Q2 2025 BlackRock TCP Capital Corp Earnings Call Transcript

Aug 7, 2025 / 04:00 PM GMT

Release Date Price: $6.94 (-3.61%)

Transcript 8-K10-Q

Key Points

Positve

BlackRock TCP Capital Corp (TCPC) made significant progress in reducing non-accruals, which declined to 3.7% of the portfolio's fair market value from 4.4% last quarter.
The company successfully removed four large investments from non-accrual status, indicating effective management of troubled assets.
TCPC declared a second quarter dividend of $0.25 and a special dividend of $0.04 per share, demonstrating a commitment to returning value to shareholders.
The company invested $178 million in 13 new and 11 existing portfolio companies, focusing on senior secured loans and maintaining a diversified portfolio.
The recent acquisition of HPS by BlackRock is expected to enhance TCPC's investment expertise and resources, providing access to a larger platform for deal sourcing and origination.

Negative

Net Asset Value (NAV) declined during the quarter, primarily due to markdowns on previously restructured portfolio companies.
Four new investments were added to non-accrual status, indicating ongoing challenges with certain portfolio companies.
Net realized losses for the quarter were approximately $66 million, driven by the restructuring of several investments.
The weighted average annual effective yield of the portfolio decreased slightly to 12% from 12.2% in the prior quarter.
Net regulatory leverage increased to 1.28 times, slightly above the target range, due to the timing of new investments and a decline in NAV.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TCPC.OQ - BlackRock TCP Capital Corp
Q2 2025 BlackRock TCP Capital Corp Earnings Call
Aug 07, 2025 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome everyone to Black Hawk TCP Capital Corp's 2nd quarter earnings call. Today's conference call is being recorded for replay purposes. During the presentation, all participants will be in a listen-only mode. A question and answer session will follow the company's formal remarks. To ask a question, please press the star key, followed by the digit 1. I will repeat these instructions before we begin the Q&A session.

Now I would like to turn the call over to Alex Doll, a member of BlackRock TCP Capital Corp's investor relations team. Alex, please proceed.

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Unidentified_2 [2]
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