BlackRock TCP Capital Corp.

Ladies and gentlemen, good afternoon and welcome to BlackRock TCP Capital Corp's third quarter earnings call. Today's conference call is being recorded for replay purposes. During the presentation, all participants will be in a listen-only mode. A question and answer session will follow the company's formal remarks. To ask a question, please press the star key followed by the digit 1. I will repeat these instructions once again before the Q&A session. Now I would like to turn the call over to Alex Dole, a member of the BlackRock TCP Capital Corp Investor Relations team. Alex, please proceed.

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

Phil Tseng, CEO, Co-CIO, Thank you, Alex, and thanks to all of our investors and analysts for joining us today. I'll begin with an overview of our third quarter performance. Our President, Jason Mehring, will then provide details on our portfolio and investment activity, and Eric Cuellar, our CFO, will review our financial results. I'll then share commentary on the current market environment before we open the call for your questions. We are also joined today by Dan Worrell, our co-CIO, who will be available to answer your questions. I'll begin with our results for the quarter. We made continued progress in executing on the strategic priorities we outlined at the start of the year. Resolving challenged credits, improving the quality of our investment portfolio, and positioning TCPC to return to historical performance levels. Third quarter NAV was unchanged from the previous quarter at $8.71. Importantly, non-accruals improved to 3.5% of the portfolio at fair market value compared to 5.6% at the end of 2024. During the third quarter, we sold one non-accrual investment above our valuation estimate and placed two smaller, previously restructured investments back on non-accrual. I'd also like to share an update on our investment in Renovo, which, as you may recall, is a direct-to-consumer home remodeling business. Renovo was previously removed from non-accrual status following a comprehensive recapitalization in the second quarter. However, early in the fourth quarter, company-specific performance and liquidity issues led the Renovo board to determine that the best available path forward was a liquidation process, which started on November 3rd of 2025. The position in Renovo represented approximately 0.7% of our total investments at fair value as of September 30th. We do not expect to recover value on our investment in Renovo, and we expect to fully write down this position in the fourth quarter of 2025. We expect this to impact fourth quarter NAV by approximately 15 cents per share on a pro forma basis. We view this outcome as the result of issues specific to the issuer rather than a reflection of broader sector weakness. We also realized portfolio gains this quarter, the largest of which was NEP Group, a global leader in broadcast and live production services for sports entertainment. In September, NEP announced a recapitalization that closed in October, strengthening its balance sheet while adding new junior capital below our position. As a result, our investment was upgraded from a second lien to a first lien term loan, improving our recovery prospects and demonstrating our team's success in executing a complex restructuring. Now I'll share an update on capital allocation, starting with our dividend. Our board declared a third quarter dividend of 25 cents per share, payable on December 31st to shareholders of record on December 17th. This is consistent with the base dividend level we have paid since the first quarter of the year and reflects recent Fed cut rates and spreads we are seeing in the market. As part of our commitment to supporting our shareholders, we also repurchased more than 25,000 shares of TZPC stock during the third quarter and an additional 170,000 shares after quarter end. Now, I'll turn the call over to Jason to discuss our portfolio in more detail, as well as our recent investment activity.