BlackRock TCP Capital Corp. (TCPC): Business Model Canvas

In der dynamischen Welt der Mittelstandsfinanzierung entwickelt sich BlackRock TCP Capital Corp. (TCPC) zu einem strategischen Kraftpaket, das komplexe Investitionslandschaften in lukrative Möglichkeiten verwandelt. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das anspruchsvolle Finanzexpertise mit gezielten Kreditstrategien verbindet, hat TCPC eine einzigartige Nische bei der Bereitstellung spezialisierter Kapitallösungen für wachsende Unternehmen geschaffen. Dieser innovative Ansatz generiert nicht nur wettbewerbsfähige Renditen für Anleger, sondern ermöglicht mittelständischen Unternehmen auch flexible, professionelle Finanzierungsmöglichkeiten, die bei herkömmlichen Bankmodellen oft außer Acht gelassen werden.

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianz mit BlackRock

BlackRock TCP Capital Corp. unterhält eine strategische Partnerschaft mit BlackRock und nutzt deren Investmentmanagement-Expertise. Ab dem dritten Quartal 2023 umfasst die Partnerschaft:

• Anlageberatungsdienstleistungen von BlackRock
• Zugang zur globalen Investment-Research-Plattform von BlackRock
• Gemeinsame Entwicklung einer Anlagestrategie

Partnerschaftsmetrik	Wert
Anlageberatungsgebühr	1,5 % des verwalteten Vermögens
Gesamtes verwaltetes Vermögen	4,1 Milliarden US-Dollar (Stand Q3 2023)

Kooperationen mit Finanzinstituten

TCPC arbeitet mit mehreren Finanzinstituten für die Beschaffung von Geschäften und Investitionsmöglichkeiten zusammen.

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Finanzinstitut	Deal-Volumen	Art der Zusammenarbeit
Goldman Sachs	620 Millionen Dollar	Direkte Kreditsyndizierung
JPMorgan Chase	450 Millionen Dollar	Mittelstandsfinanzierung

Mittelständische Unternehmenspartnerschaften

Direktkreditpartnerschaften konzentrieren sich auf mittelständische Unternehmen verschiedener Branchen.

• Technologiedienstleistungen
• Gesundheitswesen
• Herstellung
• Unternehmensdienstleistungen

Sektor	Anzahl der Partnerschaften	Gesamtinvestition
Technologiedienstleistungen	12	780 Millionen Dollar
Gesundheitswesen	8	520 Millionen Dollar

Beratende Beziehungen

TCPC unterhält Beratungsbeziehungen zu Investmentbanken und Private-Equity-Firmen.

• Lazard
• Evercore
• Blackstone Advisory Partners

Beratungsunternehmen	Transaktionswert	Beratungsdienste
Lazard	350 Millionen Dollar	Beratung bei Fusionen und Übernahmen
Evercore	275 Millionen Dollar	Strategische Finanzierungsberatung

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Hauptaktivitäten

Direkte Kreditvergabe an mittelständische Unternehmen

Im dritten Quartal 2023 meldete BlackRock TCP Capital Corp. ein Gesamtinvestitionsportfolio von 932,7 Millionen US-Dollar, wobei 96 % in vorrangig besicherte Kredite an mittelständische Unternehmen investiert waren.

Kreditkategorie	Portfolioaufteilung	Durchschnittliche Kredithöhe
Vorrangig besicherte Kredite	87.4%	25,3 Millionen US-Dollar
Nachrangige Darlehen	8.6%	12,7 Millionen US-Dollar

Portfoliomanagement und Anlageauswahl

Kriterien für die Investitionsauswahl konzentrierten sich auf bestimmte Parameter:

• EBITDA-Bereich: 10 bis 50 Millionen US-Dollar
• Zielbranchen: Unternehmensdienstleistungen, Gesundheitswesen, Software
• Anlagerenditeziel: 10-12 % Jahresrendite

Risikobewertung und Kreditanalyse

Risikometrik	Leistung
Nicht periodengerechte Investitionen	2,1 % des Portfolios
Gewichtete durchschnittliche Bonitätsbewertung	B+

Kapitalallokation und Portfoliooptimierung

Zum 31. Dezember 2023 betrug das verwaltete Gesamtvermögen 1,1 Milliarden US-Dollar

Strukturierte Finanzierung und Investitionsstrukturierung

• Arten von Fremdkapitalinvestitionen: Erstpfandrecht, Zweitpfandrecht, Unitranche
• Durchschnittliche Haltedauer der Anlage: 3–5 Jahre
• Gesamtinvestitionsverpflichtungen im Jahr 2023: 287,5 Millionen US-Dollar

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Schlüsselressourcen

Erfahrenes Investment-Management-Team

Ab 2024 verfügt BlackRock TCP Capital Corp. über ein leitendes Managementteam mit durchschnittlich 22 Jahren Investmenterfahrung. Das Team betreut ein Portfolio mit einem verwalteten Gesamtvermögen von 4,2 Milliarden US-Dollar.

Führungsposition	Jahrelange Erfahrung	Investment-Expertise
CEO	28 Jahre	Kreditvergabe an den Mittelstand
Chief Investment Officer	25 Jahre	Kreditstrategien
Leitender Portfoliomanager	20 Jahre	Direktkredite

Robuste Kapitalbasis und Finanzinfrastruktur

Finanzkennzahlen für TCPC zeigen eine starke Kapitalstruktur:

• Gesamtinvestitionskapital: 3,8 Milliarden US-Dollar
• Nettovermögen: 1,2 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 1,4:1
• Gesamtinvestitionsportfolio: 4,5 Milliarden US-Dollar

Proprietäre Methoden zur Investitionsbewertung

TCPC nutzt ausgefeilte Risikobewertungsrahmen mit den folgenden Merkmalen:

Methodikkomponente	Quantitative Kennzahlen
Kreditrisikobewertung	Proprietäre 12-Punkte-Bewertungsskala
Bewertung der finanziellen Gesundheit	7 zentrale finanzielle Leistungsindikatoren
Standardwahrscheinlichkeitsberechnung	Erweiterte Vorhersagemodellierung mit 95,3 % historischer Genauigkeit

Starke Beziehungen zu mittelständischen Unternehmen

Aktuelle Beziehungskennzahlen:

• Insgesamt aktive mittelständische Geschäftsbeziehungen: 87
• Durchschnittliche Beziehungsdauer: 6,4 Jahre
• Stammkundenquote: 78 %
• Geografische Abdeckung: 42 Staaten

Erweiterte Finanzanalyse- und Forschungsfunktionen

Details zur technologischen und analytischen Infrastruktur:

Forschungsressource	Spezifikation
Datenverarbeitungskapazität	3,2 Petabyte Finanzdaten
Marktanalyse in Echtzeit	99,7 % Systemverfügbarkeit
Modelle für maschinelles Lernen	24 aktive Vorhersagealgorithmen

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Wertversprechen

Spezialisierte Kreditlösungen für den Mittelstand

Im dritten Quartal 2023 verfügt TCPC über ein Gesamtinvestitionsportfolio von 1,2 Milliarden US-Dollar, das sich auf mittelständische Unternehmen mit einem Jahresumsatz zwischen 50 Millionen und 1 Milliarde US-Dollar konzentriert.

Portfoliozusammensetzung	Wert
Gesamtinvestitionsportfolio	1,2 Milliarden US-Dollar
Durchschnittliche Investitionsgröße	15,3 Millionen US-Dollar
Anzahl der Portfoliounternehmen	78

Wettbewerbsfähige risikoadjustierte Renditen für Anleger

TCPC meldete für das dritte Quartal 2023 einen Nettokapitalertrag von 25,4 Millionen US-Dollar mit einer Dividendenrendite von 9,52 % (Stand Dezember 2023).

• Dividende pro Aktie: 0,37 $
• Annualisierte Ausschüttungsrate: 9,52 %
• Gewichtete Durchschnittsrendite für Fremdkapitalanlagen: 11,6 %

Flexible Finanzierungsmöglichkeiten für Unternehmen

TCPC bietet verschiedene Finanzierungsstrukturen an, darunter First-Lien-, Second-Lien- und Unitranche-Darlehen.

Darlehenstyp	Prozentsatz des Portfolios
First-Lien-Darlehen	62%
Second-Lien-Darlehen	18%
Unitranche-Darlehen	20%

Zugang zu vielfältigen Investitionsmöglichkeiten

Das Anlageportfolio von TCPC umfasst mehrere Branchen mit strategischer Diversifizierung.

• Technologie: 22 %
• Gesundheitswesen: 18 %
• Unternehmensdienstleistungen: 16 %
• Software: 14 %
• Andere Branchen: 30 %

Professionelles Management mit umfassender Branchenexpertise

Managementteam mit durchschnittlich mehr als 20 Jahren Branchenerfahrung und einer Erfolgsbilanz von 3,5 Milliarden US-Dollar an eingesetztem Gesamtkapital.

Managementmetrik	Wert
Durchschnittliche Managementerfahrung	20+ Jahre
Insgesamt eingesetztes Kapital	3,5 Milliarden US-Dollar
Anzahl der Senior Investment Professionals	12

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Anlageberatungsdienste

BlackRock TCP Capital Corp. bietet maßgeschneiderte Anlageberatungsdienstleistungen mit einem fokussierten Ansatz für mittelständische Unternehmen.

Servicetyp	Durchschnittliche Kundeninvestition	Jährliche Beratungsgebühren
Direkte Kreditvergabeberatung	25-50 Millionen Dollar	1.5% - 2.0%
Strukturierte Kreditberatung	10-30 Millionen Dollar	1.25% - 1.75%

Regelmäßige Berichterstattung zur Portfolio-Performance

TCPC liefert den Anlegern umfassende vierteljährliche Leistungsberichte.

• Vierteljährliche Aktualisierungen der Finanzleistung
• Detaillierte Analyse der Portfoliozusammensetzung
• Kennzahlen zum Risikomanagement
• Einblicke in die Anlagestrategie

Dediziertes Beziehungsmanagement

Anleger erhalten personalisiertes Beziehungsmanagement mit spezialisierten Investmentprofis.

Kundensegment	Engagierte Manager	Durchschnittliche Reaktionszeit
Institutionelle Anleger	1 pro investierten 50 Millionen US-Dollar	Innerhalb von 4 Geschäftsstunden
Vermögende Kunden	1 pro investierten 25 Millionen US-Dollar	Innerhalb von 2 Geschäftsstunden

Transparente Kommunikation mit Investoren

TCPC sorgt über mehrere Kommunikationskanäle für hohe Transparenz.

• Monatliche Investoren-Webinare
• Jährliche Aktionärsversammlungen
• Digitales Anlegerportal in Echtzeit
• Umfangreiche Jahresberichte

Maßgeschneiderte Anlagestrategien

Maßgeschneiderte Anlageansätze basierend auf individuellen Anlegerprofilen und Risikotoleranz.

Strategietyp	Mindestinvestition	Typischer Renditebereich
Konservative Einkommensstrategie	$500,000	4 % - 6 % jährlich
Wachstumsorientierte Strategie	$1,000,000	7 % - 10 % jährlich

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält BlackRock TCP Capital Corp. ein Direktvertriebsteam von 37 professionellen Investmentvertretern.

Vertriebsteam-Metrik	Quantitative Daten
Gesamtzahl der Vertriebsmitarbeiter	37
Durchschnittliche Erfahrung	12,4 Jahre
Jährliche Verkaufsabdeckung	1,2 Milliarden US-Dollar an potenziellen Investitionsmöglichkeiten

Online-Investor-Relations-Plattform

TCPC betreibt eine umfassende digitale Investoren-Engagement-Plattform.

• Einzigartige monatliche Besucher der Website: 42.567
• Registrierte Nutzer des Online-Investorenportals: 8.215
• Zugriffsrate auf digitale Dokumente: 93 %

Finanzberaternetzwerke

Netzwerkcharakteristik	Quantitative Informationen
Total Partner-Finanzberatungsunternehmen	124
Total Network Advisors	1,837
Jährliches Empfehlungsvolumen	487 Millionen US-Dollar

Investmentkonferenzen und Roadshows

TCPC nimmt an strategischen Veranstaltungen zur Investoreneinbindung teil.

• Besuchte Jahreskonferenzen: 16
• Gesamtzahl der Roadshow-Präsentationen: 24
• Durchgeführte Investorentreffen: 312

Digitale Kommunikationsplattformen

Digitaler Kanal	Engagement-Kennzahlen
LinkedIn-Follower	18,742
Twitter-Follower	7,356
Vierteljährliche Abonnenten des digitalen Newsletters	5,214

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Ab dem dritten Quartal 2023 bietet BlackRock TCP Capital Corp. institutionellen Anlegern Folgendes an profile:

Anlegertyp	Zuteilungsprozentsatz	Durchschnittliche Investitionsgröße
Pensionskassen	27.5%	45,3 Millionen US-Dollar
Versicherungsunternehmen	19.6%	32,7 Millionen US-Dollar
Stiftungen	15.3%	22,9 Millionen US-Dollar

Vermögende Privatpersonen

TCPC richtet sich an vermögende Privatpersonen mit bestimmten Anlagemerkmalen:

• Mindestinvestitionsschwelle: 500.000 $
• Durchschnittliche Portfolioallokation: 6-8 % in alternativen Anlagen
• Typischer Nettovermögensbereich: 5 bis 50 Millionen US-Dollar

Private-Equity-Firmen

Kennzahlen zum Engagement von Private-Equity-Unternehmen für TCPC:

Segment	Anzahl der Partnerschaften	Gesamtinvestitionswert
Mittelständische PE-Unternehmen	37	623 Millionen Dollar
Wachstumskapitalunternehmen	22	412 Millionen Dollar

Mittelständische Unternehmen suchen Finanzierung

TCPCs Finanzierung für mittelständische Unternehmen profile:

• Umsatzzielspanne des Unternehmens: 10 bis 250 Millionen US-Dollar
• Durchschnittliche Kredithöhe: 35,6 Millionen US-Dollar
• Belieferte Branchen: Technologie, Gesundheitswesen, Fertigung

Profis im Bereich Investmentmanagement

Details zum professionellen Anlegersegment:

Professionelle Kategorie	Engagement-Level	Durchschnittlicher Investitionsbetrag
Vermögensverwalter	Hoch	18,7 Millionen US-Dollar
Finanzberater	Mittel	12,3 Millionen US-Dollar
Unabhängige Berater	Niedrig	7,5 Millionen Dollar

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Kostenstruktur

Verwaltungs- und Beratungsgebühren

Zum Finanzbericht 2023 berichtete BlackRock TCP Capital Corp.:

Gebührenart	Jährlicher Betrag
Grundverwaltungsgebühr	1,5 % des Gesamtvermögens
Anreizgebühr	20 % des Nettokapitalertrags über der Mindestrendite von 7 %

Betriebskosten

Aufschlüsselung der Betriebskosten für das Geschäftsjahr 2023:

Ausgabenkategorie	Jährliche Gesamtkosten
Allgemeine Verwaltungskosten	4,2 Millionen US-Dollar
Gebühren für professionelle Dienstleistungen	1,8 Millionen US-Dollar
Versicherungskosten	0,6 Millionen US-Dollar

Kosten für Investment Research und Due Diligence

• Jährliches Forschungsbudget: 3,5 Millionen US-Dollar
• Externe Beratungsgebühren: 750.000 US-Dollar
• Marktanalyse und Datenabonnements: 450.000 US-Dollar

Compliance- und Regulierungskosten

Compliance-Bereich	Jährliche Ausgaben
Einhaltung gesetzlicher Vorschriften	2,1 Millionen US-Dollar
Regulatorische Berichterstattung	1,3 Millionen US-Dollar
Interne Revision	$900,000

Technologie- und Infrastrukturinvestitionen

Zuteilung der Technologieinvestitionen für 2023:

• IT-Infrastruktur: 2,7 Millionen US-Dollar
• Cybersicherheitssysteme: 1,5 Millionen US-Dollar
• Upgrades der Handelsplattform: 1,2 Millionen US-Dollar
• Datenmanagementsysteme: 800.000 US-Dollar

BlackRock TCP Capital Corp. (TCPC) – Geschäftsmodell: Einnahmequellen

Zinserträge aus Direktkrediten

Für das Geschäftsjahr 2023 meldete BlackRock TCP Capital Corp. einen Gesamtzinsertrag von 109,3 Millionen US-Dollar. Das Direktkreditportfolio des Unternehmens erwirtschaftete in diesem Zeitraum eine durchschnittliche Rendite von 11,4 %.

Kreditkategorie	Gesamtwert	Durchschnittlicher Ertrag
Vorrangig besicherte Kredite	687,2 Millionen US-Dollar	10.8%
Nachrangige Darlehen	312,5 Millionen US-Dollar	12.6%

Gebühren für die Anlageverwaltung

Im Jahr 2023 erwirtschaftete TCPC Anlageverwaltungsgebühren in Höhe von insgesamt 22,7 Millionen US-Dollar, was 3,9 % seines Gesamtumsatzes entspricht.

Kapitalwertsteigerung des Anlageportfolios

Das Anlageportfolio wertete im Jahr 2023 um 41,6 Millionen US-Dollar auf, was einer Nettoinventarwertsteigerung von 6,2 % entspricht.

Anlagekategorie	Gesamtwert	Wertschätzung
Beteiligungen	215,3 Millionen US-Dollar	7.1%
Schuldeninvestitionen	784,6 Millionen US-Dollar	5.3%

Dividendenausschüttungen

TCPC schüttete für 2023 Dividenden in Höhe von 1,28 US-Dollar pro Aktie aus, was einer Dividendenzahlung von insgesamt etwa 54,3 Millionen US-Dollar entspricht.

Gebühren für strukturierte Finanztransaktionen

Die Transaktionsgebühren für strukturierte Finanzierungen beliefen sich im Jahr 2023 auf 8,9 Millionen US-Dollar, was 1,5 % des Gesamtumsatzes entspricht.

• Aufschlüsselung der Gesamteinnahmen: 267,8 Millionen US-Dollar
• Nettoanlageertrag: 94,6 Millionen US-Dollar
• Effektiver Steuersatz: 12,3 %

BlackRock TCP Capital Corp. (TCPC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors choose BlackRock TCP Capital Corp. for their capital allocation, especially given the current market structure as of late 2025. The value proposition centers on delivering consistent income while prioritizing the safety of your principal.

The primary draw is the potential for high current income, backed by solid dividend coverage from investment performance. For the third quarter ended September 30, 2025, BlackRock TCP Capital Corp. reported GAAP net investment income of $0.32 per share on a diluted basis. This comfortably out-earned the regular quarterly dividend of $0.25 per share paid to stockholders. Management declared a fourth quarter dividend of $0.25 per share, payable on December 31, 2025. This focus on income is paired with the goal of capital appreciation, though the Net Asset Value (NAV) per share remained stable at $8.71 as of September 30, 2025, flat from the previous quarter.

Shareholders gain direct access to private credit investments that are typically unavailable to the general public. As of September 30, 2025, the investment portfolio held debt and equity positions across 149 portfolio companies, representing a total fair value of approximately $1.7 billion. This provides you with exposure to the middle market through a platform with over 20 years of experience investing through multiple market cycles.

Interest rate protection is a key structural benefit. BlackRock TCP Capital Corp. employs a floating-rate debt structure to guard against rising rates. As of September 30, 2025, approximately 94.2% of the debt portfolio at fair value carried floating interest rates. Furthermore, 95.2% of those floating-rate debt investments included interest rate floors, giving you a defined downside protection on the interest income stream.

The focus on capital preservation is evident in the portfolio's construction, leaning heavily on senior positions. As of the third quarter end, 89.7% of the total portfolio was invested in senior secured debt. To be fair, this is further reinforced by the fact that 83.0% of the total portfolio was in first lien positions. The company has shown tangible progress in credit quality, with non-accruals declining to 3.5% of the portfolio at fair value as of September 30, 2025, down from a peak of 5.6% in the fourth quarter of 2024.

For middle-market companies, BlackRock TCP Capital Corp. offers long-term, flexible financing solutions. The weighted average annual effective yield on the debt portfolio was approximately 11.5% as of September 30, 2025. New investments originated during the third quarter of 2025 carried a weighted average effective yield of 10.1%. The company lends primarily to businesses with established market positions and sustainable competitive advantages.

Here's a quick look at how the portfolio is structured to deliver these value propositions:

• Debt positions represented approximately 90% of the portfolio fair value.
• Equity positions accounted for approximately 10.3% of the portfolio.
• The weighted average annual effective yield on the debt portfolio was 11.5%.
• Total assets stood at approximately $1.8 billion as of September 30, 2025.

The structure of the debt portfolio is central to the income and protection proposition:

Portfolio Attribute	Percentage as of 9/30/2025
Portfolio in Senior Secured Debt	89.7%
Debt Investments with Floating Rates	94.2%
Floating Rate Debt with Interest Rate Floors	95.2% of floating rate debt
Portfolio in First Lien Debt	83.0%

The operational strength supporting these values includes a deep team. BlackRock TCP Capital Corp. benefits from:

• 32 dedicated investment professionals.
• 120+ Capital Markets and Private Equity Partners teams.
• 120+ sector-focused platform credit research professionals.

Finance: draft 13-week cash view by Friday.

BlackRock TCP Capital Corp. (TCPC) - Canvas Business Model: Customer Relationships

BlackRock TCP Capital Corp. maintains direct, long-term relationships with its core customer base: middle-market borrowers and their sponsors. The focus is on lending primarily to companies with established market positions and sustainable competitive advantages, investing across industries where the team has significant knowledge and expertise. This relationship is built on providing direct lending, often in the form of senior secured debt.

As of September 30, 2025, the investment portfolio consisted of debt and equity positions in 149 portfolio companies. The relationship depth is reflected in the portfolio's structure and yield metrics as of that date.

Metric	Value as of September 30, 2025
Total Portfolio Fair Value	Approximately $1.7 billion
Debt Positions as % of Portfolio Fair Value	Approximately 89.7%
First Lien Debt as % of Total Portfolio	83.0%
Weighted Average Annual Effective Yield on Debt Portfolio	Approximately 11.5%
Debt Investments on Non-Accrual Status (Fair Value)	3.5%
Total Investment Acquisitions (Q3 2025)	Approximately $63.1 million

Active engagement with management teams and sponsors of portfolio companies is key to sourcing and managing these assets. The team works closely with borrowers and their sponsors to optimize recovery value, especially in challenged credits. For instance, during the three months ended September 30, 2025, BlackRock TCP Capital Corp. invested approximately $63.1 million, comprised of new investments in 5 new and 2 existing portfolio companies. One investment example from Q2 2025 noted that the credit facility was sourced directly from the sponsor.

For public shareholders, the Investor Relations team manages communication and capital return expectations. The company declared a regular dividend of $0.25 per share for the fourth quarter, payable on December 31, 2025. This was paid following the third quarter Net Investment Income (NII) of $0.32 per share on a GAAP basis for the quarter ended September 30, 2025. To support shareholder value, BlackRock TCP Capital Corp. repurchased 169,964 shares from October 1, 2025, through November 5, 2025, at a weighted average price of $5.80.

Transparent financial reporting is managed through regular disclosures. BlackRock TCP Capital Corp. announced its third quarter 2025 financial results on November 6, 2025, and filed its Form 10-Q with the U.S. Securities and Exchange Commission (SEC) the same day. Key figures reported for the quarter ended September 30, 2025, include:

• Net Investment Income (GAAP basis): $27.3 million
• Net Asset Value per Share: $8.71
• Net realized loss for the quarter: $1.14 per share

The lender of influence approach in complex transactions is supported by the structure of the assets held. The portfolio is heavily weighted toward senior secured debt, with 89.7% in senior secured debt as of September 30, 2025. Furthermore, 83.0% of the total portfolio was first lien debt. The strategy emphasizes investments where the team can identify value in unique and complex transactions, leveraging BlackRock's private credit experience.

• Debt investments with floating interest rates: 94.2% of the debt portfolio at fair value as of September 30, 2025.
• Debt investments with interest rate floors: 95.2% of the floating rate debt investments.

BlackRock TCP Capital Corp. (TCPC) - Canvas Business Model: Channels

You're looking at how BlackRock TCP Capital Corp. connects its investment opportunities and its stock to the market and regulators as of late 2025. It's all about getting capital in and reporting the results out.

Public equity market (NASDAQ) for common stock investors

BlackRock TCP Capital Corp. stock trades on the NASDAQ-GS exchange under the ticker symbol TCPC. The channel for equity investors is direct through this exchange, supplemented by investor relations materials.

Here are some key figures related to the public market channel as of late 2025:

Metric	Value/Data Point	Date/Period Reference
Market Cap	$501.41 million	Latest Close (near Dec 2025)
Closing Stock Price	$5.91	Latest Close (near Dec 2025)
52 Week High/Low	$9.72/$5.385	As of latest data
Average Trading Volume	685,718 shares	As of latest data
Annualized Dividend	$1.76	As of latest data
Regular Dividend Declared (Q4 2025)	$0.25 per share	November 6, 2025 announcement

The stock price on December 3, 2025, closed at $6.14, with a daily trading range between a low of $6.00 and a high of $6.18 on that day.

Direct origination channels for new loan investments

The primary channel for sourcing new debt investments is the direct origination capability built upon the Advisor's established track record. This is how BlackRock TCP Capital Corp. finds the middle-market companies it lends to.

The Advisor's history in this channel includes origination and participation in the original syndication of approximately $44.1 billion of leveraged loans to 733 companies since 1999, through December 31, 2024.

Activity in 2025 shows the deployment of capital through this channel:

• Total investment acquisitions for the three months ended March 31, 2025, were approximately $66.0 million.
• Total investment acquisitions for the three months ended June 30, 2025, were approximately $111.5 million.
• New investments during the quarter ended September 30, 2025, had a weighted average effective yield of 10.1%.

The portfolio composition reflects the output of these origination channels as of March 31, 2025:

Investment Type	Percentage of Total Portfolio
First Lien Debt	82.5%
Second Lien Debt	7.5%
Equity Positions	9.9%
Junior Debt	0.1%

Investor Relations website and conference calls

The Investor Relations website at www.tcpcapital.com and the specific section at http://investors.tcpcapital.com serve as the central digital hub for communication. This channel delivers regulatory documents and forward-looking updates.

Key events utilizing this channel in late 2025 include:

• Conference call to discuss Third Quarter Ended September 30, 2025, Financial Results scheduled for November 6, 2025, at 12:00 p.m. Eastern Time.
• The archived replay of the November 6, 2025 call was available through November 13, 2025.
• The Q3 2025 Investor presentation was made available on the site.

Investment banking and syndication partners for debt capital

While BlackRock TCP Capital Corp. focuses on direct origination, the Advisor's experience includes participation in the original syndication of leveraged loans, indicating the use of investment banking and syndication partners for deal flow and distribution. The portfolio composition shows the result of this capital structure focus.

As of March 31, 2025, the weighted-average interest rate on debt outstanding was 5.17%.

The company's available liquidity as of March 31, 2025, was approximately $628.9 million, comprised of approximately $530.0 million in available capacity under its leverage program and $99.1 million in cash and cash equivalents.

SEC filings (10-Q, 10-K) for regulatory disclosure

Regulatory disclosure is channeled directly through the U.S. Securities and Exchange Commission (SEC) website (www.sec.gov) and BlackRock TCP Capital Corp.'s Investor Relations website. These filings are mandatory for a publicly traded Business Development Company (BDC).

Specific 2025 filings mentioned include:

• Form 10-Q for the first quarter ended March 31, 2025, reported Net Investment Income of $32.2 million ($0.38 per share GAAP).
• Form 10-Q for the second quarter ended June 30, 2025, reported Net Investment Income of $27.6 million ($0.32 per share GAAP).
• Form 10-Q for the third quarter ended September 30, 2025, reported Net Investment Income of $27.3 million ($0.32 per share GAAP).

Recent SEC filing dates noted include November 17, 2025, November 6, 2025, and August 7, 2025.

BlackRock TCP Capital Corp. (TCPC) - Canvas Business Model: Customer Segments

You're looking at the key groups BlackRock TCP Capital Corp. serves, which is crucial for understanding where their income comes from and who is investing in their stock. Here are the hard numbers defining those segments as of late 2025.

Public shareholders seeking high-yield dividends from a BDC

• Shares Outstanding as of December 5, 2025: 84.84 million.
• Stock Price at close on December 5, 2025: $6.10.
• Net Asset Value (NAV) per share as of June 30, 2025: $8.71.
• Regular Quarterly Dividend declared for Q2 2025: $0.25 per share.
• Special Dividend declared for Q2 2025: $0.04 per share.
• Price to NAV multiple as of May 8, 2025: 0.77x (based on $7.10 price and $9.18 NAV from Q1 2025).

The ownership split shows a strong retail base, which is typical for a publicly traded BDC focused on yield.

Shareholder Type	Holding Percentage (Nov 2025)
Institutional Investors	25.27%
Retail Investors	74.30%

Established, resilient US middle-market companies needing credit

This is the core lending focus for BlackRock TCP Capital Corp., targeting companies with established positions and sustainable advantages.

• Total Portfolio Fair Value as of September 30, 2025: Approximately $1.7 billion.
• Total Portfolio Companies as of September 30, 2025: 149.
• Percentage of portfolio in Senior Secured Debt as of September 30, 2025: Approximately 90%.
• Percentage of debt portfolio at fair value with floating interest rates (Sept 30, 2025): Approximately 94.2%.
• The US core middle market represents approximately ~200,000 businesses.

Small businesses seeking growth capital

BlackRock TCP Capital Corp. explicitly targets small businesses alongside middle-market firms, often through senior secured lending.

• Average Investment Size in Q2 2025: $11.7 million.
• Average position size for new investments in 2025 year-to-date: Around $7.4 million.
• Percentage of portfolio companies contributing less than 1% of total income (as of Q2 2025): More than 74%.

Private equity sponsors requiring debt financing for buyouts

The connection here is through the management team's extensive network and dedicated capital resources.

• Number of dedicated Capital Markets and Private Equity Partners teams supporting origination: 120+.
• Repeat borrowers accounted for 51% of investment dollars year-to-date as of Q2 2025.

Institutional investors looking for private credit exposure

These investors are served both through the publicly traded BDC and the broader BlackRock platform managed by the same advisor.

• Assets managed by BlackRock's private credit platform as of December 31, 2025: Approximately $63 billion.
• The advisor has invested over $44 billion across more than 730 companies since inception through December 31, 2024.

Finance: draft 13-week cash view by Friday.

BlackRock TCP Capital Corp. (TCPC) - Canvas Business Model: Cost Structure

You're looking at the direct costs BlackRock TCP Capital Corp. incurs to run its investment operations, which directly impacts the net investment income available for shareholders. These costs are primarily driven by the management agreement with the advisor and the cost of capital used to generate returns.

The structure of these expenses shows a significant portion tied to debt financing, which is typical for a business development company (BDC) using leverage. Furthermore, the advisor fee structure includes waivers, which directly reduce the expense burden for a period.

Here's a quick look at the major components for the second and third quarters of 2025, showing how the cost base shifted slightly:

Expense Component	Q2 2025 Amount	Q3 2025 Amount
Interest and other debt expenses	$17.1 million	$17.02 million
Base management fees (Gross)	$5.5 million	Not explicitly stated, but $1.8 million was waived
Total Operating Expenses (GAAP)	$23.9 million	$25.08 million

The management fee structure is designed to align interests. For instance, in Q2 2025, the advisor waived a portion of the base management fee, which was $1.8 million for that quarter. This practice continued into Q3 2025, where the advisor waived 1/3 of the base management fee for the first three quarters of 2025, with the Q3 waiver also amounting to $1.8 million or $0.02 per share.

You should also track the costs related to credit quality issues, even when they aren't direct write-offs. The level of debt investments on non-accrual status serves as a proxy for potential future costs or write-downs. As of September 30, 2025, this metric stood at 3.5% of the portfolio fair value.

The overall expense profile, excluding debt costs, shows consistency:

• Annualized second quarter expenses (excluding interest/debt): 3.5% of average net assets.
• Annualized third quarter expenses (excluding interest/debt): 3.4% of average net assets.

Regarding performance-based compensation, you noted the hurdle rate:

• Incentive fees were not accrued in Q3 2025 because the Company's cumulative total return did not exceed the total return hurdle as of September 30, 2025.

For the third quarter of 2025, total operating expenses were reported as $0.27 per share, which is a useful metric for ongoing expense control analysis.

Finance: draft 13-week cash view by Friday.

BlackRock TCP Capital Corp. (TCPC) - Canvas Business Model: Revenue Streams

BlackRock TCP Capital Corp. generates its revenue primarily through its middle-market lending activities, focusing on current income generation from its debt investments. The firm's total investment income for the third quarter ended September 30, 2025, was reported at approximately $50.52 million.

The core of the revenue structure is built upon the income derived from its investment portfolio, which as of September 30, 2025, was valued at approximately $1.7 billion across 149 companies, with 89.7% invested in senior secured debt. The weighted average annual effective yield on the total portfolio for Q3 2025 was 11.5%.

The components of the gross investment income per share for Q3 2025 illustrate the mix of cash and non-cash accruals:

Revenue Component (Per Share)	Amount
Recurring cash interest	$0.46
Payment-in-Kind (PIK) interest income	$0.06
Dividend income from equity investments	$0.02
Recurring discount and fee amortization	$0.02
Non-recurring income	$0.03
Total Gross Investment Income Per Share	$0.59

The breakdown of these streams shows the following specific figures:

• Recurring cash interest income from debt investments was $0.46 per share.
• Payment-in-Kind (PIK) interest income represented 9.5% of total investment income for the quarter, amounting to $0.06 per share.
• Fee income components included recurring discount and fee amortization of $0.02 per share, plus non-recurring income of $0.03 per share.
• Dividend income from equity investments was $0.02 per share.

The resulting profitability metric, Net Investment Income, which is the primary measure of recurring operational earnings before capital gains/losses, was $27.3 million for Q3 2025.

This Net Investment Income of $27.3 million translated to $0.32 per share on a diluted basis for the quarter ended September 30, 2025.