BlackRock TCP Capital Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data BlackRock TCP Capital Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
General and administrative		1.85	1.76	1.53	2.39	1.92
Operating expenses	88.9	92.6	92.6	103	127	92
Interest expense	36.5	35.7	35.5	44	66.2	59.2
Net income	71.4	134	-9.23	38.5	-63.1	-88.9
EPS, basic	1.23	2.32	-0.16	0.67	-0.79	-1.05
EPS, diluted	1.23	2.32	-0.16	0.67	-0.79	-1.05
Shares, basic (weighted)	58	57.8	57.8	57.8	79.7	85
Shares, diluted (weighted)	58	57.8	57.8	57.8	79.7	85
Dividend per share	1.32	1.20	1.27	1.69	1.46	1.12

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	20	19.6	82.4	112	91.6	61.1
Total assets		1,894	1,719	1,699	1,923	1,650
Total liabilities		1,065	973	1,011	1,138	1,052
Total debt		1,012	944	985	1,118	1,036
Paid-in capital		966	3.3	3.3	3.3	1,730
Retained earnings			-221	-280	-946	-1,132
Shareholders' equity	765	829	747	688	785	598
Total equity	765	829	747	688	785	598
Total liabilities and equity		1,894	1,719	1,699	1,923	1,650
Shares outstanding		57.8	57.8	57.8	85.1	84.6

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	71.4	134	-9.23	38.5	-63.1	-88.9
Cash from operations	122	-82.6	204	92.5	293	155
Share buybacks			0	0	-4.52	-3.01
Dividends paid	-76.6	-69.3	-70.5	-101	-123	-95.2
Cash from financing	-147	82.2	-141	-62.6	-314	-185
Net change in cash	-24.8	-0.45	62.9	29.8	-20.7	-30.5
Interest paid	36.2	33.5	36.9	42.6	68.8	59.6
Income taxes paid		0	0	0.05	0.17	0.48

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.01 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-19.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.3%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Operating cash flow growth, 1y	-47.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-23.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-4.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-3.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-23.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-14.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	6.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	13.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	7.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	1.65x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	61.7%	Total debt / total assets.
Liabilities / assets	62.6%	Total liabilities / total assets.
Net debt	$753.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	$552.0M	Shareholders' equity - goodwill - intangible assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Operating cash flow per share	$4.76	Cash from operations / diluted weighted shares.
Book value per share	$6.58	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.58	Tangible book value / shares outstanding.
Cash per share	$1.88	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$336.5M	Share price x shares outstanding.
Enterprise value	$1.09B	Market cap + total debt - cash - short-term investments.
P/B	0.61x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.61x	Market cap / tangible book value, when positive.
P/OCF	0.84x	Market cap / cash from operations, when positive.
Earnings yield	-32.2%	Net income / market cap (the inverse of P/E).
Dividend yield	22.1%	Dividends paid over the period / market cap.
Shareholder yield	23.8%	(Dividends paid + share buybacks) / market cap.

Was BlackRock TCP Capital Corp. profitable in fiscal 2025?

No. It reported a net loss of $88.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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