24/7 Market News Snapshot 06 November, 2024 – BlackRock TCP Capital Corp. Common Stock (NASDAQ:TCPC)

November 6, 2024

DENVER, Colo., 06 November, 2024 (247marketnews.com) – (NASDAQ:TCPC) are discussed in this article.
BlackRock TCP Capital Corp. (TCPC) is witnessing a remarkable surge in its stock performance, currently trading at $8.615, which marks an impressive increase of approximately 10.45% from the previous close of $7.800. The stock opened at $8.285 today, highlighting a bullish sentiment among investors. Trading activity is notable, with a volume of 878.83K shares exchanged, indicating robust market interest and the potential for continued upward momentum. This increase in stock price suggests a positive outlook among investors, likely influenced by favorable developments or earnings announcements.

In tandem with this market performance, BlackRock TCP has released its financial results for the third quarter ending September 30, 2024. The company reported a net investment income of approximately $33.9 million, equating to $0.40 per diluted share, which exceeds the declared regular dividend of $0.34 per share. When adjusted for certain amortization effects tied to recent mergers, the adjusted net investment income stands at $30.8 million, or $0.36 per share.

Moreover, for the quarter, BlackRock TCP experienced a net increase in net assets from operations totaling $21.6 million, rebounding from a previous decline. The firm actively engaged in acquisitions, investing around $72.8 million and raising $139.2 million through investment dispositions.

Raj Vig, Chairman and CEO, emphasized that the ongoing strong adjusted net investment income allows for the declaration of both the regular and an additional special dividend of $0.10 per share. The board’s approval of a $50 million stock repurchase plan illustrates a commitment to enhancing shareholder value. The diversified portfolio, valued at approximately $1.9 billion, remains focused on senior secured debt investments, contributing to a weighted average effective yield of approximately 13.4%. Consequently, BlackRock TCP is strategically positioned to navigate credit-related challenges and maximize returns for shareholders.

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