BlackRock TCP Capital
Originates and invests in debt of performing middle-market companies.
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Profile
An externally managed BDC that originates and invests in debt securities of performing middle-market companies. Its credit portfolio includes the former BCIC portfolio, and the investment vehicle is managed by an indirect BlackRock subsidiary.
Originates and invests in debt securities of performing middle-market companies as an externally managed business development company.
Income is generated through a credit portfolio. The stated objective combines current income and capital appreciation with an emphasis on principal protection. The portfolio incorporates the former BCIC portfolio following the BDC merger.
The corporate base is in Santa Monica, California. It is externally managed by an indirect BlackRock subsidiary rather than a conventional internal operating platform. Regulation as a BDC under the Investment Company Act of 1940 and the external-management model shape its operations.
Company facts
Categories
Key statistics
Year to date −25.8% · Average volume (30d) 771.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Aug 10, 2026 | Keefe, Bruyette & Woods | Upgrade | Underperform | Market Perform | |
| Aug 7, 2026 | BlackRock | Target | $4 | ||
| Mar 3, 2026 | Keefe, Bruyette & Woods | Downgrade | Market Perform | Underperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | $0.20 | $0.22 | +11.4% | $38.4M | $40.0M | +4.3% | +11.43% |
| May 7, 2026Q1 FY26 | $0.20 | $0.21 | +5.0% | $40.1M | $42.6M | +6.2% | −3.90% |
| Feb 27, 2026Q4 FY25 | $0.26 | $0.26 | −0.9% | $47.0M | $43.9M | −6.5% | +0.49% |
| Nov 6, 2025Q3 FY25 | $0.33 | $0.32 | −3.0% | $47.0M | $42.1M | −10.5% | −1.38% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $39.1M | $2.5M | $42.1M | $43.9M | $9.9M | $40.0M | |
| Gross profit | $23.8M | −$14.6M | $25.2M | $28.8M | $4.6M | $40.0M | |
| Operating income | $20.9M | −$15.9M | $24.4M | $26.3M | −$253.4K | $18.1M | |
| Net income | $20.9M | −$15.9M | $24.4M | −$118.3M | −$16.3M | $1.7M | |
| Diluted EPS | $0.25 | −$0.19 | $0.29 | −$1.39 | −$0.19 | $0.02 | |
| Gross margin | 60.8% | -582.8% | 60.0% | 65.6% | 46.7% | 100.0% | |
| Operating margin | 53.4% | -635.6% | 57.9% | 59.9% | -2.6% | 45.3% |
Fiscal years (4-quarter sums)FY21 $165.1M · FY22 $181.0M · FY23 $209.3M · FY24 $20.8M · FY25 $127.6M
Balance sheet, Jun 30, 2026Cash & short-term investments $157.5M · Total debt $910.6M · Total assets $1.48B · Shareholders' equity $552.0M
Dividends
Last cut to $0.17 from $0.25 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 16, 2026 | Jun 16 | Jun 30 | $0.17 | |
| Mar 17, 2026 | Mar 17 | Mar 31 | $0.17 | cut from $0.25 |
| Dec 17, 2025 | Dec 17 | Dec 31 | $0.25 | cut from $0.34 |
| Sep 16, 2025 | Sep 16 | Sep 30 | $0.29 | special dividend |
| Jun 16, 2025 | Jun 16 | Jun 30 | $0.29 | special dividend |
| Mar 17, 2025 | Mar 17 | Mar 31 | $0.29 | special dividend |
| Dec 17, 2024 | Dec 17 | Dec 31 | $0.44 | special dividend |
| Sep 16, 2024 | Sep 16 | Sep 30 | $0.34 |
Ownership
Shares outstanding 83.90M · Float 83.59M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Next Capital Management LLC | 3.05M | 3.63% | 13F | May 7, 2026 |
| Invesco Ltd. | 2.38M | 2.83% | 13F | May 12, 2026 |
| UBS Group AG | 2.21M | 2.63% | 13F | May 5, 2026 |
| Transcend Capital Advisors, LLC | 1.30M | 1.55% | 13F | May 13, 2026 |
| Van Eck Associates Corp | 1.27M | 1.51% | 13F | May 15, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 13, 2026 | Patrick Wolfe | officer: Chief Operating Officer | +8,925 | $3.65 |
| Mar 6, 2026 | Jason Mehring | officer: President | +6,500 | $3.86 |
| Mar 6, 2026 | August Daniel Worrell | officer: Co-Chief Investment Officer | +40,000 | $3.89 |
| Mar 10, 2026 | August Daniel Worrell | officer: Co-Chief Investment Officer | +40,000 | $3.75 |
| Mar 6, 2026 | Erik L. Cuellar | officer: CFO | +1,750 | $3.86 |
Peers
- Ares Capital
Direct loans and other capital for U.S. private middle-market borrowers
- Blackstone Secured Lending Fund
First-lien senior debt for private U.S. companies
- Blue Owl Capital
Direct lending and senior secured loans to U.S. middle-market companies
- FS KKR Capital
Customized credit for private U.S. middle-market companies
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| BlackRock TCP Capital | $4.13 | +0.15% | $345.7M | — | 9.9 | 2.5 | +1,499.2% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Median | 19.6 | 9.2 | 4.7 | +18.7% |