TCPC
BlackRock TCP Capital Corp.5.87
-0.06-1.01%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Defends strategy; Q&A reaffirms cleanup
Q&A largely reaffirmed prepared remarks on Q4 markdowns from issuer-specific issues in six equity-heavy names like Edmentum and Razor, with management attributing them to idiosyncratic factors rather than valuation process changes. Analysts pressed for aggressive strategic overhauls given leverage uptick and slow turnaround, but Tseng defended the current path of resolving challenged credits, boosting first-lien exposure to 87.4%, and shrinking new deal sizes to $5.8 million. Restructurings rarely follow linear paths, they noted, due to equity volatility. No policy shifts; the Friday 8-K was a one-off. Management stayed confident yet cautious. Investors will eye resolution speed. Work ahead, but no panic button.
Key Stats
Market Cap
498.02MP/E (TTM)
-Basic EPS (TTM)
-0.12Dividend Yield
0.18%Recent Filings
8-K
Q4 NII beats dividend, NAV drops
BlackRock TCP Capital reported Q4 net investment income of $0.26 per share, topping the prior $0.25 dividend, yet NAV plunged 19% to $7.07 amid issuer woes in legacy credits. Non-accruals rose to 4.0% of portfolio fair value. Board declared Q1 dividend of $0.17 per share, payable March 31. Credit cleanup tops priorities.
10-K
FY2025 results
BlackRock TCP Capital Corp. reported FY2025 results with a $1.53B portfolio at fair value, down from $1.79B in FY2024 after $276M new investments and $353M repayments. Q4 saw portfolio contraction amid restructurings driving $278M realized losses on Razor, Seller X, Khoros, and others, yet $80M unrealized gains emerged from reversals. Net investment income fell to $109M from $132M annually, reflecting lower SOFR and portfolio size, with no incentive fees accrued as total return trailed the 7% hurdle. Debt stood at $1.04B (4.9% cost) with $483M available; $61M cash bolsters liquidity. Q4 momentum faltered on credit woes. Market disruptions could stall quarterly repayments.
8-K
NAV plunges 19% on issuer woes
BlackRock TCP Capital disclosed preliminary Q4 2025 results on January 23, 2026, showing NAV per share dropping 19.0% to $7.05-$7.09 from $8.71, driven by issuer issues at Edmentum, Razor, and others totaling $1.11 per share impact. Non-accruals rose to 4.0% at fair value; leverage hit 1.45x net. Yet smaller deals boosted first-lien loans to 87.5%. Advisor waived a third of fees, aiding NII of $0.24-$0.26.
10-Q
Q3 FY2025 results
Investment income fell to $50.5M from $70.9M y/y as portfolio size shrank and SOFR eased, yet net investment income held at $27.3M after $1.8M management fee waiver. Q3 delivered $24.4M net profit ($0.29/share), buoyed by $94.1M unrealized gains offsetting $97.0M realized losses (derived), mainly from Razor restructuring. Debt dropped to $1.05B (net), cash at $61.0M with $466M revolver room; leverage at 177.8% asset coverage. Portfolio steady at $1.72B (89.7% debt, 11.5% yield), non-accruals 3.5%. Renovo liquidation flags isolated credit risk.
8-K
Q3 NII beats dividend
BlackRock TCP Capital reported Q3 net investment income of $0.32 per share, topping its $0.25 quarterly dividend declared November 6, payable December 31 to record holders on December 17. Non-accruals fell to 3.5% of portfolio fair value from 3.7%, while net leverage dropped to 1.20x amid $139.5M repayments outpacing $63.1M buys. NAV held steady at $8.71. Renovo writedown looms.
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