BlackRock TCP Capital Corp
F:8TC
BlackRock TCP Capital Corp
TCP Capital Corp. is an externally-managed specialty finance company focused on middle-market lending. The company is headquartered in Santa Monica, California. The company went IPO on 2012-04-04. The firm's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The company invests in the debt of middle-market companies, as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. The company intends to focus on privately negotiated investments in debt of middle-market companies. The company may make investments of all kinds and at all levels of the capital structure, including in equity interests, such as preferred or common stock and warrants or options received in connection with its debt investments. As of June 30, 2018, its investment portfolio consisted of 97 portfolio companies. Tennenbaum Capital Partners, LLC is the investment manager and advisor of the Company.
TCP Capital Corp. is an externally-managed specialty finance company focused on middle-market lending. The company is headquartered in Santa Monica, California. The company went IPO on 2012-04-04. The firm's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The company invests in the debt of middle-market companies, as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. The company intends to focus on privately negotiated investments in debt of middle-market companies. The company may make investments of all kinds and at all levels of the capital structure, including in equity interests, such as preferred or common stock and warrants or options received in connection with its debt investments. As of June 30, 2018, its investment portfolio consisted of 97 portfolio companies. Tennenbaum Capital Partners, LLC is the investment manager and advisor of the Company.
NAV Stability: Net asset value (NAV) held steady at $8.71 per share from last quarter.
Nonaccruals Improvement: Nonaccrual loans decreased to 3.5% of the portfolio at fair value, down from 5.6% at the end of 2024.
Renovo Write-Off: Renovo investment will be fully written down in Q4, expected to reduce NAV by $0.15 per share.
Diversification Progress: Average position size decreased to $7.8 million, enhancing portfolio diversification and reducing risk.
Dividend Maintained: Dividend of $0.25 per share declared, consistent with previous quarters.
Net Investment Income: Adjusted net investment income was $0.30 per share, down slightly from $0.31 last quarter.
Portfolio Gains: Significant realized gains from NEP Group recapitalization and improved recovery prospects.
Share Repurchases: Over 25,000 shares repurchased in Q3 and 170,000 additional shares after quarter end.
