BlackRock TCP Capital Corp. ( (TCPC) ) has released its Q3 earnings. Here is a breakdown of the information BlackRock TCP Capital Corp. presented to its investors.
BlackRock TCP Capital Corp. is a business development company focused on direct lending to middle-market companies, aiming to achieve high total returns through current income and capital appreciation, and is managed by a subsidiary of BlackRock, Inc.
In its latest earnings report for the third quarter of 2024, BlackRock TCP Capital Corp. reported a net investment income of $33.9 million, translating to $0.40 per share, and declared a fourth-quarter dividend of $0.34 per share alongside a special dividend of $0.10 per share.
The company’s financial performance highlights include a net asset value per share of $10.11, total acquisitions of $72.8 million, and a net leverage of 1.08x. The company also showed a decrease in non-accrual investments and amended its operating facility to extend the maturity date to 2029. Additionally, BlackRock TCP Capital Corp. paid off $250 million in principal from its notes due in 2024.
Despite a slight reduction in net asset value due to markdowns, the company’s portfolio remains diversified, with a strong capital and liquidity position to take advantage of investment opportunities. The board’s declaration of a special dividend indicates confidence in the company’s ability to generate strong returns.
Looking ahead, BlackRock TCP Capital Corp. remains committed to delivering attractive risk-adjusted returns for shareholders, with a well-diversified portfolio and a pipeline of investment opportunities, aiming for sustainable growth in future quarters.
