BlackRock TCP Capital Corp.

Moving on slide four, our portfolio continues to perform well despite the significant headwinds caused by the pandemic. Our third quarter results reflect further improvement in credit markets and spreads following the significant dislocation that occurred in the spring. Our net asset value increased 4.1% from the prior quarter, reflecting a 1.8% net market value gain on our investments, driven by spread narrowing on middle market private credit transactions as well as improved financial results for several portfolio companies. Importantly, the overall credit quality of our portfolio remains strong. As of September 30, total non-accruals were only 0.6% of the portfolio at fair value. This is a testament to our disciplined approach to underwriting, our more than 20 years of experience lending to middle market companies, and the strength and breadth of the BlackRock platform. Also during the quarter, we further strengthened our capital and liquidity position by opportunistically issuing a $50 million add-on offering to our outstanding 3.9 percent notes due in 2024. This complements the actions we took earlier in the quarter to enhance our credit facilities by replacing our funding facility one with a new facility on more favorable terms, as well as adding $150 million in aggregate accordion commitments. We truly value and appreciate the strong, longstanding relationships we have with our lenders. Today, we declared a fourth quarter dividend of 30 cents per share payable on December 31, 2020 to shareholders of record as of December 17, and in line with the third quarter dividend of 30 cents per share paid on September 30th. We are committed to paying sustainable dividends and continuing our track record of having covered our dividend every quarter as a public company. In the third quarter, our dividend coverage ratio was 117 percent. Turning to slide six and an update on our portfolio positioning. At quarter end, our portfolio had a fair market value of approximately $1.6 billion, substantially unchanged from the prior quarter. Ninety-one percent of our investments are senior secured debt and are spread across a wide variety of industries. We have a diverse portfolio of companies with an emphasis on less cyclical businesses with limited direct exposure to sectors that have been more severely affected by the pandemic. Furthermore, our loans to companies in more impacted industries, including retail and airlines, are generally supported by strong collateral protections, and most of our investments in these industries continue to perform well. As an example, the value of our investment in OneSky, the second largest provider of private jet aviation services in the country, appreciated during the quarter based on strong performance resulting from increased charter flight activity. At the end of the third quarter, our diverse portfolio included 101 companies. Our largest position, which represented only 4.5% of the portfolio, is an equipment leasing company that itself has a highly diversified underlying portfolio of lease assets. As the chart on the left side of slide seven illustrates, our recurring income is not reliant on income from any one portfolio company. In fact, over half of our individual portfolio companies contribute less than 1% to our recurring income. As of September 30th, 92% of our debt investments were floating rate. 82% of these were subject to interest rate floors, all of which are now in effect. Additionally, 82% of our debt investments are first lien, as demonstrated on slide eight. Moving on to our investment activity, we continue to prudently deploy capital in the third quarter. We invested $79 million, including investments and eight new loans, half of which were with existing borrowers. Follow-on investments in existing portfolio companies continue to be an important source of opportunities. From a risk management perspective, these are companies we know and understand well. Dispositions in the quarter were $89 million for net dispositions of $10 million. As we analyze new investment opportunities, we continue to emphasize seniority in the capital structure, industry diversity, and transactions where we act as a lead or co-lead. Our largest investment during the third quarter, a senior secured first lien term loan to MetricStream, demonstrates this emphasis on transactions where BlackRock teams act as a lead lender. as well as our team's deep industry knowledge and experience investing in software companies. MetricStream is a leading software provider of integrated governance, risk management, and compliance solutions. The company has strong equity sponsorship and is benefiting from the increased awareness and emphasis on managing risk in response to the global pandemic. MetricStream reached out to BlackRock directly based on our reputation in the market and experience investing in similar companies. As a result, our team acted as the sole lender in the transaction. Our investment activity in the fourth quarter to date has been selective and focused on companies that are minimally impacted by the pandemic or are beneficiaries of the COVID-impacted operating environment. Dispositions in the third quarter included payoffs of our $29 million loan to InMobi our $16 million loan to American Broadband, and the refinancing of our $11 million loan to Pulse Secure. We also restructured our investment in AGRY, which monetized a portion of our loans while maintaining ongoing upside potential through a small preferred equity position. Investments in new portfolio companies during the quarter had a weighted average effective yield of 9.5%. Investments we exited had a weighted average effective yield of 8.8%. the overall effective yield on our debt portfolio increased to 10%, primarily reflecting amendments made on several loans coupled with the higher yield on originations versus exits. Since the end of 2018, LIBOR declined 257 basis points, or by 92%, which put pressure on our portfolio yield over this period. However, our portfolio is largely protected from any further declines in interest rates as over 80 percent of our floating rate loans are currently operating with LIBOR floors, as demonstrated on slide nine. Finally, while we are cognizant of the impact that the current environment has had on industry-wide BDC stock price performance, our focus has always been on delivering consistent returns to TCPC shareholders across market cycles and over the long term. As you can see on slide 14, TCPC has returned in excess of $12 per share in dividends over the last eight and a half years, which translates to an annualized cash return to investors of 9.9 percent and is reflective of our return on invested assets of 10.3 percent. Since our IPO, TCPC has consistently outperformed the Wells Fargo BDC in the index. Now, I will turn the call over to Paul, who will discuss our financial results in more detail. Paul?

Thanks, Howard, and hello, everyone. During the third quarter, as Howard noted, we continued to enhance our strong capital liquidity position. First, in August, we replaced our funding facility with a new $200 million facility with improved terms, a two-year maturity extension to 2025, and a $50 million accordion commitment, while again maintaining our low rate of LIBOR plus 200 basis points. Combined, we now have accordion commitments totaling $150 million. Additionally, in September, we opportunistically raised an additional $50 million of our 3.9% notes due 2024, bringing the total issuance to $250 million. With the new unsecured notes, 82% of our assets were supported by unsecured debt, equity, and our SBA debentures, which are excluded from regulatory leverage calculations. This allows our secured credit facilities to be significantly over-collateralized, which helps ensure that we have ample liquidity in a broad range of market conditions. At September 30, we had available liquidity of $253 million and a regulatory leverage ratio of 1.05 times debt to equity, net of cash of $35 million and pending trades, which was down from 1.10 times at times at June 30, and is well within our two to one regulatory limit. Our unsecured debt continues to be investment grade rated by both Fitch and Moody's. Turning to slide 18, we generated net investment income in the third quarter of 35 cents per share, which exceeded our third quarter dividend of 30 cents per share paid on September 30. This extends our continuous track record of covering our regular dividend every quarter. Investment income for the third quarter was 74 cents per share. This included recurring cash interest of 54 cents, recurring discount and fee amortization of 6 cents, and PIC income of 6 cents. We had modest prepayments in the quarter that contributed 3 cents per share, including both prepayment fees and unamortized OID. Investment income also included 3 cents of other income and 2 cents of dividend income. Our income recognition follows our conservative policy of generally amortizing upfront economics over the life of an investment, rather than recognizing all of it at the time the investment is made. Operating expenses for the third quarter were 31 cents per share and included interest and other debt expenses of 17 cents per share. Incentive fees in the third quarter included $600,000 of catch-up fees, and totaled $5.0 million, or 9 cents per share, for total net investment income of 35 cents per share. As noted in last quarter's earnings call, five-sixths of the catch-up portion of incentive fees earned in the second quarter were deferred over the subsequent five quarters, subject to our performance remaining over our total return hurdle. We believe this further aligns our interests with our shareholders and demonstrates our confidence in the strength of our portfolio and its earnings capacity over time. Our net increase in net assets for the quarter was $49 million, or 85 cents per share, which included net unrealized gains of $48.6 million and net realized losses of $18 million. Net realized losses during the quarter were comprised primarily of the restructuring of our investment in AGY, as Howard noted earlier. Unrealized gains in the quarter included spread tightening during the quarter, following the dramatic spread widening in volatility that occurred during the spring, as well as improved performance at several portfolio companies. Unrealized gains included $6.9 million of appreciation in the value of our investment in Adventum and $4.4 million of appreciation on our investment in OneSky. Howard discussed the strong performance at OneSky as charter flight activity has outpaced expectations. And Admentum continues to benefit from a shift toward online learning that is accelerated in the current environment. Substantially, all of our investments are valued every quarter using prices provided by independent third-party sources, including quotation services and independent valuation services. And our process is subject to rigorous oversight, including backtesting of every position disposition against our valuations. Our highly diversified portfolio continues to perform well, even in this challenging market environment, and our overall credit quality is sound. We have loans to just three portfolio companies on non-accrual, Glass Point, CIBT, and Avanti, which together represented only 0.6% of the portfolio at fair value and 1.2% at cost. CIBT, which is new this quarter, is a leading global provider of immigration and visa services for corporations and individuals. and the company has been challenged given the current slowdown in international travel. Turning to slide 15, we had total liquidity of $253 million at quarter end. This included available leverage of $224 million and cash of $35 million, less net pending settlements of $6 million. Additionally, our investments in delayed draw term loans and unfunded credit facilities to portfolio companies totaled just $51 million in quarter end, or 3 percent of total investments, of which only $19.8 million was revolver commitments. With our new lower-cost funding facility, increased accordion commitments, and additional unsecured notes, our diverse and flexible leverage program is stronger than ever. As of September 30, this program included two low-cost credit facilities, a convertible note issuance, two straight unsecured note issuances, and an SBA program. Given the modest size of each of our debt issuances, we are not overly reliant on any single source of financing, and our leverage program is well-laddered with no near-term maturities. Our nearest maturity is March of 2022, and this represents less than 15% of outstanding liabilities as of September 30th. Combined, our outstanding liabilities had a weighted average interest rate of 3.3 percent, down from 3.8 percent, or 51 basis points since the end of 2019. I'll now turn the call back over to Howard. Howard McLeod Thanks, Paul.

While the economic outlook is uncertain, our team is focused on delivering the results our shareholders have come to expect from TCPC. The overall market environment has continued to improve following the significant dislocation that occurred in March. and middle market companies overall have performed better than market expectations. While deal volumes remain below pre-COVID levels, we are seeing a pickup in activity, and the deals in our pipeline are generally on more attractive terms. We remain extremely selective in this environment, executing on only a small number of opportunities we review and focusing on companies we believe have minimal COVID exposure or those that are positioned to outperform in this environment. We also remain focused on companies and industries we know well and on transactions where our team leads or co-leads negotiations to ensure deal teams and structures include appropriate creditor protections. Our performance to date and our confidence and our ability to succeed in this environment are driven by our team's two decades of experience in both performing and distressed credit, the strength of our underwriting platform, as well as the depth and breadth of the firm-wide resources of BlackRock. In closing, while these are challenging times for everyone, our entire team is focused on generating strong risk-adjusted returns for shareholders. And with that, operator, please open the call for questions.