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TCPC 
BlackRock TCP Capital Corp (TCPC)
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Upturn Advisory Summary
01/08/2026: TCPC (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
5 Analysts rated it
Limited analyst coverage, niche firm, research info may be scarce.
1 Year Target Price $6.5
1 Year Target Price $6.5
| 0 | Strong Buy |
| 0 | Buy |
| 4 | Hold |
| 0 | Sell |
| 1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -18.45% | Avg. Invested days 44 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 01/08/2026 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 472.56M USD | Price to earnings Ratio - | 1Y Target Price 6.5 |
Price to earnings Ratio - | 1Y Target Price 6.5 | ||
Volume (30-day avg) 5 | Beta 0.92 | 52 Weeks Range 5.16 - 8.21 | Updated Date 01/8/2026 |
52 Weeks Range 5.16 - 8.21 | Updated Date 01/8/2026 | ||
Dividends yield (FY) 20.26% | Basic EPS (TTM) -0.12 |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -4.2% | Operating Margin (TTM) 87.3% |
Management Effectiveness
Return on Assets (TTM) 6.17% | Return on Equity (TTM) -1.15% |
Valuation
Trailing PE - | Forward PE 5.33 | Enterprise Value 1463185536 | Price to Sales(TTM) 2.16 |
Enterprise Value 1463185536 | Price to Sales(TTM) 2.16 | ||
Enterprise Value to Revenue 327.86 | Enterprise Value to EBITDA - | Shares Outstanding 84841037 | Shares Floating - |
Shares Outstanding 84841037 | Shares Floating - | ||
Percent Insiders 0.32 | Percent Institutions 26.15 |
Upturn AI SWOT
BlackRock TCP Capital Corp
Company Overview
History and Background
BlackRock TCP Capital Corp. (TCPC) is a business development company (BDC) externally managed by its advisor, TPC Group, a subsidiary of BlackRock. It was formed to invest in the debt and equity of middle-market companies, primarily in the United States. The company's investment strategy focuses on providing flexible, customized financing solutions to support growth, acquisitions, and recapitalizations.
Core Business Areas
- Direct Lending: TCPC directly originates and invests in senior secured loans, unitranche facilities, and subordinated debt of middle-market companies. This includes first lien, second lien, and mezzanine debt.
- Equity Co-Investments: The company may also make equity investments, often in conjunction with its debt investments, to gain upside participation in successful portfolio companies.
- Investment in Portfolio Companies: TCPC's primary business is generating investment income from its portfolio of debt and equity investments in middle-market companies.
Leadership and Structure
BlackRock TCP Capital Corp. is externally managed by TPC Group, a subsidiary of BlackRock. The management team is responsible for investment selection, portfolio management, and day-to-day operations. Specific details on individual leadership roles are typically found in SEC filings and investor relations materials.
Top Products and Market Share
Key Offerings
- Senior Secured Loans: TCPC offers senior secured debt instruments that rank high in the capital structure, providing a relatively lower risk profile within its investment portfolio. Market share data for this specific product type within the BDC space is not readily available as a standalone metric, but TCPC aims to be a significant provider of such capital to middle-market companies. Competitors include other BDCs and direct lenders such as Ares Capital Corporation (ARCC), Golub Capital Partners, and Apollo Global Management.
- Unitranche Facilities: These combine senior and subordinated debt into a single facility, offering a streamlined financing solution for borrowers. Similar to senior secured loans, specific market share for unitranche facilities by individual BDCs is not granularly reported. Competitors are the same as for senior secured loans.
- Subordinated Debt / Mezzanine Financing: TCPC provides subordinated debt, which ranks below senior secured debt, offering higher yields but also higher risk. Market share for this segment is not itemized for individual BDCs. Competitors include specialized mezzanine funds and other BDCs with a similar strategy.
Market Dynamics
Industry Overview
The middle-market lending industry, particularly within the Business Development Company (BDC) sector, is characterized by a strong demand for flexible financing solutions from companies that may not have access to traditional bank financing. The industry is competitive, with a growing number of BDCs and private credit funds vying for investment opportunities. Factors influencing the industry include interest rate environments, economic growth, regulatory changes, and the availability of syndicated loan markets.
Positioning
BlackRock TCP Capital Corp. is positioned as a provider of flexible, customized debt and equity capital to middle-market companies. Its affiliation with BlackRock provides significant operational and capital raising advantages. Its competitive advantages lie in its experienced management team, strong sponsor backing, and ability to underwrite complex transactions.
Total Addressable Market (TAM)
The total addressable market for middle-market lending is substantial, encompassing a wide range of companies needing financing for growth, acquisitions, and refinancing. While specific TAM figures vary, it is estimated to be in the hundreds of billions of dollars. TCPC targets a significant portion of this market, focusing on companies with EBITDA typically between $10 million and $100 million. Its positioning within this TAM is that of a significant direct lender.
Upturn SWOT Analysis
Strengths
- Strong affiliation with BlackRock, providing brand recognition, extensive resources, and capital access.
- Experienced management team with a proven track record in middle-market lending.
- Diversified portfolio across various industries and geographies.
- Ability to structure complex and customized financing solutions.
Weaknesses
- External management structure, which can sometimes lead to conflicts of interest or less direct control compared to internally managed BDCs.
- Reliance on borrowed capital, which can increase financial leverage and risk.
- Sensitivity to interest rate fluctuations, impacting borrowing costs and investment yields.
Opportunities
- Continued growth in middle-market demand for private credit.
- Potential for increased deal flow due to banks' deleveraging and regulatory constraints.
- Expansion into new investment strategies or asset classes.
- Leveraging BlackRock's broader platform for cross-selling opportunities.
Threats
- Increased competition from other BDCs, private equity firms, and institutional lenders.
- Economic downturns leading to increased defaults and credit losses.
- Rising interest rates increasing borrowing costs and potentially slowing investment activity.
- Regulatory changes affecting the BDC industry.
Competitors and Market Share
Key Competitors
- Ares Capital Corporation (ARCC)
- Owl Rock Capital Corporation (ORCC)
- Main Street Capital Corporation (MAIN)
Competitive Landscape
TCPC competes on its ability to offer competitive pricing, flexible terms, and reliable execution. Its strengths in deal structuring and its affiliation with BlackRock are key differentiators. However, it faces intense competition from larger BDCs with greater scale and lower borrowing costs, as well as from non-bank lenders.
Growth Trajectory and Initiatives
Historical Growth: TCPC's historical growth has been driven by its ability to originate and fund new investments, manage its portfolio effectively, and raise capital. Growth in total assets and net investment income are key indicators.
Future Projections: Future growth projections are typically based on analyst estimates of deal origination, portfolio performance, interest rate trends, and the company's ability to raise additional capital. Projections are subject to significant market and economic factors.
Recent Initiatives: Recent initiatives may include strategic partnerships, new investment mandates, or efforts to optimize its capital structure. Specific initiatives are often announced in earnings calls or investor presentations.
Summary
BlackRock TCP Capital Corp. is a well-established BDC with strong sponsorship from BlackRock, leveraging its expertise in middle-market lending. The company benefits from a robust demand for private credit and its ability to offer customized financing solutions. However, it faces significant competition and is susceptible to economic downturns and interest rate volatility. Continued focus on disciplined underwriting and prudent capital management will be crucial for its future success.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company's official filings with the U.S. Securities and Exchange Commission (SEC), including 10-K and 10-Q reports.
- Financial data providers (e.g., Bloomberg, Refinitiv, Yahoo Finance).
- Industry analysis reports and market research.
Disclaimers:
This analysis is based on publicly available information and is for informational purposes only. It does not constitute financial advice. Investment decisions should be made after consulting with a qualified financial advisor and conducting thorough due diligence. Market share data and TAM figures are estimates and can vary.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About BlackRock TCP Capital Corp
Exchange NASDAQ | Headquaters Santa Monica, CA, United States | ||
IPO Launch date 2012-04-04 | MD, CEO, Co-Chief Investment Officer & Chairman Mr. Philip M. Tseng | ||
Sector Financial Services | Industry Asset Management | Full time employees - | Website https://www.tcpcapital.com |
Full time employees - | Website https://www.tcpcapital.com | ||
BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals. It seeks to invest in the United States. The fund typically invests in debt between $10 million and $35 million in companies with enterprise values between $100 million and $1500 million including complex situations. It prefers to make equity investments in companies for an ownership stake.
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