Blackrock TCP been a consistent dividend generator driven by consistent Net Investment Income (NII) from FY21 to FY25

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Year Net Investment Income Per Share Dividends Per Share
2021 $1.20 $1.20
2022 $1.32 $1.27
2023 $1.67 $1.42
2024 $1.40 $1.36
2025 $1.52 (estimated) $1.18 (estimated)

Its portfolio is around 90% senior secured debt with over 80% first lien positions consistently since FY21

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Fiscal Year End Senior Secured Debt (%) First Lien Positions (%)
Dec 31, 2024 91.2% 83.6%
Sep 30, 2024 90.6% 81.3%
Mar 31, 2025 90.0% 83.0%
Dec 31, 2023 91.5% 87.9%
Dec 31, 2022 87.9% 85.3%
Dec 31, 2021 89.3% 88.5%

Blackrock TCP Capital's portfolio is well diversified by industry. High-growth tech and financial services constitute the top sectors

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Industry Dec 31, 2023 (%) Jun 30, 2024 (%)
Internet Software and Services 14.7 13.8
Diversified Financial Services 12.5 12.0
Software 9.1 12.6
Diversified Consumer Services 10.7 7.9
Professional Services 5.6 6.5
Health Care Technology 4.7 3.7
Hotels, Restaurants and Leisure 3.6 3.4
IT Services N/A 3.1
Other 39.1 37.0

Weighted average yield on performing portfolio has also been consistently in the double digit range at 12-14%, with the exception of the post-COVID FY21

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Fiscal Year/Quarter Weighted Average Yield on Performing Debt Portfolio
2021 9.2%
2022 12.7%
2023 14.1%
2024 12.4%
Q1 2025 12.2%

Blackrock TCP's return on capital deployed is in line with other BDC peers at >12%

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BDC Name Weighted Average Return on Performing Debt (FY24)
BlackRock TCP Capital Corp. 12.4%
FS KKR Capital Corp. 11.3% (accruing debt investments)
Golub Capital BDC, Inc. 12.0% (Investment Income Yield)
Main Street Capital Corp. 12.5% (LMM Debt), 8.5% (MM Debt), 9.6% (Private Loan Debt)
Ares Capital Corporation 9.9% (debt and other income producing securities funded during the period)
Owl Rock Capital Corporation 11.5% (accruing debt and income-producing securities at fair value, as of Sep 30, 2024)

Blackrock TCP has the highest dividend yield of ~17% at recent stock prices

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BDC Player Dividend Yield (as of July 2025)
Blackrock TCP Capital Corp 17.82%
Ares Capital Corporation 8.31%
Blue Owl Capital Corporation 11.38%
Main Street Capital Corporation 6.45%
Prospect Capital Corporation 15.65%
Hercules Capital 9.79%
Newtek Business Services Corp. 6.27%

However, debt to equity ratio is a concern - it is on the higher side amongst peers

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Company Name Debt to Equity Ratio (Latest)
BlackRock TCP Capital Corp. 1.41
Ares Capital Corporation 1.02
Main Street Capital Corp. 0.79
Owl Rock Capital Corporation 1.26

..and so is the non-accrual portfolio. It is the highest amongst peers.

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BDC Name Non-Accrual as a % of Total Portfolio (at Fair Value) Non-Accrual as a % of Total Portfolio (at Cost) As of
BlackRock TCP Capital Corp. 4.4% Not specified Q1 2025
FS KKR Capital Corp. 2.1% 3.5% Mar 31, 2025
Golub Capital BDC, Inc. 0.5% 1.1% Dec 31, 2024
Main Street Capital Corp. 0.9% 3.5% Dec 31, 2024
Ares Capital Corporation 1.0% 1.7% Dec 31, 2024
Owl Rock Capital Corporation 0.8% 1.4% Mar 31, 2025

Leading to Blackrock TCP facing the highest NAV erosion at. 30%, most players have increased NAV in last 2 years

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Company Ticker NAV at Year-End 2022 NAV at Year-End 2023 NAV at Q1 2025
BlackRock TCP Capital Corp. TCPC $12.93 $11.90 $9.18
FS KKR Capital Corp. FSK $24.89 $24.46 $23.37
Ares Capital Corporation ARCC $18.40 $19.24 $19.82
Sixth Street Specialty Lending, Inc. TSLX $16.46 $17.16 $17.04
Blue Owl Capital Corporation OBDC $14.99 $15.45 $15.26
Main Street Capital MAIN $26.53 $29.23 $29.74
Golub Capital BDC, Inc. GBDC $14.90 $15.28 $15.46
Oaktree Specialty Lending Corp. OCSL $17.15 $16.79 $16.75

Blackrock TCP has been one of the worst performers in the stock market, which explains its high dividend yield cause by a low stock price

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Company Ticker 2-Year Total Return 3-Year Total Return
BlackRock TCP Capital Corp. TCPC -17.14% -1.98%
FS KKR Capital Corp. FSK 21.99% 3.32%
Ares Capital Corporation ARCC 19.65% 21.1%
Sixth Street Specialty Lending, Inc. TSLX 27.33% 30.81%
Blue Owl Capital Corporation OBDC 9.06% 16.83%
Main Street Capital MAIN 36.70% 98.41%
Golub Capital BDC, Inc. GBDC 15.35% 56.72%
Oaktree Specialty Lending Corp. OCSL -3.53% 0.92%

Note: Total return includes stock price appreciation and dividends. The data reflects varied performance across the listed companies. Main Street Capital and Golub Capital BDC show strong 3-year returns. Sixth Street Specialty Lending has also demonstrated robust returns over both periods. Conversely, BlackRock TCP Capital Corp. and Oaktree Specialty Lending Corp. experienced negative returns over the

Can you give me a list of metrics reported by Blackrock TCP in their financial filings apart from 3 financial statements

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As of the latest financial filings, BlackRock TCP Capital Corp. (TCPC) reports several key metrics in addition to its standard financial statements. These metrics provide further insight into the company's operational and financial performance.

Metric Value Date
Net Asset Value Per Share $10.11 September 30, 2024
Adjusted Net Investment Income $30.8 million Q3 2024
Adjusted Net Investment Income Per Share $0.36 Q3 2024
Total Fair Value of Investment Portfolio ~$1.9 billion September 30, 2024
Number of Portfolio Companies 156 September 30, 2024
Senior Secured Debt as % of Portfolio 90.6% September 30, 2024
First Lien as % of Total Portfolio 81.3% September 30, 2024
Net Leverage 1.08x September 30, 2024
Debt on Non-Accrual Status (at fair value) 3.8% September 30, 2024
Debt on Non-Accrual Status (at cost) 9.3% September 30, 2024
Weighted-Average Interest Rate on Debt 5.43% September 30, 2024
Available Liquidity ~$581.8 million September 30, 2024

Note: The metrics provided are based on the third quarter 2024 financial results. Adjusted net investment income is a non-GAAP financial measure. Net leverage represents debt outstanding less cash and cash equivalents and payable for investments purchased, divided by net assets. Non-accrual status indicates that the company is not currently recognizing interest income on those investments