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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 and maintaining consistent dividend coverage since IPO.
Non-accruals declined to 3.5% of portfolio fair value, down from 5.6% at the end of 2024, reflecting improved portfolio quality.
Portfolio diversification advanced, with new investments averaging $7.8 million per position and increased exposure to senior secured, first lien debt.
Anticipates a $0.15 per share NAV impact in Q4 2025 from a full write-down of the Renovo investment, which is company-specific.
Financial highlights
Adjusted net investment income was $0.30 per share; gross investment income $0.59 per share, both slightly down from prior quarter.
Net realized losses totaled $97.0 million, mainly from Razor restructuring, while net unrealized gains were $94.1 million, primarily from NEP and reversal of prior losses.
Net increase in net assets from operations was $24.4 million ($0.29 per share) in Q3 2025.
Weighted average annual effective yield on the debt portfolio was 11.5%, down from 12.0% in Q2 2025.
Total fair value of investments increased to $1.91 billion, with 156 portfolio companies.
Outlook and guidance
Focus remains on resolving challenged positions, portfolio diversification, and delivering sustainable returns.
Board declared a Q4 2025 dividend of $0.25 per share, payable December 31, 2025.
Management fee waiver in place for three quarters through September 30, 2025, supporting shareholder alignment.
M&A activity and deal flow are showing early signs of recovery, with increased volumes expected.
Management expects a $0.15 per share NAV impact in Q4 2025 from the Renovo write-down.
Address new vs exited investment yield gap
How do repurchases impact NAV accretion?
Renovo write-down: lessons for credit monitoring
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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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