TCP Capital

What TCP Capital does

BlackRock TCP Capital Corp. (NASDAQ: TCPC) is an externally-managed business development company (BDC) regulated under the Investment Company Act of 1940, focused on originating and investing in debt securities of U.S. performing middle-market companies. The company's advisor, a wholly-owned subsidiary of BlackRock, Inc., has participated in the origination and syndication of approximately $44.1 billion of leveraged loans to 733 companies since 1999. As of September 30, 2025, TCPC's portfolio had a total fair value of $1.7 billion across 149 companies, with 90% in senior secured debt and 94.2% at floating rates, generating an 11.5% weighted average annual effective yield.

TCPC generates revenue primarily through interest income on its debt portfolio, with secondary contributions from capital appreciation on equity co-investments and warrant positions (roughly 10% of the portfolio). The company is externally managed — paying management fees to a BlackRock subsidiary — and raises capital through public equity (NASDAQ), notes offerings (a $325M 6.95% notes issuance in May 2024), and CLO transactions (a $535.78M CLO completed in May 2026). Its target borrowers are middle-market companies with EBITDA between $25M and $150M seeking flexible financing for growth, recapitalizations, acquisitions, and working capital.

In 2024, TCPC completed a merger with BlackRock Capital Investment Corporation, consolidating two BlackRock-sponsored BDCs. Since FY2024 the company has reported net losses driven by portfolio markdowns, a 19% NAV reduction, KBRA downgrade to BB+ (Negative Outlook), a DOJ investigation into valuation practices, and multiple securities class action lawsuits. The advisor waived one-third of Q4 2025 management fees and added HPS Investment Partners executives to the investment committee in 2026 to address underperformance.

Name

TCP Capital

Legal name

BlackRock TCP Capital Corp.

Website

https://tcpcapital.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

51–100 employees

Short description

BlackRock TCP Capital Corp. (NASDAQ: TCPC) is an externally managed business development company that originates senior secured and mezzanine debt to U.S. middle-market companies, managing a $1.7B portfolio across 149 borrowers under a BlackRock subsidiary advisor.

Ownership category

akta.pro rank

Product category

Middle-Market Specialty Lending / Business Development Company

NAICS

Other Financial Investment Activities (5239)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)

akta.pro secondary industry

Private Credit / Direct Lending (FSAAAHAG)

Keywords

• Middle-market lending
• Business development company
• Direct lending
• Senior secured loans
• Mezzanine financing

Headquarters

HQ city

Santa Monica

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Technology or R&D, Infrastructure

Revenue model

1. Interest Income from Debt Investments: Primary revenue stream from interest payments on senior secured, mezzanine, and other debt investments made to middle-market companies. The portfolio generates current income through floating rate loans designed to provide principal protection and high total returns.
2. Management Fees: Externally managed by a BlackRock subsidiary, the company pays management fees to its advisor. Management fees waived one-third for Q4 2025 amid performance challenges.
3. Capital Gains/Appreciation: Secondary revenue from capital appreciation through equity co-investments and warrant positions in portfolio companies, typically representing approximately 10% of the investment portfolio.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

BlackRock TCP Capital Corp. is an externally-managed specialty finance company that originates and invests in debt securities of performing U.S. middle-market companies. The portfolio consists primarily of senior secured first-lien loans (approximately 88.7%) with floating rates (94.2%), supplemented by mezzanine debt, unitranche financings, equity co-investments and special situations financings. Capital is deployed to support growth, recapitalizations, acquisitions, and working capital needs of companies typically with EBITDA between $25 million and $150 million.

Product overview

BlackRock TCP Capital Corp. is a single, unified business development company (BDC) focused on middle-market lending. The company operates as one core product offering - providing direct lending and debt investment services to middle-market companies. There is no modular or platform-based architecture; rather, it is a single externally-managed specialty finance company whose investment strategy centers on originating and investing in debt securities of performing middle-market companies, with the goal of achieving high total returns through current income and capital appreciation with principal protection.

Differentiator

Problem solved

Functional benefit

Products and services

• BlackRock TCP Capital Corp. (BDC investment platform) An externally-managed specialty finance company regulated as a business development company (BDC) under the Investment Company Act of 1940. Invests in debt securities of performing U.S. middle-market companies to achieve high total returns through current income and capital appreciation with an emphasis on principal protection. Traded on NASDAQ under ticker TCPC.
• Middle-Market Direct Lending Origination of and investment in senior secured first-lien loans (approximately 88.7% of portfolio as of Q1 2026), mezzanine debt, unitranche financings, equity co-investments and special situations financings to performing U.S. middle-market companies. Target borrowers typically have EBITDA between $25 million and $150 million. The portfolio generated an 11.5% weighted average annual effective yield as of September 30, 2025, with 94.2% of debt at floating rates.

Quantifiable outcome

• 11.5% weighted average annual effective yield on debt portfolio as of September 30, 2025
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• HPS Investment PartnerscoreStrategic or Co-development Partner · 15 May 2026BlackRock added executives from its HPS Investment Partners acquisition to the investment committee of its TCP Capital Corp fund to improve performance. This followed poor portfolio performance and efforts to address underperformance in the BDC.
• BlackRock Capital Investment CorporationcoreStrategic or Co-development Partner · 18 March 2024Completed merger with BlackRock Capital Investment Corporation in March 2024. The transaction combined two BlackRock-sponsored BDCs, resulting in a combined company publicly traded on NASDAQ and managed by a wholly-owned subsidiary of BlackRock, Inc. The merger positioned the company for sustained growth and shareholder value creation.

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Oaktree Specialty Lending: Externally managed BDC (by Oaktree Capital Management) focused on senior secured loans to U.S. middle-market companies. Overlaps with TCPC in floating-rate, first-lien senior secured middle-market lending.
• Ares Capital Corp: The largest publicly traded BDC, focused on direct lending to U.S. middle-market companies. Directly comparable to TCPC in product offering (first-lien senior secured loans), target borrower profile (sponsor-backed middle market), and externally-managed structure (Ares Management).
• Blue Owl Capital Corp: Public BDC formed via the Dyal Capital/Owl Rock combination, focused on direct lending to upper-middle-market companies. Overlaps with TCPC in sponsor-backed senior secured loan origination and external management (Blue Owl).
• Sixth Street Specialty Lending: Public BDC that originates and invests in primarily first-lien senior secured loans to U.S. middle-market companies, frequently sponsor-backed. Direct competitor in middle-market direct lending with a comparable floating-rate, senior-secured profile.
• Golub Capital BDC: Externally managed BDC focused on senior secured, one-stop, and second-lien loans to U.S. middle-market companies sponsored by private equity firms — a nearly identical mandate to TCPC's middle-market direct lending strategy.
• Main Street Capital: Public BDC and SBIC focused on customized debt and equity capital to lower-middle-market companies. Operates in the same middle-market direct lending category as TCPC, with a similar emphasis on senior secured first-lien positions.
• New Mountain Finance: Externally managed BDC (by New Mountain Finance Advisers) that invests in senior secured loans to defensive, growth-oriented middle-market companies. Compares to TCPC on direct lending strategy and middle-market target segment.
• Bain Capital Specialty Finance: Externally managed BDC sponsored by Bain Capital Credit that invests primarily in senior secured loans to U.S. middle-market companies. Directly comparable to TCPC on borrower profile, loan structure, and floating-rate, first-lien emphasis.
• FS KKR Capital Corp: Externally managed BDC co-sponsored by FS Investments and KKR Credit, focused on senior secured loans to U.S. middle-market borrowers. Directly comparable to TCPC in mandate, sponsor backing, and externally-managed structure.
• Carlyle Secured Lending: Public BDC externally managed by Carlyle that invests primarily in first-lien senior secured loans to middle-market companies — same product profile and sponsor-finance orientation as TCPC, recently grouped alongside TCPC in peer BDC litigation matters.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/tcpcapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TCP Capital