In a recent filing with the Securities and Exchange Commission (SEC), BlackRock TCP Capital Corp . (NASDAQ:TCPC), a business development company with a market capitalization of $789 million, announced the reinstatement of Ariel Hazzard to the position of Chief Compliance Officer (CCO), effective today. Hazzard had been on parental leave, during which Charles Park served as the Interim CCO. With Hazzard's return, Park's temporary tenure has concluded.
The company, based in Santa Monica, California, confirmed that in addition to resuming her role as CCO for BlackRock TCP Capital Corp., Hazzard will also reclaim her responsibilities as CCO for both BlackRock (NYSE:BLK) Direct Lending Corp. and BlackRock Private Credit Fund. This move marks a return to normalcy in the leadership structure of the company's compliance department.
BlackRock TCP Capital Corp. is a business development company specializing in direct lending and investments in debt securities of middle-market companies. The company is known for providing a range of financing solutions for its clients. According to InvestingPro data, TCPC has maintained dividend payments for 13 consecutive years, currently offering a substantial 19.2% dividend yield. The company's revenue grew by 21.4% in the last twelve months, though it currently faces profitability challenges.
The SEC filing did not disclose any changes to compensation arrangements for either Hazzard or Park following the transition. The company's swift update on the executive roles ensures transparency and continuity in its corporate governance practices. InvestingPro analysis shows the company maintains a strong financial position with a current ratio of 5.99, indicating robust liquidity management. Access the comprehensive Pro Research Report for detailed insights into TCPC's financial health and market position.
This information is based on a press release statement and reflects the latest corporate developments at BlackRock TCP Capital Corp. as reported to the SEC. Investors and stakeholders are encouraged to review the official documents filed for further details. For a deeper understanding of TCPC's market position and potential, explore additional insights available on InvestingPro, which features 5 more exclusive ProTips and comprehensive financial analysis.
In other recent news, BlackRock TCP Capital reported a steady financial performance in its recent developments. 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%. BlackRock TCP Capital declared a regular quarterly dividend of $0.34 per share and a special dividend of $0.10 per share.
Additionally, the company re-authorized a stock repurchase program worth up to $50 million. Its investment activity included $73 million across nine portfolio companies, focusing on first lien loans and maintaining a portfolio fair market value of approximately $1.9 billion. The company also announced the appointment of Phil Tseng as the new CEO and Chairman.
Despite a few investments being marked down, non-accrual loans decreased, indicating improved portfolio health. The company is managing an elevated prepayment activity level and is considering applying for a second SBA (LON:SBA) license. With a disciplined investment approach and a strong capital position, BlackRock TCP Capital continues to enhance shareholder value.
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