BlackRock TCP Capital Corp (TCPC) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the BlackRock TCP Capital Corp. Q1 2026 earnings call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 BlackRock TCP Capital Corp. 2026 年第一季財報電話會議。（接線員指示）

I will now hand the conference over to Alex Doll, Executive Director. Alex, please go ahead.

現在我將把會議交給執行董事 Alex Doll。Alex，請開始。

Thank you, operator. Before we begin, I will note that this conference call may contain forward-looking statements based on management's estimates and assumptions at the time such statements are made, which are not guarantees of future performance. Forward-looking statements involve risks and uncertainties, and actual results could differ materially from those projected. For more information, please refer to the risk factors discussed in our most recently filed report on Form 10-Q and the Form 8-K filed with the SEC today, along with the associated press release.

謝謝，接線員。在開始之前，我要提醒各位，本次電話會議可能包含前瞻性陳述，係基於管理層在作出該等陳述時的估計與假設，並不保證未來表現。前瞻性陳述涉及風險與不確定性，實際結果可能與預測有重大差異。更多資訊請參閱我們最近提交的 10-Q 表格報告中所討論的風險因素，以及我們今日向 SEC 提交的 8-K 表格與相關新聞稿。

Any forward-looking statements made on this call are as of today and are subject to change without notice. Additionally, certain information discussed and presented may have been derived from third-party sources and has not been independently verified. Accordingly, we will make no representation or warranty with respect to such information.

本次電話會議中所作的任何前瞻性陳述均以今日為準，且可能在未經通知的情況下變更。此外，部分討論與呈現之資訊可能源自第三方來源，且未經獨立驗證。因此，我們不就該等資訊作出任何陳述或保證。

Earlier today, we issued our earnings release for the first quarter ended March 31, 2026, and posted a supplemental earnings presentation on our website at www.tcpcapital.com. To view the slide presentation, which we will refer to on today's call, please click the Investor Relations link and select Events and Presentations. These documents should be reviewed in conjunction with the company's Form 10-Q, which was filed with the SEC earlier today.

今日稍早，我們已發布截至 2026 年 3 月 31 日止第一季的財報新聞稿，並在我們的網站 www.tcpcapital.com 上張貼補充財報簡報。若要查看我們在今日電話會議中將引用的投影片簡報，請點選 Investor Relations 連結並選擇 Events and Presentations。上述文件應與本公司今日稍早向 SEC 提交的 10-Q 表格一併閱讀。

Now I will turn the call over to our Chairman, CEO and Co-CIO, Phil Tseng.

現在我將把電話會議交給我們的董事長、執行長兼共同投資長（Co-CIO）Phil Tseng。

Thank you, Alex, and thank you to our investors and analysts for joining us today. I'll start with an overview of our first quarter 2026 performance. Then Jason Mehring, our President, will cover portfolio and investment activity; and Erik Cuellar, our CFO, will walk through our financial results. And then I'll come back with closing remarks before we open up the call for questions. We're also joined today by Dan Worrell, our Co-CIO, who will be available to answer your questions.

謝謝你，Alex，也感謝各位投資人與分析師今天加入我們。我將先概述我們 2026 年第一季的表現。接著由我們的總裁 Jason Mehring 說明投資組合與投資活動；再由我們的財務長 Erik Cuellar 講解財務結果。之後我會回來做結語，然後開放提問。今天我們也有共同投資長 Dan Worrell 一同參與，將可回答各位的問題。

In the first quarter, we executed against our strategic priorities, which are improving credit quality, further repositioning our investment portfolio, and strengthening our balance sheet. We are deploying capital selectively into high-quality opportunities, leveraging the origination power of the PFS platform while reducing average position sizes, increasing the portion of the portfolio in first lien loans and reducing leverage. While there is work to do, we are taking steps to drive value for our shareholders.

第一季我們依循策略重點執行，包括提升信用品質、進一步重新配置投資組合，以及強化資產負債表。我們選擇性地將資金部署於高品質機會，運用 PFS 平台的承作能力，同時降低平均持倉規模、提高投資組合中第一順位擔保貸款（first lien loans）的比重並降低槓桿。雖然仍有工作要做，但我們正採取措施為股東創造價值。

One of the most important metrics for us is 1. And during this quarter, these declined to 2.8% of the portfolio at fair value and 7.6% at cost, down from 4% and 9.7%, respectively, last quarter. This improvement reflects the completion of the restructurings of Alpine 48forty and Suited Connector and the sale of Fishbowl. Importantly, net leverage declined to 1.29 times at quarter end, down from 1.41 times last quarter, bringing it closer to our target range of 0.9 to 1.2 times.

對我們而言，最重要的指標之一是 1。本季該指標下降至以公允價值計占投資組合的 2.8%，以成本計為 7.6%，較上季的 4% 與 9.7% 分別下降。此改善反映 Alpine 48forty 與 Suited Connector 的重整已完成，以及 Fishbowl 的出售。重要的是，期末淨槓桿降至 1.29 倍，低於上季的 1.41 倍，使其更接近我們 0.9 至 1.2 倍的目標區間。

The reduction in leverage was driven primarily by exits, partial paydowns, and proactive balance sheet management. Full exits and partial paydowns during the quarter totaled $135.3 million and included sizable payoffs of our investments in Team Services, James Perse, Cart.com, and Eddie Bauer with average position size of more than $28 million. Further, Team Services, our largest repayment during the period was a second lien position.

槓桿下降主要由退出投資、部分償還，以及主動的資產負債表管理所帶動。本季全數退出與部分償還合計 1.353 億美元，其中包括對 Team Services、James Perse、Cart.com 與 Eddie Bauer 等投資的較大額清償，平均單筆部位規模超過 2,800 萬美元。此外，Team Services 為本期最大筆還款，屬於第二順位擔保（second lien）部位。

In addition to generating attractive returns, these repayments helped to reduce leverage, enhanced diversification by lowering portfolio concentration, and supported our continued focus on increasing the percentage of the portfolio allocated to senior positions in the capital structure. Since quarter end, we received more than $50 million of additional paydowns, including approximately $13 million from AutoAlert, which was previously restructured and recently sold to a strategic buyer. While we still have equity in the combined company, we view this repayment as a positive outcome that meaningfully reduces our exposure while preserving potential upside.

除帶來具吸引力的報酬外，這些還款亦有助於降低槓桿、透過降低投資組合集中度提升分散性，並支持我們持續提高投資組合中資本結構較高順位（senior positions）配置比例的重點。自季末以來，我們又收到超過 5,000 萬美元的額外部分償還，其中包括約 1,300 萬美元來自 AutoAlert；該案先前已完成重整，近期並出售給策略買家。雖然我們仍持有合併後公司的股權，但我們認為此筆還款是正面成果，可在保留潛在上行空間的同時，實質降低我們的曝險。

At the end of the quarter, our portfolio had a fair market value of $1.4 billion, invested across 139 companies in more than 20 industry sectors with an average position size of $10 million. 91.8% of the portfolio was invested in senior secured loans and 8.2% was in equity investments and 94.4% of our debt investments were floating rate.

截至季末，我們的投資組合公允市值為 14 億美元，分散投資於 139 家公司、超過 20 個產業別，平均單筆部位規模為 1,000 萬美元。投資組合中 91.8% 投資於優先擔保貸款，8.2% 為股權投資；且我們的債務投資中有 94.4% 為浮動利率。

Adjusted net investment income for the quarter was $0.21 per share compared to $0.25 last quarter, primarily reflecting a smaller portfolio as paydowns outpaced investments, lower investment income, and higher expenses. Annualized net investment income ROE was 11.8%. PIK interest income for the quarter was 8.5% of total investment income, down from 10.9% last quarter and nearly 80% of PIK was from positions that contemplated PIK when the loans were underwritten.

本季調整後每股淨投資收益為 0.21 美元，較上季的 0.25 美元下降，主要反映因償還速度超過投資而使投資組合規模縮小、投資收益降低，以及費用上升。年化淨投資收益股東權益報酬率（ROE）為 11.8%。本季 PIK（實物支付）利息收入占總投資收入的 8.5%，低於上季的 10.9%；且 PIK 中近 80% 來自於在貸款承作（underwritten）時即已預期採用 PIK 的部位。

NAV declined 4.9% to $6.72 per share at quarter end from $7.07 last quarter, reflecting $35 million of net portfolio markdowns during the quarter. Job&Talent, a staffing company, was the largest contributor to the markdowns at approximately $11 million or 32% of the total markdowns during the quarter.

每股淨資產價值（NAV）於季末較上季的 7.07 美元下滑 4.9% 至 6.72 美元，反映本季投資組合淨減記（markdowns）3,500 萬美元。人力派遣公司 Job&Talent 為減記的最大貢獻者，約 1,100 萬美元，占本季總減記的 32%。

Weaker operating performance during the quarter, combined with lower industry-wide valuation multiples put pressure on the company's enterprise value. Our current exposure includes both the first lien term loan and preferred equity. The preferred equity drove a meaningful portion of this quarter's mark-to-market movement given its greater sensitivity to changes in enterprise value.

本季營運表現轉弱，加上全產業估值倍數下滑，對該公司的企業價值造成壓力。我們目前的曝險同時包含第一順位定期貸款（first lien term loan）與優先股權（preferred equity）。由於優先股權對企業價值變動更為敏感，因此在本季按市價評價（mark-to-market）的變動中占了相當比重。

Separately, software-related investments also accounted for approximately $11 million or 32% of total markdowns in the period. These reductions were driven primarily by valuation multiple compression, revised growth expectations, and AI-related disruption risk in certain subsectors. The balance of the NAV decline was attributable to unrealized losses across the portfolio related to wider market spreads and lower market multiples in addition to borrower-specific factors. These markdowns were more spread out and hence, limited in size per borrower, the largest of which was $2.8 million.

另外，與軟體相關的投資亦占本期總減記約 1,100 萬美元或 32%。這些下調主要由估值倍數壓縮、成長預期修正，以及部分次產業面臨 AI 相關顛覆風險所致。NAV 下滑的其餘部分，則歸因於投資組合中因市場利差擴大與市場倍數下滑所造成的未實現損失，並加上借款人個別因素。這些減記分布較為分散，因此單一借款人的減記金額相對有限，其中最大者為 280 萬美元。

Now I want to provide some perspective on our software portfolio. As we mentioned on our last call, we don't view software as monolithic because some segments are fundamentally more resilient than others. We have considered the potential for AI disruption in our underwriting of potential software investments for some time now. And as a result, we have pursued businesses where we believe AI is more likely to enhance a company's offering rather than displace it.

現在我想就我們的軟體投資組合提供一些觀點。如同我們在上次電話會議提到的，我們不認為軟體是一個同質化的整體，因為某些細分領域在基本面上比其他領域更具韌性。我們在承作潛在軟體投資時，早已將 AI 顛覆的可能性納入評估。因此，我們選擇投資於我們認為 AI 更可能強化公司產品/服務，而非取代其產品/服務的企業。

As of March 31, software represented 30.5% of the portfolio at fair value and was spread across 47 companies with 95% in debt positions and the remaining 5% in equity. These companies had an LTV of approximately 26% at origination, providing a considerable equity cushion. While public software companies have seen valuations reprice, we have not seen a corresponding decline in the operating performance of our private portfolio companies. That said, we will continue to closely monitor our software investments.

截至3月31日，軟體投資以公允價值計占投資組合的30.5%，分布於47家公司，其中95%為債務部位，其餘5%為股權。這些公司在起始承作時的LTV約為26%，提供相當可觀的股權緩衝。儘管上市軟體公司的估值已重新定價，我們尚未看到私募投資組合公司之營運表現出現相應下滑。儘管如此，我們仍將持續密切監控我們的軟體投資。

Now I'll turn the call over to Jason to discuss our portfolio as well as our recent investment activity.

現在我把電話交給Jason，請他討論我們的投資組合以及近期的投資活動。

Thanks, Phil, and welcome, everyone. I'll begin with some additional details on our portfolio composition. As Phil mentioned, we made continued progress in diversifying our portfolio and reducing the average position size of our investments. At the end of the first quarter, our five largest investments accounted for 24.9% of our portfolio and investment income was broadly distributed with more than 70% of our portfolio companies each contributing less than 1% of the total.

謝謝你，Phil，也歡迎各位。我先補充一些關於我們投資組合結構的細節。如Phil所提到，我們在投資組合多元化以及降低投資平均單一部位規模方面持續取得進展。在第一季末，我們前五大投資合計占投資組合的24.9%，投資收益分布廣泛，超過70%的投資組合公司各自對總收益的貢獻均低於1%。

New investments this quarter had an effective yield of approximately 8.3% versus 11.2% on those we exited, reflecting lower base rates and the impact of spread compression relative to when the repaid deals were booked. As a result, our average portfolio yield declined from 11.1% last quarter to 10.9% at March 31.

本季新投資的有效收益率約為8.3%，相較於我們退出之投資的11.2%，反映基準利率較低，以及相較於已償還交易入帳時點利差收斂的影響。因此，我們的投資組合平均收益率由上季的11.1%下降至3月31日的10.9%。

During the first quarter, we invested approximately $22.5 million across six new and two existing portfolio companies. Each of the new investments leverage sourcing and underwriting capabilities across the broader BlackRock PFS platform. Originations were intentionally modest this quarter as we prioritize paydowns and exits to strengthen our balance sheet and reduce leverage while being highly selective on new commitments. All new investments were in senior secured loans and reflect our continued focus on building a diverse portfolio that mitigates industry and individual concentration risk while also being mindful of our goal to reduce leverage.

第一季期間，我們在六家新投資組合公司及兩家既有投資組合公司合計投資約2,250萬美元。每一筆新投資均運用更廣泛的BlackRock PFS平台之案源開發與承作審核能力。本季的承作量刻意維持適度，因我們優先推動還款與退出，以強化資產負債表並降低槓桿，同時對新承諾保持高度審慎。所有新投資均為優先擔保貸款，並反映我們持續聚焦於建立多元化投資組合，以降低產業與單一投資集中風險，同時也兼顧我們降低槓桿的目標。

Turning to capital allocation. On May 7, 2026, our Board of Directors declared a second quarter dividend of $0.17 per share payable on June 30 to stockholders of record on June 16. We repurchased 505,433 shares of TCPC stock during the quarter at a weighted average share price of $4.51 and an additional 156,370 shares subsequent to quarter end at a weighted average share price of $3.78. On April 29, 2026, our Board of Directors reapproved our stock repurchase plan to acquire up to $50 million in the aggregate of our common stock.

接著談資本配置。2026年5月7日，本公司董事會宣告第二季每股股利0.17美元，將於6月30日支付予6月16日登記在冊之股東。本季我們以加權平均每股4.51美元回購505,433股TCPC股票，並於季後另以加權平均每股3.78美元再回購156,370股。2026年4月29日，本公司董事會重新核准股票回購計畫，授權合計最多回購5,000萬美元之普通股。

Now I'll turn the call over to Erik to discuss our financial results, capital, and liquidity positioning.

現在我把電話交給Erik，請他說明我們的財務結果、資本與流動性狀況。

Thank you, Jason. I'll begin with a review of our financial results for the first quarter of 2026. As detailed in our earnings press release, adjusted net investment income excludes the amortization of the purchase accounting discount resulting from our 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 press release and 10-Q.

謝謝你，Jason。我先回顧我們2026年第一季的財務結果。如我們的財報新聞稿所述，調整後淨投資收益排除因與BCIC合併所產生之購買會計折價攤銷，並依GAAP計算。調整後淨投資收益與GAAP淨投資收益之完整調節表，以及其他非GAAP財務指標，均載於我們的財報新聞稿與10-Q。

Total investment income for the first quarter was $42.6 million or $0.51 per share. This included recurring cash interest of $0.39, nonrecurring income of $0.03, recurring discount and fee amortization of $0.03, PIK income of $0.04 and dividend income of $0.02 per share. Operating expenses for the first quarter were $0.29 per share, including $0.19 per share of interest and other debt expenses. Net investment income was $0.22 per share and adjusted net investment income was $0.21 per share.

第一季總投資收益為4,260萬美元，或每股0.51美元。其中包括：經常性現金利息每股0.39美元、非經常性收益每股0.03美元、經常性折價與費用攤銷每股0.03美元、PIK收益每股0.04美元，以及股利收益每股0.02美元。第一季營運費用為每股0.29美元，其中包含每股0.19美元的利息及其他債務費用。淨投資收益為每股0.22美元，調整後淨投資收益為每股0.21美元。

As of March 31, 2026, our cumulative total return did not exceed the total return hurdle, and therefore, no incentive compensation was accrued for the first quarter. Net realized losses for the quarter were $32.7 million or $0.39 per share, driven primarily by our sale of Fishbowl and restructuring of Alpine 48forty, which together accounted for approximately $30 million.

截至2026年3月31日，我們的累計總報酬未超過總報酬門檻，因此第一季未計提任何績效獎勵報酬。本季淨已實現損失為3,270萬美元，或每股0.39美元，主要由出售Fishbowl以及對Alpine 48forty進行重整所致，兩者合計約3,000萬美元。

Net unrealized losses were $2.0 million or $0.02 per share. This included $30.1 million in reversals of previously unrealized losses on Fishbowl and Alpine 48forty, which moved from unrealized to realized losses, as well as $32.1 million in net unrealized losses during the quarter, primarily due to the markdown on Job&Talent, along with smaller markdowns on positions in other legacy investments. The net decrease in net assets for the quarter was $16.3 million or $0.19 per share.

淨未實現損失為200萬美元，或每股0.02美元。其中包括先前在Fishbowl與Alpine 48forty上已計提之未實現損失回轉3,010萬美元（因其由未實現轉為已實現損失），以及本季新增淨未實現損失3,210萬美元，主要來自對Job&Talent的估值下調，另有其他既有投資部位的小幅下調。本季淨資產減少1,630萬美元，或每股0.19美元。

Now I'll discuss our balance sheet and liquidity, which remains solid, reflecting our progress in reducing leverage during the quarter. During the first quarter, we repaid all $325 million of our 2026 notes. As a result, we have no material debt maturities due in the near term.

接著我將說明我們的資產負債表與流動性；整體仍然穩健，反映我們本季在降低槓桿方面的進展。第一季期間，我們已償還全部3.25億美元的2026年到期票據。因此，短期內我們沒有重大到期的債務。

Total liquidity at the end of the first quarter was $358.6 million, including $264.1 million in available borrowings under our revolvers and $93.3 million in cash. The combined weighted average interest rate on debt outstanding was 5.77% as of March 31, 2026. Unfunded loan commitments represented 8.7% of our $1.4 billion investment portfolio or $121 million, including $53.3 million in revolver commitments.

第一季末總流動性為3.586億美元，其中包括循環信貸額度可動用借款2.641億美元，以及現金9,330萬美元。截至2026年3月31日，未償債務的合併加權平均利率為5.77%。未撥付貸款承諾占我們14億美元投資組合的8.7%，即1.21億美元，其中包括5,330萬美元的循環信貸承諾。

Net regulatory leverage was 1.29 times at quarter end, down from 1.41 times in the fourth quarter of 2025, resulting in a total debt-to-equity leverage ratio of 1.65 times. Subsequent to quarter end, our net regulatory leverage ratio improved to 1.23 times as a result of paydowns. We expect to reduce leverage further over time as we exit additional investments as part of our portfolio repositioning. We are well positioned to fund new investments with a diverse leverage program, which includes three low-cost credit facilities, an unsecured note issuance and an SBA program.

季末淨監管槓桿為1.29倍，低於2025年第四季的1.41倍，對應的總負債對股東權益槓桿比率為1.65倍。季後因還款，淨監管槓桿比率進一步改善至1.23倍。隨著我們在投資組合重新配置過程中退出更多投資，我們預期槓桿將隨時間進一步下降。我們具備多元化的槓桿融資方案以支持新投資資金需求，包括三項低成本信貸融資、一次無擔保票據發行，以及SBA計畫。

Now I will turn the call back to Phil for his closing remarks.

現在我把電話交回Phil，請他做結語。

Thanks, Erik. Over the past year, and again, in the first quarter, we continue to reposition our portfolio by reducing nonaccruals and deploying capital into new investments that align with our investment strategy. This repositioning is driving greater diversification with an emphasis on senior secured first lien loans with more granular position sizes and reduced concentration across individual credits and sectors. We have also strengthened our balance sheet and reduced leverage, which improves our flexibility as we look ahead. While we have made meaningful progress, we recognize there is more work to do, and we remain focused on disciplined execution.

謝謝你，Erik。過去一年，以及再次在第一季，我們持續透過降低不計息資產（nonaccruals），並將資本投入符合我們投資策略的新投資，來重新配置投資組合。此一重新配置正推動更高程度的多元化，並著重於優先擔保第一順位留置權貸款，採取更細分的單一部位規模，並降低對單一信用與產業別的集中度。我們也強化了資產負債表並降低槓桿，提升我們展望未來時的彈性。儘管我們已取得具體進展，我們也認知仍有更多工作要做，並將持續專注於紀律性的執行。

As part of BlackRock's PFS platform, TCPC benefits from expanded sourcing and origination, broader investment expertise, and resources and the ability to participate in larger transactions that many others don't see or don't have the capabilities to pursue. We believe this positions TCPC for long-term success as the credit market continues to evolve. We appreciate your continued support.

作為貝萊德（BlackRock）PFS 平台的一部分，TCPC 受益於更廣泛的案源與承作（sourcing and origination）、更全面的投資專業與資源，以及參與許多其他人看不到或不具備能力追求之更大型交易的能力。我們相信，隨著信貸市場持續演變，這將使 TCPC 具備長期成功的有利定位。感謝各位持續的支持。

And now I'll turn the call back to the operator for questions.

接下來我把電話交回給接線員，進行提問。

(Operator Instructions)

（接線員指示）

Robert Dodd, Raymond James.

Raymond James 的 Robert Dodd。

Look, without going through line by line of various portfolio companies, I just want to ask you a more general conceptual question on -- or one of my questions. The pace at which restructuring is occurring, the work is going through on dealing with troubled assets, et cetera. How would you -- obviously, you're doing it as fast as you can, but how would you rank that in terms of how quick or hard or easier you thought it was going to be, say, six months ago in terms of dealing with these assets?

聽著，我不想逐一檢視各個投資組合公司的細節，我只想問一個較為一般性的概念問題——或者說是我的其中一個問題。重整（restructuring）發生的速度、處理困境資產（troubled assets）的工作進展等等。你們會如何——顯然你們已盡可能加快，但若以六個月前對處理這些資產的預期來看，你們會如何評價目前的速度：是更快、更困難，還是比你們原先想的更容易？

Robert, thank you for the question. I would say that we always expect restructuring and workouts to not take a linear pattern here. As you know, restructuring workouts, each deal has its own idiosyncratic issues, whether that's a company product, competitive landscape, liquidity management and so on. Sometimes they are great businesses with weaker balance sheets that restructurings really benefit the company with.

Robert，謝謝你的提問。我會說，我們一向預期重整與協商處置（workouts）不會呈現線性的進展。如你所知，重整協商每一筆交易都有其特殊的個別問題，可能涉及公司產品、競爭格局、流動性管理等等。有時候企業本身是很好的生意，只是資產負債表較弱，而重整反而能真正讓公司受益。

So I'd say that we didn't really go in with any specific expectation. However, we are doing everything we can to actively manage through these restructurings and monetizations and paydowns. And as you saw in the results, we've made meaningful progress in the quarter, having exited out of 48forty and Suited Connector with respect to restructuring processes and then also exiting out of Fishbowl and AutoAlert in terms of sales of those assets, not exiting out of the entire position, but because we did roll some of the equity. But we're doing what we can in terms of managing those processes.

所以我會說，我們並沒有帶著任何特定的預期進入這些案件。不過，我們正盡一切所能，主動管理這些重整、變現（monetizations）以及償還（paydowns）。如你在本季結果中所見，我們已取得實質進展：就重整流程而言，我們已退出 48forty 與 Suited Connector；另外就資產出售而言，我們也退出了 Fishbowl 與 AutoAlert——但並非完全退出整體持倉，因為我們確實將部分股權進行了展期／滾動（roll some of the equity）。總之，在管理這些流程方面，我們已盡力而為。

Fair enough. Appreciate that. One -- another one, and it is a question about specific I'd say -- I mean, Job&Talent, which obviously marked down this quarter. I mean you said it was round numbers, a third of the total markdowns. That's kind of not actually -- that business is positioned as kind of an AI-enabled Job&Talent search business.

了解。謝謝你的說明。再一個——我想這算是針對特定個案的問題——Job&Talent，本季顯然被下調估值。你們說以概數來看，它約占總下調的三分之一。但那家公司其實定位為一種 AI 賦能的 Job&Talent 搜尋業務。

So maybe AI enabling isn't the fix-all in one context. But on the other hand, it's like what were the drivers, if you can give any information on. You said there was some softness in kind of the business and obviously, pressure on enterprise values, but it is an AI-enabled business.

所以也許在某些情境下，AI 賦能並不是萬靈丹。但另一方面，我想問的是：若你們能提供一些資訊，驅動因素是什麼？你們提到業務有些疲軟，且企業價值（enterprise values）承壓，但它畢竟是 AI 賦能的業務。

So I mean, any context you can give us as kind of the interaction between how that business is valued while being AI-enabled versus how AI is or is not helping or impacting that business? I mean it's just trying to get a feel, right, because you do have a lot of other software businesses where the fear is AI, but then you've got a business that sort of is AI and it didn't seem to help.

所以，我是想請你們提供一些背景：在它是 AI 賦能的前提下，該業務的估值方式與 AI 對該業務是否有幫助或造成影響之間的互動關係是什麼？我只是想掌握一下感覺，因為你們還有很多其他軟體公司，市場擔心的是 AI；但這裡有一家某種程度上「就是 AI」的公司，看起來 AI 並沒有幫上忙。

Hey, Robert, it's Jason. What I would say is first and foremost, Job&Talent, it's a staffing and a recruitment business. And I think those businesses typically have a tech-enabled element to them and have an ability to leverage AI and other emerging technologies and approaches to sort of benefit their business.

嗨，Robert，我是 Jason。我會先說，Job&Talent 是一家人力派遣與招募（staffing and recruitment）公司。而我認為這類公司通常都帶有科技賦能的元素，並具備運用 AI 與其他新興技術與方法來提升其業務的能力。

So I think that in this quarter, the cause of drop in enterprise value is really more due to market valuation multiples as opposed to something tied specific to the business being challenged because of AI or otherwise. I'd say the relative performance of the business was more of a modest contributor as opposed to broader tech multiples, if you will.

所以我認為，本季企業價值下滑的原因，主要是市場估值倍數（valuation multiples）的變動，而不是因為該業務因 AI 或其他因素而面臨特定挑戰。若要說的話，業務本身的相對表現只是較小的貢獻因素，相較之下更主要的是整體科技類倍數的變動。

Got it. Got it. Thank you. And then on -- just one last one if I can. On software, you said you had a 26% LTV at origination in your software book. I mean, maybe you don't want to put an exact number on that, but I presume that 26% has moved fairly significantly if we put in valuations today.

了解。了解。謝謝。然後——如果可以的話，最後再問一個。關於軟體，你們說在軟體投資組合中，承作時（origination）的 LTV 是 26%。我想你們可能不想給出精確數字，但我推測若以今天的估值來看，這個 26% 應該已經有相當明顯的變動。

So can you give us any relative scale, is that 26% doubled or up just kind of ballpark? How much have values moved on the assets that you have in the book?

所以你們能否給我們一個相對尺度：這個 26% 是翻倍了，還是只是上升一些——大概的量級即可？你們投資組合中的資產價值大概變動了多少？

Yeah. So the purpose of including that metric was to indicate how much cushion we underwrote to in those deals, given that being cognizant of software and AI as a risk. And you're right, market multiples have come down meaningfully out there. And so the cushion has come down as well.

好的。我們之所以納入這個指標，是為了說明在那些交易中，我們在承作時預留了多少緩衝（cushion），因為我們也意識到軟體與 AI 可能帶來風險。你說得沒錯，市場倍數確實已明顯下修。因此，緩衝也隨之縮小。

We don't have a number to disclose in terms of exactly how much, and it depends on the credit itself and what end market and what software functionality that they're offering in the market. So I would say that the cushion certainly has a bit, but we feel like at 26% LTV, we're still in reasonably good shape.

我們沒有可揭露的數字來精確說明縮小了多少，而且這也取決於個別信貸標的、其終端市場，以及其在市場上提供的軟體功能。所以我會說，緩衝確實有所下降，但我們認為以 26% 的 LTV 來看，整體仍處於相當合理的狀態。

Thank you for your questions. There are no further questions at this time. I will now turn the call back to Phil Tseng, Chairman, CEO and Co-CIO, for closing remarks.

感謝您的提問。目前沒有其他問題。我現在把電話交回給董事長、執行長兼共同投資長（Co-CIO）Phil Tseng，作結語。

Thank you, operator, and thank you all for joining our call today. I'd also like to thank our team for their continued hard work and dedication to TCPC. As always, please reach out with any questions. Thank you all.

謝謝接線員，也謝謝各位今天參與我們的電話會議。我也要感謝我們的團隊持續為 TCPC 付出的努力與投入。一如往常，如有任何問題，請隨時與我們聯繫。謝謝各位。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。