BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the
“Company”), a business development company (NASDAQ: TCPC), today
announced its financial results for the second quarter ended June
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
June 30, 2024 was $35.8 million, or $0.42 per share on a diluted
basis, which exceeded the regular dividend of $0.34 per share paid
on June 28, 2024. Excluding amortization of purchase discount
recorded in connection with the Merger(1), adjusted net investment
income(1) for the quarter ended June 30, 2024 was $32.1 million, or
$0.38 per share on a diluted basis.
- Net asset value per share was $10.20 at June 30, 2024 compared
to $11.14 at March 31, 2024.
- Net decrease in net assets from operations on a GAAP basis for
the quarter ended June 30, 2024 was $51.3 million, or $0.60 per
share, compared to a $5.1 million, or $0.08 per share, net increase
in net assets from operations for the quarter ended March 31, 2024.
Net decrease in net assets from operations for the six months ended
June 30, 2024 was $46.2 million, or $0.63 per share.
- Total acquisitions during the quarter ended June 30, 2024 were
approximately $129.7 million and total investment dispositions were
$185.0 million during the three months ended June 30, 2024.
- As of June 30, 2024, debt investments on non-accrual status
represented 4.9% of the portfolio at fair value and 10.5% at
cost.
- On May 30, 2024, the Company issued $325.0 million in aggregate
principal amount of 6.95% notes due 2029 (the “2029 Notes”).
Additionally, subsequent to quarter end on August 1, 2024, the
Company amended the Operating Facility to extend the maturity date
to August 1, 2029.
- On August 7, 2024, our Board of Directors declared a third
quarter dividend of $0.34 per share, payable on September 30, 2024
to stockholders of record as of the close of business on September
16, 2024.
“In the second quarter, we generated adjusted net investment
income of 38 cents per share, resulting in adjusted annualized NII
return on average equity of 14%, which is at the high end of
historical levels, and strong dividend coverage of 112%. Our NAV
declined, reflecting higher non-accruals in the quarter. We are
proactively working with our borrowers, their lenders and sponsors
to resolve credit issues as quickly as possible while also
achieving the best outcomes for our investors. We have made good
progress on these efforts and our overall portfolio remains
healthy," said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman
and CEO.
"Looking to the second half of 2024, our capital position
remains strong, and our pipeline of investment prospects is
compelling. Investment activity picked up during the quarter as we
deployed $130 million of capital into new investments. With our
expertise, experience, and resources of the BlackRock platform, we
are confident that we will continue to deliver attractive long-term
returns to our shareholders."
SELECTED FINANCIAL HIGHLIGHTS(1)
Three Months Ended June
30,
2024
2023
Amount
Per Share
Amount
Per Share
Net investment income
$
35,825,532
0.42
$
27,604,479
0.48
Less: Purchase accounting discount
amortization
3,694,506
0.04
—
—
Adjusted net investment income
$
32,131,026
0.38
$
27,604,479
0.48
Net realized and unrealized gain
(loss)
$
(87,102,049
)
(1.02
)
$
(11,353,793
)
(0.20
)
Less: Realized gain (loss) due to the
allocation of purchase discount
5,187,625
0.06
—
—
Less: Net change in unrealized
appreciation (depreciation) due to the allocation of purchase
discount
(8,882,131
)
(0.10
)
—
—
Adjusted net realized and unrealized
gain (loss)
$
(83,407,543
)
(0.98
)
$
(11,353,793
)
(0.20
)
Net increase (decrease) in net assets
resulting from operations
$
(51,276,517
)
(0.60
)
$
16,250,686
0.28
Less: Purchase accounting discount
amortization
3,694,506
0.04
—
—
Less: Realized gain (loss) due to the
allocation of purchase discount
5,187,625
0.06
—
—
Less: Net change in unrealized
appreciation (depreciation) due to the allocation of purchase
discount
(8,882,131
)
(0.10
)
—
—
Adjusted net increase (decrease) in
assets resulting from operations
$
(51,276,517
)
(0.60
)
$
16,250,686
0.28
(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 June 30, 2024, our consolidated investment portfolio
consisted of debt and equity positions in 158 portfolio companies
with a total fair value of approximately $2.0 billion, of which
91.1% 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 8.2% of
the portfolio. 93.4% of our debt investments were floating rate,
97.1% of which had interest rate floors.
As of June 30, 2024, the weighted average annual effective yield
of our debt portfolio was approximately 13.7%(1) and the weighted
average annual effective yield of our total portfolio was
approximately 12.4%, compared with 14.1% and 13.4%, respectively,
as of March 31, 2024. Debt investments in ten portfolio companies
were on non-accrual status as of June 30, 2024, representing 4.9%
of the consolidated portfolio at fair value and 10.5% at cost.
During the three months ended June 30, 2024, we invested
approximately $129.7 million, primarily in 10 investments,
comprised of 5 new and 5 existing portfolio companies. Of these
investments, $123.5 million, or 95.3% of total acquisitions, were
in senior secured loans, and $6.2 million, or 4.7% of total
acquisitions, were comprised primarily of equity investments.
Additionally, we received approximately $185.0 million in proceeds
from sales or repayments of investments during the three months
ended June 30, 2024. New investments during the quarter had a
weighted average effective yield of 12.6%. Investments we exited
had a weighted average effective yield of 14.2%.
As of June 30, 2024, total assets were $2.2 billion, net assets
were $873.1 million and net asset value per share was $10.20, as
compared to $2.3 billion, $953.5 million, and $11.14 per share,
respectively, as of March 31, 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 June 30, 2024
was approximately $71.5 million, or $0.84 per share. Investment
income for the three months ended June 30, 2024 included $0.07 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, $0.03 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 June 30,
2024 were approximately $35.7 million, or $0.42 per share,
including interest and other debt expenses of $19.7 million, or
$0.23 per share, and incentive compensation from net investment
income of $6.8 million, or $0.08 per share. Excluding incentive
compensation, interest and other debt expenses, annualized second
quarter expenses were 3.9% of average net assets.
Net investment income for the three months ended June 30, 2024
was approximately $35.8 million, or $0.42 per share. Net realized
losses for the three months ended June 30, 2024 were $35.5 million,
or $0.41 per share. Net realized losses for the three months ended
June 30, 2024 was primarily comprised of $22.8 million and $12.8
million in losses from the restructuring of our investments in
Thras.io and Hylan, respectively. Net unrealized losses for the
three months ended June 30, 2024 were $51.6 million, or $0.60 per
share. Net unrealized losses for the three months ended June 30,
2024 included a $31.2 million unrealized loss on our investment in
SellerX, a $20.8 million unrealized loss on our investment in
Pluralsight, a $11.3 million unrealized loss on our investment in
Lithium, and a $4.0 million unrealized loss on our investment in
Edmentum and other unrealized losses across the portfolio,
partially offset by $18.9 million and $12.3 million reversals of
previous unrealized losses from the restructuring of our
investments in Thras.io and Hylan, respectively. Net decrease in
net assets resulting from operations for the three months ended
June 30, 2024 was $51.3 million, or $0.60 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2024, available liquidity was approximately
$779.8 million, comprised of approximately $585.1 million in
available capacity under our leverage program, $194.7 million in
cash and cash equivalents.
The combined weighted-average interest rate on debt outstanding
at June 30, 2024 was 5.00%.
Total debt outstanding at June 30, 2024, including debt assumed
as a result of the Merger, was as follows:
Maturity
Rate
Carrying Value (1)
Available
Total Capacity
Operating Facility
2026
EURIBOR+2.00%
(2)
$
7,923,529
$
292,076,471
$
300,000,000
(3)
Funding Facility II
2027
SOFR+2.05%
(4)
—
200,000,000
200,000,000
(5)
Merger Sub Facility(6)
2028
SOFR+2.00%
(7)
182,000,000
83,000,000
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%
249,908,671
—
249,908,671
2025 Notes ($92 million par)(6)
2025
Fixed/Variable
(10)
92,000,000
—
92,000,000
2026 Notes ($325 million par)
2026
2.85%
325,595,831
—
325,595,831
2029 Notes ($325 million par)
2029
6.95%
321,437,113
—
321,437,113
Total leverage
1,328,865,144
$
585,076,471
$
1,913,941,615
Unamortized issuance costs
(8,551,698
)
Debt, net of unamortized issuance
costs
$
1,320,313,446
__________________________
(1)
Except for the 2024 Notes, 2026
Notes and 2029 Notes, all carrying values are the same as the
principal amounts outstanding.
(2)
As of June 30, 2024, $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. For the
three months ended June 30, 2024, approximately $0.8 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 April 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 June 30, 2024, no shares were
repurchased.
RECENT DEVELOPMENTS
On August 1, 2024 the Operating Facility was amended to (i)
extend the expiration date of the Operating Facility and the
maturity date with respect to loans made thereunder to August 1,
2028 and August 1, 2029, respectively, (ii) delete references to
the 2022 Notes, (iii) remove certain borrowing base restrictions,
(iv) lower the SOFR adjustment, (v) update the minimum amount of
stockholder’s equity figure, (vi) update the “change in control”
provisions to account for personnel changes and structuring
variations and (vii) update certain mechanical/administrative
provisions, including provisions for replacing CDOR and other
reference rates.
On August 7, 2024, our Board of Directors declared a third
quarter dividend of $0.34 per share payable on September 30, 2024
to stockholders of record as of the close of business on September
16, 2024.
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on
Wednesday, August 7, 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 570726.
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 Second 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, August 14, 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 586837.
BlackRock TCP Capital
Corp.
Consolidated Statements of
Assets and Liabilities
June 30, 2024
December 31, 2023
(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments
(cost of $1,881,705,309 and $1,389,865,889, respectively)
$
1,745,584,069
$
1,317,691,543
Non-controlled, affiliated investments
(cost of $58,094,344 and $63,188,613, respectively)
54,260,749
65,422,375
Controlled investments (cost of
$212,223,240 and $198,335,511, respectively)
181,064,083
171,827,192
Total investments (cost of $2,152,022,893
and $1,651,390,013, respectively)
1,980,908,901
1,554,941,110
Cash and cash equivalents
194,669,436
112,241,946
Interest, dividends and fees
receivable
33,557,117
25,650,684
Deferred debt issuance costs
5,481,033
3,671,727
Due from broker
1,076,306
—
Prepaid expenses and other assets
2,988,694
2,266,886
Total assets
2,218,681,487
1,698,772,353
Liabilities
Debt (net of deferred issuance costs of
$8,551,698 and $3,355,221, respectively)
1,320,313,446
985,200,609
Interest and debt related payables
12,452,693
10,407,570
Incentive fees payable
6,815,672
5,347,711
Interest Rate Swap, at fair value
838,386
—
Reimbursements due to the Advisor
668,806
844,664
Management fees payable
—
5,690,105
Payable for investments purchased
—
960,000
Accrued expenses and other liabilities
4,487,560
2,720,148
Total liabilities
1,345,576,563
1,011,170,807
Net assets
$
873,104,924
$
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 June 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)
(375,060,708
)
(280,099,476
)
Total net assets
873,104,924
687,601,546
Total liabilities and net assets
$
2,218,681,487
$
1,698,772,353
Net assets per share
$
10.20
$
11.90
BlackRock TCP Capital
Corp.
Consolidated Statements of
Operations
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated
investments
$
63,562,637
$
46,264,863
$
112,208,830
$
91,418,011
Non-controlled, affiliated investments
384,684
47,703
732,319
93,238
Controlled investments
2,696,570
2,775,676
5,555,650
4,984,728
PIK interest income:
Non-controlled, non-affiliated
investments
2,034,356
3,631,465
4,440,033
5,216,299
Non-controlled, affiliated investments
—
—
92,675
—
Controlled investments
353,752
310,993
703,721
310,993
Dividend income:
Non-controlled, non-affiliated
investments
594,372
255,437
906,696
558,179
Non-controlled, affiliated investments
1,018,486
653,143
1,732,189
1,287,268
Controlled investments
878,075
—
878,075
—
Other income:
Non-controlled, non-affiliated
investments
3,293
21,558
5,346
354,822
Non-controlled, affiliated investments
—
—
—
45,650
Total investment income
71,526,225
53,960,838
127,255,534
104,269,188
Operating expenses
Interest and other debt expenses
19,726,829
12,288,304
32,957,053
23,837,475
Incentive fees
6,815,672
5,855,495
12,696,050
11,245,191
Management fees
6,563,189
6,095,736
12,382,694
11,973,275
Professional fees
681,923
318,778
1,601,599
773,128
Administrative expenses
594,208
357,803
1,155,211
734,347
Director fees
197,500
208,819
414,219
559,819
Insurance expense
205,953
138,575
351,066
292,578
Custody fees
99,145
91,330
189,065
181,916
Other operating expenses
816,274
1,001,519
1,421,772
1,658,413
Total operating expenses
35,700,693
26,356,359
63,168,729
51,256,142
Net investment income before
taxes
35,825,532
27,604,479
64,086,805
53,013,046
Excise tax expense
—
—
—
35,440
Net investment income
35,825,532
27,604,479
64,086,805
52,977,606
Realized and unrealized gain (loss) on
investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated
investments
(22,703,792
)
(394,628
)
(22,871,869
)
(31,024,332
)
Non-controlled, affiliated investments
(12,810,138
)
—
(12,810,138
)
—
Net realized gain (loss)
(35,513,930
)
(394,628
)
(35,682,007
)
(31,024,332
)
Net change in unrealized appreciation (1)
(depreciation):
Non-controlled, non-affiliated
investments
(57,619,007
)
(10,882,711
)
(63,771,066
)
21,089,611
Non-controlled, affiliated investments
8,310,670
919,061
(6,067,358
)
(1,208,066
)
Controlled investments
(2,137,940
)
(995,515
)
(4,650,847
)
(2,870,254
)
Interest Rate Swap
(141,842
)
—
(134,903
)
—
Net change in unrealized appreciation
(depreciation)
(51,588,119
)
(10,959,165
)
(74,624,174
)
17,011,291
Net realized and unrealized gain
(loss)
(87,102,049
)
(11,353,793
)
(110,306,181
)
(14,013,041
)
Net increase (decrease) in net assets
resulting from operations
$
(51,276,517
)
$
16,250,686
$
(46,219,376
)
$
38,964,565
Basic and diluted earnings (loss) per
share
$
(0.60
)
$
0.28
$
(0.63
)
$
0.67
Basic and diluted weighted average
common shares outstanding
85,591,134
57,767,264
73,819,497
57,767,264
(1)
Includes $21,347,357 change in
unrealized appreciation from application of Merger accounting under
ASC 805 for the six months ended June 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)
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 in 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 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/20240807811488/en/
BlackRock TCP Capital Corp. Michaela Murray (310) 566-1094
investor.relations@tcpcapital.com
BlackRock TCP Capital (NASDAQ:TCPC)
過去 株価チャート
から 8 2024 まで 9 2024
BlackRock TCP Capital (NASDAQ:TCPC)
過去 株価チャート
から 9 2023 まで 9 2024