Business
BlackRock TCP Capital Corp. Announces Second Quarter 2022 Financial Results Including Net Investment Income of $0.37 Per Share; Declares Third Quarter 2022 Dividend of $0.30 Per Share; 41 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, 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 June 30, 2022 was $21.3 million, or $0.37 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on June 30, 2022.\n\n\n\nNet increase/(decrease) in net assets from operations for the quarter ended June 30, 2022 was $(0.1) million, or $0.00 per share, compared to $12.4 million, or $0.22 per share, for the quarter ended March 31, 2022. Net increase in net assets from operations for the six months ended June 30, 2022 was $12.3 million, or $0.21 per share.\n\n\n\nNet asset value per share was $13.97 at June 30, 2022 compared to $14.27 at March 31, 2022. The change in net asset value quarter-over-quarter included $21.4 million, or $0.37 per share, in net realized and unrealized losses due primarily to the mark-to-market impact of wider market spreads.\n\n\n\nTotal acquisitions during the quarter ended June 30, 2022 were $102.7 million and total dispositions were $82.2 million.\n\n\n\nThe credit quality of our portfolio remains strong, and no non-accruals were added during the second quarter. As of June 30, 2022, loans on non-accrual status represented 0.3% of the portfolio at fair value and 0.5% at cost.\n\n\n\nOn July 28, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Company’s board of directors designated the Advisor as Valuation Designee to perform certain fair value functions, including performing fair value determinations for the Company.\n\n\n\nOn August 3, 2022, our board of directors declared a third quarter dividend of $0.30 per share payable on September 30, 2022 to stockholders of record as of the close of business on September 16, 2022.\n\n\n“We selectively invested in a range of compelling opportunities in the second quarter, deploying capital on favorable terms while maintaining discipline and strong credit quality,” said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “Although the economic backdrop is uncertain, we capitalized on our team’s deep expertise in middle market lending, along wi...