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BlackRock TCP Basic Corp (NASDAQ: TCPC)Q4 2019 Antithesis CallFeb 26, 2020, 1:00 p.m. ET

Operator



Ladies and gentlemen, acceptable afternoon. Welcome anybody to BlackRock TCP Basic Corp.’s Fourth Division and Abounding Year 2019 Antithesis Appointment Call. [Operator Instructions]

And now I would like to about-face the alarm over to Katie McGlynn, Director of BlackRock TCP Basic Corp. Global Investor Relations team. Katie, amuse proceed.

Katie McGlynn — Investor Relations

Thank you. Afore we begin, I’ll agenda that this appointment alarm may accommodate advanced statements based on the estimates and assumptions of administration at the time of such statements, and are not guarantees of approaching performance. Advanced statements absorb risks and uncertainties and absolute after-effects could alter materially from those projected. Any advanced statements fabricated on this alarm are fabricated as of today and are accountable to change after notice. This morning, we issued our antithesis absolution for the fourth division and abounding year concluded December 31st 2019. We additionally acquaint a added antithesis presentation to our website at tcpcapital.com. To appearance this accelerate presentation, which we will accredit to on today’s call, amuse bang on the Investor Relations articulation and baddest Contest & Presentations. These abstracts should be advised in affiliation with the Company’s Form 10-K which was filed with the SEC this morning.

I will now about-face the alarm over to our Chairman and CEO, Howard Levkowitz.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Thanks, Katie. I’m actuality with our TCPC team, and we acknowledge anybody for accommodating on our alarm today. I will alpha with an overview of our achievement in 2019 and afresh our CFO, Paul Davis will assay our banking results. After Paul’s comments, I will accommodate some closing animadversion afore aperture the alarm to your questions.

Beginning with our key accomplishments in 2019, which are abbreviated on accelerate 4 of our presentation. First, we leveraged both our abiding relationships with borrowers and accord sources and the adeptness of the BlackRock belvedere to analyze adorable advance opportunities. For all of 2019, we invested $700 actor in 45 investments, about 45% of which came from absolute portfolio companies. We additionally abide to accent portfolio diversification. Our boilerplate portfolio aggregation advance was aloof $15.7 actor or beneath than 1% of absolute investments as of December 31st, 2019. Second, we generated $94.9 actor of net in assurance income, a slight admission from 2018, admitting the burden on yields in 2019 from a abatement in LIBOR. We additionally connected our clue almanac of accoutrement our anniversary allotment every division for about eight years. Third, we abide to seek debt costs on adorable and actor affable terms. Towards this effort, we auspiciously issued a absolute of $200 actor of addendum due 2024 at a amount of 3.9%. This is decidedly lower than the 5.25% convertible addendum that accomplished in December and we additionally bargain the amount on our SVCP acclaim adeptness by 25 abject points.

Finally, in affiliation with our shareholders approval of an admission in our authoritative advantage limitation aboriginal in 2019, we bargain the administration fee to 1% on assets financed with advantage greater than 1 to 1 [Phonetic]. We bargain the allurement fee amount to 17.5% and we bargain the hurdle amount to 7%, while advancement our accumulative absolute acknowledgment hurdle which is one of the alone such structures in the industry.

Before affective on to our fourth division highlights, I would like to abode the year-over-year abatement in our net asset value. The write-off of our advance in Fidelis accounted for about all of this decline. On our aftermost two anniversary antithesis calls, we’ve declared several Company-specific challenges that Fidelis face in the added aggressive cyber aegis industry. At the time of our antecedent underwriting added than four years ago Fidelis was operating in a high-growth industry with a able applicant base. The Aggregation was able-bodied capitalized with a low accommodation to value. However, the owners and administration aggregation bootless to abundantly acknowledge to the about-face in industry dynamics that accelerated in the aftermost several years. Utilizing our all-encompassing turnaround experience, our aggregation formed alongside the sponsor and the administration aggregation to try to boldness these issues that ultimately absitively to avenue rather than to advance added in the Company. We are not annoyed with this result, but accept the challenges faced by Fidelis were audible and are not apocalyptic of any broader macroeconomic issues or added trends.

Moving to a few highlights from the quarter. As apparent on accelerate 6, we becoming net advance assets of $0.38 per share, outearning our allotment by $0.02, and today we declared a aboriginal division allotment of $0.36 per allotment payable on March 31 to shareholders of almanac as of March, 17. Additionally, we delivered accession able division of deployments, accretion $142 million. Dispositions in the division were $152 million.

Turning to accelerate 7 of the presentation. At year end, our portfolio had a fair bazaar amount of $1.6 billion, 92% of which was in chief anchored debt. In amalgam our portfolio we accept consistently focused on advantage as able-bodied as diversification. As of December 31st, our bigger position represented alone 4% of the portfolio and taken together, our bristles bigger positions represented beneath than 17% of the portfolio.

Furthermore, as the blueprint on the larboard ancillary of accelerate 7 illustrates, our alternating assets is broadcast above a assorted set of portfolio companies. We are not codicillary on assets from any one portfolio company. In actuality on an alone aggregation basis, able-bodied over bisected of our portfolio companies anniversary accord beneath than 1% to our alternating income. Our portfolio continues to be predominantly amphibian amount with an accent on aboriginal affirmation exposure. At year end, 92% of our debt investments were amphibian amount and 81% abide of aboriginal affirmation acknowledgment as approved on accelerate 8.

I would now like to booty a minute to accommodate added detail on our advance approach, which has remained constant throughout our team’s two decades of advance in boilerplate bazaar companies. We abide to advantage our abysmal industry adeptness and acquaintance in accession to the broadcast admission to accord breeze and added assets of the broader BlackRock belvedere to analyze adorable advance opportunities. To this point, deployment action in the fourth division included 10 new loans, four of which were with absolute borrowers. Follow-on investments in absolute portfolio companies abide to be an important antecedent of advance opportunities.

In 2019, about bisected of our new investments came from absolute borrowers. From a portfolio accident administration perspective, these are credits we apperceive and accept well. We accept these opportunities reflect the courage of our borrower relationships and the amount we bear to them above aloof capital. We additionally abide to focus on investments breadth we advance or co-lead negotiations, which allows us to set accord agreement of solid creditor protections.

Our investments in the fourth division authenticate our altered admission to accord breeze as able-bodied as our adeptness to drive agreement in the investments we underwrite. Our bigger advance in the division was $19 actor chief anchored aboriginal affirmation appellation accommodation to Barri Banking Group. Barri presented a acute advance opportunity. The aggregation has a 35-year operating history as a arch provider of adapted chump banking casework to the rapidly growing and about underserved to Hispanic community.

We let a accumulation of three lenders, acceptance us to accommodate accord agreement in accommodation abstracts to accommodate creditor protections, demography into anniversary the adapted attributes of the business. We additionally provided a cogent follow-on advance with a $14 actor chief anchored aboriginal affirmation appellation accommodation to Snow Software accretion our absolute accommodation admeasurement to $29 million. The Aggregation is the bigger committed developer of software asset administration solutions. Snow Software helps companies optimize cogent dollars they advance in action software applications.

We originally accommodate Snow with a aboriginal affirmation appellation accommodation in February of 2019. Aback that time, the aggregation has decidedly outperformed about to account in our underwriting assumptions. The incremental costs we provided in the fourth division will abutment Snow Software’s asleep advance strategy. Overall, investments in the fourth division authenticate our accent on architecture a assorted portfolio with acknowledgment to a array of industries and our acclimatized admission to underwriting. Our two decades of acquaintance through assorted cycles reminds us of the accent of advance in companies and industries that can accomplish consistently throughout the bread-and-butter cycles.

Dispositions in the division totaled $152 actor and accommodate the bribery of our $29 actor accommodation to KPC Healthcare, our $26 actor accommodation to Bond All-embracing Software and our $19 actor accommodation to Tradeshift. New investments during the division had a abounding boilerplate able crop of 9.6%. Investments we exited had a abounding boilerplate able crop of 11.4%, as several college acquiescent positions were either repaid or reduced. The all-embracing able crop on our debt portfolio at division end was 10.3% compared to 10.6% at the end of aftermost quarter, primarily as a aftereffect of the abatement in LIBOR. Our portfolio is not allowed to bottomward burden on yields, consistent from the abatement in LIBOR.

However, we abide focused on evaluating anniversary advance on its own altered merits, and selecting appropriately priced credits that aftermath able accident adapted allotment for our shareholders. As apparent on slides 9 and 10 respectively, we accept alternate in antithesis of $11 per allotment in assets and outperformed the Wells Fargo BDC base by 23% aback our IPO.

Now I will about-face the alarm over to Paul, who will altercate our banking results.

Paul L. Davis — Chief Banking Officer

Thanks, Howard, and hello, everyone. Starting on accelerate 17, net advance assets for the fourth division was $0.38 per share, beyond our allotment of $0.36 per share. On an anniversary basis, net advance assets was $1.61 essentially outearning our assets for the year. This extends our about eight-year almanac of accoutrement our approved allotment every division aback we went public.

Over this aeon on a accumulative abject we accept outearned our assets by an accumulated $44 actor or $0.76 per allotment based on absolute shares outstanding at year end. Advance assets for the fourth division was $0.81 per allotment essentially all of which was absorption income. This includes alternating banknote absorption of $0.68, alternating abatement and fee acquittal of $0.04 and PIK assets of $0.045. We additionally generated $0.04 per allotment from accommodation assets including both accommodation fees and unamortized OID and $0.01 from allotment income. Our assets acceptance follows our bourgeois action of about amortizing upfront economics over the action of an advance rather than acquainted all of it at the time the advance is made.

Operating costs for the fourth division were $0.43 per allotment and included allurement advantage of $0.08 per share, as able-bodied as absorption and added debt costs of $0.21 per allotment for net advance assets of $0.38 per share. Allurement advantage during the fourth division reflected the abridgement in our allurement fee amount from 20% to 17.5% that took aftereffect on February 9th of 2019.

The net abatement in net assets of $1.2 actor or $0.02 per allotment was primarily apprenticed by the disposition of Fidelis as Howard discussed earlier. Our net asset amount benefited during the division from $7.8 actor in assets and absorption from Edmentum account by $9.7 actor markdown on Securus net of absorption income. Securus is a arch provider of advice casework to correctional accessories and our accommodation traded bottomward during the division as bastille account providers were accountable to contempo political and authoritative scrutiny. However, our accommodation continues to be able-bodied covered and the Aggregation continues to accomplish acerb as it has done over the advance of our seven year investment.

The accretion on contest and after-effects from the cogent efforts of our aggregation as we assignment with the Aggregation to administer through a cardinal of challenges, leveraging our abysmal adapted situations advance expertise. We are admiring that these efforts are continuing to appearance bigger after-effects in the banking achievement of the Aggregation which has aerial the amount of our debt in disinterestedness holdings. As of December 31st, we had two loans. We had loans to two portfolio companies AGY and Avanti on non-accrual. These loans represented 0.5% of the portfolio at fair amount and 0.9% at cost.

Turning to accelerate 16. We had absolute clamminess of $349 actor at division end. This included accessible advantage of $316 million, banknote of $45 actor and net awaiting settlements of $12 million. In 2019, we broadcast our acclaim adeptness accommodation by a net $100 million, bargain the absorption amount on our SVCP adeptness by 25 abject believability and connected the adeptness of both accessories to May 2023. Our acclaim adeptness amplification beforehand in the year gave us adaptability as we plan for the adeptness of our 2019 convertible addendum in December. Subsequently, we issued $200 actor of apart bristles year addendum at a favorable amount of 3.9% including a $50 actor follow-on arising in November.

The abounding boilerplate absorption amount on our debt outstanding at December 31st was 3.8%. Our assorted advantage affairs now includes two bargain acclaim facilities. One, convertible agenda issuance; two, beeline apart agenda issuances; and an SBA program. Outstanding draws on our $150 actor SBA affairs remained at $138 actor at December 31st. We are additionally admiring that Fitch accomplished advantage of TCPC at advance cast appraisement in January of this year as S&P additionally reaffirmed its appraisement at advance grade.

We now accept an advance cast appraisement from all three appraisement agencies, above appraisement agencies S&P, Moody’s and Fitch. Net authoritative advantage which is net of SBIC debt, banknote and outstanding trades charcoal banausic from September 30 at 0.96 times accepted equity, able-bodied aural our 2 to 1 advantage limitation afterward actor approval of our added advantage adaptability aftermost year.

I’ll now about-face the alarm aback over to Howard.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Thanks, Paul. I’ll achieve with a few comments on the bazaar ambiance in our angle for 2020 afore aperture the alarm to questions. US bread-and-butter indicators including application and GDP growth, abutment a carefully optimistic advance angle for the aboriginal bisected of 2020. However, we anticipate calm political uncertainty, including the awaiting 2020 presidential acclamation could counterbalance on business advance accommodation authoritative and abiding basic amount planning.

In accession geopolitical animation and added disruptions like the coronavirus abide to actualize uncertainty. While the bread-and-butter angle maybe uncertain, our aggregation is focused on carrying the after-effects our shareholders accept appear to apprehend from TCPC. We abide awful acclimatized in our underwriting, active alone a baby cardinal of the advance opportunities we assay anniversary quarter. We accomplish advance decisions based on a absolute assay of anniversary company, its administration aggregation and action and accordant industry dynamics. Our advance board evaluates anniversary advance and consistently monitors the banking achievement of anniversary of our holdings.

From our perspective, breadth we are in the acclaim aeon affairs beneath than the adeptness to baddest — selectively abduction opportunities throughout the cycle. To that end, we draw aloft our teams two decades of acquaintance and BlackRock’s all-inclusive assets to carefully analyze opportunities that adjust with our careful advance admission while accouterment our borrowers with costs solutions to advice abound their business. We abide to antecedent able chief anchored acclaim opportunities which accept historically outperformed equities, bonds and added apart debt through bread-and-butter downturns. While angular awful alternate industries, we will additionally abide to advance a broadly assorted portfolio.

In closing, our 2019 presented challenges. We are carefully optimistic about the operating ambiance and we abide focused on breeding able accident adapted allotment for our shareholders in the years ahead.

And with that, operator, amuse accessible the alarm for questions.

Operator

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Thank you. [Operator Instructions] Our aboriginal catechism comes from the band of Chris Kotowski with Oppenheimer. Your band is open.

Chris Kotowski — Oppenheimer — Analyst

Yeah. Acceptable afternoon. I aloof basic to ask on Securus, is that, you acclaimed the markdown, is that absolutely accessory bazaar trading driven? Or was there any abatement in their debt account adequacy during the quarter?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

It was based on trading levels. It’s a club deal, it’s illiquid and it coincided with some account from several politicians on the business model. We accept financed the aggregation for seven years. There was a aeon beneath above-mentioned ownership. We reupped beneath the aftermost acquisition, breadth a agnate affair happened and the aggregation anguish up in cloister and in actuality prevailed on its practices. But it’s appear beneath a cardinal of account from a brace of politicians.

The aggregation has fabricated actual bright that it is alive to amuse these concerns. And we accept that the aggregation itself is active a analytical business in that, it provides access amid prisoners and their families, mostly through accessible prisons and in affairs with a alternation of accessible prisons about the country. And in fact, aftermost time it went through some scrutiny, the counter-parties came out and authentic the company.

Chris Kotowski — Oppenheimer — Analyst

Okay. All right. And on Fidelis, that avenue is complete, there is no anticipation of any accretion on that — that affiliate is closed. Right?

Paul L. Davis — Chief Banking Officer

That’s absolutely the words I was action to use. The affiliate is closed. We appearance it as a unfortunate, but actual abandoned incident. And really, I anticipate Howard covered best of the annotation in his aperture remarks. But we aloof saw that the options had booty over the business and armamentarium it added or to accomplish a boxy accommodation and move on, which is what we did, but your assuming is accurate.

Chris Kotowski — Oppenheimer — Analyst

Okay. And then, I acceptance aloof somewhat added big picture, Howard, you articulate a bit added cautionary on the abridgement for affidavit that I can understand. And alive that the coronavirus and all this is actual recent, are any of your portfolio companies as far as you can tell, seeing change in economics? Or is it appropriately far aloof still primarily, the banal bazaar is ambiguous and their coronavirus account and that’s — what we all see.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Well said, Chris. To date, we are not acquainted of any portfolio companies that accept been impacted. We acclaimed that with caution, because we anticipation to not say commodity about it accustomed the bazaar activity, the aftermost brace of weeks would be remiss. And so we did banderole it, but we accept congenital a portfolio that is mostly non-cyclical and is awful assorted and has beneath all-embracing exposure, but if you accept commodity that’s impacting the world’s added bigger economy, we anticipation it was important to agenda that we could be impacted.

Chris Kotowski — Oppenheimer — Analyst

Okay. All right, fair enough. That’s it from me. Acknowledge you.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Thank you for your questions.

Operator

Our abutting catechism comes from the band of Robert Dodd with Raymond James. Your band is open.

Robert Dodd — Raymond James — Analyst

Thank you. Hi guys, aloof afterward up on coronavirus, I beggarly aback I attending at your — obviously, you’re lending to US businesses. But aback I attending at your third bigger industry segment, textiles, affluence appurtenances and obviously, China is the bigger ambassador of bolt and one of the fastest growing markets for affluence goods. So while — do you accept any apprehension that alongside that the accumulation alternation could get disrupted and appulse that articulation in particular, obviously, I beggarly there is account out of China that on the abate side, still early, like 30% of baby businesses are absolutely aback at work. So, is it aloof too aboriginal to acquaint or could you accord us any added blush about what abeyant accumulation alternation impacting your businesses?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Yeah, it’s a abundant question. With account to our portfolio, the companies that abatement into that class are primarily licensing businesses. So, we are costs the licensors who are multi-channel, the licenses are awash online through food through assorted added channels, actual ample adapted companies. These accommodate ABG, Kenneth Cole, PSEB which is Eddie Bauer and end client. So these are a adapted alternation of licensor business. Now their basal accessories that the licensees sell, are of advance bogus about the apple and primarily in Asia for a lot of these accessories and so if there is ample disruption it’s reasonable to accept that they may be impacted, but to date, we accept not heard annihilation and abounding of these businesses accept guarantees in minimum streams of acquirement from a lot of their adverse parties.

So we had carefully complete this as a beneath cyclical, beneath retail-sensitive allotment of the portfolio. We’ve talked about this on several occasions, as we’ve anticipation about the retail business, we absolutely focused on accomplishing two things the aftermost few years. One is accomplishing asset backed deals and that’s absolutely what the Eddie Bauer is and the added is accomplishing authorization deals. So we accept adamantine asset advantage on some of these and accountant beeline beck advantage on the others.

Robert Dodd — Raymond James — Analyst

Got it, got it. I appreciate, absolutely helpful, Howard. Acknowledge you. On the Fidelis — not really, Fidelis. Software acutely has been a appealing adapted amid Internet software and assorted added apparatus of software is a appealing adapted articulation in your portfolio. So far obviously, aerial margins can be a abundant business so connected as chump assimilation stays high. Fidelis acutely I anticipate one of the bottomward causes if I bethink right, they absent a big customer. In the blow of your software book, are there any added of your software portfolio companies which accept about concentrated chump books that we should be acquainted of and that could abate that risk?

Rajneesh Vig — President and Chief Operating Officer

Thanks. It’s Raj. I’ll booty that. The acknowledgment is about no and to be honest, if we added analyze Fidelis from the blow of the software book, we don’t — it’s a aegis software aggregation against a cable or action software company. And to your point, there is a lot we focus on retention, we focus on the amount hypothesis of the business and Fidelis is actual altered in that. It was a actual altered sales cycle. It’s a tougher sell. It’s added of a artefact auction with beneath alternating elements to it and it’s in an breadth area aback it’s alive to be honest, you don’t apperceive what the amount hypothesis is because it’s alive and you’re not seeing aegis breaches.

So it’s a aerial amount and a acceptable segment, but it’s a tougher acclaim profile, if you will, which we abstruse forth the way as the business was deteriorating. So I anticipate advancing aback to your basic catechism the blow of it absolutely is added predictable, high-margin, aerial alternating acknowledged acquirement streams and some of them are accumbent software. Some of them are concentrated aural a vertical, but I would not characterize any of them absolutely as agnate to Fidelis both on the attributes of the business and the absorption of the customers.

Robert Dodd — Raymond James — Analyst

Got it, I acknowledge that. One added if I can affectionate of on the accounting side. Obviously, the assets this year, about $2.4 million, all of that came from 36 Street Basic Partners according to the 10-K. Obviously, the accepted lending JV which is appealing baby adapted now but could abound to be a added actual allotment of your book that had $982,000 in dividends, but they don’t appearance up in the allotment line. So can you acquaint us breadth that is on the assets account and why it’s not included in the allotment band accustomed it’s a administration from LLC affiliate unit?

Paul L. Davis — Chief Banking Officer

It’s a attending through. That one is a attending through to the absorption income, so we included it in the absorption assets section.

Robert Dodd — Raymond James — Analyst

Got it. Acknowledge it. Acknowledge you.

Paul L. Davis — Chief Banking Officer

Sure.

Operator

Thank you. Our abutting catechism comes from the band of Finian O’Shea with Wells Fargo.

Finian O’Shea — Wells Fargo — Analyst

Hi, acceptable afternoon and acknowledge you for demography my catechism and apologetic to accomplish you the BDC managers that has to accommodate all of the coronavirus adeptness this quarter. But the — one that stood out to me, there were a brace aftermost year, was the airlines accustomed that’s best of what we see as the actual impact. I anticipate Mesa is mostly domestic, from what I gathered, but would it be fair to say is that commodity that you’ve looked at what these developments column division as a abeyant burden point there?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Yeah. Acknowledgment for the catechism and to you and the blow of you who accept admired us acceptable afternoon. It’s still morning actuality in Santa Monica. We’re actual adequate with the Mesa exposure. Mesa, as you point out is a bounded US carrier. It’s a agriculturalist to the majors and so it doesn’t accept the all-embracing exposure. Of course, the accomplished industry could be accountable to a arrest in travel, but these are asset-backed loans. We accept engines. We accept planes. These engines are changeable accessory on bounded jets, abounding of them and we’re adequate with our adapter points.

And these planes are absolutely all-important for the agriculturalist arrangement to action which feeds the hubs, which are the courage of the ample US bequest carriers. And so Mesa is a abundant partner. We’ve been costs them for abounding years. We’ve accepted chief administration for over two decades. They do a abundant job active it. We additionally feel actual adequate with the basal accessory values. And aback we fabricated these loans the absolute focus of them was the adamantine assets themselves.

Finian O’Shea — Wells Fargo — Analyst

Sure, I acknowledge that. Aloof a chase on portfolio catechism on AGY. I anticipate that was your, accession mark this quarter. Acutely array of bequest name, account that’s non-accrual. I’m aloof wondering, it looks like you’re alleviative account disinterestedness accustomed that moves about a lot. And your first-lien it is apparent at par accrues income. So if that’s the case, near-term adeptness why abide to accumulate taxable assets on the added affirmation if it’s absolutely underwater against the accepted basic stack? And as a added allotment of the question, is there any angle there accustomed the maturities after this year?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Yeah. Let me abode the fundamentals of the business first. This is a acceptable axiological company. We’ve talked about that for the aftermost brace of quarters. What’s been black is and the top band is good. They accomplish high-end glass-based composites that are acclimated in adult industrial, aggressive and chump uses. Their ascribe costs accept soared to almanac levels. They use some metals as a allotment of their accomplishment process, one of which is at a almanac high. We said that on our aftermost call. It’s now up 50% college than that. It’s 12 times breadth it was best of the aftermost eight years. This is not accustomed for commodity cycles. It’s absolutely acicular up in an aberrant way and so that has been creating burden on the company’s banknote breeze and so that’s why you’ve apparent some of this movement on what was a banknote advantageous instrument, which afresh went to aces and afresh ultimately on the non-accrual.

Finian O’Shea — Wells Fargo — Analyst

Okay, I acknowledge that context. And acknowledge you for demography my questions.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Thank you, Fin.

Operator

Thank you. Our abutting catechism comes from the band of Chris York with JMP Securities. Your band is open.

Chris York — JMP Securities — Analyst

Good morning, guys and acknowledgment for demography my questions. So Howard or Raj, I aloof appetite to allocution about the administration for a moment. We’ve anecdotally heard a brace of advance professionals accord a hidden bomb for added absolute lenders so acutely about-face does appear in this industry but in ablaze of changes at the administrator from the accretion of BlackRock, we basic to apperceive if you anticipate there are any cultural or operational changes at BlackRock TCP that could abet your employees’ [indecipherable]?

Rajneesh Vig — President and Chief Operating Officer

I’ll booty that one. I anticipate the abbreviate acknowledgment is no. I anticipate we’ve had, you may not see it as acutely we’ve additionally had additions appear on to the aggregation both internally from BlackRock and evidently and we apprehend to accept added bodies because we’re advancing on because we’re growing. I anticipate we’ve consistently had some akin of bodies in the business accretion added opportunities. I anticipate the way I attending at it is it’s breadth are they action and are they action for commodity that’s decidedly absorbing and a acceptable abode because of what they’ve been able to do here.

And generally, that’s been the case. We’re appreciative of the things bodies accept done aback they accept confused on to commodity that aloof works bigger for them, but I don’t see any change or aberrant akin of that and rather, we’ve absolutely apparent a lot of arrival of absorption abutting the aggregation because of what we’ve been able to do stand-alone and what we’re absolutely I anticipate in the aboriginal stages of accomplishing as a accumulated platform, which is appealing exciting.

Chris York — JMP Securities — Analyst

It’s abundant to hear. Maybe aloof a aftereffect on that. Could you accommodate us any blush on maybe the advance professionals you had at year end against what it was in the antecedent year?

Rajneesh Vig — President and Chief Operating Officer

I appetite to say it’s about the same, if not a few added at the margin, but yes I don’t accept the exact numbers.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

We grew our absolute cardinal of advance professionals and we accept been growing over time. In affiliation with the accretion by BlackRock, we added the absolute cardinal of advance professionals that we accept alive above our clandestine and accessible cartage by about 50%. And so we accept a added cogent and able-bodied agents than we had. The boilerplate administration of best of our chief bodies is able-bodied over a decade and the best chief ones abounding of them accept been actuality 15 years and a few of us over 20 years. We accept a lot of advantage and administration in the business and we’ve been growing the belvedere and aloof to answer Raj’s above-mentioned comments, we’ve been admiring with the cogent absorption from bodies in advancing to accompany us and are continuing to hire.

Rajneesh Vig — President and Chief Operating Officer

Chris, if you’re attractive to accelerate your resume and we are about to booty it, that’s the antecedent of the question.

Chris York — JMP Securities — Analyst

Yeah, acknowledge you actual abundant for that. The aftermost one aloof on that affair is I anticipate it’s been maybe 18 months aback the accretion closed, so what do you anticipate has been the bigger account for shareholders today from that acquisition?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

This is Howard. There are a alternation of allowances that we’ve gotten. I anticipate the bigger one is as Tennenbaum Capital, we’ve congenital a abundant alcove cast in the market, but what is bright to us is that there are abounding borrowers and counterparties out there that embrace accomplishing business with the world’s bigger asset manager. They like our resources, they like our knowledge, they like alive that there is that affectionate of abutment and advice and believability if they ambition to go accessible or do added things with their basic anatomy and we begin that to be actual powerful. I will aloof add to that. We’re additionally alive with a absurd accumulation of bodies above a ample and accomplished organization.

Chris York — JMP Securities — Analyst

Got it. Obviously, we apperceive that you’ve bargain your amount of debt basic and afresh acutely the new investment-grade appraisement there. So aloof analytical what you anticipation was the bigger account and acutely there are abounding benefits. So I will about-face to my aftermost question, I did acclaimed the aboriginal in Juul is bottomward this quarter. It’s an absorbing advance and I was a little bit afraid accustomed that I anticipate it was originated in the summer. So was that pay bottomward encouraged by you or was it artlessly a action of aloof banknote breeze and amortization?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

So it’s a awful structured accommodation that has a alternation of protections and appearance associated with it and as has been accessible Juul has aloft cogent inferior basic afresh and so we abide to accept cogent asset advantage and so they’ve been advantageous bottomward the loan, aloof as we contemplated.

Chris York — JMP Securities — Analyst

Got it. That’s it for me, thanks. And Raj, I may accept to brace that resume for you.

Rajneesh Vig — President and Chief Operating Officer

Thanks Chris.

Operator

Thank you. [Operator Instructions] Our abutting catechism comes from the band of Christopher Nolan with Ladenburg Thalmann. Your band is open.

Christopher Nolan — Ladenburg Thalmann — Analyst

Howard, axis to the election, if Sanders is the appointee and it becomes a abutting race, do you apprehend arrest in accord alpha action in the added bisected of the year?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

It’s a acceptable question. We talked about that in our beforehand comments. If you anticipate about the aftermost acclamation that we had in 2018, there was a lot of rancour about it and I anticipate there were a cardinal of bodies that acquainted that that acclamation acquired all-overs and slowed bottomward business action and acutely a presidential acclamation alongside of aldermanic bounded elections is action to be far added impactful than that and so we anticipate that behindhand of who is on the ticket, the discrepancies amid the altered agendas of the parties and the address advancing out of some of the candidates and the annunciation of actual altered behavior is acceptable to accord some businesses pause.

Our portfolio is beneath heavily abounding to basic expenditures and abiding projects. This is intentional. It’s allotment of a reorientation we’ve been action through for the aftermost three years or four years array of advancing for a change in the abridgement or an bread-and-butter slowdown, but that doesn’t beggarly we are allowed and acutely a lot of the companies we accept in there still accept big-ticket items but they’re apparently beneath affected than a added capex abundant portfolio.

Christopher Nolan — Ladenburg Thalmann — Analyst

Thank you. Additionally as a follow-up. Accession candelabrum question. How is the altercation of candelabrum and the achievability of a communicable active your negotiations and in new investments? How is that affecting agreement and breadth is aloof the all-embracing conversation?

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Obviously, this is actual new. BlackRock has all-inclusive resources, including offices in a cardinal of the added impacted countries and so our abstracts breeze and abstracts sources are apparently added broadcast than many, and so we’re aggravating to balance. Obviously, aboriginal and foremost, apropos for bodies assurance but additionally an adapted attention about things that could appear in companies. I anticipate best bodies are aggravating to go aback to businesses accustomed beneath the acceptance that this will canyon and that action will resume to course and that absolutely is accustomed for abounding businesses, decidedly in the US.

But in the absolute contempo term, you can see a abetment off in the traded markets and a little bit added attention and whether that will discharge into our markets, which are added adjourned and tend to abolish a little bit added slowly. It charcoal to be apparent but I would say the lender-borrower dynamics in the aftermost few weeks is apparently on the allowance agee a little bit added in favor of the lenders in some of the deals we’ve been alive on as some bodies on the borrower ancillary are apparently added absorbed in accepting things done bound with the trusted counter-party that they apperceive will get above the band instead of demography basic markets risk.

Christopher Nolan — Ladenburg Thalmann — Analyst

Got it. Okay, acknowledge you.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Thanks for the question.

Operator

I’m not assuming any added questions. I would now like to about-face the alarm aback over to Howard Levkowitz for closing remarks.

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

We acknowledge your questions and our chat today. I’d like to acknowledge all of our shareholders for your aplomb and your connected abutment and our accomplished and accomplished aggregation of professionals at BlackRock TCP Basic Corp for your connected adamantine assignment and dedication. Acknowledgment afresh for abutting us. This concludes today’s call.

Operator

[Operator Closing Remarks]

Duration: 43 minutes

Katie McGlynn — Investor Relations

Howard M. Levkowitz — Chairman of the Board and Chief Executive Officer

Paul L. Davis — Chief Banking Officer

Rajneesh Vig — President and Chief Operating Officer

Chris Kotowski — Oppenheimer — Analyst

Robert Dodd — Raymond James — Analyst

Finian O’Shea — Wells Fargo — Analyst

Chris York — JMP Securities — Analyst

Christopher Nolan — Ladenburg Thalmann — Analyst

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