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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
BlackRock TCP Capital
BlackRock TCP Capital (TCPC) investor relations material
BlackRock TCP Capital Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Completed a $523 million portfolio sale, transferring 95% of interests in a vehicle holding 78 companies (48% of the debt portfolio by fair value) to Pantheon Ventures-managed funds, generating ~$152 million in gross proceeds and retaining a 5% interest.
The transaction was priced at 95% of December 2025 gross fair market value, resulting in a 10.4% NAV decline (~$57 million or $0.68 per share), including transaction expenses.
Net leverage reduced from 1.38x to 0.4x pro forma, with further reduction to below 0.3x possible after additional repayments; unfunded commitments dropped to ~$36 million.
Board engaged Keefe, Bruyette & Woods and Lincoln International LLC for a strategic review, evaluating options such as reinvestment, capital return, or strategic combinations.
Merger with BlackRock Capital Investment Corporation in March 2024 continues to impact financial reporting and non-GAAP adjustments.
Financial highlights
Q2 2026 total investment income: $40.0 million ($0.48/share); net investment income: $18.1 million ($0.22/share); adjusted net investment income: $17.5 million ($0.21/share), covering the $0.17 dividend (124% coverage).
Net realized losses: $14.8 million ($0.18/share), mainly from AutoAlert exit; net unrealized gains: $1.3 million ($0.01/share).
NAV per share declined to $6.58 from $6.72 sequentially, primarily due to the portfolio sale and issuer-specific developments.
Annualized adjusted NII ROE was 12.4% for Q2 2026.
Board declared a Q3 2026 dividend of $0.17/share; 156,370 shares repurchased at $3.78 average price in Q2, and 661,803 shares at $4.34/share in H1 2026.
Outlook and guidance
Strategic review underway with no set timetable; focus on prudent capital allocation, evaluating reinvestment, capital return, and strategic alternatives to maximize shareholder value.
Transaction provides greater financial, investment, and operational flexibility, enabling pursuit of new investments, portfolio diversification, and potential buybacks.
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Latest events from BlackRock TCP Capital
- Adjusted NII covered the dividend, but NAV dropped 4.9% on markdowns; BCIC merger closed.TCPC
Q1 2026 - Vote in the 2026 Annual Meeting to elect six Director nominees as recommended by the Board.TCPCProxy filing
- Virtual annual meeting to elect six directors, with strong governance and compliance focus.TCPCProxy filing
- Q4 2025 income covered dividends, but NAV dropped 19% amid portfolio markdowns and repositioning.TCPCQ4 2025
- Q3 2025 saw stable NAV, strong net investment income, and a Renovo write-down expected in Q4.TCPCQ3 2025
- Q3 2024 saw NII outpace dividends, strong liquidity, and a diversified, resilient portfolio.TCPCQ3 2024
- Q2 adjusted NII beat the dividend, but NAV dropped on higher non-accruals and losses.TCPCQ2 2024
- Q1 2025 net investment income exceeded dividends, with portfolio yield at 12.2% and strong liquidity.TCPCQ1 2025
- NAV and earnings fell on higher non-accruals; dividend cut, with special payouts planned for 2025.TCPCQ4 2024
Next BlackRock TCP Capital earnings date
Q3 20265 Nov, 2026
BlackRock TCP Capital
Next BlackRock TCP Capital earnings date
Q3 20265 Nov, 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.