Business
BlackRock TCP Capital Corp. Announces First Quarter 2022 Financial Results Including Net Investment Income of $0.34 Per Share; Declares Second Quarter 2022 Dividend of $0.30 Per Share; 10 Years of Consistent Quarterly 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, 2022 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, 2022 was $19.8 million, or $0.34 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on March 31, 2022.\n\n\n\nNet increase in net assets from operations for the quarter ended March 31, 2022 was $12.4 million, or $0.22 per share, compared to $32.6 million, or $0.56 per share, for the quarter ended December 31, 2021.\n\n\n\nNet asset value per share was $14.27 at March 31, 2022 compared to $14.36 at December 31, 2021. The change in net asset value quarter-over-quarter included $7.2 million, or $0.13 per share, in net unrealized losses driven primarily by the market-to-market impact of wider market spreads.\n\n\n\nTotal acquisitions during the quarter ended March 31, 2022 were $112.4 million and total dispositions were $153.4 million.\n\n\n\nThe credit quality of the portfolio remains strong with debt investments in just two portfolio companies on non-accrual status, representing 0.3% of the portfolio at fair value and 0.9% at cost as of March 31, 2022.\n\n\n\nFitch reaffirmed the Company’s investment-grade rating with stable outlook during the first quarter.\n\n\n\nAll $140.0 million of the 2022 Convertible Notes matured on March 1, 2022. The 2022 Convertible Notes bore interest at an annual rate of 4.625%. No notes were converted prior to their maturity.\n\n\n\nOn May 4, 2022, our board of directors declared a second quarter dividend of $0.30 per share payable on June 30, 2022 to stockholders of record as of the close of business on June 16, 2022.\n\n\n“We invested in a number of new opportunities in the first quarter, maintaining a highly diverse portfolio and excellent credit quality,” said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “Despite volatility in the broader markets, we are leveraging the power and breadth of the BlackRock platform and our team’s deep experience in direct lending, to selectively deploy capital on favorable terms. Importantly, we are well-positioned for rising in...