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BlackRock TCP Capital
BlackRock TCP Capital (TCPC) investor relations material
BlackRock TCP Capital Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Feb, 2026
Executive summary
Adjusted net investment income (NII) for 2025 was $1.22 per share, with Q4 adjusted NII at $0.25–$0.26 per share, reflecting portfolio markdowns and non-accruals.
Net asset value (NAV) declined 19% to $7.07 per share as of December 31, 2025, mainly due to issuer-specific markdowns in six portfolio companies.
Portfolio repositioning focused on increasing first lien loans and reducing concentration risk, with 87.4%–92.5% of the portfolio in first lien/senior secured loans.
Investment platform leverages a tenured team and diversified, channel-agnostic approach, with strong shareholder alignment through fee waivers and incentive structures.
Maintains strong liquidity and leverage capacity, with active share repurchases and a focus on restoring historical performance.
Financial highlights
Gross investment income for Q4 2025 was $0.52 per share, including $0.41 recurring cash interest and $0.06 PIK income.
Net realized losses for Q4 2025 were $73.9 million ($0.87 per share); net unrealized losses were $66.5 million ($0.78 per share), mainly from six investments.
Net decrease in net assets for Q4 2025 was $118.3 million ($1.39 per share).
Total fair value of investments decreased to $1.5–$1.53 billion at Q4 2025.
Annualized return on invested assets since IPO is 8.7%, with a 9.4% annualized cash return.
Outlook and guidance
Near-term priority is to improve credit quality by resolving challenged credits and rotating into senior secured first lien loans.
Board declared a Q1 2026 dividend of $0.17 per share, payable March 31, 2026.
Confident in refined investment strategy, leveraging BlackRock’s resources and focusing on selective capital deployment.
Continued focus on portfolio repositioning to restore historical performance levels.
Plan for resolving challenged credits?
Why cut dividend despite NII coverage?
Yield trend of new vs. exited investments?
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Next BlackRock TCP Capital earnings date
Q1 20267 May, 2026
BlackRock TCP Capital
Next BlackRock TCP Capital earnings date
Q1 20267 May, 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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