BlackRock TCP Capital Corp (TCPC) 2026 Q2 法說會逐字稿

Hello everyone, thank you for joining us and welcome to the BlackRock TCP Capital Corp Q2 2026 earnings call. (Operator Instructions)

各位好，感謝各位參與，歡迎收聽 BlackRock TCP Capital Corp 2026 年第二季（Q2 2026）財報電話會議。(接線員指示)

I will now hand the conference over to Alex Doll, a member of the BlackRock TCP Capital Corp Investor Relations Team.

現在我將把會議交給 BlackRock TCP Capital Corp 投資人關係團隊成員 Alex Doll。

Alex, please go ahead.

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.

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以前瞻性陳述為主的內容，該等陳述係基於管理層於作出陳述時的估計與假設，並不保證未來績效。

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 Form 10-Q and the Form 8-K filed with the SEC today, along with the associated press release. 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 make no representation or warranty with respect to such information.

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今日向美國證券交易委員會（SEC）提交的 Form 10-Q 與 Form 8-K 中所討論的風險因素，以及相關新聞稿。本次電話會議所作之任何前瞻性陳述均以今日為準，且可能在未經通知下變更。此外，部分討論與呈現之資訊可能源自第三方資料來源，且未經我們獨立查證。因此，我們對該等資訊不作任何陳述或保證。

Before we begin, I would also like to note that today's discussion includes references to certain non-GAAP financial measures, including adjusted net investment income. 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 the earnings press release and 10-Q.

在開始之前，我也要說明，今日討論包含對若干非 GAAP 財務衡量指標的引用，包括調整後淨投資收益（adjusted net investment income）。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，並係依 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，均載於財報新聞稿與 10-Q 中。

Earlier today, we issued a press release announcing our results for the second quarter ended June 30, 2026, as well as the portfolio sale transaction we just completed. We posted a supplemental presentation with information on both to our website at www.tcpcapital.com.

今日稍早，我們發布新聞稿，公布截至 2026 年 6 月 30 日止第二季的業績，以及我們剛完成的投資組合出售交易。我們亦已在網站 www.tcpcapital.com 上發布補充簡報，包含上述兩項資訊。

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.

如欲查看我們在今日電話會議中將引用的投影片簡報，請點選投資人關係連結並選擇「活動與簡報」。這些文件應與公司今日稍早向 SEC 提交的 Form 10-Q 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、執行長暨共同投資長（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 the portfolio sale transaction we announced this morning, followed by the highlights of our second 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 our balance sheet. I'll provide closing remarks before we open the call for questions. We're also joined by Dan Worrell, our Co-CIO, who will be available for questions.

謝謝你，Alex，也感謝各位投資人與分析師參與。今天我將先概述我們今早宣布的投資組合出售交易，接著說明 2026 年第二季的業績重點。之後，我們的總裁 Jason Mehring 將說明投資組合與投資活動，財務長 Erik Cuellar 將帶各位檢視財務結果與資產負債表。在開放提問前，我會做結語。我們也邀請到共同投資長 Dan Worrell，將在問答時段回答問題。

Let me begin with the transaction. This is a milestone for TCPC that meaningfully accelerates the work already underway to strengthen our financial position and reshape our investment portfolio. This transaction materially lowers leverage, reduces investment position sizes, and significantly enhances our investment capacity while realizing a substantial premium to the value implied by TCPC's current share price.

我先從交易談起。這是 TCPC 的一個里程碑，將大幅加速我們已在進行中的工作，以強化財務狀況並重塑投資組合。此交易將實質降低槓桿、縮小投資部位規模，並顯著提升我們的投資承作能力，同時實現相對於 TCPC 目前股價所隱含價值的可觀溢價。

Looking forward, it provides substantially greater financial, investment, and operational flexibility, creating a stronger foundation for delivering long-term shareholder value. We will step through the transaction at a high level. Additional detail can be found in the subsequent events disclosure section of the 10-Q.

展望未來，該交易提供更大的財務、投資與營運彈性，為創造長期股東價值奠定更強健的基礎。我們將以高層次方式說明此交易。更多細節可參閱 10-Q 中「後續事項揭露」章節。

TCPC transferred approximately $523 million of investments across 78 portfolio companies into a continuation vehicle sponsored by Pantheon. The assets sold comprised approximately 48% of the fair market value of our pre-transaction debt portfolio and have broadly similar sector, lien, and credit characteristics. The assets include all collateral underlying the recently issued BlackRock DLF 2026-C CLO plus additional contributed investments.

TCPC 將約 5.23 億美元、涵蓋 78 家投資組合公司的投資，移轉至由 Pantheon 發起的延續型載體（continuation vehicle）。出售資產約占交易前我們債務投資組合公允市值的 48%，其產業別、擔保順位（lien）與信用特性大致相近。該等資產包含近期發行之 BlackRock DLF 2026-C CLO 所有底層擔保品，另加上額外投入的投資。

TCPC retained a direct interest in substantially all of the portfolio companies transferring on average approximately two-thirds of each investment position to the vehicle. In addition, the company retained a 5% equity interest in the continuation vehicle and TCPC's investment advisor will also act as the investment advisor for the vehicle without compensation. The continuation vehicle assumed all of the CLO liabilities.

TCPC 保留對幾乎所有移轉之投資組合公司的直接持有權益，平均約將每一投資部位的三分之二移轉至該載體。此外，公司保留延續型載體 5% 的股權，且 TCPC 的投資顧問亦將擔任該載體的投資顧問且不收取報酬。延續型載體承接了 CLO 的所有負債。

The transaction was priced at 95% of the December 31, 2025, gross fair market value of the assets sold, subject to customary adjustments including unfunded commitments, portfolio repayments, and investment income generated prior to closing and other items as more fully outlined in Appendix A of the 8-K we filed this morning.

本交易定價為 2025 年 12 月 31 日出售資產總公允市值的 95%，並依慣例進行調整，包括未撥付承諾、投資組合償還、交割前所產生之投資收益及其他項目；更完整內容載於我們今早提交之 8-K 附錄 A。

The transaction is expected to result in a NAV decline of approximately 10.4% or $0.68 per share based on June 30 NAV. Our board of directors obtained a third-party fairness opinion from Lincoln International in connection with the transaction.

預期本交易將使淨資產價值（NAV）約下降 10.4%，或以 6 月 30 日 NAV 計算每股減少 0.68 美元。本公司董事會就該交易取得 Lincoln International 出具的第三方公平性意見（fairness opinion）。

The strategic impact of the transaction is substantial. The approximately $152 million of proceeds were used primarily to reduce debt and together with deconsolidation of the CLO and post-quarter end repayments, TCPC has reduced net leverage to approximately 0.4 times on a pro forma basis and unfunded commitments to below $40 million, significantly improving TCPC's financial flexibility and creating substantial new investment capacity.

此交易的策略性影響相當重大。約 1.52 億美元的交易所得主要用於償還債務；再加上 CLO 去合併（deconsolidation）以及季後償還款項，TCPC 以擬制（pro forma）基礎計算之淨槓桿已降至約 0.4 倍，未撥付承諾降至 4,000 萬美元以下，顯著提升 TCPC 的財務彈性並創造可觀的新投資承作能力。

To help evaluate the best way to use that flexibility to create further long-term shareholder value, the board has engaged Keefe, Bruyette & Woods to assist with a strategic review. This review will consider a range of options including but not limited to reinvesting the portfolio, returning capital shareholders, pursuing strategic combinations or other corporate transactions, or some combination of these options. I want to thank everyone involved in the transaction. It was a complex process and the hard work required reflects the firm's commitment to TCPC and its shareholders.

為協助評估如何最佳運用該等彈性以進一步創造長期股東價值，董事會已聘請 Keefe, Bruyette & Woods 協助進行策略檢討。該檢討將評估多種選項，包括但不限於再投資投資組合、向股東返還資本、尋求策略性合併或其他公司交易，或上述選項的組合。我要感謝所有參與此交易的人員。這是一個複雜的流程，所需投入的努力也反映本公司對 TCPC 及其股東的承諾。

With that, let me turn to our second quarter results. Apart from the transaction, we continued to make progress against our strategic priorities during the second quarter, including reducing non-accruals, strengthening the balance sheet, and advancing our portfolio repositioning efforts. While quarterly NAV performance reflected issuer-specific developments at a small number of portfolio companies, broader portfolio performance was generally in line with our expectations, and we experienced strong repayment volumes.

接下來談我們第二季的業績。除本次交易外，我們在第二季持續推進策略重點，包括降低不計息（non-accrual）部位、強化資產負債表，以及推動投資組合再配置工作。雖然本季 NAV 表現反映少數投資組合公司之個別發行人事件，但整體投資組合表現大致符合我們預期，且我們經歷了強勁的償還量。

NAV in the quarter declined approximately 2.1% to $6.58 per share, primarily reflecting developments at Pluralsight, PVHC, and Zillion, as well as realized losses on our exits of AutoAlert and BCom. Non-accruals declined to 1.6% of the portfolio at fair value and 7.4% at cost from 2.8% and 7.6% respectively at the end of the first quarter.

本季 NAV 約下降 2.1% 至每股 6.58 美元，主要反映 Pluralsight、PVHC 與 Zillion 的相關進展，以及我們退出 AutoAlert 與 BCom 所產生的已實現損失。不計息部位占投資組合之比重（以公允價值計）降至 1.6%、（以成本計）為 7.4%，相較第一季末分別為 2.8% 與 7.6%。

The improvement was driven in large part by positive developments at Thrasio, which repaid $22 million. We removed our remaining $3.7 million position at Thrasio from non-accrual status as we expect this position will be paid down in full, given the current health of the business. As you may recall, we restructured our investment at Thrasio in early 2024 and we are pleased with this outcome, which we believe reflects the benefits of active portfolio management and patience.

改善主要來自 Thrasio 的正面進展，其償還了 2,200 萬美元。由於我們預期在目前業務健康狀況下該部位將可全數償還，我們已將在 Thrasio 剩餘的 370 萬美元部位自不計息狀態移除。各位或許記得，我們在 2024 年初對 Thrasio 的投資進行了重整；我們對此結果感到滿意，並認為這反映了主動式投資組合管理與耐心所帶來的效益。

Repayment activity was strong in the second quarter, totaling $111.6 million in payoffs and paydowns and resulting in net repayments of $86.6 million, which advanced our portfolio repositioning efforts. In addition to Thrasio, we received repayments of $14.9 million from StarRez, $13.1 million from AutoAlert, and an additional $48.7 million across five other companies. This repayment activity also strengthened the balance sheet with net leverage declining to 1.38 times at quarter end from 1.48 times at the end of the first quarter.

第二季償還活動強勁，合計本金清償與部分償還達 1.116 億美元，淨償還 8,660 萬美元，推進了我們的投資組合重新配置工作。除 Thrasio 外，我們亦收到 StarRez 1,490 萬美元、AutoAlert 1,310 萬美元的償還，以及另外五家公司合計 4,870 萬美元的額外償還。此等償還活動亦強化了資產負債表，使淨槓桿於季末由第一季末的 1.48 倍降至 1.38 倍。

Following the portfolio sale transaction and post-quarter end repayments completed to date, net leverage is expected to decline to approximately 0.4 times on a pro forma basis and to less than 0.3 times after additional portfolio company paydowns from transactions that have been announced.

在完成投資組合出售交易以及截至目前於季後完成的償還後，預期淨槓桿按備考基礎將降至約 0.4 倍；在已公告交易所帶來的投資組合公司進一步部分償還後，淨槓桿將降至低於 0.3 倍。

Turning to capital allocation, on July 30, 2026, our board declared a third quarter dividend of $0.17 per share, payable on September 30 to shareholders of record as of September 16. We also repurchased 156,370 shares of TCPC stock during the second quarter at a weighted average price of $3.78 per share.

談到資本配置，於 2026 年 7 月 30 日，本公司董事會宣告第三季每股股利 0.17 美元，將於 9 月 30 日支付予截至 9 月 16 日登記在冊之股東。我們亦於第二季以每股加權平均價格 3.78 美元回購 156,370 股 TCPC 股票。

Now I'll turn the call over to Jason to discuss the portfolio and investment activity in more detail.

接下來我將把電話會議交給 Jason，請他更詳細說明投資組合與投資活動。

Thanks, Phil, and welcome, everyone. With the portfolio sale transaction now complete, I'll review our second quarter portfolio metrics and then highlight how the transaction and post-quarter end repayments have positioned the portfolio going forward.

謝謝你，Phil，也歡迎各位。投資組合出售交易現已完成，我將先回顧我們第二季的投資組合指標，並重點說明該交易及季後償還如何使投資組合在未來更具優勢。

At quarter end, the portfolio had fair market value of $1.29 billion invested across 134 portfolio companies in 35 industry sectors with an average position size of $9.6 million. 91.5% of the portfolio was invested in senior secured loans, all of which were floating rate with the balance of the portfolio in equity. Substantially all new investments during the quarter were in first lien loans, bringing total first lien exposure to 89.8% on a fair value basis.

截至季末，投資組合以公允市值計為 12.9 億美元，投資於 35 個產業領域的 134 家投資組合公司，平均單一部位規模為 960 萬美元。投資組合中 91.5% 投資於優先擔保貸款，且全部為浮動利率，其餘則為股權投資。本季新增投資幾乎全部為第一順位擔保貸款，使第一順位曝險按公允價值計提升至 89.8%。

Our largest investment based on fair value represented 8.9% of the portfolio and the five largest investments accounted for 27.6%. As of June 30, software represented 29.7% of the portfolio at fair value across 45 portfolio companies with approximately 97% invested in debt and 3% in equity. This software exposure decreased modestly from 30.5% across 47 companies in Q1, primarily reflecting the successful exits of Persol and StarRez during the period.

按公允價值計，我們最大單一投資占投資組合 8.9%，前五大投資合計占 27.6%。截至 6 月 30 日，軟體類別按公允價值計占投資組合 29.7%，涵蓋 45 家投資組合公司，其中約 97% 投資於債務、3% 投資於股權。相較第一季軟體占比 30.5%（47 家公司），本期軟體曝險小幅下降，主要反映期間成功退出 Persol 與 StarRez。

The current software portfolio was originated at a loan to value of approximately 26%, providing a considerable equity cushion. As we've discussed previously, we do not view software and potential AI risk as monolithic because certain segments are fundamentally more resilient than others. For some time, our underwriting has focused on systems of record with proprietary data assets and solutions that are deeply embedded in customer workflows or serve regulated end markets, which we believe are generally more insulated from AI-related disruption.

目前軟體投資組合的起始放款成數（LTV）約為 26%，提供相當可觀的股權緩衝。如我們先前所述，我們不認為軟體及潛在 AI 風險是單一同質的，因為某些細分領域本質上比其他領域更具韌性。一段時間以來，我們的授信審查聚焦於具專有資料資產的核心系統（systems of record），以及深度嵌入客戶工作流程的解決方案或服務於受監管終端市場的方案；我們認為這些通常較能免於 AI 相關的顛覆。

In line with our focus on enhancing portfolio quality, discipline deployment, and strengthening our balance sheet, we intentionally kept investment activity limited and highly selective in the second quarter. The majority of the $25 million of capital deployed during the quarter was directed towards previously committed investments, and we added one new borrower. Capitalizing on incumbency remains a priority for us, and we continue to find compelling investment opportunities among our existing portfolio companies where we have long-standing relationships and industry experience.

為符合我們提升投資組合品質、紀律性投放資金並強化資產負債表的重點，我們在第二季刻意將投資活動維持在有限且高度精選的水準。本季投放的 2,500 萬美元資金多數用於先前已承諾的投資，並新增一位借款人。善用既有投資人身分（incumbency）仍是我們的優先事項；我們持續在既有投資組合公司中，憑藉長期關係與產業經驗，發掘具吸引力的投資機會。

As Phil mentioned, we saw meaningful payoffs and paydowns this quarter, totaling $111.6 million and resulting in net repayments of $86.6 million. Subsequent to quarter end, we also received $97.4 million in additional repayments, including $55.2 million from Motive Technologies, formerly known as KeepTruckin, and $39 million from Pico Quantitative Trading.

如 Phil 所提及，本季我們看到顯著的本金清償與部分償還，合計 1.116 億美元，淨償還 8,660 萬美元。季末之後，我們亦收到額外 9,740 萬美元的償還，其中包括 Motive Technologies（前稱 KeepTruckin）5,520 萬美元，以及 Pico Quantitative Trading 3,900 萬美元。

In addition, Domo announced that it had entered into a definitive agreement to sell substantially all of its operating businesses to progress software. We expect this will result in full repayment of our $69 million debt investment when the transaction closes in the fourth quarter. This is a significant positive development in our software book and another example of our ability to create value through active engagement with our portfolio companies.

此外，Domo 宣布已簽訂最終協議，將其幾乎所有營運業務出售予 Progress Software。我們預期該交易於第四季完成交割時，將使我們 6,900 萬美元的債務投資獲得全額償還。這是我們軟體投資組合中的一項重大正面進展，也再次展現我們透過積極參與投資組合公司以創造價值的能力。

Together, these developments address more than $150 million of exposure across three larger portfolio positions and represent meaningful progress towards reducing concentration and advancing our broader portfolio repositioning efforts. We also see increasing repayment volumes as a sign of a general borrower health.

綜合而言，這些進展處理了三個較大投資部位合計逾 1.5 億美元的曝險，代表我們在降低集中度並推進更廣泛的投資組合重新配置工作方面取得實質進展。我們也將償還量增加視為借款人整體健康狀況的訊號。

At the end of the second quarter, the weighted average effective yield on our portfolio was 10.5%. New investments had a weighted average yield of 9.4%, while those we exited had a weighted average yield of 10.9%. Current yields reflect lower base rates and spread compression consistent with the past several quarters. The portfolio sale transaction and post-quarter end repayments have significantly reduced our leverage and unfunded commitments and increased our new investment capacity, meaningfully accelerating our ability to reposition the portfolio.

截至第二季末，我們投資組合的加權平均有效收益率為 10.5%。新增投資的加權平均收益率為 9.4%，而退出投資的加權平均收益率為 10.9%。目前收益率反映基準利率下降及利差收窄，與過去數季的趨勢一致。投資組合出售交易及季後償還已大幅降低我們的槓桿與未撥承諾，並提升新增投資能力，顯著加速我們重新配置投資組合的能力。

On a pro forma basis, the portfolio has a fair market value of $671 million invested across 132 portfolio companies with an average position size of approximately $5.1 million. If we include the additional investment capacity available at a modest one-time debt-to-equity ratio and assume no new software investments with that capacity, software would represent approximately 23% of the pro forma portfolio. That level would be further reduced to approximately 17% if you factor in the expected repayment of Doma.

按備考基礎，投資組合以公允市值計為 6.71 億美元，投資於 132 家投資組合公司，平均單一部位規模約為 510 萬美元。若納入在溫和的一倍負債對股權比率下可用的額外投資能力，並假設該能力不再新增任何軟體投資，則軟體將約占備考投資組合的 23%。若再考量預期 Doma 的償還，該占比將進一步降至約 17%。

Following recent repayments and the portfolio sale transaction, we have approximately $395 million of liquidity, providing significant flexibility in investment capacity as the board evaluates how best to create long-term shareholder value. We continue to benefit from the capabilities of the PFS platform, which provides access to a broad opportunity set, allowing us to remain highly selective and focused on granular, high-quality, first lien investments.

在近期償還及投資組合出售交易之後，我們約有 3.95 億美元的流動性，為董事會評估如何最佳化創造長期股東價值提供了顯著的投資彈性。我們持續受益於 PFS 平台的能力，其提供廣泛的機會來源，使我們得以維持高度精選，並聚焦於分散度高、高品質的第一順位擔保投資。

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

現在，我將把電話會議交給 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 second quarter of 2026. Total investment income was $40.0 million, or $0.48 per share. This included recurring cash interest income of $0.35 per share, non-recurring income of $0.04 per share, recurring discount and fee amortization of $0.02 per share, PIK income of $0.04 per share, and dividend income of $0.03 per share. PIK income represented 7.6% of total investment income, down from 8.5% in Q1.

謝謝你，Jason。我先回顧 2026 年第二季的財務結果。總投資收益為 4,000 萬美元，或每股 0.48 美元。其中包括經常性現金利息收入每股 0.35 美元、非經常性收入每股 0.04 美元、經常性折價與費用攤銷每股 0.02 美元、PIK 收入每股 0.04 美元，以及股利收入每股 0.03 美元。PIK 收入占總投資收益的 7.6%，低於第一季的 8.5%。

Operating expenses for the second quarter were $21.9 million, or $0.26 per share, including $15.0 million, or $0.18 per share, of interest and other debt expenses. Net investment income was $18.1 million, or $0.22 per share. And adjusted net investment income was $17.5 million, or $0.21 per share. As of June 30, 2026, our cumulative total return did not exceed the total return hurdle, and therefore no incentive compensation was accrued for the quarter.

第二季營運費用為 2,190 萬美元，或每股 0.26 美元，其中包括利息及其他債務費用 1,500 萬美元，或每股 0.18 美元。淨投資收益為 1,810 萬美元，或每股 0.22 美元。調整後淨投資收益為 1,750 萬美元，或每股 0.21 美元。截至 2026 年 6 月 30 日，我們的累計總報酬未超過總報酬門檻，因此本季未計提任何績效激勵報酬。

Net realized losses for the quarter were $14.8 million, or $0.18 per share, driven primarily by a $10 million loss on the exit of our investment in AutoAlert. Net unrealized gains were $1.3 million, or $0.01 per share, driven primarily by $11.3 million and reversals of previous unrealized losses related to AutoAlert and Thrasio. These gains were partially offset by markdowns in Pluralsight, PVHC, and Zillion, which together accounted for approximately $9.5 million of unrealized losses.

本季淨已實現損失為1,480萬美元，或每股0.18美元，主要由於退出我們在 AutoAlert 的投資而產生的1,000萬美元損失所致。淨未實現收益為130萬美元，或每股0.01美元，主要由於與 AutoAlert 與 Thrasio 相關的1,130萬美元收益以及先前未實現損失的回轉所帶動。上述收益部分被 Pluralsight、PVHC 與 Zillion 的減記所抵銷，三者合計約造成950萬美元的未實現損失。

Quarterly distributions to shareholders totaled $0.17 per share during the period. After net investment income, realized and unrealized gains and losses, and distributions, NAV declined by $0.14 per share to $6.58 at June 30. The corresponding decrease in net assets for the quarter was $13.1 million.

本期間向股東支付的季度分配合計為每股0.17美元。在淨投資收益、已實現與未實現損益以及分配之後，NAV 於6月30日每股下降0.14美元至6.58美元。本季淨資產相應減少1,310萬美元。

Now I'll discuss our balance sheet and liquidity, which benefited from both repayment and liability optimization activity during the quarter, with improvements further accelerated by the portfolio sale transaction we completed today. During the quarter, we completed two important liability management initiatives. In May, we issued $406 million of CLO debt and used the proceeds to fully repay our TCPC Funding 2 and merger facilities, allowing us to term out a significant portion of our secure debt.

接下來我將說明我們的資產負債表與流動性。本季我們同時受惠於還款與負債最佳化活動，而我們今天完成的投資組合出售交易也進一步加速了改善。本季我們完成兩項重要的負債管理措施。5月，我們發行4.06億美元的CLO債務，並以所得款項全額償還 TCPC Funding 2 與併購融資，使我們得以將相當大部分的擔保債務期限化。

Additionally, given the level of paydowns and realizations, including those related to the portfolio transaction, and the absence of new development activity in our SBIC subsidiary, we elected to repay the remaining $107 million outstanding on our SBIC debt and subsequently surrender our license. We concluded there was limited benefit to maintaining the structure given the SBIC's cash position and fully drawn facility.

此外，鑑於償還與已實現的規模（包括與該投資組合交易相關者），以及我們的 SBIC 子公司缺乏新的開發活動，我們選擇償還剩餘未償還的1.07億美元 SBIC 債務，並隨後交回我們的牌照。我們認為，考量 SBIC 的現金部位與已全額動用的融資額度，維持該架構的效益有限。

Together, these two actions support our broader balance sheet objectives by extending liability maturities, increasing financing flexibility, and reducing complexity within our capital structure. As Jason mentioned, we also received $86.6 million in net repayments in the second quarter. As a result, total liquidity at the end of the second quarter was $533.7 million, including $376.2 million in available borrowing capacity under our revolvers and $157.5 million in cash.

綜合而言，這兩項行動透過延長負債到期、提升融資彈性並降低資本結構的複雜度，支持我們更廣泛的資產負債表目標。如 Jason 所提及，我們在第二季亦收到8,660萬美元的淨償還。因此，第二季末總流動性為5.337億美元，其中包括循環信貸項下可用借款額度3.762億美元及現金1.575億美元。

The combined weighted average interest rate on debt outstanding was 6.03% as of June 30, 2026. Net leverage was reduced to 1.38 times at quarter end, resulting in total debt-to-equity ratio of 1.66 times. With the combination of post-quarter end repayment activity and this portfolio sale transaction, we estimate that our pro forma leverage ratio further improved to approximately 0.4 times and would be less than 0.3 times if adjusted for future closure of the recently announced Domo transaction that Jason mentioned.

截至2026年6月30日，未償債務的加權平均利率為6.03%。季末淨槓桿降至1.38倍，使總負債對股東權益比率為1.66倍。結合季後的償還活動與本次投資組合出售交易，我們估計備考槓桿比率進一步改善至約0.4倍；若再就 Jason 提到、近期公告的 Domo 交易未來完成交割進行調整，則將低於0.3倍。

Unfunded loan commitments represented 7.0% of our $1.29 billion investment portfolio, or $90 million, including $53 million in revolver commitments as of June 30, 2026. Pro forma for repayments and the portfolio sale transaction, unfunded loan commitments have been reduced to approximately $36 million. Overall, TCPC has a simpler balance sheet and has liquidity and substantially greater financial flexibility today than it did at the outset of the second quarter.

截至2026年6月30日，未撥款貸款承諾占我們12.9億美元投資組合的7.0%，約9,000萬美元，其中包括5,300萬美元的循環信貸承諾。就償還與投資組合出售交易進行備考調整後，未撥款貸款承諾已降至約3,600萬美元。整體而言，TCPC 的資產負債表更為簡化，且相較第二季初，現今擁有更充裕的流動性與顯著更高的財務彈性。

Now, I'll turn the call back to Phil for closing remarks.

現在，我把電話交回 Phil 作結語。

Thanks, Eric. Over the past year, we have made strong progress strengthening our financial position and reshaping our investment portfolio, and this transaction pulls forward the realization of those efforts. The outcome is significantly lower leverage, reduced investment position sizes, and enhanced investment capacity. We believe these outcomes provide substantially greater financial, investment, and operational flexibility, creating a stronger foundation from which to evaluate and pursue strategic alternatives that can deliver greater long-term value to shareholders. We look forward to working with KBW and sharing more details as that process progresses as appropriate.

謝謝你，Eric。過去一年，我們在強化財務狀況與重塑投資組合方面取得了顯著進展，而這筆交易使這些努力的成果得以提前實現。結果是槓桿顯著降低、投資部位規模縮小，以及投資能力提升。我們相信，這些成果帶來大幅更高的財務、投資與營運彈性，建立更強的基礎，使我們得以評估並推進可為股東創造更高長期價值的策略替代方案。我們期待與 KBW 合作，並在流程推進且適當時分享更多細節。

With that, I'd like to thank our investors and analysts for their continued support of TCPC. Operator, we are now ready to open the call for questions.

最後，我要感謝投資人與分析師持續支持 TCPC。接線員，我們現在準備開放提問。

(Operator Instructions)

(接線員指示)

Robert Dodd, Raymond James.

Robert Dodd，Raymond James。

Hi, guys, and congrats on kind of a landmark transaction. To your point, Phil, it kind of does raise the question though of what next. Can you address that? Like there's a strategic review -- so it's kind of two components to the question on that. Like how long do you think the strategic review, and I obviously that's hard to say that. I think that's likely to take.

嗨，各位，恭喜完成一筆可說是里程碑式的交易。如你所說，Phil，這確實引發了下一步要做什麼的問題。你能談談嗎？例如你們正在進行策略檢討——我對此有兩個部分的問題。第一，你認為策略檢討大概需要多久？我知道這很難說。我想這可能會花一些時間。

And two, while that's ongoing, what are you likely strategies. Obviously, if the review -- part of the view is, should we reinvest or should we buy back stock, for example, among other things. Are you likely to do those things while the view is ongoing? Or is it kind of semis on your hands until the views complete and you have a strategic mandate to produce to pursue something.

第二，在檢討進行期間，你們可能採取哪些策略？顯然，如果檢討的一部分是例如：我們應該再投資，或應該回購股票等。在檢討仍在進行時，你們會傾向先做這些事嗎？還是會先按兵不動，直到檢討完成並有明確的策略授權後再去推進？

Yes, Robert, thanks for the question. So there's no specific timetable on the strategic review. Obviously, we are now in a very good position where we've created a great foundation from which to evaluate various alternatives that we otherwise were in a position, too. So we feel that this transaction has given us and certainly accelerated our position to be here to evaluate variety of alternatives, which includes the investment flexibility and capacity that we've talked about on the call and also going deeper into a variety of other initiatives that we've been undertaking at the company. And we made good progress, but this certainly accelerates it.

是的，Robert，謝謝你的問題。策略檢討沒有特定的時間表。顯然，我們現在處於非常有利的位置，已建立一個很好的基礎來評估各種替代方案，而在此之前我們也確實處於可以這麼做的位置。因此，我們認為這筆交易讓我們得以、並且確實加速我們站上這個位置來評估多種替代方案，其中包括我們在電話會議中談到的投資彈性與投資容量，也包括更深入推進公司正在進行的多項其他計畫。我們已取得不錯的進展，但這筆交易確實加速了進程。

In terms of specifically around timing, we'll see. Obviously, KBW will do its work, work together with management and the Board and come back with a variety of alternatives from which we can evaluate and maybe it's a combination of alternatives to drive longer-term shareholder value.

至於具體時程，我們再看看。顯然，KBW 會展開其工作，並與管理團隊及董事會合作，提出多種可供我們評估的替代方案；也可能是多種方案的組合，以推動股東長期價值。

In terms of how we're going to be investing over the subsequent period between now and then, we're going to continue doing what we've been doing, which is being prudent about our capital and obviously, the strategic review goes hand in hand in how we allocate that capital. So we're going to have that lens as we proceed through this period.

至於在此後、也就是從現在到那時之間我們將如何投資，我們會持續做我們一直在做的事，也就是對資本保持審慎；而策略檢討也會與我們如何配置資本相輔相成。因此，在這段期間我們推進各項工作時，會以此作為考量的視角。

Got it, thank you. Moving on from that for a second. And again, I think the transaction definitely puts you in a position where it's appropriate to review options before where your position was kind of dictating what you had to do before. So congrats on that.

了解，謝謝。先換個話題。再說一次，我認為這筆交易確實讓你們處於一個適合檢視選項的位置；相較之下，之前你們的處境某種程度上是在迫使你們必須做某些事。所以恭喜。

Moving on -- I mean, to your point, like, I mean, I think you've got a Thrasio, you expect to be fully paid down the $69 million that should get repaid in the fourth quarter. There's a lot of repayments coming in as well how -- I mean to that point, you quite apart from the transaction, there's been a lot of movement as well.

接著——我的意思是，就你剛才的觀點，例如你們有一筆 Thrasio，你們預期第四季會把那6,900萬美元全數償還。也還會有很多償還資金流入——就這點而言，撇開這筆交易不談，近期其實也有很多變動。

How much more can be done on that on the portfolio side, kind of like this year. I mean, longer term, obviously, things do what they do. But how many more things that could potentially be accelerated maybe not purely from your actions, but in terms of beyond the transaction even also reducing even beyond Delmar, et cetera, et cetera, some of the chunky investments in the portfolio?

在投資組合端，就像今年這樣，還能再多做多少？我的意思是，從長期來看，顯然事情會照它們的方式發展。但還有哪些事情可能可以加速——也許不完全是因為你們的行動，而是就交易之外而言，甚至也能進一步降低（不僅是 Delmar 等等），以及投資組合中一些較大筆的投資？

Well, -- maybe it's worthwhile, Robert, to take a step back about why we embarked on this transaction because I think that speaks to what we can do in terms of continuing to drive shareholder value here in terms of repayments and portfolio positioning.

嗯——Robert，也許值得先退一步談談我們為什麼啟動這筆交易，因為我認為這能說明我們在還款與投資組合配置方面，如何持續推動股東價值。

But with our leverage level in the last several quarters, we've been bumping up against 1.3%, 1.4%, even north of 1.4%. It's really inhibited our ability to reposition the portfolio. I think you and other investors and analysts and the community have commented on that for good reason. For example, we haven't been able to make meaningfully sized new investments, right? Because that leverage -- so that's prevented us from diversifying the portfolio, prevent us from putting on newer investments to generate a more healthy income profile.

但在過去幾個季度，我們的槓桿水準一直逼近 1.3 倍、1.4 倍，甚至高於 1.4 倍。這確實抑制了我們重新配置投資組合的能力。我想你以及其他投資人、分析師和市場社群都基於充分理由對此有所評論。例如，我們一直無法進行具相當規模的新投資，對吧？因為那個槓桿——所以這阻止我們分散投資組合，也阻止我們投入較新的投資以產生更健康的收益結構。

And that limited capacity is also constrained our ability to buy back shares in a more meaningful way, aside from what we've done programmatically. And also, we've been inhibited from investing further or leaning further into strategic things or assets that we would have otherwise wanted to go Deron.

而這種有限的容量也限制了我們更有意義地回購股份的能力，除了我們以計畫性方式所做的之外。此外，我們也受限於無法進一步投資或更積極投入一些策略性事項或資產——否則我們本來會想要更深入推進的，Deron。

So this newfound financial and investment flexibility, that's what we've accomplished here. And we could have done it organically and we actually made quite a bit of -- we've been making quite a progress, organically with, as you've seen, healthy repayments, nonaccruals coming down, pay coming down, position size is coming down. But that takes a long time, and I think you see that.

所以，我們在這裡達成的是新取得的財務與投資彈性。我們本來也可以透過自然方式做到，而且實際上我們已經取得相當進展——如你所見，健康的還款、非應計項目下降、槓桿下降、部位規模下降。但那需要很長時間，我想你也看得出來。

And we have a pretty concentrated book, and that's how the portfolio is managed previously. So when we have a hit, it has a significant impact on NAV. So the path wasn't necessarily certain either, right? And what we achieved today with this announced sale is that we're here, right? We're at 0.4 times leverage, 0.3 times with expected another pay down. And we have north of $300 million of new investment capacity.

而且我們的投資組合相當集中，這也是先前的管理方式。因此一旦出現衝擊，就會對每股淨值（NAV）造成顯著影響。所以這條路徑也不一定是確定的，對吧？而我們今天透過這項已宣布的出售所達成的是：我們到位了，對吧？我們的槓桿來到 0.4 倍，若再加上預期的另一筆償還，則為 0.3 倍。而且我們新增的投資容量超過 3 億美元。

So we've really accelerated, and that's why I started my comments saying this is a milestone for the company, because I think it really is in putting us in a good position. So we're going to continue on the organic path in the interim. Obviously, this new capacity gives us an ability to invest in new deals to accelerate the diversification of the portfolio to evaluate other shareholder-friendly initiatives like buybacks or otherwise. And that's what we're going to be looking out for in the near term.

所以我們確實大幅加速了，這也是我在開場評論時說這對公司是一個里程碑的原因，因為我認為這確實讓我們處於良好位置。因此在此期間我們會持續走自然去槓桿的路徑。顯然，這個新增容量讓我們有能力投資新案子、加速投資組合多元化，並評估其他有利股東的措施，例如回購或其他方案。這些將是我們短期內會關注的重點。

Got it. I appreciate that. Thank you.

了解。感謝你的說明。謝謝。

Paul Johnson, KBW Capital Markets.

Paul Johnson，KBW Capital Markets。

Yeah, good afternoon. Thanks for taking my questions. Yeah, so I'm just curious. I wanted to know the impact from the transaction, the asset sale, 10.4%. Does that also include, I guess like transaction, any sort of transaction-related expenses for completing the sale?

是的，午安。謝謝回答我的問題。我只是好奇。我想了解這筆交易、資產出售對 NAV 的影響是 10.4%。這是否也包含了完成出售的交易相關費用之類的項目？

Hi, Paul. It's Eric. The 10.4% does include the transaction-related expenses in there. I'd say the easiest way to think about the 10.4% approximate hit to NAV is by starting with that 5% discount that that we stated as a portfolio discount.

嗨，Paul。我是 Eric。10.4% 的數字包含了交易相關費用。我想，理解約 10.4% 對 NAV 的影響，最簡單的方式是先從我們所說的投資組合 5% 折價開始。

And then other customary adjustments that are done in these type of transactions, which give you sort of a rough effective discount of about 10%. And then your transaction expenses take that up to about 10.4% of a NAV hit.

然後再加上這類交易中常見的其他慣例性調整，這會讓你得到大約 10% 的粗略有效折價。接著交易費用會把 NAV 的影響提高到約 10.4%。

Okay, got it. That's clear. Thank you for that. And then I guess my other question would just be, I guess, in terms of strategic alternatives, obviously, there's kind of a broad range of possibilities here. I mean how should I guess we think about it in terms of, is this kind of a solution to all of the just kind of ongoing challenges from the years past or I think does BlackRock, I guess, have any sort of attention here maybe sort of like a rebuild in terms of kind of like the BlackRock BDC franchise. Thank you.

好的，了解。很清楚。謝謝你的說明。那我另一個問題是，關於策略性替代方案，顯然可能性範圍很廣。我的意思是，我們應該如何看待——這是否算是解決過去幾年持續挑戰的方案？或者 BlackRock 是否有任何想法，例如要在 BlackRock 的 BDC 平台上做某種重建？謝謝。

Paul, it's Phil. We don't have any comment on what we think will come out of the strategic evaluation process, and we're not going into it with a specific agenda except for generating long-term shareholder value. So BlackRock, as you can see, is very committed to the success of this -- of the shareholders here.

Paul，我是 Phil。我們不會評論我們認為策略評估流程會得出什麼結果；我們也不是帶著特定議程進去，唯一目標是創造長期股東價值。因此，如你所見，BlackRock 對於這裡股東的成功是非常投入的。

As you can see with this transaction, which was very complex and was a lot of effort around the table in getting this done. So no preconceived notion of what's going to come out. But obviously, we want to hire a third-party adviser to really assist us and the Board.

你也可以從這筆交易看得出來——它非常複雜，且為了完成它，桌上各方投入了大量努力。所以我們對結果沒有任何先入為主的想法。但顯然，我們希望聘請第三方顧問來真正協助我們與董事會。

We have reached the end of the Q&A session. I will now turn the call back to Phil for closing remarks.

問答環節到此結束。我現在把電話交回 Phil 作結語。

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

謝謝，接線員。感謝各位今天參加我們的電話會議，我也要感謝我們團隊持續為 TCPC 付出的努力與辛勞。一如既往，如有任何問題請與我們聯繫。

Thank you very much.

非常感謝。

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。