BlackRock TCP Capital Corp. reported its financial results for the first quarter of 2025, revealing a net investment income of $32.2 million, or $0.38 per share, compared to $28.3 million, or $0.46 per share, for the same period in 2024. The company’s total investment income for the quarter was $55.9 million, slightly up from $55.7 million year-over-year. This increase was primarily driven by higher dividend income and additional investment income from assets acquired during the merger with BlackRock Capital Investment Corporation (BCIC), which was completed on March 18, 2024.
The company’s total assets decreased to $1.9 billion as of March 31, 2025, down from $1.9 billion at the end of 2024. This decline was attributed to a reduction in the fair value of investments, which fell to $1.77 billion from $1.79 billion. The company’s liabilities also decreased, totaling $1.12 billion, down from $1.14 billion at the end of the previous fiscal year. The net assets applicable to common shareholders were reported at $781.3 million, with a net asset value per share of $9.18, down from $9.23 at the end of 2024.
In terms of operational developments, BlackRock TCP Capital Corp. continued to focus on its investment strategy, with approximately $66 million invested in new and existing portfolio companies during the quarter. The company reported a portfolio comprised of 146 companies, with 90.1% of its investments in debt, primarily senior secured loans. The weighted average effective yield of the debt portfolio was 12.2% as of March 31, 2025. The company also maintained a strong liquidity position, with $99.1 million in cash and cash equivalents.
Looking ahead, BlackRock TCP Capital Corp. remains committed to its investment strategy while navigating the challenges posed by fluctuating interest rates and economic conditions. The company’s management expressed confidence in its ability to meet its financial obligations and maintain compliance with regulatory requirements. The board of directors declared a second-quarter dividend of $0.25 per share, along with a special dividend of $0.04 per share, both payable on June 30, 2025. The company also re-approved its stock repurchase plan, allowing for the repurchase of up to $50 million of its common stock, which reflects its ongoing commitment to returning value to shareholders.
About BlackRock TCP Capital Corp.
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