們的態度非常開放。這是否真的會加速一些退出，我認為從大體上來說這仍有待確定。

Got it. Thank you.

知道了。謝謝。

Paul Johnson, KBW.

保羅·約翰遜，KBW。

Yes. Thanks for taking my questions. On the Amazon aggregators, just with the change in Razor for part of the investment going on non-accrual. Can you just tell us kind of how much at this point in the portfolio is kind of less in these Amazon, various Amazon aggregator names. And I'd also be just curious to get your thoughts on the industry [indiscernible] taken some challenges even under validation, you're saying it's probably going to take time to realize some of these efficiencies. So I guess what kind of gives you that optimism that you'll eventually, these companies will perform and able to capture these efficiency competition.

是的。感謝您回答我的問題。在亞馬遜聚合器上，只需改變 Razor 即可使部分投資不計入應計費用。您能否告訴我們，目前投資組合中這些亞馬遜和各種亞馬遜聚合器的比例減少了多少。我也很好奇您對這個行業的看法，[音訊不清晰]即使在驗證下也面臨一些挑戰，您說實現這些效率可能需要一些時間。所以我想什麼會讓你有這樣的樂觀態度，相信這些公司最終會表現出色，並且能夠在效率競爭中獲勝。

Hey. Thanks, Paul. It's Phil. So the loans to the aggregator is currently comprised of about 5.9% of the fair market value of the portfolio. That's Thrasio, Razor and SellerX. With regards to the aggregator space, we believe we're invested in the leaders at this point. The sector has obviously evolved quite a bit over the past three years, as you've noticed, and I think we believe there's still a path to successful investment outcomes for these aggregators with the appropriate capital structures and of course, the liquidity and their evolving strategies to compete in this new environment.

嘿。謝謝，保羅。是菲爾。因此，目前聚合器的貸款約佔投資組合公平市場價值的 5.9%。它們是 Thrasio、Razor 和 SellerX。就聚合器領域而言，我們相信我們目前已經對領導者進行了投資。正如你所注意到的，該行業在過去三年中顯然已經發生了很大的變化，我認為我們相信，對於這些擁有適當的資本結構、流動性和不斷發展的競爭策略以在新環境中競爭的聚合器來說，仍然有一條通往成功的投資結果的道路。

Over the medium to longer-term, these benefits -- these businesses will benefit from ongoing consolidation. As you know, we've been a key player in affecting those

從中期到長期來看，這些業務將受益於持續的整合。如你所知，我們在影響這些方面發揮了關鍵作用

that consolidation and as well as improving the capital structures and really trying to drive lower operating costs to drive cash flow for these businesses. So we're working hard at it – at them – at the 5.9% of our portfolio. We still think that there's tremendous value that remains in these names, and that can certainly increase over time as they focus on their key products, their best sellers and reduce cost and consolidate to drive further cost reduction.

透過整合以及改善資本結構並真正努力降低營運成本來推動這些企業的現金流。所以，我們正在為此而努力——爭取占我們投資組合 5.9% 的份額。我們仍然認為這些品牌具有巨大的價值，而且隨著他們專注於關鍵產品和暢銷產品並降低成本、進行整合以進一步降低成本，這種價值肯定會隨著時間的推移而增加。

Appreciate that Phil. And then I guess moving on to the cost of your debt this quarter, it was a little bit higher, I think, than we were kind of estimating in all in the annualized cost that was around 6.8%. But I'm looking at your presentation, there's some weighted average interest rate of about 5.4% for your liability structure. So was there anything that was going through the cost of debt this quarter in your liabilities, which is growing a little higher?

感謝菲爾。然後我想談談本季的債務成本，我認為它比我們估計的年化成本略高一些，約為 6.8%。但我看了您的介紹，您的負債結構的加權平均利率約為 5.4%。那麼本季您的負債是否有任何影響債務成本的事情發生，而且成長得有點高？

Yes, a couple of things. One is we did refi our 2024 notes, which had a coupon of 3.9% versus our current incremental borrowing costs, which are quite a bit higher. So there was a step-up there. Then the second factor is that interest expense was higher than what you would normally expect as a run rate simply because we were carrying additional cash versus the debt outstanding, as we mentioned, we were earning higher interest on the cash versus the notes that were coming due with a coupon of 3.9%. So there's higher interest expense, but even higher incremental interest income on the other side. But you -- I guess, you should see that normalize in Q4.

是的，有幾件事。一是我們確實對 2024 年票據進行了再融資，其票面利率為 3.9%，而我們目前的增量借貸成本則要高得多。因此，那裡有一個進步。第二個因素是，利息支出高於通常預期的運行率，這僅僅是因為我們持有的現金相對於未償還債務而言是額外的，正如我們所提到的，與即將到期的票面利率為 3.9% 的票據相比，我們從現金中獲得的利息更高。因此，利息支出較高，但另一方面，增量利息收入卻更高。但是我想，你應該會看到它在第四季度恢復正常。

Got it. And then do you have any remaining capacity under the current SBA license? Is there any kind of plans, I guess, in the work to potentially apply for any more?

知道了。那麼，您在目前 SBA 許可證下還有剩餘容量嗎？我猜，在工作中是否有任何可能申請更多職位的計劃？

Yes, both. We do currently have $10 million remaining that we can draw down under our current license. In addition to that, we also are -- within that subsidiary, we have had some repayments, so we have capital to redeploy there and continue to in essence, use the notes that we've already drawn from that -- from the SBIC. And as we see more deals coming through that pipeline, we do have the ability to get a second license from the SBA.

是的，兩者都有。我們目前還剩餘 1000 萬美元，可以根據我們現有的許可證提取。除此之外，我們還在該子公司內進行了部分償還，因此我們有資本可以重新部署到那裡，並繼續從本質上使用我們已經從 SBIC 中提取的票據。隨著我們看到越來越多的交易透過該管道達成，我們確實有能力從 SBA 獲得第二個授權。

Thanks for that. That's all for me.

謝謝。對我來說這就是全部了。

Thank you, Paul.

謝謝你，保羅。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Christopher Nolan, Ladenburg Thalmann

克里斯多福諾蘭，拉登堡塔爾曼

Thanks. Phil, congrats and Raj, good working with you and wish you well going forward. Phil, given that you're now in the Chair, could you articulate what you see as the major challenges facing TCPC and what you would like to change?

謝謝。菲爾，恭喜你；拉吉，很高興與你合作，祝你未來一切順利。菲爾，鑑於您現在擔任主席，您能否闡述一下您認為 TCPC 面臨的主要挑戰以及您希望做出哪些改變？

Thanks, Chris. That's a great question. Obviously, myself as well as Jason, our new President, Patrick Wolfe, our COO; and Dan Worrell, our co-CIO, we are laser focused on the portfolio and ensuring that we manage the non-accruals and the restructurings in a way that optimizes the outcome. We are deploying a tremendous amount of resources and attention on those names. As you know, historically, we have had very positive outcomes in coming out of these cycles. And when our portfolio does hit these speedbumps, and we expect that to occur again. At least our processes are certainly focused on that. Our investment committees are very robust in their discussions, and every single action are highly evaluated and debated.

謝謝，克里斯。這是一個很好的問題。顯然，我本人、我們的新任總裁 Jason 和營運長 Patrick Wolfe 都是如此；和我們的聯合資訊長 Dan Worrell 一起，我們專注於投資組合併確保以優化結果的方式管理非應計專案和重組。我們正在為這些名字投入大量的資源和注意力。如你們所知，從歷史上看，我們在走出這些週期時取得了非常積極的成果。當我們的投資組合確實遇到這些障礙時，我們預計這種情況會再次發生。至少我們的流程肯定是集中於此的。我們的投資委員會討論非常激烈，每一個行動都經過高度評估和辯論。

So, we expect our 20-plus year track record in managing these situations to manifest in the same way, and we're optimistic. But we do ask for patience because as previously noted, in the prior comments, they do take time. So, I think that's where I'm absolutely focused on.

因此，我們期望我們 20 多年來處理這些情況的記錄能夠以同樣的方式體現出來，而且我們對此感到樂觀。但我們確實請求大家耐心，因為正如先前的評論中所指出的，它們確實需要時間。所以，我認為這就是我絕對關注的重點。

Thank you. And just looking at the stock price and the stock price is now mining new lows. And 2024 has not been kind to the company. You did the acquisition or the merger, I should say, in the first quarter and the second quarter, the asset quality really fell off.

謝謝。只要看一下股價，股價現在就會創下新低。而2024年對該公司來說並不友善。你做了收購或合併，應該說，在第一季和第二季度，資產品質確實下降了。

And this third quarter results actually were reasonably okay. I mean trying to write the ship, but then you have a change in senior management. A lot of stuff is just happening. And it does not feel like a very stable platform, whatever. What would you say to people, I mean anyone looking at what's going on in the company year-to-date, give pause and why would I not have pause.[MM1]

而第三季的業績其實還相當不錯。我的意思是嘗試編寫這艘船，但隨後高階管理層發生了變化。很多事情正在發生。無論如何，它看起來不是一個非常穩定的平台。您想對人們說些什麼呢？

Yes, I think that's a fair comment, and we've observed the same on the stock price. I think a couple of things. First of all, I have been here, along with Jason, Dan and Patrick for some time now, this being in many of our cases, 15 to 20 years as a team together. So there is tremendous amount of stability in the team.

是的，我認為這是一個公平的評論，我們在股價上也觀察到了同樣的情況。我想有幾件事。首先，我和傑森、丹、派崔克在這裡已經合作了一段時間，在很多情況下，我們作為一個團隊已經合作了 15 到 20 年。因此團隊的穩定性非常高。

Obviously, we will miss Raj’s partnership, but we believe that we have a deep bench. And again, everyone mentioned our voting members of the IC and have been with us for quite some time.

顯然，我們會懷念 Raj 的合作關係，但我們相信我們擁有深厚的後備力量。再說一次，每個人都提到了我們 IC 的投票成員，並且已經和我們在一起很長一段時間了。

And I'll also point to the consistency on our dividend. You'll see that this is the 50th time that we've consistently met or exceeded the dividend and it continues to be an important part of our capital allocation strategy and the total shareholder returns that we that we provide to our shareholders. So, we have a long track record there about earning our dividend and paying specials like we've announced. So, we're very much intently focused on that as well.

我還要指出的是我們的股利是一致的。您會發現這是我們第 50 次持續達到或超過股息，並且它繼續成為我們資本配置策略和我們為股東提供的總股東回報的重要組成部分。因此，我們在賺取股息和支付特別股息方面有著長期的記錄，正如我們所宣布的那樣。所以，我們也非常關注這一點。

Great. And I appreciate the patient explanation, that’s so nicely done. Final question on the dividend. I couldn't help but notice that the new investments have a much lower coupon rate than their general portfolio. And to what extent would management support the dividend? I mean, would you start doing waivers -- management fee waivers and things like that. Just trying to get an idea in terms of how management’s viewing supporting the dividend beyond from normal EPS?

偉大的。我很感謝您耐心的解釋，做得非常好。關於股息的最後一個問題。我忍不住注意到，新投資的票面利率比其一般投資組合低得多。管理階層將在多大程度上支持股利？我的意思是，你會開始做豁免嗎——管理費豁免之類的事情。只是想了解管理階層如何看待支持超出正常每股盈餘的股利？

Yes. So, our Board make decisions about our dividend each quarter. The dividend is clearly like I said just previously, it's an important part of our total shareholder returns, and we have a long track record of out-earning that. And we don't expect that to change. As part of the merger with BCIC, Chris, you probably recall that our adviser has agreed to waive all or a portion of its advisory fees, if NII per share fell below $0.32 a share. So there's a history of BlackRock being supportive. But the dividend is not something that we'll discuss in this call, except that we continue to expect to meet or exceed that.

是的。因此，我們的董事會每季都會決定股利。就像我之前說的，股息顯然是我們股東總回報的重要組成部分，而且我們長期以來一直保持著超越股息的記錄。我們不希望這種情況改變。克里斯，作為與 BCIC 合併的一部分，您可能還記得，如果每股 NII 跌破 0.32 美元，我們的顧問已同意免除全部或部分諮詢費用。貝萊德一直以來都給予支持。但我們不會在這次電話會議上討論股息，除非我們繼續期望達到或超過這個目標。

Great. That's it for me. Thank you.

偉大的。對我來說就是這樣了。謝謝。

Yes, I also mentioned that the yield on our -- even though some of the added deals, the yields were somewhat less than our exited deal. That's natural in a declining rate environment, where a lot of those deals were -- that we got -- we were exiting came on a couple of years ago in a higher rate environment. But if you look at our overall yields, they're still quite high, I think, at 13.4%.

是的，我還提到了，儘管增加了一些交易，但其收益率略低於我們退出的交易。在利率下降的環境下，這是很自然的，我們達成的許多交易都是在幾年前利率上升的環境下達成的。但如果你看看我們的整體收益率，我認為仍然相當高，達到 13.4%。

Okay. And I would also note that the current dividend, excluding the supplement is yielding roughly the same on the current book value. So just getting up there.

好的。我還要指出的是，不包括補充費用的當前股息收益率與當前帳面價值大致相同。所以就站到那裡。

Okay. Thank you very much for taking the time to answer.

好的。非常感謝您抽空回答。

Thank you, Chris.

謝謝你，克里斯。

That will conclude the question-and-answer session. I would now like to pass the call back over to the management team for any closing remarks.

問答環節到此結束。現在，我想將電話轉回給管理團隊，請他們做最後發言。

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

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

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。

[MM1]This commentary is a question from Chris Nolan, not Phil, can we make that distinction in the transcript?

[MM1]這則評論是克里斯諾蘭（Chris Nolan）提出的問題，而不是菲爾（Phil），我們可以在記錄中做出這種區分嗎？