BlackRock TCP Capital (TCPC) - 2025 Q2 - Quarterly Report

Part I. Financial Information This section presents the unaudited consolidated financial statements and management's discussion and analysis for the company Item 1. Financial Statements This section presents BlackRock TCP Capital Corp.'s unaudited consolidated financial statements and notes for the periods ended June 30, 2025, and December 31, 2024 Consolidated Statements of Assets and Liabilities Total assets slightly increased, while net assets and net assets per share decreased as of June 30, 2025, compared to December 31, 2024 | Metric | June 30, 2025 (unaudited) | December 31, 2024 | | :----------------------------------- | :-------------------------- | :-------------------- | | Total investments (at fair value) | $1,792,334,843 | $1,794,758,336 | | Cash and cash equivalents | $107,317,578 | $91,589,702 | | Total assets | $1,936,968,600 | $1,923,031,363 | | Debt (net) | $1,174,640,591 | $1,118,340,225 | | Total liabilities | $1,196,491,662 | $1,137,907,696 | | Net assets | $740,476,938 | $785,123,667 | | Net assets per share | $8.71 | $9.23 | - Net assets per share decreased from $9.23 at December 31, 2024, to $8.71 at June 30, 2025[9] Consolidated Statements of Operations Total investment income and net investment income decreased, but operating expenses also fell due to fee waivers, leading to a net increase in assets from operations for the six months ended June 30, 2025 | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total investment income | $51,464,997 | $71,526,225 | $107,353,912 | $127,255,534 | | Total operating expenses | $23,870,322 | $35,700,693 | $47,556,568 | $63,168,729 | | Net investment income | $27,594,675 | $35,825,532 | $59,797,344 | $64,086,805 | | Net realized gain (loss) | $(66,297,375) | $(35,513,930) | $(107,214,713) | $(35,682,007) | | Net change in unrealized appreciation (depreciation) | $22,796,116 | $(51,588,119) | $52,405,373 | $(74,624,174) | | Net increase (decrease) in net assets from operations | $(15,906,584) | $(51,276,517) | $4,988,004 | $(46,219,376) | | Basic and diluted earnings (loss) per share | $(0.19) | $(0.60) | $0.06 | $(0.63) | - Management fee waiver of $1,820,372 for the three months ended June 30, 2025, and $3,648,320 for the six months ended June 30, 2025, contributed to lower operating expenses[11] - Incentive fees were $0 for both the three and six months ended June 30, 2025, compared to $6,815,672 and $12,696,050 for the same periods in 2024, respectively[11] Consolidated Statements of Changes in Net Assets Total net assets decreased from $785.1 million at December 31, 2024, to $740.5 million at June 30, 2025, primarily due to net realized/unrealized losses and dividends | Metric | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :----------------------------------- | :---------------- | :------------- | :------------ | | Balance at period start | $785,123,667 | $781,318,924 | $781,318,924 | | Repurchase of common stock | — | $(26,915) | $(274,463) | | Net investment income | — | $32,202,669 | $27,594,675 | | Net realized and unrealized gain (loss) | — | $(11,308,081) | $(43,501,259) | | Dividends paid to shareholders | — | $(24,672,416) | $(24,660,939) | | Balance at period end | — | $781,318,924 | $740,476,938 | - For the six months ended June 30, 2024, the company issued 27,823,870 common shares in connection with the Merger, totaling $280,464,610[15] Consolidated Statements of Cash Flows Net cash provided by operating activities decreased significantly, while financing activities shifted to a net cash inflow, resulting in an overall increase in cash and cash equivalents in 2025 | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------- | :----------------------------- | :----------------------------- | | Net increase (decrease) in net assets from operations | $4,988,004 | $(46,219,376) | | Net cash provided by (used in) operating activities | $10,642,229 | $119,831,602 | | Net cash provided by (used in) financing activities | $5,085,647 | $(37,404,112) | | Net increase (decrease) in cash and cash equivalents | $15,727,876 | $82,427,490 | | Cash and cash equivalents at end of period | $107,317,578 | $194,669,436 | - In 2024, the Merger resulted in the acquisition of $586,983,708 in investments and $11,670,610 in cash, along with the assumption of $315,296,749 in debt[18][19] - Purchases of investments decreased from $(142,018,224) in 2024 to $(163,597,176) in 2025 (excluding Merger-related acquisitions)[18][19] [Consolidated Schedule of Investments](index=8&type=section&id=Consolidated%20Schedule%20of%20Investments%20as%20of%20June%2030%2C%202025%20