Blackrock Tcp Capital (NASDAQ:TCPC) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Blackrock Tcp Capital (NASDAQ:TCPC) posted its quarterly earnings results on Thursday. The investment management company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.01, FiscalAI reports. The company had revenue of $42.58 million during the quarter, compared to analyst estimates of $40.10 million. Blackrock Tcp Capital had a negative net margin of 44.07% and a positive return on equity of 15.06%.

Here are the key takeaways from Blackrock Tcp Capital’s conference call:

• Non‑accruals and leverage improved — non‑accruals fell to 2.8% (fair value) and 7.6% (cost)1.29x at quarter end (improved to 1.23x post‑quarter) after $135.3M of exits/paydowns and >$50M of subsequent paydowns.
• NAV and realized losses pressured results — NAV declined 4.9% to $6.72 driven by ~$35M of portfolio markdowns (largest: Job&Talent ~ $11M and software ~ $11M) and $32.7M of net realized losses from Fishbowl and Alpine restructurings/sales.
• Portfolio mix and recent activity — $1.4B portfolio across 139 companies with 91.8% senior secured and 94.4% floating‑rate debt; software is ~30.5% of the portfolio (26% LTV at origination); new investments were modest (~$22.5M) and yielded ~8.3% versus ~11.2% on exited deals.
• Capital position and shareholder actions — liquidity of $358.6M (including $93.3M cash), full repayment of $325M 2026 notes, board declared a $0.17 Q2 dividend, and share buybacks restarted with reapproval of a $50M repurchase program.

Blackrock Tcp Capital Stock Down 3.9%

Shares of TCPC traded down $0.17 on Friday, reaching $4.19. The stock had a trading volume of 1,040,400 shares, compared to its average volume of 1,154,615. The company has a debt-to-equity ratio of 1.73, a quick ratio of 17.66 and a current ratio of 17.66. Blackrock Tcp Capital has a 12-month low of $3.43 and a 12-month high of $8.06. The firm has a market capitalization of $352.92 million, a price-to-earnings ratio of -3.99 and a beta of 0.98. The company has a 50-day simple moving average of $3.93 and a 200-day simple moving average of $4.97.

Blackrock Tcp Capital Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.17 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.68 annualized dividend and a dividend yield of 16.2%. Blackrock Tcp Capital’s dividend payout ratio is currently -64.76%.

Insider Transactions at Blackrock Tcp Capital

In other news, COO Patrick Wolfe acquired 6,850 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was acquired at an average price of $3.65 per share, for a total transaction of $25,002.50. Following the completion of the acquisition, the chief operating officer owned 16,086 shares in the company, valued at $58,713.90. This trade represents a 74.17% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of TCPC. Marshall Wace LLP bought a new stake in Blackrock Tcp Capital during the second quarter worth about $4,045,000. Invesco Ltd. increased its stake in shares of Blackrock Tcp Capital by 36.8% during the third quarter. Invesco Ltd. now owns 1,947,348 shares of the investment management company’s stock valued at $12,074,000 after purchasing an additional 524,139 shares in the last quarter. North Ground Capital lifted its holdings in shares of Blackrock Tcp Capital by 57.6% during the fourth quarter. North Ground Capital now owns 787,946 shares of the investment management company’s stock valued at $4,310,000 after purchasing an additional 287,946 shares during the last quarter. Two Sigma Investments LP lifted its holdings in shares of Blackrock Tcp Capital by 22.8% during the third quarter. Two Sigma Investments LP now owns 874,972 shares of the investment management company’s stock valued at $5,425,000 after purchasing an additional 162,651 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Blackrock Tcp Capital by 101.6% in the 2nd quarter. Bank of America Corp DE now owns 223,722 shares of the investment management company’s stock worth $1,723,000 after purchasing an additional 112,769 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TCPC. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $3.50 price objective (down from $7.00) on shares of Blackrock Tcp Capital in a research report on Tuesday, March 3rd. Wells Fargo & Company dropped their target price on shares of Blackrock Tcp Capital from $5.50 to $3.50 and set an “underweight” rating for the company in a report on Monday, March 2nd. Wall Street Zen cut Blackrock Tcp Capital from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Zacks Research lowered Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. One equities research analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Strong Sell” and a consensus target price of $3.50.

Blackrock Tcp Capital Company Profile

BlackRock TCP Capital Corp is a publicly traded business development company (BDC) listed on the NASDAQ under the ticker TCPC. Externally managed by BlackRock, the firm provides customized financing solutions to U.S. middle-market companies, with a focus on sponsor-backed transactions. Its core strategy centers on delivering current income and capital appreciation through a diversified portfolio of debt and equity investments across a variety of sectors, including consumer products, healthcare, business services and industrials.

Since its initial public offering in 2013, BlackRock TCP Capital has partnered with private equity sponsors to underwrite and structure senior secured first-lien loans, second-lien loans, mezzanine debt and select equity co-investments.