BlackRock TCP Capital Corp. (TCPC)
NASDAQ:TCPC
Want to see TCPC full AI Analyst Report?
Top Page
BlackRock TCP Capital
(NASDAQ:TCPC)
Select Model
Select Model
Rating:54Neutral
Price Target:
$4.50
â–²(3.93% Upside)
Action:Reiterated
Date:05/09/26
TCPC scores in the mid-range primarily due to weak and volatile profitability and recent NAV/valuation losses, partially offset by strong recent cash generation and earnings-call progress on deleveraging, liquidity, and credit improvement. Technicals remain mixed with longer-term downtrend signals, while the very high dividend yield supports valuation but also reflects elevated underlying risk.
Positive Factors
Senior‑secured, floating‑rate portfolio
A portfolio concentrated in senior‑secured, predominantly floating‑rate loans materially reduces loss severity and preserves yields as rates change. Over the next 2–6 months this structure supports stable interest income, better recovery prospects on defaults, and lower downside versus unsecured exposures.
Negative Factors
Volatile, negative profitability and NAV pressure
Repeated net losses and volatile earnings drive NAV erosion and weaken the firm's capital base. Over months this reduces distributable income headroom, constrains the ability to sustain dividends, and forces defensive portfolio sales or further deleveraging that can lock in losses and limit growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Senior‑secured, floating‑rate portfolio
A portfolio concentrated in senior‑secured, predominantly floating‑rate loans materially reduces loss severity and preserves yields as rates change. Over the next 2–6 months this structure supports stable interest income, better recovery prospects on defaults, and lower downside versus unsecured exposures.
Read all positive factors
BlackRock TCP Capital (TCPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$348.20M
Dividend Yield21.13%
Average Volume (3M)1.34M
Price to Earnings (P/E)―
Beta (1Y)0.90
Revenue Growth-153.69%
EPS Growth-168.78%
CountryUS
Employees19,800
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-1.48
Shares Outstanding83,902,780
10 Day Avg. Volume1,145,049
30 Day Avg. Volume1,335,947
Financial Highlights & Ratios
PEG Ratio-0.16
Price to Book (P/B)0.78
Price to Sales (P/S)-6.09
P/FCF Ratio3.00
Enterprise Value/Market Cap3.39
Enterprise Value/Revenue48.29
Enterprise Value/Gross Profit-63.11
Enterprise Value/Ebitda-12.43
Forecast
1Y Price Target
$3.50Price Target Upside-19.17% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)0.79
Revenue Forecast (FY)$153.45M
BlackRock TCP Capital Business Overview & Revenue Model
Company Description
BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, an...
How the Company Makes Money
TCPC makes money primarily from investment income generated by its portfolio of middle-market loans and related investments. The largest recurring revenue stream is interest income earned on debt investments (typically floating-rate and/or fixed-r...
BlackRock TCP Capital Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call conveyed a balanced message: management reported meaningful progress on credit quality and balance sheet strength (notably lower nonaccruals, reduced leverage, strong liquidity, deleveraging actions, and active capital recycling), while also disclosing material realized and unrealized losses that drove a 4.9% NAV decline and lowered near-term income metrics. Management framed the quarter as constructive repositioning with disciplined, selective deployment, but acknowledged continued valuation pressure—particularly in staffing and parts of the software book.Positive Updates
Decline in Nonaccruals
Nonaccruals improved to 2.8% of the portfolio at fair value and 7.6% at cost, down from 4.0% and 9.7% respectively last quarter, driven by restructurings (ALPINE 4840, Suited Connector) and the sale of Fishbowl.
Negative Updates
NAV Decline and Portfolio Markdowns
Net asset value declined 4.9% to $6.72 per share (from ~$7.07 implied last quarter) reflecting $35 million of net portfolio markdowns during the quarter.
Read all updates
Q1-2026 Updates
Positive
Negative
Decline in Nonaccruals
Nonaccruals improved to 2.8% of the portfolio at fair value and 7.6% at cost, down from 4.0% and 9.7% respectively last quarter, driven by restructurings (ALPINE 4840, Suited Connector) and the sale of Fishbowl.
Read all positive updates
Company Guidance
Management guided that they will continue to reposition the portfolio and further reduce leverage toward a 0.9x–1.2x net regulatory leverage target (net leverage was 1.29x at 3/31/26, improving to 1.23x post‑quarter), prioritizing paydowns/exits and selective deployment into senior first‑lien loans; quarter activity included $135.3M of exits/partial paydowns (plus >$50M post‑quarter), $22.5M of new investments, and a $1.4B portfolio across 139 companies with a $10M average position size (five largest = 24.9%), 91.8% senior secured, 94.4% floating‑rate debt, 8.2% equity and $121M unfunded commitments (8.7% of the portfolio). They reaffirmed capital‑return and balance‑sheet actions—Q2 dividend $0.17/share (payable June 30, record June 16), a reapproved $50M repurchase plan (0.505M shares repurchased at $4.51 and 0.156M at $3.78 post‑quarter), repayment of $325M 2026 notes, total liquidity $358.6M (cash $93.3M, revolver availability $164.1M), combined debt cost 5.77%—and emphasized continued focus on reducing nonaccruals (2.8% of portfolio at fair value, 7.6% at cost), while managing yields (portfolio yield 10.9%, new investments ~8.3% vs. exits 11.2%), adjusted NII $0.21/share, annualized NII ROE 11.8%, NAV $6.72/share, and PIK at 8.5% of investment income.BlackRock TCP Capital Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
48
Neutral
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 24.45M | -76.35M | 20.76M | 209.33M | 181.00M | 165.11M |
| Gross Profit | -18.71M | -93.19M | -45.40M | 209.33M | 181.00M | 165.11M |
| EBITDA | -94.98M | -22.84M | -62.61M | 0.00 | 0.00 | 0.00 |
| Net Income | -126.13M | -88.93M | -63.14M | 38.47M | -9.23M | 133.79M |
Balance Sheet | ||||||
| Total Assets | 1.51B | 1.65B | 1.92B | 1.70B | 1.72B | 1.89B |
| Cash, Cash Equivalents and Short-Term Investments | 93.26M | 61.08M | 91.59M | 112.24M | 82.44M | 19.55M |
| Total Debt | 925.84M | 1.04B | 1.12B | 985.20M | 944.01M | 1.01B |
| Total Liabilities | 944.44M | 1.05B | 1.14B | 1.01B | 972.60M | 1.06B |
| Stockholders Equity | 565.11M | 598.01M | 785.12M | 687.60M | 746.75M | 829.46M |
Cash Flow | ||||||
| Free Cash Flow | 144.69M | 154.92M | 293.12M | 89.48M | 203.95M | -82.61M |
| Operating Cash Flow | 144.69M | 154.92M | 293.12M | 89.48M | 203.95M | -82.61M |
| Investing Cash Flow | 116.85M | 101.40M | 0.00 | 2.97M | 151.05M | 31.88M |
| Financing Cash Flow | -267.40M | -185.43M | -313.77M | -62.65M | -141.07M | 82.15M |
BlackRock TCP Capital Technical Analysis
Neutral
4.33
Price Trends
3.97
Positive
4.64
Negative
5.27
Negative
Market Momentum
0.09
Negative
67.23
Neutral
83.81
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TCPC, the sentiment is Neutral. The current price of 4.33 is above the 20-day moving average (MA) of 3.79, above the 50-day MA of 3.97, and below the 200-day MA of 5.27, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 67.23 is Neutral, neither overbought nor oversold. The STOCH value of 83.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TCPC.
BlackRock TCP Capital Risk Analysis
BlackRock TCP Capital disclosed 66 risk factors in its most recent earnings report. BlackRock TCP Capital reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BlackRock TCP Capital Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $434.01M | 6.11 | 8.94% | 9.31% | -46.94% | -51.89% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | $653.48M | 2.98 | 24.70% | 11.02% | -54.43% | 163.70% | |
56 Neutral | $410.10M | -7.23 | 2.14% | 13.20% | -18.56% | -69.62% | |
54 Neutral | $348.20M | -4.67 | -19.08% | 21.13% | -153.69% | -168.78% | |
52 Neutral | $335.08M | -3.77 | 6.21% | 15.77% | -11.90% | 84.61% | |
50 Neutral | $267.06M | -30.83 | 0.01% | 16.61% | 122.81% | 43.00% |
* Financial Sector Average
TCPC
BlackRock TCP Capital
4.15
-2.39
-36.55%
GLAD
Gladstone Capital
19.21
-5.70
-22.89%
GAIN
Gladstone Investment
16.41
2.97
22.11%
PNNT
Pennantpark Investment
4.09
-1.75
-29.99%
CCAP
Crescent Capital BDC
11.13
-2.60
-18.94%
CION
CION Investment Corp
6.73
-1.63
-19.46%
BlackRock TCP Capital Corporate Events
DividendsFinancial Disclosures
BlackRock TCP Capital Declares Second-Quarter 2026 Dividend
Neutral
May 7, 2026
BlackRock TCP Capital Corp. reported first-quarter 2026 net investment income of $18.5 million, or $0.22 per diluted share, exceeding the regular dividend of $0.17 per share paid on March 31, 2026. Adjusted net investment income was $17.6 million,...
Business Operations and StrategyDividendsFinancial Disclosures
BlackRock TCP Capital Cuts Dividend Amid Credit Pressures
Negative
Feb 27, 2026
BlackRock TCP Capital Corp., a business development company, reported fourth-quarter 2025 GAAP net investment income of $22.1 million, or $0.26 per diluted share, slightly above its regular dividend of $0.25 per share paid on December 31, 2025. Fo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.