BlackRock TCP Capital Corp. has reported its financial results for the fourth quarter and the year ending December 31, 2025. The company announced a net investment income of $0.26 per share for the fourth quarter, which exceeded the regular dividend of $0.25 per share paid on December 31, 2025. Adjusted net investment income for the year ended December 31, 2025, was $1.22 per share, showing a decrease from $1.65 per share in 2024.
The net asset value per share was reported as $7.07 as of December 31, 2025, compared to $8.71 as of September 30, 2025. The net decrease in net assets from operations for the quarter ended December 31, 2025, was $118.3 million, or $1.39 per share, indicating a significant decline from the net increase in net assets from operations for the previous quarter.
As of December 31, 2025, investments on non-accrual status represented 4.0% of the portfolio at fair value and 9.7% at cost, compared to 3.5% of the portfolio at fair value and 7.0% at cost as of September 30, 2025. The total investment acquisitions and dispositions during the quarter ended December 31, 2025, were approximately $35.5 million and $80.7 million, respectively.
The company's net regulatory leverage increased to 1.41x compared to 1.20x at September 30, 2025. Additionally, the board of directors declared a first-quarter dividend of $0.17 per share, payable on March 31, 2026.
Regarding the investment portfolio, as of December 31, 2025, it consisted of debt and equity positions in 141 portfolio companies with a total fair value of approximately $1.5 billion. The weighted average annual effective yield of the debt portfolio was approximately 11.1%, showing a slight decrease from 11.5% as of September 30, 2025.
The company reported total investment income of approximately $43.9 million, or $0.52 per share, for the three months ended December 31, 2025. Total operating expenses for the same period were approximately $21.2 million, or $0.25 per share. Net investment income for the three months ended December 31, 2025, was approximately $22.1 million, or $0.26 per share, while the net decrease in net assets resulting from operations was $118.3 million, or $1.39 per share.
As of December 31, 2025, available liquidity was approximately $570.2 million, with a combined weighted-average interest rate on debt outstanding at 4.90%. The company's total debt outstanding at December 31, 2025, was detailed in the press release.
Following these announcements, the company's shares moved -1.03%, and are now trading at a price of $5.79. Check out the company's full 8-K submission here.
