BlackRock TCP Capital (TCPC) - 2025 Q1 - Earnings Call Presentation

Financial Performance - Adjusted Net Investment Income (NII) was $0.36 per share in Q1 2025, exceeding the regular dividend of $0.25 per share[6] - The annualized adjusted NII Return on Equity (ROE) for Q1 2025 was 15.4%[6] - A Q2 2025 regular dividend of $0.25 per share and a special dividend of $0.04 per share were declared[6] - The dividend coverage ratio in Q1 2025 was 144%[6] Portfolio Composition and Activity - The total portfolio fair value was $1.8 billion, diversified across 146 companies[6] - 90% of the portfolio was invested in senior secured debt, with 83% being 1st lien[6] - The weighted average yield of the performing debt portfolio was 12.2%[6] - Q1 2025 saw total acquisitions of $66 million and dispositions of $85 million[6] Leverage and Liquidity - The company has a diverse leverage program totaling $1.6 billion, with well-laddered maturities[6] - 67% of the outstanding leverage was unsecured as of March 31, 2025[6] - Available liquidity was $629 million, including $530 million of available borrowing capacity[6] - The net regulatory leverage ratio was 1.13x, within the target range of 0.9x - 1.20x[6]