BlackRock TCP Capital Corp. announced Q4 and full-year 2025 financial results, reporting GAAP net investment income of $0.26 per share exceeding the $0.25 dividend, but a $1.39 per share net decrease in net assets from operations due to $73.9 million realized and $66.5 million unrealized losses. The board declared a Q1 2026 dividend of $0.17 per share payable March 31, 2026.
Key takeaways
GAAP net investment income Q4 2025: $22.1 million or $0.26 per share
Net decrease in net assets from operations Q4 2025: $118.3 million or $1.39 per share
Net asset value per share: $7.07 as of Dec 31, 2025 (down from $8.71 at Sep 30, 2025)
Q1 2026 dividend: $0.17 per share, record date Mar 17, 2026, payable Mar 31, 2026
Non-accrual investments: 4.0% of portfolio at fair value, 9.7% at cost as of Dec 31, 2025
Net regulatory leverage: 1.41x as of Dec 31, 2025 (up from 1.20x at Sep 30, 2025)