BlackRock TCP Capital Corp

tcpcapital.com

What Do They Do?

Lends mainly to performing middle-market companies, primarily through senior loans backed by their assets, and may also take equity stakes.

How Do They Make Money?

The company earns contractual interest from debt investments, with upfront origination and similar fees spread over each investment’s life; certain amendment, prepayment and broken-deal commitment fees are earned when applicable.

FY2025 revenue

Who Are Their Customers?

Invests through privately negotiated loans to performing middle-market companies, primarily in the U.S.; the advisor sources opportunities through investment bankers, private equity sponsors, senior lenders and other deal sources.

Do Revenues Turn Into Profits?

No. It lost $88.9M in FY2025.

Net income, FY2025

−81% of revenue

▲ +41% (Loss) vs FY2024 (−$63.1M, −48%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −34%; vs $27.6M in Q2 FY2025
Net income: ▲ Now profitable; vs −$15.9M in Q2 FY2025

Sep 4, 2026 CEO and board chair resigned; successor appointed Jason Mehring was appointed CEO and board chair after Philip Tseng resigned.
Aug 6, 2026 Sold a 95% interest in a loan portfolio vehicle The vehicle held loans across 78 companies; the company kept a 5% interest and direct investments in substantially all included companies.

Growing. Revenue grew 50% in 4 years, from $72.5M in FY2021 to $109.1M in FY2025, about 11% a year.

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