Shares of BlackRock TCP Capital Corp. (NASDAQ: TCPC) plunged 5.14% in pre-market trading on Thursday following the release of its second-quarter 2025 financial results, which fell short of analyst expectations on multiple fronts.
The business development company reported adjusted earnings per share of $0.31, missing the consensus estimate of $0.33 by 5.49%. This represents an 18.42% decrease from the $0.38 per share earned in the same period last year. Additionally, quarterly sales came in at $51.465 million, falling 8.36% below the analyst consensus estimate of $56.162 million and marking a significant 28.05% decrease from the $71.526 million reported in the second quarter of 2024.
Adding to investor concerns, BlackRock TCP Capital's net asset value (NAV) per share declined to $8.71 as of June 30, 2025, down from $9.18 on March 31, 2025. The company attributed this decrease largely to markdowns on previously restructured portfolio companies. Despite these challenges, the firm declared a third-quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share. However, these positive aspects were overshadowed by the missed estimates and year-over-year declines, leading to the sharp pre-market sell-off as investors reassess the company's growth prospects and financial health.
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