BlackRock TCP Capital Corp. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 5, 2026, reporting a net decrease in net assets from operations of $81,305,680 for the nine months ended September 30, 2026.

Key Highlights

  • Net assets per share: Declined to $5.61 as of September 30, 2026, from $7.07 as of December 31, 2025, according to the filing.
  • Total net assets: Reported at $470,989,775 as of September 30, 2026, compared to $598,013,197 as of December 31, 2025.
  • Total investment income: $28,482,884 for the three months ended September 30, 2026, down from $50,515,777 for the same period in 2025.
  • Net investment income: $13,365,582 for the three months ended September 30, 2026, compared to $27,281,273 for the three months ended September 30, 2025.
  • Net realized loss: $(121,955,727) for the nine months ended September 30, 2026, compared to $(204,252,111) for the nine months ended September 30, 2025.
  • Loss per share: Basic and diluted loss per share of $(0.80) for the three months ended September 30, 2026, and $(0.97) for the nine months ended September 30, 2026.
  • Shares outstanding: 83,902,775 shares of common stock outstanding as of November 5, 2026, with a share repurchase of 505,433 shares noted in the period.

BlackRock TCP Capital Reports Sharply Lower Investment Income and Rising Realized Losses in Third Quarter 2026

According to the filing, BlackRock TCP Capital Corp. (NASDAQ:TCPC) reported total investments at fair value of $543,534,440 as of September 30, 2026, a significant reduction from $1,533,302,472 as of December 31, 2025. Total assets stood at $816,477,819 as of September 30, 2026, down from $1,650,360,465 at year-end 2025. The company's total debt, net of deferred issuance costs, fell to $326,378,211 from $1,035,542,837 over the same period, while cash and cash equivalents increased to $253,136,577 from $61,075,494.

The filing shows that total investment income for the nine months ended September 30, 2026, was $111,088,252, compared to $157,869,689 for the nine months ended September 30, 2025. Total operating expenses after any management fee waiver were $61,103,397 for the nine months ended September 30, 2026; the filing notes that no management fee waiver was applied in the 2026 periods, whereas a waiver of $5,496,629 was applied for the nine months ended September 30, 2025. Net investment income for the nine months ended September 30, 2026 was $49,984,855, compared to $87,078,617 for the same period in 2025.

The company disclosed a net realized loss of $(74,470,968) for the three months ended September 30, 2026, and a realized loss on extinguishment of debt of $(1,322,176) for the same quarter, contributing to a net decrease in net assets resulting from operations of $(66,753,580) for the three-month period. Distributable earnings (loss) stood at $(1,256,521,697) as of September 30, 2026, compared to $(1,132,370,124) as of December 31, 2025. The filing also reflects a repurchase of 505,433 shares of common stock during the period covered.

What Was Disclosed

BlackRock TCP Capital Corp. filed its quarterly report covering the period ended September 30, 2026, disclosing a net loss from operations, reduced total investments and net assets, lower investment income versus prior-year periods, and a net assets per share of $5.61.