Provide direct equity and debt investments to middle-market companies. Invest in senior secured loans, junior loans, and mezzanine debt. Now — the numbers.
The company closed last year at a loss: costs ran above sales. The picture changes only if spending is reined in.
An average decline of 50% a year over the last 3 years — the most striking risk in this picture. Red columns mark years that ended in a loss.
Before the clock runs out, either sales must climb sharply or new money must come in. This is the most critical line in the whole picture.
This company is not turning a profit, so the market is pricing its sales instead: 16.4× for every dollar of annual revenue.
Against companies in its own sector, it looks cheaper than 96% of them.
Analysts' average target sits 2% below today's price.
Executives buying with their own money is usually read as confidence in the company’s future.
An investor who bought at the very peak is down 72% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.
Over the last 12 months, company executives reported 16 buys and 14 sells. Management buying with its own money is usually read as a good sign.
It pays out $0.88 per share each year — regular cash for whoever holds the stock.
A loss of $63.1M against $20.8M in annual sales. And on top of that, sales fell from the year before.
At the current pace of spending, the cash lasts less than a year. After that, the company needs to find new money.
On our five-subject report card, TCPC sits behind the class. A low grade doesn’t mean “doomed” — it means “big claim, small proof.”
The takeaway: TCPC’s sales are going backwards, and it closed last year at a loss. The road back runs through both.
The total grade weighs these five subjects against the sector — it isn’t a simple average of the five.
Not covered, because the filings we hold do not carry it: the revenue breakdown.