In a recent transaction, Worrell August Daniel, Co-Chief Investment Officer of BlackRock TCP Capital Corp . (NASDAQ:TCPC), acquired 15,000 shares of the company's common stock. The shares were purchased at a weighted average price of $9.10, totaling approximately $136,500. The business development company, currently valued at approximately $793 million, offers an impressive 19.4% dividend yield and has maintained dividend payments for 13 consecutive years, according to InvestingPro data. This acquisition increased Daniel's total holdings to 23,500 shares. The purchase was executed on November 26, 2024, and was disclosed in a Form 4 filing with the Securities and Exchange Commission. The stock, which has shown significant volatility, currently trades at $9.41, between its 52-week range of $7.71 to $12.43. For deeper insights into insider trading patterns and additional financial metrics, InvestingPro subscribers can access the comprehensive Pro Research Report, available for over 1,400 US stocks.
In other recent news, BlackRock (NYSE:BLK) TCP Capital Corp announced a robust financial performance in its third-quarter earnings call, reporting an adjusted net income of $0.36 per share and an annualized net investment income return on average equity of approximately 14%. The company declared a regular quarterly dividend of $0.34 per share and a special dividend of $0.10 per share. Furthermore, BlackRock TCP Capital re-authorized a stock repurchase program worth up to $50 million.
The firm's investment activity included $73 million across nine portfolio companies, focusing on first lien loans and maintaining a portfolio fair market value of around $1.9 billion. In leadership news, Phil Tseng was appointed as the new CEO and Chairman, succeeding Raj Vig. The management reiterated their commitment to a disciplined investment approach and enhancing shareholder value.
On the downside, some investments were marked down and the cost of debt rose to an annualized 6.8%, influenced by refinancing efforts and increased interest expenses. However, non-accrual loans decreased, indicating improved portfolio health. These are among the recent developments in the company.
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