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BlackRock TCP Capital Q2 2025 Financial Results

BlackRock TCP Capital Corp. (NASDAQ: TCPC) has reported its financial results for the second quarter ended June 30, 2025, and filed its Form 10-Q with the U.S. Securities and Exchange Commission. Here are the key financial highlights and changes compared to the previous period:

  • On a GAAP basis, net investment income for the quarter ended June 30, 2025, was $27.6 million, or $0.32 per share on a diluted basis, which exceeded the regular dividend of $0.25 per share and a special dividend of $0.04 per share on June 30, 2025. Adjusted net investment income for the quarter was $26.3 million, or $0.31 per share on a diluted basis.
  • Net asset value per share was $8.71 as of June 30, 2025, compared to $9.18 as of March 31, 2025.
  • Net decrease in net assets from operations on a GAAP basis for the quarter ended June 30, 2025, was $15.9 million, or $0.19 per share, compared to a $20.9 million, or $0.25 per share, net increase in net assets from operations for the quarter ended March 31, 2025.
  • Debt investments on non-accrual status represented 3.7% of the portfolio at fair value and 10.4% at cost, compared to 4.4% of the portfolio at fair value and 12.6% at cost as of March 31, 2025.
  • Total investment acquisitions and dispositions during the quarter ended June 30, 2025, were approximately $111.5 million and $47.9 million, respectively.
  • As of June 30, 2025, net leverage was 1.28x compared to 1.13x at March 31, 2025.
  • The advisor waived $1.8 million in management fees for the three months ended June 30, 2025.
  • The board of directors declared a third quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on September 30, 2025.
  • Non-accrual debt investments were associated with 3.7% of the consolidated portfolio at fair value and 10.4% at cost as of June 30, 2025.
  • The weighted average annual effective yield of the debt portfolio was approximately 12.0% as of June 30, 2025, compared to 12.2% as of March 31, 2025.
  • Total investment income for the three months ended June 30, 2025, was approximately $51.5 million, or $0.61 per share.
  • Total operating expenses for the three months ended June 30, 2025, were approximately $23.9 million, or $0.28 per share.
  • Net investment income for the three months ended June 30, 2025, was approximately $27.6 million, or $0.32 per share.
  • The company's available liquidity was approximately $565.5 million as of June 30, 2025.

These figures indicate changes in net investment income, net asset value, non-accrual debt investments, leverage, management fees, and dividend declarations compared to the previous period. Today the company's shares have moved 0.42% to a price of $7.20. For more information, read the company's full 8-K submission here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.

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