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TCP Capital Corp. Announces Third Quarter 2012 Financial Results; Net Investment Income Of $0.43 Per Share; And Declares Dividends

TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ: TCPC), today announced its financial results for the third quarter ended September 30, 2012 and filed its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission.

  • Net investment income for the quarter ended September 30, 2012 was $9.2 million after preferred dividends, or $0.43 per share, compared to net investment income of $8.5 million, or $0.40 per share for the quarter ended June 30, 2012.
  • Net increase in net assets resulting from operations for the quarter ended September 30, 2012 was $9.5 million, or $0.44 per share, as compared to $6.0 million, or $0.28 per share for the quarter ended June 30, 2012. Net asset value was approximately $317.6 million or $14.79 per share on September 30, 2012, as compared to approximately $315.6 million or $14.70 per share on June 30, 2012.
  • Total acquisitions during the quarter ended September 30, 2012 were $80.0 million, as compared to $90.4 million for the quarter ended June 30, 2012. Total acquisitions net of total dispositions during the quarter ended September 30, 2012 were $36.6 million, as compared to $50.8 million for the quarter ended June 30, 2012.
  • On November 7, 2012, our board of directors declared a fourth quarter dividend of $0.35 per share and a special dividend of $0.05 per share, both payable on December 31, 2012 to shareholders of record as of December 17, 2012.

“We are pleased with our strong results for the third quarter, which marks our second quarter as a public company,” said TCP Capital Corp.’s Chairman and CEO, Howard Levkowitz. “The portfolio’s performance and the effective deployment of the remaining proceeds from our April IPO and other liquidity enabled us to generate higher net investment income of $0.43 per share. Our third quarter net investment income more than covers our fourth quarter dividend, which clearly demonstrates the earnings power of our portfolio. With net leverage of 0.56x, and approximately $71 million in liquidity at the end of the third quarter, we have room to grow the TCPC portfolio.”

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