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 first quarter ended 03/31/2025. We also 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, Co CIO and CEO, Phil Seng. Thank you, Mikaela. And thank you all joining our call. Today, I'll begin with a brief overview of our results for the quarter and then share an update on our portfolio. After that, I'll turn the call over to our President, Jason Mehring, to review details of our investment activity.

Eric Cuellar, our CFO will then review our financial results in more detail. I'll follow Eric's remarks with commentary on the current market environment before we open the call up for questions. We're also joined today by Dan Worrell, our co CIO and Patrick Wolf, our COO. I am pleased to report that during the first quarter, we made meaningful progress strengthening the portfolio. Although the impact of global macroeconomic factors, including tariffs, remains uncertain, we are beginning to see signs of portfolio stabilization. We delivered solid results for the quarter Adjusted net investment income was $0.36 per share. Flat with the prior quarter. Annualized net investment income ROE was 15.4% and a net asset value per share of $9.18 compared to $9.23 in the fourth quarter. During the first quarter, no new names were added to the nonaccrual list and the number of portfolio companies on nonaccrual status at quarter end declined meaningfully to eight from 12 the prior quarter. Non accruals now comprise 4.4% of our portfolio at fair value. Down from 5.6% or 120 basis points sequentially. During the quarter, we exited our non accrual positions in Securis, McAfee CIBT, and Avanti. All of which were broadly syndicated second lien loans.

That we believe offered limited near term upside. As we pointed out last quarter, are primarily focused on investing in first lien loans and will only consider second lien loans situations where we are a lender of influence. Subsequent to quarter end, we removed Renovo from nonaccrual following the completion of a comprehensive recapitalization which significantly delevered its balance sheet. Since the recapitalization, we have remained actively engaged with Renovo's management team as they pursue a variety of initiatives aimed at improving performance. As a result of this action, our pro form a non accrual percentage post quarter end has decreased to 4.1% at fair value to 11.8% at cost. Our largest markdowns during the quarter were Razor Group, Gordon Brothers, Alpine. Also known as four thousand eight hundred forty, which is a pallet management services provider that we haven't previously discussed. Forty eight forty benefited from increased pallet demand coming out of COVID, But as the market began to normalize in 2023, volumes declined. While a slower than anticipated market recovery has pressured performance we remain confident in four thousand eight hundred forty's position as a leader within the pallet space which is a critical element of the supply chain and transport of essential goods.

We will continue to monitor closely forty eight forty's performance and industry trends more broadly. We are focused on optimizing the the outcome for each of these investments. We are actively exploring solutions for our positions, in the aggregators as well. Our largest markups were job and talent. A tech enabled staffing agency and auto alert, an automotive data analytics platform, which we previously removed from our nonaccrual status in the first quarter of twenty twenty three. We recently provided growth capital to job in talent to accelerate the execution of their long term strategic plan. Job and Talent continues to perform well and is delivering year over year revenue growth supported by accelerating demand in the staffing industry. As well as higher levels of profitability. Reflecting their success in streamlining their operations. The deal structure for the job and talent investment provided upside to lenders based on improved value creation and performance. Which contributed to the meaningful markup this quarter. Regarding Auto Alert, after nearly a decade as a lender, we assumed control of the company in March of twenty twenty three. Part of a restructuring. Since then, Auto Alert has shown consistent financial performance and recently reported its second consecutive year of earnings growth.

Which contributed to the write up of its value this quarter. Now turning to our dividend. In line with our revised dividend policy, our Board declared a second quarter dividend of $0.25 and a special dividend of $04 per share. Both are payable on June 30, 2025, to shareholders of record on 06/16/2025. We appreciate the continued support of our shareholders as we reposition our portfolio to deliver consistent attractive returns. In addition to operating with our long standing shareholder friendly fee structure, and waiving one third of our base management fee through 09/30/2025 we repurchased 3,150 shares of TCP stock this quarter and an additional 39,500 shares after quarter end. Now I'll turn the call over to Jason provide more detail on our portfolio along with our investment activity during the quarter. Thanks, Phil. I'll start with an overview of our portfolio. Which had a fair market value of approximately $1,800,000,000 at the end of the quarter invested across 146 companies over 20 industry sectors. Our average investment size was granular, at $12,100,000 or 0.7% of the portfolio. 90% of the portfolio was invested in senior secured debt and 94% of that amount was floating rate. Investment income was distributed broadly across our diverse portfolio.

With more than 74% of our portfolio companies each contributing less than 1% of the total. At quarter end, the weighted average annual effective yield of our portfolio was 12.2% compared to 12.4% last quarter.

New investments had a weighted average yield of 11.4% while those we exited had a weighted average yield of 11.2%. These yields reflect the exit of four investments on non accrual. That did not contribute to current yield. Excluding these four exits, the annual effective yield on deals exited in the period was 11.9%. Moving on to investment activity. We deployed $66,000,000 of capital during the quarter, with two new and nine existing portfolio companies. Repeat borrowers remain an important source of originations and existing portfolio companies accounted for 89% of our first quarter investments. 100% of new investments were in first lien loans which comprised 82.5% of our total portfolio at quarter end. Our largest new investment this quarter a $6,700,000 first lien term loan and revolver in Ampers Retail demonstrates our focus on investing in first lien loans to high quality middle market companies. Apris is a market leader in software that helps retailers combat returns fraud, and employee theft. This sector is positioned for growth due to several factors. Including increased cybercrime and the shift towards digital payments. With long term contracts with over of the top 100 U. S. Retailers, Apris has an attractive high margin business model with recurring revenue and strong free cash flow generation.

In an environment of slowing consumer spending, this type of software is essential to helping retailers protect profit margins and reduce financial losses. As we evaluate new investment investment opportunities, we remain focused on the core pillars of our strategy Phil outlined last quarter. These include targeting core middle market companies, maintaining a well diversified portfolio prioritizing first lien loans, and leveraging the extensive resources of the BlackRock platform. We are taking a disciplined approach to new investments and continue to pass on opportunities that aren't aligned with our strategy. Now I'll turn the call over to Eric who will discuss our financial results along with our capital and liquidity position. Thank you, Jason. Let me begin with our financial results for the quarter. As detailed in our earnings press release, adjusted net investment income excludes the 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 press release and October. As Phil noted, adjusted net investment income was $0.36 per share. And gross investment income was $0.66 per share in the first quarter.

This amount included recurring cash interest of $0.47 non recurring income of $03 recurring discount and fee amortization of $05 pick income of 8¢, and dividend income of $04 per share. PIK interest income for the quarter was 11.6% of total investment income.

Operating expenses for the first quarter were $0.28 per share, including $0.2 per share of interest and other debt expenses. As of 03/31/2025, our cumulative total return did not exceed the total return hurdle. And as a result, no incentive compensation was accrued for the first quarter. Additionally, as Phil mentioned, our adviser has agreed to waive one third of our base management fee for three quarters beginning on 01/01/2025 and ending on 09/30/2025. Net realized losses for the quarter were approximately $41,000,000 or $0.48 per share. Driven by the disposition of our investments in Securus, McAfee, CIBT, and Avanti. These losses were substantially already reflected reflected in our net asset value at 12/31/2024. Net unrealized gains in the first quarter totaled $30,000,000 or $0.35 per share. Primarily reflecting the reversal of previous unrealized losses on our investments in Securus, McAfee CIBT, and Avanti. As well as unrealized markups on Java and Talend, and auto alert. The net increase in net assets for the quarter was $21,000,000 or $0.25 per share. As of March 31, eight portfolio companies were on nonaccrual status. Representing 4.4% of the portfolio at fair value and 12.6% at cost.

Down from 5.614.4% respectively at the end of twenty twenty four. As previously noted, as a result of progress made subsequent to quarter end, our pro form a non accruals level is now 4.1% at fair value and 11.8% at cost. As Phil noted, we are working closely with our borrowers their creditors, and sponsors to resolve these issues with the best possible outcome to our shareholders. The remainder of our portfolio is performing well. Turning to our liquidity. Our balance sheet positioning is solid. And our total liquidity increased to $629,000,000 at quarter end with $530,000,000 of available leverage, and $99,000,000 of cash. Unfunded loan commitments to portfolio companies at quarter end were 8% of our $1,800,000,000 investment portfolio. Or approximately $135,000,000 including only $43,000,000 of revolver commitments. Net leverage at the end of the quarter was 1.13 times. Which is well within our target range of 0.9 to 1.2 times. We have several financing options to fund new investments, including our diverse and flexible leverage program which has three low cost credit facilities three unsecured note issuances, and an SBA program. The weighted average interest rate on debt outstanding at quarter end was 5.2%.

Looking ahead, are focused on plans to refinance our next major debt maturity in 2026. Our goal is to have the best possible options to refinance the 2026 debt maturity. As we continue to improve the credit quality of our portfolio, we expect to have access to attractively priced capital. On an ongoing basis, we are working with our lenders to expand our current credit facility. Now I'll turn the call back over to Phil.

Thanks, Eric. I'll now provide some market commentary. As you know, in the current volatile market environment, many companies are now operating under entirely different conditions. Compared to a year ago. Access to capital is tightened, Financing costs are higher. And global trade disruptions are impacting supply chains.

After carefully reviewing our portfolio, we believe the immediate and direct impact from potential tariffs will be relatively limited. And that it will take some time to fully quantify the downstream effects We estimate that only a mid single digit percentage of our portfolio at fair market value will be directly impacted by tariffs. This includes the Amazon aggregators and others in the consumer retail semiconductor, and energy sectors. While tariff impacts will vary by industry, we believe our focus on U. S.-based operators provides some insulation from supply chain disruption. Our portfolio has historically been weighted towards services based companies which currently comprise the vast majority of the portfolio. These businesses are typically asset light and less reliant on global supply chain disruptions reducing their exposure to trade related pressures. Turning to the demand side. Although the expected lift in M and A activity has not materialized, we continue to see strong interest from borrowers and referral sources for direct loans in the core middle market. With over 200,000 companies generating more than $10,000,000,000,000 in annual revenue the middle market is the fastest growing sector of the economy. We are seeing plenty of new opportunities from companies that are well positioned to grow.

Even in this current environment. These companies need growth capital to take their business to the next phase by investing in organic growth initiatives refinancing existing debt, or making strategic tuck in acquisitions. In addition, incumbency has always been a strong competitive advantage for TCPC, And in the past twelve months, over half of our new originations came from existing portfolio companies. We're finding opportunities within our portfolio where our deep relationships and industry experience mitigate investment risk. Especially a volatile environment. Having invested through multiple cycles we know that some of the best opportunities can often be found in periods of uncertainty. And we're well positioned to selectively deploy capital where we see attractive risk and return. We've been in the direct lending business for many years. And have seen through prior periods that middle market growth companies are resilient and having demonstrated ability to adapt to changing market conditions. With less competition than the broadly syndicated market, this segment of the market has also historically delivered strong, risk adjusted returns. Against this backdrop, we are focused on three main priorities. First, we are working hard to resolve the remaining challenged positions within our portfolio. Second, we are keeping a close eye on all of our portfolio companies and are staying in close contact with their management teams to assess potential impacts of the current environment on their businesses.

Our direct relationships have many benefits. They help us proactively monitor performance resolve emerging issues, and identify follow on financing opportunities. Third, we are maintaining a disciplined approach to originating and underwriting loans that align with our investment strategy. Our goal to position our portfolio to perform well in all market environments including a potential downturn. Taken together, we believe the execution on these priorities will position TCPC to navigate this period of heightened uncertainty as we deliver the best possible risk adjusted returns to our shareholders. I'll now pass the call back to the operator so we can open the call for Q and A. Thank you. We will now begin the question and answer session. If you change your mind or you feel like your question has already been answered, you can press star followed by 2 to withdraw yourself from the queue. Our first question today comes from Christopher Nolan with Ladenburg Thalmann. Please go ahead.

Hey, guys. First of all, congratulations on the quarter in terms of stabilizing the performance.

Second, on the share repurchases, I saw there was a $50,000,000 reauthorization. And just given where the stock price is trading and everything else, what's the thoughts in terms of the trajectory of repurchases going forward?

Yeah. Good question, Chris. We as you know, we've done historically repurchase when we believe them to be accretive and meaningfully accretive. We did a little bit in q one We did some more post Q1 as Phil noted. Certainly, we've been trading at levels that that can make it accretive. Our thought is to continue to monitor the trading price but, really, to continue to do them as they are accretive. The the stock is reacting well this morning, but certainly, we'll continue to to look at where we think it's accretive repurchase shares.

Okay. And then given the commentary around the middle market companies, do most of your portfolio companies have sponsors or they sort of don't have sponsors?

Yeah. Thanks.

Thanks, Chris. The vast majority of our companies do have sponsors or, I would say, institutional ownership in there. There there are many many of our borrowers have institutional ownership but not control. Oftentimes, decision making is know and our negotiations on terms and the deals are structured with with management teams, founders, entrepreneurs, and businesses. But I think majority are sponsor backed.

And in this environment, what is the appetite of those sponsors for kicking in more equity when you do a financing?

Yeah. That's a great question. So so clearly, we've been in an environment you know, where [indiscernible] well well, it's a 2025. So think about the rate rate rise environment. We're probably in year three. So you know, with higher rates, slower growth, right, causing some liquidity know, issues across know, across the market. Sponsors have have had several years of looking to support their companies continuing to infuse capital when necessary, providing, you know, the operational expertise that they that they may bring to the table. But, you know, three years in now, many of these sponsors, if they're not seeing their equity, their equity value continue to be sustainable or the equity option there, then they may be less supportive. We've seen a mix You know, clearly, most of our companies are performing continue to perform well. [indiscernible] if they've had some you know, declining performance, it hasn't been to a point where, you know, the values equity values out of the money. So we have seen continued support, and we're negotiating with them you know, a couple here and there in our portfolio. Where where the sponsor is putting in additional equity and we're, you know, discussing you know, ways to help accommodate accommodate that And then, you know, to the extent that we get the right support from the equity, then we're obviously very much you know, comfortable with enforcing our rights and and know, managing these companies on a post restructuring basis, which I think you've seen us do over the past two decades of of running this business.

Okay. Thank you.

Thank you, Chris.

Thank you. Our next question comes from Robert Dodge with Raymond James. Please go ahead, Robert. [indiscernible] congrats on resolving and exiting some of these things. On the aggregators, I mean, I appreciate you made some comments. I mean, I think it's still back to the moment. It's still more than of the fair value of of the non accruals. Is is in the aggregated space. So, I mean, it's a you know, there's there's a lot of non income producing fair value, let alone the cost basis potentially. I mean, you give us any more color on like how long you think you're completing restructuring or or or repositioning those businesses is going to take from an earnings drag perspective, it's it's obviously if there is recovery to be made there, there is an earnings drag and it's it's dragging on your capacities generate.

NII.

So can you give us any thoughts on our timeline on those? Obviously, it's tricky, but anything you can say.

Yeah. Thanks, Robert. That's you know, that's a topic that we are keenly focused on as well. Obviously, know, we we're looking at our non accruals very closely, working very hard and trying to work through those names. And you're right. The the aggregators are large percentage of those. And you know, we think that we should be through the restructurings, you know, probably in the next few quarters. At the at the back end. Know, it could be sooner. I think we're making a lot of progress. That being said, you know, we are seeing some know, some some good signs of improvement know, in thinking about the ability to have performing performing debt in there. You know, Thrasio is certainly one that that's well on its way. That's not on non accrual. But that's one I just bring up because it's one of the aggregators. The other one, SellerX, know, they have some real promising brands in that business. That continue to grow meaningfully year over year. So we're really excited about about the prospects there. In terms of you know, the ability to to generate sustained income. [indiscernible] both SellerX and and and Razer are you know, still in the restructuring process and, you know, those aren't necessarily easy to manage given the multiple stakeholders.

Up and down the cap stack. So we're working on those, but we expect to get those done in the next few quarters. And, you know, if we're to be optimistic, then perhaps, one of them sooner.

Got it. Got it. I mean, just just to that point, I mean, on on the of the portfolio, going forward, is to your point, like some of these these aggregators, there are know, they were broader club deals. There are a lot of other people involved. Which adds complexity if it does reach the point that a restructuring is required. So is is there any change or is there likely to be any change in in kind of the types of deals you're going to do on a go forward basis in terms of like how many other lenders you're willing to be in a group with And I mean, you you said, you know, you didn't wanna do the the broadly syndicated or the second liens unless you had strong influence, I think was was you you wording something with that effect. I mean, is that is that going to be more true across the as well where there'll be less less of these broad group deals and more more your the dominant lender kind of deal is what are your thoughts there?

Yes. [indiscernible] we are definitely taking that approach going forward. We feel that some of the some of the errors of the past have been related to situations where we're not able to exercise our influence. You know, the the the bucket of broadly second lien loans that that were put on in 2021. That's clearly an area that we've seen their shortcomings of not being able to exercise, you know, the experience, the skill set, the capabilities, of our team. In these situations. And and that's definitely one of the stated areas of focus for us going forward. By the way, whether that's Got it. You know, whether we we look second lien or or even a first lien.

Got it. Appreciate it.

Thank you. Thank you, Robert.

Question today, please do so now by pressing star The next question comes from Paul Johnson with KBW. Please go ahead, Paul. Good afternoon. Thanks for taking my questions. I was wondering, can you just explain what happened here with the job and talent markup, what what drove that appears to be there's few different things going on with the investment. This quarter. I'm not sure if you made a new investment in that company or exactly what's going on there, that'd be helpful. Thanks. Yeah. Thanks, Paul. So job and talent, so job and talent is one of the the tech enabled staffing agencies that we have we've had in our portfolio for some time. Job and Town has been performing. It's seen year over year growth on both revenue profitability. And this past quarter, we did have an opportunity to provide growth capital. There. So one, I think the markup know, came from improved performance, or continue to continued improved performance. Second is from the economics that we benefited from on this incremental growth capital. The company is continues to invest in growth. And as part of that, there's an opportunity know, as an incumbent lender lender to structure a really nice [indiscernible] debt investment in the business, which included, you know, really enhanced economics that accrued to our benefit here. [indiscernible] Are you able to share any of the the economics you know, how are your you know, how you're what what sort of income you're receiving or you know, what what you guys hold there?

Yeah. Paul, no. We're really not we haven't done so in the past, but we're for confidentiality reasons, not able to share it. The details.

Okay.

Yeah. Thanks for that. And then I will Go ahead.

Sorry. Yes.

I will add that, you know, we're just you know, it's confidential with respect to the company. And and the terms of the deal. But I think know, it was it was a very attractive situation for us. It was one where where a lot of the existing stakeholders in the business also stepped up. I think we were we were probably about you know, closer to 50% of the deal. Because a lot of the existing stakeholders want to come in as well on on this piece of paper.

Okay.

Got it. Thanks. That's helpful. And then, how the last one I just had, think I had asked a few quarters ago, but I'm curious, are you pursuing any new SBIC licenses? Or is there any plans to do so this year?

We we do have plans to do so. We have a small tail amount still available on their current license. But we are underway in the process of obtaining a second license. Which is, by the way, the the max that you can get. You're only [indiscernible] get two licenses.

Right.

Got it. And do you have any thoughts on that process? Is that you know, is that window still open or any of the ongoing administration [indiscernible] you know, disrupted kind of the expected timeline or anything? For getting a a license approved?

Yeah. So far from what we can tell, it has not impacted either the availability or the timing. But but it it does take a little bit of time. It always has. But so far, it's there's been no real changes. The process.

Okay.

Very much. That's all for me.

Thanks, Paul.

Thank you. At this time, we have no further questions registered. And so I'll turn the call back over to Phil Feng for closing remarks.

Thank you.

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

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