Blackrock Tcp Capital (NASDAQ:TCPC) Announces Quarterly Earnings Results

Blackrock Tcp Capital (NASDAQ:TCPC) issued its quarterly earnings data on Thursday. The investment management company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.20 by $0.01, FiscalAI reports. Blackrock Tcp Capital had a positive return on equity of 13.64% and a negative net margin of 66.92%.The company had revenue of $42.58 million for the quarter, compared to analyst estimates of $40.10 million.

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 Price Performance

Shares of NASDAQ:TCPC traded down $0.17 during trading on Friday, reaching $4.19. The stock had a trading volume of 1,040,400 shares, compared to its average volume of 742,027. The company has a debt-to-equity ratio of 1.73, a quick ratio of 17.66 and a current ratio of 17.66. The business has a fifty day moving average price of $3.93 and a 200-day moving average price of $4.97. The stock has a market cap of $352.92 million, a PE ratio of -2.81 and a beta of 0.98. Blackrock Tcp Capital has a 1-year low of $3.43 and a 1-year high of $8.06.

Blackrock Tcp Capital Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have commented on TCPC. Wells Fargo & Company dropped their price objective on Blackrock Tcp Capital from $5.50 to $3.50 and set an “underweight” rating on the stock in a report on Monday, March 2nd. Zacks Research lowered Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a report on Wednesday, February 4th. Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $3.50 price objective (down from $7.00) on shares of Blackrock Tcp Capital in a report on Tuesday, March 3rd. Finally, Wall Street Zen lowered Blackrock Tcp Capital from a “hold” rating to a “sell” rating in a report on Saturday, March 7th. One investment analyst has rated the stock with a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Strong Sell” and an average price target of $3.50.

Insider Activity

In other news, COO Patrick Wolfe purchased 6,850 shares of the stock in a transaction dated Friday, March 13th. The shares were purchased at an average cost of $3.65 per share, with a total value of $25,002.50. Following the completion of the purchase, the chief operating officer directly owned 16,086 shares of the company’s stock, valued at approximately $58,713.90. The trade was a 74.17% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.37% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blackrock Tcp Capital

A number of institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its position in Blackrock Tcp Capital by 22.0% during the fourth quarter. Invesco Ltd. now owns 2,375,549 shares of the investment management company’s stock worth $12,994,000 after buying an additional 428,201 shares in the last quarter. Two Sigma Investments LP lifted its position in 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 worth $5,425,000 after buying an additional 162,651 shares in the last quarter. North Ground Capital lifted its position in 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 worth $4,310,000 after buying an additional 287,946 shares in the last quarter. Marshall Wace LLP purchased a new position in Blackrock Tcp Capital during the second quarter worth approximately $4,045,000. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its position in Blackrock Tcp Capital by 6.1% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 417,991 shares of the investment management company’s stock worth $3,219,000 after buying an additional 23,875 shares in the last quarter.

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.