Latest news with #TCPC
Business Wire
3 days ago
- Business
- Business Wire
BlackRock TCP Capital Corp. to Report Second Quarter Ended June 30, 2025 Financial Results on August 7, 2025
SANTA MONICA, Calif.--(BUSINESS WIRE)--BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that it will report its financial results for the second quarter ended June 30, 2025 on Thursday, August 7, 2025, prior to the opening of the financial markets. BlackRock TCP Capital Corp. will also host a conference call at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) on Thursday, August 7, 2025, 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 311460. The conference call will be webcast simultaneously in the investor relations section of TCPC's website at An archived replay of the call will be available approximately two hours after the live call, through August 14, 2025. For the replay, please visit or dial (866) 813-9403. For international replay, please dial (929) 458-6194. For all replays, please reference access code 746213. 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 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 and the Company's website at 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, 2024, and the Company's subsequent periodic filings with the SEC. Copies are available on the SEC's website at and the Company's website at Forward-looking statements are made as of the date of this press release and are subject to change without notice. The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
Forbes
15-06-2025
- Business
- Forbes
Private Equity For The People: 3 High-Yield BDCs Yielding Up To 13%
Dark orange glowing wireframe bull on stock market diagram background Let's invest like private equity pros without needing seven figures. Yes, that's right—PE-style starting for as little as $8. Plus, yields up to nearly 13%. No special access or options trades needed. Just a few clicks through our brokerage accounts buying regular ol' tickers. The sneaky dividend-dishing subjects? Meet business development companies (BDCs), publicly-traded firms that lend to small businesses. BDCs were invented by Congress years ago to create a new type of lender to small businesses. They were also given the same mandate as real estate investment trusts (REITs): Return at least 90% of taxable income back to shareholders in the form of dividends. And man, do they pay or what? BDC Yields Let's dive into three compelling BDCs that not only dish big dividends but also trade for less than the sum of their parts. BlackRock TCP Capital Corp. (TCPC) is a middle-market lender that favors middle-market companies with enterprise values of between $100 million and $1.5 billion. It has a fairly diverse portfolio of 146 companies across several 'less-cyclical' industries. TCPC's investment mix is heaviest in first-lien debt, at 83% of the portfolio; second-lien debt is another 7%, and 10% of its deals (at fair value) are in equity. The vast majority of its debt (94%) is floating-rate in nature, which is typical for many BDCs. That has its upsides and downsides. In a normal rising-rate environment (think 2015-19, not 2022-23), rising rates are generally good for BDCs that work heavily with floating-rate debt. The potential for declining rates (or actually declining rates)? Not so good. Also, as one might have guessed, TCPC has a connection to BlackRock (BLK)—specifically, it's externally managed by an indirect, wholly owned subsidiary of BlackRock (BLK). This connection allows it to access BlackRock's many resources, which in theory should make it a particularly competitive BDC. TCPC Total Returns I warned in November 2024 that BlackRock TCPC keeping its base dividend flat for a fifth consecutive quarter raised 'a little concern that TCPC's dividend might be plateauing.' Three months later, the BDC pulled the rug out from under its investors with a drastic dividend cut. That's despite a practice of pairing its base dividend with special dividends as profits allow. BlackRock TCPC's declines have opened up a generous 13% discount to NAV. And even with the reduced 25-cent-per-share base dividend (and an already announced 4-cent special dividend for Q1), the stock still yields a sky-high 13%. But TCPC hasn't exactly fixed what got it here. The dividend is more affordable, and the company's adviser is waiving a third of its fee through Q3. But it's still thick in non-accruals (loans that are delinquent for a prolonged period, usually 90 days), which even after improving this past quarter sit at an elevated 12.6% and 4.4% of the portfolio at cost and at fair value, respectively. Crescent Capital BDC (CCAP) is another BDC that's paired with (and enjoys the resources of) a larger investment company. Crescent Capital BDC is tied to global credit investment firm Crescent Capital Group, which itself specializes in below-investment-grade credit strategies. CCAP currently invests in 191 portfolio companies, with a penchant for private middle market companies. It's predominantly U.S.-focused, though it does have 9% portfolio exposure to Europe and a thin 2% exposure to Australian companies. It's similar to TCPC in that it primarily deals in first-lien debt (91%), and the vast majority (97%) is floating-rate in nature. The last time I looked at CCAP, I mentioned that it has quite the oddball dividend history: I'm afraid the dividend picture hasn't become any less complicated since then. Crescent Capital has kept up with its 42-cent-per-share base dividend. But the action in its special dividends has changed. The variable supplemental dividends, which had been around for six quarters, disappeared at the start of this year. At the same time, CCAP announced 5-cent specials for the first, second, and third quarters—but they're related to undistributed taxable income. So while it looks like CCAP's variable supplemental has just gotten a little smaller, in reality, it's not paying any supplementals (or, at least, it hasn't for the past two quarters). Those supplementals might not return for some time, either. Wall Street is increasingly worried about rate compression among BDCs, for one. CCAP itself, meanwhile, is running into increasing credit issues, a spate of new non-accruals, and the winding-down of the Logan joint venture, which was providing CCAP with some cash flows. At least investors are being realistic about Crescent Capital's dimming prospects of late, driving shares down to a wild 23% discount to NAV. This normally defensively positioned BDC hardly looks like the pinnacle of health right now, but a discount that deep (plus an 11% yield on the base dividend alone) could attract some bargain hunters. I'll start with PennantPark Floating Rate Capital (PFLT), which targets midsized companies that are 'profitable, growing and cash-flowing,' with a specific focus on firms that generate $10 million to $50 million in annual earnings before interest, taxes, depreciation and amortization (EBITDA). Currently, PFLT's portfolio is 190 companies wide, and those 190 companies are supported by roughly 110 private equity sponsors. And while some BDCs are happy to invest in a wide variety of companies, 'value-added' BDCs that lend expertise tend to be more selective. In this case, PennantPark Floating Rate's interests lie in five primary categories: health care, software and technology, consumer, business services and government services. Most important, however, is what gives PennantPark Floating Rate Capital its name. While BDCs often deal with floating-rate first-lien debt, PFLT takes it to the max: About 90% of the portfolio is first-lien debt, virtually all of which is floating-rate in nature. (The remaining 10% is split 80/20 between equity co-investments and joint venture equity.) As I mentioned before, the Fed's flattening and eventual reduction in interest rates took a toll on many BDCs. PFLT Total Returns PFLT trades at a 6% discount to NAV; that's nice, but it almost feels like an optimistic valuation given the uncertainty facing the rate environment and PennantPark right now. On the upside, PFLT is actually a monthly dividend payer, and a generous one, too, at nearly 12%. On the downside, coverage of that dividend is getting awfully tight. In fiscal 2024 (its year ends in September), PFLT paid $1.23 per share on net interest income of $1.27 per share (a 97% NII payout ratio), generated from profits of $1.18 per share. It's expected to earn $1.21 per share and $1.18 per share over the next two years, and we can reasonably expect NII to be proportional. That's OK (not great) if all goes well, but a lot hinges on what the Federal Reserve does next—an open question. Brett Owens is Chief Investment Strategist for Contrarian Outlook. For more great income ideas, get your free copy his latest special report: How to Live off Huge Monthly Dividends (up to 8.7%) — Practically Forever. Disclosure: none
Washington Post
08-05-2025
- Business
- Washington Post
BlackRock TCP: Q1 Earnings Snapshot
SANTA MONICA, Calif. — SANTA MONICA, Calif. — BlackRock TCP Capital Corp. (TCPC) on Thursday reported net income of $20.9 million in its first quarter. On a per-share basis, the Santa Monica, California-based company said it had net income of 25 cents. Earnings, adjusted for investment costs, came to 36 cents per share.
Yahoo
27-02-2025
- Business
- Yahoo
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
SANTA MONICA, Calif., February 27, 2025--(BUSINESS WIRE)--Consolidated Results of Operations section, third paragraph, third sentence, should read: Net unrealized losses for the three months ended December 31, 2024 were $72.3 million, or $0.85 per share (instead of Net unrealized gains for the three months ended December 31, 2024 were $72.3 million, or $0.85 per share). The updated release reads: 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. ("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 U.S. Securities and Exchange Commission. FINANCIAL HIGHLIGHTS On a GAAP basis, net investment income for the quarter ended December 31, 2024 was $33.8 million, or $0.40 per share on a diluted basis, which exceeded the regular dividend of $0.34 per share paid on December 31, 2024. Excluding amortization of purchase discount recorded in connection with the Merger(1), adjusted net investment income(1) for the quarter ended December 31, 2024 was $30.8 million, or $0.36 per share on a diluted basis. Adjusted net investment income(1) for the year ended December 31, 2024 was $121.5 million, or $1.52 per share on a diluted basis. Net asset value per share was $9.23 as of December 31, 2024 compared to $10.11 as of September 30, 2024. Net decrease in net assets from operations on a GAAP basis for the quarter ended December 31, 2024 was $38.6 million, or $0.45 per share, compared to a $21.6 million, or $0.25 per share, net decrease in net assets from operations for the quarter ended September 30, 2024. Total acquisitions during the quarter ended December 31, 2024 were approximately $120.7 million and total investment dispositions were $168.6 million during the three months ended December 31, 2024. 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 and 14.4% at cost, compared to 3.8% of the portfolio at fair value and 9.3% 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 per share and a special dividend of $0.04 per share, both payable on March 31, 2025 to stockholders of record as of the close of business on March 17, 2025. The Company intends to declare a special dividend of at least $0.02 per share of common stock in each of the second and third quarters of 2025, subject to Board approval. "We delivered adjusted net investment income of $1.52 per share in 2024, reflecting higher non-accruals as well as the impact of lower base rates and higher expenses. While the vast majority of our portfolio continued to perform well, we are working closely with our borrowers and sponsors to resolve the portfolio issues that impacted our results in recent quarters. 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 $0.25 per share for the first quarter 2025, which we believe is a sustainable level. In addition, our board declared a $0.04 special dividend for the first quarter. We intend to declare a special dividend of at least $0.02 in each of the second and third quarters of 2025, subject to Board approval. We appreciate our shareholders' support and have taken additional steps to further align our interests," Tseng concluded. SELECTED FINANCIAL HIGHLIGHTS(1) Year ended December 31, 2024 2023 Amount PerShare Amount PerShare 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 $1.8 billion, of which 91.2% was in senior secured debt. 83.6% of the total portfolio was first lien. Equity positions, which include equity interests in diversified portfolios of debt, represented approximately 8.5% of the portfolio. 94.5% of our debt investments were floating rate, 97.5% of which had interest rate floors. As of December 31, 2024, the weighted average annual effective yield of our debt portfolio was approximately 12.4%(1) and the weighted average annual effective yield of our total portfolio was approximately 11.1%, compared with 13.4% and 11.9%, respectively, as of September 30, 2024. Debt investments in twelve portfolio companies were on non-accrual status as of December 31, 2024, representing 5.6% of the consolidated portfolio at fair value and 14.4% at cost. During the three months ended December 31, 2024, we invested approximately $120.7 million, primarily in 9 investments, comprised of 9 new and 9 existing portfolio companies. Of these investments, $119.3 million, or 98.8% of total acquisitions, were in senior secured loans. The remaining $1.4 million, or 1.2% of total acquisitions, were comprised of equity investments. Additionally, we received approximately $168.6 million in proceeds from sales or repayments of investments during the three months ended December 31, 2024. New investments during the quarter had a weighted average effective yield of 10.8%. Investments we exited had a weighted average effective yield of 14.0%. As of December 31, 2024, total assets were $1.9 billion, net assets were $785.1 million and net asset value per share was $9.23, as compared to $2.0 billion, $865.6 million, and $10.11 per share, respectively, as of September 30, 2024. __________________________ (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 $61.2 million, or $0.72 per share. Investment income for the three months ended December 31, 2024 included $0.06 per share from prepayment premiums and related accelerated original issue discount and exit fee amortization, $0.04 per share from recurring portfolio investment original issue discount and exit fee amortization, $0.08 per share from interest income paid in kind and $0.03 per share in dividend income. This reflects our policy of recording interest income, adjusted for amortization of portfolio investment premiums and discounts, on an accrual basis. Origination, structuring, closing, commitment, and similar upfront fees received in connection with the outlay of capital are generally amortized into interest income over the life of the respective debt investment. Total operating expenses for the three months ended December 31, 2024 were approximately $26.9 million, or $0.32 per share, including interest and other debt expenses of $18.0 million, or $0.21 per share. As of December 31, 2024, the Company's cumulative total return did not exceed the total return hurdle, and as a result, no incentive compensation was accrued for the three months ended December 31, 2024. Excluding interest and other debt expenses, annualized third quarter expenses were 4.2% of average net assets. Net investment income for the three months ended December 31, 2024 was approximately $33.8 million, or $0.40 per share. Net realized losses for the three months ended December 31, 2024 were $0.0 million, or $0.00 per share. Net unrealized losses for the three months ended December 31, 2024 were $72.3 million, or $0.85 per share. Net unrealized losses for the three months ended December 31, 2024 primarily reflects a $50.3 million unrealized loss on our investment in Razor, a $7.3 million unrealized loss on our investment in Securus, a $6.5 million unrealized loss on our investment in Astra, a $4.9 million unrealized loss on our investment in Homerenew Buyer, a $4.1 million unrealized loss on our investment in Pluralsight, a $3.1 million unrealized loss on our investment in Fishbowl and a $3.0 million unrealized loss on our investment in InMoment, partially offset by a $14.8 million reversals of previous unrealized losses of our investment in SellerX. Net decrease in net assets resulting from operations for the three months ended December 31, 2024 was $38.6 million, or $0.45 per share. LIQUIDITY AND CAPITAL RESOURCES As of December 31, 2024, available liquidity was approximately $615.3 million, comprised of approximately $519.3 million in available capacity under our leverage program, $91.6 million in cash and cash equivalents and $4.5 million in receivable for investments sold, offset by $0.1 million in payable for investments purchased. The combined weighted-average interest rate on debt outstanding at December 31, 2024 was 5.19%. Total debt outstanding at December 31, 2024, including debt assumed as a result of the Merger, was as follows: Maturity Rate CarryingValue (1) Available TotalCapacity Operating Facility 2029 SOFR+2.00% (2) $ 120,670,788 $ 179,329,212 $ 300,000,000 (3) Funding Facility II 2027 SOFR+2.05% (4) 75,000,000 125,000,000 200,000,000 (5) Merger Sub Facility(6) 2028 SOFR+2.00% (7) 60,000,000 205,000,000 265,000,000 (8) SBA Debentures 2025−2031 2.45% (9) 131,500,000 10,000,000 141,500,000 2025 Notes ($92 million par)(6) 2025 Fixed/Variable (10) 92,000,000 — 92,000,000 2026 Notes ($325 million par) 2026 2.85% 325,398,402 — 325,398,402 2029 Notes ($325 million par) 2029 6.95% 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, $113.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $7.7 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. (3) Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. (4) Subject to certain funding requirements and a SOFR credit adjustment of 0.15%. (5) Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. (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 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness. (8) Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions. (9) Weighted-average interest rate, excluding fees of 0.35% or 0.36%. (10) The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85% and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%. 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 $2.3 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP. 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 $50.0 million repurchase amount has been fully utilized, subject to certain conditions. 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 $0.25 per share and a special dividend of $0.04 per share, both payable on March 31, 2025 to stockholders of record as of the close of business on March 17, 2025. The Company intends to declare a special dividend of at least $0.02 per share of common stock in each of the second and third quarters of 2025, subject to Board approval. 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 ( 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 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 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 $1,737,804,418 and $1,389,865,889, respectively) $ 1,565,603,755 $ 1,317,691,543 Non-controlled, affiliated investments (cost of $59,606,472 and $63,188,613, respectively) 49,444,693 65,422,375 Controlled investments (cost of $221,803,172 and $198,335,511, respectively) 179,709,888 171,827,192 Total investments (cost of $2,019,214,062 and $1,651,390,013, respectively) 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 $7,974,601 and $3,355,221, respectively) 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, $0.001 par value; 200,000,000 shares authorized, 85,080,447 and 57,767,264 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively $ 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 commonshares outstanding 79,670,868 57,767,264 57,767,264 (1) Includes $21,347,357 change in unrealized appreciation from application of Merger accounting under ASC 805 for the twelve months ended December 31, 2024. 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 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 and the company's website at 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 Russia and Ukraine and the conflict in the Middle East), natural disasters or public health crises and epidemics; (vi) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (vii) conditions in TCPC's operating areas, particularly with respect to business development companies or regulated investment companies; and (viii) other considerations that may be disclosed from time to time in TCPC's publicly disseminated documents and filings. Copies are available on the SEC's website at and the Company's website at Forward-looking statements are made as of the date of this press release and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. SOURCE: BlackRock TCP Capital Corp. View source version on Contacts BlackRock TCP Capital Murray(310) Sign in to access your portfolio
Yahoo
27-01-2025
- Business
- Yahoo
BlackRock TCP Capital Corp. to Report Fourth Quarter and Fiscal Year Ended December 31, 2024 Financial Results on February 27, 2025
SANTA MONICA, Calif., January 27, 2025--(BUSINESS WIRE)--BlackRock TCP Capital Corp. (NASDAQ: TCPC) announced today that it will report its financial results for the fourth quarter and fiscal year ended December 31, 2024 on Thursday, February 27, 2025, prior to the opening of the financial markets. BlackRock TCP Capital Corp. will also host a conference call at 1:00 p.m. Eastern Time (10:00 a.m. Pacific Time) on Thursday, February 27, 2025, 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. The conference call will be webcast simultaneously in the investor relations section of TCPC's website at An archived replay of the call will be available approximately two hours after the live call, through March 6, 2025. For the replay, please visit or dial (866) 813-9403. For international replay, please dial (929) 458-6194. For all replays, please reference access code 715819. 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 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 and the Company's website at 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. Copies are available on the SEC's website at and the Company's website at Forward-looking statements are made as of the date of this press release and are subject to change without notice. The company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. View source version on Contacts BlackRock TCP Capital Sign in to access your portfolio
