BlackRock TCP Capital Corp. Common Stock (TCPC)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I start with the business and the price. BlackRock TCP Capital is a business development company lending to middle-market and smaller firms. That can be a decent spread business in good credit conditions, but it has no wide moat; it competes for loans and depends on capital markets. The filed record is volatile: fiscal Q2 2026 (quarter ended 2026-06-30) net income was $1.7 million, or $0.02 per diluted share; fiscal Q1 2026 (quarter ended 2026-03-31) was a net loss of $16.3 million, or $0.19 per diluted share; fiscal Q3 2025 (quarter ended 2025-09-30) net income was $24.4 million, or $0.29 per diluted share. More importantly, FY2025 (period ended 2025-12-31) had a net loss of $88.9 million, or $1.05 per diluted share, after FY2024's net loss of $63.1 million, or $0.79 per diluted share, despite FY2023 net income of $38.5 million, or $0.67 per diluted share. FairStock's Lynch category is TURNAROUND—loss in the latest year after earlier profits. At the 2026-10-13 close of $3.98, FairStock calculates P/B of 0.60 and P/E of -3.11, with ROE -16.79%, ROCE 5.48%, D/E 1.65, Piotroski 6/9, Altman Z-score -0.89, dividend yield 19.00%, and TTM FCF yield 119.7%. The asset discount is tempting, but leverage is high, profits are unreliable, and a 19% payout may not be durable. I would need evidence of sustained positive earnings and stable book value before calling this a sound value rather than a cheap, troubled financial.

In plain English: BlackRock TCP Capital is a business development company that invests in loans and securities of middle-market companies. It has been mostly unprofitable lately, with large losses in fiscal 2024 and 2025, though it reported a small profit in fiscal Q2 2026. At the 2026-10-13 close of $3.98, the price looks cheap compared with the value of its net assets, but the business looks weak and carries real risk.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer