BlackRock TCP Capital (TCPC) Company Report

BlackRock TCP Capital reported net investment income of $0.32 per share for the third quarter of 2025, exceeding dividend payments, and maintained a stable net asset value of $8.71 per share, though a $0.15 per share NAV hit is anticipated in the fourth quarter due to a write-down.
The company's earnings per share of $0.32 and revenues of $50.52 million for Q3 2025 both missed consensus estimates.
BlackRock TCP Capital improved portfolio diversification and reduced non-accrual loans to 3.5% of the portfolio's fair market value, while maintaining a strong liquidity position with approximately $528 million.
Despite these efforts, the stock trades at a low price-to-earnings ratio of around 6, reflecting market skepticism, with analysts generally rating it as a "hold".

Nov 7, 2025, 1:54 AM

TCPC Reports Q3 2025 Earnings, NAV Unchanged, and Dividend Declared

TCPC

Earnings

Dividends

Share Buyback

BlackRock TCP Capital Corp. reported adjusted net investment income of $0.30 per share for Q3 2025, with its Net Asset Value (NAV) remaining unchanged at $8.71.
Non-accrual investments improved to 3.5% of the portfolio at fair market value as of September 30, 2025, down from 5.6% at the end of 2024.
The company expects a $0.15 per share impact on Q4 NAV due to the anticipated full write-down of its Renovo investment, which represented approximately 0.7% of total investments at fair value as of September 30.
TCPC invested $241 million year-to-date in 18 new and 13 existing portfolio companies, with new investments in the third quarter having a weighted average yield of 10.1%.
The board declared a Q3 dividend of $0.25 per share payable on December 31, 2025, and repurchased over 25,000 shares during Q3, with an additional 170,000 shares bought after quarter-end.

Nov 6, 2025, 5:00 PM

TCPC Announces Q3 2025 Results

TCPC

Earnings

Dividends

TCPC reported adjusted net investment income per share of $0.30 and earnings per share of $0.29 for Q3 2025.
The company maintained a Net Asset Value (NAV) of $8.71 per share as of September 30, 2025.
The portfolio's loans on non-accrual declined to 3.5% of fair value in Q3 2025, down from a peak of 5.6% in Q4 2024, with 83.0% in first lien and 94.2% in floating rate debt.
TCPC declared a regular dividend of $0.25 per share and a special dividend of $0.04 per share for Q3 2025, with regular dividend coverage of 120%.

Nov 6, 2025, 5:00 PM

BlackRock TCP Capital Corp. Announces Q3 2025 Financial Results and Q4 Dividend

TCPC

Earnings

Dividends

Share Buyback

BlackRock TCP Capital Corp. reported net investment income of $0.32 per share for the third quarter ended September 30, 2025.
The company declared a fourth quarter dividend of $0.25 per share, payable on December 31, 2025, to stockholders of record as of December 17, 2025.
Net asset value per share was $8.71 as of September 30, 2025, remaining unchanged from June 30, 2025.
Debt investments on non-accrual status decreased to 3.5% of the portfolio at fair value and 7.0% at cost as of September 30, 2025, compared to 3.7% at fair value and 10.4% at cost as of June 30, 2025.
From October 1, 2025, through November 5, 2025, the company repurchased 169,964 shares at a weighted average price of $5.80 per share, for a total cost of $977,677.