Business
BlackRock TCP Capital Corp. Announces Third Quarter 2020 Financial Results Including Net Investment Income of $0.35 Per Share; Declares Fourth Quarter Dividend of $0.30 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 third quarter ended September 30, 2020 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 September 30, 2020 was $20.1 million, or $0.35 per share on a diluted basis, compared with the dividend of $0.30 per share paid on September 30, 2020.\n\n\n\nNet increase in net assets from operations for the quarter ended September 30, 2020 was $46.5 million, or $0.81 per share.\n\n\n\nNet asset value per share at September 30, 2020 was $12.71 compared to $12.21 at June 30, 2020, an increase of 4.1%.\n\n\n\nTotal acquisitions during the quarter ended September 30, 2020 were $78.6 million and total dispositions were $89.1 million.\n\n\n\nAs of September 30, 2020, loans on non-accrual status represented 0.6% of the portfolio at fair value and 1.2% at cost.\n\n\n\nOn July 31, 2020, the SVCP credit facility (the \"Operating Facility\") was amended to include a $100 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.\n\n\n\nOn August 4, 2020, the TCPC Funding credit facility (\"Funding Facility I\") was replaced with a new $200 million revolving credit facility maturing August 4, 2025 with Morgan Stanley as administrative agent (\"Funding Facility II\"). The new facility includes a $50 million accordion feature and generally bears interest at LIBOR plus 2.00%, unchanged from Funding Facility I.\n\n\n\nOn October 2, 2020, the Company issued an additional $50 million of its 3.9% notes due 2024 (the \"2024 Notes\"). Upon issuance of the additional 2024 Notes, the outstanding aggregate principal amount of the 2024 Notes is $250 million.\n\n\n\nOn November 2, 2020, our board of directors declared a fourth quarter dividend of $0.30 per share payable on December 31, 2020 to stockholders of record as of the close of business on December 17, 2020.\n\n\n\"We are pleased with the continuing strength of our highly diversified portfolio even in this challenging environment, which led to a 4.1% increase in NAV,\" said Howard Levkowitz, BlackRock TCP Cap...