BlackRock TCP Capital Corp. filed its Form 10-Q for the quarterly period ended June 30, 2026, reporting a net decrease in net assets from operations of $14,552,100 for the six months ended June 30, 2026, compared with a net increase of $4,988,004 for the same period in 2025.

Key Highlights

  • Net assets per share: $6.58 as of June 30, 2026, down from $7.07 as of December 31, 2025, according to the filing.
  • Total net assets: $552,006,827 as of June 30, 2026, compared with $598,013,197 as of December 31, 2025.
  • Total investment income: $82,605,368 for the six months ended June 30, 2026, versus $107,353,912 for the same period in 2025.
  • Net investment income: $36,619,273 for the six months ended June 30, 2026, compared with $59,797,344 for the six months ended June 30, 2025.
  • Net realized loss: $47,484,759 for the six months ended June 30, 2026, driven primarily by losses on non-controlled, non-affiliated investments of $26,052,389 and controlled investments of $21,432,370.
  • Shares outstanding: 83,902,775 shares of common stock as of August 6, 2026, down from 84,564,578 as of December 31, 2025, reflecting a repurchase of 505,433 shares during the period.
  • Total investments at fair value: $1,290,523,348 as of June 30, 2026, compared with $1,533,302,472 as of December 31, 2025.

BlackRock TCP Capital Corp. Six-Month Financial Results and Portfolio Snapshot

According to the filing, BlackRock TCP Capital Corp. (Nasdaq Global Select Market: TCPC) reported total investment income of $82,605,368 for the six months ended June 30, 2026, a decline from $107,353,912 in the comparable prior-year period. Interest income excluding payment-in-kind (PIK) on non-controlled, non-affiliated investments was $67,540,767, down from $85,065,954 in the first half of 2025. Total operating expenses after any management fee waiver were $45,986,095 for the six months ended June 30, 2026; the filing notes no management fee waiver was recorded in the current period, compared with a waiver of $3,648,320 in the six months ended June 30, 2025.

The company disclosed a net realized loss of $47,484,759 for the six months ended June 30, 2026, compared with a net realized loss of $107,214,713 for the same period in 2025. Net change in unrealized depreciation was $789,259 for the six-month period, compared with net unrealized appreciation of $52,405,373 in the prior-year period. The filing also reported a realized loss on extinguishment of debt of $2,897,355 for both the three and six months ended June 30, 2026, with no comparable amount recorded in 2025. Basic and diluted loss per share was $(0.17) for the six months ended June 30, 2026, versus earnings per share of $0.06 for the same period in 2025.

Total assets as of June 30, 2026 were $1,476,463,527, compared with $1,650,360,465 as of December 31, 2025. The filing shows total debt, net of deferred issuance costs, declined to $910,581,937 from $1,035,542,837 over the same period. Cash and cash equivalents increased to $157,546,660 from $61,075,494 at year-end 2025. Distributable earnings showed a loss of $1,175,504,645 as of June 30, 2026, compared with a loss of $1,132,370,124 as of December 31, 2025.

What Was Disclosed

BlackRock TCP Capital Corp. disclosed unaudited financial results for the three and six months ended June 30, 2026, including declines in total investment income, net assets per share, and total investments at fair value, alongside net realized losses and a loss on extinguishment of debt.