Business
Blackrock TCP Capital Corp. Announces Second Quarter 2019 Financial Results Including Net Investment Income Of $0.41 Per Share; 29 Consecutive Quarters Of Dividend Coverage
SANTA MONICA, Calif., Aug. 8, 2019 /PRNewswire/ -- BlackRock TCP Capital Corp. ("we," "us," "our," "TCPC" or the "Company"), a business development company
About this update from Blackrock Tcp Capital Corp.
[{"type":"text","content":"SANTA MONICA, Calif., Aug. 8, 2019 /PRNewswire/ -- BlackRock TCP Capital Corp. (\"we,\" \"us,\" \"our,\" \"TCPC\" or the \"Company\"), a business development company (NASDAQ: TCPC), today announced its financial results for the second quarter ended June 30, 2019 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.\nFINANCIAL HIGHLIGHTS\nNet investment income for the quarter ended June 30, 2019 was $23.8 million, or $0.41 per share on a diluted basis, exceeding the dividend of $0.36 per share.Net decrease in net assets resulting from operations for the quarter ended June 30, 2019 was $10.8 million, or $0.18 per share.Net asset value per share at June 30, 2019 was $13.64 compared to $14.18 at March 31, 2019.Total acquisitions during the quarter ended June 30, 2019 were $232.2 million and total dispositions were $117.1 million. Total portfolio companies reached a record 104 companies as of June 30, 2019.Aggregate $150.0 million increase in credit facility capacity, including $50.0 million added after quarter end on August 6, 2019. The Company also reduced the rate on its SVCP Facility by 0.25% to LIBOR + 2.00% and extended the maturities of both facilities to May 2023. On August 8, 2019, our board of directors declared a third quarter dividend of $0.36 per share payable on September 30, 2019 to shareholders of record as of September 16, 2019. \"We out-earned our dividend for the 29th consecutive quarter, generating strong investment income and robust originations in the second quarter,\" said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. \"Originations totaled $232 million for the quarter. We leveraged our existing relationships with borrowers and deal sources as well as the BlackRock platform's resources to deepen relationships with existing clients and to engage new borrowers. While our overall portfolio is strong, our net asset value declined 3.8 percent in the quarter, almost entirely due to one underperforming investment. Looking ahead, we have a solid pipeline of new investment opportunities and believe we are well-positioned to continue to deliver attractive risk-adjusted returns to our shareholders.\"\nPORTFOLIO AND INVESTMENT ACTIVITY\nAs of June 30, 2019, our investment portfolio consisted of debt and equity positions in 104 portfolio companies with a total fair value of approximatel...