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BlackRock TCP Capital Corp. Announces Second Quarter 2024 Financial Results Including Net Investment Income of $0.42 Per Share; Declares Third Quarter Dividend of $0.34 Per Share; 49 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, 2024 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\nOn a GAAP basis, net investment income for the quarter ended June 30, 2024 was $35.8 million, or $0.42 per share on a diluted basis, which exceeded the regular dividend of $0.34 per share paid on June 28, 2024. Excluding amortization of purchase discount recorded in connection with the Merger(1), adjusted net investment income(1) for the quarter ended June 30, 2024 was $32.1 million, or $0.38 per share on a diluted basis.\n\n\n\nNet asset value per share was $10.20 at June 30, 2024 compared to $11.14 at March 31, 2024.\n\n\n\nNet decrease in net assets from operations on a GAAP basis for the quarter ended June 30, 2024 was $51.3 million, or $0.60 per share, compared to a $5.1 million, or $0.08 per share, net increase in net assets from operations for the quarter ended March 31, 2024. Net decrease in net assets from operations for the six months ended June 30, 2024 was $46.2 million, or $0.63 per share.\n\n\n\nTotal acquisitions during the quarter ended June 30, 2024 were approximately $129.7 million and total investment dispositions were $185.0 million during the three months ended June 30, 2024.\n\n\n\nAs of June 30, 2024, debt investments on non-accrual status represented 4.9% of the portfolio at fair value and 10.5% at cost.\n\n\n\nOn May 30, 2024, the Company issued $325.0 million in aggregate principal amount of 6.95% notes due 2029 (the “2029 Notes”). Additionally, subsequent to quarter end on August 1, 2024, the Company amended the Operating Facility to extend the maturity date to August 1, 2029.\n\n\n\nOn August 7, 2024, our Board of Directors declared a third quarter dividend of $0.34 per share, payable on September 30, 2024 to stockholders of record as of the close of business on September 16, 2024.\n\n\n\n“In the second quarter, we generated adjusted net investment income of 38 cents per share, resulting in adjusted annualized NII return on average equity of 14%, which is at the high end of historical levels, and strong dividend coverage of 112%. Our NAV declined, reflectin...