BlackRock TCP Capital Corp. reported its financial results for the third quarter and the nine months ended September 30, 2025, revealing a net investment income of $27.3 million, or $0.32 per share, compared to $33.9 million, or $0.40 per share, for the same period in 2024. For the nine months, net investment income totaled $87.1 million, or $1.02 per share, down from $98.0 million, or $1.26 per share, in the prior year. The decline in income was attributed to a decrease in total investment income, which fell to $50.5 million from $70.9 million year-over-year, primarily due to a reduction in portfolio size and lower interest income resulting from decreased SOFR rates.
The company’s total operating expenses for the third quarter were $23.2 million, down from $37.1 million in the same quarter of 2024. This reduction was largely due to a significant decrease in incentive fee expenses, as no incentive fees were accrued in the current quarter due to the company's cumulative total return not exceeding the required hurdle. For the nine-month period, total operating expenses decreased to $70.8 million from $100.2 million, reflecting similar trends in reduced interest expenses and management fees, aided by a management fee waiver of $5.5 million.
As of September 30, 2025, BlackRock TCP Capital Corp. reported total assets of $1.81 billion, down from $1.92 billion at the end of 2024. The company’s net assets applicable to common shareholders were $740.0 million, with a net asset value (NAV) per share of $8.71, compared to $9.23 at the end of the previous year. The decrease in NAV was influenced by net realized and unrealized losses totaling $2.9 million for the quarter and $57.7 million for the nine months, primarily due to restructuring losses in several portfolio investments.
Strategically, the company completed a merger with BlackRock Capital Investment Corporation on March 18, 2024, which resulted in the issuance of 27.8 million shares of common stock. This merger was accounted for as an asset acquisition, leading to a purchase discount that will amortize over the life of the acquired investments. The company continues to focus on its investment strategy, which emphasizes debt investments in middle-market companies, with 89.7% of its portfolio allocated to debt as of the end of the reporting period.
Looking ahead, BlackRock TCP Capital Corp. anticipates challenges due to potential economic downturns and interest rate fluctuations, which could impact its portfolio companies' ability to meet obligations. The company remains committed to maintaining compliance with its leverage program and regulatory requirements as it navigates these 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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