BlackRock TCP Capital Corp
NASDAQ: TCPC · FINANCIAL SERVICES · ASSET MANAGEMENT
Updated 2026-06-04
BlackRock TCP Capital Corp (TCPC) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $-35.55M | $72.64M | $54.54M | $32.50M | $69.86M | $65.63M | $146.87M | $129.41M | $131.62M | $54.60M | $44.06M | $87.08M | $153.40M | $181.00M | $209.33M | $20.76M | $-76.35M |
| Revenue growth (YoY) | — | +304.3% | -24.9% | -40.4% | +115.0% | -6.1% | +123.8% | -11.9% | +1.7% | -58.5% | -19.3% | +97.7% | +76.2% | +18.0% | +15.6% | -90.1% | -467.7% |
| Cost of revenue | $-35.55M | $234582.00 | $8.26M | $190702.00 | $1.19M | $7.01M | $2.56M | $21.11M | $27.87M | $2.69M | $2.86M | $2.55M | $2.64M | $2.59M | $2.53M | $66.16M | $16.84M |
| Gross profit | — | $72.40M | $54.54M | $32.31M | $68.67M | $58.62M | $146.87M | $108.31M | $103.75M | $51.91M | $41.20M | $84.53M | $150.76M | $181.00M | $209.33M | $-45.40M | $-93.19M |
| Gross margin | 0.0% | 99.7% | 100.0% | 99.4% | 98.3% | 89.3% | 100.0% | 83.7% | 78.8% | 95.1% | 93.5% | 97.1% | 98.3% | 100.0% | 100.0% | -218.6% | 122.1% |
| R&D | — | — | — | — | — | — | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | — | $1.21M | $7.35M | $2.63M | $3.14M | $5.01M | $26.22M | $8.28M | $7.88M | $9.03M | $8.74M | $8.52M | $8.13M | $52.57M | $54.16M | $11.22M | $3.66M |
| Operating income | $-44.71M | $70.53M | $7.05M | $29.02M | $64.38M | $50.80M | $120.28M | $95.94M | $90.65M | $81.18M | $30.58M | $71.37M | $133.79M | $127.80M | $154.61M | $-62.61M | $-22.84M |
| Operating margin | 125.8% | 97.1% | 12.9% | 89.3% | 92.2% | 77.4% | 81.9% | 74.1% | 68.9% | 148.7% | 69.4% | 82.0% | 87.2% | 70.6% | 73.9% | -301.5% | 29.9% |
| EBITDA | $-44.71M | $70.53M | $7.05M | $29.02M | $64.38M | $50.80M | $94.48M | $95.94M | $90.65M | $81.18M | $30.58M | $71.37M | $71.05M | $88.44M | $86.29M | $-62.61M | $-22.84M |
| EBITDA margin | 125.8% | 97.1% | 12.9% | 89.3% | 92.2% | 77.4% | 64.3% | 74.1% | 68.9% | 148.7% | 69.4% | 82.0% | 46.3% | 48.9% | 41.2% | -301.5% | 29.9% |
| EBIT | — | $38.91M | $7.05M | $27.41M | $55.31M | $78.10M | $101.38M | $95.82M | $113.44M | $81.18M | $30.58M | $71.37M | $133.79M | $-44.20M | $154.61M | $141.83M | — |
| Interest expense | — | $234582.00 | $321532.00 | $190702.00 | $1.19M | $7.01M | $15.50M | $21.11M | $27.87M | $40.47M | $41.66M | $36.49M | $35.71M | $35.52M | $43.95M | $66.16M | $66.09M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $54.08M | $70.53M | $6.73M | $27.54M | $63.40M | $49.99M | $58.15M | $95.37M | $90.61M | $45.48M | $30.58M | $71.37M | $133.79M | $-9.23M | $38.47M | $-63.14M | $-88.93M |
| Net income growth (YoY) | — | +30.4% | -90.5% | +309.2% | +130.2% | -21.2% | +16.3% | +64.0% | -5.0% | -49.8% | -32.8% | +133.4% | +87.4% | -106.9% | +517.1% | -264.1% | -40.9% |
| Profit margin | -152.1% | 97.1% | 12.3% | 84.7% | 90.8% | 76.2% | 39.6% | 73.7% | 68.8% | 83.3% | 69.4% | 82.0% | 87.2% | -5.1% | 18.4% | -304.1% | 116.5% |
Frequently asked questions
What is BlackRock TCP Capital Corp's revenue?
BlackRock TCP Capital Corp's trailing twelve-month revenue is $188.48M. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is TCPC?
In its most recent fiscal year, TCPC ran a gross margin of 122.06%, an operating margin of 29.92%, and a net margin of 116.48%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does TCPC generate?
TCPC produced $154.92M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is TCPC's balance sheet healthy?
TCPC holds $61.08M in cash and equivalents against — in long-term debt, on $598.01M of shareholder equity. That debt is best read against the cash flow the business throws off each year.