BlackRock TCP Capital (TCPC) Company Report

BlackRock TCP Capital reported a 19% decline in NAV to $7.07 per share as of December 31, 2025, from $8.71 as of September 30, and adjusted net investment income (NII) for Q4 2025 of $0.25 per share, down from $0.30 per share last quarter.
The significant NAV decline was primarily driven by $66.5 million in net unrealized losses and $73.9 million in net realized losses, with six portfolio companies, largely with an equity orientation, contributing 67% or $1.11 per share of the total decline.
The company declared a Q1 2026 dividend of $0.17 per share and repurchased 515,869 shares at a weighted average price of $5.84 per share in Q4 2025, with additional repurchases post-quarter.
TCPC is actively repositioning its portfolio, increasing first lien loans to 87.4% of the portfolio (fair value) and reducing the average size of new investments to $5.8 million in 2025 to enhance diversification and credit quality.
Net regulatory leverage increased to 1.41x at year-end 2025 from 1.2x at the end of Q3, but has since improved to 1.34x due to paydowns.

7 hours ago

Transcript

BlackRock TCP Capital Reports Q4 and Full Year 2025 Results with NAV Decline

TCPC

Earnings

Dividends

Share Buyback

BlackRock TCP Capital reported full year 2025 adjusted NII of $1.22 per share and Q4 2025 adjusted NII of $0.25 per share, with NAV declining 19% to $7.07 per share as of December 31, 2025, primarily due to portfolio markdowns.
The NAV decline was significantly impacted by six portfolio companies, contributing approximately 67% or $1.11 per share of the decline, leading to non-accrual debt investments representing 4% at fair market value and 9.7% at cost as of December 31, 2025.
The company is actively repositioning its portfolio by increasing first lien investments to 87.4% of the portfolio on a fair value basis and reducing the average size of new investments to $5.8 million to improve diversification and credit quality.
A first quarter dividend of $0.17 per share payable on March 31, 2026, was declared, and the company repurchased 515,869 shares during Q4 2025 at a weighted average price of $5.84 per share, with an additional 233,541 shares purchased after quarter-end. Net regulatory leverage was 1.41 times at year-end 2025.

7 hours ago

Transcript

BlackRock TCP Capital Reports Q4 2025 Results with NAV Decline and Strategic Portfolio Adjustments

TCPC

Earnings

Dividends

Share Buyback

BlackRock TCP Capital reported a 19% decline in Net Asset Value (NAV) to $7.07 per share as of December 31, 2025, from $8.71 per share as of September 30, 2025, primarily due to portfolio markdowns and non-accruals.
Adjusted Net Investment Income (NAI) for Q4 2025 was $0.25 per share, contributing to a full-year 2025 adjusted NII of $1.22 per share.
The company repurchased 515,869 shares at a weighted average price of $5.84 per share during Q4 2025 and declared a Q1 2026 dividend of $0.17 per share.
The portfolio's first lien loan exposure increased to 87.4% on a fair value basis from 83.6% last year, with new investments in 2025 averaging $5.8 million to reduce concentration risk.
Net regulatory leverage stood at 1.41 times at year-end 2025, improving to 1.34 times subsequent to year-end due to paydowns, including the full repayment of $325 million in 2026 unsecured notes.

7 hours ago

Transcript

BlackRock TCP Capital Faces Securities Class Action

TCPC

Legal Proceedings

Financial Restatement

Profit Warning

Faruqi & Faruqi, LLP is investigating BlackRock TCP Capital Corp. (TCPC) for alleged federal securities law violations, covering investors who purchased securities between November 6, 2024, and January 23, 2026.
The complaint alleges the company made misleading statements by failing to disclose that investments were not appropriately valued, portfolio restructuring was ineffective, and unrealized losses were understated, resulting in an overstated Net Asset Value (NAV).
Disclosures revealed a 22.44% year-over-year decrease in NAV to $9.23 per share as of December 31, 2024, and a subsequent drop to a range of $7.05 to $7.09 per share as of December 31, 2025, which was 19% less than the prior quarter and 23.4% less than the prior year.
The deadline for investors to seek the role of lead plaintiff in this securities class action is March 24, 2026.

11 hours ago

Press Release

BlackRock TCP Capital Corp. announces Q4 and FY 2025 results, declares Q1 2026 dividend

TCPC

Earnings

Dividends

Demand Weakening

Q4 2025 net investment income was $0.26 per share, exceeding the regular dividend of $0.25 per share paid in December 2025. Adjusted net investment income for Q4 was $0.25 per share; for FY 2025, adjusted net investment income was $1.22 per share.
Net asset value (NAV) per share fell to $7.07 as of December 31, 2025, a 19% decline from the prior quarter, primarily due to issuer-specific developments and underperformance of investments originated in 2021 or earlier.
The company declared a Q1 2026 dividend of $0.17 per share, payable March 31, 2026.
As of December 31, 2025, investments on non-accrual status represented 4.0% of the portfolio at fair value and 9.7% at cost, up from the prior quarter.

11 hours ago

8-K

BlackRock TCP Capital reports Q4 2025 results

TCPC

Earnings

Dividends

Adjusted net investment income was $0.25 per share, fully covering the regular quarterly dividend of $0.25 per share paid on December 31, 2025; a Q1 2026 dividend of $0.17 per share was declared, payable March 31, 2026.
Net assets per share declined to $7.07 at year-end, down from $9.23 at the end of 2024, reflecting portfolio repositioning and unrealized losses.
Portfolio remains diversified across 20+ industry sectors, with 92.5% in senior secured debt and a weighted average effective yield of 10.2% on the total portfolio as of December 31, 2025.
Non-accruals decreased to 4.0% of portfolio at fair value in Q4 2025, down from a peak of 5.6% in Q4 2024, indicating progress in credit quality.

12 hours ago

Presentation

BlackRock TCP Capital Faces Securities Class Action Lawsuit

TCPC

Legal Proceedings

Profit Warning

Faruqi & Faruqi, LLP is investigating potential claims against BlackRock TCP Capital Corp. (TCPC) for alleged violations of federal securities laws.
Investors who purchased securities in BlackRock TCP between November 6, 2024, and January 23, 2026, have until April 6, 2026, to seek the role of lead plaintiff in the federal securities class action.
The lawsuit alleges the company made false and/or misleading statements by not timely valuing investments, failing to resolve challenged credits, understating unrealized losses, and overstating Net Asset Value (NAV).
On February 27, 2025, disclosures for FY 2024 revealed significant portfolio weakening, with debt investments on non-accrual status increasing by 289% and NAV falling 22.44% year over year to $9.23 per share. This led to a 9.64% stock price drop on February 27, 2025.
Further disclosures on January 23, 2026, indicated NAV per share for December 31, 2025, was in the range of $7.05 to $7.09, a 23.4% decrease year over year, causing the stock price to fall 12.97% on January 26, 2026.

1 day ago

Press Release

BlackRock TCP Capital Corp. Faces Class Action Lawsuit Over NAV Disclosures

TCPC

Legal Proceedings

Financial Restatement

A class action lawsuit has been filed against BlackRock TCP Capital Corp. (TCPC) alleging securities fraud or other unlawful business practices.
Investors have until April 6, 2026, to ask the Court to appoint them as Lead Plaintiff.
On February 27, 2025, BlackRock TCP disclosed that the number of portfolio companies on non-accrual status had more than doubled, and its NAV fell over 22% year-over-year to $9.23 per share, which allegedly caused the stock price to fall 9.6%.
On January 23, 2026, the company further disclosed its NAV per share as of December 31, 2025, was in the range of $7.05 to $7.09, representing a 19% decrease from the prior quarter and 23.4% from the prior year, leading to a nearly 13% drop in stock price.

3 days ago

Press Release

BlackRock TCP Capital Faces Class Action Lawsuit

TCPC

Legal Proceedings

The Law Offices of Frank R. Cruz announced a class action lawsuit against BlackRock TCP Capital Corp. (NASDAQ: TCPC).
The class period for the lawsuit is from November 6, 2024, to January 23, 2026, with a lead plaintiff deadline of April 6, 2026.
Allegations include that the company's investments were not timely or appropriately valued, portfolio restructuring efforts were ineffective, leading to understated unrealized losses and an overstated Net Asset Value (NAV).

7 days ago

Press Release

BlackRock TCP Capital Faces Securities Class Action Lawsuit

TCPC

Legal Proceedings

Profit Warning

Faruqi & Faruqi, LLP is investigating BlackRock TCP Capital (TCPC) for alleged federal securities law violations, with a class action deadline of April 6, 2026, for investors who suffered losses exceeding $50,000 between November 6, 2024, and January 23, 2026.
The complaint alleges the company made misleading statements and failed to disclose that its investments were not timely or appropriately valued, portfolio restructuring was ineffective, and its Net Asset Value (NAV) was overstated due to understated unrealized losses.
Disclosures on February 27, 2025, revealed a significant weakening of the portfolio in FY 2024, with debt investments on non-accrual status increasing by 289% and NAV falling 22.44% year over year to $9.23 per share by December 31, 2024.
Further, on January 23, 2026, BlackRock TCP Capital disclosed its NAV per share as of December 31, 2025, was in the range of $7.05 to $7.09, which was 19% less than the prior quarter and 23.4% less than the prior year, leading to a 12.97% stock price drop on January 26, 2026.