TCP Capital

Q2 FY2026 EarningsQ2 FY26 results were mixed: revenue of $40.0M beat the $38.4M consensus, while adjusted NII per share of $0.21 exceeded the $0.20 estimate by 4.45%. However, GAAP net income of $1.7M and EPS of $0.02 missed the expected $16.7M and $0.20 significantly, driven by $13.5M in net realized and unrealized losses from portfolio company restructurings, primarily AutoAlert. Net Asset Value (NAV) per share declined to $6.58, missing the $6.75 consensus by 2.52%. Post-quarter, the company announced a major asset sale to a Pantheon-managed vehicle that is expected to reduce net leverage from 1.38x to 0.4x pro-forma.