BlackRock TCP Capital (TCPC) - 2024 Q4 - Annual Results

Financial Performance - For the year ended December 31, 2024, adjusted net investment income was $121.5 million, or $1.52 per share, compared to $106.6 million, or $1.84 per share in 2023[7]. - Total investment income for the year ended December 31, 2024, was $259,437,390, an increase of 24% compared to $209,328,883 in 2023[30]. - Net investment income before taxes for the year ended December 31, 2024, was $132,280,424, up from $106,804,073 in 2023, representing a 24% increase[30]. - Basic and diluted earnings per share for the year ended December 31, 2024, were $(0.79), compared to $0.67 in 2023[30]. - The company reported a net realized loss of $(67,110,946) for the year ended December 31, 2024, compared to a loss of $(31,648,232) in 2023[30]. - The net change in unrealized appreciation (depreciation) for the year ended December 31, 2024, was $(127,784,096), compared to $(36,434,094) in 2023[30]. - The net increase in net assets resulting from operations for the year ended December 31, 2024, was a loss of $63,137,172, compared to a gain of $38,474,432 in 2023[30]. Assets and Investments - Total assets as of December 31, 2024, were $1.9 billion, with net assets of $785.1 million and net asset value per share of $9.23, down from $2.0 billion, $865.6 million, and $10.11 per share as of September 30, 2024[13]. - Total assets as of December 31, 2024, amounted to $1,923,031,363, an increase from $1,698,772,353 as of December 31, 2023, representing a growth of approximately 13.2%[28]. - Total investments at fair value reached $1,794,758,336, up from $1,554,941,110, indicating a year-over-year increase of about 15.4%[28]. - The company reported net assets of $785,123,667 as of December 31, 2024, compared to $687,601,546 in the previous year, reflecting a growth of approximately 14.2%[28]. Debt and Liquidity - The company’s total debt, net of deferred issuance costs, was $1,118,340,225 as of December 31, 2024, an increase from $985,200,609 in the prior year, representing a rise of approximately 13.5%[28]. - The combined weighted-average interest rate on debt outstanding was 5.19% as of December 31, 2024[19]. - Available liquidity as of December 31, 2024, was approximately $615.3 million, including $519.3 million in available capacity under the leverage program[18]. - The company has a total leverage of $1,126,314,826, with a weighted-average interest rate of approximately 2.00%[21]. - Cash and cash equivalents decreased to $91,589,702 from $112,241,946, a decline of about 18.4% year-over-year[28]. Dividends - The company declared a first quarter dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on March 31, 2025[6]. - A first quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share were declared, payable on March 31, 2025[25]. - The company intends to declare a special dividend of at least $0.02 per share in each of the second and third quarters of 2025, subject to Board approval[25]. Operations and Management - The company experienced a net decrease in net assets from operations of $38.6 million, or $0.45 per share, for the fourth quarter of 2024[17]. - The Adviser agreed to waive one-third of its base management fee for three quarters starting January 1, 2025, which may impact future expenses[24]. - The company is focused on direct lending to middle-market companies and small businesses, aiming for high total returns through current income and capital appreciation[32]. - The company is externally managed by a wholly-owned, indirect subsidiary of BlackRock, Inc.[32]. Portfolio Performance - Debt investments on non-accrual status represented 5.6% of the portfolio at fair value and 14.4% at cost as of December 31, 2024, compared to 3.8% and 9.3% respectively at the end of the previous quarter[4]. - The weighted average annual effective yield of the debt portfolio was approximately 12.4% as of December 31, 2024, down from 13.4% as of September 30, 2024[11]. - Total acquisitions during the fourth quarter of 2024 were approximately $120.7 million, while total investment dispositions were $168.6 million[4].