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TCPC

BlackRock TCP Capital Corp.

TCPC

BlackRock TCP Capital Corp. • NASDAQ
$6.00 ▲ 1.52% (+0.09)
Market Cap $510.77 M
52w High $9.72
52w Low $5.39
Dividend Yield 1.00%
P/E -50
Volume 331.45K
Outstanding Shares 85.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $42.059M ▲ $872.63K ▼ $24.37M ▲ 57.941% ▲ $0.29 ▲ $24.37M ▲
Q2-2025 $2.503M ▼ $1.321M ▼ $-15.907M ▼ -635.597% ▼ $-0.19 ▼ $-15.907M ▼
Q1-2025 $39.097M ▲ $2.872M ▼ $20.895M ▲ 53.443% ▼ $0.25 ▲ $20.895M ▲
Q4-2024 $-17.068M ▼ $4.649M ▲ $-38.551M ▼ 225.864% ▲ $-0.45 ▼ $-38.028M ▼
Q3-2024 $45.962M $3.169M $21.633M 47.067% $0.25 $21.633M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $60.994M ▼ $1.811B ▼ $1.071B ▼ $740.024M ▼
Q2-2025 $107.318M ▲ $1.937B ▲ $1.196B ▲ $740.477M ▼
Q1-2025 $99.115M ▲ $1.899B ▼ $1.118B ▼ $781.319M ▼
Q4-2024 $91.59M ▼ $1.923B ▼ $1.138B ▼ $785.124M ▼
Q3-2024 $104.182M $2.048B $1.182B $865.637M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.37M ▲ $21.686M ▲ $82.055M ▲ $-150.064M ▼ $-46.323M ▼ $21.686M ▲
Q2-2025 $-15.907M ▼ $15.371M ▼ $-57.232M ▼ $50.065M ▲ $8.203M ▲ $15.37M ▼
Q1-2025 $20.895M ▲ $26.273M ▼ $26.231M ▲ $-44.979M ▲ $7.525M ▲ $26.273M ▼
Q4-2024 $-38.551M ▼ $71.662M ▼ $0 $-84.254M ▲ $-12.592M ▲ $71.662M ▼
Q3-2024 $21.633M $101.628M $0 $-192.116M $-90.488M $101.628M

Five-Year Company Overview

Income Statement

Income Statement TCPC’s recent income statement shows a sharp step down from its prior pattern of relatively steady revenue and mostly positive profits. The latest year flipped to a loss, after several years that were generally profitable but somewhat volatile. This suggests that results are quite sensitive to credit conditions, deal activity, and any hits to the portfolio, rather than being a smooth, utility-like earnings stream. The history points to an ability to earn solid income in favorable markets, but also to meaningful downside when conditions or portfolio marks move against it.

Balance Sheet

Balance Sheet The balance sheet is built around a sizable investment portfolio funded by a mix of debt and equity, typical for a business development company. Debt levels have crept higher over time, so leverage is an important risk to watch, especially in a weaker credit or economic environment. Equity has grown overall, which indicates retained value creation over the multi‑year period, even with the recent loss. Cash is modest but has improved versus some earlier years, suggesting somewhat better liquidity but still reliance on credit facilities and capital markets access.

Cash Flow

Cash Flow Despite the accounting loss in the most recent year, operating cash flow was solid and actually stronger than in most prior years. Over the past five years, cash generation from operations has generally been positive, with only one year showing a noticeable outflow. With essentially no capital spending needs, most operating cash flow is available for debt service, distributions, and portfolio repositioning. The key takeaway is that cash flow has been more stable than reported earnings, but it still depends heavily on the performance and turnover of the loan book.

Competitive Edge

Competitive Edge TCPC’s main edge is its deep integration with BlackRock’s massive credit and data platform, which provides superior deal sourcing, risk tools, and market intelligence compared with many standalone lenders. The firm benefits from an institutional investment process, repeat borrower relationships, and generally better access to financing than smaller peers. At the same time, it operates in a very competitive middle‑market lending space, where many private credit players are chasing similar deals. Its performance will be shaped by how well it maintains credit discipline and uses its scale advantage through the full credit cycle, not just in favorable markets.

Innovation and R&D

Innovation and R&D This is not a traditional R&D‑driven business, but it does benefit from significant innovation in how it analyzes and manages risk. Through the BlackRock ecosystem, TCPC taps into the Aladdin technology platform, advanced analytics, and large data sets to underwrite and monitor loans. It also innovates in deal structuring, offering flexible financing solutions across different layers of the capital structure rather than standard, one‑size‑fits‑all loans. Looking ahead, integration into BlackRock’s expanded private financing platform and the merger with BlackRock Capital Investment Corp. are likely to be its main sources of “innovation” in terms of product breadth, scale, and operating efficiency.

Summary

TCPC is a middle‑market lender closely tied to BlackRock, combining strong platform advantages with the typical risks of a leveraged credit vehicle. Recent results show that earnings can swing from healthy profits to losses, underscoring sensitivity to market conditions and portfolio marks, even while cash flow has remained comparatively resilient. The balance sheet carries meaningful leverage but also reflects cumulative value creation over several years. Its competitive position is strengthened by BlackRock’s technology, data, and sourcing network, plus increased scale from recent strategic moves. Future performance will largely depend on credit quality, interest‑rate and economic trends, and how effectively the firm integrates new platforms and merger synergies while preserving underwriting discipline.

NEWS

November 6, 2025 · 8:05 AM UTC

BlackRock TCP Capital Corp. Announces Third Quarter 2025 Financial Results Including Net Investment Income of $0.32 Per Share; Declares a Fourth Quarter Dividend of $0.25 Per Share

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October 14, 2025 · 8:00 AM UTC

BlackRock TCP Capital Corp. to Report Third Quarter Ended September 30, 2025 Financial Results on November 6, 2025

Read more