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BlackRock TCP Capital (TCPC) investor relations material

BlackRock TCP Capital Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Net investment income for Q2 2025 was $27.6 million ($0.32 per share), exceeding both regular and special dividends declared for the quarter.

  • Nonaccruals reduced to 3.7% of portfolio fair value, down from 4.4% last quarter and 5.6% at year-end 2024, reflecting improved portfolio quality.

  • NAV per share declined to $8.71 from $9.18 sequentially and $10.20 a year earlier, mainly due to markdowns on previously restructured companies, not new credit issues.

  • Board declared a Q3 regular dividend of $0.25 per share and a special dividend of $0.04 per share, both payable September 30, 2025.

  • Adviser voluntarily waived one-third of its base management fee for three quarters starting January 1, 2025; no incentive fees accrued as the total return hurdle was not met.

Financial highlights

  • Adjusted net investment income was $0.31 per share in Q2 2025, with regular dividend coverage ratio of 124%.

  • Net realized losses of $66.3 million ($0.78/share) mainly from restructurings; net unrealized gains of $22.8 million ($0.27/share) from reversal of prior losses.

  • Net decrease in net assets from operations was $15.9 million ($0.19/share) for Q2 2025.

  • Total investment income for Q2 2025 was $51.5 million ($0.61/share).

  • Net regulatory leverage ratio stood at 1.28x at June 30, 2025, above the target range due to investment timing and NAV decline.

Outlook and guidance

  • Management remains focused on reducing non-accruals, optimizing outcomes for restructured companies, and returning to historical portfolio performance.

  • Selective capital deployment continues, with an emphasis on principal protection and current income.

  • Anticipate benefits from BlackRock's acquisition of HPS and the new PFS platform, enhancing sourcing, underwriting, and portfolio management.

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Frequently asked questions

BlackRock TCP Capital Corp. is a business development company that provides financing solutions to middle-market companies. The company primarily invests in senior secured loans, as well as mezzanine and equity investments, across a diverse range of industries. BlackRock TCP Capital Corp. focuses on generating income and capital appreciation for its shareholders through disciplined investment strategies and long-term partnerships. The company is headquartered in Santa Monica, California, and its shares are listed on the NASDAQ.

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