BlackRock TCP Capital Q4 NII $0.26; NAV drops 19% to $7.07; dividend cut to $0.17

BlackRock TCP Capital Corp.

2025-FY EPS reported -$1.05

GAAP NII $22.1M ($0.26/sh); adjusted NII $0.25/sh; Q4 net decrease in net assets $118.3M (-$1.39/sh).
NAV per share fell 19% to $7.07 from $8.71 at Sep 30, driven by six portfolio companies (two-thirds of decline).
Board declared Q1 dividend of $0.17/sh, down from $0.25 prior; payable Mar 31, 2026 to holders of record Mar 17.
Non-accrual investments increased to 4.0% of portfolio at fair value (9.7% at cost) from 3.5% in prior quarter.
Advisor waived $1.8M in management fees for Q4; net regulatory leverage rose to 1.41x from 1.20x.

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