BlackRock TCP Capital (US:TCPC)2020-05-12 12:03Portfolio Overview - The total portfolio fair value is $1.6 billion, diversified across 108 portfolio companies[9] - 93% of the portfolio is invested in senior secured debt, with 83% of the debt portfolio being 1st lien[11] - The weighted average yield of the portfolio is 10.3%[11] - Non-accruals represent 0.2% of the portfolio at fair value[12] Financial Position - The company has a diverse leverage program totaling $1.2 billion with no near-term maturities[13] - 53% of outstanding liabilities consist of unsecured debt[13] - Available credit facility capacity is $259 million[13] - The net regulatory leverage ratio is 1.22x, within the 2:1 leverage limitation[13] Dividend and Income - Net investment income was $0.38 per share in Q1 2020, out-earning the quarterly dividend of $0.36 per share[34] - Regular dividend coverage for Q1 2020 was 106%[35] Interest Rate Sensitivity - A 135 basis points decline in 3-month LIBOR since 12/31/2018 resulted in a $0.08/share per quarter impact to net investment income[37] - 66% of floating rate debt investments had interest rate floors as of 3/31/2020, limiting exposure to further interest rate declines[37]