BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the
“Company”), a business development company (NASDAQ: TCPC), today
announced its financial results for the first quarter ended March
31, 2024 and filed its Form 10-Q with the U.S. Securities and
Exchange Commission.
FINANCIAL HIGHLIGHTS
- As previously announced, on March 18, 2024, the Company
completed its acquisition of BlackRock Capital Investment
Corporation, a Delaware corporation (“BCIC”), pursuant to the
Amended and Restated Agreement and Plan of Merger (the “Merger
Agreement”), dated as of January 10, 2024. Pursuant to the Merger
Agreement, BCIC merged with and into BCIC Merger, Sub, LLC, a
Delaware limited liability company (“Merger Sub”), with Merger Sub
continuing as the surviving company and as an indirect wholly-owned
subsidiary of the Company (the “Merger”).
- On a GAAP basis, net investment income for the quarter ended
March 31, 2024 was $28.3 million, or $0.46 per share on a diluted
basis, which exceeded the regular dividend of $0.34 per share paid
on March 29, 2024. Excluding amortization of purchase discount
recorded in connection with the Merger, adjusted net investment
income(1) for the quarter ended March 31, 2024 was $27.7 million,
or $0.45 per share on a diluted basis.
- Net asset value per share was $11.14 at March 31, 2024 compared
to $11.90 at December 31, 2023.
- Net increase in net assets from operations on a GAAP basis for
the quarter ended March 31, 2024 was $5.1 million, or $0.08 per
share, compared to $13.3 million, or $0.23 per share net increase
in net assets from operations for the quarter ended December 31,
2023. The increase in net assets from operations during the quarter
ended March 31, 2024 was primarily the result of unrealized gains
recorded in connection with the Merger purchase discount and due to
an increase in interest income from the acquired BCIC portfolio.
The investment income of the acquired portfolio added an additional
$4.2 million in consolidated TCPC gross investment income earned
between closing and quarter end. Excluding the impact of unrealized
gains and amortization recorded as a result of the Merger purchase
discount, the adjusted net decrease in net assets from
operations(1) was $(16.8) million, or $(0.27) per share for the
quarter ended March 31, 2024.
- Total acquisitions during the quarter ended March 31, 2024 were
approximately $607.0 million, including $587.0 million of
investments acquired as a result of the Merger and $20.0 million of
deployment into new and existing portfolio companies. Total
investment dispositions were $24.3 million during the three months
ended March 31, 2024.
- As of March 31, 2024, debt investments on non-accrual status
represented 1.7% of the portfolio at fair value and 3.6% at
cost.
- On May 1, 2024, our Board of Directors declared a second
quarter dividend of $0.34 per share, payable on June 28, 2024 to
stockholders of record as of the close of business on June 14,
2024.
“We produced solid net investment income during the first
quarter, benefiting from higher base rates and wider spreads in our
predominantly floating rate portfolio. While we remain highly
selective amid economic uncertainty, we are confident in our
ability to prudently identify compelling investment opportunities
in a core middle market environment that remains favorable for
well-established direct lenders such as TCPC,” said Rajneesh Vig,
BlackRock TCP Capital Corp. Chairman and CEO. “Our diversified,
first-lien concentrated portfolio is constructed to be resilient in
this current macroeconomic environment characterized by high
interest rates, relatively high inflation, and slowing consumer and
corporate spending. However, we are not immune to the presence of
these factors over an extended period and are seeing them impact a
portion of our portfolio. During the quarter, we added two
portfolio companies to non-accrual status, including one
pre-existing non-accrual portfolio company from the acquired BCIC
portfolio. In all, we have loans to five portfolio companies on
non-accrual, representing 1.7% of our total investments at fair
value. The credit quality of our overall portfolio remains solid,
and our team is proactively addressing select challenged credits,
drawing on our expertise and our experience in successfully
navigating challenged situations in the past, as well as the vast
resources of the BlackRock platform to develop positive outcomes
for our portfolio companies and our shareholders. In addition, we
closed our merger with BCIC during the first quarter, gaining scale
that we believe will create meaningful value, including income
accretion, more efficient access to capital and a lower fee
structure for the combined company.”
SELECTED FINANCIAL HIGHLIGHTS(1)
For the Quarters Ended March
31,
2024
2023
Amount
Per Share
Amount
Per Share
Net investment income
$
28,261,273
0.46
$
25,373,127
0.44
Less: Purchase accounting discount
amortization
539,491
0.01
—
—
Adjusted net investment income
$
27,721,782
0.45
$
25,373,127
0.44
Net realized and unrealized gain
(loss)
$
(23,204,132
)
(0.37
)
$
(2,659,248
)
(0.05
)
Less: Net change in unrealized
appreciation (depreciation) due to the allocation of purchase
discount
21,347,357
0.34
—
—
Adjusted net realized and unrealized
gain (loss)
$
(44,551,489
)
(0.71
)
$
(2,659,248
)
(0.05
)
Net increase (decrease) in net assets
resulting from operations
$
5,057,141
0.08
$
22,713,879
0.39
Less: Purchase accounting discount
amortization
539,491
0.01
—
—
Less: Net change in unrealized
appreciation (depreciation) due to the allocation of purchase
discount
21,347,357
0.34
—
—
Adjusted net increase (decrease) in
assets resulting from operations
$
(16,829,707
)
(0.27
)
$
22,713,879
0.39
(1) On March 18, 2024, the Company completed its previously
announced Merger with BCIC. The Merger has been accounted for as an
asset acquisition of BCIC by the Company in accordance with the
asset acquisition method of accounting as detailed in ASC 805-50
("ASC 805"), Business Combinations-Related Issues. The Company
determined the fair value of the shares of the Company's common
stock that were issued to former BCIC shareholders pursuant to the
Merger Agreement plus transaction costs to be the consideration
paid in connection with the Merger under ASC 805. The consideration
paid to BCIC shareholders was less than the aggregate fair values
of the BCIC assets acquired and liabilities assumed, which resulted
in a purchase discount (the “purchase discount”). The consideration
paid was allocated to the individual BCIC assets acquired and
liabilities assumed based on the relative fair values of net
identifiable assets acquired other than “non-qualifying” assets and
liabilities (for example, cash) and did not give rise to goodwill.
As a result, the purchase discount was allocated to the cost basis
of the BCIC investments acquired by the Company on a pro-rata basis
based on their relative fair values as of the effective time of the
Merger. Immediately following the Merger, the investments were
marked to their respective fair values in accordance with ASC 820
which resulted in immediate recognition of net unrealized
appreciation in the Consolidated Statement of Operations as a
result of the Merger. The purchase discount allocated to the BCIC
debt investments acquired will amortize over the remaining life of
each respective debt investment through interest income, with a
corresponding adjustment recorded to unrealized appreciation or
depreciation on such investment acquired through its ultimate
disposition. The purchase discount allocated to BCIC equity
investments acquired will not amortize over the life of such
investments through interest income and, assuming no subsequent
change to the fair value of the equity investments acquired and
disposition of such equity investments at fair value, the Company
may recognize a realized gain or loss with a corresponding reversal
of the unrealized appreciation on disposition of such equity
investments acquired.
As a supplement to the Company’s reported GAAP financial
measures, we have provided the following non-GAAP financial
measures that we believe are useful:
- “Adjusted net investment income” – excludes the amortization of
purchase accounting discount from net investment income calculated
in accordance with GAAP;
- “Adjusted net realized and unrealized gain (loss)” – excludes
the unrealized appreciation resulting from the purchase discount
and the corresponding reversal of the unrealized appreciation from
the amortization of the purchase discount from the determination of
net realized and unrealized gain (loss) determined in accordance
with GAAP; and
- “Adjusted net increase (decrease) in net assets resulting from
operations” – calculates net increase (decrease) in net assets
resulting from operations based on Adjusted net investment income
and Adjusted net realized and unrealized gain (loss).
We believe that the adjustment to exclude the full effect of
purchase discount accounting under ASC 805 from these financial
measures is meaningful because of the potential impact on the
comparability of these financial measures that we and investors use
to assess our financial condition and results of operations period
over period. Although these non-GAAP financial measures are
intended to enhance investors’ understanding of our business and
performance, these non-GAAP financial measures should not be
considered an alternative to GAAP. The aforementioned non-GAAP
financial measures may not be comparable to similar non-GAAP
financial measures used by other companies.
PORTFOLIO AND INVESTMENT ACTIVITY
As of March 31, 2024, our consolidated investment portfolio
consisted of debt and equity positions in 157 portfolio companies
with a total fair value of approximately $2.1 billion, of which
91.4% was in senior secured debt. 80.2% of the total portfolio was
first lien. Equity positions, which include equity interests in
diversified portfolios of debt, represented approximately 7.7% of
the portfolio. 97.1% of our debt investments were floating rate,
92.0% of which had interest rate floors.
As of March 31, 2024, the weighted average annual effective
yield of our debt portfolio was approximately 14.1%(1) and the
weighted average annual effective yield of our total portfolio was
approximately 13.4%, compared with 14.1% and 13.3%, respectively,
as of December 31, 2023. We placed our second lien loan to Aventiv
on non-accrual status during the first quarter and acquired
unsecured debt to Gordon Brothers Finance Company, a pre-existing
non-accrual asset, as part of the Merger. In total, debt
investments in five portfolio companies were on non-accrual status
as of March 31, 2024, representing 1.7% of the consolidated
portfolio at fair value and 3.6% at cost.
During the three months ended March 31, 2024, we invested
approximately $607.0 million, of which $587.0 million of
investments was acquired as a result of the Merger and were
comprised of 95.8% in senior secured loans, 3.1% in unsecured or
subordinated debt securities and 1.1% in equity investments. The
remaining $20.0 million of investments made by the Company during
the three months ended March 31, 2024, included investments in four
new and three existing portfolio companies. Of these investments,
$18.9 million, or 94.5% of total acquisitions, were in senior
secured loans, $1.1 million, or 5.5% of total acquisitions, was
comprised primarily of equity investments. Additionally, we
received approximately $24.3 million in proceeds from sales or
repayments of investments during the three months ended March 31,
2024. New investments during the quarter had a weighted average
effective yield of 14.7%. Investments we exited had a weighted
average effective yield of 14.0%.
As of March 31, 2024, total assets were $2.3 billion, net assets
were $953.5 million and net asset value per share was $11.14, as
compared to $1.7 billion, $687.6 million, and $11.90 per share,
respectively, as of December 31, 2023.
__________________________
(1) Weighted average annual effective
yield includes amortization of deferred debt origination and
end-of-term fees and accretion of original issue discount, but
excludes market discount and any prepayment and make-whole fee
income. The weighted average effective yield on our debt portfolio
excludes any debt investments that are distressed or on non-accrual
status.
CONSOLIDATED RESULTS OF OPERATIONS
Total investment income for the three months ended March 31,
2024 was approximately $55.7 million, or $0.90 per share.
Investment income for the three months ended March 31, 2024
included $0.05 per share from recurring portfolio investment
original issue discount and exit fee amortization, $0.05 per share
from interest income paid in kind and $0.02 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 March 31,
2024 were approximately $27.5 million, or $0.44 per share,
including interest and other debt expenses of $13.2 million, or
$0.21 per share, and incentive compensation from net investment
income of $5.9 million, or $0.09 per share. Excluding incentive
compensation, interest and other debt expenses, annualized first
quarter expenses were 4.4% of average net assets.
Net investment income for the three months ended March 31, 2024
was approximately $28.3 million, or $0.46 per share. Net realized
losses for the three months ended March 31, 2024 were $0.2 million,
or less than $0.01 per share. Net unrealized losses for the three
months ended March 31, 2024 were $23.0 million, or $0.37 per share,
and were net of $21.3 million of unrealized gains recorded in
connection with the Merger purchase discount. Net unrealized losses
for the three months ended March 31, 2024 included a $13.4 million
unrealized loss on our investment in Edmentum, a $13.2 million
unrealized loss on our investment in Razor, a $6.8 million
unrealized loss on our investment in Aventiv, a $6.4 million
unrealized loss on our investment in Astra, a $3.3 million
unrealized loss on our investment in Thras.io and a $3.1 million
unrealized loss on our investment in 36th Street Capital, partially
offset by a $6.3 million reversal of previous unrealized loss upon
the restructure of our investment in Perch. Net increase in net
assets resulting from operations for the three months ended March
31, 2024 was $5.1 million, or $0.08 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2024, available liquidity was approximately
$408.7 million, comprised of approximately $286.0 million in
available capacity under our leverage program, $120.6 million in
cash and cash equivalents and $2.1 million in net settlements of
investments sold.
The combined weighted-average interest rate on debt outstanding
at March 31, 2024 was 5.08%.
Total debt outstanding at March 31, 2024, including debt assumed
as a result of the Merger, was as follows:
Maturity
Rate
Carrying
Value (1)
Available
Total
Capacity
Operating Facility
2026
SOFR+2.00%
(2)
$
167,985,035
$
132,014,965
$
300,000,000
(3)
Funding Facility II
2027
SOFR+2.05%
(4)
100,000,000
100,000,000
200,000,000
(5)
Merger Sub Facility(6)
2028
SOFR+2.00%
(7)
221,000,000
44,000,000
265,000,000
(8)
SBA Debentures
2024−2031
2.52%
(9)
150,000,000
10,000,000
160,000,000
2024 Notes ($250 million par)
2024
3.90%
249,750,603
—
249,750,603
2025 Notes ($92 million par)(6)
2025
Fixed/Variable
(10)
92,000,000
—
92,000,000
2026 Notes ($325 million par)
2026
2.85%
325,693,658
—
325,693,658
Total leverage
1,306,429,296
$
286,014,965
$
1,592,444,261
Unamortized issuance costs
(3,616,588
)
Debt, net of unamortized issuance
costs
$
1,302,812,708
__________________________
(1)
Except for the 2024 Notes and the 2026
Notes, all carrying values are the same as the principal amounts
outstanding.
(2)
As of March 31, 2024, $160.0 million of
the outstanding amount was subject to a SOFR credit adjustment of
0.11%. $8.0 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.
On February 27, 2024, our Board of Directors re-approved our
stock repurchase plan to acquire up to $50.0 million in the
aggregate of our common stock at prices at certain thresholds below
our net asset value per share, in accordance with the guidelines
specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange
Act of 1934. During the three months ended March 31, 2024, no
shares were repurchased.
MERGER AGREEMENT
On March 18, 2024, the Company completed its previously
announced Merger with BCIC, pursuant to that certain Amended and
Restated Agreement and Plan of Merger, dated as of January 10,
2024, by and among the Company, BCIC, Merger Sub, and solely for
the limited purposes set forth therein, BlackRock Capital
Investment Advisors, LLC, a Delaware limited liability company and
investment advisor to BCIC (“BCIA”), and the Advisor. Pursuant to
the Merger Agreement, BCIC merged with and into Merger Sub, with
Merger Sub continuing as the surviving company and an indirect
wholly-owned subsidiary of the Company. As a result of, and as of
the effective time of, the Merger, BCIC’s separate corporate
existence ceased.
In connection with the Merger, the Company and Tennenbaum
Capital Partners, LLC (the “Advisor”) entered into an amended and
restated investment advisory agreement (the “Amended and Restated
Investment Advisory Agreement”) that became effective as of the
closing of the Merger, pursuant to which the Advisor reduced its
base management fee rate for managing the Company from 1.50% to
1.25% on assets equal to or below 200% of the net asset value of
the Company with no change to the basis of the calculation. Prior
to the closing, the Advisor's base management fee rate for managing
the Company was 1.50% on assets equal to or below 200% of the net
asset value of the Company. The base management fee rate on assets
that exceed 200% of the net asset value of the Company remains
1.00%. The Company also entered into a fee waiver agreement with
the Advisor (the “Fee Waiver Agreement”). The Fee Waiver Agreement
provides that the Advisor will waive all or a portion of its
advisory fees to the extent the adjusted net investment income of
the Company on a per share basis (determined by dividing the
adjusted net investment income of the Company by the weighted
average outstanding shares of the Company during the relevant
quarter) is less than $0.32 per share in any of the first four (4)
fiscal quarters ending after the closing of the Merger (the first
of which will be the quarter in which the closing occurred) to the
extent there are sufficient advisory fees to cover such deficit.
The waiver amount in a given quarter cannot exceed the total
advisory fees for such quarter. For the quarter ended March 31,
2024, no advisory fee waiver was required.
RECENT DEVELOPMENTS
On May 1, 2024, our Board of Directors declared a second quarter
dividend of $0.34 per share payable on June 28, 2024 to
stockholders of record as of the close of business on June 14,
2024.
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on
Wednesday, May 1, 2024 at 1:00 p.m. Eastern Time (10:00 a.m.
Pacific Time) to discuss its financial results. All interested
parties are invited to participate in the conference call by
dialing (833) 470-1428; international callers should dial (404)
975-4839. All participants should reference the access code 445484.
For a slide presentation that we intend to refer to on the earnings
conference call, please visit the Investor Relations section of our
website (www.tcpcapital.com) and click on the First Quarter 2024
Investor Presentation under Events and Presentations. The
conference call will be webcast simultaneously in the investor
relations section of our website at
http://investors.tcpcapital.com/. An archived replay of the call
will be available approximately two hours after the live call,
through Wednesday, May 8, 2024. For the replay, please visit
https://investors.tcpcapital.com/events-and-presentations or dial
(866) 813-9403. For international replay, please dial (929)
458-6194. For all replays, please reference access code 108648.
BlackRock TCP Capital
Corp.
Consolidated Statements of
Assets and Liabilities
March 31, 2024
December 31, 2023
(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments
(cost of $1,960,249,432 and $1,389,865,889, respectively)
$
1,881,772,624
$
1,317,691,543
Non-controlled, affiliated investments
(cost of $64,012,430 and $63,188,613, respectively)
51,868,165
65,422,375
Controlled investments (cost of
$211,799,722 and $198,335,511, respectively)
182,778,507
171,827,192
Total investments (cost of $2,236,061,584
and $1,651,390,013, respectively)
2,116,419,296
1,554,941,110
Cash and cash equivalents
120,572,710
112,241,946
Interest, dividends and fees
receivable
35,010,620
25,650,684
Deferred debt issuance costs
6,019,791
3,671,727
Due from broker
2,077,272
—
Receivable for investments sold
2,072,526
—
Prepaid expenses and other assets
1,359,923
2,266,886
Total assets
2,283,532,138
1,698,772,353
Liabilities
Debt (net of deferred issuance costs of
$3,616,588 and $3,355,221, respectively)
1,302,812,708
985,200,609
Management fees payable
5,573,326
5,690,105
Incentive fees payable
5,880,378
5,347,711
Interest and debt related payables
5,725,140
10,407,570
Interest Rate Swap at fair value
1,670,896
—
Reimbursements due to the Advisor
44,173
844,664
Payable for investments purchased
—
960,000
Accrued expenses and other liabilities
8,343,090
2,720,148
Total liabilities
1,330,049,711
1,011,170,807
Net assets
$
953,482,427
$
687,601,546
Composition of net assets applicable to
common shareholders
Common stock, $0.001 par value;
200,000,000 shares authorized, 85,591,134 and 57,767,264 shares
issued and outstanding as of March 31, 2024 and December 31, 2023,
respectively
$
85,591
$
57,767
Paid-in capital in excess of par
1,248,080,041
967,643,255
Distributable earnings (loss)
(294,683,205
)
(280,099,476
)
Total net assets
953,482,427
687,601,546
Total liabilities and net assets
$
2,283,532,138
$
1,698,772,353
Net assets per share
$
11.14
$
11.90
BlackRock TCP Capital
Corp.
Consolidated Statements of
Operations
Three Months Ended March
31,
2024
2023
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated
investments
$
48,646,193
$
45,153,147
Non-controlled, affiliated investments
347,635
45,536
Controlled investments
2,859,080
2,209,052
PIK income:
Non-controlled, non-affiliated
investments
2,405,677
1,584,834
Non-controlled, affiliated investments
92,675
—
Controlled investments
349,969
—
Dividend income:
Non-controlled, non-affiliated
investments
312,324
302,743
Non-controlled, affiliated investments
713,703
634,124
Other income:
Non-controlled, non-affiliated
investments
2,053
333,264
Non-controlled, affiliated investments
—
45,650
Total investment income
55,729,309
50,308,350
Operating expenses
Interest and other debt expenses
13,230,224
11,549,171
Incentive fees
5,880,378
5,389,696
Management fees
5,819,505
5,877,539
Professional fees
919,676
454,350
Administrative expenses
561,003
376,544
Director fees
216,719
351,000
Insurance expense
145,113
154,003
Custody fees
89,920
90,586
Other operating expenses
605,498
656,894
Total operating expenses
27,468,036
24,899,783
Net investment income before
taxes
28,261,273
25,408,567
Excise tax expense
—
35,440
Net investment income
28,261,273
25,373,127
Realized and unrealized gain (loss) on
investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated
investments
(168,077
)
(30,629,704
)
Net realized gain (loss)
(168,077
)
(30,629,704
)
Net change in unrealized appreciation (1)
(depreciation):
Non-controlled, non-affiliated
investments
(6,152,059
)
31,972,322
Non-controlled, affiliated investments
(14,378,028
)
(2,127,127
)
Controlled investments
(2,512,907
)
(1,874,739
)
Interest Rate Swap
6,939
—
Net change in unrealized appreciation
(depreciation)
(23,036,055
)
27,970,456
Net realized and unrealized gain
(loss)
(23,204,132
)
(2,659,248
)
Net increase (decrease) in net assets
resulting from operations
$
5,057,141
$
22,713,879
Basic and diluted earnings (loss) per
share
$
0.08
$
0.39
Basic and diluted weighted average
common shares outstanding
62,047,859
57,767,264
(1) Includes $21,347,357 change in
unrealized appreciation from application of Merger accounting under
ASC 805.
ABOUT BLACKROCK TCP CAPITAL CORP.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty
finance company focused on direct lending to middle-market
companies as well as small businesses. TCPC lends primarily to
companies with established market positions, strong regional or
national operations, differentiated products and services and
sustainable competitive advantages, investing across industries in
which it has significant knowledge and expertise. TCPC’s investment
objective is to achieve high total returns through current income
and capital appreciation, with an emphasis on principal protection.
TCPC is a publicly-traded business development company, or BDC,
regulated under the Investment Company Act of 1940 and is
externally managed by its advisor, a wholly-owned, indirect
subsidiary of BlackRock, Inc. For more information, visit
www.tcpcapital.com.
FORWARD-LOOKING STATEMENTS
Prospective investors considering an investment in BlackRock TCP
Capital Corp. should consider the investment objectives, risks and
expenses of the company carefully before investing. This
information and other information about the company are available
in the company’s filings with the Securities and Exchange
Commission (“SEC”). Copies are available on the SEC’s website at
www.sec.gov and the company’s website at www.tcpcapital.com.
Prospective investors should read these materials carefully before
investing.
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on estimates,
projections, beliefs and assumptions of management of the company
at the time of such statements and are not guarantees of future
performance. Forward-looking statements involve risks and
uncertainties in predicting future results and conditions. Actual
results could differ materially from those projected in these
forward-looking statements due to a variety of factors, including,
without limitation, changes in general economic conditions or
changes in the conditions of the industries in which the company
makes investments, risks associated with the availability and terms
of financing, changes in interest rates, availability of
transactions, and regulatory changes. Certain factors that could
cause actual results to differ materially from those contained in
the forward-looking statements are included in the “Risk Factors”
section of the company’s Form 10-K for the year ended December 31,
2023, and the company’s subsequent periodic filings with the SEC.
Certain factors could cause actual results and conditions to differ
materially from those projected, including the uncertainties
associated with (i) the ability to realize the anticipated benefits
of the Merger, including the expected accretion to net investment
income and the elimination or reduction of certain expenses and
costs due to the Merger; (ii) risks related to diverting
management’s attention from ongoing business operations; (iii)
changes in the economy, financial markets and political
environment, including the impacts of inflation and rising interest
rates; (iv) risks associated with possible disruption in the
operations of TCPC or the economy generally due to terrorism, war
or other geopolitical conflict (including the current conflict
between Russia and Ukraine), natural disasters or public health
crises and epidemics; (v) future changes in laws or regulations
(including the interpretation of these laws and regulations by
regulatory authorities); (vi) conditions TCPC’s operating areas,
particularly with respect to business development companies or
regulated investment companies; and (vii) other considerations that
may be disclosed from time to time TCPC’s publicly disseminated
documents and filings. Copies are available on the SEC’s website at
www.sec.gov and the Company’s website at www.tcpcapital.com.
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 businesswire.com: https://www.businesswire.com/news/home/20240501405714/en/
BlackRock TCP Capital Corp. Michaela Murray (310) 566-1094
investor.relations@tcpcapital.com
Grafico Azioni BlackRock TCP Capital (NASDAQ:TCPC)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni BlackRock TCP Capital (NASDAQ:TCPC)
Storico
Da Gen 2024 a Gen 2025
