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BlackRock TCP Capital
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 for Q3 2025 was $0.30 per share, consistently covering 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.
Completed the merger with BlackRock Capital Investment Corporation in March 2024, integrating assets and liabilities.
Financial highlights
Total investment income for Q3 2025 was $50.5 million ($0.59 per share), with net realized losses of $97.0 million and net unrealized gains of $94.1 million.
Net increase in net assets from operations was $24.4 million ($0.29 per share) in Q3 2025.
For the nine months ended September 30, 2025, net investment income was $87.1 million and dividends declared totaled $0.87 per share.
Total fair value of investments was $1.91 billion across 156 portfolio companies at quarter end.
Operating expenses for the nine months ended September 30, 2025, were $70.8 million, down from $100.2 million in the prior year.
Outlook and guidance
Management expects a full write-down of the Renovo investment in Q4 2025, impacting NAV by $0.15 per share.
Focus remains on resolving challenged credits, portfolio diversification, and delivering sustainable returns.
M&A activity and deal flow are showing early signs of recovery, with expectations for higher volumes.
Management fee waiver in place for three quarters through September 30, 2025.
Board declared a Q4 2025 dividend of $0.25 per share, payable December 31, 2025.
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
BlackRock TCP Capital
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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