BlackRock TCP Capital Cuts Quarterly Dividend 32% to $0.17 per Share
BlackRock TCP Capital Corp., a business development company, declared a first quarter dividend of $0.17 per share, down from $0.25 in the prior quarter. The reduction follows a 19% decline in net asset value driven by portfolio credit challenges.
BlackRock TCP Capital Corp. (NASDAQ: TCPC), a business development company focused on middle-market lending, declared a first quarter dividend of $0.17 per share on February 27, 2026. The distribution represents a 32% reduction from the prior quarter's $0.25 per share dividend. Read more dividend announcements.
The dividend will be paid on March 31, 2026 to stockholders of record as of March 17, 2026.
| Dividend Details | Amount/Date |
|---|---|
| Dividend Amount | $0.17 per share |
| Record Date | March 17, 2026 |
| Payment Date | March 31, 2026 |
| Previous Dividend | $0.25 per share |
Portfolio Pressures Drive NAV Decline
The dividend cut follows a sharp decline in the company's net asset value, which fell to $7.07 per share as of December 31, 2025 from $8.71 per share at September 30, 2025. The 19% drop was driven primarily by six portfolio companies that accounted for roughly two-thirds of the decrease.
Approximately 91% of the NAV reduction was tied to investments originated in 2021 or earlier. Many of these businesses benefited from pandemic-era demand but have since seen results weaken, while others have struggled to adapt to higher interest rates after being underwritten in a low-rate environment.
Fourth Quarter Financial Results
Net investment income for the fourth quarter ended December 31, 2025 totaled $22.1 million, or $0.26 per share on a diluted basis. The figure exceeded the $0.25 per share dividend paid in December 2025.
Adjusted net investment income, which excludes purchase discount amortization, was $21.4 million, or $0.25 per share. For the full year 2025, adjusted net investment income reached $104.0 million, or $1.22 per share.
The company reported a net decrease in net assets from operations of $118.3 million, or $1.39 per share, for the fourth quarter, compared to a $24.4 million increase, or $0.29 per share, in the prior quarter.
Portfolio Activity and Leverage
Total investment acquisitions during the fourth quarter were approximately $35.5 million, while dispositions totaled $80.7 million. As of December 31, 2025, investments on non-accrual status represented 4.0% of the portfolio at fair value and 9.7% at cost, up from 3.5% and 7.0% respectively at September 30, 2025.
Net regulatory leverage stood at 1.41 times as of December 31, 2025, compared to 1.20 times in the prior quarter.
The company's investment adviser, Tennenbaum Capital Partners, waived $1.8 million in management fees during the fourth quarter, equivalent to $0.02 per share. For the full year 2025, fee waivers totaled $7.3 million, or $0.09 per share.