Business
BlackRock TCP Capital Corp. Announces Second Quarter 2021 Financial Results Including Net Investment Income of $0.31 Per Share; Declares Third Quarter Dividend of $0.30 Per Share; 37 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 second quarter ended June 30, 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 June 30, 2021 was $17.8 million, or $0.31 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on June 30, 2021.\n\n\n\nNet increase in net assets from operations for the quarter ended June 30, 2021 was $54.8 million, or $0.95 per share compared to $35.5 million, or $0.61 per share for the quarter ended March 31, 2021. Net increase in net assets from operations for the six months ended June 30, 2021 was $90.3 million, or $1.56 per share.\n\n\n\nNet asset value per share increased 4.8% to $14.21 at June 30, 2021 compared to $13.56 at March 31, 2021 and 7.3% compared to $13.24 at December 31, 2020. The increase in net asset value included approximately $40.7 million of unrealized gains on our investment in Edmentum, partially offset by a $7.6 million reversal of unrealized gains on our investment in Amteck and $5.3 million of unrealized loss on our investment in Fishbowl.\n\n\n\nTotal acquisitions during the quarter ended June 30, 2021 were $235.7 million and total dispositions were $184.6 million.\n\n\n\nAs of June 30, 2021, loans on non-accrual status represented 0.3% of the portfolio at fair value and 0.7% at cost. No new loans were placed on non-accrual.\n\n\n\nOn June 1, 2021, the Company announced that Howard Levkowitz will retire from his role as Chairman and Chief Executive Officer. Rajneesh Vig will succeed Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng will assume the roles of President and Chief Operating Officer. Howard Levkowitz will retire from his role as Chief Executive Officer of the Company on August 5, 2021, and as a Director and Chairman of the Board of Directors on September 30, 2021.\n\n\n\nOn June 22, 2021, the Company amended its SVCP Credit Facility (the “Operating Facility) and extended the maturity two years to May 6, 2026. Amendments made to the Operating Facility included a reduction in the stated interest rate to LIBOR +1.75%, subject to certain borrowing base cond...