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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.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.
What drives re-default of restructured loans?
How will PFS impact TCPC's average deal size?
Detail plan to reduce leverage to target range
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Next BlackRock TCP Capital earnings date
Q3 20256 Nov, 2025
Next BlackRock TCP Capital earnings date
Q3 20256 Nov, 2025
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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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