Business
BlackRock TCP Capital Corp. Announces First Quarter 2021 Financial Results Including Net Investment Income of $0.32 Per Share; Declares Second Quarter Dividend of $0.30 Per Share; 36 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 first quarter ended March 31, 2021 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.\n\nFINANCIAL HIGHLIGHTS\n\n\nNet investment income for the quarter ended March 31, 2021 was $18.4 million, or $0.32 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on March 31, 2021.\n\n\n\nNet increase in net assets from operations for the quarter ended March 31, 2021 was $35.5 million, or $0.61 per share.\n\n\n\nNet asset value per share increased 2.4% to $13.56 at March 31, 2021 compared to $13.24 at December 31, 2020.\n\n\n\nTotal acquisitions during the quarter ended March 31, 2021 were $182.6 million and total dispositions were $95.7 million.\n\n\n\nAs of March 31, 2021, loans on non-accrual status represented 0.4% of the portfolio at fair value and 0.8% at cost. No new loans were placed on non-accrual.\n\n\n\nOn February 9, 2021, the Company issued $175.0 million in aggregate principal amount of 2.85% notes due 2026 (the “2026 Notes”).\n\n\n\nBoth Fitch and Moody’s reaffirmed the Company’s investment-grade rating with stable outlook during the first quarter.\n\n\n\nOn May 5, 2021, our board of directors declared a second quarter dividend of $0.30 per share payable on June 30, 2021 to stockholders of record as of the close of business on June 16, 2021.\n\n\n\"We are pleased to report continuing strong performance, with further NAV improvement driven by strong credits across the portfolio,” said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. \"Our ability to source deals across a broad platform, coupled with our ongoing focus on less cyclical industries and established middle-market companies with resilient business models, as well as our ability to access a variety of capital markets at attractive rates, enables us to consistently deliver favorable risk-adjusted returns to our shareholders.\"\n\nPORTFOLIO AND INVESTMENT ACTIVITY\n\nAs of March 31, 2021, our investment portfolio consisted of debt and equity positions in 98 portfolio companies with a total fair value of approximately $1.7 billion, 89% of which was senior secured debt. 86% of the debt portfolio wa...