BlackRock TCP Capital (TCPC)


Market Price (10/6/2026): $4.0 | Market Cap: $335.7 MilSector: Financials | Industry: Asset Management & Custody Banks

BlackRock TCP Capital (TCPC)


Market Price (10/6/2026): $4.0
Market Cap: $335.7 Mil
Sector: Financials
Industry: Asset Management & Custody Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Dividend Yield is 22%, FCF Yield is 120%

Low stock price volatility
Vol 12M is 39%

Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.

Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -126%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -94 Mil

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 225%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15710%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5279%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%

Key risks
TCPC key risks include [1] ongoing pressure on its Net Asset Value from challenged portfolio credit quality and elevated non-accrual loans, Show more.

0 Attractive yield
Dividend Yield is 22%, FCF Yield is 120%
1 Low stock price volatility
Vol 12M is 39%
2 Megatrend and thematic drivers
Megatrends include Digital & Alternative Assets. Themes include Private Credit.
3 Weak multi-year price returns
2Y Excs Rtn is -67%, 3Y Excs Rtn is -126%
4 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is -94 Mil
5 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 225%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15710%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -5279%
7 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -14%
8 Key risks
TCPC key risks include [1] ongoing pressure on its Net Asset Value from challenged portfolio credit quality and elevated non-accrual loans, Show more.

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 10/1/2026

BlackRock TCP Capital (TCPC) stock has gained about 25% since 6/30/2026 because of the following key factors:

1. Strategic Portfolio Sale and Balance Sheet Deleveraging.

BlackRock TCP Capital Corp. (TCPC) announced a significant $523 million portfolio sale on August 6, 2026, representing approximately 48% of its debt portfolio. This transaction, conducted at a substantial premium relative to the implied share price, was aimed at aggressively restructuring the balance sheet and reducing leverage. The sale was expected to lower pro forma net leverage to roughly 0.4x, and even below 0.3x after an additional portfolio company paydown, which the market perceived as a crucial step to strengthen the company's financial position.

2. Stronger-than-Expected Fiscal Q2 2026 Net Investment Income (NII).

For fiscal Q2 2026, which ended June 30, 2026, TCPC reported GAAP net investment income of $0.22 per diluted share, surpassing analysts' consensus estimates of $0.20 per share by $0.02. The company also reported quarterly revenue of $40.02 million, exceeding the consensus estimate of $38.36 million. This demonstrated solid operational performance and exceeded the regular quarterly dividend of $0.17 per share.

Show more
Updated on 10/1/2026

BlackRock TCP Capital (TCPC) stock has gained about 25% since 6/30/2026 because of the following key factors:

1. Strategic Portfolio Sale and Balance Sheet Deleveraging.

BlackRock TCP Capital Corp. (TCPC) announced a significant $523 million portfolio sale on August 6, 2026, representing approximately 48% of its debt portfolio. This transaction, conducted at a substantial premium relative to the implied share price, was aimed at aggressively restructuring the balance sheet and reducing leverage. The sale was expected to lower pro forma net leverage to roughly 0.4x, and even below 0.3x after an additional portfolio company paydown, which the market perceived as a crucial step to strengthen the company's financial position.

2. Stronger-than-Expected Fiscal Q2 2026 Net Investment Income (NII).

For fiscal Q2 2026, which ended June 30, 2026, TCPC reported GAAP net investment income of $0.22 per diluted share, surpassing analysts' consensus estimates of $0.20 per share by $0.02. The company also reported quarterly revenue of $40.02 million, exceeding the consensus estimate of $38.36 million. This demonstrated solid operational performance and exceeded the regular quarterly dividend of $0.17 per share.

3. Improved Asset Quality.

TCPC demonstrated an improvement in its portfolio's credit quality. Non-accrual investments were significantly reduced to 1.6% of the portfolio at fair value as of June 30, 2026, a notable decrease from 2.8% recorded as of March 31, 2026. This reduction in troubled assets positively impacted investor confidence regarding the health of the company's loan portfolio.

4. Positive Analyst Sentiment and Upgrades.

Analyst ratings contributed to the positive stock movement within the specified period. Wells Fargo upgraded BlackRock TCP Capital (TCPC) to "Equal Weight" from "Underweight" on September 29, 2026, simultaneously increasing its price target to $4 from $3.50. Earlier in the period, on August 10, 2026, KBW also upgraded TCPC to "Hold" from "Underperform" with a price target of $4. These upgrades signaled a more optimistic outlook from financial institutions.

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Stock Movement Drivers

Fundamental Drivers

The 23.7% change in TCPC stock from 6/30/2026 to 10/5/2026 was primarily driven by a 51.6% change in the company's P/S Multiple.
(LTM values as of)630202610052026Change
Stock Price ($)3.223.9823.7%
Change Contribution By: 
Total Revenues ($ Mil)-116-94-18.8%
P/S Multiple-2.3-3.551.6%
Shares Outstanding (Mil)84840.5%
Cumulative Contribution23.7%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/5/2026
ReturnCorrelation
TCPC23.7% 
Market (SPY)3.8%29.7%
Sector (XLF)0.5%11.0%

Fundamental Drivers

The 20.8% change in TCPC stock from 3/31/2026 to 10/5/2026 was primarily driven by a 16.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610052026Change
Stock Price ($)3.293.9820.8%
Change Contribution By: 
Total Revenues ($ Mil)-81-9416.7%
P/S Multiple-3.5-3.52.5%
Shares Outstanding (Mil)85841.1%
Cumulative Contribution20.8%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/5/2026
ReturnCorrelation
TCPC20.8% 
Market (SPY)19.4%29.6%
Sector (XLF)9.5%18.5%

Fundamental Drivers

The -22.9% change in TCPC stock from 9/30/2025 to 10/5/2026 was primarily driven by a -15710.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510052026Change
Stock Price ($)5.163.98-22.9%
Change Contribution By: 
Total Revenues ($ Mil)1-94-15710.0%
P/S Multiple726.9-3.5-100.5%
Shares Outstanding (Mil)85841.3%
Cumulative Contribution-22.9%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/5/2026
ReturnCorrelation
TCPC-22.9% 
Market (SPY)17.3%29.0%
Sector (XLF)1.2%27.9%

Fundamental Drivers

The -44.2% change in TCPC stock from 9/30/2023 to 10/5/2026 was primarily driven by a -444.9% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202310052026Change
Stock Price ($)7.133.98-44.2%
Change Contribution By: 
Total Revenues ($ Mil)27-94-444.9%
P/S Multiple15.1-3.5-123.5%
Shares Outstanding (Mil)5884-31.2%
Cumulative Contribution-44.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/5/2026
ReturnCorrelation
TCPC-44.2% 
Market (SPY)87.5%36.9%
Sector (XLF)69.6%37.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TCPC Return31%6%3%-12%-26%-16%-23%
Peers Return32%-10%31%25%5%-3%99%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
TCPC Win Rate75%67%58%33%42%30% 
Peers Win Rate77%42%67%75%53%48% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
TCPC Max Drawdown-8%-22%-25%-28%-35%-41% 
Peers Max Drawdown-8%-26%-14%-12%-19%-20% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ARCC, MAIN, GBDC, HTGC, TSLX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/5/2026 (YTD)

How Low Can It Go

EventTCPCS&P 500
2023 SVB Regional Banking Crisis
  % Loss-21.4%-6.7%
  % Gain to Breakeven27.2%7.1%
  Time to Breakeven127 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-14.5%-24.5%
  % Gain to Breakeven17.0%32.4%
  Time to Breakeven25 days427 days
2020 COVID-19 Crash
  % Loss-68.8%-33.7%
  % Gain to Breakeven220.3%50.9%
  Time to Breakeven345 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-18.0%-12.2%
  % Gain to Breakeven22.0%13.9%
  Time to Breakeven69 days62 days
2014-2016 Oil Price Collapse
  % Loss-19.3%-6.8%
  % Gain to Breakeven24.0%7.3%
  Time to Breakeven139 days15 days

Compare to ARCC, MAIN, GBDC, HTGC, TSLX

In The Past

BlackRock TCP Capital's stock fell -8.5% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 9.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTCPCS&P 500
2023 SVB Regional Banking Crisis
  % Loss-21.4%-6.7%
  % Gain to Breakeven27.2%7.1%
  Time to Breakeven127 days31 days
2020 COVID-19 Crash
  % Loss-68.8%-33.7%
  % Gain to Breakeven220.3%50.9%
  Time to Breakeven345 days140 days

Compare to ARCC, MAIN, GBDC, HTGC, TSLX

In The Past

BlackRock TCP Capital's stock fell -8.5% during the Summer-Fall 2023 Five Percent Yield Shock. Such a loss loss requires a 9.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About BlackRock TCP Capital (TCPC)

BlackRock TCP Capital Corp. (TCPC) operates as a business development company (BDC) specializing in providing capital to middle-market companies within the United States. Its core business involves making direct investments, which include both debt and equity, to support the growth and operational needs of these businesses.

The company's main products and services involve offering various forms of financing, such as senior secured loans, junior loans, originated loans, mezzanine financing, and bonds. Additionally, TCPC frequently makes equity investments, aiming to acquire an ownership stake in the companies it funds. These investments typically range from $10 million to $35 million in companies with enterprise values between $100 million and $1500 million.

TCPC primarily serves a diverse customer base of middle-market companies across numerous sectors in the U.S. These industries include communication services, restaurants, energy, healthcare, biotechnology, engineering services, manufacturing, and information technology consulting, among many others. By deploying capital across such a wide array of businesses, TCPC seeks to generate returns for its investors.

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Here are 1-3 brief analogies for BlackRock TCP Capital (TCPC):

  • Like a Blackstone or Apollo, but focusing exclusively on providing both loans and equity to established, medium-sized American businesses.
  • A unique hybrid of a specialty lender and a private equity firm, providing growth capital to established, non-public companies.
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  • Equity Investments: Providing capital directly to companies in exchange for an ownership stake.
  • Senior Secured Loans: Lending capital that is secured by company assets and has a high repayment priority.
  • Junior Loans: Offering debt capital that is subordinate to senior debt in the capital structure.
  • Mezzanine Investments: Supplying hybrid debt and equity financing, typically unsecured but senior to common equity.
  • Debt Securities & Bonds: Investing in various forms of debt instruments, including those acquired from secondary markets.

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BlackRock TCP Capital (TCPC) operates as a business development company (BDC) specializing in providing debt and equity capital to other companies. Therefore, its "customers" are the middle-market companies in which it makes direct investments or provides loans, rather than individual consumers.

The provided background information outlines the types of industries and companies TCPC typically invests in, which include a broad range of sectors such as communication services, apparel, restaurants, energy, insurance, healthcare, biotechnology, engineering services, tax accounting, scientific consulting, charter freight air transportation, information technology consulting, software, computer components, and chemicals.

However, the specific names of the individual customer companies (i.e., the portfolio companies in which BlackRock TCP Capital has invested or to which it has lent capital) are not provided in the background description. Consequently, we cannot list the names of its major customer companies or their public symbols based on the information given.

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BlackRock, Inc. (BLK)

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Philip Tseng, Chairman, Chief Executive Officer & Co-CIO

Mr. Tseng is the Chairman, Chief Executive Officer, Co-Chief Investment Officer, and Director of BlackRock TCP Capital Corp. He is a senior leader in BlackRock's Global Private Debt Platform and Head of U.S. Private Capital (USPC), overseeing investment committees, processes, talent, risk management, and performance across the Company and related vehicles. Prior to joining BlackRock, Mr. Tseng was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also a member of the Management Committee. TCP was acquired by BlackRock in 2018. He was previously a member of the Credit Suisse First Boston technology investment banking group, where he advised on and executed M&A, public and private equity, and structured debt transactions. He also spent time in investment banking at Deutsche Banc Alex Brown. Mr. Tseng currently serves as a Director on the board of the California Science Center Foundation, and previously served as a Director on the boards of First Advantage, Connexity Inc., and Anacomp, Inc.

Erik L. Cuellar, Chief Financial Officer & Treasurer

Mr. Cuellar serves as the Chief Financial Officer and Treasurer of BlackRock TCP Capital Corp., responsible for financial and regulatory reporting. He has been with BlackRock and its predecessor, TCP Capital, since 2011. Prior to his current role, Mr. Cuellar served as Controller for Ares Capital Corporation. Before that, he was the Assistant Treasurer and Principal Accounting Officer for the Metropolitan West Funds at Metropolitan West Asset Management. He also managed the Alternative Investments Group at Western Asset Management Company and began his career as a Senior Auditor in the Financial Services Group at Deloitte & Touche LLP.

Jason Mehring, President

Mr. Mehring is the President of BlackRock TCP Capital Corp. He is a Managing Director and a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform. He plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies.

Patrick Wolfe, Chief Operating Officer

Mr. Wolfe is the Chief Operating Officer of BlackRock TCP Capital Corp. He is a Managing Director and a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, where he is a leader in BlackRock's U.S. core middle market direct lending strategy.

Dan Worrell, Co-CIO

Mr. Worrell serves as the Co-Chief Investment Officer of BlackRock TCP Capital Corp. He is a Managing Director and a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, where he is a leader in BlackRock's U.S. core middle market direct lending strategy.

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BlackRock TCP Capital Corp. (TCPC) faces several key risks inherent to its business model as a business development company (BDC) specializing in debt and equity investments in middle-market companies. The key risks to BlackRock TCP Capital's business are:

1. Credit Quality and Loan Defaults

A primary risk for TCPC is the credit quality of its portfolio companies, leading to potential loan defaults and writedowns. As a significant portion of its investments are in middle-market companies, many of which may be developing or financially distressed, there is an elevated risk that these borrowers may struggle to repay their loans or even go out of business. Evidence of this risk has been seen in recent periods, with net realized losses on loans, mark-downs on portfolio holdings, and an increase in non-accrual loans, which directly impact the company's Net Asset Value (NAV) per share.

2. Interest Rate Sensitivity

TCPC's net investment income is highly sensitive to changes in interest rates due to a large portion of its portfolio being comprised of floating-rate loans. While rising rates can sometimes benefit investment spread income, significant increases can also lead to higher borrowing costs for TCPC's portfolio companies, potentially impairing their ability to service debt and negatively affecting TCPC's profitability. Conversely, a significant drop in rates could pressure yields on new investments.

3. Concentration and Valuation Risk of Illiquid Investments

The company is exposed to concentration risk, where a substantial portion of its NAV losses can stem from a limited number of troubled positions, indicating insufficient diversification. Furthermore, its investments, particularly in private equity and second-lien loans, are illiquid and subject to significant valuation volatility. Valuations of private companies can swing dramatically based on projections and funding rounds, and when these expectations are not met, the impact on NAV can be severe. The illiquidity of these investments also makes it challenging to divest assets quickly at favorable prices if needed.

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The addressable markets for BlackRock TCP Capital Corp.'s main products and services, which involve direct equity and debt investments in U.S. middle-market companies, are significant within the U.S. private credit and private equity sectors.

For its debt investments, the U.S. private credit market, which encompasses direct lending to middle-market firms, was valued at approximately $1.3 trillion in 2026 and is projected to expand further to over $3 trillion in assets under management by 2028. Business development companies (BDCs), such as BlackRock TCP Capital, constitute about $500 billion of this private credit market. The estimated total addressable market for private credit in the United States is even larger, estimated at $30 trillion.

Regarding its equity investments, the overall U.S. Private Equity Market was valued at $475.08 billion in 2024 and is anticipated to grow to $860.39 billion by 2030. Middle-market companies are a primary focus for private equity firms in the U.S. due to their attractive growth potential.

The middle market in the U.S. generally comprises around 200,000 businesses with annual revenues typically ranging from $10 million to $1 billion or enterprise values between $10 million and $1 billion, accounting for approximately one-third of the total U.S. private sector gross domestic product.

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BlackRock TCP Capital Corp. (TCPC) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives focused on enhancing its investment portfolio and leveraging its broader platform. Here are 3-5 expected drivers of future revenue growth:
  • Portfolio Repositioning towards Senior Secured First Lien Loans and Diversification: The company is actively repositioning its investment portfolio to increase its allocation to senior secured first-lien loans. This strategic shift aims to reduce subordination risk and improve recovery potential, which can lead to more stable and higher-quality interest income. Additionally, TCPC is reducing the average size of new investments to enhance portfolio diversification and mitigate concentration and credit risk.
  • Enhanced Origination and Investment Capabilities through the BlackRock Platform and Strategic Partnerships: BlackRock TCP Capital plans to leverage the extensive resources and expertise of BlackRock's platform, including the capabilities gained from the acquisition of HPS Investment Partners, which was completed on July 1, 2025. This integration is expected to strengthen TCPC's private credit and restructuring capabilities, enabling it to source, originate, and manage more complex and attractive credit investments, thereby increasing investment income.
  • Strategic Focus on Resilient Middle-Market Sectors: TCPC is targeting investments in less historically cyclical industries, such as software, financial services, and professional services. The company seeks to identify businesses supported by long-term, sustainable growth drivers and economic resilience within the middle market. This focused investment strategy aims to improve overall portfolio quality and stability, ultimately contributing to more consistent and growing interest and fee income.
  • Improved Credit Quality and Reduction of Non-Accrual Investments: Management is actively working to address and resolve credit issues within the portfolio, as evidenced by efforts to reduce non-accrual loans. Improvements in credit quality directly translate to higher revenue by increasing the proportion of performing loans that generate interest income, thus bolstering the company's net investment income.

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Share Repurchases

  • BlackRock TCP Capital Corp. re-approved a stock repurchase plan in October 2023 and again on April 24, 2024, authorizing up to $50 million in common stock repurchases, effective through April 30, 2025, or until fully utilized. This plan has been in effect since at least 2015.
  • From January 1, 2026, to February 26, 2026, the company repurchased 233,541 shares for a total cost of $1.3 million.
  • In the fourth quarter of 2025, BlackRock TCP Capital spent $2.5 million on share buybacks.

Share Issuance

  • On March 18, 2024, in connection with a merger, BlackRock TCP Capital Corp. issued shares of its common stock with a market value of $280,464,610, in exchange for net assets, incurring an additional $2,366,408 in merger costs.
  • A new dividend reinvestment plan (DRIP) was approved on February 27, 2024, effective March 18, 2024, allowing shareholders to reinvest cash distributions into additional common stock.
  • Approximately $0.4 million of cash distributions were reinvested through open market purchases via the DRIP in the fourth quarter of 2025.

Outbound Investments

  • BlackRock TCP Capital Corp.'s primary investment focus is the origination and investment in debt securities of performing middle-market companies.
  • As of December 31, 2025, the company's investment portfolio was valued at $1,533.3 million, primarily composed of debt investments with 88.6% in senior secured loans and 3.9% in senior secured notes across 141 portfolio companies.
  • During the three months ended December 31, 2025, the company invested approximately $35.5 million, with 98.7% of these acquisitions being senior secured loans. During the same period, approximately $80.7 million was received from sales or repayments of investments.

Peer Outperformance in Asset Management & Custody Banks

TCPC has trailed 82% of its 82 Asset Management & Custody Banks peers over 5Y. Asset Management & Custody Banks ranks 12th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Asset Management & Custody Banks constituents that TCPC has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
31%
of 102 industry peers · -21.0% return
3Y
15%
of 93 industry peers · -40.7% return
5Y
18%
of 82 industry peers · -42.8% return
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Median price return by industry across the Financials sector, ranked by 5Y. Asset Management & Custody Banks is TCPC's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 6 15.3%63.9%114.2% SPNT 161% · RGA 136% · RNR 133%
Investment Banking & Brokerage 13 -2.7%102.8%103.3% IBKR 428% · SNEX 235% · HOOD 171%
Diversified Banks 12 27.7%128.4%95.7% CM 143% · RY 130% · JPM 120%
Life & Health Insurance 20 7.1%50.0%89.4% JXN 528% · UNM 292% · FG 193%
Multi-Sector Holdings 4 3.6%52.8%74.5% JONE 361% · BRK-B 80% · VOYA 69%
Property & Casualty Insurance 42 3.9%71.6%61.2% ASIC 2572900% · HRTG 399% · UVE 308%
Regional Banks 264 25.9%89.3%52.1% GCBC 310% · ESQ 307% · PBAM 249%
Multi-line Insurance 9 4.3%68.4%50.9% GNW 139% · L 90% · AIZ 80%
Financial Exchanges & Data 15 -0.3%15.8%31.0% VIRT 189% · CBOE 143% · CME 68%
Consumer Finance 30 0.4%86.5%22.0% ENVA 400% · EZPW 303% · FCFS 162%
Diversified Financial Services 4 -8.1%21.6%20.9% FRHC 173% · EQH 100% · TMS -58%
Asset Management & Custody Banks ← 83 -10.1%18.2%11.4% WT 361% · VCTR 288% · AAMI 267%
Insurance Brokers 16 -24.5%-9.7%11.0% LIFE 324% · ARX 88% · CRD-A 66%
Commercial & Residential Mortgage Finance 13 -58.4%16.7%-0.9% FNMA 473% · FMCC 449% · ACT 174%
Specialized Finance 3 9.4%35.5%-13.2% EFC 15% · CACC -13% · HASI -14%
Mortgage REITs 33 -14.5%10.1%-26.9% NREF 52% · RITM 33% · DX 19%
Transaction & Payment Processing Services 17 -2.1%-5.5%-42.4% V 70% · MA 67% · CPAY 54%
Diversified Capital Markets 20 -37.4%16.1%-61.2% OPY 180% · LPLA 109% · GOLD 55%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TCPCARCCMAINGBDCHTGCTSLXMedian
NameBlackRoc.Ares Cap.Main Str.Golub Ca.Hercules.Sixth St. 
Mkt Price3.9918.7754.9512.2816.6817.5517.11
Mkt Cap0.313.55.13.23.11.73.1
Rev LTM-941,174559203487132345
Op Inc LTM-------
FCF LTM400-680-150920810356
FCF 3Y Avg263-1,21328316-15411772
CFO LTM400-680-150920910356
CFO 3Y Avg263-1,21328316-15411772

Growth & Margins

TCPCARCCMAINGBDCHTGCTSLXMedian
NameBlackRoc.Ares Cap.Main Str.Golub Ca.Hercules.Sixth St. 
Rev Chg LTM-15,710.0%-24.5%-10.3%-48.2%39.1%-45.6%-35.0%
Rev Chg 3Y Avg-5,279.2%16.6%10.1%16.4%9.3%-12.5%9.7%
Rev Chg Q150.0%-46.2%22.8%-31.9%51.1%-27.8%-2.5%
QoQ Delta Rev Chg LTM18.8%-13.8%6.3%-13.0%12.4%-13.0%-3.4%
Op Inc Chg LTM-------
Op Inc Chg 3Y Avg-------
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM--57.9%-26.8%452.2%1.7%78.3%1.7%
CFO/Rev 3Y Avg--77.1%3.0%175.2%-43.2%59.9%3.0%
FCF/Rev LTM--57.9%-26.8%452.2%1.7%78.3%1.7%
FCF/Rev 3Y Avg--77.1%3.0%175.2%-43.3%59.9%3.0%

Valuation

TCPCARCCMAINGBDCHTGCTSLXMedian
NameBlackRoc.Ares Cap.Main Str.Golub Ca.Hercules.Sixth St. 
Mkt Cap0.313.55.13.23.11.73.1
P/S-11.59.215.76.412.611.5
P/Op Inc-------
P/EBIT-------
P/E-3.114.011.418.68.118.712.7
P/CFO0.8-19.8-34.23.5363.716.12.2
Total Yield-10.2%16.9%15.6%15.1%23.3%14.8%15.4%
Dividend Yield22.3%9.8%6.8%9.8%10.9%9.4%9.8%
FCF Yield 3Y Avg64.1%-9.0%0.3%10.6%-4.7%5.8%3.1%
D/E2.71.20.51.40.81.21.2
Net D/E2.21.10.51.40.71.11.1

Returns

TCPCARCCMAINGBDCHTGCTSLXMedian
NameBlackRoc.Ares Cap.Main Str.Golub Ca.Hercules.Sixth St. 
1M Rtn2.5%-4.0%-3.8%-3.0%-5.4%-2.3%-3.4%
3M Rtn28.4%3.7%7.2%-2.1%6.8%4.4%5.6%
6M Rtn16.8%7.8%5.5%0.9%16.4%-0.7%6.7%
12M Rtn-20.7%3.0%-5.8%-1.2%1.7%-13.3%-3.5%
3Y Rtn-40.5%31.3%74.9%21.1%44.6%20.0%26.2%
1M Excs Rtn2.4%-4.2%-4.8%-3.1%-6.2%-2.2%-3.7%
3M Excs Rtn26.8%0.6%3.3%-4.7%3.6%1.3%2.3%
6M Excs Rtn-0.9%-9.7%-12.0%-16.5%-1.2%-18.2%-10.9%
12M Excs Rtn-37.4%-14.0%-23.0%-16.2%-15.9%-29.8%-19.6%
3Y Excs Rtn-125.9%-53.9%-9.6%-60.6%-42.0%-64.0%-57.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment46514183233
Total46514183233


Price Behavior

Price Behavior
Market Price$3.98 
Market Cap ($ Bil)0.3 
First Trading Date04/04/2012 
Distance from 52W High-22.8% 
   50 Days200 Days
DMA Price$3.81$3.80
DMA Trenddownup
Distance from DMA4.5%4.8%
 3M1YR
Volatility38.9%38.8%
Downside Capture86.94120.07
Upside Capture202.3671.40
Correlation (SPY)30.7%29.1%
TCPC Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta1.121.731.150.960.870.75
Up Beta1.391.720.330.350.670.77
Down Beta2.112.070.650.750.840.83
Up Capture110%260%213%132%64%20%
Bmk +ve Days6162766132424
Stock +ve Days9182758116359
Down Capture74%35%86%122%114%97%
Bmk -ve Days16263760120328
Stock -ve Days10172854121358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TCPC
TCPC-22.0%38.7%-0.56-
Sector ETF (XLF)2.2%14.8%-0.0727.7%
Equity (SPY)16.8%13.0%0.9229.1%
Gold (GLD)7.0%29.6%0.232.9%
Commodities (DBC)45.9%20.9%1.71-16.3%
Real Estate (VNQ)1.6%13.6%-0.1421.4%
Bitcoin (BTCUSD)-30.1%44.3%-0.6817.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TCPC
TCPC-9.8%27.8%-0.37-
Sector ETF (XLF)8.6%18.3%0.3341.0%
Equity (SPY)13.3%17.2%0.5940.4%
Gold (GLD)18.3%18.9%0.785.3%
Commodities (DBC)10.0%19.6%0.398.8%
Real Estate (VNQ)0.9%18.8%-0.0635.8%
Bitcoin (BTCUSD)14.9%52.2%0.4520.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TCPC
TCPC-2.0%35.1%0.04-
Sector ETF (XLF)12.8%22.1%0.5343.4%
Equity (SPY)15.4%17.9%0.7340.4%
Gold (GLD)11.5%16.4%0.573.6%
Commodities (DBC)8.4%18.1%0.3817.3%
Real Estate (VNQ)4.1%20.7%0.1642.5%
Bitcoin (BTCUSD)64.0%66.2%1.0415.1%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity4.9 Mil
Short Interest: % Change Since 83120267.8%
Average Daily Volume0.6 Mil
Days-to-Cover Short Interest7.9 days
Basic Shares Quantity83.9 Mil
Short % of Basic Shares5.8%

Earnings Returns History

Updated 9/25/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202611.4%14.3%16.0%
5/7/20260.0%-4.8%-15.6%
2/27/2026-9.3%-12.0%-20.0%
11/6/20254.7%6.3%10.7%
8/7/2025-3.6%0.3%0.6%
5/8/20257.4%16.2%18.3%
2/27/2025-9.6%-13.5%-11.1%
11/6/20249.6%10.1%17.9%
...
SUMMARY STATS   
# Positive151516
# Negative998
Median Positive3.4%6.3%9.8%
Median Negative-3.9%-6.4%-9.3%
Max Positive11.4%16.2%29.0%
Max Negative-10.0%-13.5%-20.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/202611.4%14.3%16.0%
5/7/20260.0%-4.8%-15.6%
2/27/2026-9.3%-12.0%-20.0%
11/6/20254.7%6.3%10.7%
8/7/2025-3.6%0.3%0.6%
5/8/20257.4%16.2%18.3%
2/27/2025-9.6%-13.5%-11.1%
11/6/20249.6%10.1%17.9%
8/7/2024-8.8%-12.6%-7.6%
5/1/20243.4%3.7%9.0%
2/29/2024-3.9%-6.4%-3.5%
11/2/20235.1%5.3%12.9%
8/3/20232.1%5.0%2.3%
5/4/20231.7%7.4%9.5%
2/28/2023-10.0%-7.8%-19.5%
11/3/20226.8%11.1%10.2%
8/3/20220.5%4.5%4.0%
5/4/20222.6%0.0%-0.7%
2/24/20220.1%3.8%5.8%
11/3/2021-0.2%-2.0%-5.4%
8/2/2021-1.6%-0.6%0.2%
5/5/20210.6%-0.6%2.9%
2/25/2021-1.0%10.0%11.8%
11/2/20206.7%10.6%29.0%
SUMMARY STATS   
# Positive151516
# Negative998
Median Positive3.4%6.3%9.8%
Median Negative-3.9%-6.4%-9.3%
Max Positive11.4%16.2%29.0%
Max Negative-10.0%-13.5%-20.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/27/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/01/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-Q
03/31/202605/07/202610-Q
12/31/202502/27/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/08/202510-Q
12/31/202402/27/202510-K
09/30/202411/06/202410-Q
06/30/202408/07/202410-Q
03/31/202405/01/202410-Q
12/31/202302/29/202410-K
09/30/202311/02/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202202/28/202310-K
09/30/202211/03/202210-Q
06/30/202208/03/202210-Q
03/31/202205/04/202210-Q
12/31/202102/24/202210-K
09/30/202111/03/202110-Q
06/30/202108/02/202110-Q
03/31/202105/05/202110-Q
12/31/202002/25/202110-K
09/30/202011/02/202010-Q
06/30/202008/06/202010-Q
03/31/202005/11/202010-Q
12/31/201902/26/202010-K
09/30/201911/06/201910-Q

Insider Activity

Updated 4/26/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wolfe, PatrickChief Operating OfficerAs custodian of UTMABuy31720263.652,0757,5675,014Form
2Wolfe, PatrickChief Operating OfficerDirectBuy31720263.656,85024,96858,633Form
3Worrell, August DanielCo-Chief Investment OfficerDirectBuy31020263.7540,000150,000425,625Form
4Cuellar, Erik LCFODirectBuy31020263.861,7506,7527,717Form
5Worrell, August DanielCo-Chief Investment OfficerDirectBuy31020263.8940,000155,600285,915Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wolfe, PatrickChief Operating OfficerAs custodian of UTMABuy31720263.652,0757,5675,014Form
2Wolfe, PatrickChief Operating OfficerDirectBuy31720263.656,85024,96858,633Form
3Worrell, August DanielCo-Chief Investment OfficerDirectBuy31020263.7540,000150,000425,625Form
4Cuellar, Erik LCFODirectBuy31020263.861,7506,7527,717Form
5Worrell, August DanielCo-Chief Investment OfficerDirectBuy31020263.8940,000155,600285,915Form
6Mehring, JasonPresidentDirectBuy31020263.866,50025,090112,744Form
7Leets, Karen L DirectBuy51320257.553,30024,91557,984Form
Core Cache Last Updated: 10/5/2026