BlackRock TCP Capital Corp. (TCPC) reported net investment income of $22.1 million for the quarter ended December 31 2025, translating to a GAAP earnings per share of $0.26 on a diluted basis. The company’s revenue for the quarter was $43.92 million, a decline that missed consensus estimates of roughly $48.95 million.
The earnings miss reflects a sharp deterioration in the company’s credit portfolio. TCPC recorded significant realized and unrealized losses on older investments, and the proportion of non‑accrual assets rose to 4.0 % of the portfolio at fair value and 9.7 % at cost. These losses contributed to a 19 % drop in net asset value (NAV) per share, falling to $7.07 from $8.71 at the end of September.
In line with the weaker earnings, TCPC reduced its first‑quarter 2026 dividend to $0.17 per share, down from $0.25 per share in the prior quarter. The dividend cut was driven by lower distributable earnings and the need to preserve capital amid the credit‑loss environment.
Management highlighted a strategic shift toward senior‑secured first‑lien loans, with 92.5 % of the portfolio now senior‑secured and 87.4 % first‑lien. CEO Phil Tseng said the shift is intended to reduce subordination risk and improve recovery potential in the event of defaults.
CEO Phil Tseng also noted that the company is navigating portfolio markdowns, ongoing restructuring of multiple portfolio companies, and a broader challenging environment for business development companies. He emphasized that the lower base‑rate environment has compressed yields, while macroeconomic pressures continue to impact investment income.
Investors reacted negatively, citing the earnings miss, the 19 % decline in NAV, the dividend cut, and the rise in non‑accrual investments as key concerns.
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