BlackRock TCP Capital Corp. (TCPC) SEC Filings & Earnings Calls

Key personnel transition risk is low due to internal appointment and no disagreement.

“Resignation not due to disagreement; successor appointed same day.”

Potential disruption from changes in investment committee composition, though limited detail provided.

“Philip Tseng removed as voting member of Investment Committee; no reason given.”

Uncertainty around strategic alternatives; no guarantee of outcome.

“There is no guarantee the Company will pursue any of the foregoing or... will be successful in achieving any desired outcome.” · word for word

Portfolio sale at 95% of fair value implies slight discount; retained exposure to same credits.

“Sale of the Continuation Vehicle interests at approximately 95% of their gross fair market value.” · word for word

Portfolio concentration risk

“Our largest portfolio company investment based on fair value was approximately 8.9% of our portfolio and our five largest portfolio company investments based on fair value comprised approximately 27.6% of our portfolio at June 30, 2026” · word for word

Interest rate risk

“At June 30, 2026, 93.9% of debt investments in our portfolio bore interest based on floating rates...The decrease in investment income...primarily reflects...a decrease in interest income due to lower SOFR rates” · word for word

Credit risk

“Debt and preferred equity investments in thirteen portfolio companies were on non-accrual status as of June 30, 2026, representing 1.6% of the portfolio at fair value and 7.4% at cost” · word for word

NAV decline due to portfolio markdowns

“$35 million of net portfolio markdowns during the quarter, which contributed to a 4.9% decline in NAV to $6.72 per share.” · word for word

Net realized and unrealized loss

“Net realized and unrealized loss of $34.8 million for the quarter.”

Credit loss cycle in BDC portfolio

“Net realized loss for the three months ended March 31, 2026 was $(32.7) million, comprised primarily of $19.1 million, $11.5 million, and $4.6 million in losses from the restructuring of our investments in Alpine, Fishbowl, and Suited Connector, respectively.” · word for word

Dividend sustainability risk

“Dividend reduced from $0.29 to $0.17 per share; net investment income per share was $0.22, barely covering the $0.17 dividend.”

Interest rate sensitivity

“94.4% of debt investments bear floating rates; lower SOFR rates reduced interest income.”

NAV declined 19% in one quarter, driven by six portfolio companies accounting for ~67% of the decrease; 91% of reduction from pre-2022 investments.

“In the fourth quarter, issuer-specific developments drove a 19% decline in NAV, with six portfolio companies accounting for roughly two-thirds (about 67%) of the decrease.” · word for word

Non-accrual investments increased to 4.0% fair value (9.7% cost) from 3.5% (7.0% cost) sequentially.

“As of December 31, 2025, investments on non-accrual status represented 4.0% of the portfolio at fair value and 9.7% at cost, compared to 3.5% of the portfolio at fair value and 7.0% at cost as of September 30, 2025.” · word for word

Dividend cut by 32% to $0.17 from $0.25, signaling earnings pressure and capital conservation.

“Declared a first quarter dividend of $0.17 per share (prior regular dividend was $0.25).”

Net regulatory leverage increased to 1.41x from 1.20x, reducing balance sheet flexibility.

“As of December 31, 2025, net regulatory leverage was 1.41x compared to 1.20x at September 30, 2025.” · word for word

Credit loss cycle – high realized losses

“Net realized loss for the year ended December 31, 2025 was $(278.1) million... comprised primarily of $72.6 million, $24.6 million, $22.5 million and $11.5 million in losses from the restructuring of our investments in Razor, Seller X, Khoros and InMoment...” · word for word

Portfolio yield compression

“The weighted average effective yield of our debt portfolio based on fair value was 11.1% at December 31, 2025 and 12.4% at December 31, 2024.” · word for word

Dividend sustainability risk

“The net decrease in net assets resulting from operations during the year ended December 31, 2025 was primarily due to the higher net realized and unrealized losses and lower net investment income.” · word for word

NII declined YoY; adjusted NII also down; portfolio yield pressure from lower leverage and repayments.

“Net investment income $27.3M vs $33.9M prior year; adjusted NII $25.6M vs $30.8M.”

Non-accruals remain elevated despite improvement; credit risk persists.

“Non-accruals at 3.5% fair value, 7.0% at cost.”

Credit loss cycle

“Net realized loss for the nine months ended September 30, 2025 and 2024 was $(204.3) million and $(67.1) million, respectively.” · word for word

Interest rate sensitivity

“The decrease in investment income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily reflects a decrease in portfolio size and a decrease in interest income due to lower SOFR rates during the three months ended September 30, 2025.” · word for word

Portfolio concentration

“Our largest portfolio company investment based on fair value was approximately 6.5% of our portfolio and our five largest portfolio company investments based on fair value comprised approximately 20.8% of our portfolio at September 30, 2025.” · word for word