TCP Capital Corp. Announces December 31, 2012 Financial Results; Fourth Quarter 2012 Net Investment Income Of $0.59 Per Share; And Declares First Quarter 2013 Dividend Of $0.35 Per Share And Special Dividend Of $0.05 Per Share

TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (“BDC”) (NASDAQ: TCPC), today announced its financial results for the fourth quarter and year ended December 31, 2012 and filed its annual report on Form 10-K with the U.S. Securities and Exchange Commission.

FINANCIAL HIGHLIGHTS
  • Net investment income for the quarter ended December 31, 2012 was $12.7 million after preferred dividends, or $0.59 per share, net of $0.05 per share in excise taxes, compared to net investment income of $9.2 million, or $0.43 per share for the quarter ended September 30, 2012. For the year ended December 31, 2012, net investment income was $38.7 million after preferred dividends, or $1.80 per share on a pro forma basis after giving effect to the Company’s conversion to a BDC and its initial public offering.
  • Net increase in net assets resulting from operations for the quarter ended December 31, 2012 was $6.9 million, or $0.32 per share, as compared to $9.5 million, or $0.44 per share for the quarter ended September 30, 2012. Net increase in net assets resulting from operations for the year ended December 31, 2012 was $25.9 million, or $1.21 per share on a pro forma basis. Net asset value was approximately $316.0 million or $14.71 per share on December 31, 2012, as compared to approximately $317.6 million or $14.79 per share on September 30, 2012.
  • Total acquisitions during the quarter ended December 31, 2012 were $113.0 million, as compared to $80.0 million for the quarter September 30, 2012. Total acquisitions net of total dispositions during the quarter ended December 31, 2012 were $30.9 million, as compared to $36.6 million for the quarter ended September 30, 2012. For the year ended December 31, 2012, total acquisitions were $359.0 million. Total acquisitions net of total dispositions during the year ended December 31, 2012 were $147.8 million.
  • On March 7, 2013, our board of directors declared a first quarter dividend of $0.35 per share and a special dividend of $0.05 per share, both payable on March 29, 2013 to shareholders of record as of March 18, 2013.

“We are pleased with our results for both the fourth quarter and full year 2012,” said TCP Capital Corp.’s Chairman and CEO, Howard Levkowitz. “Our strong net investment income of $0.59 per share more than covers our first quarter dividend and special dividend and clearly demonstrates the earnings power of our portfolio.

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