BlackRock TCP Capital Corp. (NASDAQ:TCPC) Q2 2023 Earnings Call Transcript

I think the frequency of change in that and I may be wrong on this, but I would say I think the frequency of change in that can undermine that confidence. And whether that means you are now operating at a higher required cost of capital or you’re not getting the reward for the dividend stability. It is obviously debatable. It feels to us like our shareholders, and we hear this from, many of them, like the confidence in our dividend being covered if we’ve done it every quarter since we’ve been public. I’m not sure everyone can say that. And what we try to do is we try to not be overly cumbersome and slow, but very deliberate. And moving back up to those levels, we’ve seen you know more dividend increases in the last year than we’ve had, in over a, maybe a decade.

I think that trend, as we have the ability to really be predictive on the business, those discussions will obviously continue. But the answer to your question, and along the way is we don’t want to invite unnecessary or undue volatility in the perception of our dividend versus reinforcing the quality of that dividend and the value of it with, less volatility, which means we’d rather just take it up and keep it up versus taking it up and down, towards something that approaches a little more of a whimsical approach. And that’s just our philosophy. I don’t want to, or my philosophy, and I don’t want to speak for anyone individual on the board these discussions happen actively, but hopefully that gives you a little more color on how we think about it.

And we do have these discussions very actively in this environment because the performance is notable as you highlight

Ryan Lynch: Yep. No, that’s helpful. I understand the reasoning behind it. That’s all from me. I appreciate the time today.

Phil Tseng: Thank you.

Raj Vig: Thank you.

Operator: Thank you. There are currently no additional questions waiting, so I’d like to pass the call back over to Raj Vig for any closing remarks.

Raj Vig: Thank you. We appreciate your participation on today’s call. I would like to thank our team for all of the continued hard work and dedication. I would also like to thank our shareholders and our capital partners for your confidence and your continued support. Thanks for joining us. This concludes today’s call.