BlackRock TCP Capital Corp
tcpcapital.comBlackRock TCP Capital Corp (NASDAQ: TCPC) is a business development company (BDC) that provides debt financing to middle-market companies in the United States. It earns income primarily through interest on debt investments, including senior secured loans, senior secured notes, and equity co-investments. TCPC is an externally managed, closed-end, non-diversified management investment company, incorporated in Delaware on April 2, 2012, and regulated under the Investment Company Act of 1940. Its investment activities are managed by Tennenbaum Capital Partners, LLC, an indirect subsidiary of BlackRock, Inc., which had $14.0 trillion in assets under management as of December 31, 2025. At December 31, 2025, TCPC's consolidated investment portfolio totaled $1,533.3 million at fair value across 141 portfolio companies, with 88.6% in senior secured loans, 3.9% in senior secured notes, and 7.5% in equity investments. The average portfolio company investment was approximately $10.9 million at fair value as of December 31, 2025. TCPC elected to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes, distributing income to shareholders as dividends to avoid corporate-level federal taxation.
Products & Services
Senior secured loans, senior secured notes, unsecured debt, and equity investments targeting middle-market companies. The portfolio was 92.5% debt investments as of December 31, 2025.
Revenue Model
Interest income from debt investments, primarily floating-rate senior secured loans to middle-market companies, supplemented by payment-in-kind (PIK) interest, original issue discount (OID) income, and returns from equity co-investments.
Customers & Markets
Middle-market private and certain public U.S. companies across sectors including financial services, software, internet and catalog retail, and IT services, among others. The five largest portfolio company investments comprised approximately 23.1% of the portfolio at fair value as of December 31, 2025.
Geographic Exposure
Primarily United States middle-market companies, with some investments in foreign securities as disclosed in the FY2025 10-K.
Peers: Associated Capital Group, Inc. Bain Capital Specialty Finance Inc Blackstone Inc Acadian Asset Management Inc Carlyle Secured Lending Inc WisdomTree Inc Sculptor Capital Management, Inc. PennantPark Floating Rate Capital Ltd Pzena Investment Management, Inc. SLR Investment Corp
Source: SEC 10-K, filed 2026-02-27
Financial Snapshot
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