BlackRock TCP Capital Corp. operates as a business development company (BDC) with a primary focus on deploying direct equity and debt capital ...
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$0.84 per share
$0.84 per share
Est. EPS $0.13 · Revenue $27.51M · 3 analysts
Est. EPS $0.10 · Revenue $19.68M · 3 analysts
| Metric | Latest | YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength. | QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes. |
|---|---|---|---|
| RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three). | $-76.3M | -467.7% | +306.2% |
| Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day. | $-88.9M | -40.9% | +110.3% |
| Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials. | +122.1% | +155.8% | +114.0% |
| Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on). | +29.9% | +109.9% | +1862.2% |
| Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales. | +116.5% | +138.3% | +102.5% |
| Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock. | $154.9M | -47.1% | +404.2% |
| FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine. | -202.9% | -114.4% | +24.1% |
| Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe. | 173.2% | +21.6% | +0.7% |
| Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking. | 0.25x | -98.3% | +56.7% |
| Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground. | $1.7B | -14.2% | -2.2% |
| Metric | Annual (A vs E) | Annual Surprise | Quarter (A vs E) | Quarter Surprise |
|---|---|---|---|---|
| EPS Surprise | -1.05 vs 1.24 | -184.5% | 0.02 vs 0.13 | -84.0% |
| Revenue Surprise | $-76.3M vs $203.7M | -137.5% | $40.0M vs $27.5M | +45.5% |
| Date | Executive | Title | Security | Side | Shares | Price |
|---|---|---|---|---|---|---|
| Mar 13, 2026 | Wolfe Patrick | officer: Chief Operating Officer | Common Stock | A | 6,850 | $3.65 |
| Mar 13, 2026 | Wolfe Patrick | officer: Chief Operating Officer | Common Stock | A | 1,375 | $3.65 |
| Mar 13, 2026 | Wolfe Patrick | officer: Chief Operating Officer | Common Stock | A | 700 | $3.65 |
| Mar 10, 2026 | Worrell August Daniel | officer: Co-Chief Investment Officer | Common Stock | A | 40,000 | $3.75 |
| Mar 6, 2026 | Cuellar Erik L. | officer: CFO | Common Stock | A | 1,750 | $3.86 |
Operator: Hello, everyone. Thank you for joining us, and welcome to the Black Capital Corp Q2 26 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press *1 to raise your hand. To withdraw your question, press *1 again. I will now hand the conference over to Alex Doll, a member of the BlackRock TCP Capital Corp investor relations team. Alex, please go ahead. Alex Doll: Thank you, operator. Before we begin, I will note that this conference call may contain forward-looking statements based on management's estimates and assumptions at the time such statements are made. Which are not guarantees of future performance. Forward looking statements involve risks and uncertainties and actual results could differ materially from those projected. For more information, please refer to the risk factors discussed in our Form 10 Q and the Form 8-Ks filed with the SEC today. Along with the associated press release. Any forward-looking statements made on this call are as of today and are subject to change without notice. Additionally, certain information discussed and presented may have been derived from third party sources and has not been independently verified. Accordingly, we make no representation or warranty with respect to such information. Before we begin, I would also like to note that today's discussion includes references to certain non-GAAP financial measures. Including adjusted net investment income. As detailed in our earnings press release, adjusted net investment income excludes the amortization of the purchase accounting discount resulting from our merger with BCIC and is calculated in accordance with GAAP. A full reconciliation of adjusted net investment income to GAAP net investment income. As well as other non-GAAP financial metrics. Is included in the earnings press release and 10 Q. Earlier today, we issued a press release announcing our results for the second quarter ended 06/30/2026, as well as the portfolio sale transaction we just completed. We posted a supplemental presentation with information on both to our website at www.tcpcapital.com. To view the slide presentation, which we will refer to on today's call, please click the Investor Relations link and select Events and Presentations. These documents should be reviewed in conjunction with the company's Form 10-Q was filed with the SEC earlier today. Philip Tseng: Now I will turn the call over to our Chairman and CEO, and co CIO, Philip Tseng. Thank you, Alex, and thank you to our investors and analysts for joining us. Today, I will start with an overview of the portfolio sale transaction we announced this morning. Followed by the highlights of our second quarter 26 performance. Then Jason Mehring, our President, will cover portfolio, and investment activity and Erik L. Cuellar, our CFO, will walk through our financial results and our balance sheet. I will provide closing remarks before we open the call …
| Name | Title | Gender | Year Born | Status |
|---|---|---|---|---|
Patrick Wolfe | Chief Operating Officer | Male | 1982 | Active |
Diana N. Huffman | General Counsel and Secretary | Female | 1982 | Active |
Dan Worrell | MD & Co-Chief Investment Officer | Male | 1963 | Active |
Erik L. Cuellar | CFO & Treasurer | Male | 1971 | Active |
Charles Choon Sik Park | Chief Compliance Officer | Male | 1967 | Active |
Philip Tseng | MD, Chief Executive Officer, Co-Chief Investment Officer & Chairman | Male | 1976 | Active |
Jason A. Mehring | President & MD | Male | 1971 | Active |
Joseph Ryu | Managing Director | — | — | Active |
Michael Fenstermacher | Managing Director | Male | — | Active |
Robert G. DiPaolo | Managing Director | Male | — | Active |
Blackrock Tcp Capital Corp. (NASDAQ: TCPC - Get Free Report) shares crossed above its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $3.82 and traded as high as $4.14. Blackrock Tcp Capital shares last traded at $4.08, with a volume of 478,284 shares. Analyst Ratings Changes TCPC has
BLK may sell TCPC's remaining $671M loan portfolio to reduce legacy credit risk while sharpening its broader private-credit strategy.
We take a look at the action in business development companies through the first week of August and highlight some of the key themes we are watching. BDCs posted a strong week, averaging nearly 10% returns, with higher-beta names like TCPC, CION, and OTF leading performance. Despite slightly lagging in price terms year-to-date, BDCs have outperformed all other credit sectors in total NAV terms, reflecting sector resilience.
So far, the Q2 earnings season has been positive for BDCs. Some BDCs have appreciated by double-digit figures. Among these BDCs are my two tactical trade ideas.
Blackrock Tcp Capital NASDAQ: TCPC said its second-quarter results and a newly completed portfolio sale transaction have materially reduced leverage, expanded liquidity and prompted the board to begin a strategic review of alternatives intended to build long-term shareholder value.
