BlackRock TCP Capital (NASDAQ: TCPC) logs Q1 2026 loss and trims NAV
Rhea-AI Filing Summary
BlackRock TCP Capital Corp. reported first-quarter 2026 net investment income of $18.5 million, or $0.22 per share, which covered its regular dividend of $0.17 per share paid on March 31. Adjusted net investment income was $17.6 million, or $0.21 per share.
Net asset value per share fell to $6.72 from $7.07 as the company recorded a $16.3 million net decrease in net assets from operations driven by $32.7 million of realized losses and $2.0 million of net unrealized losses, largely tied to restructurings and markdowns in specific investments.
Credit metrics showed some improvement: loans on non-accrual declined to 2.8% of the portfolio at fair value and 7.6% at cost, and net regulatory leverage decreased to 1.29x. The board declared a second-quarter dividend of $0.17 per share, payable June 30, 2026, and re-approved a stock repurchase plan for up to $50 million. During and shortly after the quarter, the company repurchased over 660,000 shares at weighted-average prices between $3.78 and $4.51.
Positive
- None.
Negative
- Net asset value per share declined 4.9% to $6.72, driven by a $16.3 million net decrease in net assets from operations and $35 million of net portfolio markdowns in the quarter.
- Large realized losses from restructurings totaling $32.7 million, mainly from Alpine, Fishbowl and Suited Connector, weighed on results despite underlying credit metrics improving.
Insights
Quarter shows portfolio cleanup and lower leverage, but realized losses drove a NAV decline.
BlackRock TCP Capital generated net investment income of $18.5M or $0.22 per share in Q1 2026, covering its $0.17 dividend. However, sizable realized losses of $32.7M from several restructurings led to a net decrease in net assets from operations of $16.3M, or $0.19 per share.
Credit quality indicators improved as non-accruals fell to 2.8% of the portfolio at fair value and net regulatory leverage declined to 1.29x. At the same time, net asset value per share dropped 4.9% to $6.72, reflecting $35M of net portfolio markdowns. The trade-off is cleaner problem credits but immediate NAV pressure.
The company ended the quarter with $358.6M of available liquidity and a weighted-average debt cost of 5.77%, while also deploying capital into share repurchases under a $50M authorization. Future filings for periods after March 31, 2026 will show whether improved non-accrual levels and lower leverage translate into more stable earnings and NAV performance.
8-K Event Classification
Key Figures
Key Terms
net investment income financial
non-accrual status financial
net regulatory leverage financial
purchase discount financial
dividend reinvestment plan financial
stock repurchase plan financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 7, 2026, the registrant issued a press release announcing its financial results for the first quarter ended March 31, 2026. The text of the press release is included as Exhibit 99.1 to this Form 8-K.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On May 7, 2026, the registrant issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a second quarter dividend of $0.17 per share, payable on June 30, 2026 to stockholders of record as of the close of business on June 16, 2026.
The information disclosed under this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
99.1 |
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Press Release, Dated as of May 7, 2026 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BlackRock TCP Capital Corp. |
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Date: |
May 7, 2026 |
By: |
/s/ Erik L. Cuellar |
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Name: Title |
Erik L. Cuellar |
Exhibit 99.1
BLACKROCK TCP CAPITAL CORP. ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS INCLUDING NET INVESTMENT INCOME OF $0.22 PER SHARE; DECLARES A SECOND QUARTER DIVIDEND OF $0.17 PER SHARE
SANTA MONICA, Calif., May 7, 2026 - BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ: TCPC), today announced its financial results for the first quarter ended March 31, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.
FINANCIAL HIGHLIGHTS
In the first quarter of 2026, the Company executed against its strategic priorities: improving credit quality, further repositioning the investment portfolio, and strengthening the balance sheet. Non-accruals declined to 2.8% of the portfolio at fair value, reflecting the completion of two restructurings and one asset sale. Net leverage declined to 1.29x at quarter end, driven primarily by exits, partial paydowns, and proactive balance-sheet management. These achievements were partially offset by $35 million of net portfolio markdowns during the quarter, which contributed to a 4.9% decline in NAV to $6.72 per share. The Company remains focused on disciplined execution as it continues to reposition the portfolio.
SELECTED FINANCIAL HIGHLIGHTS(1)
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Three months ended March 31, |
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2026 |
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2025 |
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Amount |
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Per |
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Amount |
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Per |
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Net investment income |
$ |
18,476,895 |
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0.22 |
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$ |
32,202,669 |
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0.38 |
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Less: Purchase accounting discount amortization |
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926,889 |
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0.01 |
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1,502,373 |
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0.02 |
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Adjusted net investment income |
$ |
17,550,006 |
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0.21 |
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$ |
30,700,296 |
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0.36 |
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Net realized and unrealized gain (loss) |
$ |
(34,778,783 |
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(0.41 |
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$ |
(11,308,081 |
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(0.13 |
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Less: Realized gain (loss) due to the allocation of purchase discount |
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721,460 |
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0.01 |
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2,685,479 |
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0.03 |
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Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
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(1,648,349 |
) |
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(0.02 |
) |
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(4,187,852 |
) |
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(0.05 |
) |
Adjusted net realized and unrealized gain (loss) |
$ |
(33,851,894 |
) |
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(0.40 |
) |
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$ |
(9,805,708 |
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(0.11 |
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Net increase (decrease) in net assets resulting from operations |
$ |
(16,301,888 |
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(0.19 |
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$ |
20,894,588 |
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0.25 |
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Less: Purchase accounting discount amortization |
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926,889 |
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0.01 |
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1,502,373 |
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0.02 |
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Less: Realized gain (loss) due to the allocation of purchase discount |
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721,460 |
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0.01 |
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2,685,479 |
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0.03 |
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Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
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(1,648,349 |
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(0.02 |
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(4,187,852 |
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(0.05 |
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Adjusted net increase (decrease) in assets resulting from operations |
$ |
(16,301,888 |
) |
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(0.19 |
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$ |
20,894,588 |
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0.25 |
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(1) On March 18, 2024, the Company completed its previously announced merger with BlackRock Capital Investment Corporation ("Merger"). The Merger has been accounted for as an asset acquisition of BlackRock Capital Investment Corporation ("BCIC") by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.
As a supplement to the Company’s reported GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful:
We believe that the adjustment to exclude the full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess our financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
PORTFOLIO AND INVESTMENT ACTIVITY
As of March 31, 2026, our consolidated investment portfolio consisted of debt and equity positions in 139 portfolio companies with a total fair value of approximately $1.4 billion, of which 91.8% was in senior secured debt. 88.7% of the total portfolio was first lien. Equity positions, which include equity interests in diversified debt portfolios, represented approximately 8.2% of the portfolio. 94.4% of our debt investments were floating rate, 97.6% of which had interest rate floors.
As of March 31, 2026, the weighted average annual effective yield of our debt portfolio was approximately 10.9%(1) and the weighted average annual effective yield of our total portfolio was approximately 10.1%, compared to 11.1% and 10.2%, respectively, as of December 31, 2025. Investments in thirteen portfolio companies were on non-accrual status as of March 31, 2026, representing 2.8% of the consolidated portfolio at fair value and 7.6% at cost.
During the three months ended March 31, 2026, we invested approximately $22.5 million, comprised of new investments in 6 new and 2 existing portfolio companies. Of these investments, $18.0 million, or 80.1% of total acquisitions, were in senior secured loans. The remaining $4.5 million, or 19.9% of total acquisitions, were comprised of equity investments. Additionally, we received approximately $135.3 million in proceeds from sales or repayments of investments during the three months ended March 31, 2026. New investments during the quarter had a weighted average effective yield of 8.1%. Investments we exited had a weighted average effective yield of 11.2%.
As of March 31, 2026, total assets were $1.5 billion, net assets were $565.1 million and net asset value per share was $6.72, as compared to $1.7 billion, $598.0 million, and $7.07 per share, respectively, as of December 31, 2025.
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(1) Weighted average annual effective yield includes amortization of deferred debt origination and accretion of original issue discount, but excludes market discount and any prepayment and make-whole fee income. The weighted average effective yield on our debt portfolio excludes non-accrual and non-income producing loans.
CONSOLIDATED RESULTS OF OPERATIONS
Total investment income for the three months ended March 31, 2026 was approximately $42.6 million, or $0.51 per share. Investment income for the three months ended March 31, 2026 included $0.03 per share from prepayment premiums and related accelerated original issue discount and exit fee amortization, $0.02 per share from recurring portfolio investment original issue discount and exit fee amortization, $0.04 per share from interest income paid in kind and $0.02 per share in dividend income. This reflects our policy of recording interest income, adjusted for amortization of portfolio investment premiums and discounts, on an accrual basis. Origination, structuring, closing, commitment, and similar upfront fees received in connection with the outlay of capital are generally amortized into interest income over the life of the respective debt investment.
Total operating expenses for the three months ended March 31, 2026 were approximately $24.1 million, or $0.29 per share, including interest and other debt expenses of $16.0 million, or $0.19 per share, base management fees of $4.7 million, or $0.06 per share. As of March 31, 2026, the Company’s cumulative total return did not exceed the total return hurdle, and as a result, no incentive compensation was accrued for the three months ended March 31, 2026. Excluding interest and other debt expenses, annualized first quarter expenses were 5.5% of average net assets.
Net investment income for the three months ended March 31, 2026 was approximately $18.5 million, or $0.22 per share. Net realized loss for the three months ended March 31, 2026 was $32.7 million, or $0.39 per share. Net realized loss for the three months ended March 31, 2026 was comprised primarily of $19.1 million, $11.5 million, and $4.6 million in losses from the restructuring of our investments in Alpine, Fishbowl, and Suited Connector, respectively. Net unrealized loss for the three months ended March 31, 2026 was $2.0 million, or $0.02 per share. Net unrealized loss for the three months ended March 31, 2026 primarily reflects an $11.1 million unrealized loss on our investment in Job and Talent, a $2.8 million unrealized loss on our investment in Pluralsight, a $2.5 million unrealized loss on our investment in Brook & Whittle, and a $2.2 million unrealized loss on our investment in Domo, partially offset by $17.8 million, $12.3 million, and $4.5 million reversals of previously recognized unrealized losses from the restructuring of our investments in Alpine, Fishbowl and Suited Connector, respectively. Net decrease in net assets resulting from operations for the three months ended March 31, 2026 was $16.3 million, or $0.19 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2026, available liquidity was approximately $358.6 million, comprised of approximately $264.1 million in available capacity under our leverage program, $93.3 million in cash and cash equivalents and $1.2 million in net receivable for investments sold.
The combined weighted-average interest rate on debt outstanding at March 31, 2026 was 5.77%.
Total debt outstanding at March 31, 2026, including debt assumed as a result of the Merger, was as follows:
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Maturity |
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Rate |
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Carrying |
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Available |
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Total |
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Operating Facility |
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2029 |
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SOFR+2.00% |
(2) |
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$ |
226,899,664 |
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$ |
73,100,336 |
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$ |
300,000,000 |
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(3) |
Funding Facility II |
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2029 |
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SOFR+2.00% |
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108,000,000 |
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92,000,000 |
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200,000,000 |
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(4) |
Merger Sub Facility(5) |
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2028 |
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SOFR+2.00% |
(6) |
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166,000,000 |
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99,000,000 |
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265,000,000 |
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(7) |
SBA Debentures |
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2026−2031 |
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2.41% |
(8) |
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107,200,000 |
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— |
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107,200,000 |
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2029 Notes ($325 million par) |
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2029 |
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6.95% |
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322,567,041 |
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— |
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322,567,041 |
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Total leverage |
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930,666,705 |
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$ |
264,100,336 |
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$ |
1,194,767,041 |
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Unamortized issuance costs |
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(4,823,558 |
) |
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Debt, net of unamortized issuance costs |
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$ |
925,843,147 |
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On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP. For the three months ended March 31, 2026, approximately $0.4 million of cash distributions were reinvested for electing participants through purchase of shares in the open market in accordance with the terms of the DRIP.
On April 29, 2026, our Board of Directors re-approved our stock repurchase plan to acquire up to $50.0 million in the aggregate of our common stock at prices at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Company Repurchase Plan”), to be in effect through the earlier
of April 30, 2027, unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.
The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the three months ended March 31, 2026:
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Shares Repurchased |
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Price Per Share* |
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Total Cost |
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Company Repurchase Plan |
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505,433 |
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$ |
4.51 |
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$ |
2,281,347 |
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* Weighted-average price per share
RECENT DEVELOPMENTS
From April 1, 2026 through May 6, 2026, the Company repurchased 156,370 shares pursuant to the Company Repurchase Plan at a weighted average price of $3.78, for a total cost of $0.6 million.
On April 29, 2026, our Board of Directors re-approved the Company Repurchase Plan to acquire up to $50.0 million in the aggregate of the Company's common stock at prices at certain thresholds below the Company's net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the 1934 Act, to be in effect through the earlier of April 30, 2027, unless further extended or terminated by the Company's Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.
On May 7, 2026, our Board of Directors declared a second quarter dividend of $0.17 per share, payable on June 30, 2026 to stockholders of record as of the close of business on June 16, 2026.
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) on Thursday, May 7, 2026 to discuss its financial results. All interested parties are invited to participate in the conference call by dialing (833) 461-5787; international callers should dial (585) 542-9983. All participants should reference the access code 949655499. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Relations section of our website (www.tcpcapital.com) and click on the First Quarter 2026 Investor Presentation under Events and Presentations. The conference call will be webcast simultaneously in the investor relations section of our website at http://investors.tcpcapital.com/. An archived replay of the call will be available approximately two hours after the live call, through May 14, 2026. For the replay, please visit https://investors.tcpcapital.com/events-and-presentations.
BlackRock TCP Capital Corp.
Consolidated Statements of Assets and Liabilities
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March 31, 2026 |
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December 31, 2025 |
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(unaudited) |
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Assets |
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Investments, at fair value: |
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Non-controlled, non-affiliated investments (cost of $1,289,860,002 and $1,425,285,902, respectively) |
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$ |
1,213,160,576 |
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$ |
1,360,801,852 |
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Non-controlled, affiliated investments (cost of $103,747,256 and $101,284,695, respectively) |
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35,111,500 |
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34,821,907 |
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Controlled investments (cost of $141,889,704 and $151,475,599, respectively) |
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140,396,441 |
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137,678,713 |
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Total investments (cost of $1,535,496,962 and $1,678,046,196, respectively) |
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1,388,668,517 |
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1,533,302,472 |
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Cash and cash equivalents |
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93,258,534 |
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61,075,494 |
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Interest, dividends and fees receivable |
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21,127,900 |
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21,495,630 |
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Deferred debt issuance costs |
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4,529,105 |
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5,123,425 |
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Receivable for investments sold |
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1,247,052 |
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26,313,406 |
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Prepaid expenses and other assets |
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722,173 |
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3,050,038 |
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Total assets |
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1,509,553,281 |
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1,650,360,465 |
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Liabilities |
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Debt (net of deferred issuance costs of $4,823,558 and $5,299,866, respectively) |
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925,843,147 |
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1,035,542,837 |
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Interest and debt related payables |
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8,761,500 |
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7,245,830 |
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Management fees payable |
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4,443,403 |
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3,393,322 |
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Reimbursements due to the Advisor |
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1,591,736 |
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1,272,082 |
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Accrued expenses and other liabilities |
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3,802,482 |
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4,893,197 |
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Total liabilities |
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944,442,268 |
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1,052,347,268 |
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Net assets |
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$ |
565,111,013 |
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$ |
598,013,197 |
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Composition of net assets applicable to common shareholders |
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Common stock, $0.001 par value; 200,000,000 shares authorized, 84,059,145 and 84,564,578 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively |
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$ |
84,058 |
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$ |
84,564 |
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Paid-in capital in excess of par |
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1,728,017,916 |
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1,730,298,757 |
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Distributable earnings (loss) |
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(1,162,990,961 |
) |
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(1,132,370,124 |
) |
Total net assets |
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565,111,013 |
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598,013,197 |
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Total liabilities and net assets |
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$ |
1,509,553,281 |
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$ |
1,650,360,465 |
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Net assets per share |
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$ |
6.72 |
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$ |
7.07 |
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BlackRock TCP Capital Corp.
Consolidated Statements of Operations (Unaudited)
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Three Months Ended March 31, |
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2026 |
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2025 |
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Investment income |
|
|
|
|
|
|
||
Interest income (excluding PIK): |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments |
|
$ |
35,055,107 |
|
|
$ |
43,456,737 |
|
Non-controlled, affiliated investments |
|
|
459,482 |
|
|
|
337,999 |
|
Controlled investments |
|
|
2,059,138 |
|
|
|
2,309,269 |
|
PIK interest income: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments |
|
|
2,839,914 |
|
|
|
5,788,915 |
|
Non-controlled, affiliated investments |
|
|
345,777 |
|
|
|
— |
|
Controlled investments |
|
|
415,331 |
|
|
|
681,561 |
|
Dividend income: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments |
|
|
493,053 |
|
|
|
435,951 |
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
1,009,057 |
|
Controlled investments |
|
|
914,290 |
|
|
|
1,868,860 |
|
Other income: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments |
|
|
987 |
|
|
|
566 |
|
Total investment income |
|
|
42,583,079 |
|
|
|
55,888,915 |
|
|
|
|
|
|
|
|
||
Operating expenses |
|
|
|
|
|
|
||
Interest and other debt expenses |
|
|
16,048,448 |
|
|
|
17,084,633 |
|
Management fees |
|
|
4,656,061 |
|
|
|
5,483,844 |
|
Professional fees |
|
|
1,481,060 |
|
|
|
867,447 |
|
Administrative expenses |
|
|
499,794 |
|
|
|
641,464 |
|
Insurance expense |
|
|
210,691 |
|
|
|
218,463 |
|
Director fees |
|
|
192,500 |
|
|
|
192,500 |
|
Custody fees |
|
|
91,956 |
|
|
|
93,185 |
|
Other operating expenses |
|
|
925,674 |
|
|
|
932,658 |
|
Total operating expenses, before management fee waiver |
|
|
24,106,184 |
|
|
|
25,514,194 |
|
Management fee waiver |
|
|
— |
|
|
|
(1,827,948 |
) |
Total operating expenses, after management fee waiver |
|
|
24,106,184 |
|
|
|
23,686,246 |
|
|
|
|
|
|
|
|
||
Net investment income |
|
|
18,476,895 |
|
|
|
32,202,669 |
|
|
|
|
|
|
|
|
||
Realized and unrealized gain (loss) on investments and foreign currency |
|
|
|
|
|
|
||
Net realized gain (loss): |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments |
|
|
(21,268,833 |
) |
|
|
(40,917,338 |
) |
Controlled investments |
|
|
(11,462,016 |
) |
|
|
— |
|
Net realized gain (loss) |
|
|
(32,730,849 |
) |
|
|
(40,917,338 |
) |
|
|
|
|
|
|
|
||
Net change in unrealized appreciation |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments |
|
|
(12,178,589 |
) |
|
|
26,554,993 |
|
Non-controlled, affiliated investments |
|
|
(2,172,968 |
) |
|
|
921,158 |
|
Controlled investments |
|
|
12,303,623 |
|
|
|
2,124,335 |
|
Interest Rate Swap |
|
|
— |
|
|
|
8,771 |
|
Net change in unrealized appreciation (depreciation) |
|
|
(2,047,934 |
) |
|
|
29,609,257 |
|
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
(34,778,783 |
) |
|
|
(11,308,081 |
) |
|
|
|
|
|
|
|
||
Net increase (decrease) in net assets resulting |
|
$ |
(16,301,888 |
) |
|
$ |
20,894,588 |
|
|
|
|
|
|
|
|
||
Basic and diluted earnings (loss) per share |
|
$ |
(0.19 |
) |
|
$ |
0.25 |
|
|
|
|
|
|
|
|
||
Basic and diluted weighted average common |
|
|
84,334,975 |
|
|
|
85,077,619 |
|
ABOUT BLACKROCK TCP CAPITAL CORP.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, an indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com.
FORWARD-LOOKING STATEMENTS
Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the company carefully before investing. This information and other information about the company are available in the company’s filings with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website at www.sec.gov and the company’s website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.
This press release may contain forward-looking statements. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors could cause actual results to differ materially from those contained in the forward-looking statements, including, but not limited to, those factors included in the “Risk Factors” section of the company’s Form 10-K for the year ended December 31, 2025, and the company’s subsequent periodic filings on Form 10-Q with the SEC. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability to realize the anticipated benefits of the Merger, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Merger; (ii) risks related to diverting management’s attention from ongoing business operations; (iii) risks related to the retention of the personnel of TCPC’s advisor; (iv) changes in the economy, financial markets and political environment; (v) risks associated with possible disruption in the operations of TCPC or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflict between Russia and Ukraine and the conflict in the Middle East), trade protection or trade wars, natural disasters or public health crises and epidemics; (vi) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (vii) conditions in TCPC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (viii) other considerations that may be disclosed from time to time in TCPC’s publicly disseminated documents and filings. Copies are available on the SEC’s website at www.sec.gov and the Company’s website at www.tcpcapital.com. Forward-looking statements are made as of the date of this press release and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
SOURCE:
BlackRock TCP Capital Corp.
CONTACT
BlackRock TCP Capital Corp.
Alex Doll
(310) 566-1094
investor.relations@tcpcapital.com