BlackRock TCP Capital Corp.

Thank you, operator. 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 second quarter, ended June 30, 2025, and posted a supplemental earnings presentation to our website at www.tcpcapital.com. To view the slide presentation, which we will refer to on today's call, please click on the Investor Relations link and select Events and Presentations. These documents should be reviewed in conjunction with the company's Form 10-Q, which was filed with the SEC earlier today. Now, I will turn the call over to our Chairman, CEO, and Co-CIO, Phil Tsang.

Thank you, Alex, and thanks to all of our investors and analysts for joining us today. I'll begin today's call with a high-level overview of our performance for the second quarter. Our president, Jason Mehring, will then provide details on our portfolio and investment activity, and Eric Cuellar, our CFO, will review our financial results. Following Eric's remarks and before we open the call up to questions, I'll provide an update on BlackRock's recent acquisition of HPS and the strategic benefits it brings to TCPC. We're also joined today by Dan Worrell, our co-CIO, who will be available to answer questions. Now I'll begin with an overview of our second quarter performance. We made meaningful progress in reducing non-accruals, which declined to 3.7% of the portfolio's fair market value, down from 4.4% last quarter and 5.6% at the end of 2024. That said, NAV declined during the quarter primarily due to markdowns on previously restructured portfolio companies rather than any new credit issues. Turning to more detail on non-accruals, we removed four large investments from non-accrual status this quarter, including InMoment, Celerex, Lithium, and Renovo. We are pleased with this steady improvement. However, progress is not linear, and situations can remain dynamic as the companies implement their turnaround plans. We also added four investments to non-accrual. These additions, Thrasio, Fishbowl, Brook & Whittle, and 4840 fall into two main categories. In the first category, we have companies that have been restructured and are continuing to demonstrate uneven performance. This includes Thrasio and Amazon Aggregator and Fishbowl. a marketing platform that helps restaurants drive guest engagement. In our experience, restructured companies often experience some level of volatility in their financial results as they work towards long-term recovery. As you may recall, Thrasia was restructured in early 2024. We placed the company on non-accrual this quarter following a recent agreement to extend pick interest for another 12 months. This extension provides management with the time needed to continue executing on key strategic initiatives, including streamlining the brand portfolio and diversifying beyond Amazon. It also allows the company to navigate macro uncertainties, including tariff policy changes and potential softening in consumer confidence. Despite the PIC extension, we are encouraged that Thrasio's performance continues to improve with the support of several standout brands, that are delivering strong results in their respective categories. Fishbowl, which underwent a restructuring in 2022, continues to make progress on its turnaround strategy with improved bookings. Despite the bookings' momentum, near-term liquidity remains constrained. As a result, we decided to place the credit on non-accrual. However, Fishbowl continues to meet its interest obligations through PIC interest. The second category of underperformance includes companies that are being impacted by lower demand, principally due to shifts in consumer purchasing behavior. One example is 4840, a shipping and packaging service provider, which we discussed last quarter. In light of 4840's recent performance and outlook, we decided to place it on non-accrual. In a similar situation, Brook & Whittle, a sustainable packaging and label manufacturer, has felt the effect of customers training down to lower cost providers to reduce their expenses. We are actively engaged with the management teams of each one of these portfolio companies as they work to address operational challenges and improve performance. In the second quarter, we marked down our position in AutoAlert, an automotive data analytics platform. As part of a restructuring in March of 2023, we assumed control of the company, and since then, its performance has improved. Even so, valuations for similar companies in the sector have recently come down, and our third-party valuation providers adjusted AutoAlert's valuation to reflect those broader market trends. We also substantially marked up several portfolio companies this quarter. Our largest gain was on Domo, a publicly traded cloud software company. We marked this investment up following a better than expected earnings report in the first quarter and are confident that Domo is on the right track for continued strong performance. Now turning to our dividend. Our board declared a second quarter dividend of 25 cents and a special dividend of 4 cents per share, both of which are payable on September 30th to shareholders of record on September 16th. As part of our commitment to supporting our shareholders, We also repurchased 40,830 shares of TCPC stock this quarter. Now, I'll turn the call over to Jason to address our portfolio in more detail, as well as our recent investment activity.

Thanks, Phil, and welcome, everyone. During the second quarter, we remained focused on selectively deploying capital into opportunities directly aligned with our stated investment strategy. As a reminder, This includes investing in the core middle market, maintaining a well-diversified portfolio, prioritizing first-name loans, and leveraging the extensive resources of the BlackRock platform to optimize your opportunity set. Since the start of the year, we've invested $178 million in 13 new and 11 existing portfolio companies. Our average position size this year has been granular at 7.4 million, lower than in prior years, in line with our overall diversification strategy. All of these investments were first lean models, and we have continued to focus on companies supported by long-term growth drivers with strong fundamentals that exhibit economic resilience. In addition, repeat borrowers remain an important source of originations, and existing portfolio companies have accounted for 51% of our investment dollars year to date. Now I'll discuss three investments we made this quarter illustrate how we're executing our strategy, particularly our emphasis on acting as a lender of influence. In each transaction, BlackRock served as either the sole or lead lender. First, we invested $4.1 million as part of $160 million first name financing for the Difference Card, or TDC. TDC enables small and mid-sized businesses to lower health care expenses by pairing high deductible health plans with employer-funded reimbursement programs, allowing them to offer competitive coverage at a reduced cost. We were drawn to TDC's 20-plus year operating history, high customer retention rates, and ability to deliver meaningful savings to employers. The company benefits from a predictable recurring revenue model with healthy margins and low capital needs, resulting in strong cash flow generation. In addition, The transaction was structured with downside protection and supported by a conservative loan-to-value profile. This investment aligns with our strategy of backing resilient, capital-efficient businesses in essential, less cyclical sectors like healthcare, and our platform was able to serve as the lead lender in this transaction. Second, we invested $6.9 million as part of a BlackRock-led $150 million first lien credit facility in Dragos. a leader in protecting operational technology and industrial control systems from cyber attacks. Dragos serves critical infrastructure sectors such as oil and gas and utilities, where its deeply embedded platform provides real-time threat detection and risk mitigation. Dragos has a large addressable market and is poised to benefit from favorable regulatory and secular tailings. We invested in Dragos due to its strong market position mission-critical offering with high switching costs, impressive annual top-line growth of more than 50%, and improving profitability. This deal highlights our emphasis on originating senior secured loans to resilient, high-growth businesses in less cyclical sectors and was structured with strong downside protection. Third, we invested $10 million as part of a $205 million first-name credit facility in Brown and Settles. a leader in site development for the construction of large commercial buildings such as data centers. Brown and Settle is well positioned for sustained growth, supported by a fully contracted backlog, strong relationships with blue chip general contractors, and a significant footprint in Northern Virginia, one of the world's largest and fastest growing data center hubs. This investment also reflects our focus on originating senior secured loans to middle market borrowers Rob Leibowitz, BlackRock was the sole provider of the credit facility, which includes $185 million term loan and a $20 million revolver. Rob Leibowitz, This investment was sourced directly from the sponsor and structured to support Brown and Settle's continued growth while providing downside lender protection. Rob Leibowitz, At the end of the quarter, our portfolio had a fair market value of approximately $1.8 billion invested across 153 companies in more than 20 industry sectors. Our average investment size was $11.7 million, or 65 basis points of the portfolio. The vast majority, or 89% of that portfolio, was invested in senior security debt, all of which was in floating rate instruments. Investment income remains broadly distributed across our diverse portfolio, with 76% of portfolio companies each contributing less than 1% of total income. The weighted average annual effective yield of our portfolio was 12% in the second quarter compared to 12.2% in the prior quarter. New investments had a weighted average yield of 10.8%, while those we exited carried an average yield of 10.5%. Now, I'll turn the call over to Eric, who will walk through our financial results and capital and liquidity positions.