BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments. It typically invests in communication services, public relations services, television, wireless telecommunication services, apparel, textile mills, restaurants, retailing, energy, oil and gas extraction, Patent owners and Lessors, Federal and Federally- Sponsored Credit agencies, insurance, hospital and healthcare centers, Biotechnology, engineering services, heavy electrical equipment, tax accounting, scientific and related consulting services, charter freight air transportation, Information technology consulting, application hosting services, software diagram and design, computer aided design, communication equipment, electronics manufacturing equipment, computer components, chemicals. 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 including complex situations. It prefers to make equity investments in companies for an ownership stake.
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- BlackRock TCP Capital is like **JPMorgan Chase** or **Bank of America** for private, medium-sized businesses.
- BlackRock TCP Capital is like **Blackstone** or **Apollo Global Management** for private company loans instead of equity investments.
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- Debt Financing: Provides various types of loans, predominantly senior secured and unitranche, to privately held middle-market companies.
- Equity Co-Investments: Makes minority equity investments, often accompanying debt financing, in its portfolio companies.
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BlackRock TCP Capital (symbol: TCPC) is a Business Development Company (BDC) that primarily provides debt and equity financing to other companies, rather than selling products or services to individuals.
TCPC's "customers" are its portfolio companies – the businesses to which it lends money or makes equity investments. These are overwhelmingly middle-market, privately-held companies. Due to the nature of its business as an investment firm, TCPC does not have "major customers" in the traditional sense of a few large companies repeatedly purchasing goods or services. Instead, its investment portfolio is diversified across numerous private companies.
Therefore, it's not possible to list specific public company symbols as major customers, as TCPC's core business is investing in private entities. TCPC primarily serves:
- Middle-market Companies: Businesses that are generally too large for venture capital and too small to efficiently access the public debt or equity markets. These companies span a wide range of industries.
- Privately-held Companies: The vast majority of TCPC's investments are in private entities, which do not have public stock symbols.
- Companies Seeking Capital: These businesses typically require capital for various purposes, including growth initiatives, acquisitions, recapitalizations, or refinancing existing debt. TCPC provides various forms of capital, such as senior secured loans (first and second lien), subordinated debt, and equity co-investments.
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- BlackRock, Inc. (BLK)
- The Bank of New York Mellon (BK)
- Computershare Trust Company, N.A. (CPU)
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Philip Tseng, Chairman, Chief Executive Officer and Co-CIO
Mr. Tseng is a Managing Director and serves as the Chairman, Chief Executive Officer, Co-Chief Investment Officer, and Director of BlackRock TCP Capital Corp. He also holds these leadership roles for BlackRock Private Credit Fund and BlackRock Direct Lending Corp. Mr. Tseng is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, where he leads the firm's U.S. core middle market direct lending strategy. He assumed the role of Chairman and CEO of BlackRock TCP Capital Corp. effective November 6, 2024, succeeding Rajneesh Vig.
Erik L. Cuellar, Chief Financial Officer
Mr. Cuellar is a Director and the Chief Financial Officer of BlackRock TCP Capital Corp., BlackRock Private Credit Fund, and BlackRock Direct Lending Corp., where he is responsible for financial and regulatory reporting. He has been with BlackRock and its predecessor, TCP Capital, since 2011. Prior to his current role, Mr. Cuellar served as Controller for Ares Capital Corporation. He was also the Assistant Treasurer and Principal Accounting Officer for the Metropolitan West Funds at Metropolitan West Asset Management, and managed the Alternative Investments Group at Western Asset Management Company. Mr. Cuellar began his career as a Senior Auditor in the Financial Services Group at Deloitte & Touche LLP and is a Certified Public Accountant in California.
Jason Mehring, President
Mr. Mehring is a Managing Director and the President of BlackRock TCP Capital Corp., BlackRock Private Credit Fund, and BlackRock Direct Lending Corp. He is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform and plays a key role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. He previously served as Chief Operating Officer before his appointment as President.
Patrick Wolfe, Chief Operating Officer
Mr. Wolfe is a Managing Director and serves as the Chief Operating Officer of BlackRock TCP Capital Corp., BlackRock Direct Lending Corp., and BlackRock Private Credit Fund. As a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, he is a leader in BlackRock's U.S. core middle market direct lending strategy.
Dan Worrell, Co-CIO
Mr. Worrell is a Managing Director and serves as Co-Chief Investment Officer of BlackRock TCP Capital Corp., BlackRock Private Credit Fund, and BlackRock Direct Lending Corp. He is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, where he is a leader in BlackRock's U.S. core middle market direct lending strategy. In this capacity, Mr. Worrell is responsible for overseeing the strategy's investment process and plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies.
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Key Risks to BlackRock TCP Capital (TCPC)
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Credit Quality and Net Asset Value (NAV) Stability: A primary concern for BlackRock TCP Capital, as a Business Development Company (BDC), is the inherent risk associated with the credit quality of its investment portfolio and the stability of its Net Asset Value (NAV). The company has experienced ongoing pressure on its NAV, with a notable decline in the past, and faces concerns regarding overall portfolio quality and elevated levels of non-accrual loans (loans not currently generating interest). While management is actively repositioning the portfolio towards more secure assets, the persistent challenges in credit quality directly impact NAV stability, which is crucial for investor confidence.
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Interest Rate Sensitivity and Market Risks: BlackRock TCP Capital's business model is significantly exposed to fluctuations in interest rates. A substantial portion of its debt investments are structured with floating rates, making the company and its portfolio companies sensitive to interest rate changes. Rising interest rates can increase the borrowing costs for the companies in TCPC's portfolio, potentially impairing their ability to repay loans. Additionally, general market risks stemming from geopolitical and macroeconomic events, such as inflation and economic downturns, can lead to market volatility, affect the valuation of the company's investments, and impact its net investment income.
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Liquidity and Debt Maturity Challenges: The company faces potential challenges related to its liquidity and upcoming debt maturities. Unfavorable economic conditions could hinder TCPC's ability to renew, extend, or replace its existing leverage programs. A significant debt maturity, specifically a $325 million fixed-rate debt due in early 2026, will require refinancing, likely at higher prevailing rates, which could increase interest expenses. Furthermore, a consistently discounted valuation of its stock can impede the company's ability to raise capital effectively.
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BlackRock TCP Capital (TCPC) primarily focuses on direct lending to middle-market companies and small businesses within the United States. Their main products are debt securities, predominantly senior secured loans, alongside junior loans, mezzanine debt, and some equity investments.
The addressable market for private credit, which includes direct lending to middle-market companies, is substantial, particularly in the U.S. The global private credit market reached approximately US$3 trillion in assets under management (AUM) as of November 2024. North America accounts for a significant portion, representing around 70% of global private credit raised since 2008, and more than 87% of total outstanding private credit loan volumes are originated in the U.S. Estimates suggest that approximately three-quarters of the global private credit market is situated in the United States.
Specifically for the U.S. middle market, which consists of nearly 200,000 companies, private equity firms involved in this market control nearly $1.7 trillion in capital. The lower middle market, comprising 90% of these companies (those with annual revenues between $10 million and $150 million), represents a significant segment of this addressable market.
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BlackRock TCP Capital (TCPC) is anticipated to drive future revenue growth over the next two to three years through several key strategies:
- Enhanced Portfolio Quality and Reduced Non-Accruals: The company's focus on improving the credit quality of its investment portfolio and successfully resolving challenged positions is a significant driver. A reduction in non-accrual loans, which decreased to 3.5% of the portfolio at fair value in Q3 2025 from 5.6% at the end of 2024, directly contributes to more consistent interest income and minimizes potential losses, thereby supporting revenue stability and growth.
- Increased Deal Flow and Selective Capital Deployment: BlackRock TCP Capital has reported an increase in deal flow, with a 20% rise in reviewed deals and a 40% increase in deals advancing to the screening stage in Q3 2025. This expanded pipeline allows for the selective deployment of capital into high-quality investment opportunities, particularly in first lien, floating-rate loans to middle-market borrowers. This strategic allocation to companies with strong fundamentals and long-term growth potential is expected to generate consistent and potentially higher interest income.
- Portfolio Diversification: The company is actively diversifying its portfolio by making numerous new investments and reducing the average position size. For instance, in Q3 2025, TCPC invested $241 million in 31 new and existing portfolio companies, decreasing the average position size to $7.8 million from $11.7 million at the end of 2024. This strategy mitigates concentration risks and enhances overall portfolio stability, which can lead to more reliable and diversified revenue streams. The focus on less-cyclical industries such as software, financial services, and professional services further supports this diversification and aims for economic resilience.
- Strategic Partnerships and Platform Expansion: New initiatives, including a partnership with HPS and the launch of a Private Financing Solutions platform, are aiding BlackRock TCP Capital in remaining selective in its investments and supporting income generation. These strategic expansions can open new avenues for investment and revenue generation by leveraging broader market access and specialized financing solutions.
- Favorable Interest Rate Environment for Floating Rate Loans: With 89% of its portfolio invested in senior secured, floating-rate debt, TCPC is well-positioned to benefit from a stable or rising interest rate environment. While the weighted average annual effective yield decreased slightly in Q3 2025, the predominant floating-rate nature of its loans means that as benchmark interest rates increase, the interest income generated from its portfolio companies would also rise, contributing to revenue growth.
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Share Repurchases
- BlackRock TCP Capital's Board re-approved a stock repurchase plan on August 1, 2024, authorizing the repurchase of up to $50.0 million in common stock.
- During the third quarter of 2025, the company repurchased over 25,000 shares of TCPC stock, with an additional 170,000 shares repurchased after the quarter-end as of November 6, 2025.
- From October 1, 2025, through November 5, 2025, the company repurchased 169,964 shares at a total cost of $977,677.
Share Issuance
- On March 18, 2024, BlackRock TCP Capital Corp. merged with BlackRock Capital Investment Corp. (BCIC) in a stock-for-stock transaction, resulting in the issuance of 0.3834 new shares of TCPC common stock for each BCIC share.
- Following the merger, legacy TCPC shareholders and former BCIC shareholders owned approximately 67.5% and 32.5%, respectively, of the combined company.
Inbound Investments
- The merger with BlackRock Capital Investment Corp. (BCIC) on March 18, 2024, served as a significant inbound investment, enhancing TCPC's scale and expected access to capital, while also driving accretion of net investment income.
Outbound Investments
- From the start of 2025 through the third quarter of 2025, BlackRock TCP Capital invested $241 million across 18 new and 13 existing portfolio companies.
- In the third quarter of 2025 alone, the company invested approximately $63.1 million in 5 new and 2 existing portfolio companies.
- TCPC primarily focuses on originating and investing in debt securities of performing middle-market companies, with a significant portion of its portfolio (89% as of Q3 2025) invested in senior secured debt.
