TCP Capital (TCPC) Tops Q2 EPS by 2c

TCP Capital (NASDAQ: TCPC) reported Q2 EPS of $0.41, $0.02 better than the analyst estimate of $0.39. Revenue for the quarter came in at $48.4 million versus the consensus estimate of $47.1 million.

• Net investment income for the quarter ended June 30, 2018 was $23.9 million, or $0.41 per share on a diluted basis, net of $0.10 per share in incentive compensation.
• Net increase in net assets resulting from operations for the quarter ended June 30, 2018 was $4.1 million, or $0.07 per share.
• Net asset value per share at June 30, 2018 decreased to $14.61 from $14.90 at March 31, 2018.
• Total acquisitions during the quarter ended June 30, 2018 were $124.8 million and total dispositions were $113.3 million.
• During the quarter ended June 30, 2018, we modified our TCPC Funding facility by lowering the interest rate to L + 2.00%, reducing the capacity to $300 million, and extending the maturity to May 2022. Additionally, we increased the capacity on our SVCP 2022 facility to $125 million.
• On August 8, 2018, our board of directors declared a third quarter dividend of $0.36 per share payable on September 28, 2018 to shareholders of record as of September 14, 2018.
• On August 1, 2018 Tennenbaum Capital Partners, LLC, our investment adviser (the "Advisor"), closed the previously announced transaction with BlackRock, Inc. ("BlackRock"), pursuant to which the Advisor merged with and into a wholly-owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect wholly-owned subsidiary of BlackRock, with the Advisor being the surviving entity.

"We are pleased to have out-earned our dividend in the second quarter by $0.05 per share, demonstrating the earnings power of our portfolio. This marks the 25th consecutive quarter of out-earning our dividend," said Howard Levkowitz, BlackRock TCP Capital Corp. Chairman and CEO. "In the second quarter, we originated $125 million in loans, with net deployments of $11.5 million. Our robust direct origination platform allows us to source attractive investment opportunities, which enables us to grow our portfolio while remaining highly selective and disciplined. We are excited to move forward as part of the BlackRock family and believe the combination will further enhance our ability to deliver strong results for shareholders."

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

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