SANTA MONICA, Calif.–(BUSINESS WIRE)–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, 2025 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 March 31, 2025 was $32.2 million, or $0.38 per share on a diluted basis, which exceeded the regular dividend of $0.25 per share and special dividend of $0.04 per share on March 31, 2025. Excluding amortization of purchase discount recorded in connection with the Merger(1), adjusted net investment income(1) for the quarter ended March 31, 2025 was $30.7 million, or $0.36 per share on a diluted basis.
- Net asset value per share was $9.18 as of March 31, 2025 compared to $9.23 as of December 31, 2024.
- Net increase in net assets from operations on a GAAP basis for the quarter ended March 31, 2025 was $20.9 million, or $0.25 per share, compared to a $38.6 million, or $0.45 per share, net decrease in net assets from operations for the quarter ended December 31, 2024.
- Total investment acquisitions and dispositions during the quarter ended March 31, 2025 were approximately $66.0 million and $84.9 million, respectively.
- As of March 31, 2025, net leverage was 1.13x compared to 1.14x at December 31, 2024.
- As of March 31, 2025, debt investments on non-accrual status represented 4.4% of the portfolio at fair value and 12.6% at cost, compared to 5.6% of the portfolio at fair value and 14.4% at cost as of December 31, 2024.
- For the three months ended March 31, 2025, the Advisor waived $1.8 million in management fees, or $0.02 per share.
- On May 8, 2025, our Board of Directors declared a second quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on June 30, 2025 to stockholders of record as of the close of business on June 16, 2025.
“We made meaningful progress in strengthening our portfolio in the first quarter, and we are pleased to see signs of portfolio stabilization. Investments on non-accrual loans declined to 4.4% from 5.6% of the portfolio at fair value this quarter, reflecting the exit of four non-accrual investments. Adjusted net investment income and net asset value were stable with last quarter’s levels at $0.36 per share and $9.18 per share, respectively,” said Phil Tseng, Chairman, Co-CIO, and CEO of BlackRock TCP Capital Corp.
“Although the impact of global macroeconomic factors remains uncertain, we have carefully reviewed our investments and estimate that only a mid-single digit percentage of our portfolio at fair market value will be directly impacted by tariffs. We believe we have the right plan to position the portfolio to perform well in all market environments and are taking a highly disciplined approach to making investments that are aligned with our stated strategy.”
SELECTED FINANCIAL HIGHLIGHTS(1)
|
|
Three months ended March 31, |
|
||||||||||||||
|
|
2025 |
|
|
2024 |
|
|||||||||||
|
|
Amount |
|
|
Per |
|
|
Amount |
|
|
Per |
|
|||||
|
Net investment income |
$ |
32,202,669 |
|
|
|
0.38 |
|
|
$ |
28,261,273 |
|
|
|
0.46 |
|
|
|
Less: Purchase accounting discount amortization |
|
1,502,373 |
|
|
|
0.02 |
|
|
|
539,491 |
|
|
|
0.01 |
|
|
|
Adjusted net investment income |
$ |
30,700,296 |
|
|
|
0.36 |
|
|
$ |
27,721,782 |
|
|
|
0.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net realized and unrealized gain (loss) |
$ |
(11,308,081 |
) |
|
|
(0.13 |
) |
|
$ |
(23,204,132 |
) |
|
|
(0.37 |
) |
|
|
Less: Realized gain (loss) due to the allocation of purchase discount |
|
2,685,479 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
|
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
(4,187,852 |
) |
|
|
(0.05 |
) |
|
|
21,347,357 |
|
|
|
0.34 |
|
|
|
Adjusted net realized and unrealized gain (loss) |
$ |
(9,805,708 |
) |
|
|
(0.11 |
) |
|
$ |
(44,551,489 |
) |
|
|
(0.71 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net increase (decrease) in net assets resulting from operations |
$ |
20,894,588 |
|
|
|
0.25 |
|
|
$ |
5,057,141 |
|
|
|
0.08 |
|
|
|
Less: Purchase accounting discount amortization |
|
1,502,373 |
|
|
|
0.02 |
|
|
|
539,491 |
|
|
|
0.01 |
|
|
|
Less: Realized gain (loss) due to the allocation of purchase discount |
|
2,685,479 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
|
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
(4,187,852 |
) |
|
|
(0.05 |
) |
|
|
21,347,357 |
|
|
|
0.34 |
|
|
|
Adjusted net increase (decrease) in assets resulting from operations |
$ |
20,894,588 |
|
|
|
0.25 |
|
|
$ |
(16,829,707 |
) |
|
|
(0.27 |
) |
|
(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 March 31, 2025, our consolidated investment portfolio consisted of debt and equity positions in 146 portfolio companies with a total fair value of approximately $1.8 billion, of which 90.0% was in senior secured debt. 82.5% of the total portfolio was first lien. Equity positions, which include equity interests in diversified portfolios of debt, represented approximately 9.9% of the portfolio. 94.0% of our debt investments were floating rate, 97.9% of which had interest rate floors.
As of March 31, 2025, the weighted average annual effective yield of our debt portfolio was approximately 12.2%(1) and the weighted average annual effective yield of our total portfolio was approximately 10.8%, compared with 12.4% and 11.1%, respectively, as of December 31, 2024. Debt investments in eight portfolio companies were on non-accrual status as of March 31, 2025, representing 4.4% of the consolidated portfolio at fair value and 12.6% at cost.
During the three months ended March 31, 2025, we invested approximately $66.0 million, comprised of new investments in 2 new and 9 existing portfolio companies. Of these investments, $60.5 million, or 91.7% of total acquisitions, were in senior secured loans. The remaining $5.5 million, or 8.3% of total acquisitions, were comprised of equity investments. Additionally, we received approximately $84.9 million in proceeds from sales or repayments of investments during the three months ended March 31, 2025. New investments during the quarter had a weighted average effective yield of 11.4%. Investments we exited had a weighted average effective yield of 11.2%.
As of March 31, 2025, total assets were $1.9 billion, net assets were $781.3 million and net asset value per share was $9.18, as compared to $1.9 billion, $785.1 million, and $9.23 per share, respectively, as of December 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 March 31, 2025 was approximately $55.9 million, or $0.66 per share. Investment income for the three months ended March 31, 2025 included $0.03 per share from prepayment premiums and related accelerated original issue discount and exit fee amortization, $0.05 per share from recurring portfolio investment original issue discount and exit fee amortization, $0.08 per share from interest income paid in kind and $0.04 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, 2025 were approximately $23.7 million, or $0.28 per share, including interest and other debt expenses of $17.1 million, or $0.20 per share, base management fees of $5.5 million, or $0.06 per share, offset by $1.8 million in management fee waiver, or $0.02 per share. As of March 31, 2025, the Company’s cumulative total return did not exceed the total return hurdle, and as a result, no incentive compensation was accrued for the three months ended March 31, 2025. Excluding interest and other debt expenses, annualized first quarter expenses were 3.4% of average net assets.
Net investment income for the three months ended March 31, 2025 was approximately $32.2 million, or $0.38 per share. Net realized loss for the three months ended March 31, 2025 was $40.9 million, or $0.48 per share. Net realized loss for the three months ended March 31, 2025 was comprised primarily of $24.5 million, $7.6 million, and $6.7 million in losses from the dispositions of our investments in Securus, CIBT, and McAfee, respectively. Net unrealized gain for the three months ended March 31, 2025 was $29.6 million, or $0.35 per share. Net unrealized gain for the three months ended March 31, 2025 primarily reflects $23.9 million, $7.5 million, and $5.3 million reversals of previously recognized unrealized losses from the dispositions of our investments in Securus, CIBT, and McAfee, respectively, a $10.8 million unrealized gain on our investment in Job and Talent and a $5.3 million unrealized gain on our investment in AutoAlert, partially offset by an $8.0 million unrealized loss on our investment in Razor, a $2.7 million unrealized loss on our investment in Gordon Brothers, a $2.3 million unrealized loss on our investment in Alpine, and a $2.3 million unrealized loss on our investment in Brook & Whittle. Net increase in net assets resulting from operations for the three months ended March 31, 2025 was $20.9 million, or $0.25 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2025, available liquidity was approximately $628.9 million, comprised of approximately $530.0 million in available capacity under our leverage program and $99.1 million in cash and cash equivalents, offset by $0.2 million in payable for investments purchased.
The combined weighted-average interest rate on debt outstanding at March 31, 2025 was 5.17%.
Total debt outstanding at March 31, 2025, including debt assumed as a result of the Merger, was as follows:
|
Debt, net of unamortized issuance costs |
|
Maturity |
|
Rate |
|
|
Carrying |
|
|
Available |
|
|
Total |
|
|
|||
|
Operating Facility |
|
2029 |
|
SOFR+2.00% |
(2) |
|
$ |
120,000,000 |
|
|
$ |
180,000,000 |
|
|
$ |
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) |
|
|
25,000,000 |
|
|
|
240,000,000 |
|
|
|
265,000,000 |
|
(8) |
|
SBA Debentures |
|
2025−2031 |
|
2.45% |
(9) |
|
|
122,000,000 |
|
|
|
10,000,000 |
|
|
|
132,000,000 |
|
|
|
2025 Notes ($92 million par)(6) |
|
2025 |
|
Fixed/Variable |
(10) |
|
|
92,000,000 |
|
|
|
— |
|
|
|
92,000,000 |
|
|
|
2026 Notes ($325 million par) |
|
2026 |
|
2.85% |
|
|
|
325,298,791 |
|
|
|
— |
|
|
|
325,298,791 |
|
|
|
2029 Notes ($325 million par) |
|
2029 |
|
6.95% |
|
|
|
321,904,509 |
|
|
|
— |
|
|
|
321,904,509 |
|
|
|
Total leverage |
|
|
|
|
|
|
|
1,106,203,300 |
|
|
$ |
530,000,000 |
|
|
$ |
1,636,203,300 |
|
|
|
Unamortized issuance costs |
|
|
|
|
|
|
|
(7,299,104 |
) |
|
|
|
|
|
|
|
||
|
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
1,098,904,196 |
|
|
|
|
|
|
|
|
||
|
(1) |
Except for the 2026 Notes and 2029 Notes, all carrying values are the same as the principal amounts outstanding. |
||
|
(2) |
The outstanding amount was subject to a SOFR credit adjustment of 0.10%. |
||
|
(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 March 31, 2025, approximately $1.4 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.
The Company Repurchase Plan was re-approved on April 24, 2024, to be in effect through the earlier of April 30, 2025, unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.
The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the first quarter ended March 31, 2025:
|
|
|
Shares Repurchased |
|
|
Price Per Share* |
|
|
Total Cost |
|
|||
|
Company Repurchase Plan |
|
|
3,150 |
|
|
$ |
8.54 |
|
|
$ |
26,915 |
|
RECENT DEVELOPMENTS
From April 1, 2025 through May 7, 2025, the Company has invested approximately $43.6 million primarily in two senior secured loans with a combined effective yield of approximately 10.0%.
On April 29, 2025, the Company’s Board of Directors re-approved the Company Repurchase Plan, to be in effect through the earlier of April 30, 2026, unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.
From April 1, 2025 through May 7, 2025, the Company repurchased 39,500 shares at a weighted average price of $6.70, for a total cost of $264,706.
On May 2, 2025, SVCP entered into Amendment No. 8 and Limited Waiver to the Operating Facility (the “Operating Facility Amendment”). The Operating Facility Amendment (i) clarified that, for purposes of the Operating Facility, “control” does not include “negative” control or “blocking” rights, and (ii) provided that the administrative agent and the lenders under the Operating Facility waived any default or event of default under the Operating Facility resulting from the failure of SVCP to cause TCPC Holdings Blocker, LLC, a Delaware limited liability company, to become a “Subsidiary Guarantor” within the time required under the Operating Facility.
On May 8, 2025, our Board of Directors declared a second quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on June 30, 2025 to stockholders of record as of the close of business on June 16, 2025.
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on Thursday May 8, 2025 at 12:00 p.m. Eastern Time (9:00 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 912158. 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 2025 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 Thursday, May 15, 2025. 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 832365.
|
BlackRock TCP Capital Corp. Consolidated Statements of Assets and Liabilities |
||||||||
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
||
|
|
|
(unaudited) |
|
|
|
|
||
|
Assets |
|
|
|
|
|
|
||
|
Investments, at fair value: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments (cost of $1,681,083,767 and $1,737,804,418, respectively) |
|
$ |
1,535,379,600 |
|
|
$ |
1,565,603,753 |
|
|
Non-controlled, affiliated investments (cost of $60,615,529 and $59,606,472, respectively) |
|
|
51,374,907 |
|
|
|
49,444,695 |
|
|
Controlled investments (cost of $222,488,210 and $221,803,172, respectively) |
|
|
182,519,261 |
|
|
|
179,709,888 |
|
|
Total investments (cost of $1,964,187,506 and $2,019,214,062, respectively) |
|
|
1,769,273,768 |
|
|
|
1,794,758,336 |
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
|
99,114,852 |
|
|
|
91,589,702 |
|
|
Interest, dividends and fees receivable |
|
|
23,283,768 |
|
|
|
22,784,825 |
|
|
Deferred debt issuance costs |
|
|
5,604,687 |
|
|
|
6,235,009 |
|
|
Due from broker |
|
|
785,840 |
|
|
|
817,969 |
|
|
Receivable for investments sold |
|
|
— |
|
|
|
4,487,697 |
|
|
Prepaid expenses and other assets |
|
|
840,644 |
|
|
|
2,357,825 |
|
|
Total assets |
|
|
1,898,903,559 |
|
|
|
1,923,031,363 |
|
|
|
|
|
|
|
|
|
||
|
Liabilities |
|
|
|
|
|
|
||
|
Debt (net of deferred issuance costs of $7,299,104 and $7,974,601, respectively) |
|
|
1,098,904,196 |
|
|
|
1,118,340,225 |
|
|
Interest and debt related payables |
|
|
10,829,846 |
|
|
|
8,306,126 |
|
|
Management fees payable |
|
|
3,487,137 |
|
|
|
5,750,971 |
|
|
Interest Rate Swap, at fair value |
|
|
740,526 |
|
|
|
731,830 |
|
|
Reimbursements due to the Advisor |
|
|
514,342 |
|
|
|
932,224 |
|
|
Payable for investments purchased |
|
|
219,091 |
|
|
|
99,494 |
|
|
Accrued expenses and other liabilities |
|
|
2,889,497 |
|
|
|
3,746,826 |
|
|
Total liabilities |
|
|
1,117,584,635 |
|
|
|
1,137,907,696 |
|
|
|
|
|
|
|
|
|
||
|
Net assets |
|
$ |
781,318,924 |
|
|
$ |
785,123,667 |
|
|
|
|
|
|
|
|
|
||
|
Composition of net assets applicable to common shareholders |
|
|
|
|
|
|
||
|
Common stock, $0.001 par value; 200,000,000 shares authorized, 85,077,297 and 85,080,447 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively |
|
$ |
85,077 |
|
|
$ |
85,080 |
|
|
Paid-in capital in excess of par |
|
|
1,731,030,547 |
|
|
|
1,731,057,459 |
|
|
Distributable earnings (loss) |
|
|
(949,796,700 |
) |
|
|
(946,018,872 |
) |
|
Total net assets |
|
|
781,318,924 |
|
|
|
785,123,667 |
|
|
Total liabilities and net assets |
|
$ |
1,898,903,559 |
|
|
$ |
1,923,031,363 |
|
|
|
|
|
|
|
|
|
||
|
Net assets per share |
|
$ |
9.18 |
|
|
$ |
9.23 |
|
|
BlackRock TCP Capital Corp. Consolidated Statements of Operations |
||||||||
|
|
|
Three Months Ended March 31, |
|
|||||
|
|
|
2025 |
|
|
2024 |
|
||
|
Investment income |
|
(unaudited) |
|
|
(unaudited) |
|
||
|
Interest income (excluding PIK): |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
$ |
43,456,737 |
|
|
$ |
48,646,193 |
|
|
Non-controlled, affiliated investments |
|
|
337,999 |
|
|
|
347,635 |
|
|
Controlled investments |
|
|
2,309,269 |
|
|
|
2,859,080 |
|
|
PIK interest income: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
5,788,915 |
|
|
|
2,405,677 |
|
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
92,675 |
|
|
Controlled investments |
|
|
681,561 |
|
|
|
349,969 |
|
|
Dividend income: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
435,951 |
|
|
|
312,324 |
|
|
Non-controlled, affiliated investments |
|
|
1,009,057 |
|
|
|
713,703 |
|
|
Controlled investments |
|
|
1,868,860 |
|
|
|
— |
|
|
Other income: |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
566 |
|
|
|
2,053 |
|
|
Total investment income |
|
|
55,888,915 |
|
|
|
55,729,309 |
|
|
|
|
|
|
|
|
|
||
|
Operating expenses |
|
|
|
|
|
|
||
|
Interest and other debt expenses |
|
|
17,084,633 |
|
|
|
13,230,224 |
|
|
Management fees |
|
|
5,483,844 |
|
|
|
5,819,505 |
|
|
Professional fees |
|
|
867,447 |
|
|
|
919,676 |
|
|
Administrative expenses |
|
|
641,464 |
|
|
|
561,003 |
|
|
Insurance expense |
|
|
218,463 |
|
|
|
145,113 |
|
|
Director fees |
|
|
192,500 |
|
|
|
216,719 |
|
|
Custody fees |
|
|
93,185 |
|
|
|
89,920 |
|
|
Incentive fees |
|
|
— |
|
|
|
5,880,378 |
|
|
Other operating expenses |
|
|
932,658 |
|
|
|
605,498 |
|
|
Total operating expenses, before management fee waiver |
|
|
25,514,194 |
|
|
|
27,468,036 |
|
|
Management fee waiver |
|
|
(1,827,948 |
) |
|
|
— |
|
|
Total operating expenses, after management fee waiver |
|
|
23,686,246 |
|
|
|
27,468,036 |
|
|
|
|
|
|
|
|
|
||
|
Net investment income |
|
|
32,202,669 |
|
|
|
28,261,273 |
|
|
|
|
|
|
|
|
|
||
|
Realized and unrealized gain (loss) on investments and foreign currency |
|
|
|
|
|
|
||
|
Net realized gain (loss): |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
(40,917,338 |
) |
|
|
(168,077 |
) |
|
Net realized gain (loss) |
|
|
(40,917,338 |
) |
|
|
(168,077 |
) |
|
|
|
|
|
|
|
|
||
|
Net change in unrealized appreciation (depreciation) (1): |
|
|
|
|
|
|
||
|
Non-controlled, non-affiliated investments |
|
|
26,554,993 |
|
|
|
(6,152,059 |
) |
|
Non-controlled, affiliated investments |
|
|
921,158 |
|
|
|
(14,378,028 |
) |
|
Controlled investments |
|
|
2,124,335 |
|
|
|
(2,512,907 |
) |
|
Interest Rate Swap |
|
|
8,771 |
|
|
|
6,939 |
|
|
Net change in unrealized appreciation (depreciation) |
|
|
29,609,257 |
|
|
|
(23,036,055 |
) |
|
|
|
|
|
|
|
|
||
|
Net realized and unrealized gain (loss) |
|
|
(11,308,081 |
) |
|
|
(23,204,132 |
) |
|
|
|
|
|
|
|
|
||
|
Net increase (decrease) in net assets resulting from operations |
|
$ |
20,894,588 |
|
|
$ |
5,057,141 |
|
|
|
|
|
|
|
|
|
||
|
Basic and diluted earnings (loss) per share |
|
$ |
0.25 |
|
|
$ |
0.08 |
|
|
|
|
|
|
|
|
|
||
|
Basic and diluted weighted average common shares outstanding |
|
|
85,077,619 |
|
|
|
62,047,859 |
|
Contacts
BlackRock TCP Capital Corp.
Michaela Murray
(310) 566-1094
[email protected]
