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Sep 30, 2022
BlackRock TCP Q3 2022 Earnings Report
Announced third quarter financial results, including net investment income of $0.42 per share, increased dividend to $0.32 per share, and 42 consecutive quarters of dividend coverage.
Key Takeaways
BlackRock TCP Capital Corp. reported strong net investment income for the third quarter of 2022, driven by an increase in interest income due to rising LIBOR/SOFR rates and net realized and unrealized gains on the portfolio. The company's investment portfolio grew to an all-time high of 132 companies, while maintaining disciplined underwriting practices and excellent credit quality.
Net investment income for the quarter ended September 30, 2022 was $24.4 million, or $0.42 per share on a diluted basis, which exceeded the dividend of $0.30 per share paid on September 30, 2022.
Net increase in net assets from operations for the quarter ended September 30, 2022 was $26.2 million, or $0.45 per share.
Net asset value per share was $14.12 at September 30, 2022, an increase of 1.1%.
On November 3, 2022, the board of directors declared a fourth quarter dividend of $0.32 per share.
Forward Guidance
BlackRock TCP Capital Corp. is well positioned to navigate the current uncertain market environment and continue delivering solid risk-adjusted returns for shareholders.
Positive Outlook
- Team’s deep experience across cycles
- Ability to capitalize on the power of the BlackRock platform
- Investment portfolio grew to an all-time high 132 companies in the quarter, creating further diversity
- Disciplined underwriting practices and excellent credit quality
- Solid boost from rising interest rates as 95% of debt investments are floating rate
Historical Earnings Impact
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Avg. Return Before/After Earnings
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