BlackRock TCP Capital Corp.

Ladies and gentlemen, good afternoon. Welcome everyone to the BlackRock TCP Capitals Corp fourth 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 star followed by one on your telephone keypad. I will repeat these instructions before we begin 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 go ahead.

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. The actual results could differ materially from those projected. For more information, please refer to the risk factors discussed in our most recently filed report on Form 10-K 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 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 full year ended December 31st, 2025, and posted a supplemental earnings presentation on 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-K, which was filed with the SEC earlier today. Now, I will turn the call over to our Chairman, CEO, and Co-CIO, Bill Feng.

Thank you, Alex, and thank you to our investors and analysts for joining us today. I'll begin with an overview of our fourth quarter and full year 2025 performance. Our president, Jason Mehring, will then provide details on our portfolio and investment activity. And Eric Weyar, our CFO, will review our financial results. Then I'll provide closing comments before we open the call up for your questions. We are also joined today by Dan Worrell, our co-CIO, who will be available to answer questions. Since we pre-announced our preliminary fourth quarter results on January 23rd, I will focus my remarks on providing more detail on the results and the key factors behind our performance. I'll begin with an overview of our financial results. Full year 2025 adjusted NAI was $1.22 per share compared to $1.52 in 2024. Annualized NAI ROE for the year was 12.3% compared to 14.5% in 2024. Adjusted NAI was $0.25 per share in the fourth quarter compared to $0.30 per share last quarter and $0.36 per share for the fourth quarter of 2024. The decline in NAI primarily reflects the impact of portfolio markdowns and non-accruals. as well as lower base rates and tighter spreads year over year. Fourth quarter NII includes the benefit of a voluntary waiver by our advisor of one-third of the base management fee, which added approximately two cents per share. As of December 31, 2025, non-accrual debt investments represented 4% of the portfolio at fair market value and 9.7% at cost. compared to 5.6% at fair market value and 14.4% at cost for the fourth quarter of 2024. NAV declined 19% to $7.07 per share as of December 31, 2025, from $8.71 as of September 30, in line with the midpoint of the range we previously provided on January 23rd. The portfolio markdowns for the quarter largely reflect issuer-specific developments during the period. Six portfolio companies contributed approximately 67% or $1.11 per share of the NAV decline. Now, I'll provide details on these six investments. Our investment in Inventum, an educational technology business, is comprised entirely of preferred and common equity. making it inherently sensitive to changes in enterprise value. Adminum's valuation declined as a result of overall underperformance in the fourth quarter and lower anticipated future growth. This markdown accounted for 23% or 38 cents per share of the NAV decline for the quarter. Razor and Celerex are Amazon aggregators that have been restructured previously and continue to underperform during the quarter. resulting in further reduction to their outlooks. Razor contributed $0.24 per share, or 15% of the NAV decline, and we have now fully written our position down to zero. LRX contributed $0.22 per share, or 13% of the NAV decline. On Renovo, as discussed on our last earnings call, we moved forward with writing down our investment in the fourth quarter. This negatively impacted NAV by 15 cents per share, in line with the expectations we communicated previously. Next is Hyland, a provider of telecom and wireless engineering and construction services, which was also previously restructured. Due to ongoing underperformance in this quarter, as well as liquidity concerns, we marked down this position, which includes both debt and equity. This resulted in a 6 cents per share impact to NAV. And last, we marked down our position in InMobi, a digital advertising company. Our remaining exposure consisted solely of warrants for equity that we retained after the company fully repaid its term loan. Based on InMobi's underperformance in the fourth quarter and an associated impact on the company's outlook, we reduced the valuation of this position, resulting in a $0.06 per share impact to NAV. Looking at the reduction in NAV for the quarter more broadly, approximately 91% was from investments that we underwrote in 2021 or earlier. Certain of the companies, including Amazon aggregators and e-learning platforms, benefited from high levels of pandemic-era demand, but have since seen results soften. All of these positions were underwritten in a significantly lower base rate environment and have faced challenges adjusting to sustained higher interest rates. Regarding our challenged investments, we continue to work diligently with our borrowers, their sponsors, and creditors to optimize recovery values, including pursuing restructurings and other transaction-driven outcomes when appropriate. Now I'll share an update on capital allocation, starting with our dividend. Our board declared our first quarter dividend of $0.17 per share payable on March 31, 2026. to shareholders of record on March 17th, 2026. As we have said before, our goal is to maintain a dividend that is both sustainable and covered by NII. As part of our commitment to supporting our shareholders, we repurchased 515,869 shares of TCPC stock during the fourth quarter at a weighted average price of $5.84 per share. We also purchased an additional 233,541 shares after quarter end at a weighted average share price of $5.50 per share. Now, I'll turn the call over to Jason to discuss our portfolio as well as our recent investment activity.