Blackrock Tcp Capital (NASDAQ:TCPC) Announces Earnings Results

Blackrock Tcp Capital (NASDAQ:TCPC) released its earnings results on Friday. The investment management company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.03), Zacks reports. Blackrock Tcp Capital had a negative net margin of 4.20% and a positive return on equity of 15.27%. The business had revenue of $27.13 million during the quarter, compared to analyst estimates of $46.99 million.

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

• NAV declined 19% to $7.07 for the quarter, driven largely by markdowns in six investments that together accounted for ~67% ($1.11 per share) of the decline (notable contributors: Edmentum, Razor, SellerX, Renovo, Hylan, InMobi).
• Full-year adjusted NII fell to $1.22 per share (from $1.52 in 2024) and Q4 adjusted NAI was $0.25, with declines attributed to portfolio markdowns, non-accruals, lower base rates and tighter spreads (advisor waived ~ $0.02 per share of fees in Q4).
• The firm is actively repositioning the portfolio toward senior secured first‑lien loans, increasing first‑lien exposure to 87.4% and reducing average new investment size to $5.8M to lower concentration and credit risk.
• Liquidity and leverage improved — year‑end total liquidity was $570.2M (including $482.8M available borrowings), net regulatory leverage improved to 1.34x post‑year‑end after paydowns, and the company paid off the $325M 2026 unsecured notes on Feb 9, 2026.
• Board declared a Q1 dividend of $0.17 and the company repurchased ~749,410 shares (quarter and post‑quarter) at weighted average prices of $5.84 and $5.50, signaling capital return support for shareholders.

Blackrock Tcp Capital Price Performance

Shares of NASDAQ TCPC traded down $0.42 during trading on Friday, reaching $4.09. The company had a trading volume of 2,963,702 shares, compared to its average volume of 954,190. Blackrock Tcp Capital has a twelve month low of $4.05 and a twelve month high of $8.83. The stock has a market capitalization of $347.00 million, a PE ratio of -31.46 and a beta of 0.89. The stock has a 50-day moving average price of $5.21 and a two-hundred day moving average price of $5.87. The company has a current ratio of 14.55, a quick ratio of 14.55 and a debt-to-equity ratio of 1.42.

Blackrock Tcp Capital Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.68 annualized dividend and a yield of 16.6%. Blackrock Tcp Capital’s dividend payout ratio (DPR) is presently -769.23%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TCPC. Zacks Research lowered shares of Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Wall Street Zen upgraded Blackrock Tcp Capital from a “sell” rating to a “hold” rating in a report on Sunday, November 2nd. Wells Fargo & Company dropped their price objective on Blackrock Tcp Capital from $6.00 to $5.50 and set an “underweight” rating for the company in a research note on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Blackrock Tcp Capital in a report on Monday, December 29th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $6.50.

Institutional Investors Weigh In On Blackrock Tcp Capital

Several hedge funds have recently made changes to their positions in TCPC. CIBC Bancorp USA Inc. acquired a new position in Blackrock Tcp Capital during the third quarter valued at approximately $65,000. Creative Planning acquired a new stake in shares of Blackrock Tcp Capital in the second quarter worth $85,000. Cerity Partners LLC acquired a new stake in shares of Blackrock Tcp Capital in the fourth quarter worth $70,000. Millennium Management LLC purchased a new position in shares of Blackrock Tcp Capital in the 4th quarter valued at $73,000. Finally, Boothbay Fund Management LLC acquired a new position in shares of Blackrock Tcp Capital during the 4th quarter valued at $75,000.

Blackrock Tcp Capital News Roundup

Here are the key news stories impacting Blackrock Tcp Capital this week:

• Positive Sentiment: Company declared a first‑quarter dividend of $0.17 per share and reported fourth‑quarter net investment income of $0.26 per share (GAAP filings and Form 10‑K were filed). BusinessWire: Financial Results
• Neutral Sentiment: Full earnings call transcript is available — useful for details on portfolio performance, credit marks and management’s outlook, which investors should review to assess sustainability of income and capital actions. Seeking Alpha: Q4 2025 Earnings Call Transcript
• Neutral Sentiment: Company presented GAAP EPS of $0.95 for the quarter (includes realized/one‑time items) while reporting $27.12M in revenue and providing slide deck/press materials for the quarter. Investors should separate recurring net investment income from one‑time gains when forecasting future dividends. Quarterly Press Materials
• Negative Sentiment: On a core basis the quarter missed Street expectations: net investment income/earnings of $0.26 per share fell short of the Zacks consensus of $0.29, and revenue materially missed estimates (reported ~$27.1M vs. est. ~$47.0M) — a clear driver of selling pressure. Zacks: Earnings & Revenue Miss
• Negative Sentiment: Multiple law firms (Faruqi & Faruqi, Rosen, Pomerantz, Bernstein Liebhard, Portnoy, et al.) have issued investor notices about securities‑fraud class actions covering Nov 6, 2024–Jan 23, 2026; ongoing litigation risk can amplify downside and keep shares under pressure. PRNewswire: Faruqi Notice
• Negative Sentiment: Technical and flow factors are unfavorable: trading volume spiked well above average today and the shares are trading below both the 50‑day and 200‑day moving averages, increasing the likelihood of further near‑term selling. MarketBeat: Price & Volume Data

About Blackrock Tcp Capital

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.