Business
BlackRock TCP Capital Corp. Announces Second Quarter 2023 Financial Results Including Net Investment Income of $0.48 Per Share; Declares Third Quarter Dividend of $0.34 Per Share and a Special Dividend of $0.10 Per Share
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, 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 June 30, 2023 was $27.6 million, or $0.48 per share on a diluted basis, which exceeded the dividend of $0.34 per share paid on June 30, 2023. This represents 45 consecutive quarters of dividend coverage.\n\n\n\nNet asset value per share was $12.94 at June 30, 2023 compared to $13.00 at March 31, 2023.\n\n\n\nNet increase in net assets from operations for the quarter ended June 30, 2023 was $16.3 million, or $0.28 per share, compared to $22.7 million, or $0.39 per share for the quarter ended March 31, 2023. Net increase in net assets from operations for the six months ended June 30, 2023 was $39.0 million, or $0.67 per share.\n\n\n\nTotal acquisitions during the quarter ended June 30, 2023 were $17.1 million and total dispositions were $31.6 million.\n\n\n\nAs of June 30, 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\nOn August 3, 2023, our board of directors declared a third quarter dividend of $0.34 per share and a special dividend of $0.10 per share, both payable on September 29, 2023 to stockholders of record as of the close of business on September 15, 2023.\n\n\n\n“We again generated strong net investment income as our predominantly floating rate portfolio benefited from rising base rates. Our overall effective yield increased to 13.8% for the second quarter, up from 9.8% a year earlier,” said Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO. “While overall deal activity is relatively muted, our pipeline is healthy due to our team’s deep experience investing across cycles and our ability to draw upon the power of the BlackRock platform. We remain encouraged by the compelling opportunities we are identifying.\"\n\n\n“Importantly, as we prudently build and diversify the portfolio, we are maintaining a sharp focus on our consistent, conservative approach to underwriting ...