BlackRock TCP Capital (US:TCPC)2020-11-09 20:52Portfolio Performance & Composition - The company's NAV increased by 4.1% in Q3 2020, reflecting a 1.8% net market value gain on investments[9] - The total portfolio fair value was $1.6 billion, diversified across 101 portfolio companies[18] - Senior secured debt accounted for 91% of the portfolio, with 82% of the debt portfolio being 1st lien[20] - The weighted average yield of the portfolio was 10.0%[21] - Top five portfolio companies collectively represent less than 19% of the total portfolio[19] Capital Structure & Liquidity - The company has a diverse leverage program totaling $1.2 billion with no near-term maturities[22] - 54% of outstanding liabilities consist of unsecured debt as of September 30, 2020[23] - Available credit facility capacity was $224 million[24] - The company issued an additional $50 million of 3.9% notes due 2024, bringing the total issuance of the 2024 Notes to $250 million[13] Dividend & Financials - The dividend coverage ratio was 117% in the third quarter[14] - A fourth quarter dividend of $0.30 per share was declared, payable on December 31[15] - Net investment income was $0.35 per share in Q3 2020[42] Interest Rate Exposure - 82% of the company's floating rate debt investments had interest rate floors as of September 30, 2020, limiting exposure to further declines in interest rates[38]