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Mar 31, 2023
BlackRock TCP Q1 2023 Earnings Report
Announced first quarter 2023 financial results with net investment income of $0.44 per share and increased second quarter 2023 dividend by 6.3% to $0.34 per share.
Key Takeaways
BlackRock TCP Capital Corp. reported strong first quarter results, driven by solid net investment income and strategic investment opportunities. The company's net investment income was $0.44 per share, exceeding the dividend paid. The board declared a second quarter dividend of $0.34 per share, reflecting confidence in the portfolio's strength and earnings durability.
Net investment income for the quarter was $25.4 million, or $0.44 per share, exceeding the dividend of $0.32 per share.
Net asset value per share increased to $13.00 at March 31, 2023, compared to $12.93 at December 31, 2022, a 0.5% increase.
Net increase in net assets from operations for the quarter was $22.7 million, or $0.39 per share, primarily driven by increased investment income from rising LIBOR/SOFR rates.
Total acquisitions during the quarter were $76.0 million, and total dispositions were $19.3 million.
Forward Guidance
BlackRock TCP Capital Corp. anticipates a favorable investment environment for established direct lenders following recent banking sector disruptions, while maintaining a disciplined approach to capitalize on market opportunities. A second quarter dividend of $0.34 per share was declared, reflecting the consistency of dividend coverage and commitment to attractive risk-adjusted returns.
Positive Outlook
- Expects investment environment to remain favorable for established direct lenders.
- Will continue to be highly disciplined as we selectively take advantage of this more lender friendly but volatile market
- The board announced a second quarter dividend of $0.34 per share, an increase of 6% from the current level
- This reflects the consistency of our dividend coverage
- Commitment to attractive and sustainable risk-adjusted returns for our shareholders.
Challenges Ahead
- Recent disruption in the banking sector
- Volatile market
- Net realized losses for the three months ended March 31, 2023 were $30.6 million
Historical Earnings Impact
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