BlackRock TCP Capital Corp. Announces Third Quarter 2024 Financial Results
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 (TCPC) ha riportato i risultati finanziari del terzo trimestre del 2024, con un reddito da investimenti netto di 0,40 dollari per azione, superando il suo dividendo regolare di 0,34 dollari. L'azienda ha dichiarato un dividendo per il quarto trimestre di 0,34 dollari e un dividendo speciale di 0,10 dollari per azione. Il valore netto dell'attivo per azione era di 10,11 dollari al 30 settembre 2024. Il portafoglio ha mostrato un miglioramento, con investimenti non in accrual che sono diminuiti al 3,8% a valore equo. Le acquisizioni totali sono state di 72,8 milioni di dollari, mentre le cessioni hanno raggiunto i 139,2 milioni di dollari. Il rendimento effettivo annuo medio ponderato del portafoglio di debito era del 13,4%, con il 90,6% in debito senior garantito.
BlackRock TCP Capital Corp (TCPC) reportó los resultados financieros del tercer trimestre de 2024, con ingresos netos por inversiones de 0,40 dólares por acción, superando su dividendo regular de 0,34 dólares. La compañía declaró un dividendo para el cuarto trimestre de 0,34 dólares y un dividendo especial de 0,10 dólares por acción. El valor neto de los activos por acción era de 10,11 dólares al 30 de septiembre de 2024. La cartera mostró mejoras, con inversiones no devengadas disminuyendo al 3,8% a valor justo. Las adquisiciones totales fueron de 72,8 millones de dólares, mientras que las disposiciones alcanzaron los 139,2 millones de dólares. El rendimiento efectivo anual promedio ponderado de la cartera de deuda fue del 13,4%, con un 90,6% en deuda senior garantizada.
블랙록 TCP 캐피탈 공사 (TCPC)는 2024년 3분기 재무 결과를 발표하였으며, 주당 순투자 수익이 0.40달러로 정기 배당금 0.34달러를 초과하였습니다. 회사는 4분기 배당금 0.34달러와 특별 배당금 0.10달러를 선언하였습니다. 자산의 순가치는 2024년 9월 30일 기준 주당 10.11달러였습니다. 포트폴리오는 비수익 투자 비율이 공정 가치 기준으로 3.8%로 감소하면서 개선을 나타냈습니다. 총 인수액은 7280만 달러였으며, 처분액은 1억 3920만 달러에 달하였습니다. 채무 포트폴리오의 가중 평균 연간 실효 수익률은 13.4%로, 90.6%가 담보된 선순위 채무에 해당합니다.
BlackRock TCP Capital Corp (TCPC) a publié les résultats financiers du troisième trimestre 2024, avec un revenu net d'investissement de 0,40 dollar par action, dépassant son dividende régulier de 0,34 dollar. La société a déclaré un dividende pour le quatrième trimestre de 0,34 dollar et un dividende spécial de 0,10 dollar par action. La valeur nette des actifs par action était de 10,11 dollars au 30 septembre 2024. Le portefeuille a montré une amélioration avec des investissements non à l'échéance qui ont diminué à 3,8% à valeur réelle. Les acquisitions totales se sont élevées à 72,8 millions de dollars, tandis que les cessions ont atteint 139,2 millions de dollars. Le rendement effectif annuel moyen pondéré du portefeuille de dettes était de 13,4%, avec 90,6% en dettes seniors sécurisées.
BlackRock TCP Capital Corp (TCPC) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit netto Zinseinnahmen von 0,40 US-Dollar pro Aktie, die die reguläre Dividende von 0,34 US-Dollar übersteigen. Das Unternehmen erklärte eine Dividende für das vierte Quartal von 0,34 US-Dollar und eine Sonderdividende von 0,10 US-Dollar pro Aktie. Der Nettoinventarwert pro Aktie betrug 10,11 US-Dollar zum 30. September 2024. Das Portfolio zeigte Verbesserungen, da nicht-perfekte Investitionen auf 3,8% zum fairen Wert gesenkt wurden. Die gesamten Akquisitionen betrugen 72,8 Millionen US-Dollar, während die Veräußern 139,2 Millionen US-Dollar erreichten. Die gewichtete durchschnittliche jährliche Effektivverzinsung des Schuldenportfolios betrug 13,4%, wobei 90,6% in besichertem Senior-Debt angelegt waren.
- Net investment income of $0.40 per share exceeded regular dividend of $0.34
- Special dividend of $0.10 per share declared
- Non-accrual investments declined to 3.8% from 4.9% at fair value
- Strong portfolio yield of 13.4% on debt investments
- Available liquidity of $581.8 million
- NAV per share decreased to $10.11 from $10.20 quarter-over-quarter
- Net realized losses of $31.4 million primarily from investment restructurings
- Total dispositions ($139.2M) significantly exceeded acquisitions ($72.8M)
Insights
BlackRock TCP Capital's Q3 2024 results show mixed performance. Net investment income of
Key metrics reveal some concerns: NAV declined to
The company maintains strong liquidity with
Net Investment Income of
FINANCIAL HIGHLIGHTS
-
On a GAAP basis, net investment income for the quarter ended September 30, 2024 was
$33.9 million $0.40 $0.34 $30.8 million $0.36 -
Net asset value per share was
$10.11 $10.20 -
Net increase in net assets from operations on a GAAP basis for the quarter ended September 30, 2024 was
$21.6 million $0.25 $51.3 million $0.60 -
Total acquisitions during the quarter ended September 30, 2024 were approximately
$72.8 million $139.2 million - As of September 30, 2024, net leverage was 1.08x compared to 1.13x at June 30, 2024.
-
As of September 30, 2024, debt investments on non-accrual status represented
3.8% of the portfolio at fair value and9.3% at cost, compared to4.9% of the portfolio at fair value and10.5% at cost as of June 30, 2024. -
On August 1, 2024, the Company amended the Operating Facility to extend the maturity date to August 1, 2029. Additionally, on August 23, 2024, the Company paid off
$250.0 million 3.90% notes due 2024 (the “2024 Notes”). -
On November 6, 2024, our Board of Directors declared a fourth quarter dividend of
$0.34 $0.10
“We delivered solid adjusted net investment income of
“Our portfolio showed signs of improvement since last quarter as non-accrual investments declined; however, an additional non-accrual investment and certain markdowns resulted in a slight reduction in the NAV. We are working diligently with our borrowers, their lenders, and their sponsors to resolve credit issues with the goal of achieving positive outcomes for our shareholders.”
“At quarter end, our portfolio remained well diversified with 156 investments primarily in senior secured, first-lien loans. We have a strong capital and liquidity position to capitalize on a growing pipeline of attractive investment opportunities to deliver attractive risk-adjusted returns for our shareholders over the long term.”
SELECTED FINANCIAL HIGHLIGHTS(1) |
|||||||||||||||
|
Three months ended September 30, |
||||||||||||||
|
2024 |
|
2023 |
||||||||||||
|
Amount |
|
Per Share |
|
Amount |
|
Per Share |
||||||||
Net investment income |
$ |
33,877,641 |
|
|
|
0.40 |
|
|
$ |
28,319,912 |
|
|
|
0.49 |
|
Less: Purchase accounting discount amortization |
|
3,044,864 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
Adjusted net investment income |
$ |
30,832,777 |
|
|
|
0.36 |
|
|
$ |
28,319,912 |
|
|
|
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gain (loss) |
$ |
(12,244,681 |
) |
|
|
(0.14 |
) |
|
$ |
(15,496,980 |
) |
|
|
(0.27 |
) |
Less: Realized gain (loss) due to the allocation of purchase discount |
|
2,727,500 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
(5,772,364 |
) |
|
|
(0.07 |
) |
|
|
— |
|
|
|
— |
|
Adjusted net realized and unrealized gain (loss) |
$ |
(9,199,817 |
) |
|
|
(0.10 |
) |
|
$ |
(15,496,980 |
) |
|
|
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
$ |
21,632,960 |
|
|
|
0.25 |
|
|
$ |
12,822,932 |
|
|
|
0.22 |
|
Less: Purchase accounting discount amortization |
|
3,044,864 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
Less: Realized gain (loss) due to the allocation of purchase discount |
|
2,727,500 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
(5,772,364 |
) |
|
|
(0.07 |
) |
|
|
— |
|
|
|
— |
|
Adjusted net increase (decrease) in assets resulting from operations |
$ |
21,632,960 |
|
|
|
0.25 |
|
|
$ |
12,822,932 |
|
|
|
0.22 |
|
(1) On March 18, 2024, the Company completed its previously announced merger with BlackRock Capital Investment Corporation ("Merger"). The Merger has been accounted for as an asset acquisition of BlackRock Capital Investment Corporation ("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 September 30, 2024, our consolidated investment portfolio consisted of debt and equity positions in 156 portfolio companies with a total fair value of approximately
As of September 30, 2024, the weighted average annual effective yield of our debt portfolio was approximately
During the three months ended September 30, 2024, we invested approximately
As of September 30, 2024, total assets were
__________________________
(1) Weighted average annual effective yield includes amortization of deferred debt origination 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 non-accrual and non-income producing loans.
CONSOLIDATED RESULTS OF OPERATIONS
Total investment income for the three months ended September 30, 2024 was approximately
Total operating expenses for the three months ended September 30, 2024 were approximately
Net investment income for the three months ended September 30, 2024 was approximately
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2024, available liquidity was approximately
The combined weighted-average interest rate on debt outstanding at September 30, 2024 was
Total debt outstanding at September 30, 2024, including debt assumed as a result of the Merger, was as follows:
|
|
Maturity |
|
Rate |
|
|
Carrying Value (1) |
|
Available |
|
Total Capacity |
|
||||||
Operating Facility |
|
2029 |
|
SOFR+ |
(2) |
|
$ |
121,253,796 |
|
|
$ |
178,746,204 |
|
|
$ |
300,000,000 |
|
(3) |
Funding Facility II |
|
2027 |
|
SOFR+ |
(4) |
|
|
51,000,000 |
|
|
|
149,000,000 |
|
|
|
200,000,000 |
|
(5) |
Merger Sub Facility(6) |
|
2028 |
|
SOFR+ |
(7) |
|
|
125,000,000 |
|
|
|
140,000,000 |
|
|
|
265,000,000 |
|
(8) |
SBA Debentures |
|
2025−2031 |
|
|
(9) |
|
|
131,500,000 |
|
|
|
10,000,000 |
|
|
|
141,500,000 |
|
|
2025 Notes ( |
|
2025 |
|
Fixed/Variable |
(10) |
|
|
92,000,000 |
|
|
|
— |
|
|
|
92,000,000 |
|
|
2026 Notes ( |
|
2026 |
|
|
|
|
|
325,497,355 |
|
|
|
— |
|
|
|
325,497,355 |
|
|
2029 Notes ( |
|
2029 |
|
|
|
|
|
321,590,452 |
|
|
|
— |
|
|
|
321,590,452 |
|
|
Total leverage |
|
|
|
|
|
|
|
1,167,841,603 |
|
|
$ |
477,746,204 |
|
|
$ |
1,645,587,807 |
|
|
Unamortized issuance costs |
|
|
|
|
|
|
|
(7,798,616 |
) |
|
|
|
|
|
|
|
||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
1,160,042,987 |
|
|
|
|
|
|
|
|
||
(1) |
|
Except for the 2026 Notes and 2029 Notes, all carrying values are the same as the principal amounts outstanding. |
(2) |
|
As of September 30, 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. For the three months ended September 30, 2024, approximately
On August 1, 2024, our Board of Directors re-approved our stock repurchase plan to acquire up to
RECENT DEVELOPMENTS
On November 6, 2024, our Board of Directors declared a fourth quarter dividend of
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on Wednesday, November 6, 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 846824. 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 Third 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, November 13, 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 616523.
BlackRock TCP Capital Corp. Consolidated Statements of Assets and Liabilities |
||||||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
|
|
(unaudited) |
|
|
|
|||
Assets |
|
|
|
|
|
|
||
Investments, at fair value: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments (cost of |
|
$ |
1,672,494,110 |
|
|
$ |
1,317,691,543 |
|
Non-controlled, affiliated investments (cost of |
|
|
51,200,328 |
|
|
|
65,422,375 |
|
Controlled investments (cost of |
|
|
185,394,923 |
|
|
|
171,827,192 |
|
Total investments (cost of |
|
|
1,909,089,361 |
|
|
|
1,554,941,110 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
104,181,765 |
|
|
|
112,241,946 |
|
Interest, dividends and fees receivable |
|
|
25,786,624 |
|
|
|
25,650,684 |
|
Deferred debt issuance costs |
|
|
6,650,857 |
|
|
|
3,671,727 |
|
Due from broker |
|
|
784,356 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
|
1,207,929 |
|
|
|
2,266,886 |
|
Total assets |
|
|
2,047,700,892 |
|
|
|
1,698,772,353 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Debt (net of deferred issuance costs of |
|
|
1,160,042,987 |
|
|
|
985,200,609 |
|
Interest and debt related payables |
|
|
11,507,228 |
|
|
|
10,407,570 |
|
Incentive fees payable |
|
|
6,540,286 |
|
|
|
5,347,711 |
|
Interest Rate Swap, at fair value |
|
|
652,656 |
|
|
|
— |
|
Reimbursements due to the Advisor |
|
|
219,502 |
|
|
|
844,664 |
|
Management fees payable |
|
|
— |
|
|
|
5,690,105 |
|
Payable for investments purchased |
|
|
99,747 |
|
|
|
960,000 |
|
Accrued expenses and other liabilities |
|
|
3,001,588 |
|
|
|
2,720,148 |
|
Total liabilities |
|
|
1,182,063,994 |
|
|
|
1,011,170,807 |
|
|
|
|
|
|
|
|
||
Net assets |
|
$ |
865,636,898 |
|
|
$ |
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) |
|
|
(382,528,734 |
) |
|
|
(280,099,476 |
) |
Total net assets |
|
|
865,636,898 |
|
|
|
687,601,546 |
|
Total liabilities and net assets |
|
$ |
2,047,700,892 |
|
|
$ |
1,698,772,353 |
|
|
|
|
|
|
|
|
||
Net assets per share |
|
$ |
10.11 |
|
|
$ |
11.90 |
|
BlackRock TCP Capital Corp. Consolidated Statements of Operations |
||||||||||||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income (excluding PIK): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
$ |
61,647,228 |
|
|
$ |
46,722,801 |
|
|
$ |
173,856,058 |
|
|
$ |
138,140,812 |
|
Non-controlled, affiliated investments |
|
|
381,494 |
|
|
|
48,712 |
|
|
|
1,113,813 |
|
|
|
141,950 |
|
Controlled investments |
|
|
2,980,201 |
|
|
|
2,970,153 |
|
|
|
8,535,851 |
|
|
|
7,954,881 |
|
PIK interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
3,827,236 |
|
|
|
3,511,734 |
|
|
|
8,267,269 |
|
|
|
8,728,033 |
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
92,675 |
|
|
|
— |
|
Controlled investments |
|
|
388,897 |
|
|
|
— |
|
|
|
1,092,618 |
|
|
|
310,993 |
|
Dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
141,677 |
|
|
|
263,420 |
|
|
|
1,048,373 |
|
|
|
821,599 |
|
Non-controlled, affiliated investments |
|
|
1,015,415 |
|
|
|
672,734 |
|
|
|
2,747,604 |
|
|
|
1,960,002 |
|
Controlled investments |
|
|
423,031 |
|
|
|
— |
|
|
|
1,301,106 |
|
|
|
— |
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
127,308 |
|
|
|
21,387 |
|
|
|
132,654 |
|
|
|
376,209 |
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
45,650 |
|
Total investment income |
|
|
70,932,487 |
|
|
|
54,210,941 |
|
|
|
198,188,021 |
|
|
|
158,480,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and other debt expenses |
|
|
21,160,551 |
|
|
|
12,133,863 |
|
|
|
54,117,604 |
|
|
|
35,971,338 |
|
Incentive fees |
|
|
6,540,286 |
|
|
|
6,010,047 |
|
|
|
19,236,336 |
|
|
|
17,255,238 |
|
Management fees |
|
|
6,185,025 |
|
|
|
6,092,673 |
|
|
|
18,567,719 |
|
|
|
18,065,948 |
|
Professional fees |
|
|
842,389 |
|
|
|
745,978 |
|
|
|
2,443,988 |
|
|
|
1,519,106 |
|
Administrative expenses |
|
|
547,458 |
|
|
|
357,921 |
|
|
|
1,702,669 |
|
|
|
1,092,268 |
|
Director fees |
|
|
202,500 |
|
|
|
185,500 |
|
|
|
616,719 |
|
|
|
745,319 |
|
Insurance expense |
|
|
214,102 |
|
|
|
134,212 |
|
|
|
565,168 |
|
|
|
426,790 |
|
Custody fees |
|
|
96,574 |
|
|
|
94,811 |
|
|
|
285,639 |
|
|
|
276,727 |
|
Other operating expenses |
|
|
1,265,961 |
|
|
|
122,860 |
|
|
|
2,687,733 |
|
|
|
1,781,273 |
|
Total operating expenses |
|
|
37,054,846 |
|
|
|
25,877,865 |
|
|
|
100,223,575 |
|
|
|
77,134,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income before taxes |
|
|
33,877,641 |
|
|
|
28,333,076 |
|
|
|
97,964,446 |
|
|
|
81,346,122 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Excise tax expense |
|
|
— |
|
|
|
13,164 |
|
|
|
— |
|
|
|
48,604 |
|
Net investment income |
|
|
33,877,641 |
|
|
|
28,319,912 |
|
|
|
97,964,446 |
|
|
|
81,297,518 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Realized and unrealized gain (loss) on investments and foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
(31,425,777 |
) |
|
|
(128,841 |
) |
|
|
(54,297,646 |
) |
|
|
(31,153,173 |
) |
Non-controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
(12,810,138 |
) |
|
|
— |
|
Net realized gain (loss) |
|
|
(31,425,777 |
) |
|
|
(128,841 |
) |
|
|
(67,107,784 |
) |
|
|
(31,153,173 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation (depreciation) (1): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
27,118,840 |
|
|
|
(9,268,963 |
) |
|
|
(36,652,226 |
) |
|
|
11,820,648 |
|
Non-controlled, affiliated investments |
|
|
(3,594,328 |
) |
|
|
(4,131,670 |
) |
|
|
(9,661,686 |
) |
|
|
(5,339,736 |
) |
Controlled investments |
|
|
(4,539,213 |
) |
|
|
(1,967,506 |
) |
|
|
(9,190,060 |
) |
|
|
(4,837,760 |
) |
Interest Rate Swap |
|
|
195,797 |
|
|
|
— |
|
|
|
60,894 |
|
|
|
— |
|
Net change in unrealized appreciation (depreciation) |
|
|
19,181,096 |
|
|
|
(15,368,139 |
) |
|
|
(55,443,078 |
) |
|
|
1,643,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gain (loss) |
|
|
(12,244,681 |
) |
|
|
(15,496,980 |
) |
|
|
(122,550,862 |
) |
|
|
(29,510,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
|
$ |
21,632,960 |
|
|
$ |
12,822,932 |
|
|
$ |
(24,586,416 |
) |
|
$ |
51,787,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted earnings (loss) per share |
|
$ |
0.25 |
|
|
$ |
0.22 |
|
|
$ |
(0.32 |
) |
|
$ |
0.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted weighted average common shares outstanding |
|
|
85,591,134 |
|
|
|
57,767,264 |
|
|
|
77,772,017 |
|
|
|
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) risks related to the retention of the personnel of TCPC’s advisor; (iv) changes in the economy, financial markets and political environment, including the impacts of inflation and rising interest rates; (v) 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/20241106872955/en/
BlackRock TCP Capital Corp.
Michaela Murray
(310) 566-1094
investor.relations@tcpcapital.com
Source: BlackRock TCP Capital Corp.
FAQ
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