BlackRock TCP Capital's Q1 net asset value falls 4.9%

BlackRock TCP Capital

07/05/2026 13:14

Overview

US direct lender's Q1 net investment income was $0.22 per share, exceeding its dividend

Net asset value per share fell 4.9% to $6.72, reflecting $35 mln in portfolio markdowns

Company repurchased 505,433 shares for $2.3 mln under its buyback plan in Q1

Outlook

BlackRock TCP Capital declares Q2 dividend of $0.17 per share, payable June 30, 2026

Result Drivers

PORTFOLIO MARKDOWNS - $35 mln in net portfolio markdowns contributed to a 4.9% decline in NAV per share

REDUCED NON-ACCRUALS - Non-accruals declined to 2.8% of the portfolio at fair value, reflecting completion of two restructurings and one asset sale

REALIZED LOSSES ON RESTRUCTURINGS - Net realized loss of $32.7 mln was driven by losses from the restructuring of investments in Alpine, Fishbowl, and Suited Connector

Company press release: ID:nBw7DDQLma

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Basic EPS
-$0.19
Q1 Net Asset Value Per Share
$6.72
Q1 Operating Expenses
$24.10 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and 2 "sell" or "strong sell"

Wall Street's median 12-month price target for BlackRock TCP Capital Corp is $3.50, about 19.7% below its May 6 closing price of $4.36

The stock recently traded at 6 times the next 12-month earnings vs. a P/E of 6 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)