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Income Statement - BlackRock TCP Capital Corp. (TCPC)

$(Billion, Million)
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
Total revenue -76.35 20.76 209.33 181.00 153.40 87.08 44.06 54.60 131.62 129.41 146.87 65.63 69.86 32.50 54.54 72.64 -35.55
Cost of revenue 16.84 66.16 2.53 2.59 2.64 2.55 2.86 2.69 27.87 21.11 2.56 7.01 1.19 0.19 8.26 0.23 -35.55
Gross profit -93.19 -45.40 209.33 181.00 150.76 84.53 41.20 51.91 103.75 108.31 146.87 58.62 68.67 32.31 54.54 72.40
Total operating expenses + -70.35 17.22 54.71 53.21 19.61 15.71 13.48 9.03 13.10 12.37 26.59 7.82 4.29 3.29 -31.52 1.87
Operating income -22.84 -62.61 154.61 127.80 133.79 71.37 30.58 81.18 90.65 95.94 120.28 50.80 64.38 29.02 7.05 70.53 -44.71
Non-operating income (net) -66.09 0.00 -115.89 -137.02 0.00 0.00 0.00 -35.61 0.00 0.00 -41.30 0.00 0.00 0.00 -0.32 0.00 98.79
Income before tax -88.93 -62.61 38.72 -9.23 133.79 71.37 30.58 45.57 90.65 95.94 78.97 50.80 64.38 29.02 6.73 70.53 54.08
Income tax expense 0.52 0.25 101.51 66.34 80.79 94.86 0.09 0.04 0.57 0.88 0.81 0.98 1.48
Net income -88.93 -63.14 38.47 -9.23 133.79 71.37 30.58 45.48 90.61 95.37 58.15 49.99 63.40 27.54 6.73 70.53 54.08
Show Quarterly Income Statement

Income Statement - BlackRock TCP Capital Corp. (TCPC)

$(Billion, Million)
Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Dec-24 Sep-24 Jun-24 Mar-24 Dec-23 Sep-23 Jun-23 Mar-23 Dec-22 Sep-22 Jun-22 Mar-22 Dec-21 Sep-21 Jun-21 Mar-21 Dec-20 Sep-20 Jun-20 Mar-20 Dec-19 Sep-19 Jun-19 Mar-19 Dec-18 Sep-18 Jun-18 Mar-18 Dec-17 Sep-17 Jun-17 Mar-17 Dec-16 Sep-16 Jun-16 Mar-16 Dec-15 Sep-15 Jun-15 Mar-15 Dec-14 Sep-14 Jun-14 Mar-14 Dec-13 Sep-13 Jun-13 Mar-13 Dec-12 Sep-12 Jun-12 Mar-12 Dec-11 Sep-11 Jun-11 Mar-11 Dec-10
Total revenue 9.85 -29.96 42.06 2.50 39.10 -17.07 45.96 -28.95 20.83 50.85 54.21 53.96 50.31 46.69 48.21 43.96 42.15 39.58 42.72 41.64 41.16 42.89 42.85 45.11 41.25 47.81 51.64 48.17 47.54 48.38 49.48 48.42 44.22 30.89 30.24 36.55 33.94 38.68 33.86 33.61 23.26 15.96 28.91 32.10 28.89 32.14 19.17 18.47 24.96 21.40 18.02 13.19 17.26 9.52 10.72 7.04 5.23 50.09 -11.20 17.26 17.99 47.80
Cost of revenue 5.25 4.01 16.82 17.09 15.33 16.31 21.16 19.73 12.15 11.83 0.12 1.00 0.66 11.03 0.54 0.85 0.66 0.61 652,133.00 0.71 -34.19 0.59 0.83 109.18 18.80 0.63 57.54 0.69 17.03 0.85 0.65 0.52 7.85 8.21 7.90 6.54 6.37 6.20 5.83 4.69 5.02 4.61 4.32 3.22 8.12 2.54 1.02 0.46 0.53 0.34 0.19 0.14 0.10 0.03 0.01 0.05 0.05 0.07 0.10 2.02 7.96
Gross profit 4.60 -33.97 25.24 -14.59 23.77 -33.38 24.80 -48.68 8.67 50.85 54.21 53.96 50.31 46.69 48.21 43.96 42.15 39.58 42.72 41.64 41.16 42.89 42.85 45.11 41.25 47.81 51.64 48.17 47.54 48.38 49.48 48.42 44.22 23.04 22.03 28.65 27.40 32.31 27.66 27.78 18.57 10.95 24.30 27.79 25.67 32.14 16.64 17.45 24.51 20.87 17.68 13.00 17.12 9.41 10.68 7.03 5.18 50.04 -11.28 17.16 0.00 39.84
Total operating expenses + 4.86 68.53 0.87 1.32 2.87 4.65 3.17 2.60 3.62 13.55 13.74 14.07 13.35 13.19 13.65 13.32 13.05 12.29 13.51 13.17 12.62 12.99 13.00 13.42 8.24 13.25 13.91 13.22 13.53 14.28 14.90 14.37 13.01 3.37 1.90 2.22 2.99 4.10 1.79 1.97 2.52 2.77 1.93 2.73 2.29 4.99 1.94 2.04 1.53 1.48 1.15 0.88 0.77 1.12 0.74 0.60 0.83 46.72 0.42 1.92 0.00 0.00
Operating income -0.25 -102.50 24.37 -15.91 20.89 -38.03 21.63 -51.28 5.06 37.30 40.47 39.89 36.96 33.50 34.56 30.64 29.10 27.30 29.21 28.48 28.55 29.90 29.85 31.70 33.01 34.56 37.73 34.96 34.01 34.11 34.58 34.05 31.21 19.67 20.13 26.43 24.41 28.21 25.87 25.81 16.05 8.18 22.37 25.05 23.38 27.15 14.70 15.41 22.97 19.38 16.53 12.12 16.35 8.29 9.95 6.42 4.35 3.32 -11.70 15.24 15.96 39.84
Non-operating income (net) -16.05 -15.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -50.41 -27.63 -23.64 -14.21 -81.28 -8.32 -30.77 -16.65 5.29 -18.31 26.35 6.94 18.09 16.66 14.65 -102.49 -35.71 -19.30 -45.78 -9.89 -35.03 -19.39 -29.93 -4.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -29.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -6.53 30.95
Income before tax -16.30 -118.29 24.37 -15.91 20.89 -38.03 21.63 -51.28 5.06 -13.11 12.84 16.25 22.75 -47.79 26.24 -0.13 12.45 32.58 10.90 54.83 35.48 47.99 46.52 46.35 -69.48 -1.16 18.44 -10.82 24.12 -0.93 15.19 4.12 27.19 19.67 20.13 26.43 24.41 28.21 25.87 25.81 16.05 8.18 22.37 25.05 23.38 -2.28 14.70 15.41 22.97 19.38 16.53 12.12 16.35 8.29 9.95 6.42 4.35 3.32 -11.70 15.24 9.43 70.79
Income tax expense 0.52 55.55 41.49 0.20 0.01 39.89 0.04 98.63 -12.02 30.64 0.09 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.57 0.00 0.00 0.00 0.88 0.00 0.00 0.81 0.81 0.00 0.00 0.98 0.98 0.00 0.00 0.98 0.98 0.00 0.00 0.50 0.00 0.00 0.00 0.00 0.00
Net income -16.30 -118.29 24.37 -15.91 20.89 -38.55 21.63 -51.28 5.06 -13.31 12.82 16.25 22.71 -47.79 26.24 -0.13 12.45 32.58 10.90 54.83 35.48 47.99 46.52 46.35 -69.48 -1.16 18.44 -10.82 24.12 -1.02 15.19 4.12 27.19 19.63 20.13 26.43 24.41 27.64 25.87 25.81 16.05 7.30 22.37 25.05 23.38 -7.40 14.70 15.41 22.97 18.41 16.53 12.12 16.35 7.32 9.95 6.42 3.85 3.32 -11.70 15.24 9.43 70.79
5 days ago
2 replies Ask a follow up

Why is the revenue negative? how is that possible

3 days ago
1 reply Ask a follow up

Why TCPC's "revenue" can be negative

TCPC is a Business Development Company (BDC) — a regulated entity under the Investment Company Act of 1940 that lends to and invests in middle-market private companies. BDCs do not report revenue the way an operating company does (sales minus COGS). What is labeled "Total revenue" on a BDC's income statement is really total investment income, and it is built from very different line items than a normal industrial:

  • Interest income on loans and debt securities
  • Fee income (origination, amendment, exit fees)
  • Net realized and unrealized gains/losses on investments ← this is the volatile line

Because BDCs hold their investments at fair value and mark them to market every quarter, every writedown (NAV decline, credit deterioration, restructurings, distressed portfolio companies) flows straight into the income statement as a negative on the revenue/investment income line.

So in years where unrealized portfolio losses exceed actual interest + fee income, the top line prints negative. Looking at the table:

  • Dec-25 (–0.08B): Total investment income was negative, meaning realized/unrealized portfolio losses exceeded interest + fee income. This is consistent with credit stress in TCPC's portfolio — the company has been taking material marks on several positions. Income before tax (–0.09B) and net income (–0.09B) reflect the same picture.
  • Dec-15 (–0.04B cost of revenue) and Dec-09 (–0.04B revenue): Same phenomenon — net portfolio losses outweighed recurring investment income.
  • Clean years (Dec-21 to Dec-23): Strong interest + fee income, modest positive marks.

The right way to read a BDC's P&L

For a BDC like TCPC, the economically meaningful metrics are:

Metric Why it matters
Net investment income (NII) Recurring, cash-like earnings from interest + fees
Net realized + unrealized gains/losses Volatile mark-to-market noise
Net increase/decrease in net assets from operations Bottom-line economic performance
NII per share / Distribution coverage What supports the dividend
NAV per share Book value of the portfolio

The single "total revenue" number is therefore not comparable across years and not comparable to a normal company's revenue — it is a mix of recurring yield plus portfolio valuation noise. A negative number does not mean the company collected less cash; it means mark-to-market losses on the loan book overwhelmed interest income in that period.

3 days ago