Private Credit Portfolio Analysis | BlackRock TCP Capital Corp Reports 2024 Annual Results
- Editor
- Feb 27
- 2 min read
Whats New:
BlackRock TCP Capital Corp has reported its 2024 annual results, showing significant changes in its financial position. The fund's total assets increased to $1.92 billion as of December 31, 2024, up from $1.70 billion at the end of 2023. Net assets grew to $785.1 million, compared to $687.6 million in the previous year. However, the fund's net asset value per share decreased to $9.23 from $11.90 at the end of 2023.
Portfolio Dynamics:
Investments owned at fair value increased to $1.79 billion from $1.55 billion at the end of 2023.
Cash and cash equivalents decreased to $91.6 million from $112.2 million at the end of 2023.
Interest, dividends, and fees receivable decreased to $22.8 million from $25.7 million at the end of 2023.
Investment Activty:
The fund reported $817,969 due from correspondent brokers, up from zero at the end of 2023.
Other receivables increased to $4.5 million from zero at the end of 2023.
Prepaid expenses and other assets slightly increased to $2.4 million from $2.3 million at the end of 2023.
Capital Structure:
Long-term debt increased to $1.12 billion from $985.2 million at the end of 2023.
Total liabilities grew to $1.14 billion from $1.01 billion at the end of 2023.
Common stock value increased to $85,080 from $57,767, reflecting an increase in shares outstanding.
Performance Profile:
Net asset value per share decreased to $9.23 as of December 31, 2024, from $11.90 at the end of 2023.
The fund reported a net loss of $63.1 million for 2024, compared to a net income of $38.5 million in 2023.
Total investment income for 2024 was not provided in the given data.
Risk & Quality:
The fund reported $731,830 in interest rate derivative liabilities at fair value, up from zero at the end of 2023.
Incentive fee payable decreased to zero from $5.3 million at the end of 2023.
Accounts payable and other accrued liabilities increased to $3.7 million from $2.7 million at the end of 2023.
The Wrap:
BlackRock TCP Capital Corp's 2024 annual results reveal a mixed financial picture. While the fund saw growth in total assets and investments at fair value, it also experienced a significant decrease in net asset value per share and reported a net loss for the year. The increase in long-term debt and total liabilities suggests a more leveraged position, which could present both opportunities and risks for the fund going forward.
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