BlackRock TCP Capital Corp. experienced a sharp decline in net income in 2025, driven largely by unrealized losses or credit revaluations in its middle-market debt portfolio despite generating solid operating cash flow. The firm maintains a focus on senior secured loans to middle-market companies, leveraging BlackRock’s resources and deal flow advantages. Key risks include economic downturns impacting borrowers’ covenant compliance and potential legal liabilities from ongoing litigation. Dividend payments remain healthy relative to earnings, underscoring the importance of cash flow management for sustaining distributions.