💼 BLACKROCK TCP CAPITAL SELLS PORTFOLIO FOR $523M TO REDUCE LEVERAGE 📉
BlackRock TCP Capital agreed to sell a $523 million private credit portfolio (covering 78 companies) to strengthen its balance sheet and increase liquidity 💰.
The transaction will dramatically reduce its leverage from 1.38x to 0.4x, although it will have a direct impact on the value of its assets:
Net asset value (NAV) will fall by approximately 10.4% ($0.68 per share) 🔻.
The firm reported net investment income of $18.1M in Q2, absorbing losses of $14.8M related to the transfer 📊.
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