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Visual21 Nov 2025
Data center suppliers
BlackRock TCP Capital (TCPC) investor relations material
BlackRock TCP Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Net asset value per share remained stable at $8.71 as of September 30, 2025, reflecting portfolio stability.
Adjusted net investment income was $0.30 per share in Q3 2025, out-earning the regular dividend of $0.25 per share.
Non-accruals declined to 3.5% of portfolio fair value, down from 5.6% at the end of 2024.
Portfolio diversification improved, with average position size reduced to $7.8 million from $11.7 million at end of 2024.
Invested $63.1 million in Q3 2025 across new and existing portfolio companies, with a weighted average yield of 10.1%.
Financial highlights
Adjusted net investment income per share was $0.30 in Q3 2025, compared to $0.31 in Q2 2025 and $0.36 in Q3 2024.
Net increase in net assets from operations was $24.4 million ($0.29 per share).
Total investment income for Q3 2025 was $50.5 million ($0.59 per share).
Net realized losses totaled $97.0 million, mainly from the restructuring of Razor and other investment dispositions.
Net unrealized gains were $94.1 million, primarily from the NEP investment markup and reversals of prior losses.
Outlook and guidance
Management remains focused on resolving challenged credits, portfolio diversification, and delivering sustainable returns.
Board declared a Q4 2025 dividend of $0.25 per share, payable December 31, 2025.
Anticipates a $0.15 per share NAV impact in Q4 2025 from a full write-down of the Renovo investment.
M&A activity is showing early signs of recovery, with expectations for higher deal volumes in coming quarters.
Management fee waiver in place for three quarters through September 30, 2025, supporting shareholder alignment.
Address new vs exited investment yield gap
How do repurchases impact NAV accretion?
Renovo write-down: lessons for credit monitoring
What drives post-restructuring re-defaults?
Is PFS increasing high-quality deal conversion?
How does lower average position size reduce risk?
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Next BlackRock TCP Capital earnings date
Q4 202527 Feb, 2026
Next BlackRock TCP Capital earnings date
Q4 202527 Feb, 2026
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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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