The following is a summary of the BlackRock TCP Capital Corp. (TCPC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• BlackRock TCP Capital Corp. reported an adjusted net income of $0.45 per share in Q1 2024, a slight increase from the previous quarter.

• The company's annualized net investment income return on equity remained strong at 14.7%.

• However, the Net Asset Value (NAV) decreased by 6.4% in Q1, mainly due to net unrealized losses.

• A dividend of $0.34 per share has been declared for Q2, demonstrating a robust net investment income coverage of 132%.

Business Progress:

• The merger with BCIC is officially completed, offering advantages such as a lower fee structure, improved capital access and income accretion.

• Despite economic uncertainties and a higher rate environment, the majority of the portfolio companies continue to report revenue growth and margin expansion.

• TCPC's portfolio maintained its stability, as its risk rating remained consistent.

• The company made sizable investments in senior secured loans and is optimistic for an increase in M&A activity influenced by interest rate adjustments.

• The software sector, particularly the Annual Recurring Revenue (ARR) portfolio, continues to show strength, creating opportunities for add-on investments.

• TCPC is actively exploring methods to distribute capital back to investors, demonstrating commitment to shareholder value.

More details: BlackRock Tcp IR

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