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…
Earnings analysis · 10-Q
TCPC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.22
What stood out
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Revenue Decline
Total revenue decreased to $42.6 million from $55.9 million in Q1 2025.
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Gross Margin Maintained
Gross margin remained high at 100% compared to previous quarters.
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Operating Margin
Operating margin was consistent at 56.7% despite lower revenue.
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Net Investment Income Drop
Net investment income fell to $18.5 million, down from $32.2 million year-over-year.
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Portfolio Adjustments
Invested $22.5 million in new investments while receiving $135.3 million in proceeds from sales.
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Management Fee Reduction
Management fees decreased as part of the amended investment advisory agreement.
What to watch
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Investment Income Decline
Q1 2026 investment income dropped to $42.6 million from $55.9 million in Q1 2025.
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Increased Operating Expenses
Total operating expenses increased to $24.1 million from $23.7 million, posing a risk to profitability.
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Regulatory and Market Risks
Ongoing geopolitical tensions and market volatility could further affect investment performance.
Management's outlook
Management anticipates continued pressure on net investment income due to lower portfolio size and interest rates.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.