BlackRock TCP Capital Corp. has released its financial results for the third quarter of 2024, revealing several key metrics that have changed since the last reporting period.
The company reported a net investment income of $33.9 million, or $0.40 per share on a diluted basis, surpassing the regular dividend of $0.34 per share paid in September 2024. Excluding amortization of purchase discount, the adjusted net investment income for the quarter was $30.8 million, or $0.36 per share, indicating an increase from the previous period.
The net asset value (NAV) per share was $10.11 as of September 30, 2024, compared to $10.20 as of June 30, 2024, reflecting a slight decrease.
In terms of net assets from operations, the company reported a net increase of $21.6 million, or $0.25 per share for the third quarter of 2024, a significant improvement from the net decrease of $51.3 million, or $0.60 per share, in the previous quarter.
The total acquisitions during the third quarter of 2024 amounted to approximately $72.8 million, while total investment dispositions were $139.2 million. The net leverage decreased to 1.08x as of September 30, 2024, compared to 1.13x at June 30, 2024.
Additionally, debt investments on non-accrual status represented 3.8% of the portfolio at fair value and 9.3% at cost, showing improvement from 4.9% of the portfolio at fair value and 10.5% at cost as of June 30, 2024.
The company also 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 December 17, 2024.
The market has reacted to these announcements by moving the company's shares 10.0% to a price of $8.58. Check out the company's full 8-K submission here.
