Business
BlackRock TCP Capital Corp. Announces 2021 Financial Results Including Fourth Quarter Net Investment Income of $0.31 Per Share; Declares First Quarter 2022 Dividend of $0.30 Per Share; 39 Consecutive Quarters of Dividend Coverage
SANTA MONICA, Calif.--(BUSINESS WIRE)-- BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ:
About this update from Blackrock Tcp Capital Corp.
[{"type":"text","content":" SANTA MONICA, Calif.--(BUSINESS WIRE)--\nBlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ: TCPC), today announced its financial results for the fourth quarter and year ended December 31, 2021 and filed its Form 10-K with the U.S. Securities and Exchange Commission.\n\nFINANCIAL HIGHLIGHTS\n\n\nNet investment income for the quarter ended December 31, 2021 was $17.6 million, or $0.31 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on December 31, 2021.\n\n\n\nNet increase in net assets from operations for the quarter ended December 31, 2021 was $32.6 million, or $0.56 per share, compared to $10.9 million, or $0.19 per share for the quarter ended September 30, 2021. Net increase in net assets from operations for the year ended December 31, 2021 was $133.8 million, or $2.32 per share.\n\n\n\nNet asset value per share was $14.36 at December 31, 2021 compared to $14.09 at September 30, 2021, an increase of 1.9%, and compared to $13.24 at December 31, 2020, an increase of 8.5%.\n\n\n\nTotal acquisitions during the quarter ended December 31, 2021 were $182.0 million and total dispositions were $115.0 million. Total acquisitions for the year ended December 31, 2021 were $757.1 million, compared to $460.2 million for the year ended December 31, 2020, an increase of 65%.\n\n\n\nAs of December 31, 2021, loans on non-accrual status represented 0.9% of the portfolio at fair value and 1.7% at cost.\n\n\n\nIn 2021, we issued a total of $325.0 million of 2.85% unsecured notes due February 2026 (the “2026 Notes”). Following this issuance, we successfully redeemed all $175.0 million of the 2022 Notes outstanding at a price equal to par plus a “make whole” premium, and accrued and unpaid interest. The 2022 Notes bore interest at an annual rate of 4.125%.\n\n\n\nOn February 24, 2022, our board of directors declared a first quarter dividend of $0.30 per share payable on March 31, 2022 to stockholders of record as of the close of business on March 17, 2022.\n\n\n“We generated strong results in the fourth quarter and throughout 2021, as we identified a steady stream of compelling investment opportunities amid robust middle market activity,” said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “We remain disciplined in our investment approach, ...