7Baggers

BlackRock TCP Capital Corp
(NASDAQ:TCPC) 

TCPC stock logo

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication ...

Founded: 2012
Sector: Financial Services
Industry: Asset Management
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• Market Cap:
• Exchange:
• Shs Outstanding:
• Employees:
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• Return on Equity (ROE) ttm:
• Return on Assets (ROA) ttm:
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2025-12-31 2025-09-30 2024-09-30 2023-12-31 2023-03-31 2022-06-30 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-06-30 2019-03-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
                        
      investment income
    		                    
      interest income
    		                    
      non-controlled, non-affiliated investments
    		35,232,200 40,969,242 61,647,228  45,153,147 37,218,468 37,697,276 37,070,947             
      non-controlled, affiliated investments
    		365,029 912,871 381,494  45,536 33,936 33,840 33,471             
      controlled investments
    		2,071,999 2,258,585 2,980,201  2,209,052 1,823,155 1,645,938 1,674,786             
      pik interest income:
    		                    
      dividend income:
    		                    
      other income:
    		                    
      total investment income
    		43,916,504 50,515,777 70,932,487  50,308,350 43,955,385 42,716,078 41,644,683 41,163,902 42,890,405 42,847,698 45,114,424 41,251,198  48,174,625 47,540,529 49,480,586 48,420,911 44,215,046  
      operating expenses
    		                    
      interest and other debt expenses
    		15,101,734 16,816,947 21,160,551  11,549,171 9,369,209 10,518,017 10,712,356 10,105,887 9,906,711 9,729,241 10,645,437 10,955,646  11,144,631 10,687,633 10,071,574 10,104,153 9,641,894  
      management fees
    		5,343,305 5,544,927 6,185,025  5,877,539 6,606,166 6,769,543 6,425,571             
      professional fees
    		1,021,170 825,189 842,389  454,350 409,993 506,071 579,926             
      administrative expenses
    		356,930 414,900 547,458  376,544 444,036 407,669 428,857 539,947 539,947 539,947 539,947 539,947  599,559 599,559 599,559 597,232 597,232  
      insurance expense
    		208,100 215,873 214,102  154,003 181,062 149,839 150,000 135,000 175,080 175,080 175,080 175,080  128,742 127,328 123,109 108,053 106,865  
      director fees
    		187,500 182,500 202,500  351,000 236,113 220,786 295,200 250,000 197,000 220,557 208,000 232,232  202,328 188,798 212,135 176,767 156,816  
      custody fees
    		87,910 91,880 96,574  90,586 76,593 97,676 85,008 59,183 83,884 106,209 111,773 111,667  97,603 99,609 95,692 91,248 91,855  
      incentive fees
    		  6,540,286  5,389,696 4,511,860 4,744,532 4,548,446             
      other operating expenses
    		647,660 990,597 1,265,961  656,894 850,155 610,350 652,133 707,345 568,376 585,228 829,709 568,249  806,764 692,210 847,988 653,288 523,454  
      total operating expenses, before management fee waiver
    		22,954,309 25,082,813                   
      management fee waiver
    		-1,781,102 -1,848,309                   
      total operating expenses, after management fee waiver
    		21,173,207 23,234,504                   
      net investment income
    		22,059,885 27,281,273 33,877,641  25,373,127 21,270,198 18,691,595 17,767,186 18,441,386 19,993,971 20,122,713 21,052,373 22,052,924  23,813,638 23,320,098 24,511,933 23,946,229 21,565,113  
      realized and unrealized gain on investments and foreign currency
    		                    
      net realized gain:
    		                    
      interest rate swap
    		  195,797                  
      net realized gain
    		-73,880,655 -97,037,398 -31,425,777  -30,629,704 -18,366,781 7,925,447 -236,632 3,107,372   -415,937 4,956,471  -37  1,106,469 707,539   
      net change in unrealized appreciation (depreciation) :
    		                    
      net change in unrealized appreciation
    		-66,467,959 94,125,837 19,181,096  27,970,456 -3,031,492 -9,514,074 37,295,997             
      net realized and unrealized gain
    		-140,348,614 -2,911,561 -12,244,681  -2,659,248 -21,398,273 -1,588,627 37,059,365 17,043,436 -9,351,235.75 28,830,499 25,298,894 -91,534,335   801,722   5,623,672  
      net increase in net assets resulting from operations
    		-118,288,729 24,369,712 21,632,960  22,713,879 -128,075 10,896,679 54,826,551  5,846,538.75 46,516,299 46,351,267 -69,481,411        
      basic and diluted earnings per share
    		-1.4 0.29 0.25  0.39  0.19 0.95 0.61 0.83 0.81          
      basic and diluted weighted-average common shares outstanding
    		84,988,524 85,034,351 85,591,134 57,767,264 57,767,264 57,767,264 57,767,264 57,767,264 57,767,264 57,991,233  57,766,916 58,668,432 58,766,362 58,765,802 58,767,442 58,806,049 58,823,534 58,844,381  
      total operating expenses
    		  37,054,846  24,899,783 22,685,187 24,024,483 23,877,497 22,722,516 22,896,434 22,724,985 24,062,051 19,198,274  24,360,987 24,220,431 24,968,653 24,474,682 22,649,933  
      net investment income before taxes
    		  33,877,641  25,408,567 21,270,198               
      excise tax expense
    		    35,440                
      pik income:
    		                    
      lease income:
    		                    
      realized loss on extinguishment of debt
    		      -6,206,289    -2,436,913          
      companies less than 5% owned
    		        33,853,312 36,143,275 34,362,132 34,939,196 35,989,337  40,843,623 42,956,654 44,534,087 43,611,423 40,797,854  
      companies 5% to 25% owned
    		        26,097 482,590 1,047,031 451,965 552,275  983,755 729,267 604,116 485,488 1,746,864  
      companies more than 25% owned
    		        1,650,033 1,959,397 1,225,033 1,518,141 1,676,256  902,019 896,257 918,146 549,004 1,280,613  
      management and advisory fees
    		        5,943,362 6,001,740 5,883,493 5,804,143 6,117,043  6,119,490 6,034,741 6,265,432 6,177,575 5,706,236  
      incentive fee
    		        4,691,458 5,020,794 5,048,103 5,245,304   4,830,994 5,353,416 6,127,983 5,986,557 5,391,278  
      legal fees, professional fees and due diligence expenses
    		        290,334 402,902 437,127 502,658 498,410  430,876 437,137 625,181 579,809 434,303  
      realized and unrealized gain
    		                    
      investments in companies less than 5% owned
    		        2,079,315 -1,715,425 -2,077,025 -383,875 4,794,459  -37 -300,322 1,106,469 707,539 -632,776  
      investments in companies 5% to 25% owned
    		        1,028,057 9,657,522 -15,918,435     43,320     
      investments in companies more than 25% owned
    		           -32,062 162,012        
      change in net unrealized appreciation/depreciation
    		        13,936,064 20,052,265 46,825,959 25,714,831 -96,490,806  -34,637,483 1,058,724 -10,427,026 -20,536,124 6,256,448  
      net increase in net assets from operations
    		        35,484,822        15,191,376 4,117,644 27,188,785  
      net realized loss
    		         7,942,097 -17,995,460     -257,002   -632,776  
      basic and diluted weighted-average shares outstanding
    		          57,767,264          
      basic and diluted earnings per common share
    		           0.8 -1.18  -0.18 0.41 0.26 0.07 0.46  
      net realized and unrealized loss
    		              -34,637,520  -9,320,557 -19,828,585   
      net increase in net assets applicable to common shareholders resulting from operations
    		              -10,823,882 24,121,820 15,191,376 4,117,644 27,188,785  
      interest income:
    		                    
      net realized and unrealized gain on investments and foreign currency
    		                    
      distributions of incentive allocation to the general partner from:
    		                    
      net realized loss:
    		                    
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2020-12-31 
       
        assets
      		 
        investments, at fair value:
      		 
        companies less than 5% owned
      		1,461,610,769 
        companies 5% to 25% owned
      		68,927,182 
        companies more than 25% owned
      		99,026,531 
        total investments
      		1,629,564,482 
        cash and cash equivalents
      		20,006,580 
        accrued interest income:
      		 
        deferred debt issuance costs
      		4,984,388 
        receivable for investments sold
      		278,737 
        prepaid expenses and other assets
      		1,581,320 
        total assets
      		1,671,987,155 
        liabilities
      		 
        debt, net of unamortized issuance costs of 6,308,172 and 7,711,684, respectively
      		850,016,199 
        payable for investments purchased
      		33,275,348 
        interest payable
      		9,886,085 
        management and advisory fees payable
      		5,753,347 
        incentive compensation payable
      		5,020,794 
        reimbursements due to the advisor
      		1,344,756 
        accrued expenses and other liabilities
      		1,704,048 
        total liabilities
      		907,000,577 
        commitments and contingencies
      		 
        net assets
      		764,986,578 
        composition of net assets applicable to common shareholders
      		 
        common stock, 0.001 par value...
      		57,767 
        paid-in capital in excess of par
      		979,973,202 
        distributable earnings
      		-215,044,391 
        net assets per share
      		13.24 
        issuer
      		 
        debt investments
      		 
        aerospace and defense
      		 
        unanet, inc.
      		 
        airlines
      		 
        mesa airlines, inc.
      		 
        one sky flight, llc
      		 
        automobiles
      		 
        autoalert, llc
      		 
        dealerfx, inc.
      		 
        building products
      		 
        dodge data & analytics, llc
      		 
        capital markets
      		 
        hightower holding, llc
      		 
        hightower holdings
      		 
        pico quantitative trading, llc
      		 
        commercial services and supplies
      		 
        kellermeyer bergensons services, llc
      		 
        team software, inc.
      		 
        communications equipment
      		 
        avanti communications jersey limited
      		 
        avanti communications group, plc
      		 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2025-03-31 2022-06-30 2022-03-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 
                
          operating activities
        		        
          net increase in net assets resulting from operations
        		20,894,588 -128,075 12,448,960 10,896,680 54,826,550 35,484,822 47,988,333  
          adjustments to reconcile net increase in net assets resulting from operations to net cash from operating activities:
        		        
          net realized (gain) loss
        		40,917,338 18,366,781 78,534 -7,925,447     
          change in net unrealized (appreciation) depreciation of investments
        		-29,609,257 3,443,823 7,291,773 9,716,131     
          net amortization of investment discounts and premiums
        		-4,462,943 -2,396,670 -3,070,677 -3,436,938 -2,540,797 -2,036,023 -3,168,991 -2,446,490 
          amortization of original issue discount on debt
        		59,263 49,510 48,211 320,185 370,243 351,555   
          interest and dividend income paid in kind
        		-6,470,476 -2,004,691 -1,080,205 -1,165,160 -989,930 -1,304,701 -2,287,226 -3,188,962 
          amortization of deferred debt issuance costs
        		1,305,819 720,702 833,279 938,037 946,324 896,969 869,306 855,972 
          cash acquired in the merger
        		        
          merger costs capitalized into purchase price
        		        
          changes in assets and liabilities :
        		        
          purchases of investments
        		-58,472,499 -100,716,550 -111,273,535 -155,695,259     
          proceeds from disposition of investments
        		84,703,889 82,180,386 153,441,388      
          decrease (increase) in interest, dividends and fees receivable
        		-1,520,366 2,121,675 -1,397,414 -1,137,740     
          decrease (increase) in due from broker
        		49,595        
          decrease (increase) in receivable for investments sold
        		4,487,697 0 5,790,508 1,458,130 15,594,707 -27,735,111 -111,464 -167,273 
          decrease (increase) in prepaid expenses and other assets
        		1,517,181 885,787 -660,293 -1,105,570     
          increase in payable for investments purchased
        		119,597 17,062 -28,994,390 -14,929,764   26,689,386 5,991,918 
          increase in incentive fees payable
        		 321,630 447,787 196,089     
          increase in interest and debt related payables
        		2,523,720 6,397,092 -7,654,248 -8,515,251     
          increase in interest rate swap, at fair value
        		        
          increase in reimbursements due to the advisor
        		-417,882 248,691 114,757 -346,764     
          increase in management fees payable
        		-2,263,834 -70,784 84,534 -6,286,786     
          increase in accrued expenses and other liabilities
        		-857,329 153,183 231,424 80,368   -146,666 257,747 
          net cash from operating activities
        		52,504,101 9,589,552 26,680,393 56,452,340 14,718,080 -120,428,173 84,530,687 30,161,633 
          capital expenditures
        		0 0 0 0 0 0 0 0 
          free cash flows
        		52,504,101 9,589,552 26,680,393 56,452,340 14,718,080 -120,428,173 84,530,687 30,161,633 
          financing activities
        		        
          draws on credit facilities
        		55,000,000 86,414,160 314,017,741 329,003,438 196,039,255 218,761,859   
          repayments of credit facility draws
        		-75,279,620 -72,897,886 -159,268,836 -319,618,938 -188,926,532 -259,120,608   
          payments of debt issuance costs
        		   -1,375,000 -874,000 -1,924,136 -645,491 -2,460,548 
          dividends paid to shareholders
        		-24,672,416 -17,330,179 -17,330,179 -17,330,179     
          repurchase of shares
        		-26,915        
          repayment of unsecured notes
        		        
          proceeds from issuance of unsecured notes
        		   152,314,500 0 174,289,500   
          net cash from financing activities
        		-44,978,951 -3,813,905 -2,581,274 -37,746,179 -11,091,456 114,676,436 -99,973,510 -15,360,058 
          net increase in cash and cash equivalents
        		7,525,150 5,775,647 24,099,119 18,706,162   -15,442,823  
          cash and cash equivalents (including restricted cash) at beginning of period
        		91,589,702 0 19,552,273 0 0 20,006,580  0 
          cash and cash equivalents (including restricted cash) at end of period
        		99,114,852 5,775,647 43,651,392 18,706,162 3,626,624 14,254,843  14,801,575 
          supplemental cash flow information
        		        
          interest payments
        		12,787,585 2,060,614 15,859,911 17,361,804 793,425 14,655,137 1,445,718 16,034,608 
          excise tax payments
        		478,159        
          non-cash operating and financing activities from the merger
        		        
          acquisition of merger sub assets and liabilities
        		        
          non-cash assets acquired:
        		        
          investments
        		        
          interest, dividends and fees receivable
        		        
          due from broker
        		        
          other assets
        		        
          total non-cash assets acquired
        		        
          liabilities assumed:
        		        
          debt
        		        
          dividends payable
        		        
          management fees payable
        		        
          interest rate swap, at fair value
        		        
          incentive fees payable
        		        
          other liabilities
        		        
          total liabilities assumed
        		        
          issuance of shares in connection with the merger
        		        
          issuer
        		        
          debt investments
        		        
          aerospace & defense
        		        
          skydio, inc
        		        
          automobiles
        		        
          abc technologies inc.
        		        
          alcv purchaser, inc.
        		        
          autoalert, llc
        		        
          building products
        		        
          tl alpine holding corp.
        		        
          porcelain acquisition corporation
        		        
          trulite holding corp.
        		        
          capital markets
        		        
          pico quantitative trading, llc
        		        
          pma parent holdings, llc
        		        
          wharf street rating acquisition, llc
        		        
          commercial services & supplies
        		        
          apollo group holdco, llc
        		        
          kellermeyer bergensons services, llc
        		        
          modigent, llc
        		        
          thermostat purchaser iii, inc.
        		        
          construction and engineering
        		        
          brown & settle, inc.
        		        
          homerenew buyer, inc.
        		        
          hylan intermediate holding ii, llc
        		        
          jf acquisition, llc
        		        
          repayment of convertible notes
        		 0 -140,000,000      
          proceeds from shares issued in connection with dividend reinvestment plan
        		      0 0 
          air distribution technologies inc
        		        
          changes in assets and liabilities:
        		        
          aerospace and defense
        		        
          unanet, inc.
        		        
          airlines
        		        
          epic aero, inc.
        		        
          mesa airlines, inc.
        		        
          communications equipment
        		        
          plate newco 1 limited
        		        
          csg buyer, inc.
        		        
          phrg intermediate, llc
        		        
          sunland asphalt & construction, llc
        		        
          avanti communications jersey limited
        		  1.25 0     
          avanti communications group, plc
        		        
          consumer finance
        		        
          barri financial group, llc
        		        
          realized loss on extinguishment of debt
        		      0  
          proceeds from sales, maturities and paydowns of investments
        		        
          one sky flight, llc
        		        
          hylan datacom & electrical, llc
        		        
          proceeds from sales, maturities and pay downs of investments
        		    184,587,877 95,732,133 212,925,583 89,098,881 
          epic aero, inc
        		        
          autoalert acquisition co, llc
        		        
          commercial services and supplies
        		        
          team software, inc.
        		        
          adjustments to reconcile net decrease in net assets resulting from operations to net cash from operating activities:
        		        
          net realized gain
        		     -3,107,372   
          change in net unrealized appreciation/depreciation of investments
        		     -13,830,631 -20,112,408 -47,198,844 
          purchases of investment securities
        		     -181,280,389 -180,214,488 -75,444,971 
          increase in accrued interest income - companies less than 5% owned
        		     -1,929,655   
          decrease (increase) in accrued interest income - companies 5% to 25% owned
        		        
          decrease (increase) in accrued interest income - companies more than 25% owned
        		      0 1 
          increase in prepaid expenses and other assets
        		     -434,350   
          decrease in payable for investments purchased
        		     -14,789,794   
          decrease in incentive compensation payable
        		     -329,339   
          decrease in interest payable
        		     -6,201,242  -7,791,675 
          decrease in payable to the advisor
        		     -31,893  -828,301 
          increase in management and advisory fees payable
        		     117,583 65,396 900,646 
          decrease in accrued expenses and other liabilities
        		     -735   
          dividends paid to common shareholders
        		     -17,330,179 -17,330,179 -17,330,179 
          repurchase of common shares
        		      0 0 
          net decrease in cash and cash equivalents
        		     -5,751,737   
          level
        		        
          1
        		        
          2
        		        
          3
        		        
          total
        		        
          net realized loss
        		      -7,942,097  
          decrease (increase) in accrued interest income - companies less than 5% owned
        		        
          decrease in accrued interest income - companies 5% to 25% owned
        		        
          increase in incentive compensation payable
        		      -27,309 -197,201 
          increase in interest payable
        		        
          increase in payable to the advisor
        		        
          cash and cash equivalents (including restricted cash) at beginning of year
        		        
          cash and cash equivalents (including restricted cash) at end of year
        		        
          amortization of original issue discount on convertible debt
        		       300,124 
          decrease in accrued interest income - companies less than 5% owned
        		        
          decrease in prepaid expenses and other assets
        		        
          borrowings
        		       210,728,384 
          repayments of debt
        		       -206,297,715 
          proceeds from issuance of notes
        		        
          net increase in net assets applicable to common shareholders resulting from operations
        		        
          adjustments to reconcile net increase in net assets applicable to common shareholders resulting from operations to net cash from operating activities:
        		        
          increase in accrued interest income - companies 5% to 25% owned