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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BlackRock TCP Capital Corporation | NASDAQ:TCPC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.79 | 10.50 | 11.00 | 0 | 09:00:00 |
• |
Net investment income for the quarter ended December 31, 2023 was $25.3 million, or $0.44 per share on a diluted basis, which exceeded the regular dividend of $0.34 per share paid on December 29, 2023. This represents 47 consecutive
quarters of dividend coverage.
|
• |
Net asset value per share was $11.90 at December 31, 2023 compared to $12.72 at September 30, 2023.
|
• |
Net decrease in net assets from operations for the quarter ended December 31, 2023 was $13.3 million, or $0.23 per share, compared to $12.8 million, or $0.22 per share net increase in net assets from operations for the quarter ended
September 30, 2023. Net increase in net assets from operations for the year ended December 31, 2023 was $38.5 million, or $0.67 per share.
|
• |
Total acquisitions during the quarter ended December 31, 2023 were $40.6 million and total dispositions were $42.2 million. Total acquisitions for the year ended December 31, 2023 were $226.1 million and total dispositions were $218.7
million.
|
• |
As of December 31, 2023, loans on non-accrual status represented 2.0% of the portfolio at fair value and 3.7% at cost.
|
• |
On February 27, 2024, our Board of Directors declared a first quarter dividend of $0.34 per share, payable on March 29, 2024 to stockholders of record as of the close of business on March 14, 2024.
|
• |
As previously disclosed, on January 10, 2024, the Company entered into an Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”) with BlackRock Capital Investment Corporation, a Delaware corporation (“BCIC”), pursuant
to which the Company will merge with and into an indirect wholly-owned subsidiary of TCPC (“Merger Sub, the “Merger”). Following the Merger, TCPC will continue to trade on the Nasdaq Global Select Market under the ticker symbol “TCPC” and
the Merger Sub will continue as a subsidiary of TCPC. The Merger is currently anticipated to close during the first quarter of 2024, subject to stockholder approval, customary regulatory approvals and other closing conditions.
|
Maturity
|
Rate
|
Carrying
Value (1)
|
Available
|
Total
Capacity
|
|||||||||||||||||
Operating Facility
|
2026
|
SOFR+2.00%
|
(2)
|
$
|
163,168,808
|
$
|
136,831,192
|
$
|
300,000,000
|
(3)
|
|||||||||||
Funding Facility II
|
2027
|
SOFR+2.05%
|
(4)
|
100,000,000
|
100,000,000
|
200,000,000
|
(5)
|
|
|||||||||||||
SBA Debentures
|
2024−2031
|
2.52%
|
(6)
|
150,000,000
|
10,000,000
|
160,000,000
|
|||||||||||||||
2024 Notes ($250 million par)
|
2024
|
3.900%
|
|
249,596,009
|
—
|
249,596,009
|
|||||||||||||||
2026 Notes ($325 million par)
|
2026
|
2.850%
|
|
325,791,013
|
—
|
325,791,013
|
|||||||||||||||
Total leverage
|
988,555,830
|
$
|
246,831,192
|
$
|
1,235,387,022
|
||||||||||||||||
Unamortized issuance costs
|
(3,355,221
|
) |
|||||||||||||||||||
Debt, net of unamortized issuance costs
|
$
|
985,200,609
|
(1) |
Except for the 2024 Notes and the 2026 Notes, all carrying values are the same as the principal amounts outstanding.
|
(2) |
As of December 31, 2023, $155.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.11%. $8.2 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $2.0 million of the outstanding
amount bore interest at a rate of Prime + 1.00%.
|
(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) |
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.
|
December 31, 2023 |
December 31, 2022
|
|||||||
Assets
|
||||||||
Investments, at fair value:
|
||||||||
Non-controlled, non-affiliated investments (cost of $1,389,865,889 and $1,474,146,428, respectively)
|
$
|
1,317,691,543
|
$
|
1,402,764,659
|
||||
Non-controlled, affiliated investments (cost of $63,188,613 and $37,132,993, respectively)
|
65,422,375
|
69,089,697
|
||||||
Controlled investments (cost of $198,335,511 and $158,500,501, respectively)
|
171,827,192
|
137,733,285
|
||||||
Total investments (cost of $1,651,390,013 and $1,669,779,921, respectively)
|
1,554,941,110
|
1,609,587,641
|
||||||
|
||||||||
Cash and cash equivalents
|
112,241,946
|
82,435,171
|
||||||
Interest, dividends and fees receivable
|
25,650,684
|
20,903,797
|
||||||
Deferred debt issuance costs
|
3,671,727
|
3,597,236
|
||||||
Prepaid expenses and other assets
|
2,266,886
|
2,826,004
|
||||||
Total assets
|
1,698,772,353
|
1,719,349,849
|
||||||
|
||||||||
Liabilities
|
||||||||
Debt (net of deferred issuance costs of $3,355,221 and $5,056,427, respectively)
|
985,200,609
|
944,005,814
|
||||||
Interest and debt-related payables
|
10,407,570
|
9,260,738
|
||||||
Management fees payable
|
5,690,105
|
6,084,202
|
||||||
Incentive fees payable
|
5,347,711
|
4,883,575
|
||||||
Payable for investments purchased
|
960,000
|
1,937,465
|
||||||
Reimbursements due to the Advisor
|
844,664
|
1,498,733
|
||||||
Distributions payable
|
—
|
2,888,363
|
||||||
Accrued expenses and other liabilities
|
2,720,148
|
2,037,169
|
||||||
Total liabilities
|
1,011,170,807
|
972,596,059
|
||||||
|
||||||||
Net assets
|
$
|
687,601,546
|
$
|
746,753,790
|
||||
|
||||||||
Composition of net assets applicable to common shareholders
|
||||||||
Common stock, $0.001 par value; 200,000,000 shares authorized, 57,767,264 and 57,767,264 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
|
$
|
57,767
|
$
|
57,767
|
||||
Paid-in capital in excess of par
|
967,643,255
|
967,890,570
|
||||||
Distributable earnings (loss)
|
(280,099,476
|
)
|
(221,194,547
|
)
|
||||
Total net assets
|
687,601,546
|
746,753,790
|
||||||
Total liabilities and net assets
|
$
|
1,698,772,353
|
$
|
1,719,349,849
|
||||
Net assets per share
|
$
|
11.90
|
$
|
12.93
|
Year Ended December 31, | ||||||||||||
2023 | 2022 | 2021 | ||||||||||
Investment income | ||||||||||||
Interest income (excluding PIK):
|
||||||||||||
Non-controlled, non-affiliated investments
|
$
|
183,528,944
|
$
|
157,012,042
|
$
|
143,005,804
|
||||||
Non-controlled, affiliated investments
|
1,137,108
|
148,805
|
127,247
|
|||||||||
Controlled investments
|
10,061,227
|
7,710,565
|
6,678,789
|
|||||||||
PIK income:
|
||||||||||||
Non-controlled, non-affiliated investments
|
9,422,286
|
7,899,134
|
5,839,520
|
|||||||||
Non-controlled, affiliated investments
|
319,010
|
—
|
—
|
|||||||||
Controlled investments
|
651,700
|
—
|
—
|
|||||||||
Dividend income:
|
||||||||||||
Non-controlled, non-affiliated investments
|
1,133,826
|
1,017,828
|
1,131,568
|
|||||||||
Non-controlled, affiliated investments
|
2,652,918
|
2,357,066
|
4,599,288
|
|||||||||
Controlled investments
|
—
|
3,794,889
|
2,110,976
|
|||||||||
Other income:
|
||||||||||||
Non-controlled, non-affiliated investments
|
376,214
|
881,611
|
449,021
|
|||||||||
Non-controlled, affiliated investments
|
45,650
|
180,520
|
1,163,495
|
|||||||||
Total investment income
|
209,328,883
|
181,002,459
|
165,105,708
|
|||||||||
Operating expenses
|
||||||||||||
Interest and other debt expenses
|
47,810,740
|
39,358,896
|
40,988,760
|
|||||||||
Management fees
|
24,020,766
|
26,259,584
|
25,719,938
|
|||||||||
Incentive fees
|
22,602,949
|
18,759,613
|
17,726,879
|
|||||||||
Professional fees
|
2,173,123
|
1,767,652
|
1,715,244
|
|||||||||
Administrative expenses
|
1,532,284
|
1,760,905
|
1,851,420
|
|||||||||
Director fees
|
936,819
|
1,090,654
|
982,111
|
|||||||||
Insurance expense
|
558,020
|
638,006
|
615,901
|
|||||||||
Custody fees
|
365,107
|
339,886
|
325,239
|
|||||||||
Other operating expenses
|
2,525,002
|
2,589,090
|
2,637,102
|
|||||||||
Total operating expenses
|
102,524,810
|
92,564,286
|
92,562,594
|
|||||||||
Net investment income before taxes
|
106,804,073
|
88,438,173
|
72,543,114
|
|||||||||
Excise tax expense
|
247,315
|
—
|
—
|
|||||||||
Net investment income
|
106,556,758
|
88,438,173
|
72,543,114
|
|||||||||
Realized and unrealized gain (loss) on investments and foreign currency
|
||||||||||||
Net realized gain (loss):
|
||||||||||||
Non-controlled, non-affiliated investments
|
(31,648,232
|
)
|
(29,278,589
|
)
|
(2,257,955
|
)
|
||||||
Non-controlled, affiliated investments
|
—
|
11,172,439
|
6,545,598
|
|||||||||
Controlled investments
|
—
|
(124,801
|
)
|
—
|
||||||||
Net realized gain (loss)
|
(31,648,232
|
)
|
(18,230,951
|
)
|
4,287,643
|
Net change in unrealized appreciation (depreciation):
|
||||||||||||
Non-controlled, non-affiliated investments
|
(2,036,190
|
)
|
(72,517,792
|
)
|
13,083,276
|
|||||||
Non-controlled, affiliated investments
|
(28,656,798
|
)
|
(27,307,855
|
)
|
53,937,566
|
|||||||
Controlled investments
|
(5,741,106
|
)
|
20,393,093
|
(3,854,536
|
)
|
|||||||
Net change in unrealized appreciation (depreciation)
|
(36,434,094
|
)
|
(79,432,554
|
)
|
63,166,306
|
|||||||
Net realized and unrealized gain (loss)
|
(68,082,326
|
)
|
(97,663,505
|
)
|
67,453,949
|
|||||||
|
||||||||||||
Realized loss on extinguishment of debt
|
—
|
—
|
(6,206,289
|
)
|
||||||||
|
||||||||||||
Net increase (decrease) in net assets resulting from operations
|
$
|
38,474,432
|
$
|
(9,225,332
|
)
|
$
|
133,790,774
|
|||||
|
||||||||||||
Basic and diluted earnings (loss) per share
|
$
|
0.67
|
$
|
(0.16
|
)
|
$
|
2.32
|
|||||
|
||||||||||||
Basic and diluted weighted average common shares outstanding
|
57,767,264
|
57,767,264
|
57,767,264
|
1 Year BlackRock TCP Capital Chart |
1 Month BlackRock TCP Capital Chart |
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