BlackRock TCP Capital Corp. (TCPC) reported its financial results for the year ended December 31, 2025, showcasing a net investment income of $109.1 million, or $1.28 per share. This compares to $131.8 million, or $1.66 per share, for the year ended December 31, 2024. The company's investment income totaled $201.8 million, with the majority stemming from interest and fees on debt investments, which amounted to $194.0 million. Dividend income contributed $7.7 million, while other income accounted for $0.1 million.
Operating expenses for the year reached $92.0 million, including $66.1 million in interest expense and related fees, $21.8 million in base management fees, and $3.7 million in professional fees. Notably, the company did not accrue any incentive fee expense for the year ended December 31, 2025, due to its cumulative total return not exceeding the total return hurdle. This contrasts with the $19.2 million in incentive fees recorded in the prior year. The company also benefited from a $7.3 million management fee waiver. The net realized loss for the year was $(278.1) million, primarily due to losses from the restructuring or disposition of investments in several portfolio companies.
The company experienced a change in net unrealized appreciation of $80.1 million, driven by reversals of previously recognized unrealized losses and unrealized gains on certain investments, partially offset by unrealized losses on other investments. As a result, the net decrease in net assets resulting from operations was $(88.9) million, or $(1.05) per share. The company's investment portfolio, valued at $1,533.3 million, consisted of 141 portfolio companies, with 92.5% invested in debt investments, primarily senior secured debt.
Looking ahead, the company's investment strategy remains focused on originating and investing in leveraged loans of performing middle-market companies. The company's leverage program includes a mix of revolving credit facilities, senior unsecured notes, and committed leverage from the SBA, subject to certain financial and operational covenants. As of December 31, 2025, the company was in compliance with these covenants. The company's ability to maintain its status as a RIC and BDC is crucial for its tax efficiency and operational flexibility.
About BlackRock TCP Capital Corp.
BlackRock TCP Capital Corp. is a publicly traded, externally managed business development company (BDC) focused on investing primarily in senior secured debt of middle-market U.S. companies with enterprise values between $100 million and $1.5 billion. It seeks high total returns through current income and capital appreciation by originating and managing leveraged loans, distressed debt, and equity interests. The company benefits from BlackRock’s extensive investment expertise, proprietary deal flow, and rigorous credit analysis.
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