Want to see TCPC full AI Analyst Report?
Top Page
BlackRock TCP Capital
(NASDAQ:TCPC)
Select Model
Select Model
Rating:60Neutral
Price Target:
$3.50
â–²(10.76% Upside)
Action:Reiterated
Date:08/06/26
TCPC scores as a moderate-risk, improving-setup story: strong recent cash flow and the earnings-call-driven deleveraging/liquidity improvements support the outlook. The score is held back by sharply deteriorated/volatile profitability and prior leverage concerns, plus only moderate technical strength within a longer-term downtrend and a high headline yield paired with a loss-making P/E.
Positive Factors
Strong cash generation
Sustained, sizable operating and free cash flow (~$400M TTM, +176%) provides durable liquidity to cover operating expenses, dividends, and deleveraging. Strong cash generation reduces refinancing risk for a leveraged BDC, funds reinvestment or buybacks, and cushions NAV swings over months.
Negative Factors
Highly volatile, loss‑making profitability
Sharp swings to net losses and deeply negative margins demonstrate unstable investment returns and mark‑to‑market sensitivity. For a BDC, erratic profitability undermines net income reliability, complicates dividend coverage forecasting and raises the odds of future NAV compressions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, sizable operating and free cash flow (~$400M TTM, +176%) provides durable liquidity to cover operating expenses, dividends, and deleveraging. Strong cash generation reduces refinancing risk for a leveraged BDC, funds reinvestment or buybacks, and cushions NAV swings over months.
Read all positive factors
BlackRock TCP Capital (TCPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$272.68M
Dividend Yield27.08%
Average Volume (3M)823.33K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth-153.69%
EPS Growth-168.78%
CountryUS
Employees24,900
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-1.27
Shares Outstanding83,902,780
10 Day Avg. Volume618,145
30 Day Avg. Volume823,329
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$3.50Price Target Upside10.76% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)0.81
Revenue Forecast (FY)$154.79M
BlackRock TCP Capital Business Overview & Revenue Model
Company Description
BlackRock TCP Capital Corp. operates as a business development company (BDC) with a primary focus on deploying direct equity and debt capital into middle-market enterprises. Its investment portfolio spans a wide range of financial instruments, enc...
How the Company Makes Money
TCPC makes money primarily from investment income generated by its portfolio of middle-market financings. The core revenue stream is interest income earned on debt investments such as first-lien and second-lien secured loans (and, when applicable,...
BlackRock TCP Capital Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call describes a transformational balance-sheet and portfolio transaction that materially reduces leverage, increases liquidity/investment capacity, and accelerates portfolio repositioning. These significant strategic and liquidity positives are partially offset by a near-term NAV decline (~10.4% from the sale and ~2.1% during the quarter), realized losses (notably AutoAlert), and remaining portfolio concentration and issuer-specific markdowns. On balance, the management team framed the actions as enabling greater flexibility to create long-term shareholder value.Positive Updates
Major Portfolio Sale and Proceeds
Completed a continuation-vehicle transaction priced at 95% of 12/31/2025 FMV; generated approximately $152 million of proceeds, transferred assets representing ~48% of pre-transaction debt portfolio fair value, and retained a 5% equity interest in the vehicle.
Negative Updates
NAV Impact from Transaction and Quarter
NAV declined ~2.1% during the quarter to $6.58 per share and the portfolio sale transaction is expected to cause an additional NAV decline of ~10.4% (approximately $0.68 per share) based on June 30 NAV.
Read all updates
Q2-2026 Updates
Positive
Negative
Major Portfolio Sale and Proceeds
Completed a continuation-vehicle transaction priced at 95% of 12/31/2025 FMV; generated approximately $152 million of proceeds, transferred assets representing ~48% of pre-transaction debt portfolio fair value, and retained a 5% equity interest in the vehicle.
Read all positive updates
Company Guidance
Management said the completed portfolio sale (assets representing ~48% of the pre‑transaction debt portfolio, priced at 95% of 12/31/2025 gross FMV) will produce roughly $152M of proceeds, an expected NAV hit of ~10.4% (≈$0.68/share), leave TCPC with a pro‑forma net leverage of ~0.4x (and <0.3x after additional announced paydowns including an expected $69M Domo repayment in Q4), reduce unfunded commitments to below $40M (≈$36M pro forma) and provide substantial liquidity/investment capacity (management cited ~ $395M post‑transaction liquidity; Q2 liquidity was $534M including $376M revolver capacity and $158M cash). They reiterated Q2 operating metrics: NAV fell 2.1% to $6.58, portfolio FMV $1,290M across 134 companies (avg position $9.6M; 91.5% senior secured; 89.8% first‑lien), weighted‑average yield 10.5% (new investments 9.4%, exits 10.9%), total investment income $40M ($0.48/sh), NII $18.1M ($0.22/sh; adjusted NII $17.5M/$0.21), operating expenses $21.9M ($0.26/sh), net realized losses $14.8M ($0.18/sh), net repayments of $86.6M in Q2 (plus $97.4M post‑quarter), and a Q3 dividend of $0.17/share.BlackRock TCP Capital Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
46
Neutral
Cash Flow
71
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 61.97M | -76.35M | 20.76M | 209.33M | 181.00M | 165.11M |
| Gross Profit | -4.12M | -93.19M | -45.40M | 209.33M | 181.00M | 165.11M |
| EBITDA | -79.07M | -22.84M | -62.61M | 154.61M | 197.97M | 0.00 |
| Net Income | -110.22M | -88.93M | -63.14M | 38.47M | -9.23M | 133.79M |
Balance Sheet | ||||||
| Total Assets | 1.48B | 1.65B | 1.92B | 1.70B | 1.72B | 1.89B |
| Cash, Cash Equivalents and Short-Term Investments | 157.55M | 61.08M | 91.59M | 112.24M | 82.44M | 19.55M |
| Total Debt | 0.00 | 1.04B | 1.12B | 985.20M | 944.01M | 1.01B |
| Total Liabilities | 924.46M | 1.05B | 1.14B | 1.01B | 972.60M | 1.06B |
| Stockholders Equity | 552.01M | 598.01M | 785.12M | 687.60M | 746.75M | 829.46M |
Cash Flow | ||||||
| Free Cash Flow | 399.70M | 154.92M | 293.12M | 89.48M | 203.95M | -82.61M |
| Operating Cash Flow | 399.70M | 154.92M | 293.12M | 89.48M | 203.95M | -82.61M |
| Investing Cash Flow | 207.09M | 101.40M | 0.00 | 2.97M | 151.05M | 31.88M |
| Financing Cash Flow | -349.48M | -185.43M | -313.77M | -62.65M | -141.07M | 82.15M |
BlackRock TCP Capital Risk Analysis
BlackRock TCP Capital disclosed 46 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 1 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $402.73M | 26.66 | 2.14% | 15.50% | -18.56% | -69.62% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $421.81M | 9.93 | 9.17% | 9.39% | -46.94% | -51.89% | |
67 Neutral | $643.12M | 3.44 | 34.04% | 6.02% | -54.43% | 163.70% | |
60 Neutral | $272.68M | -2.20 | -19.08% | 27.85% | -153.69% | -168.78% | |
53 Neutral | $214.82M | 15.70 | 0.01% | 29.18% | 122.81% | 43.00% | |
52 Neutral | $296.74M | -149.00 | -0.13% | 23.83% | -11.90% | 84.61% |
* Financial Sector Average
TCPC
BlackRock TCP Capital
3.50
-2.28
-39.47%
GLAD
Gladstone Capital
19.08
-5.54
-22.50%
GAIN
Gladstone Investment
16.45
3.36
25.65%
PNNT
Pennantpark Investment
3.48
-2.51
-41.89%
CCAP
Crescent Capital BDC
11.28
-1.19
-9.56%
CION
CION Investment Corp
6.23
-2.52
-28.83%
BlackRock TCP Capital Corporate Events
Business Operations and StrategyDividendsPrivate Placements and Financing
BlackRock TCP Capital Cuts Leverage, Reviews Strategic Options
Neutral
Aug 6, 2026
On August 4, 2026, BlackRock TCP Capital sold 95% of its interest in BlackRock DLF-C 2026, LLC, a continuation vehicle holding about $523 million of loans to 78 companies, to funds managed by Pantheon Ventures, retaining a 5% stake and continued m...
Business Operations and StrategyPrivate Placements and Financing
BlackRock TCP Capital Completes Major CLO Financing Transaction
Positive
Jun 1, 2026
On May 27, 2026, BlackRock TCP Capital, via an indirect wholly‑owned subsidiary, completed a $535.78 million collateralized loan obligation backed by middle‑market loans it or related entities had previously originated. The securitizat...
Executive/Board ChangesShareholder Meetings
BlackRock TCP Capital Reelects Directors at 2026 Meeting
Positive
May 27, 2026
On May 27, 2026, BlackRock TCP Capital Corp. held its 2026 Annual Meeting of Stockholders via live internet webcast, with shareholders voting on a single proposal. Common stockholders elected six directors — Eric J. Draut, Karen L. Leets, An...
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,...
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.