Shares of BlackRock TCP Capital Corp. (TCPC) are surging 5.14% in pre-market trading on Thursday following the company's release of its first-quarter 2025 financial results, which exceeded analyst expectations and included a special dividend announcement.

The business development company reported adjusted earnings per share (EPS) of $0.36, surpassing the estimated $0.34. Net investment income came in at $0.38 per share, demonstrating strong performance in the company's core operations. Additionally, BlackRock TCP Capital declared a regular quarterly dividend of $0.25 per share and a special dividend of $0.04 per share, rewarding shareholders with increased returns.

While the company's sales of $55.89 million fell slightly short of the $57.95 million estimate, investors appear to be focusing on the positive aspects of the report. The firm's net asset value per share stood at $9.18, indicating stability in its investment portfolio. BlackRock TCP Capital also reassured investors by stating that only a mid-single-digit percentage of its portfolio at fair market value is expected to be directly impacted by tariffs, alleviating concerns about potential trade-related risks.

The combination of strong earnings, dividend announcements, and resilience in the face of potential tariff impacts has clearly resonated with investors, driving the significant pre-market rally in TCPC shares. As the market opens, it will be interesting to see if this momentum continues and how it may influence the broader business development company sector.