MeritValue

BlackRock TCP Capital Corp.

TCPCdata completeness 75%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

BlackRock TCP Capital Corp. earns about -0% on equity, but has diluted owners by 47% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$133.8M1−$9.23M2$38.5M3−$63.1M3−$88.9M3
Operating cash flow−$82.6M4$203.9M5$92.5M6$293.1M6$154.9M6
Capital expenditure—————
Free cash flow (derived)—————
Total debt$1.01B7$944M8$985.2M9$1.12B10$1.04B10
Cash & equivalents$19.6M11$82.4M12$112.2M12$91.6M13$61.1M13
Diluted shares57.8M57.8M57.8M79.7M85.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$70.36
your share of equity
Profit it earned you last year
−$10.46
Free cash flow it threw off
—
Debt you’d be carrying
$121.85

10 shares is a claim on $70.36 of net worth that earned you −$10.46 last year, against $121.85 of debt.

iii. Is this a good business?
Moat signal · return on equity
-0% avg · 5y
FY21 16%FY22 -1%FY23 6%FY24 -8%FY25 -15%

It earned an average -0% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+47% shares · 5y

Share count is up 47% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-022655 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-028389 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-079299 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-022655 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-028389 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-079299 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-004871 (LongTermDebt)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-022655 (LongTermDebt)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-028389 (LongTermDebt)
  10. 10-K · period ending 2024-12-31 · accession 0001193125-26-079299 (LongTermDebt)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-004871 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-022655 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001193125-26-079299 (CashAndCashEquivalentsAtCarryingValue)