CORRECTING and REPLACING BlackRock TCP Capital Corp. Announces 2024 Financial Results Including Fourth Quarter Net Investment Income of $0.40 Per Share; Declares First Quarter Dividend of $0.25 Per Share and a Special Dividend of $0.04 Per Share
BlackRock TCP Capital Corp. (NASDAQ: TCPC) has reported its Q4 and full-year 2024 financial results. The company achieved Q4 net investment income of $33.8 million ($0.40 per share), exceeding its regular dividend of $0.34 per share. For the full year 2024, adjusted net investment income was $121.5 million ($1.52 per share).
The Board declared a Q1 2025 regular dividend of $0.25 per share and a special dividend of $0.04 per share, both payable March 31, 2025. The company plans to declare special dividends of at least $0.02 per share in Q2 and Q3 2025.
Key metrics as of December 31, 2024:
- Net asset value per share: $9.23
- Portfolio fair value: $1.8 billion
- Debt investments on non-accrual: 5.6% at fair value
- Available liquidity: $615.3 million
The Adviser has voluntarily agreed to waive one-third of its base management fee for three quarters starting January 1, 2025.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. L'azienda ha raggiunto un reddito netto da investimenti nel Q4 di 33,8 milioni di dollari (0,40 dollari per azione), superando il dividendo regolare di 0,34 dollari per azione. Per l'intero anno 2024, il reddito netto da investimenti rettificato è stato di 121,5 milioni di dollari (1,52 dollari per azione).
Il Consiglio ha dichiarato un dividendo regolare per il Q1 2025 di 0,25 dollari per azione e un dividendo speciale di 0,04 dollari per azione, entrambi pagabili il 31 marzo 2025. L'azienda prevede di dichiarare dividendi speciali di almeno 0,02 dollari per azione nel Q2 e Q3 2025.
Metriche chiave al 31 dicembre 2024:
- Valore netto degli attivi per azione: 9,23 dollari
- Valore equo del portafoglio: 1,8 miliardi di dollari
- Investimenti in debito in non-accrual: 5,6% al valore equo
- Liquidità disponibile: 615,3 milioni di dollari
Il Consulente ha accettato volontariamente di rinunciare a un terzo della sua commissione di gestione base per tre trimestri a partire dal 1 gennaio 2025.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) ha informado sus resultados financieros del cuarto trimestre y del año completo 2024. La compañía logró un ingreso neto por inversiones en el Q4 de 33,8 millones de dólares (0,40 dólares por acción), superando su dividendo regular de 0,34 dólares por acción. Para el año completo 2024, el ingreso neto por inversiones ajustado fue de 121,5 millones de dólares (1,52 dólares por acción).
La Junta declaró un dividendo regular para el Q1 2025 de 0,25 dólares por acción y un dividendo especial de 0,04 dólares por acción, ambos pagaderos el 31 de marzo de 2025. La compañía planea declarar dividendos especiales de al menos 0,02 dólares por acción en el Q2 y Q3 2025.
Métricas clave al 31 de diciembre de 2024:
- Valor neto de los activos por acción: 9,23 dólares
- Valor justo de la cartera: 1,8 mil millones de dólares
- Inversiones en deuda en no-accrual: 5,6% al valor justo
- Liquidez disponible: 615,3 millones de dólares
El Asesor ha acordado voluntariamente renunciar a un tercio de su tarifa de gestión base durante tres trimestres a partir del 1 de enero de 2025.
블랙록 TCP 캐피탈 Corp. (NASDAQ: TCPC)는 2024년 4분기 및 연간 재무 결과를 보고했습니다. 이 회사는 4분기에 3,380만 달러(주당 0.40달러)의 순투자 수익을 달성하여 주당 0.34달러의 정기 배당금을 초과했습니다. 2024년 전체 연도의 조정된 순투자 수익은 1억 2,150만 달러(주당 1.52달러)였습니다.
이사회는 2025년 1분기 정기 배당금으로 주당 0.25달러와 특별 배당금으로 주당 0.04달러를 선언했으며, 두 배당금 모두 2025년 3월 31일에 지급됩니다. 회사는 2025년 2분기 및 3분기에 주당 최소 0.02달러의 특별 배당금을 선언할 계획입니다.
2024년 12월 31일 기준 주요 지표:
- 주당 순자산 가치: 9.23달러
- 포트폴리오 공정 가치: 18억 달러
- 비수익 채무 투자: 공정 가치 기준 5.6%
- 가용 유동성: 6억 1,530만 달러
자문사는 2025년 1월 1일부터 시작되는 3개 분기 동안 기본 관리 수수료의 1/3을 자발적으로 면제하기로 동의했습니다.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024. La société a réalisé un revenu net d'investissement au Q4 de 33,8 millions de dollars (0,40 dollar par action), dépassant son dividende régulier de 0,34 dollar par action. Pour l'année complète 2024, le revenu net d'investissement ajusté était de 121,5 millions de dollars (1,52 dollar par action).
Le Conseil a déclaré un dividende régulier pour le Q1 2025 de 0,25 dollar par action et un dividende spécial de 0,04 dollar par action, tous deux payables le 31 mars 2025. La société prévoit de déclarer des dividendes spéciaux d'au moins 0,02 dollar par action au Q2 et Q3 2025.
Métriques clés au 31 décembre 2024:
- Valeur nette des actifs par action : 9,23 dollars
- Valeur juste du portefeuille : 1,8 milliard de dollars
- Investissements en dette en non-accrual : 5,6 % à la valeur juste
- Liquidité disponible : 615,3 millions de dollars
Le Conseiller a accepté volontairement de renoncer à un tiers de ses frais de gestion de base pour trois trimestres à partir du 1er janvier 2025.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) hat seine Finanzzahlen für das 4. Quartal und das Gesamtjahr 2024 veröffentlicht. Das Unternehmen erzielte im 4. Quartal ein netto Investitionseinkommen von 33,8 Millionen Dollar (0,40 Dollar pro Aktie), was die reguläre Dividende von 0,34 Dollar pro Aktie übersteigt. Für das gesamte Jahr 2024 betrug das bereinigte netto Investitionseinkommen 121,5 Millionen Dollar (1,52 Dollar pro Aktie).
Der Vorstand erklärte eine reguläre Dividende für das 1. Quartal 2025 von 0,25 Dollar pro Aktie sowie eine Sonderdividende von 0,04 Dollar pro Aktie, die beide am 31. März 2025 zahlbar sind. Das Unternehmen plant, im 2. und 3. Quartal 2025 Sonderdividenden von mindestens 0,02 Dollar pro Aktie zu erklären.
Wichtige Kennzahlen zum 31. Dezember 2024:
- Nettovermögenswert pro Aktie: 9,23 Dollar
- Fairer Wert des Portfolios: 1,8 Milliarden Dollar
- Schuldeninvestitionen im Nicht-Zinsaufzins: 5,6% zum fairen Wert
- Verfügbare Liquidität: 615,3 Millionen Dollar
Der Berater hat freiwillig zugestimmt, ein Drittel seiner Basisverwaltungsgebühr für drei Quartale ab dem 1. Januar 2025 zu erlassen.
- None.
- None.
The updated release reads:
BLACKROCK TCP CAPITAL CORP. ANNOUNCES 2024 FINANCIAL RESULTS INCLUDING FOURTH QUARTER NET INVESTMENT INCOME OF
BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ: TCPC), today announced its financial results for the fourth quarter and year ended December 31, 2024 and filed its Form 10-K with the
FINANCIAL HIGHLIGHTS
-
On a GAAP basis, net investment income for the quarter ended December 31, 2024 was
$33.8 million $0.40 $0.34 $30.8 million $0.36 $121.5 million $1.52 -
Net asset value per share was
$9.23 $10.11 -
Net decrease in net assets from operations on a GAAP basis for the quarter ended December 31, 2024 was
$38.6 million $0.45 $21.6 million $0.25 -
Total acquisitions during the quarter ended December 31, 2024 were approximately
$120.7 million $168.6 million - As of December 31, 2024, net leverage was 1.14x compared to 1.08x at September 30, 2024.
-
As of December 31, 2024, debt investments on non-accrual status represented
5.6% of the portfolio at fair value and14.4% at cost, compared to3.8% of the portfolio at fair value and9.3% at cost as of September 30, 2024. - On February 25, 2025, the Adviser voluntarily agreed to waive one-third of its base management fee with respect to the Company for three calendar quarters beginning on January 1, 2025 and ending on September 30, 2025.
-
On February 27, 2025, our Board of Directors declared a first quarter dividend of
$0.25 $0.04 $0.02
“We delivered adjusted net investment income of
TCPC’s new management team remains optimistic about our future prospects and is confident we have the right plan in place to effectively navigate the challenges presented during 2024 and to return the portfolio performance to historical levels,” said Phil Tseng, Chairman and CEO of BlackRock TCP Capital Corp.
“Given our recent performance, our board declared a regular dividend of
SELECTED FINANCIAL HIGHLIGHTS(1)
|
Year ended December 31, |
|
|||||||||||||
|
2024 |
|
|
2023 |
|
||||||||||
|
Amount |
|
|
Per
|
|
|
Amount |
|
|
Per
|
|
||||
Net investment income |
$ |
131,757,870 |
|
|
|
1.65 |
|
|
$ |
106,556,758 |
|
|
|
1.84 |
|
Less: Purchase accounting discount amortization |
|
10,303,754 |
|
|
|
0.13 |
|
|
|
— |
|
|
|
— |
|
Adjusted net investment income |
$ |
121,454,116 |
|
|
|
1.52 |
|
|
$ |
106,556,758 |
|
|
|
1.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gain (loss) |
$ |
(194,895,042 |
) |
|
|
(2.45 |
) |
|
$ |
(68,082,326 |
) |
|
|
(1.18 |
) |
Less: Realized gain (loss) due to the allocation of purchase discount |
|
9,798,978 |
|
|
|
0.12 |
|
|
|
— |
|
|
|
— |
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
1,784,116 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
Adjusted net realized and unrealized gain (loss) |
$ |
(206,478,136 |
) |
|
|
(2.59 |
) |
|
$ |
(68,082,326 |
) |
|
|
(1.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
$ |
(63,137,172 |
) |
|
|
(0.79 |
) |
|
$ |
38,474,432 |
|
|
|
0.67 |
|
Less: Purchase accounting discount amortization |
|
10,303,754 |
|
|
|
0.13 |
|
|
|
— |
|
|
|
— |
|
Less: Realized gain (loss) due to the allocation of purchase discount |
|
9,798,978 |
|
|
|
0.12 |
|
|
|
— |
|
|
|
— |
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
1,784,116 |
|
|
|
0.02 |
|
|
|
— |
|
|
|
— |
|
Adjusted net increase (decrease) in assets resulting from operations |
$ |
(85,024,020 |
) |
|
|
(1.06 |
) |
|
$ |
38,474,432 |
|
|
|
0.67 |
|
(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 December 31, 2024, our consolidated investment portfolio consisted of debt and equity positions in 154 portfolio companies with a total fair value of approximately
As of December 31, 2024, the weighted average annual effective yield of our debt portfolio was approximately
During the three months ended December 31, 2024, we invested approximately
As of December 31, 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 December 31, 2024 was approximately
Total operating expenses for the three months ended December 31, 2024 were approximately
Net investment income for the three months ended December 31, 2024 was approximately
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2024, available liquidity was approximately
The combined weighted-average interest rate on debt outstanding at December 31, 2024 was
Total debt outstanding at December 31, 2024, including debt assumed as a result of the Merger, was as follows:
|
|
Maturity |
|
Rate |
|
|
Carrying
|
|
|
Available |
|
|
Total
|
|
|
|||
Operating Facility |
|
2029 |
|
SOFR+ |
(2) |
|
$ |
120,670,788 |
|
|
$ |
179,329,212 |
|
|
$ |
300,000,000 |
|
(3) |
Funding Facility II |
|
2027 |
|
SOFR+ |
(4) |
|
|
75,000,000 |
|
|
|
125,000,000 |
|
|
|
200,000,000 |
|
(5) |
Merger Sub Facility(6) |
|
2028 |
|
SOFR+ |
(7) |
|
|
60,000,000 |
|
|
|
205,000,000 |
|
|
|
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 |
|
|
|
|
|
325,398,402 |
|
|
|
— |
|
|
|
325,398,402 |
|
|
2029 Notes ( |
|
2029 |
|
|
|
|
|
321,745,636 |
|
|
|
— |
|
|
|
321,745,636 |
|
|
Total leverage |
|
|
|
|
|
|
|
1,126,314,826 |
|
|
$ |
519,329,212 |
|
|
$ |
1,645,644,038 |
|
|
Unamortized issuance costs |
|
|
|
|
|
|
|
(7,974,601 |
) |
|
|
|
|
|
|
|
||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
1,118,340,225 |
|
|
|
|
|
|
|
|
||
(1) |
|
Except for the 2026 Notes and 2029 Notes, all carrying values are the same as the principal amounts outstanding. |
(2) |
|
As of December 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. For the three months ended December 31, 2024, approximately
The Company Repurchase Plan was re-approved on April 24, 2024, to be in effect through the earlier of April 30, 2025, unless further extended or terminated by the Company’s Board of Directors, or such time as the approved
The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the year ended December 31, 2024:
|
|
Shares Repurchased |
|
|
Price Per Share* |
|
|
Total Cost |
|
|||
Company Repurchase Plan |
|
|
510,687 |
|
|
$ |
8.86 |
|
|
$ |
4,524,639 |
|
RECENT DEVELOPMENTS
On February 25, 2025, the Adviser voluntarily agreed to waive one-third of its base management fee with respect to the Company for three calendar quarters beginning on January 1, 2025 and ending on September 30, 2025.
On February 27, 2025, our Board of Directors declared a first quarter regular dividend of
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on Thursday February 27, 2025 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 840439. 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 Fourth 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, March 6, 2025. 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 715819.
BlackRock TCP Capital Corp. |
||||||||
Consolidated Statements of Assets and Liabilities |
||||||||
|
|
December 31, 2024 |
|
|
December 31, 2023 |
|
||
|
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Investments, at fair value: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments (cost of |
|
$ |
1,565,603,755 |
|
|
$ |
1,317,691,543 |
|
Non-controlled, affiliated investments (cost of |
|
|
49,444,693 |
|
|
|
65,422,375 |
|
Controlled investments (cost of |
|
|
179,709,888 |
|
|
|
171,827,192 |
|
Total investments (cost of |
|
|
1,794,758,336 |
|
|
|
1,554,941,110 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
91,589,702 |
|
|
|
112,241,946 |
|
Interest, dividends and fees receivable |
|
|
22,784,825 |
|
|
|
25,650,684 |
|
Deferred debt issuance costs |
|
|
6,235,009 |
|
|
|
3,671,727 |
|
Receivable for investments sold |
|
|
4,487,697 |
|
|
|
— |
|
Due from broker |
|
|
817,969 |
|
|
|
— |
|
Prepaid expenses and other assets |
|
|
2,357,825 |
|
|
|
2,266,886 |
|
Total assets |
|
|
1,923,031,363 |
|
|
|
1,698,772,353 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Debt (net of deferred issuance costs of |
|
|
1,118,340,225 |
|
|
|
985,200,609 |
|
Interest and debt related payables |
|
|
8,306,126 |
|
|
|
10,407,570 |
|
Management fees payable |
|
|
5,750,971 |
|
|
|
5,690,105 |
|
Reimbursements due to the Advisor |
|
|
932,224 |
|
|
|
844,664 |
|
Interest Rate Swap, at fair value |
|
|
731,830 |
|
|
|
— |
|
Payable for investments purchased |
|
|
99,494 |
|
|
|
960,000 |
|
Incentive fees payable |
|
|
— |
|
|
|
5,347,711 |
|
Accrued expenses and other liabilities |
|
|
3,746,826 |
|
|
|
2,720,148 |
|
Total liabilities |
|
|
1,137,907,696 |
|
|
|
1,011,170,807 |
|
|
|
|
|
|
|
|
||
Net assets |
|
$ |
785,123,667 |
|
|
$ |
687,601,546 |
|
|
|
|
|
|
|
|
||
Composition of net assets applicable to common shareholders |
|
|
|
|
|
|
||
Common stock, |
|
$ |
85,080 |
|
|
$ |
57,767 |
|
Paid-in capital in excess of par |
|
|
1,611,236,587 |
|
|
|
967,643,255 |
|
Distributable earnings (loss) |
|
|
(826,198,000 |
) |
|
|
(280,099,476 |
) |
Total net assets |
|
|
785,123,667 |
|
|
|
687,601,546 |
|
Total liabilities and net assets |
|
$ |
1,923,031,363 |
|
|
$ |
1,698,772,353 |
|
|
|
|
|
|
|
|
||
Net assets per share |
|
$ |
9.23 |
|
|
$ |
11.90 |
|
|
|
|
|
|
|
|
||
BlackRock TCP Capital Corp. |
||||||||||||
Consolidated Statements of Operations |
||||||||||||
|
|
Year Ended December 31, |
|
|||||||||
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|||
Investment income |
|
|
|
|
|
|
|
|
|
|||
Interest income (excluding PIK): |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
$ |
223,638,775 |
|
|
$ |
183,528,944 |
|
|
$ |
157,012,042 |
|
Non-controlled, affiliated investments |
|
|
1,475,521 |
|
|
|
1,046,044 |
|
|
|
148,805 |
|
Controlled investments |
|
|
10,469,100 |
|
|
|
10,061,227 |
|
|
|
7,710,565 |
|
PIK interest income: |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
14,084,097 |
|
|
|
9,422,286 |
|
|
|
7,899,134 |
|
Non-controlled, affiliated investments |
|
|
89,620 |
|
|
|
410,074 |
|
|
|
— |
|
Controlled investments |
|
|
1,653,364 |
|
|
|
651,700 |
|
|
|
— |
|
Dividend income: |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
1,549,846 |
|
|
|
1,133,826 |
|
|
|
1,017,828 |
|
Non-controlled, affiliated investments |
|
|
3,725,827 |
|
|
|
2,652,918 |
|
|
|
2,357,066 |
|
Controlled investments |
|
|
2,606,160 |
|
|
|
— |
|
|
|
3,794,889 |
|
Other income: |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
145,080 |
|
|
|
376,214 |
|
|
|
881,611 |
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
45,650 |
|
|
|
180,520 |
|
Total investment income |
|
|
259,437,390 |
|
|
|
209,328,883 |
|
|
|
181,002,459 |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses |
|
|
|
|
|
|
|
|
|
|||
Interest and other debt expenses |
|
|
72,164,042 |
|
|
|
47,810,740 |
|
|
|
39,358,896 |
|
Management fees |
|
|
24,541,027 |
|
|
|
24,020,766 |
|
|
|
26,259,584 |
|
Incentive fees |
|
|
19,236,336 |
|
|
|
22,602,949 |
|
|
|
18,759,613 |
|
Professional fees |
|
|
3,196,682 |
|
|
|
2,173,123 |
|
|
|
1,767,652 |
|
Administrative expenses |
|
|
2,389,479 |
|
|
|
1,532,284 |
|
|
|
1,760,905 |
|
Director fees |
|
|
821,219 |
|
|
|
936,819 |
|
|
|
1,090,654 |
|
Insurance expense |
|
|
783,631 |
|
|
|
558,020 |
|
|
|
638,006 |
|
Custody fees |
|
|
380,582 |
|
|
|
365,107 |
|
|
|
339,886 |
|
Other operating expenses |
|
|
3,643,968 |
|
|
|
2,525,002 |
|
|
|
2,589,090 |
|
Total operating expenses |
|
|
127,156,966 |
|
|
|
102,524,810 |
|
|
|
92,564,286 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income before taxes |
|
|
132,280,424 |
|
|
|
106,804,073 |
|
|
|
88,438,173 |
|
|
|
|
|
|
|
|
|
|
|
|||
Excise tax expense |
|
|
522,554 |
|
|
|
247,315 |
|
|
|
— |
|
Net investment income |
|
|
131,757,870 |
|
|
|
106,556,758 |
|
|
|
88,438,173 |
|
|
|
|
|
|
|
|
|
|
|
|||
Realized and unrealized gain (loss) on investments and foreign currency |
|
|
|
|
|
|
|
|
|
|||
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
(54,300,808 |
) |
|
|
(31,648,232 |
) |
|
|
(29,278,589 |
) |
Non-controlled, affiliated investments |
|
|
(12,810,138 |
) |
|
|
— |
|
|
|
11,172,439 |
|
Controlled investments |
|
|
— |
|
|
|
— |
|
|
|
(124,801 |
) |
Net realized gain (loss) |
|
|
(67,110,946 |
) |
|
|
(31,648,232 |
) |
|
|
(18,230,951 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net change in unrealized appreciation (depreciation) (1): |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
(99,794,086 |
) |
|
|
(2,036,190 |
) |
|
|
(72,517,792 |
) |
Non-controlled, affiliated investments |
|
|
(12,395,543 |
) |
|
|
(28,656,798 |
) |
|
|
(27,307,855 |
) |
Controlled investments |
|
|
(15,584,976 |
) |
|
|
(5,741,106 |
) |
|
|
20,393,093 |
|
Interest Rate Swap |
|
|
(9,491 |
) |
|
|
— |
|
|
|
— |
|
Net change in unrealized appreciation (depreciation) |
|
|
(127,784,096 |
) |
|
|
(36,434,094 |
) |
|
|
(79,432,554 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net realized and unrealized gain (loss) |
|
|
(194,895,042 |
) |
|
|
(68,082,326 |
) |
|
|
(97,663,505 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in net assets resulting from operations |
|
$ |
(63,137,172 |
) |
|
$ |
38,474,432 |
|
|
$ |
(9,225,332 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Basic and diluted earnings (loss) per share |
|
$ |
(0.79 |
) |
|
$ |
0.67 |
|
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Basic and diluted weighted average common
|
|
|
79,670,868 |
|
|
|
57,767,264 |
|
|
|
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
SOURCE:
BlackRock TCP Capital Corp.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227081113/en/
BlackRock TCP Capital Corp.
Michaela Murray
(310) 566-1094
investor.relations@tcpcapital.com
Source: BlackRock TCP Capital Corp.
FAQ
What are TCPC's dividend payments for Q1 2025?
What was BlackRock TCP Capital Corp's net investment income for Q4 2024?
How much of TCPC's portfolio was on non-accrual status as of December 31, 2024?
What is the composition of TCPC's investment portfolio as of December 31, 2024?
What management fee changes did TCPC announce for 2025?
