BlackRock TCP NAV falls as portfolio marksdown, realized losses weigh

Published: 2026-05-07 09:29:23 ET BLK

Published on 05/07/2026 at 09:29 am EDT

May 7 (Reuters) - BlackRock TCP Capital Corp reported a sharp first-quarter decline in net asset value and earnings on Thursday, as portfolio markdowns and realized losses tied to restructurings weighed on results despite signs of balance-sheet improvement.

Net asset value per share fell 4.9% to $6.72 as of March 31 from $7.07 at year-end, reflecting about $35 million of portfolio markdowns. The investment portfolio stood at $1.39 billion at fair value, compared with $1.54 billion in cost, implying a fair value-to-cost ratio of about 0.90x.

Net investment income declined to $18.5 million, or 22 cents per share, from $32.2 million, or 38 cents per share, a year earlier.

TCPC posted a $16.3 million net decrease in net assets from operations, compared with a $20.9 million increase a year earlier. The decline was driven by $32.7 million in realized losses tied largely to restructurings involving Alpine, Fishbowl and Suited Connector.

Portfolio activity was dominated by repayments and exits. TCPC made $22.5 million of new investments during the quarter while generating $135.3 million from sales and repayments, reducing total portfolio fair value to $1.39 billion from $1.53 billion at year-end.

Non-accruals fell to 2.8% of fair value from 4.0%, while net regulatory leverage declined to 1.29x from 1.41x. The company ended the quarter with about $358.6 million in available liquidity.

(Reporting by Patturaja Murugaboopathy; Editing by Shailesh Kuber)