Net Investment Income of $0.40 Per Share; Declares Fourth
Quarter Dividend of $0.34 Per Share and a Special Dividend of $0.10
Per Share; 50 Consecutive Quarters of Dividend Coverage
BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the
“Company”), a business development company (NASDAQ: TCPC), today
announced its financial results for the third quarter ended
September 30, 2024 and filed its Form 10-Q with the U.S. Securities
and Exchange Commission.
FINANCIAL HIGHLIGHTS
- On a GAAP basis, net investment income for the quarter ended
September 30, 2024 was $33.9 million, or $0.40 per share on a
diluted basis, which exceeded the regular dividend of $0.34 per
share paid on September 30, 2024. Excluding amortization of
purchase discount recorded in connection with the Merger(1),
adjusted net investment income(1) for the quarter ended September
30, 2024 was $30.8 million, or $0.36 per share on a diluted
basis.
- Net asset value per share was $10.11 as of September 30, 2024
compared to $10.20 as of June 30, 2024.
- Net increase in net assets from operations on a GAAP basis for
the quarter ended September 30, 2024 was $21.6 million, or $0.25
per share, compared to a $51.3 million, or $0.60 per share, net
decrease in net assets from operations for the quarter ended June
30, 2024.
- Total acquisitions during the quarter ended September 30, 2024
were approximately $72.8 million and total investment dispositions
were $139.2 million during the three months ended September 30,
2024.
- As of September 30, 2024, net leverage was 1.08x compared to
1.13x at June 30, 2024.
- As of September 30, 2024, debt investments on non-accrual
status represented 3.8% of the portfolio at fair value and 9.3% at
cost, compared to 4.9% of the portfolio at fair value and 10.5% at
cost as of June 30, 2024.
- On August 1, 2024, the Company amended the Operating Facility
to extend the maturity date to August 1, 2029. Additionally, on
August 23, 2024, the Company paid off $250.0 million in aggregate
principal amount of 3.90% notes due 2024 (the “2024 Notes”).
- On November 6, 2024, our Board of Directors declared a fourth
quarter dividend of $0.34 per share and a special dividend of $0.10
per share, both payable on December 31, 2024 to stockholders of
record as of the close of business on December 17, 2024.
“We delivered solid adjusted net investment income of $30.8
million, or $0.36 per share, for the third quarter, resulting in an
adjusted annualized NII return on average equity of 14%, which
continues to be at the high end of historical levels,” said Raj
Vig, Chairman and CEO of BlackRock TCP Capital Corp. “Our dividend
remains well covered at 106%. We are also pleased to report that
our board approved a special dividend of $0.10 per share payable to
our shareholders this quarter and also re-approved our
authorization to repurchase up to $50.0 million of our common
stock.”
“Our portfolio showed signs of improvement since last quarter as
non-accrual investments declined; however, an additional
non-accrual investment and certain markdowns resulted in a slight
reduction in the NAV. We are working diligently with our borrowers,
their lenders, and their sponsors to resolve credit issues with the
goal of achieving positive outcomes for our shareholders.”
“At quarter end, our portfolio remained well diversified with
156 investments primarily in senior secured, first-lien loans. We
have a strong capital and liquidity position to capitalize on a
growing pipeline of attractive investment opportunities to deliver
attractive risk-adjusted returns for our shareholders over the long
term.”
SELECTED FINANCIAL
HIGHLIGHTS(1)
Three months ended September
30,
2024
2023
Amount
Per
Share
Amount
Per
Share
Net investment income
$
33,877,641
0.40
$
28,319,912
0.49
Less: Purchase accounting discount
amortization
3,044,864
0.04
—
—
Adjusted net investment income
$
30,832,777
0.36
$
28,319,912
0.49
Net realized and unrealized gain
(loss)
$
(12,244,681
)
(0.14
)
$
(15,496,980
)
(0.27
)
Less: Realized gain (loss) due to the
allocation of purchase discount
2,727,500
0.03
—
—
Less: Net change in unrealized
appreciation (depreciation) due to the allocation of purchase
discount
(5,772,364
)
(0.07
)
—
—
Adjusted net realized and unrealized
gain (loss)
$
(9,199,817
)
(0.10
)
$
(15,496,980
)
(0.27
)
Net increase (decrease) in net assets
resulting from operations
$
21,632,960
0.25
$
12,822,932
0.22
Less: Purchase accounting discount
amortization
3,044,864
0.04
—
—
Less: Realized gain (loss) due to the
allocation of purchase discount
2,727,500
0.03
—
—
Less: Net change in unrealized
appreciation (depreciation) due to the allocation of purchase
discount
(5,772,364
)
(0.07
)
—
—
Adjusted net increase (decrease) in
assets resulting from operations
$
21,632,960
0.25
$
12,822,932
0.22
(1) On March 18, 2024, the Company completed its previously
announced merger with BlackRock Capital Investment Corporation
("Merger"). The Merger has been accounted for as an asset
acquisition of BlackRock Capital Investment Corporation ("BCIC") by
the Company in accordance with the asset acquisition method of
accounting as detailed in ASC 805-50 ("ASC 805"), Business
Combinations-Related Issues. The Company determined the fair value
of the shares of the Company's common stock that were issued to
former BCIC shareholders pursuant to the Merger Agreement plus
transaction costs to be the consideration paid in connection with
the Merger under ASC 805. The consideration paid to BCIC
shareholders was less than the aggregate fair values of the BCIC
assets acquired and liabilities assumed, which resulted in a
purchase discount (the “purchase discount”). The consideration paid
was allocated to the individual BCIC assets acquired and
liabilities assumed based on the relative fair values of net
identifiable assets acquired other than “non-qualifying” assets and
liabilities (for example, cash) and did not give rise to goodwill.
As a result, the purchase discount was allocated to the cost basis
of the BCIC investments acquired by the Company on a pro-rata basis
based on their relative fair values as of the effective time of the
Merger. Immediately following the Merger, the investments were
marked to their respective fair values in accordance with ASC 820
which resulted in immediate recognition of net unrealized
appreciation in the Consolidated Statement of Operations as a
result of the Merger. The purchase discount allocated to the BCIC
debt investments acquired will amortize over the remaining life of
each respective debt investment through interest income, with a
corresponding adjustment recorded to unrealized appreciation or
depreciation on such investment acquired through its ultimate
disposition. The purchase discount allocated to BCIC equity
investments acquired will not amortize over the life of such
investments through interest income and, assuming no subsequent
change to the fair value of the equity investments acquired and
disposition of such equity investments at fair value, the Company
may recognize a realized gain or loss with a corresponding reversal
of the unrealized appreciation on disposition of such equity
investments acquired.
As a supplement to the Company’s reported GAAP financial
measures, we have provided the following non-GAAP financial
measures that we believe are useful:
- “Adjusted net investment income” – excludes the amortization of
purchase accounting discount from net investment income calculated
in accordance with GAAP;
- “Adjusted net realized and unrealized gain (loss)” – excludes
the unrealized appreciation resulting from the purchase discount
and the corresponding reversal of the unrealized appreciation from
the amortization of the purchase discount from the determination of
net realized and unrealized gain (loss) determined in accordance
with GAAP; and
- “Adjusted net increase (decrease) in net assets resulting from
operations” – calculates net increase (decrease) in net assets
resulting from operations based on Adjusted net investment income
and Adjusted net realized and unrealized gain (loss).
We believe that the adjustment to exclude the full effect of
purchase discount accounting under ASC 805 from these financial
measures is meaningful because of the potential impact on the
comparability of these financial measures that we and investors use
to assess our financial condition and results of operations period
over period. Although these non-GAAP financial measures are
intended to enhance investors’ understanding of our business and
performance, these non-GAAP financial measures should not be
considered an alternative to GAAP. The aforementioned non-GAAP
financial measures may not be comparable to similar non-GAAP
financial measures used by other companies.
PORTFOLIO AND INVESTMENT ACTIVITY
As of September 30, 2024, our consolidated investment portfolio
consisted of debt and equity positions in 156 portfolio companies
with a total fair value of approximately $1.9 billion, of which
90.6% was in senior secured debt. 81.3% of the total portfolio was
first lien. Equity positions, which include equity interests in
diversified portfolios of debt, represented approximately 9.1% of
the portfolio. 92.7% of our debt investments were floating rate,
97.0% of which had interest rate floors.
As of September 30, 2024, the weighted average annual effective
yield of our debt portfolio was approximately 13.4%(1) and the
weighted average annual effective yield of our total portfolio was
approximately 11.9%, compared with 13.7% and 12.4%, respectively,
as of June 30, 2024. Debt investments in ten portfolio companies
were on non-accrual status as of September 30, 2024, representing
3.8% of the consolidated portfolio at fair value and 9.3% at
cost.
During the three months ended September 30, 2024, we invested
approximately $72.8 million, primarily in 9 investments, comprised
of 6 new and 3 existing portfolio companies. Of these investments,
$62.7 million, or 86.2% of total acquisitions, were in senior
secured loans, and $7.6 million, or 10.4% of total acquisitions,
were in senior secured notes. The remaining $2.5 million, or 3.4%
of total acquisitions, were comprised of equity investments.
Additionally, we received approximately $139.2 million in proceeds
from sales or repayments of investments during the three months
ended September 30, 2024. New investments during the quarter had a
weighted average effective yield of 11.3%. Investments we exited
had a weighted average effective yield of 13.4%.
As of September 30, 2024, total assets were $2.0 billion, net
assets were $865.6 million and net asset value per share was
$10.11, as compared to $2.2 billion, $873.1 million, and $10.20 per
share, respectively, as of June 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 September 30,
2024 was approximately $70.9 million, or $0.83 per share.
Investment income for the three months ended September 30, 2024
included $0.08 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, $0.05 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 September
30, 2024 were approximately $37.1 million, or $0.43 per share,
including interest and other debt expenses of $21.2 million, or
$0.25 per share, and incentive compensation from net investment
income of $6.5 million, or $0.08 per share. Excluding incentive
compensation, interest and other debt expenses, annualized third
quarter expenses were 4.2% of average net assets.
Net investment income for the three months ended September 30,
2024 was approximately $33.9 million, or $0.40 per share. Net
realized losses for the three months ended September 30, 2024 were
$31.4 million, or $0.37 per share. Net realized losses for the
three months ended September 30, 2024 were comprised primarily of
$24.1 million and $7.4 million in losses from the restructuring of
our investments in Pluralsight and McAfee, respectively. Subsequent
to its restructuring, our debt investment in Pluralsight is back on
accrual status. Net unrealized gains for the three months ended
September 30, 2024 were $19.2 million, or $0.22 per share. Net
unrealized gains for the three months ended September 30, 2024
primarily reflect $24.1 million and $7.6 million reversals of
previous unrealized losses from the restructuring of our
investments in Pluralsight and McAfee, respectively, a $4.2 million
unrealized gain on our investment in Securus, a $3.6 million
unrealized gain on our investment in Domo and other unrealized
gains across the portfolio, partially offset by an $8.0 million
unrealized loss on our investment in Gordon Brothers, a $4.0
million unrealized loss on our investment in Seller-X, a $3.3
million unrealized loss on our investment in InMoment, a $2.8
million unrealized loss on our investment in Edmentum and a $2.2
million unrealized loss on our investment in Alpine. Net increase
in net assets resulting from operations for the three months ended
September 30, 2024 was $21.6 million, or $0.25 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2024, available liquidity was approximately
$581.8 million, comprised of approximately $477.7 million in
available capacity under our leverage program, $104.2 million in
cash and cash equivalents, offset by $0.1 million in payable for
investments purchased.
The combined weighted-average interest rate on debt outstanding
at September 30, 2024 was 5.43%.
Total debt outstanding at September 30, 2024, including debt
assumed as a result of the Merger, was as follows:
Maturity
Rate
Carrying
Value (1)
Available
Total
Capacity
Operating Facility
2029
SOFR+2.00%
(2)
$
121,253,796
$
178,746,204
$
300,000,000
(3)
Funding Facility II
2027
SOFR+2.05%
(4)
51,000,000
149,000,000
200,000,000
(5)
Merger Sub Facility(6)
2028
SOFR+2.00%
(7)
125,000,000
140,000,000
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%
325,497,355
—
325,497,355
2029 Notes ($325 million par)
2029
6.95%
321,590,452
—
321,590,452
Total leverage
1,167,841,603
$
477,746,204
$
1,645,587,807
Unamortized issuance costs
(7,798,616
)
Debt, net of unamortized issuance
costs
$
1,160,042,987
(1)
Except for the 2026 Notes and 2029 Notes,
all carrying values are the same as the principal amounts
outstanding.
(2)
As of September 30, 2024, $113.0 million
of the outstanding amount was subject to a SOFR credit adjustment
of 0.11%. $8.3 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 September 30, 2024, approximately $0.7 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.
On August 1, 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 September 30, 2024, no shares
were repurchased.
RECENT DEVELOPMENTS
On November 6, 2024, our Board of Directors declared a fourth
quarter dividend of $0.34 per share and a $0.10 per share special
dividend, both payable on December 31, 2024 to stockholders of
record as of the close of business on December 17, 2024.
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on
Wednesday, November 6, 2024 at 1:00 p.m. Eastern Time (10:00 a.m.
Pacific Time) to discuss its financial results. All interested
parties are invited to participate in the conference call by
dialing (833) 470-1428; international callers should dial (404)
975-4839. All participants should reference the access code 846824.
For a slide presentation that we intend to refer to on the earnings
conference call, please visit the Investor Relations section of our
website (www.tcpcapital.com) and click on the Third Quarter 2024
Investor Presentation under Events and Presentations. The
conference call will be webcast simultaneously in the investor
relations section of our website at
http://investors.tcpcapital.com/. An archived replay of the call
will be available approximately two hours after the live call,
through Wednesday, November 13, 2024. For the replay, please visit
https://investors.tcpcapital.com/events-and-presentations or dial
(866) 813-9403. For international replay, please dial (929)
458-6194. For all replays, please reference access code 616523.
BlackRock TCP Capital
Corp.
Consolidated Statements of
Assets and Liabilities
September 30, 2024
December 31, 2023
(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments
(cost of $1,781,311,452 and $1,389,865,889, respectively)
$
1,672,494,110
$
1,317,691,543
Non-controlled, affiliated investments
(cost of $58,628,251 and $63,188,613, respectively)
51,200,328
65,422,375
Controlled investments (cost of
$221,093,292 and $198,335,511, respectively)
185,394,923
171,827,192
Total investments (cost of $2,061,032,995
and $1,651,390,013, respectively)
1,909,089,361
1,554,941,110
Cash and cash equivalents
104,181,765
112,241,946
Interest, dividends and fees
receivable
25,786,624
25,650,684
Deferred debt issuance costs
6,650,857
3,671,727
Due from broker
784,356
—
Prepaid expenses and other assets
1,207,929
2,266,886
Total assets
2,047,700,892
1,698,772,353
Liabilities
Debt (net of deferred issuance costs of
$7,798,616 and $3,355,221, respectively)
1,160,042,987
985,200,609
Interest and debt related payables
11,507,228
10,407,570
Incentive fees payable
6,540,286
5,347,711
Interest Rate Swap, at fair value
652,656
—
Reimbursements due to the Advisor
219,502
844,664
Management fees payable
—
5,690,105
Payable for investments purchased
99,747
960,000
Accrued expenses and other liabilities
3,001,588
2,720,148
Total liabilities
1,182,063,994
1,011,170,807
Net assets
$
865,636,898
$
687,601,546
Composition of net assets applicable to
common shareholders
Common stock, $0.001 par value;
200,000,000 shares authorized, 85,591,134 and 57,767,264 shares
issued and outstanding as of September 30, 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)
(382,528,734
)
(280,099,476
)
Total net assets
865,636,898
687,601,546
Total liabilities and net assets
$
2,047,700,892
$
1,698,772,353
Net assets per share
$
10.11
$
11.90
BlackRock TCP Capital
Corp.
Consolidated Statements of
Operations
Three Months Ended September
30,
Nine Months Ended September
30,
2024
2023
2024
2023
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated
investments
$
61,647,228
$
46,722,801
$
173,856,058
$
138,140,812
Non-controlled, affiliated investments
381,494
48,712
1,113,813
141,950
Controlled investments
2,980,201
2,970,153
8,535,851
7,954,881
PIK interest income:
Non-controlled, non-affiliated
investments
3,827,236
3,511,734
8,267,269
8,728,033
Non-controlled, affiliated investments
—
—
92,675
—
Controlled investments
388,897
—
1,092,618
310,993
Dividend income:
Non-controlled, non-affiliated
investments
141,677
263,420
1,048,373
821,599
Non-controlled, affiliated investments
1,015,415
672,734
2,747,604
1,960,002
Controlled investments
423,031
—
1,301,106
—
Other income:
Non-controlled, non-affiliated
investments
127,308
21,387
132,654
376,209
Non-controlled, affiliated investments
—
—
—
45,650
Total investment income
70,932,487
54,210,941
198,188,021
158,480,129
Operating expenses
Interest and other debt expenses
21,160,551
12,133,863
54,117,604
35,971,338
Incentive fees
6,540,286
6,010,047
19,236,336
17,255,238
Management fees
6,185,025
6,092,673
18,567,719
18,065,948
Professional fees
842,389
745,978
2,443,988
1,519,106
Administrative expenses
547,458
357,921
1,702,669
1,092,268
Director fees
202,500
185,500
616,719
745,319
Insurance expense
214,102
134,212
565,168
426,790
Custody fees
96,574
94,811
285,639
276,727
Other operating expenses
1,265,961
122,860
2,687,733
1,781,273
Total operating expenses
37,054,846
25,877,865
100,223,575
77,134,007
Net investment income before
taxes
33,877,641
28,333,076
97,964,446
81,346,122
Excise tax expense
—
13,164
—
48,604
Net investment income
33,877,641
28,319,912
97,964,446
81,297,518
Realized and unrealized gain (loss) on
investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated
investments
(31,425,777
)
(128,841
)
(54,297,646
)
(31,153,173
)
Non-controlled, affiliated investments
—
—
(12,810,138
)
—
Net realized gain (loss)
(31,425,777
)
(128,841
)
(67,107,784
)
(31,153,173
)
Net change in unrealized appreciation
(depreciation) (1):
Non-controlled, non-affiliated
investments
27,118,840
(9,268,963
)
(36,652,226
)
11,820,648
Non-controlled, affiliated investments
(3,594,328
)
(4,131,670
)
(9,661,686
)
(5,339,736
)
Controlled investments
(4,539,213
)
(1,967,506
)
(9,190,060
)
(4,837,760
)
Interest Rate Swap
195,797
—
60,894
—
Net change in unrealized appreciation
(depreciation)
19,181,096
(15,368,139
)
(55,443,078
)
1,643,152
Net realized and unrealized gain
(loss)
(12,244,681
)
(15,496,980
)
(122,550,862
)
(29,510,021
)
Net increase (decrease) in net assets
resulting from operations
$
21,632,960
$
12,822,932
$
(24,586,416
)
$
51,787,497
Basic and diluted earnings (loss) per
share
$
0.25
$
0.22
$
(0.32
)
$
0.90
Basic and diluted weighted average
common shares outstanding
85,591,134
57,767,264
77,772,017
57,767,264
(1) Includes $21,347,357 change in unrealized appreciation from
application of Merger accounting under ASC 805 for the nine months
ended September 30, 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
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 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 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/20241106872955/en/
BlackRock TCP Capital Corp. Michaela Murray (310) 566-1094
investor.relations@tcpcapital.com
BlackRock TCP Capital (NASDAQ:TCPC)
Historical Stock Chart
From Dec 2024 to Jan 2025
BlackRock TCP Capital (NASDAQ:TCPC)
Historical Stock Chart
From Jan 2024 to Jan 2025
