BlackRock TCP Capital (TCPC) Tops Q1 EPS by 1c

BlackRock TCP Capital (NASDAQ: TCPC) reported Q1 EPS of $0.38, $0.01 better than the analyst estimate of $0.37.

FINANCIAL HIGHLIGHTS

• Net investment income for the quarter ended March 31, 2020 was $22.1 million, or $0.38 per share on a diluted basis, exceeding the dividend of $0.36 per share.
• Net decrease in net assets resulting from operations for the quarter ended March 31, 2020 was $69.5 million, or $1.18 per share, due to unrealized losses as a result of spread widening, market volatility and related concerns following the COVID-19 market and economic activity disruptions.
• Net asset value per share at March 31, 2020 was $11.76 compared to $13.21 at December 31, 2019, a decline of 11.0%. Over the same period, unrealized losses net of realized gains were 5.5% of the portfolio.
• During the three months ended March 31, 2020, the Company repurchased 1 million shares of its common stock at a weighted-average price of $6.10 per share, which added $0.09 per share to NAV.
• Total acquisitions during the quarter ended March 31, 2020 were $143.0 million and total dispositions were $76.9 million.
• No non-accruals were added during the first quarter. As of March 31, 2020, loans on non-accrual status represented 0.2% of the portfolio at fair value and 0.8% at cost.
• On January 31, 2020, Fitch Ratings initiated an investment grade rating of BBB-. The Company continues to be investment grade rated by both Fitch Ratings and Moody’s Investor Service.
• In April 2020, the Company extended the maturity of its $270 million SVCP credit facility to May 6, 2024. The interest rate on the facility remained unchanged at LIBOR + 2.00%.
• On May 11, 2020, our board of directors declared a second quarter regular dividend of $0.36 per share payable on June 30, 2020 to stockholders of record as of the close of business on June 16, 2020.

"While the COVID-19 pandemic caused significant market disruption in the first quarter, our highly diversified portfolio of primarily senior secured investments with an emphasis on less cyclical industries continued to perform well, and we had no new nonaccruals during the quarter," said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. "We continue to have a strong liquidity position given our diversified and well-laddered leverage program, including two credit facilities, three unsecured notes and an SBA program. Our entire team is focused on helping our borrowers navigate this crisis, while preserving capital for our shareholders."

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

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