BlackRock TCP Capital Corp. (TCPC) Balance Sheet
TCPC balance sheet, 2025
December 31, 2025 · U.S. dollars$1.65B assets = $1.05B liabilities + $598.0M equity
Both columns are drawn to the same scale: what TCPC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TCPC financial health
Descriptive bands, not a rating. Fiscal 2025.
TCPC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.39B2016 | $1.65B2025 | +1.9%/yr | |
| Total liabilities | $596.7M2016 | $1.05B2025 | +6.5%/yr | |
| Shareholders’ equity | $790.9M2016 | $598.0M2025 | −3.1%/yr | |
| Cash & short-term investments | $53.6M2016 | $61.1M2025 | +1.5%/yr | |
| Total debt | $1.14B2016 | $1.04B2025 | −1.1%/yr | |
| Net cash (debt) | −$1.09B2016 | −$974.5M2025 | +$115.3M | |
| Working capital | $36.2M2016 | −$242.5M2025 | −$278.7M | |
| Book value per share | $15.522016 | $7.042025 | −8.4%/yr | |
| Current ratio | 3.092016 | 0.252025 | −2.83 | |
| Debt / equity | 1.452016 | 1.732025 | +0.29 | |
| Shares outstanding | 50.9M2016 | 85.0M2025 | +5.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TCPC assets
TCPC liabilities and equity
TCPC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TCPC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $61.1M | $91.6M | $112.2M | $82.4M | $19.6M | $20.0M | $44.8M | $27.9M | $86.6M | $53.6M |
| Cash & equivalents | $61.1M | $91.6M | $112.2M | $82.4M | $19.6M | $20.0M | $44.8M | $27.9M | $86.6M | $53.6M |
| Short-term investments | — | — | — | $1.40B | $1.64B | — | — | — | — | — |
| Receivables | $21.5M | $28.1M | $25.7M | $20.9M | $26.1M | $15.9M | $19.2M | $21.7M | $19.8M | $13.7M |
| Inventory | $0 | $0 | $1 | $103.3M | $1 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $2.4M | $2.3M | $0 | $2.7M | $1.6M | $3.0M | $7.8M | $0 | $0 |
| Total current assets | $82.6M | $122.0M | $140.2M | $106.2M | $48.3M | $37.4M | $67.1M | $57.4M | $86.6M | $53.6M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.53B | $1.79B | $1.55B | $1.61B | $1.84B | $1.63B | $1.65B | $1.60B | $1.51B | $1.31B |
| Other non-current assets | $34.5M | $6.2M | $3.7M | $3.6M | $4.8M | $5.0M | $5.5M | $4.8M | $28.3M | $19.0M |
| Total assets | $1.65B | $1.92B | $1.70B | $1.72B | $1.89B | $1.67B | $1.72B | $1.66B | $1.63B | $1.39B |
| Liabilities | ||||||||||
| Accounts payable | $7.2M | $8.4M | $960,000 | $14.1M | $39.9M | $43.2M | $23.9M | $9.7M | $24.2M | $17.4M |
| Short-term debt | $325.0M | $92.0M | $249.6M | $944.0M | $1.01B | $850.0M | — | — | $725.8M | $571.7M |
| Deferred revenue | — | — | $238.2M | −$929.9M | −$972.6M | −$806.9M | −$883.9M | −$688.0M | −$644.0M | −$554.3M |
| Total current liabilities | $325.0M | $8.4M | $26.0M | $14.1M | $39.9M | $43.2M | $23.9M | $11.5M | $24.2M | $17.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $907.8M | $805.2M | $725.2M | $571.7M |
| Other long-term liabilities | $727.3M | $1.13B | $985.2M | $958.5M | $1.02B | $863.8M | $14.1M | $12.3M | $1 | $2 |
| Total liabilities | $1.05B | $1.14B | $1.01B | $972.6M | $1.06B | $907.0M | $945.8M | $829.1M | $758.7M | $596.7M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $84,564 | $85,080 | $57,767 | $57,767 | $57,767 | $57,767 | $58,766 | $58,775 | $58,847 | $53,042 |
| Retained earnings (deficit) | −$1.13B | −$946.0M | −$280.1M | −$221.2M | −$137.0M | −$215.0M | −$221.1M | −$169.7M | $4.4M | $12.5M |
| Accumulated other comprehensive income | — | — | $687.6M | $0 | $0 | $0 | $0 | $830.5M | −$139.4M | −$153.5M |
| Total shareholders' equity | $598.0M | $785.1M | $687.6M | $746.8M | $829.5M | $765.0M | $776.3M | $830.5M | $870.7M | $790.9M |
| Key figures | ||||||||||
| Total debt | $1.04B | $1.12B | $985.2M | $944.0M | $1.01B | $850.0M | $907.8M | $805.2M | $1.45B | $1.14B |
| Net cash (debt) | −$974.5M | −$1.03B | −$873.0M | −$861.6M | −$992.9M | −$830.0M | −$863.0M | −$777.3M | −$1.36B | −$1.09B |
| Working capital | −$242.5M | $113.6M | $114.2M | $92.1M | $8.4M | −$5.7M | $43.2M | $45.9M | $62.4M | $36.2M |
| Tangible book value | $598.0M | $785.1M | $687.6M | $746.8M | $829.5M | $765.0M | $776.3M | $830.5M | $870.7M | $790.9M |
| Book value per share | $7.04 | $9.85 | $11.90 | $12.93 | $14.36 | $13.19 | $13.21 | $14.12 | $15.28 | $15.52 |
| Shares outstanding | 85.0M | 79.7M | 57.8M | 57.8M | 57.8M | 58.0M | 58.8M | 58.8M | 57.0M | 50.9M |
| Current ratio | 0.25 | 14.52 | 5.40 | 7.54 | 1.21 | 0.87 | 2.81 | 4.97 | 3.57 | 3.09 |
| Quick ratio | 0.25 | 14.24 | 5.31 | 7.34 | 1.15 | 0.83 | 2.68 | 4.30 | 4.39 | 3.87 |
| Debt / equity | 1.73 | 1.42 | 1.43 | 1.26 | 1.22 | 1.11 | 1.17 | 0.97 | 1.67 | 1.45 |
| Equity / assets | 36.2% | 40.8% | 40.5% | 43.4% | 43.8% | 45.8% | 45.1% | 50.0% | 53.4% | 57.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $157.5M | $93.3M | $61.1M | $61.0M | $107.3M | $99.1M | $91.6M | $104.2M | $194.7M | $120.6M | $112.2M | $91.7M |
| Cash & equivalents | $157.5M | $93.3M | $61.1M | $61.0M | $107.3M | $99.1M | $91.6M | $104.2M | $194.7M | $120.6M | $112.2M | $91.7M |
| Receivables | $23.6M | $21.1M | $21.5M | $24.5M | $31.2M | $24.1M | $28.1M | $26.6M | $34.6M | $39.2M | $25.7M | $26.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $130.8M | $0 | $0 | $1 | $1 |
| Other current assets | $0 | $1.2M | $0 | $0 | $0 | $0 | $2.4M | $0 | $3.0M | $1.4M | $2.3M | $3.5M |
| Total current assets | $181.2M | $115.6M | $82.6M | $61.0M | $138.5M | $123.2M | $122.0M | $132.0M | $232.3M | $161.1M | $140.2M | $121.8M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $1.29B | $1.39B | $1.53B | $1.72B | $1.79B | $1.77B | $1.79B | $1.91B | $1.98B | $2.12B | $1.55B | $1.59B |
| Other non-current assets | $4.8M | $5.3M | $34.5M | $33.2M | $6.1M | $6.4M | $6.2M | $6.7M | $5.5M | $6.0M | $3.7M | $4.1M |
| Total assets | $1.48B | $1.51B | $1.65B | $1.81B | $1.94B | $1.90B | $1.92B | $2.05B | $2.22B | $2.28B | $1.70B | $1.72B |
| Liabilities | ||||||||||||
| Accounts payable | $4.4M | $8.8M | $7.2M | $9.8M | $13.5M | $11.0M | $8.4M | $11.6M | $12.5M | $5.7M | $11.4M | $3.8M |
| Short-term debt | $18.2M | $18.2M | $325.0M | — | $92.0M | — | — | — | $249.9M | $1.7M | $249.6M | — |
| Deferred revenue | — | — | — | — | — | — | — | — | −$262.4M | −$1.7M | $238.2M | — |
| Total current liabilities | $18.2M | $18.2M | $325.0M | $15.0M | $13.5M | $11.0M | $8.4M | $11.6M | $12.5M | $5.7M | $11.4M | $3.8M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $906.3M | $926.2M | $727.3M | $1.06B | $1.18B | $1.11B | $1.13B | $1.17B | $1.33B | $1.32B | $999.8M | $980.4M |
| Total liabilities | $924.5M | $944.4M | $1.05B | $1.07B | $1.20B | $1.12B | $1.14B | $1.18B | $1.35B | $1.33B | $1.01B | $984.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $83,902 | $84,058 | $84,564 | $85,011 | $85,036 | $85,077 | $85,080 | $85,591 | $85,591 | $85,591 | $57,767 | $57,767 |
| Retained earnings (deficit) | −$1.18B | −$1.16B | −$1.13B | −$990.7M | −$990.4M | −$949.8M | −$946.0M | −$382.5M | −$375.1M | −$294.7M | −$280.1M | −$233.0M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | $0 | — | $0 |
| Total shareholders' equity | $552.0M | $565.1M | $598.0M | $740.0M | $740.5M | $781.3M | $785.1M | $865.6M | $873.1M | $953.5M | $687.6M | $735.0M |
| Key figures | ||||||||||||
| Total debt | $910.6M | $925.8M | $1.04B | $1.05B | $1.17B | $1.10B | $1.12B | $1.16B | $1.32B | $1.30B | $985.2M | $970.4M |
| Net cash (debt) | −$753.0M | −$832.6M | −$974.5M | −$990.6M | −$1.07B | −$999.8M | −$1.03B | −$1.06B | −$1.13B | −$1.18B | −$873.0M | −$878.7M |
| Working capital | $163.0M | $97.4M | −$242.5M | $45.9M | $125.0M | $112.1M | $113.6M | $120.4M | $219.8M | $155.4M | $128.8M | $118.0M |
| Tangible book value | $552.0M | $565.1M | $598.0M | $740.0M | $740.5M | $781.3M | $785.1M | $865.6M | $873.1M | $953.5M | $687.6M | $735.0M |
| Book value per share | $6.58 | $6.70 | $7.04 | $8.70 | $8.71 | $9.18 | $9.20 | $10.11 | $10.20 | $15.37 | $11.90 | $12.72 |
| Shares outstanding | 83.9M | 84.3M | 85.0M | 85.0M | 85.0M | 85.1M | 85.3M | 85.6M | 85.6M | 62.0M | 57.8M | 57.8M |
| Current ratio | 9.95 | 6.35 | 0.25 | 4.05 | 10.24 | 11.15 | 14.52 | 11.37 | 18.65 | 28.14 | 12.33 | 32.25 |
| Quick ratio | 9.95 | 6.28 | 0.25 | 5.68 | 10.24 | 11.15 | 14.24 | 11.27 | 18.41 | 27.90 | 12.13 | 31.33 |
| Debt / equity | 1.65 | 1.64 | 1.73 | 1.42 | 1.59 | 1.41 | 1.42 | 1.34 | 1.51 | 1.37 | 1.43 | 1.32 |
| Equity / assets | 37.4% | 37.4% | 36.2% | 40.9% | 38.2% | 41.1% | 40.8% | 42.3% | 39.4% | 41.8% | 40.5% | 42.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
TCPC financial position
At the end of fiscal 2025 (December 31, 2025), BlackRock TCP Capital had total assets of $1.7 billion (down 14.2% from a year earlier), total liabilities of $1.1 billion and shareholders' equity of $598.0 million. It held $61.1 million in cash and short-term investments against $1.0 billion of debt, net debt of $974.5 million. Its current ratio was 0.25. In the latest quarter (ended June 30, 2026) total assets were $1.5 billion and equity $552.0 million.
Related: TCPC income statement, TCPC cash flow statement, TCPC key metrics. See the TCPC stock overview for the latest quote and news.
TCPC balance sheet FAQ
What are BlackRock TCP Capital's total assets?
BlackRock TCP Capital reported total assets of $1.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.9 billion a year earlier.
How much debt does BlackRock TCP Capital have?
BlackRock TCP Capital had $1.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.73.
How much cash does BlackRock TCP Capital have?
BlackRock TCP Capital held $61.1 million in cash and short-term investments at the end of fiscal 2025; with $1.0 billion of debt that is net debt of $974.5 million.
What is BlackRock TCP Capital's book value?
BlackRock TCP Capital's shareholders' equity (book value) was $598.0 million at the end of fiscal 2025, or $7.04 per share.
What is BlackRock TCP Capital's current ratio?
BlackRock TCP Capital had current assets of $82.6 million and current liabilities of $325.0 million, a current ratio of 0.25 (current liabilities exceed current assets).