Business
BlackRock TCP Capital Corp. Announces Third Quarter 2021 Financial Results Including Net Investment Income of $0.32 Per Share; Declares Fourth Quarter Dividend of $0.30 Per Share; 38 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 third quarter ended September 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 September 30, 2021 was $18.7 million, or $0.32 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on September 30, 2021.\n\n\nNet increase in net assets from operations for the quarter ended September 30, 2021 was $10.9 million, or $0.19 per share compared to $54.8 million, or $0.95 per share for the quarter ended June 30, 2021. Net increase in net assets from operations for the nine months ended September 30, 2021 was $101.2 million, or $1.75 per share.\n\n\nNet asset value per share was $14.09 at September 30, 2021 compared to $14.21 at June 30, 2021. The change in net asset value quarter over quarter included a $6.2 million, or $0.11 per share, loss associated with prepayment charges on the early redemption of the 2022 Notes.\n\n\nTotal acquisitions during the quarter ended September 30, 2021 were $156.9 million and total dispositions were $227.2 million.\n\n\nAs of September 30, 2021, loans on non-accrual status represented 1.0% of the portfolio at fair value and 1.8% at cost.\n\n\nOn August 27, 2021, we issued and sold $150.0 million in aggregate principal amount of the Company’s 2.850% Notes due 2026 at a yield to maturity of 2.475%, which constitutes a further issuance of the 2.850% Notes due 2026 that the Company issued on February 9, 2021 in the aggregate principal amount of $175.0 million for a total outstanding aggregate principal amount of $325.0 million.\n\n\nOn September 17, 2021, we redeemed all $175.0 million of the 2022 Notes outstanding at a price equal to par plus a \"make whole\" premium, and accrued and unpaid interest. The 2022 Notes bore interest at an annual rate of 4.125%.\n\n\nDuring the quarter ended September 30, 2021, Howard Levkowitz retired as Chairman and Chief Executive Officer of the Company. Rajneesh Vig succeeded Howard Levkowitz as Chairman and Chief Executive Officer and Phil Tseng assumed the roles of President and Chief Operating Officer.\n\n\nOn October 28, 2021, our boa...