Key Highlights

  • BlackRock TCP Capital (NASDAQ:TCPC) declared a third quarter Dividend of USD 0.17 per share, with a Record Date of September 16 and payment on September 30, 2026. Annualized, USD 0.68 over a USD 4.01 quote is about 17.0 percent.
  • The dividend was cut from USD 0.25 to USD 0.17 with the first quarter 2026 declaration on February 27, a reduction of 32 percent (simple arithmetic). The USD 0.17 level has been declared for three straight quarters.
  • Second quarter net Investment income was USD 0.22 per share, USD 0.21 adjusted, about 1.3 times the dividend. Net asset value was USD 6.58 at June 30, 2026, down from USD 7.07 at December 31, 2025.
  • On August 4 the company announced a USD 523 million portfolio sale to Pantheon at 95 percent of December 31, 2025 gross fair value, expected to lower net asset value by about USD 0.68 per share, or 10.4 percent.

The Latest Declared Dividend

BlackRock TCP Capital (NASDAQ:TCPC) declared a third quarter dividend of USD 0.17 per share with its August 6, 2026 results, payable September 30 to holders of record September 16. No later declaration was found as of October 6. The Yield arithmetic: USD 0.17 times four is USD 0.68, divided by the latest quote of USD 4.01, gives about 17.0 percent (annualized latest dividend divided by quote). A published screener shows 17.09 percent. The company declared USD 0.25 for the fourth quarter of 2025 before reducing the payout, so the yield is a snapshot of a reset level, the board declares each quarter, and future payments are not guaranteed.

How the BDC Payout Works

BlackRock TCP Capital (NASDAQ:TCPC) is a Business Development Company that lends to middle-market companies and is taxed as a regulated investment company, which requires distributing at least 90 percent of taxable income. Dividends are therefore sized against net investment income, meaning interest and fees less expenses. Adjusted net investment income strips out amortization of purchase discounts, a non-cash item. Net asset value per share is the marked value of the book, and price to net asset value shows how far the market trusts it. Payment in kind interest, accrued as extra principal, was USD 3.0 million in the second quarter. The dividend is declared as one quarterly amount rather than a base plus supplemental pair.

Credit, the Sale and Risks

Net asset value per share has slid from USD 8.71 at September 30, 2025 to USD 7.07 at year end and USD 6.58 at June 30, about 24 percent over three quarters (simple arithmetic). The Pantheon sale, which the company said materially reduces Leverage and unfunded commitments, would take pro forma net asset value to roughly USD 5.90 and net leverage to about 0.4 times from 1.38 times; against that, simple arithmetic puts the USD 4.01 quote near 0.68 times pro forma value. Non-accruals eased to 1.6 percent of Fair Value and 7.4 percent of cost. With fewer earning assets, future net investment income could fall unless proceeds are redeployed. The closing date was not found.

Where Things Stand

BlackRock TCP Capital (NASDAQ:TCPC) shows a yield near 17.0 percent after a one-third dividend cut, with a USD 4.01 quote that sits below even the roughly USD 5.90 pro forma net asset value. Net investment income covered the USD 0.17 dividend about 1.3 times in the second quarter, but the portfolio sale shrinks the asset base that earns it. The next catalysts are the sale closing and the next declaration. This is informational analysis, not investment advice.