These presentations are great for new investors to learn about TCAP. Its also a great way to get info on other BDCs because of their comparision charts. I've been looking at MAIN recently and they look like they stack well in this presentation.
1: TCC. I cant find this on Google finance but Yahoo finance has it starting in March. Looks like its senior debt from TCAP itself.
2: 4.3% is largest investment. I love that diversification.
3: Increased exposure to their weakest region (18% Rockies and West coast) and lowered highest (30% southeas
4: 1st lien/senior debt dropped from 12% to 6% Secondary debt seemed to drop dramatically from 72% down to 13% The big gain is secondary debt with royalties, warrants, and equities. That seems to be a really big shift in 1 quarter so I am open to the possibility that my last quarter notes are wrong.
5: 100% of TCAP's debt is fixed rate. Not variable. First I heard of that but I love it as you can build a solid dividend plan around that without worry about rates dropping NII.
6: This is the first presentation that I recall that they compared themselves to other business structures (REITs and MLPs). It looks like they are really want to push that they are an income play.