BlackRock TCP Capital (TCPC) Tops Q2 EPS by 5c

BlackRock TCP Capital (NASDAQ: TCPC) reported Q2 EPS of $0.36, $0.05 better than the analyst estimate of $0.31.

FINANCIAL HIGHLIGHTS

• Net investment income for the quarter ended June 30, 2020 was $21.1 million, or $0.36 per share on a diluted basis, compared with the dividend of $0.36 per share paid on June 30, 2020.
• Net increase in net assets resulting from operations for the quarter ended June 30, 2020 was $46.4 million, or $0.80 per share.
• Net asset value per share at June 30, 2020 was $12.21 compared to $11.76 at March 31, 2020.
• Total acquisitions during the quarter ended June 30, 2020 were $56.0 million and total dispositions were $101.8 million.
• One non-accrual was added during the second quarter. As of June 30, 2020, loans on non-accrual status represented 0.6% of the portfolio at fair value and 1.6% at cost.
• During the quarter ended June 30, 2020, the Company extended the maturity of its SVCP credit facility from May 6, 2023 to May 6, 2024 and increased the capacity from $270.0 million to $300.0 million. The interest rate on the facility remained unchanged at LIBOR + 2.00%.
• On July 31, 2020, the SVCP credit 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.
• On August 4, 2020, the TCPC Funding credit facility was replaced with a new $200 million revolving credit facility maturing August 4, 2025 with Morgan Stanley as administrative agent. The new facility includes a $50 million accordion feature and generally bears interest at LIBOR plus 2.00%, unchanged from the TCPC Funding Facility which also generally bore interest at LIBOR plus 2.00%.
• On August 4, 2020, Brian Wruble retired from the board of directors after serving on the board since 2015. Also on August 4, 2020, Andrea Petro was appointed to the board of directors. Following her appointment, half of the board's independent directors are women.
• On August 4, 2020, our board of directors declared a third quarter dividend of $0.30 per share payable on September 30, 2020 to stockholders of record as of the close of business on September 16, 2020.

"While the pandemic caused significant economic and market disruption in the first half of 2020, our highly diversified portfolio of primarily senior secured investments continued to perform well, with total non-accruals accounting for only 0.6% of the portfolio at fair value at the end of the second quarter," said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. "We also benefited from the broader market recovery in the second quarter and our NAV increased 3.8%, reflecting a 1.6% net market value gain on our investments.

"The board’s decision to adjust the dividend rate was a prudent response to substantial declines in LIBOR over the last year and a half. We are confident in the sustainability of our dividend at this level," Levkowitz continued. "We also strengthened our diversified and low-cost leverage program by extending and expanding our SVCP credit facility and replacing our TCPC Funding credit facility with a new facility with improved terms. We appreciate the ongoing support of our lenders.

"And finally, we are pleased to announce the appointment of Andrea Petro to our board of directors. With nearly 30 years of experience in commercial finance, she further strengthens our very accomplished and diverse board. Building a diverse board has been a longstanding priority, and following Andrea’s appointment, half of our independent directors are now women," said Levkowitz. "Andrea replaces Brian Wruble, who retired after serving as a board member to funds managed by our Advisor for sixteen years, including five years on our board. We thank Brian for his dedication and outstanding contributions over the years."

For earnings history and earnings-related data on BlackRock TCP Capital (TCPC) click here.

You May Also Be Interested In

• Sanuwave Q2 2026 revenue tops revised guidance range
• Barclays Downgrades Unicaja (UNI:SM) to Underweight
• Brown-Forman CEO Lawson Whiting to retire after nearly 30 years