BlackRock TCP Capital reports Q3 EPS 36c, consensus 39c

Reports Q3 total investment income for the three months ended September 30 was approximately $70.9M , or 83c per share. Investment income for the three months ended September 30 included 8c per share from prepayment premiums and related accelerated original issue discount and exit fee amortization, 4c per share from recurring portfolio investment original issue discount and exit fee amortization, $0.05 per share from interest income paid in kind and 2c per share in dividend income. This reflects our policy of recording interest income, adjusted for amortization of portfolio investment premiums and discounts, on an accrual basis. Origination, structuring, closing, commitment, and similar upfront fees received in connection with the outlay of capital are generally amortized into interest income over the life of the respective debt investment. .”We delivered solid adjusted net investment income of $30.8 million, or $0.36 per share, for the third quarter, resulting in an adjusted annualized NII return on average equity of 14%, which continues to be at the high end of historical levels,” said Raj Vig, Chairman and CEO of BlackRock TCP Capital (TCPC) Corp. “Our dividend remains well covered at 106%. We are also pleased to report that our board approved a special dividend of $0.10 per share payable to our shareholders this quarter and also re-approved our authorization to repurchase up to $50.0 million of our common stock.” “Our portfolio showed signs of improvement since last quarter as non-accrual investments declined; however, an additional non-accrual investment and certain markdowns resulted in a slight reduction in the NAV. We are working diligently with our borrowers, their lenders, and their sponsors to resolve credit issues with the goal of achieving positive outcomes for our shareholders.” “At quarter end, our portfolio remained well diversified with 156 investments primarily in senior secured, first-lien loans. We have a strong capital and liquidity position to capitalize on a growing pipeline of attractive investment opportunities to deliver attractive risk-adjusted returns for our shareholders over the long term.”