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BlackRock TCP Capital

Nasdaq:TCPC
Snowflake Description

Very undervalued with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TCPC
Nasdaq
$302M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. The last earnings update was 39 days ago. More info.


Add to Portfolio Compare Print
  • BlackRock TCP Capital is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • BlackRock TCP Capital has significant price volatility in the past 3 months.
TCPC Share Price and Events
7 Day Returns
-31.9%
NasdaqGS:TCPC
-1.2%
US Capital Markets
-2%
US Market
1 Year Returns
-63.7%
NasdaqGS:TCPC
-14.1%
US Capital Markets
-15.1%
US Market
TCPC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
BlackRock TCP Capital (TCPC) -31.9% -61.2% -62.8% -63.7% -69.9% -67.2%
US Capital Markets -1.2% -19.8% -24.6% -14.1% 1% 18.8%
US Market -2% -19.7% -23.2% -15.1% 3.7% 14.4%
1 Year Return vs Industry and Market
  • TCPC underperformed the Capital Markets industry which returned -14.1% over the past year.
  • TCPC underperformed the Market in United States of America which returned -15.1% over the past year.
Price Volatility
TCPC
Industry
5yr Volatility vs Market

TCPC Value

 Is BlackRock TCP Capital undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of BlackRock TCP Capital to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for BlackRock TCP Capital.

NasdaqGS:TCPC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $14.61 * 10.9%
$1.59
Book Value of Equity per Share Median Book Value from the past 5 years. $14.61
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:TCPC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.745 (1 + (1- 21%) (301.05%))
1.125
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (1.125 * 5.44%)
7.86%

Discounted Cash Flow Calculation for NasdaqGS:TCPC using Excess Returns Model Model

The calculations below outline how an intrinsic value for BlackRock TCP Capital is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:TCPC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.9% – 7.86%) * $14.61)
$0.44
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.44 / (7.86% - 1.74%)
$7.23
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $14.61 + $7.23
$21.84
NasdaqGS:TCPC Discount to Share Price
Calculation Result
Value per share (USD) From above. $21.84
Current discount Discount to share price of $5.22
= -1 x ($5.22 - $21.84) / $21.84
76.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price BlackRock TCP Capital is available for.
Intrinsic value
>50%
Share price is $5.22 vs Future cash flow value of $21.84
Current Discount Checks
For BlackRock TCP Capital to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • BlackRock TCP Capital's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • BlackRock TCP Capital's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for BlackRock TCP Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are BlackRock TCP Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:TCPC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.52
NasdaqGS:TCPC Share Price ** NasdaqGS (2020-04-03) in USD $5.22
United States of America Capital Markets Industry PE Ratio Median Figure of 92 Publicly-Listed Capital Markets Companies 33.79x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.4x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of BlackRock TCP Capital.

NasdaqGS:TCPC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:TCPC Share Price ÷ EPS (both in USD)

= 5.22 ÷ 0.52

10.03x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BlackRock TCP Capital is good value based on earnings compared to the US Capital Markets industry average.
  • BlackRock TCP Capital is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does BlackRock TCP Capital's expected growth come at a high price?
Raw Data
NasdaqGS:TCPC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 10.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
46.2%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 2.07x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.89x

*Line of best fit is calculated by linear regression .

NasdaqGS:TCPC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 10.03x ÷ 46.2%

0.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BlackRock TCP Capital is good value based on expected growth next year.
Price based on value of assets
What value do investors place on BlackRock TCP Capital's assets?
Raw Data
NasdaqGS:TCPC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $13.21
NasdaqGS:TCPC Share Price * NasdaqGS (2020-04-03) in USD $5.22
United States of America Capital Markets Industry PB Ratio Median Figure of 182 Publicly-Listed Capital Markets Companies 7.67x
United States of America Market PB Ratio Median Figure of 5,144 Publicly-Listed Companies 1.2x
NasdaqGS:TCPC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:TCPC Share Price ÷ Book Value per Share (both in USD)

= 5.22 ÷ 13.21

0.4x

* Primary Listing of BlackRock TCP Capital.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • BlackRock TCP Capital is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess BlackRock TCP Capital's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. BlackRock TCP Capital has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TCPC Future Performance

 How is BlackRock TCP Capital expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
46.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is BlackRock TCP Capital expected to grow at an attractive rate?
  • BlackRock TCP Capital's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • BlackRock TCP Capital's earnings growth is expected to exceed the United States of America market average.
  • BlackRock TCP Capital's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:TCPC Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:TCPC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 46.2%
NasdaqGS:TCPC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts -2.8%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.3%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.3%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:TCPC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:TCPC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 184 12 88 7
2020-12-31 182 -25 69 7
2020-04-05
NasdaqGS:TCPC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 195 31
2019-09-30 196 -140 31
2019-06-30 194 -20 27
2019-03-31 194 67 42
2018-12-31 190 -46 45
2018-09-30 189 10 60
2018-06-30 183 -139 60
2018-03-31 181 -206 76
2017-12-31 176 -128 68
2017-09-30 168 -112 77
2017-06-30 164 -117 83
2017-03-31 153 -26 84

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • BlackRock TCP Capital's earnings are expected to grow significantly at over 20% yearly.
  • BlackRock TCP Capital's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:TCPC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from BlackRock TCP Capital Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:TCPC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.47 1.61 1.12 7.00
2020-12-31 1.19 1.57 -0.73 7.00
2020-04-05
NasdaqGS:TCPC Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.52
2019-09-30 0.52
2019-06-30 0.47
2019-03-31 0.72
2018-12-31 0.77
2018-09-30 1.02
2018-06-30 1.01
2018-03-31 1.29
2017-12-31 1.19
2017-09-30 1.39
2017-06-30 1.54
2017-03-31 1.62

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • BlackRock TCP Capital is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess BlackRock TCP Capital's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
BlackRock TCP Capital has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TCPC Past Performance

  How has BlackRock TCP Capital performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare BlackRock TCP Capital's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • BlackRock TCP Capital's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • BlackRock TCP Capital's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • BlackRock TCP Capital's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
BlackRock TCP Capital's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from BlackRock TCP Capital Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:TCPC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 195.17 30.58 53.91
2019-09-30 195.74 30.71 54.93
2019-06-30 193.58 27.47 55.92
2019-03-31 193.82 42.41 57.08
2018-12-31 190.50 45.48 56.55
2018-09-30 189.22 60.15 50.20
2018-06-30 183.03 59.57 42.81
2018-03-31 180.84 75.68 35.74
2017-12-31 175.97 67.93 29.44
2017-09-30 168.39 77.20 29.27
2017-06-30 163.57 83.32 28.37
2017-03-31 152.93 84.28 27.70
2016-12-31 148.18 76.32 27.16
2016-09-30 148.27 55.49 26.24
2016-06-30 145.30 52.21 26.27
2016-03-31 148.64 52.03 27.00
2015-12-31 146.87 59.07 26.59
2015-09-30 139.39 49.92 24.74
2015-06-30 131.08 43.92 23.02
2015-03-31 116.73 34.97 20.38
2014-12-31 106.58 34.55 18.66
2014-09-30 95.43 56.35 17.48
2014-06-30 85.53 57.48 15.71
2014-03-31 75.41 54.84 13.68
2013-12-31 69.61 49.53 11.96
2013-09-30 65.80 41.70 11.38
2013-06-30 60.63 38.65 10.71

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • BlackRock TCP Capital has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • BlackRock TCP Capital used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • BlackRock TCP Capital's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess BlackRock TCP Capital's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
BlackRock TCP Capital has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TCPC Health

 How is BlackRock TCP Capital's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up BlackRock TCP Capital's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • BlackRock TCP Capital is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • BlackRock TCP Capital's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of BlackRock TCP Capital's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from BlackRock TCP Capital Company Filings, last reported 3 months ago.

NasdaqGS:TCPC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 776.32 907.80 44.85
2019-09-30 798.63 985.04 80.07
2019-06-30 801.34 907.39 21.86
2019-03-31 833.32 805.55 26.75
2018-12-31 830.47 805.20 27.92
2018-09-30 853.01 764.35 90.28
2018-06-30 859.18 802.09 27.59
2018-03-31 876.58 768.66 13.74
2017-12-31 870.73 725.80 85.83
2017-09-30 877.40 665.85 71.93
2017-06-30 883.94 586.90 41.57
2017-03-31 791.28 608.36 55.96
2016-12-31 790.94 571.66 53.58
2016-09-30 787.11 631.70 140.87
2016-06-30 747.19 516.66 38.31
2016-03-31 714.06 539.60 22.69
2015-12-31 721.98 498.21 35.63
2015-09-30 738.90 575.31 34.58
2015-06-30 840.33 416.90 36.71
2015-03-31 866.79 382.80 25.57
2014-12-31 865.63 328.70 27.27
2014-09-30 789.73 319.10 24.15
2014-06-30 690.49 250.50 29.38
2014-03-31 691.37 157.00 27.15
2013-12-31 685.28 95.00 23.00
2013-09-30 536.92 150.00 12.59
2013-06-30 533.02 33.00 40.07
  • BlackRock TCP Capital's level of debt (116.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (38% vs 116.9% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess BlackRock TCP Capital's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. BlackRock TCP Capital has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TCPC Dividends

 What is BlackRock TCP Capital's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
27.59%
Current annual income from BlackRock TCP Capital dividends. Estimated to be 26.7% next year.
If you bought $2,000 of BlackRock TCP Capital shares you are expected to receive $552 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • BlackRock TCP Capital's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (2.05%).
  • BlackRock TCP Capital's dividend is above the markets top 25% of dividend payers in United States of America (5.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:TCPC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 2.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1938 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:TCPC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.36 6.00
2020-12-31 1.42 7.00
2020-04-05
NasdaqGS:TCPC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-11-06 1.440 12.268
2019-08-08 1.440 10.639
2019-05-08 1.440 10.058
2019-02-28 1.440 10.031
2018-08-08 1.440 10.158
2018-05-09 1.440 9.814
2017-11-07 1.440 9.663
2017-08-03 1.440 8.786
2017-05-09 1.440 8.555
2017-02-28 1.440 8.419
2016-11-08 1.440 8.551
2016-08-09 1.440 8.880
2016-05-10 1.440 9.524
2016-02-29 1.440 9.929
2015-11-05 1.440 10.286
2015-08-06 1.440 9.657
2015-05-07 1.440 9.179
2014-11-06 1.540 9.477
2014-08-07 1.490 8.943
2014-05-08 1.490 8.617
2014-03-06 1.490 9.031
2013-08-08 1.440 8.661
2013-05-08 1.450 8.999
2013-03-07 1.450 9.281
2012-11-08 1.400 9.333
2012-08-14 1.400 9.132
2012-05-14 1.360 9.467

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, BlackRock TCP Capital has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but BlackRock TCP Capital only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of BlackRock TCP Capital's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess BlackRock TCP Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can BlackRock TCP Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. BlackRock TCP Capital has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TCPC Management

 What is the CEO of BlackRock TCP Capital's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Howard Levkowitz
AGE 52
TENURE AS CEO 8.3 years
CEO Bio

Mr. Howard Marshall Levkowitz, J.D. serves as the Co-Founder and Managing Partner of Tennenbaum Capital Partners, LLC which he co-founded in 1999. He serves as Managing Director in SVOF/MM, LLC. Mr. Levkowitz has been a Partner of Special Value Investment Management, LLC since 1999 and a Principal since 1997. He oversees one portfolio in the fund complex as a Director and is an officer of two portfolios in the fund complex. Prior to this, he was an Attorney with Dewey Ballantine LLP from 1993 to 1997, specializing in real estate and insolvencies. Prior to that, he worked at Trammell Crow. He serves as the President of the Board of Directors of Maimonides Academy. He serves as a Director of several non-profit organizations. He serves as a Director of Doral GP Ltd. He served as a Director of Doral Financial Corporation since July 2007. He served as a Director of Party City Corp. since August 17, 1999. Mr. Levkowitz holds a J.D. from the University of Southern California; a B.A., magna cum laude, in History from the University of Pennsylvania; and a B.S., magna cum laude, in Economics with a concentration in Finance from The Wharton School.

CEO Compensation
  • Insufficient data for Howard to compare compensation growth.
  • Insufficient data for Howard to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the BlackRock TCP Capital management team in years:

5.8
Average Tenure
51
Average Age
  • The average tenure for the BlackRock TCP Capital management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Howard Levkowitz

TITLE
Chairman & CEO
AGE
52
TENURE
8.3 yrs

Raj Vig

TITLE
President
AGE
48
TENURE
8.3 yrs

Michael Leitner

TITLE
Managing Partner
AGE
51
TENURE
1.8 yrs

Mark Holdsworth

TITLE
Managing Partner
AGE
54
TENURE
2.3 yrs

Philip Tseng

TITLE
Managing Partner
AGE
42

Paul Davis

TITLE
Chief Financial Officer
AGE
45
TENURE
12.3 yrs

Katie McGlynn

TITLE
Vice President of Investor Relations

Liz Greenwood

TITLE
General Counsel
AGE
56
TENURE
3.3 yrs

Erik Cuellar

TITLE
Controller
Board of Directors Tenure

Average tenure and age of the BlackRock TCP Capital board of directors in years:

5.7
Average Tenure
59
Average Age
  • The tenure for the BlackRock TCP Capital board of directors is about average.
Board of Directors

Raj Vig

TITLE
President
AGE
48
TENURE
6.9 yrs

Eric Draut

TITLE
Director
AGE
62
TENURE
9.2 yrs

Howard Levkowitz

TITLE
Chairman & CEO
AGE
52
TENURE
14.3 yrs

M. Reiss

TITLE
Director
TENURE
3.7 yrs

Pete Schwab

TITLE
Director
AGE
76
TENURE
7.4 yrs

Brian Wruble

TITLE
Director
AGE
76
TENURE
4.4 yrs

Kathleen Corbet

TITLE
Director
AGE
59
TENURE
3.1 yrs

Karyn Williams

TITLE
Independent Director
AGE
54
TENURE
1.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by BlackRock TCP Capital individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. Mar 20 Buy Paul Davis Individual 16. Mar 20 16. Mar 20 3,000 $8.19 $23,851
16. Mar 20 Buy Rajneesh Vig Individual 16. Mar 20 16. Mar 20 10,000 $8.31 $83,112
12. Mar 20 Buy Paul Davis Individual 12. Mar 20 12. Mar 20 1,000 $10.26 $10,255
11. Mar 20 Buy Paul Davis Individual 11. Mar 20 11. Mar 20 2,000 $11.60 $23,200
10. Mar 20 Buy Paul Davis Individual 09. Mar 20 09. Mar 20 3,000 $12.43 $37,290
28. Feb 20 Buy Paul Davis Individual 28. Feb 20 28. Feb 20 1,500 $12.91 $19,338
28. Feb 20 Buy Brian Wruble Individual 28. Feb 20 28. Feb 20 10,000 $12.96 $129,600
05. Sep 19 Buy Howard Levkowitz Individual 05. Sep 19 05. Sep 19 10,000 $13.29 $132,931
06. Sep 19 Buy Michael Leitner Individual 04. Sep 19 04. Sep 19 15,000 $13.32 $199,650
X
Management checks
We assess BlackRock TCP Capital's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. BlackRock TCP Capital has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TCPC News

Simply Wall St News

TCPC Company Info

Description

BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It seeks to invest in the United States. The fund typically invests between $10 million and $35 million in companies with enterprise values between $100 million and $1500 million. It prefers to make equity investments in companies for an ownership stake.

Details
Name: BlackRock TCP Capital Corp.
TCPC
Exchange: NasdaqGS
Founded: 2012
$301,540,743
57,766,426
Website: http://www.tcpcapital.com
Address: BlackRock TCP Capital Corp.
2951 28th Street,
Suite 1000,
Santa Monica,
California, 90405,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS TCPC Common Stock Nasdaq Global Select US USD 04. Apr 2012
DB 8TC Common Stock Deutsche Boerse AG DE EUR 04. Apr 2012
Number of employees
Current staff
Staff numbers
0
BlackRock TCP Capital employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 02:40
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/03/31
Last earnings filing: 2020/02/26
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.