Financial Data and Key Metrics Changes - For the quarter ended March 31, GAAP net investment income was $0.28 per share, and core net investment income was also $0.28 per share. Adjusted for additional shares issued, core NII would have been $0.30 per share [24] - As of March 31, NAV was $11.7 per share, down 2.4% from $11.34 per share last quarter [24] - The portfolio grew to $2.3 billion, up 7% from the prior quarter [18] Business Line Data and Key Metrics Changes - During the quarter, the company invested $293 million in three new and 54 existing portfolio companies at a weighted average yield of 9.9% [18] - The weighted average debt to EBITDA for new investments was 4.3 times, with an interest coverage of 2.3 times and a loan to value of 39% [10] - The portfolio remains highly diversified with 159 companies across 49 different industries, and the weighted average yield on debt investments was 10.5% [26] Market Data and Key Metrics Changes - Approximately 80% of originations came from existing borrowers, while 20% were from new platform investments [7] - The pricing on first lien term loans appears to have stabilized in the SERFR plus 500 to $5.50 range for high-quality assets [10] - The debt to equity ratio was 1.3 times as of March 31 [25] Company Strategy and Development Direction - The company focuses on the core middle market, providing strategic capital to borrowers in five key sectors: business services, consumer, government services and defense, healthcare, and software and technology [12] - The company aims to preserve capital while seeking investment opportunities in growing middle market companies with high free cash flow conversion [22] - The company has raised significant equity capital through its ATM program, totaling $163 million during the quarter [21] Management's Comments on Operating Environment and Future Outlook - Management noted that despite market volatility, the company had a solid quarter and expects to ramp up portfolio activity in the coming months [6][7] - The management believes that the current vintage of core middle market loans is excellent, with strong credit quality and limited exposure to tariffs [11][12] - The company anticipates that the uncertainty surrounding tariffs needs to be resolved for M&A activity to pick up [34] Other Important Information - The company has taken significant steps to strengthen its balance sheet, increasing total leverage by $750 million over the last twelve months [18] - The company closed on a new $361 million securitization financing with a weighted average spread of 1.59% [19] - Nonaccruals represent only 2.2% of the portfolio at cost and 1.2% at market value, which improved to 1% at cost and 0.5% at market value after the quarter [14][27] Q&A Session Summary Question: On the equity raising during the quarter, was this a long-term capital build or an increase in pipeline activity? - Management indicated that the capital raised was to prepare for a robust 2025, despite a slowdown in activity due to recent market events [29] Question: What is necessary to unlock new M&A activity in the market? - Management stated that certainty in tariffs and a stable environment are needed to encourage decision-making and M&A activity [34] Question: How much of the activity with existing borrowers is repricing versus growth capital? - Management noted that most activity is from existing platforms growing, with repricing having ended due to market changes [40] Question: How does the company view tariff sensitivity for its portfolio versus larger businesses? - Management emphasized that most sectors in their portfolio are not significantly impacted by tariffs, with limited exposure [45] Question: How does the company plan to deploy additional equity into the senior loan fund? - Management expects to deploy excess capital within a six to twelve-month timeframe, depending on market conditions [52] Question: What are the long-term opportunities for growing the joint venture or adding partners? - Management expressed interest in potentially adding another JV partner over time, depending on finding the right fit [56]

BlackRock TCP Capital Corp. Investor presentation March 31, 2025 Notable Financial Developments First Quarter 2025 Financial Highlights and Portfolio Overview Diversified portfolio with an emphasis on less-cyclical businesses Flexible capital with available liquidity 1 Amount excludes the impact of amortization of purchase discount recorded in connection the closing of the merger ("Merger") with BlackRock Capital Investment Corporation ("BCIC") on March 18, 2024. See slide 20 for further description of non- ...

Monroe Capital (MRCC) Q4 2024 Earnings Call March 03, 2025 12:00 PM ET Company Participants Theodore Koenig - Chairman, President & CEOMick Solimene - CFO & CIOAlex Parmacek - Managing DirectorChristopher Nolan - Senior VP - Equity Research Operator Welcome to Monroe Capital Corporation's Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. Before we begin, I would like to take a moment to remind our listeners that remarks made during this call today may contain certain forward looking ...