BlackRock TCP Capital (TCPC) Misses Q3 EPS by 9c

BlackRock TCP Capital (NASDAQ: TCPC) reported Q3 EPS of $0.31, $0.09 worse than the analyst estimate of $0.40. Revenue for the quarter came in at $51.64 million versus the consensus estimate of $47.84 million.

FINANCIAL HIGHLIGHTS

• Net investment income for the quarter ended September 30, 2019 was $25.3 million, or $0.43 per share on a diluted basis, exceeding the dividend of $0.36 per share.
• Net increase in net assets resulting from operations for the quarter ended September 30, 2019 was $18.4 million, or $0.31 per share.
• Net asset value per share at September 30, 2019 was $13.59 compared to $13.64 at June 30, 2019.
• Total acquisitions during the quarter ended September 30, 2019 were $176.0 million and total dispositions were $180.6 million. Our diversified portfolio reached a record 105 companies as of September 30, 2019.
• On August 23, 2019, we issued $150.0 million of unsecured notes that mature on August 23, 2024 (the \"2024 Notes). The 2024 Notes bear interest at an annual rate of 3.900%, payable semi-annually, and all principal is due upon maturity.
• On November 6, 2019, our board of directors declared a fourth quarter dividend of $0.36 per share payable on December 31, 2019 to shareholders of record as of December 17, 2019.

"We are pleased to have continued our record of covering our dividend for the 30th consecutive quarter, with a dividend coverage ratio of 119% in the third quarter. We also further expanded our diverse leverage program by completing a $150 million unsecured note issuance at an attractive interest rate of 3.9%," said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. "While our income reflected significant repayments, we were able to offset those repayments with another quarter of strong originations. We continue to have a solid pipeline of new investment opportunities and believe we are well-positioned to continue to deliver attractive risk-adjusted returns to our shareholders."

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

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