BlackRock TCP Capital Corp.
- Open
- 3.33
- Day high
- 3.54
- Day low
- 3.33
- Prev close
- 3.36
- Volume
- 499K
- Mkt cap
- $297M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.5
- P/S
- 12.1
- Yield
- 9.62%
- Per share
- $0.34
BlackRock TCP Capital Corp. (TCPC) is a Financial Services company listed on NASDAQ. The stock is down 57% over the past year.
BlackRock TCP Capital Corp. (TCPC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TCPC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.20 | $0.21 | +5.0% | $43M | +6.2% |
| Nov 6, 2025 | $0.33 | $0.32 | -3.0% | $42M | -10.5% |
| Aug 7, 2025 | $0.34 | $0.32 | -5.9% | $3M | -95.4% |
| May 8, 2025 | $0.34 | $0.36 | +5.9% | $39M | -31.1% |
| Feb 27, 2025 | $0.38 | $0.38 | +0.0% | $-17M | -126.2% |
| May 1, 2024 | $0.45 | $0.45 | +0.0% | $56M | +5.2% |
| Feb 29, 2024 | $0.48 | $0.44 | -8.3% | $51M | -2.9% |
| Nov 2, 2023 | $0.47 | $0.49 | +4.3% | $54M | +3.5% |
| Aug 3, 2023 | $0.43 | $0.48 | +11.6% | $54M | +8.7% |
| May 4, 2023 | $0.41 | $0.43 | +4.9% | $50M | +6.5% |
| Feb 28, 2023 | $0.39 | $0.40 | +2.6% | $47M | +0.0% |
| Nov 3, 2022 | $0.35 | $0.42 | +20.0% | $48M | +9.9% |
TCPC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Mar 17, 2026 | Wolfe Patrickofficer: Chief Operating Officer | Buy | 700 | $3.65 |
| Mar 17, 2026 | Wolfe Patrickofficer: Chief Operating Officer | Buy | 1,375 | $3.65 |
| Mar 17, 2026 | Wolfe Patrickofficer: Chief Operating Officer | Buy | 6,850 | $3.65 |
| Mar 10, 2026 | Mehring Jasonofficer: President | Buy | 6,500 | $3.86 |
| Mar 10, 2026 | Worrell August Danielofficer: Co-Chief Investment Officer | Buy | 40,000 | $3.89 |
| Mar 10, 2026 | Cuellar Erik L.officer: CFO | Buy | 1,750 | $3.86 |
| Feb 3, 2026 | Mehring Jasonofficer: President | Option | 1,450 | — |
| Feb 3, 2026 | Mehring Jasonofficer: President | Grant | 2,703 | — |
| Feb 3, 2026 | Worrell August Danielofficer: Co-Chief Investment Officer | Option | 11,983 | — |
| Feb 3, 2026 | Wolfe Patrickofficer: Chief Operating Officer | Option | 6,136 | — |
| Feb 3, 2026 | Wolfe Patrickofficer: Chief Operating Officer | Option | 3,744 | — |
| Feb 3, 2026 | Wolfe Patrickofficer: Chief Operating Officer | Grant | 2,780 | — |
| Feb 3, 2026 | Wolfe Patrickofficer: Chief Operating Officer | Option | 2,393 | — |
| Feb 3, 2026 | Mehring Jasonofficer: President | Option | 4,148 | — |
| Feb 3, 2026 | Mehring Jasonofficer: President | Option | 5,598 | — |
Source: TCPC SEC Form 4 filings, latest Mar 17, 2026. For informational purposes only — not investment advice.
See the full TCPC insider & 13F page →BlackRock TCP Capital Corp. company profile
Overview
BlackRock TCP Capital Corp. (NYSE:TCPC) is a business development company that was founded in 2012 and went public through an initial public offering in April of that year. The company operates as a specialty finance firm focused on providing debt and equity capital to middle-market companies across the United States. As a publicly traded business development company, TCPC is regulated under the Investment Company Act of 1940 and is required to distribute substantially all of its taxable income to shareholders as dividends. The company leverages the investment platform and resources of BlackRock, one of the world's largest asset management firms, to source and manage its portfolio investments.
Business
BlackRock TCP Capital operates in the business development company sector, which serves as a bridge between traditional bank lending and private equity investing. The company specializes in providing capital to middle-market companies - typically businesses with enterprise values between $100 million and $1.5 billion that are too large for small business lending but too small to access public capital markets efficiently. The company's core business involves making direct investments in middle-market companies through various debt and equity instruments. TCPC's investment portfolio consists primarily of senior secured loans, with approximately 91% of its $1.8 billion portfolio invested in these instruments as of recent quarters. About 94% of the portfolio consists of floating-rate loans, which means the interest rates adjust with market conditions, providing some protection against rising interest rate environments. TCPC's investment strategy focuses on first lien loans, which are senior debt instruments that have the first claim on a company's assets in case of default, making them relatively safer compared to subordinated debt. The company typically makes investments ranging from $10 million to $35 million per transaction, with an average investment size of approximately $12 million. The portfolio is diversified across over 20 industry sectors, including communication services, healthcare, technology, energy, and manufacturing, with investments spread across 146 companies to minimize concentration risk. The weighted average annual effective yield on the company's performing debt portfolio is approximately 12.2%, reflecting the higher returns demanded for lending to middle-market companies that may not have access to traditional bank financing or public bond markets.
Revenue model
BlackRock TCP Capital generates revenue primarily through interest income from its loan portfolio and dividend income from equity investments. As a business development company, TCPC's customers are middle-market companies seeking capital for growth, acquisitions, refinancing, or other corporate purposes. These borrowers typically pay interest rates that are significantly higher than what large corporations pay in public bond markets, reflecting the additional risk and complexity of middle-market lending. The company's floating-rate loan structure provides natural protection against rising interest rates, as approximately 94% of the portfolio adjusts upward when base rates increase. This was particularly beneficial during the recent interest rate hiking cycle, where the company's portfolio yield increased from approximately 9.2% in 2021 to over 12% by 2024. Several factors can significantly impact TCPC's profitability margins. Rising interest rates generally benefit the company due to its floating-rate portfolio structure, while falling rates reduce income. Credit quality deterioration in the portfolio can lead to increased non-accrual loans and write-downs, as experienced in 2024 when non-accruals increased to 5.6% of the portfolio. Competition from banks and other lenders can compress spreads and reduce new investment yields. Economic downturns particularly affect middle-market companies, which may have less financial flexibility than larger corporations. The company's leverage structure, with a debt-to-equity ratio of approximately 1.4x, amplifies both gains and losses from portfolio performance. Prepayment risk also affects returns, as successful portfolio companies may refinance or be acquired, forcing TCPC to reinvest capital at potentially lower yields. The company benefits from its relationship with BlackRock's broader platform, which provides deal sourcing capabilities and operational efficiencies that may not be available to smaller, independent business development companies.
Competitive moat
BlackRock TCP Capital's competitive moat is moderate but not insurmountable. The company's primary advantages stem from its association with BlackRock, one of the world's largest asset management firms, which provides significant deal flow, operational infrastructure, and institutional credibility that smaller competitors cannot match. This platform advantage helps TCPC access investment opportunities and maintain relationships with sponsors and intermediaries in the middle-market lending space. The company's established track record and scale - with an $1.8 billion portfolio - provides operational efficiencies and the ability to diversify risk across multiple investments and sectors. The specialized expertise required for middle-market lending, including due diligence capabilities, workout experience, and industry knowledge, creates some barriers to entry for new competitors. However, the business development company sector faces significant competitive pressures. The industry includes numerous public BDCs, private credit funds, banks, and other specialty lenders all competing for similar middle-market opportunities. Banks with lower cost of capital can often offer more attractive terms to borrowers, while private credit funds with permanent capital structures may have more flexibility than regulated BDCs. The company's regulatory structure as a BDC, while providing tax advantages, also imposes constraints including leverage limits, diversification requirements, and mandatory dividend distributions that private competitors don't face. Additionally, the commoditized nature of much middle-market lending means that competitive advantages can erode quickly when market conditions change or new capital enters the sector. Recent challenges, including increased non-accrual loans and portfolio markdowns, demonstrate that the company's moat is not sufficient to prevent periodic credit losses that are inherent to the lending business. The sustainability of TCPC's competitive position depends largely on maintaining access to BlackRock's platform benefits and executing superior credit selection and portfolio management.
Risks & safety
The margin of safety appears reasonable but not exceptional, with mixed indicators across different metrics. • Liquidity position is strong: $99 million in cash and short-term investments with total available liquidity of $629 million, providing substantial cushion for operations and new investments • Leverage is moderate: Net leverage of 1.13x is within the company's target range of 0.9x-1.2x, though total debt-to-equity of 1.4x indicates meaningful financial leverage • Solvency risk appears low: Strong current ratio of 11.1x and positive operating cash flows of $52.5 million quarterly demonstrate adequate liquidity management • Valuation metrics suggest reasonable pricing: Price-to-book ratio of 0.87x indicates trading below net asset value, P/E ratio of 8.2x appears reasonable for a financial services company • Credit quality concerns: Non-accrual loans at 4.4% of portfolio fair value, while improved from 5.6%, still represent meaningful credit stress • Dividend sustainability: Recent dividend reduction to $0.25 per share suggests management prioritizing balance sheet strength over distribution levels • Interest rate sensitivity: While floating-rate portfolio provides some protection, the leveraged structure creates sensitivity to credit spreads and base rate changes
Recent development
Over the past few years, BlackRock TCP Capital has undergone significant leadership transitions and strategic repositioning. In Q3 2024, the company appointed Phil Tseng as CEO and Chairman, succeeding Raj Vig, along with new appointments for President (Jason Mehring), COO (Patrick Wolfe), and Co-CIO (Dan Worrell). This leadership change occurred during a challenging period for the portfolio. The company has faced substantial credit challenges, particularly with its investments in Amazon aggregator companies, which comprised 5.9% of the portfolio by fair market value. These investments in companies like Razor Group, SellerX, and Parazio experienced significant difficulties due to inventory management issues and profitability challenges in the e-commerce sector. Non-accrual positions increased dramatically from 1.7% to 5.6% of portfolio fair value during 2024, before improving to 4.4% by Q1 2025. In response to these challenges, TCPC has implemented several shareholder-friendly initiatives. The advisor voluntarily waived one-third of the base management fee for three quarters, and the company reduced its regular dividend from $0.34 to $0.25 per share while providing special dividends. The company also executed share repurchases, buying back over 500,000 shares at an average price of $8.86. Strategic focus has shifted toward portfolio stabilization and risk reduction. The company has been working to resolve non-accrual positions, successfully removing four companies from non-accrual status in Q1 2025. New investments have been concentrated in first lien loans, with 100% of new investments in Q1 2025 being first lien positions. The company is also pursuing a second SBIC (Small Business Investment Company) license to provide additional low-cost funding sources. TCPC has maintained its focus on middle-market lending diversification, with the portfolio spread across 146 companies in over 20 industry sectors, though management has acknowledged the need to reduce exposure to certain challenged subsectors like Amazon aggregators.
TCPC company profile · for informational purposes only — not investment advice.
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