Business
BlackRock TCP Capital Corp. Announces 2022 Financial Results Including Fourth Quarter Net Investment Income of $0.40 Per Share; Declares First Quarter 2023 Dividend of $0.32 Per Share; 43 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, 2022 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, 2022 was $23.0 million, or $0.40 per share on a diluted basis, which exceeded the dividend of $0.32 per share paid on December 30, 2022.\n\n\nNet asset value per share was $12.93 at December 31, 2022 compared to $14.12 at September 30, 2022 and $14.36 at December 31, 2021.\n\n\nNet decrease in net assets from operations for the quarter ended December 31, 2022 was $47.8 million, or $0.83 per share. Net decrease in net assets from operations for the year ended December 31, 2022 was $9.2 million, or $0.16 per share. The decrease in net assets from operations during the quarter ended December 31, 2022, was primarily from markdowns on three portfolio companies driven by company-specific events, in addition to overall market-based credit spread widening.\n\n\nTotal acquisitions during the quarter ended December 31, 2022 were $74.9 million and total dispositions were $75.4 million. Total acquisitions for the year ended December 31, 2022 were $338.3 million and total dispositions were $481.5 million.\n\n\nAs of December 31, 2022, loans on non-accrual status represented 2.0% of the portfolio at fair value and 4.2% at cost.\n\n\nOn December 15, 2022, our board of directors declared a special dividend of $0.05 per share, paid on January 12, 2023 to stockholders of record as of the close of business on December 29, 2022.\n\n\nOn February 28, 2023, our board of directors declared a first quarter dividend of $0.32 per share, payable on March 31, 2023 to stockholders of record as of the close of business on March 17, 2023.\n\n\n“We generated robust net investment income in the fourth quarter and for all of 2022, drawing on our proven expertise and more than two decades of experience in direct lending, as well as the breadth and power of the BlackRock platform,” said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “Our predominantly floating rate portfolio benefited from both rising base rates and wider spreads on new inves...