Revenue volatility remains extreme, highlighted by a -$30.0 million figure in 2025Q4 and a net margin of -165.5% in 2026Q1, reflecting significant instability in interest income recognition.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|
| Sales/Revenue | 24.45M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -18.71M | -93.19M | -45.4M | 209.33M | 181M | 165.11M | 172.1M | 195.17M | 190.5M | 103.75M | 108.31M | 146.87M | 58.62M | 68.67M | 32.31M | 8.87M | 72.4M | 0 |
| Gross Margin % | -76.52% | 122.06% | -218.62% | 100% | 100% | 100% | 100% | 100% | 100% | 78.83% | 83.69% | 100% | 89.32% | 98.29% | 99.41% | 96.5% | 99.68% | - |
| Gross Profit Growth % | - | -105.28% | -121.69% | 15.65% | 9.63% | -4.07% | -11.82% | 2.45% | 83.62% | -4.21% | -26.25% | 150.54% | -14.63% | 112.53% | 264.25% | -87.75% | - | - |
| Operating Expenses | 75.58M | -70.35M | 17.22M | 54.71M | 53.21M | 51.57M | 47.64M | 53.91M | 56.55M | 13.1M | 12.37M | 26.59M | 7.82M | 4.29M | 3.29M | 2.14M | 1.87M | 0 |
| OpEx % of Revenue | - | 92.15% | 82.92% | 26.14% | 29.39% | 31.24% | 27.68% | 27.62% | 29.69% | 9.95% | 9.56% | 18.11% | 11.92% | 6.14% | 10.13% | 23.3% | 2.58% | - |
| Selling, General & Admin | 7.34M | 3.66M | 11.22M | 54.71M | 53.21M | 51.57M | 47.64M | 53.91M | 56.55M | 7.88M | 8.28M | 26.59M | 5.01M | 3.14M | 2.63M | 1.52M | 1.21M | 0 |
| SG&A % of Revenue | - | -4.8% | 54.01% | 26.14% | 29.39% | 31.24% | 27.68% | 27.62% | 29.69% | 5.99% | 6.4% | 18.11% | 7.64% | 4.5% | 8.08% | 16.54% | 1.67% | - |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -94.29M | -22.84M | -62.61M | 154.61M | 127.8M | 113.53M | 124.46M | 141.26M | 133.95M | 90.65M | 95.94M | 120.28M | 50.8M | 64.38M | 29.02M | 6.73M | 70.53M | -44.71M |
| Operating Margin % | -385.66% | 29.92% | -301.54% | 73.86% | 70.61% | 68.76% | 72.32% | 72.38% | 70.31% | 68.87% | 74.13% | 81.89% | 77.4% | 92.15% | 89.28% | 73.21% | 97.1% | 125.78% |
| Operating Income Growth % | - | 63.52% | -140.5% | 20.98% | 12.56% | -8.78% | -11.89% | 5.46% | 47.77% | -5.51% | -20.24% | 136.78% | -21.1% | 121.87% | 331.22% | -90.46% | 257.74% | - |
| EBITDA | -94.98M | -22.84M | -62.61M | 0 | 0 | 0 | 0 | 0 | 1 | 90.65M | 95.94M | 0 | 50.8M | 64.38M | 29.02M | 6.73M | 70.53M | -44.71M |
| EBITDA Margin % | -388.46% | 29.92% | -301.54% | - | - | - | - | - | 0% | 68.87% | 74.13% | - | 77.4% | 92.15% | 89.28% | 73.21% | 97.1% | 125.78% |
| EBITDA Growth % | -103.04% | 63.52% | - | - | - | - | - | -100% | -100% | -5.51% | - | -100% | -21.1% | 121.87% | 331.22% | -90.46% | 257.74% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | -154.61M | -127.8M | -113.53M | -124.46M | -141.26M | -133.95M | 0 | 0 | -120.28M | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -94.98M | -22.84M | -62.61M | 154.61M | 127.8M | 113.53M | 124.46M | 141.26M | 133.95M | 90.65M | 95.94M | 120.28M | 50.8M | 64.38M | 29.02M | 6.73M | 70.53M | -44.71M |
| Net Interest Income | 120.42M | 135.7M | 185.25M | 150.68M | 129.35M | 114.1M | 113.86M | 136.42M | 139.42M | 134.29M | 117.53M | 126.51M | 93.91M | 65.78M | 49.05M | 41.79M | 32.18M | 0 |
| Interest Income | 185.48M | 201.79M | 251.41M | 194.64M | 164.87M | 149.81M | 150.35M | 178.08M | 175.03M | 162.16M | 138.64M | 142.01M | 100.92M | 66.98M | 49.24M | 42.11M | 32.41M | 0 |
| Interest Expense | 65.05M | 66.09M | 66.16M | 43.95M | 35.52M | 35.71M | 36.49M | 41.66M | 40.47M | 27.87M | 21.11M | 15.5M | 7.01M | 1.19M | 190.7K | 321.53K | 234.58K | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | -126.13M | -88.93M | -62.61M | 38.72M | -9.23M | 133.79M | 71.37M | 30.58M | 45.57M | 90.65M | 95.94M | 78.97M | 50.8M | 64.38M | 29.02M | 6.73M | 70.53M | 54.08M |
| Pretax Margin % | -515.86% | 116.48% | -301.54% | 18.5% | -5.1% | 81.03% | 41.47% | 15.67% | 23.92% | 68.87% | 74.13% | 53.77% | 77.4% | 92.15% | 89.28% | 73.21% | 97.1% | -152.12% |
| Income Tax | 0 | 0 | 522.55K | 247.31K | 0 | 0 | 0 | 0 | 92.7K | 36.38K | 569.51K | 876.71K | 808.81K | 977.62K | 1.48M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -0.83% | 0.64% | 0% | 0% | 0% | 0% | 0.2% | 0.04% | 0.59% | 1.11% | 1.59% | 1.52% | 5.1% | 0% | 0% | 0% |
| Net Income | -126.13M | -88.93M | -63.14M | 38.47M | -9.23M | 133.79M | 71.37M | 30.58M | 45.48M | 90.61M | 95.37M | 58.15M | 49.99M | 63.4M | 27.54M | 6.73M | 70.53M | 54.08M |
| Net Margin % | -515.86% | 116.48% | -304.06% | 18.38% | -5.1% | 81.03% | 41.47% | 15.67% | 23.87% | 68.84% | 73.69% | 39.59% | 76.17% | 90.75% | 84.73% | 73.21% | 97.1% | -152.12% |
| Net Income Growth % | -166.66% | -40.85% | -264.1% | 517.05% | -106.9% | 87.45% | 133.4% | -32.75% | -49.81% | -4.99% | 64.01% | 16.32% | -21.16% | 130.25% | 309.22% | -90.46% | 30.43% | - |
| Net Income (Continuing) | -126.13M | -88.93M | -63.14M | 38.47M | -9.23M | 133.79M | 71.37M | 30.58M | 45.48M | 90.61M | 95.37M | 78.1M | 49.99M | 63.4M | 27.54M | 6.73M | 70.53M | 54.08M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.17M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.50 | -1.05 | -0.79 | 0.67 | -0.16 | 2.32 | 1.23 | 0.52 | 0.77 | 1.19 | 1.50 | 1.21 | 0.88 | 1.91 | 1.21 | 0.24 | 3.21 | 1.29 |
| EPS Growth % | -169.09% | -32.91% | -217.91% | 518.75% | -106.9% | 88.62% | 136.54% | -32.47% | -35.29% | -20.67% | 23.97% | 37.5% | -53.93% | 57.85% | 404.17% | -92.52% | 148.84% | - |
| EPS (Basic) | - | -1.05 | -0.79 | 0.67 | -0.16 | 2.32 | 1.23 | 0.52 | 0.77 | 1.19 | 1.50 | 1.21 | 0.88 | 1.91 | 1.21 | 0.24 | 3.21 | 1.29 |
| Diluted Shares Outstanding | 84.33M | 84.99M | 79.67M | 57.77M | 57.77M | 57.77M | 57.99M | 58.77M | 58.82M | 57M | 50.95M | 48.86M | 39.4M | 25.93M | 21.48M | 21.48M | 21.48M | 41.9M |
| Basic Shares Outstanding | 84.33M | 84.99M | 79.67M | 57.77M | 57.77M | 57.77M | 57.99M | 58.77M | 58.82M | 57M | 50.95M | 48.86M | 39.4M | 25.93M | 21.48M | 21.48M | 21.48M | 41.9M |
| Dividend Payout Ratio | - | - | - | - | - | 51.81% | 107.34% | 276.72% | 186.24% | 91.17% | 77.57% | 121.03% | 126.26% | 63.88% | 104.62% | 760.9% | 34.31% | 21.35% |
Portfolio Valuation Volatility
As evidenced by the quarterly income statement data, TCPC's revenue trajectory remains highly volatile, with recent periods showing significant negative figures, such as the -$30.0 million reported in 2025Q4, which highlights the instability inherent in the company's current investment portfolio valuation and interest income recognition.
The extreme fluctuations in top-line revenue suggest that the company is heavily reliant on mark-to-market adjustments rather than consistent, cash-based interest income. Investors should monitor whether these negative revenue prints represent temporary valuation timing differences or a more permanent erosion of the underlying loan book's earning power.
Based on reported financial statements, TCPC exhibits extreme margin volatility, with gross margins swinging from 46.7% in 2026Q1 to as high as 195.6% in 2024Q4, a phenomenon that appears to be an accounting artifact of netting interest income against significant portfolio valuation swings.
These erratic margin figures make it difficult to assess the true profitability of the company's lending activities. The lack of consistent margin performance suggests that the firm's core business model is currently being overshadowed by non-operating valuation adjustments, complicating the evaluation of its competitive pricing power.
According to the provided income statement data, TCPC's net income is frequently disconnected from operational performance, as seen in the 2025Q4 period where a -$30.0 million revenue figure resulted in a -$118.3 million net loss, indicating that non-operating items are driving bottom-line results.
The reliance on unrealized gains and losses to determine net income suggests that reported EPS may not be a reliable indicator of dividend-paying capacity. Analysts should look past these headline figures to focus on Net Investment Income (NII) to determine if the company is actually generating sufficient cash to support its distributions.
As reported in recent filings, the persistent recurrence of negative quarterly revenue and net income figures suggests that the company's portfolio may be facing deeper credit deterioration than the market currently prices, potentially challenging the narrative that the BlackRock platform provides a superior underwriting buffer.
Short-sellers would likely focus on the inability of the portfolio to generate consistent positive revenue, which may indicate that the company is holding legacy assets that are failing to perform. This warrants further investigation into the specific composition of the loan book and the potential for future write-downs.
Quick answers to the most common questions about buying TCPC stock.
BlackRock TCP Capital Corp. (TCPC) reported a net loss of $88.9M for the fiscal year ending 2025.
BlackRock TCP Capital Corp. (TCPC) reported an operating income of $-22.8M, resulting in an operating profit margin of 29.9%. This margin reflects the operational efficiency of the business before interest and taxes.
BlackRock TCP Capital Corp. (TCPC) generated $-93.2M in gross profit for the year, representing a gross profit margin of 122.1%. This demonstrates the company's core pricing power and production efficiency.