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Posted by
Two Blokes Jul 10 -
Filed in
Stock
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TCPC's merger with BCIC has not delivered expected synergies, with shares down double-digits and credit quality concerns persisting. Despite a near 14% yield and a 19% discount to NAV, I remain cautious due to elevated non-accruals and unrealized losses. Dividend coverage appears safe for the next 3-4 quarters, but risks from non-performing loans and PIK income could force future cuts.
