Participants

Michaela Murray; Investor Relations; BlackRock TCP Capital Corp

Philip Tseng; Chairman, Chief Executive Officer, Co-Chief Information Officer; BlackRock TCP Capital Corp

Jason Mehring; President; BlackRock TCP Capital Corp

Erik Cuellar; Chief Financial Officer; BlackRock TCP Capital Corp

Finian O’Shea; Analyst; Wells Fargo Securities, LLC

Robert Dodd; Analyst; Raymond James Financial, Inc.

Christopher Nolan; Analyst; Ladenburg Thalmann & Co. Inc.

Presentation

Operator

Ladies and gentlemen, good afternoon. Welcome, everyone, to BlackRock TCP Capital Corp's fourth-quarter and year-ended 2024 earnings conference call.
Today's conference call is being recorded for replay purposes. (Operator Instructions)
And, now, I would like to turn the call over to Michaela Murray, a member of the BlackRock TCP Capital Corp Investor Relations Team. Michaela, please proceed.

Michaela Murray

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 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.
Earlier today, we issued our earnings release for the fourth-quarter and the year-ended December 31, 2024. We also posted a supplemental earnings presentation to our website at tcpcapital.com.
To view the slide presentation, which we'll refer to on today's call, please click on Investor Relations link and select Events and Presentations. These documents should be reviewed in conjunction with the company's Form 10-K, which we filed with the SEC, earlier today.
Please note that we will shortly issue a corrected earnings release, due to a typographical error. The third sentence of the third paragraph, under Consolidated Results of Operations, has been corrected to refer to unrealized losses, rather than unreal unrealized gains. Our NAV and other statistics are presented correctly throughout.
I will, now, turn the call over to our Chairman and CEO, Phil Tseng.

Philip Tseng

Thank you, Michaela. Thank you, all, for joining our call, today.
I will discuss the results for the fourth-quarter and full-year 2024.
I will also describe how we are approaching our portfolio construction and investments to return the portfolio to historical above market returns, as well as outline the shareholder friendly change we have implemented.
I'll, then, turn the call over to our President, Jason Mehring, to review details of our investment activity and provide comments on the market environment.
Last, Erik Cuellar, our CFO, will provide financial results, before we open the call up for questions. We're also joined, today, by Dan Worrell, our Co-CIO.
We are optimistic about our future and confident in our strategic plan to successfully navigate the challenges presented in 2024.
Full-year 2024 adjusted net investment income was $1.52 per share as compared to $1.84 per share in 2023. Annualized net investment income ROE, for the year, was 14.5%. The declines in net investment income and ROE primarily reflect the impact from lower base rates and an increase in non-accruals and expenses versus the prior year.
Fourth-quarter adjusted net investment income per share was flat, with last quarter at $0.36. At the end of the quarter, non-accruals represented 5.6% of the portfolio at fair market value as compared to 3.8% in the previous quarter. NAV per share was $9.23 compared to $10.11 per share, reflecting incremental investment portfolio markdowns, the largest of which were Razor, Securus, and Astra.
Our results were also impacted by market conditions, including tighter spreads, as a result of the continued slower deal environment and declining interest rates.
The vast majority of our portfolio continues to perform well. And, in a way, that is reflective of our 12-year history of consistently delivering attractive returns, as a public company. That said, we're not pleased with the markdowns and non-accruals that have impacted our performance in recent quarters. And we remain laser-focused on working with our borrowers and sponsors to resolve these issues.
Based on our team's substantial experience in direct lending, we are confident that we will make the right decisions to resolve these issues. We know, from experience, that resolving credit issues, quickly, does not always produce the best results for shareholders. And that shareholder returns are often optimized through thoughtful solutions that may take some time to execute.
Now, let me provide a few high-level updates on markdowns and non-accruals, during the quarter.
We marked down our positions in Razor, Securus, and Astra, each of which we've addressed on prior calls. We remain actively engaged with the management teams of each of these companies on the best path forward. And we'll provide additional detail, when we can.
I'll quickly share an update on the Amazon aggregators.
First is Razor, which accounted for roughly 70% of our total markdowns, this quarter. It continues to struggle with inventory issues that have impacted its profitability and liquidity. We're working closely with Razor to resolve these challenges, which may include consolidation to drive improved cash flow and provide runway for its turnaround. Again, these resolutions are not always linear and can take time to complete.
On the other hand, Seller-X, which experienced a markup for the quarter, is further along in its transformation, having simplified its business by reducing overstock and investing in its growing brands while trimming unprofitable products. Notably, the company's top brand nearly doubled in revenue year over year, as it diversified its sales channels into brick and mortar. This progress is emblematic of the fact that improvements may take time and effort for our challenged borrowers.
During the quarter we added two new names, Renovo and InMoment, to non-accrual status.
On our last call, we mentioned that InMoment -- which provides customer experience management software and solutions that help businesses understand and improve their customer experiences -- experienced a slowdown in growth, due to industry dynamics, and is transitioning its focus towards its multi-signal product, which we believe has a long-term growth potential. This slowdown in growth has continued into the fourth quarter, resulting in our decision to place the company on non-accrual. We will continue to monito InMoment, closely, and to collaborate and support the management team.
Renovo, the other company we placed on our non-accrual this quarter, is a direct-to-consumer home remodeling company. Renovo's performance has declined, as the company worked to integrate acquisitions, while demand for residential repair and remodel services softened due to persistent inflation, resulting in deferred home repair and remodeling spend. We remain actively engaged with Renovo and its management team, on both performance and financing considerations.
Given our recent financial performance, our Board made the decision to reduce our regular dividend to $0.25 per share, for the first quarter. While net investment income exceeded our dividend in the fourth quarter, we believe the revised level is sustainable.
In addition, our Board declared a $0.04 special dividend for the first quarter and we intend to declare a special dividend of at least $0.02 in each of the second and third quarters of 2025, subject to Board approval.
Next, I want to discuss actions we're taking to support our shareholders. We appreciate your continued trust and patience and believe these are examples of how we continue to align with you.
First, on February 25, 2025, our Adviser voluntarily agreed to waive one-third of our base management fee for three calendar quarters, beginning on January 1, 2025, and ending on September 30, 2025. These fees cannot be earned back at a later date. We are taking this action, as we acknowledge the decline in the portfolio's NAV.
Second, during the fourth quarter, we repurchased 510,687 shares, at a weighted average price per share of $8.86. Pursuant to the plan, our Board of Directors re-approved on April 24, 2024.
And, third, as you know, our shareholder friendly incentive fee structure ensures that we earn incentive fees only when our total return exceeds the hurdle rate. This fee structure was intentionally designed to align management and shareholder interests. When our shareholders do well, we do well, and only then.
As the new management team, we have a clear path to position TCPC in a way that results in consistent, attractive long-term returns.
First, we will continue to focus, primarily, on the core middle market with an industry-driven proactive approach to sourcing and underwriting. We will also opportunistically invest in companies in both the lower and upper middle market that align with our strategy; are relationship-driven; and ensure an efficient use of available capital.
There are many benefits to lending in the middle market. It's an attractive and underserved segment with less competition than the broadly-syndicated market that has historically delivered strong risk-adjusted returns. It's also an area where our direct relationships and our deep industry knowledge and deal structuring expertise are highly valued in creating customized financing solutions for companies that need growth capital.
Second, we will maintain a highly-diversified portfolio and limit exposure to industry subsectors. We have always focused on maintaining a diverse portfolio in industries we know well and where we have an established ecosystem of referral sources and borrower relationships, including verticals like healthcare, technology, and fintech.
Going forward, we will also avoid meaningful concentrations in any one industry subsector, such as Amazon aggregators.
Third, we will continue to prioritize investing in first lien loans. And where we consider second lien loans, we will emphasize those where we are a lender of influence. We know that having a direct relationship, or at least, a seat at the table with borrowers provides significant downside protection.
Finally, we will continue to deepen our connections to and leverage the broader BlackRock platform. Our ability to draw on the extensive resources and relationships of the full platform is a distinct competitive advantage.
As part of BlackRock, we have access to a broader origination platform and investment team, as well as substantial resources. In addition, we see a significant amount of proprietary deal flow that allows us to be highly selective in the investments we make.
With our talented, experienced team and the unparalleled resources of the BlackRock platform, I am confident that we will successfully work through our current challenges and return the portfolio to historical performance levels.
We believe that we have the right team and the right plan. We appreciate our shareholders' continued patience throughout this process.
Now, I'll turn it over to Jason, who will review our investment activity during the quarter, in the market environment.

Jason Mehring

Thanks, Phil. I'll start my comments with a brief overview of our portfolio.
At year end, our portfolio had a fair market value of approximately $1.8 billion, invested across 154 companies in more than 20 industry sectors, and with an average position size of $11.7 million.
91.2% of our portfolio was invested in senior secured loans, 94.5% of which were floating rate.
Investment income was distributed, broadly, across our diverse portfolio, with more than 77 of our portfolio companies each contributing less than 1% to the total.
At quarter end, the weighted average effective yield of our portfolio was 12.4% compared to 13.4% last quarter. New investments had a weighted average yield of 10.8%, while those that we exited had a weighted average yield of 14%. These statistics reflect the decline in base rates and some spread reduction during the period.
In addition, a portion of our repayments, in the ,quarter were from higher-priced second-lien deals that we have not emphasized, more recently.
While overall M&A volumes remained below expectations, we continued to see a healthy flow of new investment opportunities in the quarter and took a highly selective approach to investing, emphasizing seniority in the capital structure, portfolio diversity, and transactions where we are a lender of influence.
We deployed a total of $121 million of capital, during the quarter, into nine new and nine existing portfolio companies. All of our new investments were first lien loans. And at quarter end, 83.6% of the portfolio was in first lien loans, up from 81.3% in the prior quarter.
In several instances, we chose not to maintain our involvement in deals that were repriced at lower yields or that were amended to include weaker covenants, where we believe the risk outweighed the potential reward.
As a result of our focus on direct origination and borrower relationships, incumbency remains an important competitive advantage for TCPC. Investments in existing portfolio companies accounted for nearly 45% of our fourth-quarter activity.
From a risk management perspective, allocating additional capital to businesses and industries we know well and understand deeply is beneficial. At the same time, we have seen a healthy level of opportunities for new borrowers that are aligned with our investment strategy.
Now, I'll discuss two specific investments from the quarter.
Our largest investment, in the new portfolio company, was a $14.7 million first lien loan to Global Experience Specialists or GES.
Founded in 1926, GES is a global exhibition and trade show management company that provides end-to-end services for exhibitions, conferences, and live events. Its services include strategy, creative, design, production, and logistics.
We view this as a highly-attractive opportunity to invest in a global leader, with high levels of recurring revenue from long-term client contracts within the $15 billion-plus-dollar exhibition industry.
Our largest investment into an existing portfolio company, during the quarter, was a $12.8 million loan to Applause, a crowd-testing company that connects software developers with a global community of digital experts to test and ensure the quality of applications, before they are released to consumers.
We have been a long-time financing partner to Applause. We originally invested in the company to support its leveraged buyout in 2017 and led a subsequent transaction in October of last year. Since our initial investment, Applause has performed well and has significantly expanded annual recurring revenue, driven by growth in AI advancements, strategic partners, and customer expansion.
As it relates to the overall market in our pipeline, we have not seen the level of increase in M&A activity that most expected, heading into 2024. This has been driven, in part, by interest rates. While the Fed has cut rates, the pace and overall level of reductions has been less than many had hoped for.
Our view is that the market is digesting the implied rate outlook for 2025. That there's likely to be some lift in overall activity, as expectations are adjusted.
While rates clearly have significant influence on deal activity, the potential for other policy shifts, following the US election, cannot be ignored. There's much that is to be determined on this front but it's reasonable to think that a more favorable regulatory environment may contribute to activity, as buyers and sellers endeavor to narrow the valuation gaps that have existed, more recently.
It's also worth noting that many private equity sponsors continue to hold record levels of dry powder, which should further drive transaction volumes.
As it relates to spread compression, which both Phil and I have mentioned previously, this has been an ongoing theme, driven by increased competition between private credit and traditional lending sources. With that said, many companies have repriced or refinanced their debt, at this point, suggesting a level of stabilization ahead.
Overall, while it's difficult to predict specifics related to deal activity, we continue to think the middle market economy is strong and that we are well positioned to provide capital to borrowers in our core segment of that market.
Now, I'll turn the conversation over to Erik, who'll discuss our financial results, capital, and liquidity position.

Erik Cuellar

Thank you, Jason. Let me begin with our financial results for the quarter.
As Phil noted, adjusted net investment income was $0.36 per share for the fourth quarter and $1.52 per share for the full-year 2024.
As detailed in our earnings press release, adjusted net investment income excludes 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 release and 10-K.
Gross investment income, for the fourth quarter, was $0.72 per share. This amount included recurring cash interest of $0.52, non-recurring income of $0.06, recurring discount and fee amortization of $0.03, PIK income of $0.08, and dividend income of $0.03 per share.
PIK interest income, for the quarter, was 10.5% of total investment income.
Operating expenses, for the fourth quarter, were $0.32 per share and included $0.21 per share of interest and other debt expenses.
As of December 31, 2024, the company's cumulative total return did not exceed the total return hurdle. And, as a result, no incentive compensation was accrued for the three months ended December 31, 2024.
Additionally, as Phil mentioned, our Adviser has agreed to waive one-third of our base management fees for three quarters, beginning on January 1, 2025, and ending on September 30, 2025.
Net realized losses for the quarter were approximately $3000 or less than 1p per share. Net unrealized losses, in the fourth quarter, totaled $72 million or $0.85 per share, primarily reflecting unrealized markdowns on the three investments Phil discussed earlier.
The net decrease in net assets, for the quarter, was $80 million or $0.89 per share.
As of December 31, 12 portfolio companies were on non-accrual status, representing 5.6% of the portfolio at fair value and 14.4% at cost.
As Phil noted, we are working closely with our borrowers, their creditors, and sponsors to resolve issues with the best possible outcomes for our shareholders.
The remainder of our portfolio is performing well.
Turning to our liquidity, our balance sheet position remains solid. And our total liquidity increased to $615 million at quarter end, with $519 million of available leverage and $92 million in cash.
Unfunded loan commitments to portfolio companies, at year end, were 8% of our $1.8 billion investment portfolio or approximately $144 million, including only $62 million over all of our commitments.
Net regulatory leverage, at the end of the quarter, was 1.14 times, which is within our target range of 0.9 times to 1.2 times.
We have ample financing options to fund new investments, with our diverse and flexible leverage program, which 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 5.2%, down from 5.4% at the end of the prior quarter.
Now, I'll turn the call, back, over to the operator to open the line up for questions.

Question and Answer Session

Operator

Thank you. We will now begin the question-and-answer session.
(Operator Instructions)
Finian O’Shea, Wells Fargo Securities.

Finian O’Shea

Hey, everyone. Good morning.
On the dividend, in the specials, can you give some color on your spill-over, now -- apologize if you gave that already -- and what the target level will be?

Erik Cuellar

Yeah. And I'll address, first, the spill-over. We, as you recall, declared a special of $0.10 in Q4 of 2024. We did not distribute the full amount. We probably have about $0.10 or so of carry-over from the prior quarter into this quarter.
But I'll let Phil address the dividend level.

Philip Tseng

Yeah. We really try to be very thoughtful, here, on the regular dividend level. Our approach was to really think about a sustainable level, based on the earnings power of the portfolio, today. But there are a number of considerations, right? That we had to make in coming up to this decision.
Obviously, the ongoing impact of base rates coming down. They're lower, today, than they have been, over the past few years. And, of course, the current spread environment, it's been tightening, I think, as most in the industry have come to recognize.
And so, as we rotate the portfolio, over time, from repayments into new deployments, we are seeing some spread compression, there. And, of course, our non-accruals will end up yielding less interest income.
So what we really want to do is try to be thoughtful, here, around a true sustainable, regular dividend level. And that's where we arrived.
But, of course, we understand that we do want to provide strong total shareholder returns, here. And, therein, lies our approach around the specials and the guidance, accordingly, for Q2 and Q3.

Finian O’Shea

Okay. Thanks.
And just a platform question, not sure to what extent you can discuss. But we've all seen the BlackRock-HPS acquisition and it appears that TCP will be a unit or roll-up to HPS. That means your investment the portfolio management, et cetera, function becomes part of theirs.
So do you have any, like, -- should we brace for any strategic change in, say, your investment strategy or anything like that?

Philip Tseng

Yeah. That's a fair question. The HPS headline has been out there since BlackRock agreed to the acquisition of HPS, back in December. I don't expect, there, to be meaningful change.
I can't really go into much detail around the transaction, given that it hasn't closed yet. And we expect it to close at some point in the middle of this year, subject to regulatory approvals.
But our team is laser-focused on business, as usual, particularly our existing portfolio and seeing this portfolio through some of these performance-related issues.
But I think, importantly, the acquisition of HPS does highlight BlackRock's deep and growing commitment to private credit and direct lending, particularly in the US, as given their scale. And I think it'll bring, very much, expanded resources to our business, including a network of borrower relationships and enhanced sourcing capabilities. As well as just broader private credit expertise for our platform.
So we're very excited. I think one of the compelling aspects of the transaction is how complimentary the HPS US direct lending business, as well as the BlackRock private market businesses are. So I know we're excited, our team's excited.
And I think if -- understanding how to get the benefits of a larger platform that we've experienced, to date, as being part of the BlackRock platform is any indication, we're very much looking forward to having HPS as part of that.

Finian O’Shea

And is your, like - just a follow up, there -- when BlackRock acquired TCP, I think you're in some blanket co-invest order, where you see everything and your Board's entitled to claim everything that fits the mandate.
Is that -- like, should we assume that that applies -- that, for example, your funds in the HPS funds will be together in a co-invest order. But, perhaps, as you point out, like, to be determined if there's cross-pollination of deals.

Philip Tseng

Yeah. Thanks for that question.
We look forward to providing more details, at a later date, closer to when the deal comes to a close. But, at this time, we can't make comments.

Finian O’Shea

Okay. Appreciate that. Thanks so much.

Philip Tseng

Thank you.

Operator

Robert Dodd, Raymond James.

Robert Dodd

I understand you're being as open as you can on the assets, but what level of confidence should we have that this is it, so to speak, in terms of the write-downs, right?
Obviously, the Amazon aggregators have been a problem for a while. And Seller-X might be improving but Razor was a big markdown. How much confidence should we have that the NAV -- well, there can be volatility, to your point, it's not an even pathway, right?
But that this is a realistic floor level? Or is there just more things we should be worried about the portfolio?

Philip Tseng

Yeah. Robert, that's a fair question.
We're, obviously, laser-focused on trying to manage the existing non-accruals and the positions that have shown meaningful markdowns.
The Razor markdown, which was the vast majority of the markdowns for the quarter, did come as a surprise to us. Partly, there was an expectation that the recent Equity Investor that came in, just about two quarters ago, which was going to continue supporting the business -- but that went in a different direction. Hence, the meaningful markdown.
Aside from that, most of the markdowns came from the existing cohort of assets that have been on the list, so to speak. On the non-accrual list in particular.
So outside of those names, will there be ongoing markdowns or potential non-accruals? There may be. But I think it's largely been centered around the assets that we've been discussing.

Robert Dodd

I appreciate that.
If I look at one of the new ones, Renovo -- remodeling, I have to assume that there's exposure to lumber tariffs and, maybe, remodeling products from China and maybe China tariffs as well.
But what's the -- it was seeing slower demand. But, now, maybe, faces tariffs, going forward, as well. So what's the risk on something like that, that there's incremental deterioration?
And that's just, obviously, a new (inaudible) rather than the existing group, to your point, that a lot of the issues have been restricted to that. But there are some new ones.

Jason Mehring

Sure. This is Jason. I'm happy to try and take a swing at the Renovo answer.
And I think on that front, the underlying issues, there, have certainly been, in part, because of issues with inflation and consumer appetite to bite off home projects. But there, also, been some just operational and execution issues, which are probably easier to address.
The one thing about this particular platform -- and it's something we thought about, at the time of our initial investment -- is that the sorts of projects that they focus on are smaller-dollar amount as opposed to comprehensive home redos or remodels.
So, number one, it ought to be a little less volatility, based on our work and our experience within that market as there is elsewhere. And, then, secondarily, a lot of the things that they focus on come from -- like, windows, for example -- supply chains that are domestic as opposed to coming from abroad.
Now, that doesn't mean that they're 100%-insulated from what might happen with commodity or material prices, broadly. But our current read, right now, is that they're not necessarily, specifically, in the crosshairs of trouble because of where they're getting the underlying materials.
Obviously, everything related to tariffs continues to move around. And we're staying on top of it. But, at the moment, we don't think that tariffs are necessarily a significant new issue, in the context of that specific name, at the moment.

Robert Dodd

Got it. Thank you. I appreciate the color on that.
One more, if I can. And I'm going to keep my tin foil hat in the box, at the moment. But the decision to waive one-third of base management fees through the first three quarters of the year, positive for shareholders, so applaud that.
Maybe I'm reading too much into it but, at the same time, roughly the time that's expiring is the time that the HPS acquisition is supposed to close.
So is it just coincidental? Or is it waiving some management fees, until that close? And, then, review the new landscape, is that what's being laid out here?

Philip Tseng

Robert, I appreciate your insightfulness and creativity. But I think that is looking into it a little bit too much. It's not coincidental.
We did try and take a thoughtful approach to really acknowledge the NAV decline. And the management fee waiver is one of several things that the Advisor's done to really try and support TCPC -- as you know, there was a reduction in our management fee, last year, from 1.5% to 1.25% -- to really be more aligned with the peer universe.
And, then, our shareholder-friendly incentive structure: I think that showed its merits, this past quarter.
So I think it's a collection of ways that the Advisor is trying to support TCPC, here. But there's nothing coincidental about -- oh, sorry -- there's nothing specific to the timing around HPS or any other matters.

Robert Dodd

Got it. Thank you. Appreciate it.

Philip Tseng

Yeah. Thank you.

Operator

Christopher Nolan, Ladenburg Thalmann.

Christopher Nolan

I applaud the -- I echo Robert, in terms of waiving the management fee. And, also, reduction of the dividend.
Given everything that's going on -- and I appreciate you, guys, are handling a pretty hairy situation -- and you have a really large debt maturity in 2026, $325 million, that's a 2.85% note. As I recall, that's investment grade.
I presume you want to keep the investment grade, if you're able to. But should we look for a lower leverage, going through the year or so? Or what steps should we take to watch, as you prepare for that refinance?

Erik Cuellar

Yeah. Yes, as you pointed out, that really is our next large maturity. We actually have a small piece coming due in December of 2025, as well.
And, certainly, we'll be looking to access the capital markets closer to that date. We're definitely focused on maintaining that investment rating, from our rating agencies. And, obviously, that helps with the process, as well.
But when we issue those notes, it's -- on a combined basis, post-merger, we believe that we're going to be doing similar sizes, in terms of issuances.

Christopher Nolan

Okay. So you're currently anticipating maintaining the investment grade?

Erik Cuellar

Yes. We continue to have close discussions with our rating agencies. And we have no reason to think otherwise.

Christopher Nolan

Okay. And a pointed question, your NAV per share decreased 22% in 2024 versus 9% a year earlier. And it is -- what has changed?
I know there was the acquisition. Is there additional management overhead, from being part of BlackRock? And if so, if that's the case, it may not be serving you, guys, well, in terms of the performance?
Anything you could comment on that would be helpful.

Philip Tseng

Yeah. I think it's the result of the broader factors that go into these portfolios. There's obviously a rapid increase in rates in the back-half of '22 and through 2023.
I think that is having a significant impact on borrowers, who were levered, pre-rate rise, for example. That, coupled with a slower growth environment -- given the higher rates not just the US but globally -- it's putting pressure on a number of these operating companies. And couple that with, of course, higher interest burden.
So I think it's a lot of that that's come to impact these businesses, in different ways. And that's largely what we're seeing.
So you're right, as you mentioned, a lot of that was in 2024. And I think that is a reflection of that.

Christopher Nolan

Okay. Thank you.

Philip Tseng

Thank you.

Operator

Thank you.
At this time, we have no further questions.
And so I hand the call back to Phil Tseng for closing remarks.

Philip Tseng

In closing, I want to thank our entire team at BlackRock TCP Capital Corp for all their hard work and our investors and analysts for your continued trust and support.
Please reach out to us with any questions.
Thank you.

Operator

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