BlackRock TCP Capital Corp. (TCPC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del financiamiento del mercado medio, BlackRock TCP Capital Corp. (TCPC) surge como una potencia estratégica, transformando complejos paisajes de inversión en oportunidades lucrativas. Al aprovechar un modelo de negocio sofisticado que combina experiencia financiera sofisticada con estrategias de préstamos específicos, TCPC ha forzado un nicho único en proporcionar soluciones de capital especializadas a las empresas en crecimiento. Este enfoque innovador no solo genera rendimientos competitivos para los inversores, sino que también potencia a las empresas del mercado medio con opciones de financiamiento flexibles y profesionales que los modelos bancarios tradicionales a menudo pasan por alto.

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocios: asociaciones clave

Alianza estratégica con BlackRock

BlackRock TCP Capital Corp. mantiene una asociación estratégica con BlackRock, aprovechando su experiencia en gestión de inversiones. A partir del tercer trimestre de 2023, la asociación implica:

• Servicios de asesoramiento de inversiones proporcionados por BlackRock
• Acceso a la plataforma de investigación de inversiones global de BlackRock
• Desarrollo de la estrategia de inversión compartida

Métrico de asociación	Valor
Tarifa de asesoramiento de inversiones	1.5% de los activos administrados
Activos totales bajo administración	$ 4.1 mil millones (a partir del tercer trimestre de 2023)

Colaboraciones de instituciones financieras

TCPC colabora con múltiples instituciones financieras para abastecimiento de acuerdos y oportunidades de inversión.

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Institución financiera	Volumen de trato	Tipo de colaboración
Goldman Sachs	$ 620 millones	Sindicación de préstamos directos
JPMorgan Chase	$ 450 millones	Financiamiento del mercado medio

Asociaciones de la empresa del mercado medio

Las asociaciones de préstamos directos se centran en las empresas del mercado medio en varios sectores.

• Servicios tecnológicos
• Cuidado de la salud
• Fabricación
• Servicios comerciales

Sector	Número de asociaciones	Inversión total
Servicios tecnológicos	12	$ 780 millones
Cuidado de la salud	8	$ 520 millones

Relaciones de asesoramiento

TCPC mantiene relaciones de asesoramiento con bancos de inversión y empresas de capital privado.

• Lázardo
• Evercore
• Blackstone Advisory Partners

Firma de asesoramiento	Valor de transacción	Servicios de asesoramiento
Lázardo	$ 350 millones	Aviso de fusión y adquisición
Evercore	$ 275 millones	Consulta de financiamiento estratégico

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocio: actividades clave

Préstamos directos a compañías de mercado medio

A partir del tercer trimestre de 2023, BlackRock TCP Capital Corp. informó una cartera de inversiones total de $ 932.7 millones, con un 96% invertido en préstamos senior garantizados para compañías de mercado medio.

Categoría de préstamo	Asignación de cartera	Tamaño promedio del préstamo
Préstamos para personas mayores aseguradas	87.4%	$ 25.3 millones
Préstamos subordinados	8.6%	$ 12.7 millones

Selección de gestión y inversión de cartera

Criterios de selección de inversión centrados en parámetros específicos:

• Rango EBITDA: $ 10 millones a $ 50 millones
• Industrias objetivo: servicios comerciales, atención médica, software
• Objetivo de retorno de inversión: rendimiento anual del 10-12%

Evaluación de riesgos y análisis de crédito

Métrico de riesgo	Actuación
Inversiones no acruadas	2.1% de la cartera
Calificación crediticia promedio ponderada	B+

Asignación de capital y optimización de cartera

Al 31 de diciembre de 2023, activos totales bajo administración: $ 1.1 mil millones

Estructuración de finanzas e inversión estructuradas

• Tipos de inversión de deuda: Primer Lien, Second Lien, Unitranche
• Período promedio de retención de inversión: 3-5 años
• Compromisos de inversión total en 2023: $ 287.5 millones

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocio: recursos clave

Equipo experimentado de gestión de inversiones

A partir de 2024, BlackRock TCP Capital Corp. mantiene un equipo de alta gerencia con un promedio de 22 años de experiencia en inversión. El equipo supervisa una cartera con activos totales bajo una administración de $ 4.2 mil millones.

Puesto ejecutivo	Años de experiencia	Experiencia en inversión
CEO	28 años	Préstamo del mercado medio
Director de inversiones	25 años	Estrategias de crédito
Gerente de cartera senior	20 años	Préstamo directo

Base de capital robusta e infraestructura financiera

Las métricas financieras para TCPC demuestran una fuerte estructura de capital:

• Capital de inversión total: $ 3.8 mil millones
• Activos netos: $ 1.2 mil millones
• Relación de deuda / capital: 1.4: 1
• Portafolio de inversión total: $ 4.5 mil millones

Metodologías de evaluación de inversión patentada

TCPC utiliza marcos de evaluación de riesgos sofisticados con las siguientes características:

Componente de metodología	Métricas cuantitativas
Calificación del riesgo de crédito	Escala de evaluación de 12 puntos patentada
Evaluación de salud financiera	7 Indicadores básicos de desempeño financiero
Cálculo de probabilidad predeterminado	Modelado predictivo avanzado con 95.3% de precisión histórica

Relaciones fuertes con negocios de mercado medio

Métricas de relaciones actuales:

• Relaciones comerciales de mercado medio total activo: 87
• Duración de la relación promedio: 6.4 años
• Tasa de cliente repetida: 78%
• Cobertura geográfica: 42 estados

Análisis financiero avanzado y capacidades de investigación

Detalles de la infraestructura tecnológica y analítica:

Recurso de investigación	Especificación
Capacidad de procesamiento de datos	3.2 petabytes de datos financieros
Análisis de mercado en tiempo real	99.7% de tiempo de actividad del sistema
Modelos de aprendizaje automático	24 algoritmos predictivos activos

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocio: propuestas de valor

Soluciones de préstamos de mercado medio especializados

A partir del tercer trimestre de 2023, TCPC tiene una cartera de inversión total de $ 1.2 mil millones, centrada en compañías de mercado medio con ingresos anuales entre $ 50 millones y $ 1 mil millones.

Composición de cartera	Valor
Cartera de inversiones totales	$ 1.2 mil millones
Tamaño de inversión promedio	$ 15.3 millones
Número de compañías de cartera	78

Rendimientos competitivos ajustados al riesgo para los inversores

TCPC informó un ingreso de inversión neto de $ 25.4 millones para el tercer trimestre de 2023, con un rendimiento de dividendos del 9.52% a diciembre de 2023.

• Dividendo por acción: $ 0.37
• Tasa de distribución anualizada: 9.52%
• Rendimiento promedio ponderado en inversiones de deuda: 11.6%

Opciones de financiamiento flexible para empresas

TCPC ofrece diversas estructuras financieras que incluyen préstamos de primer lienple, segundo-liene y unitranche.

Tipo de préstamo	Porcentaje de cartera
Préstamos de primer nivel	62%
Préstamos de segundo lien	18%
Préstamos unitarios	20%

Acceso a diversas oportunidades de inversión

La cartera de inversiones de TCPC abarca múltiples industrias con diversificación estratégica.

• Tecnología: 22%
• Atención médica: 18%
• Servicios comerciales: 16%
• Software: 14%
• Otras industrias: 30%

Gestión profesional con una profunda experiencia en la industria

Equipo de gestión con experiencia promedio de la industria de más de 20 años y un historial de $ 3.5 mil millones en capital total desplegado.

Métrica de gestión	Valor
Experiencia de gestión promedio	Más de 20 años
Capital total desplegado	$ 3.5 mil millones
Número de profesionales de inversión senior	12

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocio: relaciones con los clientes

Servicios de asesoramiento de inversiones personalizados

BlackRock TCP Capital Corp. proporciona Servicios de asesoramiento de inversiones personalizados con un enfoque centrado en las empresas del mercado medio.

Tipo de servicio	Inversión promedio de clientes	Tarifas de asesoramiento anual
Aviso de préstamos directos	$ 25-50 millones	1.5% - 2.0%
Aviso de crédito estructurado	$ 10-30 millones	1.25% - 1.75%

Informes regulares de rendimiento de la cartera

TCPC ofrece informes integrales de rendimiento trimestral a los inversores.

• Actualizaciones trimestrales de desempeño financiero
• Análisis detallado de composición de la cartera
• Métricas de gestión de riesgos
• Insights de estrategia de inversión

Gestión de relaciones dedicada

Los inversores reciben gestión de relaciones personalizadas con profesionales de inversión especializados.

Segmento de clientes	Gerentes dedicados	Tiempo de respuesta promedio
Inversores institucionales	1 por cada $ 50 millones invertido	Dentro de 4 horas hábiles
Clientes de alto patrimonio neto	1 por cada $ 25 millones invertido	Dentro de 2 horas hábiles

Comunicación transparente con inversores

TCPC mantiene una alta transparencia a través de múltiples canales de comunicación.

• Seminarios web de inversores mensuales
• Reuniones anuales de accionistas
• Portal de inversores digitales en tiempo real
• Informes anuales completos

Estrategias de inversión personalizadas

Enfoques de inversión personalizados basados ​​en perfiles de inversores individuales y tolerancia al riesgo.

Tipo de estrategia	Inversión mínima	Rango de retorno típico
Estrategia de ingresos conservadores	$500,000	4% - 6% anual
Estrategia orientada al crecimiento	$1,000,000	7% - 10% anual

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, BlackRock TCP Capital Corp. mantiene un equipo de ventas directo de 37 representantes de inversión profesional.

Métrica del equipo de ventas	Datos cuantitativos
Representantes de ventas totales	37
Experiencia promedio	12.4 años
Cobertura de ventas anual	$ 1.2 mil millones en posibles oportunidades de inversión

Plataforma de relaciones con inversores en línea

TCPC opera una plataforma integral de participación de inversores digitales.

• Sitio web Visitantes mensuales únicos: 42,567
• Usuarios registrados de Portal de inversores en línea: 8,215
• Tasa de acceso de documento digital: 93%

Redes de asesores financieros

Característica de la red	Información cuantitativa
Sociedades de asesoramiento financiero de socios totales	124
Asesores de red totales	1,837
Volumen de referencia anual	$ 487 millones

Conferencias de inversión y roadshows

TCPC participa en eventos estratégicos de participación de los inversores.

• Conferencias anuales a las que asistió: 16
• Presentaciones de Roadshow totales: 24
• Reuniones de inversores realizadas: 312

Plataformas de comunicación digital

Canal digital	Métricas de compromiso
Seguidores de LinkedIn	18,742
Seguidores de Twitter	7,356
Suscriptores trimestrales de boletín digital	5,214

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocio: segmentos de clientes

Inversores institucionales

A partir del tercer trimestre de 2023, BlackRock TCP Capital Corp. atiende a inversores institucionales con los siguientes profile:

Tipo de inversor	Porcentaje de asignación	Tamaño de inversión promedio
Fondos de pensiones	27.5%	$ 45.3 millones
Compañías de seguros	19.6%	$ 32.7 millones
Dotación	15.3%	$ 22.9 millones

Individuos de alto nivel de red

TCPC se dirige a individuos de alto patrimonio con características de inversión específicas:

• Umbral de inversión mínimo: $ 500,000
• Asignación promedio de cartera: 6-8% en inversiones alternativas
• Rango típico de patrimonio neto: $ 5 millones a $ 50 millones

Empresas de capital privado

Métricas de participación de la empresa de capital privado para TCPC:

Segmento	Número de asociaciones	Valor de inversión total
Empresas de educación física del mercado medio	37	$ 623 millones
Empresas de capital de crecimiento	22	$ 412 millones

Empresas del mercado medio que buscan financiamiento

Financiación de la empresa de mercado medio de TCPC profile:

• Rango de ingresos de la compañía objetivo: $ 10 millones a $ 250 millones
• Tamaño promedio del préstamo: $ 35.6 millones
• Sectores de la industria atendidos: tecnología, atención médica, fabricación

Profesionales de gestión de inversiones

Detalles del segmento de inversores profesionales:

Categoría profesional	Nivel de compromiso	Monto promedio de la inversión
Gerentes de patrimonio	Alto	$ 18.7 millones
Asesores financieros	Medio	$ 12.3 millones
Consultores independientes	Bajo	$ 7.5 millones

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocio: Estructura de costos

Tarifas de gestión y asesoramiento

A partir de los informes financieros de 2023, BlackRock TCP Capital Corp. informó:

Tipo de tarifa	Cantidad anual
Tarifa de gestión base	1.5% de los activos totales
Tarifa de incentivo	20% de los ingresos de inversión netos por encima del 7% de la tasa de obstáculos

Gastos operativos

Desglose de costos operativos para el año fiscal 2023:

Categoría de gastos	Costo anual total
Gastos administrativos generales	$ 4.2 millones
Tarifas de servicio profesional	$ 1.8 millones
Costos de seguro	$ 0.6 millones

Investigación de inversiones y costos de diligencia debida

• Presupuesto de investigación anual: $ 3.5 millones
• Tarifas de consultoría externa: $ 750,000
• Análisis de mercado y suscripciones de datos: $ 450,000

Cumplimiento y gastos regulatorios

Área de cumplimiento	Gasto anual
Cumplimiento legal	$ 2.1 millones
Informes regulatorios	$ 1.3 millones
Auditoría interna	$900,000

Inversiones de tecnología e infraestructura

Asignación de inversión tecnológica para 2023:

• Infraestructura: $ 2.7 millones
• Sistemas de ciberseguridad: $ 1.5 millones
• Actualizaciones de la plataforma de negociación: $ 1.2 millones
• Sistemas de gestión de datos: $ 800,000

BlackRock TCP Capital Corp. (TCPC) - Modelo de negocios: flujos de ingresos

Ingresos por intereses de préstamos directos

Para el año fiscal 2023, BlackRock TCP Capital Corp. reportó ingresos por intereses totales de $ 109.3 millones. La cartera de préstamos directos de la Compañía generó un rendimiento promedio de 11.4% durante este período.

Categoría de préstamo	Valor total	Rendimiento promedio
Préstamos para personas mayores aseguradas	$ 687.2 millones	10.8%
Préstamos subordinados	$ 312.5 millones	12.6%

Tarifas de gestión de inversiones

En 2023, TCPC generó tarifas de gestión de inversiones por un total de $ 22.7 millones, lo que representa el 3.9% de sus ingresos totales.

Apreciación de capital de la cartera de inversiones

La cartera de inversiones se apreció en $ 41.6 millones en 2023, con un aumento del valor de activo neto del 6.2%.

Categoría de inversión	Valor total	Apreciación
Inversiones de renta variable	$ 215.3 millones	7.1%
Inversiones de deuda	$ 784.6 millones	5.3%

Distribuciones de dividendos

TCPC distribuyó $ 1.28 por acción en dividendos para 2023, totalizando aproximadamente $ 54.3 millones en pagos de dividendos.

Tarifas de transacción de finanzas estructuradas

Las tarifas de transacción de finanzas estructuradas ascendieron a $ 8.9 millones en 2023, lo que representa el 1.5% de los ingresos totales.

• Desglose total de ingresos: $ 267.8 millones
• Ingresos de inversión netos: $ 94.6 millones
• Tasa impositiva efectiva: 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.