TCP Capital
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.
- Company typePublic
- Founded1999
- HeadquartersSanta Monica, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
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.
TCP Capital firmographics
Firmographics- 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
TCP Capital industry classification
Industry- 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
Where TCP Capital is headquartered
LocationHeadquarters
- HQ city
- Santa Monica
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
TCP Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Others, Technology or R&D, Infrastructure
Revenue model
- 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.
- 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.
- 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
TCP Capital product offering
Product offeringCore 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
Companies that use TCP Capital
Customer profileSegments1 record
Ideal customer profiles1 record
TCP Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
TCP Capital partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- HPS Investment PartnerscoreBlackRock 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 CorporationcoreCompleted 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
TCP Capital competitors and assessment
Company assessmentDirect 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
TCP Capital social profiles
Digital presenceTCP Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
TCP Capital leadership team
Management profileNumber of profiles
Profiles11 records
TCP Capital subsidiaries and ownership
Company hierarchySubsidiaries1 record
TCP Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TCP Capital M&A and investment
M&A and investmentM&A1 record
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TCP Capital
What does TCP Capital do?
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.
Is TCP Capital a public or private company?
TCP Capital is a public company. It is classified as public and is currently operating.
When was TCP Capital founded?
TCP Capital was founded in 1999. It employs 51 to 100 people.
Where is TCP Capital based?
TCP Capital is headquartered in Santa Monica, United States, in the North America region.
How does TCP Capital make money?
Three revenue lines are on record. Interest Income from Debt Investments are the primary driver. The others are management Fees and capital Gains/Appreciation.
Who are TCP Capital's main competitors?
Direct peers on record are Oaktree Specialty Lending, Ares Capital Corp, Blue Owl Capital Corp, Sixth Street Specialty Lending, Golub Capital BDC, Main Street Capital, New Mountain Finance, Bain Capital Specialty Finance, FS KKR Capital Corp and Carlyle Secured Lending.
Does TCP Capital have an API?
No public API is recorded for TCP Capital.
What industry is TCP Capital in?
TCP Capital's product category is Middle-Market Specialty Lending / Business Development Company. Its primary akta.pro industry code is FSANADAJ, Large-Cap / Sponsor Finance Direct Lending, with a secondary code of FSAAAHAG, Private Credit / Direct Lending. Its NAICS code is 5239 and its SIC code is 6159.