Ladies and gentlemen, good afternoon. Welcome everyone to BlackRock TCP Capital Corp's Third Quarter 2019 Earnings Conference Call. Today's conference call is being recorded for replay purposes. During the presentation, all participants will be in a listen-only mode. A question-and-answer session will follow the Company's formal remarks. [Operator Instructions] I'll repeat these instructions before we begin the Q&A session.
And now, I would like to turn the call over to Katie McGlynn, Director of the BlackRock TCP Capital Corp, Global Investor Relations Team. Katie, please proceed.
Thank you, Shannon. Before we begin, I'll note that this conference call may contain forward-looking statements based on the estimates and assumptions of management at the time of such statements, and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties and actual results could differ materially from those projected. Any forward-looking statements made on this call are made as of today and are subject to change without notice.
This morning, we issued our earnings release for the third quarter ended September 30, 2019. We also posted a supplemental earnings presentation to our website at tcpcapital.com. To view the slide presentation, which we will refer to on today's call, please click on the Investor Relations link and select Events & Presentations. These documents should be reviewed in conjunction with the Company's Form 10-Q, which was filed with the SEC this morning.
I will now turn the call over to our Chairman and CEO, Howard Levkowitz.
Howard M. Levkowitz
Thanks Katie. I'm here with our TCPC team. And we thank everyone for participating on our call today. I will start with an overview of our third quarter performance and then our CFO, Paul Davis, will review our financial results. After Paul's comments, I will provide some closing remarks before opening the call to your questions. I will begin with a few highlights from the third quarter that are summarized on Slide 4 of our investor presentation.
First, we earned net investment income of $0.43 per share, out earning our dividend by $0.07. This was a 30th consecutive quarter that our net investment income covered our dividend. And today, we declared our fourth quarter dividend of $0.36 per share payable on December 31 to shareholders of record as of December 17.
Second, we delivered another strong quarter of deployments, totaling $176 million. We continue to leverage both our long-standing relationships with borrowers and deal sources, and the power of BlackRock platform to identify unique and attractive investment opportunities. Dispositions in the quarter were $181 million, resulting in net dispositions of $5 million. A large number of these dispositions occurred at the end of the quarter, elevating our average portfolio size and net investment income for the quarter and resulting in prepayment income of $0.06 per share.
Third, we are privileged to have access to diverse, low cost and flexible sources of financing, including secured and unsecured debt. To that point in August, we successfully issued $150 million of senior unsecured notes with a five-year maturity at an attractive
Director of Investor Relations
Howard M. Levkowitz
Chairman and Chief Executive Officer
Paul L. Davis
Chief Financial Officer
President and Chief Operating Officer
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