TCPC News & Events

The company said, "In the first quarter of 2026, the Company executed against its strategic priorities: improving credit quality, further repositioning the investment portfolio, and strengthening the balance sheet. Non-accruals declined to 2.8% of the portfolio at fair value, reflecting the completion of two restructurings and one asset sale. Net leverage declined to 1.29x at quarter end, driven primarily by exits, partial paydowns, and proactive balance-sheet management. These achievements were partially offset by $35 million of net portfolio markdowns during the quarter, which contributed to a 4.9% decline in NAV to $6.72 per share. The Company remains focused on disciplined execution as it continues to reposition the portfolio."

Reports Q4 NAV per share $7.07. The company said, "In the fourth quarter, issuer-specific developments drove a 19% decline in NAV, with six portfolio companies accounting for roughly two-thirds of the decrease. Viewed more broadly, approximately 91% of the NAV reduction was tied to investments that were underwritten in 2021 or earlier. Certain of these businesses benefited from high levels of pandemic-era demand but have since seen results soften. In addition, because these investments were originated in a low base-rate environment, several have struggled to adapt to a period of sustained higher interest rates."