BlackRock TCP Capital Corp. (NASDAQ: TCPC) reported its financial results for the second quarter and first half of 2026, revealing a net investment income of $18.1 million, or $0.22 per share, for the three months ended June 30, 2026. This marks a decrease from $27.6 million, or $0.32 per share, in the same period last year. For the six months ended June 30, 2026, net investment income totaled $36.6 million, or $0.44 per share, down from $59.8 million, or $0.70 per share, in the prior year. The decline in income is attributed to a reduction in total investment income, which fell to $40.0 million from $51.5 million year-over-year, primarily due to a decrease in portfolio size and lower interest income resulting from reduced SOFR rates.
The company’s total assets decreased to $1.48 billion as of June 30, 2026, down from $1.65 billion at the end of 2025. Total investments at fair value were reported at $1.29 billion, a decline from $1.53 billion at the end of the previous fiscal year. The decrease in investments is largely due to significant dispositions, totaling approximately $247 million during the first half of 2026, compared to $132.6 million in the same period of 2025. The company’s net assets applicable to common shareholders also fell to $552 million, or $6.58 per share, from $598 million, or $7.07 per share, at the end of 2025.
In terms of operational developments, BlackRock TCP Capital Corp. completed a collateralized loan obligation (CLO) transaction on May 27, 2026, involving approximately $535.8 million of debt and equity interests secured by a portfolio of middle-market loans. This transaction is expected to enhance the company’s financial position by reducing net leverage from 1.38x to approximately 0.4x. Additionally, the company has engaged Keefe, Bruyette & Woods to explore strategic alternatives aimed at maximizing shareholder value, which may include share repurchases or other investment opportunities.
The company’s leverage program includes a senior secured revolving credit facility and senior unsecured notes, with total debt outstanding at $910.6 million as of June 30, 2026. The weighted average interest rate on debt was reported at 5.8%, compared to 5.4% at the end of 2025. The company remains in compliance with all financial and operational covenants required by its leverage program. Looking ahead, BlackRock TCP Capital Corp. anticipates continued focus on managing its investment portfolio and maintaining compliance with regulatory requirements as it navigates the current economic landscape.
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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