BlackRock TCP Capital (TCPC) Tops Q4 EPS by 2c

BlackRock TCP Capital (NASDAQ: TCPC) reported Q4 EPS of $0.35, $0.02 better than the analyst estimate of $0.33.

FINANCIAL HIGHLIGHTS

• Net investment income for the quarter ended December 31, 2020 was $20.0 million, or $0.35 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on December 31, 2020.
• Net increase in net assets from operations for the quarter ended December 31, 2020 was $48.0 million, or $0.83 per share.
• Net asset value per share at December 31, 2020 was $13.24 compared to $12.71 at September 30, 2020, an increase of 4.2%, and compared to $13.21 at December 31, 2019.
• Total acquisitions during the quarter ended December 31, 2020 were $182.5 million and total dispositions were $212.9 million.
• As of December 31, 2020, loans on non-accrual status represented 0.5% of the portfolio at fair value and 1.2% at cost.
• On 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.
• On February 9, 2021, the Company issued $175.0 million in aggregate principal amount of 2.85% notes due 2026 (the “2026 Notes”).
• On February 25, 2021, our board of directors declared a first quarter dividend of $0.30 per share payable on March 31, 2021 to stockholders of record as of the close of business on March 17, 2021.

“Our strong performance in 2020 is a testament to our dedicated and skilled team and the strength of our carefully constructed, highly diversified portfolio,” said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. “Our credit quality remains strong, with no new non-accrual loans in the fourth quarter. We are also pleased with the continued support from our leverage providers that enabled us to make several enhancements to our flexible and diverse leverage program, including reducing the overall cost of our debt. We remain focused on delivering strong risk adjusted returns to our shareholders utilizing our team’s more than two decades of experience in direct lending.”

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

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