Q3 2025 BlackRock TCP Capital Corp Earnings Call Transcript

Nov 6, 2025 / 05:00 PM GMT

Release Date Price: $5.78 (+4.71%)

Transcript 8-K10-Q

Key Points

Positve

Non-accruals improved to 3.5% of the portfolio at fair market value compared to 5.6% at the end of 2024.
Realized portfolio gains, notably from NEP Group, which improved recovery prospects.
Increased deal flow with a 20% rise in the number of deals reviewed and a 40% increase in deals advanced to the screening stage.
Portfolio diversification improved with a decrease in average position size from $11.7 million to $7.8 million.
Strong liquidity position with approximately $528 million in total liquidity, including $466.1 million of available leverage.

Negative

Investment in Renovo expected to be fully written down, impacting fourth quarter NAV by approximately $0.15 per share.
Net realized losses for the quarter were approximately $97.0 million, primarily due to restructuring and dispositions.
Weighted average annual effective yield of the portfolio decreased from 12% in the prior quarter to 11.5%.
Higher level of paydowns at $140 million compared to $48 million in the prior quarter, affecting investment income.
Nine portfolio companies on non-accrual status, representing 3.5% of the portfolio at fair value.

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

TCPC.OQ - BlackRock TCP Capital Corp
Q3 2025 BlackRock TCP Capital Corp Earnings Call
Nov 06, 2025 / 05:00PM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good afternoon and welcome to Black Rock TCP Capital Corp's 3rd 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 once again before the Q&A session.

Now I would like to turn the call over to Alex Doll, a member of the Black Rock TCP Capital Corp investor relations team. Alex, please.

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Unidentified_2 [2]
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