Credit Research: Mark Fischer Relevant Documents: Q3’26 10-Q Q3’26 Press Release Portfolio Sale Analysis BlackRock TCP Capital Corp. reported results for its third quarter ended Sept. 30 on Thursday, Nov. 5. Results were impacted by BlackRock’s asset sale to Pantheon Ventures which closed on Aug. 4, in which BlackRock TCP sold assets with a fair market value of $523 million and received gross proceeds of $152 million. In conjunction with the sale, BlackRock TCP previously said that its board engaged Keefe, Bruyette & Woods to assist with a strategic review to consider a range of options, including but not limited to reinvesting the portfolio, returning capital to shareholders, pursuing strategic combinations or other corporate transactions. The company said that while the review remains ongoing, it will prioritize “liquidity and balance sheet flexibility over new investment deployment to preserve optionality and seek to maximize long-term shareholder value.” Reported investment income for the third quarter ended Sept. 30 was $28.5 million, and cash investment income, excluding changes in working capital, as calculated by Octus, totaled $19 million. During the quarter, BlackRock TCP invested $3.8 million of cash in portfolio assets and sold $278.5 million in investments. As previously noted, the percentage of[...]
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