- BlackRock TCP Capital merged with BlackRock Capital Investment, reducing management fee, potentially increasing dividend. - TCPC comfortably covered dividend with net income, trading at a discount to net asset value. - BlackRock TCP Capital has re-rating potential post-merger as it resolves credit issues. Price Impact Rating: bullish Impact Horizon Rating: long-term Type: Corporate Developments
- BDCs benefited from rising rates in 2023 due to high % of floating rate investments. - TCPC specializes in middle-market lending with a portfolio focused on debt investments. - Q4 '23 showed gains in Investment Income and NII due to higher interest rates. - TCPC entered into a merger agreement with BlackRock Capital Investment Corporation. - Analyst downgrades post-Q4 '23 earnings affected TCPC's share price negatively. Price Impact Rating: Bearish Impact Horizon Rating: Short-term Type: Corporate Developments