BlackRock TCP Capital

Fitch has affirmed BlackRock TCP Capital’s long-term issuer default rating at BB, removed the Rating Watch Negative and set the outlook to negative. The decision reflects continued high leverage, above‑average non‑performing loans and interest income in the form of Paid‑in‑Kind, which could lead to further realized losses. Leverage was 1.65x in Q1 2026 (regulatory 1.29x), and the asset coverage buffer was 10.9%; TCPC cut its base dividend and refinanced unsecured bonds with a secured credit line. At quarter‑end the company had $44m of cash and a remaining $264m credit line. » Altro su de.investing.com

BlackRock TCP released an investor presentation for Q1 2026 showing a portfolio realignment toward first‑lien, secured loans. Adjusted net investment income was $0.21 per share, revenue was $42.6 million, while NAV fell to $6.72 (-4.9%) versus the prior quarter and to $6.72 (-26.8%) year‑over‑year. The company maintained the quarterly dividend of $0.17 with a coverage ratio of 124%, but recorded net outflows of $112.8 million and sees margin compression and realized losses as short‑term headwinds. Liquidity and a more conservative capital structure are intended to provide room for future investments, while the market remains skeptical due to discounts to book value. » Altro su de.investing.com

BlackRock TCP Capital reported Q1 2026 earnings per share of $0.21 versus $0.20 expected and revenue of $42.58 million (expectation: $40.62 million). At the same time, net asset value fell to $6.72 (down 4.9% versus Q4 2025) and adjusted net investment income declined from $0.25 to $0.21 per share. Portfolio and new investment yields decreased, which management attributes to lower base interest rates and compressed spreads. The stock dipped slightly in premarket trading and remains volatile within its 52-week range. » Altro su de.investing.com