Blackrock Tcp Capital (NASDAQ:TCPC) Releases Earnings Results, Misses Estimates By $0.03 EPS

Blackrock Tcp Capital (NASDAQ:TCPC) announced its quarterly earnings data on Friday. The investment management company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.03), Zacks reports. The company had revenue of $27.13 million during the quarter, compared to the consensus estimate of $46.99 million. Blackrock Tcp Capital had a negative net margin of 4.20% and a positive return on equity of 15.27%.

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 Stock Down 9.3%

Shares of TCPC opened at $4.09 on Friday. The firm has a market cap of $347.00 million, a P/E ratio of -3.90 and a beta of 0.89. The company has a debt-to-equity ratio of 1.42, a quick ratio of 14.55 and a current ratio of 14.55. Blackrock Tcp Capital has a 52 week low of $4.05 and a 52 week high of $8.83. The firm’s 50-day simple moving average is $5.21 and its 200 day simple moving average is $5.87.

Blackrock Tcp Capital Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued 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 dividend yield of 16.6%. Blackrock Tcp Capital’s payout ratio is presently -769.23%.

Institutional Trading of Blackrock Tcp Capital

Several hedge funds have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in Blackrock Tcp Capital in the 3rd quarter valued at $65,000. Creative Planning acquired a new stake in shares of Blackrock Tcp Capital during the second quarter worth $85,000. Cerity Partners LLC bought a new stake in shares of Blackrock Tcp Capital in the fourth quarter valued at about $70,000. Millennium Management LLC acquired a new position in shares of Blackrock Tcp Capital in the fourth quarter valued at about $73,000. Finally, Boothbay Fund Management LLC acquired a new position in shares of Blackrock Tcp Capital in the fourth quarter valued at about $75,000.

Analysts Set New Price Targets

TCPC has been the subject of several recent analyst reports. Wells Fargo & Company cut their price objective on Blackrock Tcp Capital from $6.00 to $5.50 and set an “underweight” rating for the company in a report on Monday, November 10th. Wall Street Zen raised shares of Blackrock Tcp Capital from a “sell” rating to a “hold” rating in a research report on Sunday, November 2nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Blackrock Tcp Capital in a research note on Monday, December 29th. Finally, Zacks Research downgraded shares of Blackrock Tcp Capital from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, February 4th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $6.50.

Key Headlines Impacting Blackrock Tcp Capital

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.