BlackRock TCP Capital Corp. reported its financial results for the second quarter and first half of 2025, revealing a net investment income of $27.6 million for the three months ending June 30, 2025, down from $35.8 million in the same period last year. For the six months ended June 30, 2025, net investment income was $59.8 million, compared to $64.1 million for the same period in 2024. The decrease in income is attributed to a reduction in total investment income, which fell to $51.5 million in Q2 2025 from $71.5 million in Q2 2024, primarily due to a decrease in portfolio size and lower interest income resulting from declining SOFR rates.
The company’s total operating expenses for the second quarter of 2025 were $23.9 million, a significant decrease from $35.7 million in the prior year, largely due to a reduction in incentive fees, which were not accrued in the current quarter as the cumulative total return did not exceed the required hurdle. The total operating expenses for the first half of 2025 were $47.6 million, down from $63.2 million in the same period of 2024. The company’s net realized loss for the second quarter was $(66.3) million, compared to a loss of $(35.5) million in the same quarter of the previous year, driven by losses from restructuring investments in several portfolio companies.
As of June 30, 2025, BlackRock TCP Capital Corp. reported total assets of $1.94 billion, with net assets applicable to common shareholders at $740.5 million, reflecting a decrease from $785.1 million at the end of 2024. The company’s net asset value per share was $8.71, down from $9.23 at the end of the previous fiscal year. The company’s investment portfolio consisted of 153 portfolio companies, with 89.4% of investments in debt, primarily senior secured loans. The weighted average effective yield of the debt portfolio was 12.0% as of June 30, 2025.
Strategically, the company completed a merger with BlackRock Capital Investment Corporation on March 18, 2024, which has been accounted for as an asset acquisition. This merger resulted in the issuance of 27.8 million shares of common stock and a purchase discount that will amortize over the life of the acquired debt investments. The company also announced a dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on September 30, 2025. Looking ahead, the company remains focused on maintaining compliance with its leverage program and regulatory requirements while navigating the current economic landscape, which includes potential impacts from interest rate fluctuations and market conditions.
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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