BlackRock TCP Capital Corp. Reports Q2 2025 Results

BlackRock TCP Capital Corp. ( (TCPC) ) has released its Q2 earnings. Here is a breakdown of the information BlackRock TCP Capital Corp. presented to its investors.

BlackRock TCP Capital Corp. is a specialty finance company focused on direct lending to middle-market and small businesses, aiming for high total returns through current income and capital appreciation. In its second quarter of 2025, BlackRock TCP Capital Corp. reported a net investment income of $0.32 per share, surpassing its regular and special dividends. The company declared a third quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share.

The company’s net investment income for the quarter was $27.6 million, with a slight decrease in net asset value per share from $9.18 to $8.71, primarily due to markdowns on previously restructured investments. Debt investments on non-accrual status improved, representing 3.7% of the portfolio at fair value. The company made $111.5 million in investment acquisitions and $47.9 million in dispositions during the quarter.

BlackRock TCP Capital Corp. experienced a net decrease in net assets from operations of $15.9 million, compared to a net increase in the previous quarter. The company’s net leverage increased to 1.28x, influenced by new investments and a decline in net asset value. The advisor waived $1.8 million in management fees for the quarter, contributing to the financial results.

Looking ahead, BlackRock TCP Capital Corp. remains focused on optimizing outcomes for shareholders and selectively deploying capital into attractive investment opportunities. The management is committed to returning the portfolio to historical performance levels while managing risks associated with its investments.