TCPC

MKT CAP:$349M

BlackRock TCP Capital Corp.

Market Cap

$349M

Financial Services·Asset Management·🇺🇸 United States·NASDAQ

Financials·Asset Management·🇺🇸·NASDAQ

Stock Price

$4.25-$1.30 (-23.42%)

Apr 22, 2026

Company Details

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, bo...

CEO

Philip Tseng

IPO Date

Apr 4, 2012

Website

www.tcpcapital.com

Key Metrics TTM

Revenue

$67M

-24.9% YoY

Net Income

-$9M

EPS (Diluted)

-$0.10

Free Cash Flow

$135M

Revenue / Share

$0.78

Gross Margin

1.6%

Operating Margin

-13.0%

Net Margin

-13.8%

FCF Margin

202.7%

P/S

5.2x

P/E

—

Earnings Reports

Q4 2025

May 14, 2026

PENDING

Q3 2025

Nov 6, 2025

$42M-8.5%EPS $0.29

Q2 2025

Aug 7, 2025

$3M+108.6%EPS -$0.19

Q1 2025

May 8, 2025

$39M+87.7%EPS $0.25

FY 2024

Feb 27, 2025

$21M-90.1%EPS -$0.79

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$40M	$40M	$27M
Q1 22	$42M	$42M	$29M
Q2 22	$44M	$44M	$31M
Q3 22	$48M	$48M	$35M
Q4 22	$47M	$47M	$33M
Q1 23	$50M	$50M	$37M
Q2 23	$54M	$54M	$40M
Q3 23	$54M	$54M	$40M
Q4 23	$51M	$51M	$37M
Q1 24	$21M	$9M	$5M
Q2 24	-$29M	-$49M	-$51M
Q3 24	$46M	$25M	$22M
Q4 24	-$17M	-$33M	-$38M
Q1 25	$39M	$24M	$21M
Q2 25	$3M	-$15M	-$16M
Q3 25	$42M	$25M	$24M

Valuation

Quarter	P/S	P/E
Q4 21	2.1x	2.6x
Q1 22	2.1x	3.1x
Q2 22	2.1x	6.2x
Q3 22	2.0x	4.9x
Q4 22	1.9x	—
Q1 23	1.8x	335.4x
Q2 23	1.8x	20.0x
Q3 23	1.7x	87.1x
Q4 23	1.7x	9.1x
Q1 24	1.9x	16.8x
Q2 24	3.6x	—
Q3 24	3.9x	—
Q4 24	16.8x	—
Q1 25	8.9x	—
Q2 25	4.9x	—
Q3 25	5.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$33M	-$33M
Q1 22	$27M	$27M
Q2 22	$28M	$28M
Q3 22	$132M	$132M
Q4 22	$35M	$35M
Q1 23	-$40M	-$40M
Q2 23	$46M	$46M
Q3 23	$47M	$47M
Q4 23	$35M	$35M
Q1 24	$33M	$33M
Q2 24	$86M	$86M
Q3 24	$102M	$102M
Q4 24	$72M	$72M
Q1 25	$26M	$26M
Q2 25	$15M	$15M
Q3 25	$22M	$22M

Capital Expenditures

Quarter	CapEx
Q4 21	$0
Q1 22	$0
Q2 22	$4
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$1
Q2 25	$5
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	-7.7%	-5.4%
Q1 22	+2.4%	+3.4%
Q2 22	+5.5%	+1.1%
Q3 22	+12.9%	+1.0%
Q4 22	+18.0%	+7.4%
Q1 23	+19.4%	+2.3%
Q2 23	+22.8%	+5.6%
Q3 23	+12.5%	+0.7%
Q4 23	+8.9%	+2.7%
Q1 24	-58.6%	+18.1%
Q2 24	-153.7%	+58.7%
Q3 24	-15.2%	+77.0%
Q4 24	-133.6%	+54.7%
Q1 25	+87.7%	+15.4%
Q2 25	+108.6%	-17.5%
Q3 25	-8.5%	-27.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	—
Q3 24	$0	0.0%
Q4 24	$0	—
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q4 21	$12M	$181.1K
Q1 22	$13M	$181.1K
Q2 22	$13M	$181.1K
Q3 22	$14M	$146.6K
Q4 22	$13M	$129.3K
Q1 23	$13M	$154.0K
Q2 23	$14M	$138.6K
Q3 23	$14M	$134.2K
Q4 23	$13M	$131.2K
Q1 24	$3M	—
Q2 24	$3M	—
Q3 24	$3M	—
Q4 24	$3M	—
Q1 25	$3M	—
Q2 25	$3M	—
Q3 25	$3M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$44M	$0	$44M
Q2 22	$49M	$0	$49M
Q3 22	$106M	$0	$106M
Q4 22	$82M	$0	$82M
Q1 23	$99M	$0	$99M
Q2 23	$123M	$0	$123M
Q3 23	$92M	$0	$92M
Q4 23	$112M	$0	$112M
Q1 24	$121M	$0	$121M
Q2 24	$195M	$0	$195M
Q3 24	$104M	$0	$104M
Q4 24	$92M	$0	$92M
Q1 25	$99M	$0	$99M
Q2 25	$107M	$0	$107M
Q3 25	$61M	$0	$61M
Q4 25	$61M	$0	$61M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	58M	0.0%	0.0%
Q1 22	58M	0.0%	0.0%
Q2 22	58M	0.0%	0.0%
Q3 22	58M	0.0%	0.0%
Q4 22	58M	0.0%	0.0%
Q1 23	58M	0.0%	0.0%
Q2 23	58M	0.0%	0.0%
Q3 23	58M	0.0%	0.0%
Q4 23	58M	0.0%	0.0%
Q1 24	62M	+7.4%	+7.4%
Q2 24	86M	+37.9%	+48.2%
Q3 24	86M	-0.0%	+48.2%
Q4 24	85M	-0.3%	+47.7%
Q1 25	85M	-0.3%	+37.1%
Q2 25	85M	-0.0%	-0.6%
Q3 25	85M	-0.0%	-0.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$494.8K	80
Q1 22	$526.9K	80
Q2 22	$549.4K	80
Q3 22	$602.6K	80
Q4 22	$12M	4
Q1 23	$13M	4
Q2 23	$13M	4
Q3 23	$14M	4
Q4 23	$2.6K	20K
Q1 24	$1.1K	20K
Q2 24	-$1.5K	20K
Q3 24	$2.3K	20K
Q4 24	-$809	21K
Q1 25	$1.9K	21K
Q2 25	$119	21K
Q3 25	$2.0K	21K

Revenue / Employee