BlackRock TCP Capital Corp. Files Q3 2024 10-Q

TL;DR

TCPC Q3 2024 10-Q filed. Financials look solid.

AI Summary

BlackRock TCP Capital Corp. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position, including its investments and liabilities. Specific financial figures and operational details for the third quarter of 2024 are presented.

Why It Matters

This filing provides investors with a detailed look at BlackRock TCP Capital Corp.'s financial health and investment strategy as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a capital corporation, the company's performance is inherently tied to market conditions and investment performance, which can be volatile.

Key Players & Entities

• BlackRock TCP Capital Corp. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20241106 (date) — Filing date
• SANTA MONICA, CA (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.001 — ) of the Act: Common Stock, par value $0.001 per share TCPC Nasdaq Global Select

Filing Documents

• tcpc-20240930.htm (10-Q) — 13970KB
• tcpc-ex31_1.htm (EX-31.1) — 16KB
• tcpc-ex31_2.htm (EX-31.2) — 15KB
• tcpc-ex32_1.htm (EX-32.1) — 14KB
• 0000950170-24-121829.txt ( ) — 57979KB
• tcpc-20240930.xsd (EX-101.SCH) — 2460KB
• tcpc-20240930_htm.xml (XML) — 12376KB

Financial Statements

Financial Statements Consolidated Statements of Assets and Liabilities as of September 30, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 3 Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 4 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 (unaudited) and September 30, 2023 (unaudited) 5 Consolidated Schedule of Investments as of September 30, 2024 (unaudited) and December 31, 2023 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 31 Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2024 (unaudited) and year ended December 31, 2023 61 Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2024 (unaudited) and December 31, 2023 65 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 67 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 83 Item 4.

Controls and Procedures

Controls and Procedures 84 Part II. Other Information 85 Item 1.

Legal Proceedings

Legal Proceedings 85 Item 1A.

Risk Factors

Risk Factors 85 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 87 Item 3. Defaults upon Senior Securities 87 Item 4. Mine Safety Disclosures 87 Item 5. Other Information 87 Item 6. Exhibits 89 1 Table of Contents BlackRock TCP Capital Corp. Consolidated Statements o f Assets and Liabilities September 30, 2024 December 31, 2023 (unaudited) Assets Investments, at fair value: Non-controlled, non-affiliated investments (cost of $ 1,781,311,452 and $ 1,389,865,889 , respectively) $ 1,672,494,110 $ 1,317,691,543 Non-controlled, affiliated investments (cost of $ 58,628,251 and $ 63,188,613 , respectively) 51,200,328 65,422,375 Controlled investments (cost of $ 221,093,292 and $ 198,335,511 , respectively) 185,394,923 171,827,192 Total investments (cost of $ 2,061,032,995 and $ 1,651,390,013 , respectively) 1,909,089,361 1,554,941,110 Cash and cash equivalents 104,181,765 112,241,946 Interest, dividends and fees receivable 25,786,624 25,650,684 Deferred debt issuance costs 6,650,857 3,671,727 Due from broker 784,356 — Prepaid expenses and other assets 1,207,929 2,266,886 Total assets 2,047,700,892 1,698,772,353 Liabilities Debt (net of deferred issuance costs of $ 7,798,616 and $ 3,355,221 , respectively) 1,160,042,987 985,200,609 Interest and debt related payables 11,507,228 10,407,570 Incentive fees payable 6,540,286 5,347,711 Interest Rate Swap, at fair value 652,656 — Reimbursements due to the Advisor 219,502 844,664 Management fees payable — 5,690,105 Payable for investments purchased 99,747 960,000 Accrued expenses and other liabilities 3,001,588 2,720,148 Total liabilities 1,182,063,994 1,011,170,807 Commitments and contingencies (Note 5) Net assets $ 865,636,898 $ 687,601,546 Composition of net assets applicable to common shareholders Common stock, $ 0.001 par va

View Full Filing

View this 10-Q filing on SEC EDGAR