BlackRock TCP Capital (US:TCPC)2025-11-06 13:05Financial Performance - For Q3 2025, net investment income was $27.3 million, or $0.32 per share, exceeding the regular dividend of $0.25 per share[2]. - Total investment income for Q3 2025 was approximately $50.5 million, or $0.59 per share[15]. - Net investment income for Q3 2025 was approximately $27.3 million, or $0.32 per share, while net realized loss was $97.0 million, or $1.14 per share[17]. - Total investment income for the three months ended September 30, 2025, was $50,515,777, a decrease of 29% compared to $70,932,487 for the same period in 2024[30]. - Net investment income for the nine months ended September 30, 2025, was $87,078,617, down 11% from $97,964,446 in 2024[30]. - Net realized loss on investments for the three months ended September 30, 2025, was $(97,037,398), compared to a loss of $(31,425,777) in 2024[30]. - Basic and diluted earnings per share for the three months ended September 30, 2025, was $0.29, up from $0.25 in 2024[30]. Asset and Liability Overview - Total assets were $1.8 billion, with net assets of $740.0 million as of September 30, 2025[13]. - Total assets as of September 30, 2025, were $1,810.9 million, with total liabilities of $1,070.9 million, resulting in net assets of $740.0 million[28]. - Net asset value per share remained unchanged at $8.71 as of September 30, 2025[2]. - Net assets per share decreased from $9.23 as of December 31, 2024, to $8.71 as of September 30, 2025[28]. - Total debt outstanding as of September 30, 2025, was $1,051.6 million, with a combined weighted-average interest rate of 4.98%[19][20]. Investment Activity - Total investment acquisitions during Q3 2025 were approximately $63.1 million, with $139.5 million in dispositions[2]. - New investments during Q3 2025 totaled approximately $63.1 million, with 97.9% in senior secured loans[12]. - The investment in Renovo, representing approximately 0.7% of total investments at fair value, is expected to be fully written down, impacting NAV by approximately $0.15 per share[25]. Operating Expenses - Total operating expenses for Q3 2025 were approximately $23.2 million, or $0.27 per share[16]. - Total operating expenses after management fee waiver for the nine months ended September 30, 2025, were $70,791,072, a decrease from $100,223,575 in 2024[30]. - Management fees for the three months ended September 30, 2025, were $5,544,927, compared to $6,185,025 in 2024, reflecting a decrease of 10%[30]. Liquidity and Shareholder Returns - As of September 30, 2025, available liquidity was approximately $527.7 million, including $466.1 million under the leverage program and $61.0 million in cash[18]. - The company repurchased 69,446 shares at an average price of $6.68, totaling $464,080 under the Company Repurchase Plan for the nine months ended September 30, 2025[23]. - A fourth quarter dividend of $0.25 per share was declared on November 6, 2025, payable on December 31, 2025[24]. Portfolio Quality - Debt investments on non-accrual status represented 3.5% of the portfolio at fair value, down from 3.7% in the previous quarter[2]. - The weighted average annual effective yield of the debt portfolio was approximately 11.5% as of September 30, 2025, down from 12.0% in Q2 2025[11]. - Net unrealized gain for Q3 2025 was $94.1 million, or $1.11 per share, primarily due to a $74.6 million reversal of previously recognized unrealized loss from Razor[17]. - Net change in unrealized appreciation for the three months ended September 30, 2025, was $94,125,837, compared to $19,181,096 in 2024[30]. Strategic Focus - The company is focused on direct lending to middle-market companies and aims to achieve high total returns through current income and capital appreciation[32].