Business
BlackRock TCP Capital Corp. Announces Third Quarter 2023 Financial Results Including Net Investment Income of $0.49 Per Share; Declares Fourth Quarter Dividend of $0.34 Per Share and a Special Dividend of $0.25 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, 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 September 30, 2023 was $28.3 million, or $0.49 per share on a diluted basis, which exceeded the regular quarterly dividend of $0.34 per share paid on September 29, 2023. This represents 46 consecutive quarters of dividend coverage.\n\n\n\nNet asset value per share was $12.72 at September 30, 2023 compared to $12.94 at June 30, 2023.\n\n\n\nNet increase in net assets from operations for the quarter ended September 30, 2023 was $12.8 million, or $0.22 per share, compared to $16.3 million, or $0.28 per share for the quarter ended June 30, 2023. Net increase in net assets from operations for the nine months ended September 30, 2023 was $51.8 million, or $0.90 per share.\n\n\n\nTotal acquisitions during the quarter ended September 30, 2023 were $92.4 million and total dispositions were $125.6 million.\n\n\n\nIn October, Moody’s reaffirmed the Company’s investment-grade rating with stable outlook.\n\n\n\nAs of September 30, 2023, three portfolio companies are on non-accrual status, representing 1.1% of the portfolio at fair value and 1.7% at cost.\n\n\n\nOn August 4, 2023, the Funding Facility II was amended to extend the maturity date from August 4, 2025 to August 4, 2027. As part of the amendment, the interest rate was revised to SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%.\n\n\n\nOn November 2, 2023, our board of directors declared a fourth quarter regular dividend of $0.34 per share and a special dividend of $0.25 per share, both payable on December 29, 2023 to stockholders of record as of the close of business on December 15, 2023.\n\n\n\nAs previously disclosed, on September 6, 2023, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with BlackRock Capital Investment Corporation, a Delaware corporation (“BCIC”), pursuant to which the Company will merge with and into a wholly owned, indirect subsidiary of TCPC (“Merger Sub”), subject to shareholder approval, customary regulatory app...