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.
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.
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