BlackRock TCP Capital (TCPC) Operating Expenses (2021 - 2026)
BlackRock TCP Capital's Operating Expenses was $21.88 million in Q2 2026, down 14.8% from $25.69 million a year earlier and down 9.2% from the prior quarter.
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Analysis
BlackRock TCP Capital (TCPC) Operating Expenses (2021 - 2026) Analysis & Trends
On a trailing twelve-month basis, BlackRock TCP Capital's Operating Expenses was $94.02 million through Jun 30, 2026, down 18.4% year-over-year; for FY2025, it was $99.24 million, down 22.0% from FY2024.
- Operating Expenses shows a five-year compound annual growth rate of 2.2% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $127.16 million in FY2024 (+24.0%), $102.52 million in FY2023 (+10.8%), $92.56 million in FY2022 (unchanged) and $92.56 million in FY2021 (+4.1%).
- The Q2 2026 figure marks the lowest quarterly Operating Expenses in data going back to Q3 2021.
- Compared with a year earlier, Operating Expenses has declined for six straight quarters, with an average decline of 6.7% over the last eight quarters.
- The best year-over-year quarter for Operating Expenses over five years was Q3 2024 (growth of 43.2%); the worst was Q3 2025 (a decline of 32.3%).
- Per Business Quant data, TCPC's Operating Expenses in the three quarters before Q2 2026 was $24.11 million (Q1 2026), $22.95 million (Q4 2025) and $25.08 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.50 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | BlackRock TCP Capital | 335.61 Mn | -37.26 Mn | - | 21.88 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 21.88 Mn |
| Mar 31, 2026 | 24.11 Mn |
| Dec 31, 2025 | 22.95 Mn |
| Sep 30, 2025 | 25.08 Mn |
| Jun 30, 2025 | 25.69 Mn |
| Mar 31, 2025 | 25.51 Mn |
| Dec 31, 2024 | 26.93 Mn |
| Sep 30, 2024 | 37.05 Mn |
| Jun 30, 2024 | 35.70 Mn |
| Mar 31, 2024 | 27.47 Mn |
| Dec 31, 2023 | 25.39 Mn |
| Sep 30, 2023 | 25.88 Mn |
| Jun 30, 2023 | 26.36 Mn |
| Mar 31, 2023 | 24.90 Mn |
| Dec 31, 2022 | 23.67 Mn |
| Sep 30, 2022 | 23.81 Mn |
| Jun 30, 2022 | 22.69 Mn |
| Mar 31, 2022 | 22.40 Mn |
| Dec 31, 2021 | 21.94 Mn |
| Sep 30, 2021 | 24.02 Mn |
API Access
BlackRock TCP Capital Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=TCPC&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "TCPC", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=TCPC&period=max&api_key=YOUR_API_KEY");
const data = await res.json();