TCPC earnings analysis
What we found in TCPC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
BlackRock TCP Capital Corp. reported a decline in revenue and net income compared to both the prior quarter and the prior year. Revenue for Q1 2026 was $42.6 million, down from $55.9 million in Q1 2025, and gross and operating margins remain steady. Segment performance was adversely impacted by a reduction in portfolio size, resulting in lower interest income and increased expenses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline
- Total revenue decreased to $42.6 million from $55.9 million in Q1 2025.
- Gross Margin Maintained
- Gross margin remained high at 100% compared to previous quarters.
- Operating Margin
- Operating margin was consistent at 56.7% despite lower revenue.
- Net Investment Income Drop
- Net investment income fell to $18.5 million, down from $32.2 million year-over-year.
- Portfolio Adjustments
- Invested $22.5 million in new investments while receiving $135.3 million in proceeds from sales.
- Management Fee Reduction
- Management fees decreased as part of the amended investment advisory agreement.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Investment Income Decline
- Q1 2026 investment income dropped to $42.6 million from $55.9 million in Q1 2025.
- Increased Operating Expenses
- Total operating expenses increased to $24.1 million from $23.7 million, posing a risk to profitability.
- Regulatory and Market Risks
- Ongoing geopolitical tensions and market volatility could further affect investment performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.22
- Gross margin
- 100%
- Operating margin
- 56.7%
What they said about what is next.
Management anticipates continued pressure on net investment income due to lower portfolio size and interest rates.
The filing reads worse than the one before it.
What came before.
- 10-K · February 27, 2026
- BlackRock TCP Capital (TCPC) positions itself as a middle‑market private credit BDC focused on senior secured leveraged loans and origination, leveraging BlackRock’s platform (BlackRock AUM $14.0 trillion; PFS platform…
- 10-Q · August 7, 2025
- BlackRock TCP Capital reported total investment income of $51,464,997 and basic/diluted EPS of $(0.19) for the quarter ended June 30, 2025. Revenue declined versus the prior-year quarter ($71,526,225 in Q2 2024) and…
- 10-K · February 27, 2025
- BlackRock TCP Capital completed the acquisition of BlackRock Capital Investment Corporation on March 18, 2024 and ended 2024 with a consolidated investment portfolio of $1,794.8 million concentrated in middle‑market…
- 10-Q · November 6, 2024
- BlackRock TCP Capital reported Q3 2024 total investment income of $70,932,487 (up $16,721,546 vs Q3 2023) and basic/diluted EPS of $0.25 (vs $0.22). Net investment income improved to $33,877,641 in Q3 2024 from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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