BlackRock 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.

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.

Products and 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.

Customers and end 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.

Value-chain role

Direct lender and equity co-investor to middle-market companies; externally managed by Tennenbaum Capital Partners, LLC, an indirect subsidiary of BlackRock, Inc., which sources deals through sponsor and non-sponsor channels via BlackRock's Private Financing Solutions platform.

Geographic exposure

Primarily United States middle-market companies, with some investments in foreign securities as disclosed in the FY2025 10-K.

Source: SEC 10-K, filed 2026-02-27

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