In a recent transaction, Jason Mehring, President of BlackRock TCP Capital Corp . (NASDAQ:TCPC), acquired 4,500 shares of the company's common stock. The business development company, currently trading at $9.41, offers an impressive 19.4% dividend yield according to InvestingPro data. The shares were purchased at a weighted average price of approximately $9.30 each, bringing the total transaction value to $41,850. Following this acquisition, Mehring now holds 19,913.878 shares directly. The transaction, dated November 27, 2024, was executed without any equity swap involvement. The purchase comes as the stock trades well below its 52-week high of $12.43, showing significant volatility in recent months. For deeper insights into insider trading patterns and additional ProTips, consider exploring the comprehensive analysis available on InvestingPro.
In other recent news, BlackRock (NYSE:BLK) TCP Capital Corp reported a steady financial performance in its third-quarter earnings call. The company announced an adjusted net income of $0.36 per share and an annualized net investment income return on average equity of about 14%. A regular quarterly dividend of $0.34 per share and a special dividend of $0.10 per share were also declared.
BlackRock TCP Capital Corp re-authorized a stock repurchase program worth up to $50 million and invested $73 million across nine portfolio companies, maintaining a portfolio fair market value of around $1.9 billion. Notably, non-accrual loans decreased to 3.8% of portfolio fair value, indicating improved portfolio health.
The company also announced the appointment of Phil Tseng as the new CEO and Chairman, succeeding Raj Vig. BlackRock TCP Capital Corp reaffirmed its commitment to a disciplined investment approach and enhancing shareholder value. It also highlighted its strong capital position and robust investment pipeline, with a focus on the middle market and disciplined underwriting standards.
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