BlackRock TCP Capital Corp.

BlackRock TCP Capital Corp. Earnings Recaps

TCPC Financials 2 recaps
Q1 2026 May 9, 2026

Shares declined 3.9% after the company reported a marked deceleration driven by a cautious outlook and portfolio markdowns, particularly in its software and staffing segments, alongside margin compression and a shrinking net investment income.

Key takeaways
  • NAV fell 4.9% to $6.72 per share, reflecting $35 million in portfolio markdowns; Job and Talent accounted for $11 million of these markdowns due to weaker performance and valuation multiple compression.
  • Software investments, making up 30.5% of the portfolio, also faced approximately $11 million in markdowns driven by multiple compression, slower growth expectations, and AI disruption risk.
  • Adjusted net investment income declined to $0.21 per share from $0.25 last quarter, reflecting a smaller portfolio and higher expenses, with annualized net investment income ROE at 11.8%.
  • Net leverage improved to 1.29x from 1.41x, aided by $135.3 million in paydowns and exits, including the largest repayment from a second-lien position in Team Services.
  • Nonaccruals improved to 2.8% of portfolio at fair value, down from 4%, reflecting restructurings and asset sales; however, portfolio headwinds and cautious commentary weighed on investor sentiment.
Full recap
Q3 2025 Nov 7, 2025

BlackRock TCP Capital Corp. maintained its NAV at $8.71 in Q3 2025 while improving nonaccruals to 3.5% of the portfolio, although challenges with the Renovo investment may impact future earnings.

Key takeaways
  • Successful resolution of challenged credits with a drop in nonaccrual investments from 5.6% to 3.5%.
  • Declared a consistent third-quarter dividend of $0.25 per share, reflecting stability amid market fluctuations.
  • Increased deal activity with a 20% rise in reviewed opportunities, showcasing enhanced access through the BlackRock and HPS Private Financing Solutions platform.
  • Notable portfolio gains, particularly with NEP Group, which upgraded TCPC's investment from a second lien to a first lien term loan.
  • Anticipated write-down of the Renovo investment, projected to reduce NAV by approximately $0.15 per share in Q4 2025.
Full recap