TCPC (BlackRock TCP Capital Corp.) Earnings Fall Below the Dividend

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BlackRock TCP Capital reported on November 5, 2026 that third-quarter adjusted net investment income fell to $0.15 per diluted share from $0.21 in the prior quarter. That left a two-cent gap against the $0.17 regular dividend paid in September. The board kept the fourth-quarter dividend at $0.17, payable December 31.

The balance sheet has more breathing room after August’s portfolio sale. Net leverage, a measure of debt after accounting for cash relative to equity, fell to 0.16 times from 1.38 times at the end of June. Yet the value backing each share fell from $6.58 to $5.61, and investments no longer accruing income rose from 1.6% to 3.4% of the portfolio at fair value.

We see the lower debt load as helpful while the board weighs its strategic options, but the dividend now has less support from the loan book. The next quarter needs to show whether interest income from performing loans, after expenses, can get back above $0.17 per share without giving up the balance-sheet flexibility the sale created.

Sources

• BlackRock TCP Capital third-quarter results and dividend declaration
• BlackRock TCP Capital second-quarter results and portfolio sale

This article is general information, not personalized investment advice. Fly High Investing may hold securities discussed in this article.