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SANTA MONICA—Jason Mehring, President of BlackRock TCP Capital Corp . (NASDAQ:TCPC), recently acquired additional shares of the company, according to a recent SEC filing. On March 12, Mehring purchased 2,400 shares of BlackRock TCP Capital common stock at a weighted average price of $8.13 to $8.14 per share, near the stock’s 52-week low of $7.71. The total value of the transaction amounted to $19,522. According to InvestingPro data, TCPC currently offers a substantial 25.74% dividend yield.
Following this acquisition, Mehring’s direct ownership in BlackRock TCP Capital now totals 22,441.56 shares, which includes shares acquired through the company’s dividend reinvestment plan. Additionally, Mehring holds 10,903.13 phantom shares, which are equivalent to common stock and payable in cash upon vesting, under the company’s Involuntary Deferred Compensation Plan. InvestingPro subscribers can access 7 additional key insights about TCPC’s financial health and market position.
This transaction highlights Mehring’s ongoing investment in BlackRock TCP Capital, further aligning his interests with those of the company’s shareholders. Notably, TCPC has maintained consistent dividend payments for 14 consecutive years, despite the stock’s recent volatility and -11.59% one-year return.
In other recent news, BlackRock TCP Capital Corp reported its Q4 2024 earnings, revealing an earnings per share (EPS) of $0.36, which fell short of the $0.37 forecast. Revenue was also below expectations, coming in at $61.25 million against an anticipated $66.73 million. The company highlighted challenges in the interest rate environment and subsequently reduced its regular dividend to $0.25 per share. Additionally, TCP Capital’s portfolio yield decreased from 13.4% to 12.4%. Meanwhile, Keefe, Bruyette & Woods downgraded its price target for TCP Capital to $8.50 from $9.00, maintaining a Market Perform rating due to credit issues and a decline in net asset value (NAV). Over 70% of the NAV decline was attributed to problems with Razor, a portfolio holding. Despite these setbacks, TCP Capital’s net investment income slightly exceeded expectations, partly due to a temporary boost as no incentive fee was paid in the quarter. The company plans to distribute special dividends in the first three quarters of 2025 and has reduced its base dividend by 26%.
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