BlackRock TCP Capital Corp. Announces First Quarter 2024 Financial Results; Declares Second Quarter Dividend of $0.34 Per Share; 12 Years of Consistent Quarterly Dividend Coverage
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.
Net investment income for the first quarter was $28.3 million, exceeding the regular dividend of $0.34 per share.
Completed acquisition of BlackRock Capital Investment , adding $4.2 million in investment income.
Declared a second-quarter dividend of $0.34 per share, showcasing 12 years of consistent quarterly dividend coverage.
Net asset value per share decreased from $11.90 to $11.14 from December 2023 to March 2024.
Adjusted net decrease in net assets from operations was $(16.8) million for the quarter ended March 31, 2024.
Debt investments on non-accrual status represented 1.7% of the portfolio at fair value and 3.6% at cost.
Insights
Reviewing the recent financial disclosures from BlackRock TCP Capital Corp., it is evident that the merger with BlackRock Capital Investment Corporation has brought about a significant impact on the firm's balance sheet. The reported net investment income of $28.3 million, or $0.46 per share, suggests a positive earnings scenario, especially given that it surpasses the regular dividend payout. This metric is critical in evaluating the company's operational effectiveness and, subsequently, the stability of future dividends.
Moreover, the stated net asset value (NAV) per share has declined from $11.90 to $11.14, which may signal to investors changes in the underlying asset values or portfolio adjustments post-merger. Investors should consider this decrease when assessing the company's performance and valuations. While a decrease in NAV can be a point of concern, it should also be contextualized within the broader scope of the merger's long-term synergistic potential.
Additionally, the proclaimed total acquisitions of approximately $607.0 million indicate aggressive investment strategies, potentially aimed at expanding and diversifying the company's income-generating assets. This can be a positive move for the company if these investments are accretive to earnings. However, investors should also weigh the associated risks of new acquisitions, particularly in a volatile economic environment.
From a credit perspective, the portfolio's content sheds light on the firm’s potential risk exposure. The fact that debt investments on non-accrual status represent 1.7% of the portfolio at fair value is an essential indicator of underlying credit risk. It reflects the proportion of the portfolio that is not generating expected interest income, which could impinge on the company's earnings potential. Investors should monitor non-accrual trends as an increase could suggest deteriorating credit quality within the portfolio.
Furthermore, the reported weighted average annual effective yield of the debt portfolio, being approximately 14.1%, is a testament to the return profile on the existing debt investments. The relatively high yield indicates a potentially higher-risk portfolio, which could align with the company's strategy of higher returns in exchange for higher risk. Nonetheless, the nature and performance of the underlying investments must be thoroughly scrutinized to determine the sustainability of these yields.
Delving into the portfolio composition provides insight into the company's strategic allocation post-merger. Notably, 91.4% in senior secured debt and 80.2% first-lien instruments suggest a conservative tilt, aiming to secure BlackRock TCP Capital's position in the capital repayment hierarchy. This is often indicative of a risk-averse investment approach, prioritizing capital preservation. However, investors should not overlook the nuances of individual instruments within these categories, as 'senior secured' and 'first-lien' are not homogenous in risk profile.
Additionally, the high proportion of floating rate instruments at 97.1% helps to hedge against interest rate risk—a pertinent strategy given the current rising interest rate environment. This structure potentially allows the company to benefit from rate hikes without severely impacting the value of their investments, a significant fact for investors relying on fixed income.
FINANCIAL HIGHLIGHTS
-
As previously announced, on March 18, 2024, the Company completed its acquisition of BlackRock Capital Investment Corporation, a
Delaware corporation (“BCIC”), pursuant to the Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 10, 2024. Pursuant to the Merger Agreement, BCIC merged with and into BCIC Merger, Sub, LLC, aDelaware limited liability company (“Merger Sub”), with Merger Sub continuing as the surviving company and as an indirect wholly-owned subsidiary of the Company (the “Merger”). -
On a GAAP basis, net investment income for the quarter ended March 31, 2024 was
$28.3 million $0.46 $0.34 $27.7 million $0.45 -
Net asset value per share was
$11.14 $11.90 -
Net increase in net assets from operations on a GAAP basis for the quarter ended March 31, 2024 was
$5.1 million $0.08 $13.3 million $0.23 $4.2 million $(16.8) million $(0.27) -
Total acquisitions during the quarter ended March 31, 2024 were approximately
$607.0 million $587.0 million $20.0 million $24.3 million -
As of March 31, 2024, debt investments on non-accrual status represented
1.7% of the portfolio at fair value and3.6% at cost. -
On May 1, 2024, our Board of Directors declared a second quarter dividend of
$0.34
“We produced solid net investment income during the first quarter, benefiting from higher base rates and wider spreads in our predominantly floating rate portfolio. While we remain highly selective amid economic uncertainty, we are confident in our ability to prudently identify compelling investment opportunities in a core middle market environment that remains favorable for well-established direct lenders such as TCPC,” said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “Our diversified, first-lien concentrated portfolio is constructed to be resilient in this current macroeconomic environment characterized by high interest rates, relatively high inflation, and slowing consumer and corporate spending. However, we are not immune to the presence of these factors over an extended period and are seeing them impact a portion of our portfolio. During the quarter, we added two portfolio companies to non-accrual status, including one pre-existing non-accrual portfolio company from the acquired BCIC portfolio. In all, we have loans to five portfolio companies on non-accrual, representing
SELECTED FINANCIAL HIGHLIGHTS(1)
|
For the Quarters Ended March 31, |
||||||||||||||
|
2024 |
|
2023 |
||||||||||||
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
||||||||
Net investment income |
$ |
28,261,273 |
|
|
|
0.46 |
|
|
$ |
25,373,127 |
|
|
|
0.44 |
|
Less: Purchase accounting discount amortization |
|
539,491 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Adjusted net investment income |
$ |
27,721,782 |
|
|
|
0.45 |
|
|
$ |
25,373,127 |
|
|
|
0.44 |
|
|
|
|
|
|
|
|
|
||||||||
Net realized and unrealized gain (loss) |
$ |
(23,204,132 |
) |
|
|
(0.37 |
) |
|
$ |
(2,659,248 |
) |
|
|
(0.05 |
) |
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
21,347,357 |
|
|
|
0.34 |
|
|
|
— |
|
|
|
— |
|
Adjusted net realized and unrealized gain (loss) |
$ |
(44,551,489 |
) |
|
|
(0.71 |
) |
|
$ |
(2,659,248 |
) |
|
|
(0.05 |
) |
|
|
|
|
|
|
|
|
||||||||
Net increase (decrease) in net assets resulting from operations |
$ |
5,057,141 |
|
|
|
0.08 |
|
|
$ |
22,713,879 |
|
|
|
0.39 |
|
Less: Purchase accounting discount amortization |
|
539,491 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
21,347,357 |
|
|
|
0.34 |
|
|
|
— |
|
|
|
— |
|
Adjusted net increase (decrease) in assets resulting from operations |
$ |
(16,829,707 |
) |
|
|
(0.27 |
) |
|
$ |
22,713,879 |
|
|
|
0.39 |
|
(1) On March 18, 2024, the Company completed its previously announced Merger with BCIC. The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.
As a supplement to the Company’s reported GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful:
- “Adjusted net investment income” – excludes the amortization of purchase accounting discount from net investment income calculated in accordance with GAAP;
- “Adjusted net realized and unrealized gain (loss)” – excludes the unrealized appreciation resulting from the purchase discount and the corresponding reversal of the unrealized appreciation from the amortization of the purchase discount from the determination of net realized and unrealized gain (loss) determined in accordance with GAAP; and
- “Adjusted net increase (decrease) in net assets resulting from operations” – calculates net increase (decrease) in net assets resulting from operations based on Adjusted net investment income and Adjusted net realized and unrealized gain (loss).
We believe that the adjustment to exclude the full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess our financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
PORTFOLIO AND INVESTMENT ACTIVITY
As of March 31, 2024, our consolidated investment portfolio consisted of debt and equity positions in 157 portfolio companies with a total fair value of approximately
As of March 31, 2024, the weighted average annual effective yield of our debt portfolio was approximately
During the three months ended March 31, 2024, we invested approximately
As of March 31, 2024, total assets were
__________________________ |
(1) Weighted average annual effective yield includes amortization of deferred debt origination and end-of-term fees and accretion of original issue discount, but excludes market discount and any prepayment and make-whole fee income. The weighted average effective yield on our debt portfolio excludes any debt investments that are distressed or on non-accrual status. |
CONSOLIDATED RESULTS OF OPERATIONS
Total investment income for the three months ended March 31, 2024 was approximately
Total operating expenses for the three months ended March 31, 2024 were approximately
Net investment income for the three months ended March 31, 2024 was approximately
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2024, available liquidity was approximately
The combined weighted-average interest rate on debt outstanding at March 31, 2024 was
Total debt outstanding at March 31, 2024, including debt assumed as a result of the Merger, was as follows:
|
|
Maturity |
|
Rate |
|
|
Carrying Value (1) |
|
Available |
|
Total Capacity |
|
|||||
Operating Facility |
|
2026 |
|
SOFR+ |
(2) |
|
$ |
167,985,035 |
|
|
$ |
132,014,965 |
|
$ |
300,000,000 |
(3) |
|
Funding Facility II |
|
2027 |
|
SOFR+ |
(4) |
|
|
100,000,000 |
|
|
|
100,000,000 |
|
|
|
200,000,000 |
(5) |
Merger Sub Facility(6) |
|
2028 |
|
SOFR+ |
(7) |
|
|
221,000,000 |
|
|
|
44,000,000 |
|
|
|
265,000,000 |
(8) |
SBA Debentures |
|
2024−2031 |
|
|
(9) |
|
|
150,000,000 |
|
|
|
10,000,000 |
|
|
|
160,000,000 |
|
2024 Notes ( |
|
2024 |
|
|
|
|
|
249,750,603 |
|
|
|
— |
|
|
|
249,750,603 |
|
2025 Notes ( |
|
2025 |
|
Fixed/Variable |
(10) |
|
|
92,000,000 |
|
|
|
— |
|
|
|
92,000,000 |
|
2026 Notes ( |
|
2026 |
|
|
|
|
|
325,693,658 |
|
|
|
— |
|
|
|
325,693,658 |
|
Total leverage |
|
|
|
|
|
|
|
1,306,429,296 |
|
|
$ |
286,014,965 |
|
|
$ |
1,592,444,261 |
|
Unamortized issuance costs |
|
|
|
|
|
|
|
(3,616,588 |
) |
|
|
|
|
|
|||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
1,302,812,708 |
|
|
|
|
|
|
|||
__________________________ |
||
(1) |
Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding. |
|
(2) |
As of March 31, 2024, |
|
(3) |
Operating Facility includes a |
|
(4) |
Subject to certain funding requirements and a SOFR credit adjustment of |
|
(5) |
Funding Facility II includes a |
|
(6) |
Debt assumed by the Company as a result of the Merger with BCIC. |
|
(7) |
The applicable margin for SOFR-based borrowings could be either |
|
(8) |
Merger Sub Facility includes a |
|
(9) |
Weighted-average interest rate, excluding fees of |
|
(10) |
The 2025 Notes consist of two tranches: |
|
On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP.
On February 27, 2024, our Board of Directors re-approved our stock repurchase plan to acquire up to
MERGER AGREEMENT
On March 18, 2024, the Company completed its previously announced Merger with BCIC, pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a
In connection with the Merger, the Company and Tennenbaum Capital Partners, LLC (the “Advisor”) entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”) that became effective as of the closing of the Merger, pursuant to which the Advisor reduced its base management fee rate for managing the Company from
RECENT DEVELOPMENTS
On May 1, 2024, our Board of Directors declared a second quarter dividend of
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on Wednesday, May 1, 2024 at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time) to discuss its financial results. All interested parties are invited to participate in the conference call by dialing (833) 470-1428; international callers should dial (404) 975-4839. All participants should reference the access code 445484. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Relations section of our website (www.tcpcapital.com) and click on the First Quarter 2024 Investor Presentation under Events and Presentations. The conference call will be webcast simultaneously in the investor relations section of our website at http://investors.tcpcapital.com/. An archived replay of the call will be available approximately two hours after the live call, through Wednesday, May 8, 2024. For the replay, please visit https://investors.tcpcapital.com/events-and-presentations or dial (866) 813-9403. For international replay, please dial (929) 458-6194. For all replays, please reference access code 108648.
BlackRock TCP Capital Corp. |
||||||||
Consolidated Statements of Assets and Liabilities |
||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
||||
|
|
(unaudited) |
|
|
||||
Assets |
|
|
|
|
||||
Investments, at fair value: |
|
|
|
|
||||
Non-controlled, non-affiliated investments (cost of |
|
$ |
1,881,772,624 |
|
|
$ |
1,317,691,543 |
|
Non-controlled, affiliated investments (cost of |
|
|
51,868,165 |
|
|
|
65,422,375 |
|
Controlled investments (cost of |
|
|
182,778,507 |
|
|
|
171,827,192 |
|
Total investments (cost of |
|
|
2,116,419,296 |
|
|
|
1,554,941,110 |
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
|
120,572,710 |
|
|
|
112,241,946 |
|
Interest, dividends and fees receivable |
|
|
35,010,620 |
|
|
|
25,650,684 |
|
Deferred debt issuance costs |
|
|
6,019,791 |
|
|
|
3,671,727 |
|
Due from broker |
|
|
2,077,272 |
|
|
|
— |
|
Receivable for investments sold |
|
|
2,072,526 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
|
1,359,923 |
|
|
|
2,266,886 |
|
Total assets |
|
|
2,283,532,138 |
|
|
|
1,698,772,353 |
|
|
|
|
|
|
||||
Liabilities |
|
|
|
|
||||
Debt (net of deferred issuance costs of |
|
|
1,302,812,708 |
|
|
|
985,200,609 |
|
Management fees payable |
|
|
5,573,326 |
|
|
|
5,690,105 |
|
Incentive fees payable |
|
|
5,880,378 |
|
|
|
5,347,711 |
|
Interest and debt related payables |
|
|
5,725,140 |
|
|
|
10,407,570 |
|
Interest Rate Swap at fair value |
|
|
1,670,896 |
|
|
|
— |
|
Reimbursements due to the Advisor |
|
|
44,173 |
|
|
|
844,664 |
|
Payable for investments purchased |
|
|
— |
|
|
|
960,000 |
|
Accrued expenses and other liabilities |
|
|
8,343,090 |
|
|
|
2,720,148 |
|
Total liabilities |
|
|
1,330,049,711 |
|
|
|
1,011,170,807 |
|
|
|
|
|
|
||||
Net assets |
|
$ |
953,482,427 |
|
|
$ |
687,601,546 |
|
|
|
|
|
|
||||
Composition of net assets applicable to common shareholders |
|
|
|
|
||||
Common stock, |
|
$ |
85,591 |
|
|
$ |
57,767 |
|
Paid-in capital in excess of par |
|
|
1,248,080,041 |
|
|
|
967,643,255 |
|
Distributable earnings (loss) |
|
|
(294,683,205 |
) |
|
|
(280,099,476 |
) |
Total net assets |
|
|
953,482,427 |
|
|
|
687,601,546 |
|
Total liabilities and net assets |
|
$ |
2,283,532,138 |
|
|
$ |
1,698,772,353 |
|
Net assets per share |
|
$ |
11.14 |
|
|
$ |
11.90 |
|
BlackRock TCP Capital Corp. |
||||||||
Consolidated Statements of Operations |
||||||||
|
|
Three Months Ended March 31, |
||||||
|
|
2024 |
|
2023 |
||||
Investment income |
|
|
|
|
||||
Interest income (excluding PIK): |
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
$ |
48,646,193 |
|
|
$ |
45,153,147 |
|
Non-controlled, affiliated investments |
|
|
347,635 |
|
|
|
45,536 |
|
Controlled investments |
|
|
2,859,080 |
|
|
|
2,209,052 |
|
PIK income: |
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
2,405,677 |
|
|
|
1,584,834 |
|
Non-controlled, affiliated investments |
|
|
92,675 |
|
|
|
— |
|
Controlled investments |
|
|
349,969 |
|
|
|
— |
|
Dividend income: |
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
312,324 |
|
|
|
302,743 |
|
Non-controlled, affiliated investments |
|
|
713,703 |
|
|
|
634,124 |
|
Other income: |
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
2,053 |
|
|
|
333,264 |
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
45,650 |
|
Total investment income |
|
|
55,729,309 |
|
|
|
50,308,350 |
|
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
||||
Interest and other debt expenses |
|
|
13,230,224 |
|
|
|
11,549,171 |
|
Incentive fees |
|
|
5,880,378 |
|
|
|
5,389,696 |
|
Management fees |
|
|
5,819,505 |
|
|
|
5,877,539 |
|
Professional fees |
|
|
919,676 |
|
|
|
454,350 |
|
Administrative expenses |
|
|
561,003 |
|
|
|
376,544 |
|
Director fees |
|
|
216,719 |
|
|
|
351,000 |
|
Insurance expense |
|
|
145,113 |
|
|
|
154,003 |
|
Custody fees |
|
|
89,920 |
|
|
|
90,586 |
|
Other operating expenses |
|
|
605,498 |
|
|
|
656,894 |
|
Total operating expenses |
|
|
27,468,036 |
|
|
|
24,899,783 |
|
|
|
|
|
|
||||
Net investment income before taxes |
|
|
28,261,273 |
|
|
|
25,408,567 |
|
|
|
|
|
|
||||
Excise tax expense |
|
|
— |
|
|
|
35,440 |
|
Net investment income |
|
|
28,261,273 |
|
|
|
25,373,127 |
|
|
|
|
|
|
||||
Realized and unrealized gain (loss) on investments and foreign currency |
|
|
|
|
||||
Net realized gain (loss): |
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
(168,077 |
) |
|
|
(30,629,704 |
) |
Net realized gain (loss) |
|
|
(168,077 |
) |
|
|
(30,629,704 |
) |
|
|
|
|
|
||||
Net change in unrealized appreciation (1) (depreciation): |
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
(6,152,059 |
) |
|
|
31,972,322 |
|
Non-controlled, affiliated investments |
|
|
(14,378,028 |
) |
|
|
(2,127,127 |
) |
Controlled investments |
|
|
(2,512,907 |
) |
|
|
(1,874,739 |
) |
Interest Rate Swap |
|
|
6,939 |
|
|
|
— |
|
Net change in unrealized appreciation (depreciation) |
|
|
(23,036,055 |
) |
|
|
27,970,456 |
|
|
|
|
|
|
||||
Net realized and unrealized gain (loss) |
|
|
(23,204,132 |
) |
|
|
(2,659,248 |
) |
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
|
$ |
5,057,141 |
|
|
$ |
22,713,879 |
|
|
|
|
|
|
||||
Basic and diluted earnings (loss) per share |
|
$ |
0.08 |
|
|
$ |
0.39 |
|
|
|
|
|
|
||||
Basic and diluted weighted average common shares outstanding |
|
|
62,047,859 |
|
|
|
57,767,264 |
|
(1) Includes |
||||||||
ABOUT BLACKROCK TCP CAPITAL CORP.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, a wholly-owned, indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com.
FORWARD-LOOKING STATEMENTS
Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the company carefully before investing. This information and other information about the company are available in the company’s filings with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website at www.sec.gov and the company’s website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the “Risk Factors” section of the company’s Form 10-K for the year ended December 31, 2023, and the company’s subsequent periodic filings with the SEC. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability to realize the anticipated benefits of the Merger, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Merger; (ii) risks related to diverting management’s attention from ongoing business operations; (iii) changes in the economy, financial markets and political environment, including the impacts of inflation and rising interest rates; (iv) risks associated with possible disruption in the operations of TCPC or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflict between
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501405714/en/
BlackRock TCP Capital Corp.
Michaela Murray
(310) 566-1094
investor.relations@tcpcapital.com
Source: BlackRock TCP Capital Corp.
FAQ
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