BlackRock TCP Capital (TCPC) Cash Flow: Operating & Free Cash Flow

BlackRock TCP Capital Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for BlackRock TCP Capital Corp. (TCPC) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	278.13	-63.14	38.47	-9.23	133.79	71.37	30.58	45.48	67.93
Depreciation & Amortization	-93.15	0.00	0.00	70.17	-6.14	-6.14	-25.20	9.00	-12.95
Deferred Income Tax	0.00	0.00	0.00	0.00	0.00	5.87	26.28	-68.07	0.00
Stock Based Compensation	0.00	0.00	0.00	0.00	0.00	0.27	-1.09	-0.14	0.00
Change in Working Capital	-26.09	184.75	-3.92	-21.59	-143.66	23.84	21.34	-13.53	1.20
Change in Accounts Receivable	-23.45	7.86	-4.75	5.18	-10.24	3.37	2.48	-2.33	-2.60
Change in Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	94.92	199.42
Change in Accounts Payable	-2.12	-1.45	-1.56	-25.58	-4.28	20.30	12.70	0.98	2.76
Change in Other Working Capital	-0.53	184.75	2.39	-1.19	-143.66	0.17	6.17	-107.09	-198.39
Other Operating Activities	-105.37	171.51	54.93	164.59	-72.74	27.11	-47.23	-19.11	-184.40
Net Cash from Operating Activities	154.92	293.12	89.48	203.95	-82.61	122.33	4.69	-46.37	-128.22
Investing Activities
Capital Expenditures	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of Investments	-251.31	-325.79	-215.70	-330.41	-448.84	-448.84	-686.24	-619.89	-854.06
Sales/Maturities of Investments	352.70	517.09	218.67	481.46	480.72	480.72	596.37	512.80	655.67
Other Investing Activities	0.00	-191.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	101.40	0.00	2.97	151.05	31.88	31.88	-89.86	-107.09	-198.39
Financing Activities
Debt Repayment	-87.25	-250.00	39.28	-70.59	-180.74	-60.34	102.15	77.00	152.87
Common Stock Issued	0.00	0.00	0.00	0.00	6.10	0.01	0.01	0.01	94.47
Common Stock Repurchased	-3.01	-4.52	0.00	0.00	-6.10	-6.10	-0.13	-1.05	0.00
Dividends Paid	-21.89	-122.54	-100.52	-70.48	-69.32	-76.61	-84.62	-84.69	-82.61
Other Financing Activities	-73.28	-8.44	-1.41	0.00	-4.41	-4.12	-5.18	-3.61	91.00
Net Cash from Financing Activities	-185.43	-313.77	-62.65	-141.07	82.15	-147.17	12.23	-12.33	161.26
Summary
Effect of Forex Changes on Cash	0.00	0.00	0.00	-151.05	-31.88	-31.88	89.86	107.09	198.39
Net Change in Cash	-30.51	-20.65	29.81	62.88	-0.45	-24.84	16.93	-58.70	33.05
Cash at Beginning of Period	91.59	112.24	82.44	19.55	20.01	44.85	27.92	86.63	53.58
Cash at End of Period	61.08	91.59	112.24	82.44	19.55	20.01	44.85	27.92	86.63
Free Cash Flow	154.92	293.12	89.48	203.95	-82.61	122.33	4.69	-46.37	-128.22
Supplemental Disclosures
Interest Paid	-	68.82	42.59	36.92	33.48	36.21	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About BlackRock TCP Capital Cash Flow

What is BlackRock TCP Capital's free cash flow?

BlackRock TCP Capital generated free cash flow of $154.92M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 47.1% from $293.12M a year earlier. Free cash flow equaled 76.8% of revenue.

Does BlackRock TCP Capital pay dividends or buy back shares?

Yes. In fiscal 2025 BlackRock TCP Capital returned $21.89M in dividends and $3.01M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition