Business
Blackrock TCP Capital Corp. Announces First Quarter 2023 Financial Results Including Net Investment Income of $0.44 Per Share; Increases Second Quarter 2023 Dividend by 6.3% to $0.34 Per Share; 11 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, 2023 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\nNet investment income for the quarter ended March 31, 2023 was $25.4 million, or $0.44 per share on a diluted basis, which exceeded the dividend of $0.32 per share paid on March 31, 2023.\n\n\n\nNet asset value per share was $13.00 at March 31, 2023 compared to $12.93 at December 31, 2022, an increase of 0.5%.\n\n\n\nNet increase in net assets from operations for the quarter ended March 31, 2023 was $22.7 million, or $0.39 per share. Net decrease in net assets from operations for the quarter ended December 31, 2022 was $47.8 million, or $0.83 per share. The increase in net assets from operations during the quarter ended March 31, 2023, was primarily from the increase in investment income driven by the rise in LIBOR/SOFR rates.\n\n\n\nTotal acquisitions during the quarter ended March 31, 2023 were $76.0 million and total dispositions were $19.3 million.\n\n\n\nAs of March 31, 2023, the credit quality of the portfolio remained strong with debt investments in just two portfolio companies on non-accrual status, representing 0.3% of the portfolio at fair value and 0.5% at cost.\n\n\n\nFitch reaffirmed the Company’s investment-grade rating with stable outlook during the first quarter.\n\n\n\nOn May 4, 2023, our board of directors declared a second quarter dividend of $0.34 per share, a 6.3% increase from the prior quarter. The dividend is payable on June 30, 2023 to stockholders of record as of the close of business on June 16, 2023.\n\n\n\n“We again identified a range of compelling investment opportunities in the first quarter, capitalizing on the vast resources of the BlackRock platform and our team’s proven expertise across credit cycles to drive solid results,” said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “We generated strong net investment income, with higher base rates and wider spreads bolstering our predominantly floating rate portfolio’s profitability. Following the recent disruption in the banking sector, we expect the investment environment to remain favorable...