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BlackRock TCP Capital Corp.

BlackRock TCP Capital Corp.

NASDAQ•TCPC
CEO: Mr. Philip M. Tseng
Sector: Financial Services
Industry: Asset Management
Listing Date: 2012-04-04
BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals. It seeks to invest in the United States. The fund typically invests between $10 million and $35 million in companies with enterprise values between $100 million and $1500 million including complex situations. It prefers to make equity investments in companies for an ownership stake.
Contact Information
2951 28th Street, Suite 1000, Santa Monica, CA, 90405, United States
310-566-1000
www.tcpcapital.com
Market Cap
$492.89M
P/E (TTM)
-41.3
0
Dividend Yield
22.6%
52W High
$9.72
52W Low
$5.39
52W Range
9%
2.4
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.4 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$50.52M+9.91%
4-Quarter Trend

EPS

$0.29+16.00%
4-Quarter Trend

FCF

$103.74M+2.08%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Net Assets Swing Profitable Net assets from operations increased to $29.36M USD profit for nine months, reversing prior $24.59M USD loss.
Operating Expenses Significantly Lower Total operating expenses fell to $70.79M USD (vs $100.22M USD prior period) due to zero incentive fees accrued.
Non-Accruals Show Improvement Non-accruing debt investments decreased to 3.5% of fair value portfolio, down from 5.6% at December 31, 2024.
NAV Per Share Decreased Net assets per share ended at $8.71 USD, reflecting a decrease from $9.23 USD at December 31, 2024.

Risk Factors

Total Net Assets Declined Total net assets decreased by $45.1M USD over nine months, ending at $740.02M USD as of September 30, 2025.
Renovo Investment Full Write-Down Expect full write-down of Homerenew Buyer (Renovo) investment in Q4 2025, representing 0.7% of total fair value assets.
Interest Rate Sensitivity Impact Down 300 basis points in rates would reduce net investment income by an estimated $35.52M USD annually.
Investment Income Decreased Total investment income fell $40.32M USD for nine months, reflecting lower portfolio size and reduced SOFR rates.

Outlook

Q4 Dividend Declared Board declared fourth quarter dividend of $0.25 USD per share, payable on December 31, 2025, maintaining regular payout.
Continued Share Repurchase Activity Repurchased 169,964 shares between October and November 2025 for $977.68K USD under the existing plan.
Merger Integration Continues Company continues integration following BCIC Merger, focusing on realizing anticipated benefits and managing associated costs.

Peer Comparison

Revenue (TTM)

CION Investment CorporationCION
$190.89M
+0.1%
Crescent Capital BDC, Inc.CCAP
$167.93M
-14.2%
AlTi Global, Inc.ALTI
$164.42M
-33.0%

Gross Margin (Latest Quarter)

Crescent Capital BDC, Inc.CCAP
78.7%
-0.1 pp
PennantPark Investment CorporationPNNT
76.5%
-135.7 pp
Gladstone Capital CorporationGLAD
74.4%
-5.0 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
ALTI$572.75M-2.6-21.9%5.2%
CION$525.51M18.54.9%0.0%
GAIN$512.73M8.312.8%39.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-6.2%
Growth Under Pressure
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 6, 2025|
    Revenue: $50.52M+9.9%
    |
    EPS: $0.29+16.0%
    Meet
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Aug 7, 2025|
    Revenue: $2.50M-93.1%
    |
    EPS: $-0.19-68.3%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 8, 2025|
    Revenue: $39.10M+87.7%
    |
    EPS: $0.25+212.5%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Feb 27, 2025|
    Revenue: $20.76M-90.1%
    |
    EPS: $-0.79-217.9%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 6, 2024|
    Revenue: $45.96M-15.2%
    |
    EPS: $0.25+13.6%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 7, 2024|
    Revenue: $36.01M-33.3%
    |
    EPS: $-0.60-314.3%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 1, 2024|
    Revenue: $20.83M-58.6%
    |
    EPS: $0.08-79.5%
    Miss
  • Form 10-K - FY 2023

    Period End: Dec 31, 2023|Filed: Feb 29, 2024|
    Revenue: $209.33M+15.7%
    |
    EPS: $0.67+518.8%
    Beat