TCP Capital beats, sets conditional buyback

• Q4 net investment income before taxes of $18M or $0.40 per share. Quarterly dividend is $0.36. Full-year NII of $61.5M or $1.56 per share.
• Net decrease in net assets from operations of $7.1M or $0.16 per share.
• Net asset value per share of $15.01 slips from $15.43 three months earlier, and $15.18 at the start of 2014. Last night's close was $16.14.
• Net realized and unrealized losses during quarter of $25M or $0.55 per share.
• Company authorizes a buyback of up to $50M worth of stock to be executed only when the price falls a certain amount below book value.
• Earnings call at 1 ET
• Previously: TCP Capital beats by $0.01 (March 10)
• TCPC flat premarket