Welcome to our dedicated page for BlackRock TCP Capital news (Ticker: TCPC), a resource for investors and traders seeking the latest updates and insights on BlackRock TCP Capital stock.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a publicly-traded business development company (BDC) focusing on middle-market lending. The primary objective of BlackRock TCP Capital Corp. is to achieve high total returns while minimizing losses through investments in the debt securities of middle-market companies, typically defined as those with enterprise values between $100 million and $1.5 billion.
Managed externally by Tennenbaum Capital Partners, LLC, a renowned alternative investment manager, the company leverages extensive industry experience and a disciplined investment process to deliver consistent performance. The firm's strategy emphasizes principal protection and seeks to generate returns through a combination of contractual interest payments, origination fees, and equity appreciation opportunities such as options, warrants, and conversion rights.
BlackRock TCP Capital Corp. operates within the regulatory framework of the Investment Company Act of 1940, ensuring strict compliance and risk management. The firm’s diversified portfolio includes investments across various sectors, providing resilience and growth potential in different market conditions.
Recent achievements include solid financial performance and strategic partnerships that have bolstered its market position. The company's focus on middle-market companies positions it uniquely to capitalize on growth opportunities in this segment, offering substantial value to its shareholders.
For the latest updates and detailed information about BlackRock TCP Capital Corp., visit their official website at www.tcpcapital.com.
BlackRock TCP Capital Corp (TCPC) reported third quarter 2024 financial results with net investment income of $0.40 per share, exceeding its regular dividend of $0.34. The company declared a fourth quarter dividend of $0.34 and a special dividend of $0.10 per share. Net asset value per share was $10.11 as of September 30, 2024. The portfolio showed improvement with non-accrual investments declining to 3.8% at fair value. Total acquisitions were $72.8 million while dispositions reached $139.2 million. The weighted average annual effective yield of the debt portfolio was 13.4%, with 90.6% in senior secured debt.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) has announced it will report its financial results for the third quarter ended September 30, 2024 on Wednesday, November 6, 2024, before the financial markets open. The company will also host a conference call at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time) on the same day to discuss these results.
Interested parties can join the call by dialing (833) 470-1428 (domestic) or (404) 975-4839 (international) and using the access code 846824. The call will be simultaneously webcast in the investor relations section of TCPC's website. An archived replay will be available until November 13, 2024, accessible via the website or by calling (866) 813-9403 (domestic) or (929) 458-6194 (international) with access code 616523.
KBRA has assigned BlackRock TCP Capital Corp. (NASDAQ: TCPC) an issuer and senior unsecured debt rating of BBB- with a Stable outlook. The rating is supported by TCPC's connection to BlackRock's $86 billion credit platform and its diversified $2.0 billion investment portfolio across 158 companies in 23+ sectors. Key strengths include:
- 80.6% of investments in senior secured first lien loans
- Solid access to capital markets
- Diversified funding mix
- Low secured debt to gross assets ratio of 8.6%
- Strong liquidity of $779.8 million
However, challenges include high non-accruals at 10.5% (cost) and 4.9% (fair value) as of June 30, 2024, though expected to decrease in Q3. TCPC's gross leverage of 1.35x is higher than peers, but net leverage of 1.13x falls within the target range of 0.90x-1.20x.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) has announced significant leadership transitions effective November 6, 2024. Rajneesh Vig will resign as Chairman and CEO but remain on the Board until January 31, 2025. Phil Tseng, current President, will succeed Vig as Chairman, CEO, and Co-Chief Investment Officer. Jason Mehring, current COO, will become President. Patrick Wolfe will be appointed COO, and Dan Worrell will join Tseng as Co-Chief Investment Officer.
These changes aim to position TCPC for its next growth phase in the private credit market. The Board of Directors expressed confidence in the new leadership team's ability to leverage BlackRock's platform and continue delivering strong shareholder returns. The transition is expected to be seamless, with the company maintaining its focus on supporting middle market companies' capital needs.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) reported second quarter 2024 financial results. The company posted net investment income (NII) of $35.8 million, or $0.42 per share, surpassing the dividend paid of $0.34 per share. However, there was a net decrease in net assets from operations of $51.3 million, or $0.60 per share, primarily due to realized and unrealized losses.
The net asset value (NAV) fell to $10.20 per share from $11.14 at the end of the previous quarter. Despite a challenging quarter with higher non-accruals, the company maintained strong dividend coverage for 49 consecutive quarters
In investment activities, BlackRock TCP Capital made acquisitions worth $129.7 million and dispositions totaling $185.0 million. The company issued $325 million in 6.95% notes due 2029 and extended the maturity date of its Operating Facility to 2029. The third quarter dividend of $0.34 per share is declared, payable on September 30, 2024.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced it will report its financial results for the second quarter ended June 30, 2024, on August 7, 2024, prior to market opening. A conference call to discuss the results will follow at 1:00 p.m. Eastern Time. Interested parties can join the call by dialing (833) 470-1428, with international callers using (404) 975-4839 and referencing access code 570726. The call will be webcast live on TCPC's investor relations website and a replay will be available approximately two hours after the live call through August 14, 2024. Access the replay by visiting the TCPC investor relations site or by dialing (866) 813-9403 (international: 929-458-6194) with access code 586837.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) has announced the pricing of a $325 million public offering of 6.95% notes due 2029. These senior unsecured notes will bear interest at an annual rate of 6.95%, payable semiannually, and are expected to be issued around May 30, 2024, subject to customary conditions.
The proceeds will be used to repay the company's outstanding 3.900% notes due 2024, temporarily repay other debt, and possibly for other corporate purposes. Morgan Stanley, BofA Securities, and SMBC Nikko Securities are acting as joint book-running managers.
Potential investors are advised to consult the prospectus and related documents filed with the SEC for more information.
BlackRock TCP Capital Corp. announced its first-quarter 2024 financial results, including net investment income of $28.3 million and a second-quarter dividend of $0.34 per share. The company's net asset value per share was $11.14 at the end of March 2024.
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