BlackRock TCP Capital reports Q4 EPS 44c, consensus 47c

Reports Q4 NAV per share $11.90. “We generated solid net investment income in the fourth quarter, culminating a strong year in which we grew NII 20% and delivered a 14.5% net investment income return on equity,” Rajneesh Vig, BlackRock TCP Capital Corp. Chairman and CEO, said. “Our proven track record of delivering consistent results across market cycles has enabled us to consistently out-earn our dividend and drive outstanding long-term results on behalf of our shareholders. During the fourth quarter, we did report a decline in NAV, the largest driver of which was unrealized losses on three positions in our portfolio,” Vig continued. “It’s important to emphasize that these companies’ challenges are idiosyncratic in nature and not indicative of broader issues in our portfolio. Our overall credit quality is solid, and we are well-positioned to further execute our strategy of selectively investing in compelling, new opportunities. We also are confident in our ability to close our proposed merger with BlackRock Capital Investment Corporation this year as planned. This is a transformational combination that we believe will create substantial scale, operational cost synergies, and better access to capital on improved terms. We also anticipate that the transaction will be accretive to NII and further bolster the earnings power of the combined company.”