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TCP Capital Corp. Raises Dividend To $0.35 Per Share And Announces Quarter Ended June 30, 2012 Financial Results; Net Investment Income Of $0.40 Per Share

TCP Capital Corp. (“TCPC” or the “Company”), a business development company that is publicly traded on the NASDAQ Global Select Market (NASDAQ: TCPC), announced today its results for the second quarter ended June 30, 2012 and filed with the U.S. Securities and Exchange Commission on Form 10-Q consolidated financial statements for the three and six months ended June 30, 2012.

On April 2, 2012, Special Value Continuation Fund, LLC (“SVCF”) converted from a Delaware limited liability company into a Delaware corporation and elected to be treated as a business development company under the Investment Company Act of 1940, as amended. Through this conversion, which we refer to as the BDC Conversion, TCP Capital Corp. assumed the business activities of SVCF (1). On April 3, 2012, we priced our initial public offering and sold 5,750,000 shares of our common stock at a price of $14.75 per share. Our shares began trading on April 4, 2012. Net of underwriting fees and offering costs, we raised total proceeds of approximately $81 million.

“We are pleased with the results from our first quarter as a public company,” said TCP Capital Corp.’s Chairman and CEO, Howard Levkowitz. “The existing portfolio’s performance and the effective deployment of a significant portion of our IPO proceeds generated higher net investment income that enabled us to raise TCPC’s quarterly dividend.”

FINANCIAL HIGHLIGHTS

  • Net investment income for the quarter ended June 30, 2012 was $8.5 million after preferred dividends, or $0.40 per share, compared to recurring net investment income per share of $0.36 per share for the quarter ended March 31, 2012 on a pro forma basis after giving effect to the BDC Conversion and our initial public offering and excluding a special portfolio company dividend, expenses for professional fees related to the BDC Conversion and excise taxes related to 2011 income.
  • Net increase in net assets resulting from operations for the quarter ended June 30, 2012 was $6.0 million, or $0.28 per share, as compared to $3.4 million, or $0.16 per pro forma share for the quarter ended March 31, 2012. Net asset value was approximately $315.6 million or approximately $14.70 per share after giving effect to approximately $0.4 million, or $0.02 per share in additional offering costs.
  • Total acquisitions during the quarter ended June 30, 2012 were $90.4 million, as compared to $75.2 million for the quarter ended March 31, 2012. Total acquisitions net of total dispositions during the quarter ended June 30, 2012 were $50.8 million, as compared to $29.1 million for the quarter ended March 31, 2012.
  • Our board of directors today declared a third quarter dividend of $0.35 per share, payable on September 28, 2012 to shareholders of record as of September 14, 2012. This represents an increase over the prior quarter’s dividend of $0.34 per share.

PORTFOLIO AND INVESTMENT ACTIVITY

As of June 30, 2012, our investment portfolio consisted of debt and equity positions in 44 portfolio companies with a total fair value of approximately $452.3 million. Debt positions represented approximately 84% of the portfolio fair value, 95% of which were senior secured debt. Equity positions represented approximately 16% of our investment portfolio.

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