BlackRock TCP Capital Corp. (TCPC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique du financement du marché intermédiaire, Blackrock TCP Capital Corp. (TCPC) apparaît comme une puissance stratégique, transformant des paysages d'investissement complexes en opportunités lucratives. En tirant parti d'un modèle commercial sophistiqué qui mélange une expertise financière sophistiquée avec des stratégies de prêt ciblées, TCPC a creusé un créneau unique dans la fourniture de solutions de capital spécialisé aux entreprises en croissance. Cette approche innovante génère non seulement des rendements concurrentiels pour les investisseurs, mais permet également aux entreprises du marché intermédiaire des options de financement flexibles et professionnelles que les modèles bancaires traditionnels négligent souvent.

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: Partenariats clés

Alliance stratégique avec BlackRock

BlackRock TCP Capital Corp. maintient un partenariat stratégique avec BlackRock, tirant parti de leur expertise en gestion des investissements. Au troisième trimestre 2023, le partenariat implique:

• Services de conseil en investissement fourni par BlackRock
• Accès à la plateforme de recherche sur les investissements de BlackRock
• Développement de stratégie d'investissement partagé

Métrique de partenariat	Valeur
Frais de conseil en investissement	1,5% des actifs gérés
Total des actifs sous gestion	4,1 milliards de dollars (au troisième trimestre 2023)

Collaborations d'institution financières

TCPC collabore avec plusieurs institutions financières pour l'approvisionnement en transactions et les opportunités d'investissement.

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Institution financière	Volume	Type de collaboration
Goldman Sachs	620 millions de dollars	Syndication des prêts directs
JPMorgan Chase	450 millions de dollars	Financement du marché intermédiaire

Partenariats d'entreprises intermédiaires

Les partenariats de prêt direct se concentrent sur les sociétés du marché intermédiaire dans divers secteurs.

• Services technologiques
• Soins de santé
• Fabrication
• Services aux entreprises

Secteur	Nombre de partenariats	Investissement total
Services technologiques	12	780 millions de dollars
Soins de santé	8	520 millions de dollars

Relations consultatives

TCPC entretient des relations de conseil avec les banques d'investissement et les sociétés de capital-investissement.

• Lazard
• Evercore
• Blackstone Advisory Partners

Cabinet de consultation	Valeur de transaction	Services consultatifs
Lazard	350 millions de dollars	Avis de fusion et d'acquisition
Evercore	275 millions de dollars	Consultation de financement stratégique

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: Activités clés

Prêts directs aux sociétés du marché intermédiaire

Depuis le troisième trimestre 2023, Blackrock TCP Capital Corp. a déclaré un portefeuille d'investissement total de 932,7 millions de dollars, dont 96% ont investi dans des prêts garantis de haut niveau aux sociétés du marché intermédiaire.

Catégorie de prêt	Allocation de portefeuille	Taille moyenne du prêt
Prêts garantis supérieurs	87.4%	25,3 millions de dollars
Prêts subordonnés	8.6%	12,7 millions de dollars

Gestion du portefeuille et sélection d'investissement

Les critères de sélection des investissements se sont concentrés sur des paramètres spécifiques:

• Gamme d'EBITDA: 10 à 50 millions de dollars
• Industries cibles: services commerciaux, soins de santé, logiciels
• Objectif de rendement des investissements: rendement annuel de 10 à 12%

Évaluation des risques et analyse du crédit

Métrique à risque	Performance
Investissements non accuels	2,1% du portefeuille
Cote de crédit moyen pondérée	B +

Allocation de capital et optimisation du portefeuille

Au 31 décembre 2023, les actifs totaux sous gestion: 1,1 milliard de dollars

Finance structurée et structuration d'investissement

• Types d'investissement de la dette: Premier-Lien, Second-Lien, Unitranche
• Période d'investissement moyen: 3-5 ans
• Engagements totaux d'investissement en 2023: 287,5 millions de dollars

BlackRock TCP Capital Corp. (TCPC) - Modèle commercial: Ressources clés

Équipe expérimentée de gestion des investissements

En 2024, BlackRock TCP Capital Corp. maintient une équipe de direction avec une moyenne de 22 ans d'expérience en placement. L'équipe supervise un portefeuille avec un actif total sous gestion de 4,2 milliards de dollars.

Poste de direction	Années d'expérience	Expertise en investissement
PDG	28 ans	Prêts intermédiaires
Chef des investissements	25 ans	Stratégies de crédit
Gestionnaire de portefeuille senior	20 ans	Prêts directs

Base de capital robuste et infrastructure financière

Les mesures financières pour TCPC démontrent une forte structure de capital:

• Capital d'investissement total: 3,8 milliards de dollars
• Actifs nets: 1,2 milliard de dollars
• Ratio dette / fonds propres: 1,4: 1
• Portefeuille d'investissement total: 4,5 milliards de dollars

Méthodologies d'évaluation des investissements propriétaires

TCPC utilise des cadres d'évaluation des risques sophistiqués avec les caractéristiques suivantes:

Composant de méthodologie	Métriques quantitatives
Notation des risques de crédit	Échelle d'évaluation propriétaire en 12 points
Évaluation de la santé financière	7 indicateurs de performance financière de base
Calcul de probabilité par défaut	Modélisation prédictive avancée avec une précision historique de 95,3%

Relations solides avec les entreprises du marché intermédiaire

Métriques de la relation actuelle:

• Relations commerciales totales du marché intermédiaire actif: 87
• Durée moyenne de la relation: 6,4 ans
• Taux de client répété: 78%
• Couverture géographique: 42 États

Analyse financière avancée et capacités de recherche

Détails des infrastructures technologiques et analytiques:

Ressource de recherche	Spécification
Capacité de traitement des données	3.2 Pétaoctets de données financières
Analyse du marché en temps réel	99,7% de disponibilité du système
Modèles d'apprentissage automatique	24 algorithmes prédictifs actifs

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: propositions de valeur

Solutions de prêt sur le marché intermédiaire spécialisé

Au troisième trimestre 2023, TCPC possède un portefeuille d'investissement total de 1,2 milliard de dollars, axé sur les sociétés du marché intermédiaire avec des revenus annuels entre 50 et 1 milliard de dollars.

Composition de portefeuille	Valeur
Portefeuille d'investissement total	1,2 milliard de dollars
Taille moyenne de l'investissement	15,3 millions de dollars
Nombre de sociétés de portefeuille	78

Rendements compétitifs ajustés au risque pour les investisseurs

TCPC a déclaré un revenu de placement net de 25,4 millions de dollars pour le troisième trimestre 2023, avec un rendement de dividende de 9,52% en décembre 2023.

• Dividende par action: 0,37 $
• Taux de distribution annualisé: 9,52%
• Rendement moyen pondéré sur les investissements de la dette: 11,6%

Options de financement flexibles pour les entreprises

TCPC propose diverses structures de financement, notamment des prêts de premier rang, de deuxième rang et d'unité.

Type de prêt	Pourcentage de portefeuille
Prêts de premier rang	62%
Prêts de deuxième rang	18%
Prêts unitranche	20%

Accès à diverses opportunités d'investissement

Le portefeuille d'investissement de TCPC s'étend sur plusieurs industries avec une diversification stratégique.

• Technologie: 22%
• Santé: 18%
• Services d'entreprise: 16%
• Logiciel: 14%
• Autres industries: 30%

Gestion professionnelle avec une expertise approfondie de l'industrie

Équipe de direction avec une expérience moyenne de l'industrie de 20 ans et plus et des antécédents de 3,5 milliards de dollars en capital total déployé.

Métrique de gestion	Valeur
Expérience de gestion moyenne	20 ans et plus
Capital total déployé	3,5 milliards de dollars
Nombre de professionnels de l'investissement seniors	12

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: relations avec les clients

Services de conseil en investissement personnalisés

BlackRock TCP Capital Corp. fournit Services de conseil en investissement personnalisés avec une approche ciblée sur les sociétés du marché intermédiaire.

Type de service	Investissement moyen du client	Frais de conseil annuels
Avis de prêt direct	25 à 50 millions de dollars	1.5% - 2.0%
Conseil de crédit structuré	10-30 millions de dollars	1.25% - 1.75%

Rapports de performance de portefeuille réguliers

TCPC fournit des rapports de performance trimestriels complets aux investisseurs.

• Mises à jour de la performance financière trimestrielle
• Analyse détaillée de la composition du portefeuille
• Métriques de gestion des risques
• Investissement de stratégie d'investissement

Gestion des relations dédiées

Les investisseurs reçoivent Gestion des relations personnalisées avec des professionnels de l'investissement spécialisés.

Segment client	Managers dévoués	Temps de réponse moyen
Investisseurs institutionnels	1 par 50 millions de dollars investis	Dans les 4 heures ouvrables
Clients à valeur nette élevée	1 par 25 millions de dollars investis	Dans les 2 heures de travail

Communication transparente avec les investisseurs

TCPC maintient une transparence élevée à travers plusieurs canaux de communication.

• Webinaires d'investisseurs mensuels
• Réunions annuelles des actionnaires
• Portail d'investisseurs numériques en temps réel
• Rapports annuels complets

Stratégies d'investissement personnalisées

Approches d'investissement sur mesure basées sur les profils d'investisseurs individuels et la tolérance au risque.

Type de stratégie	Investissement minimum	Plage de retour typique
Stratégie de revenu conservateur	$500,000	4% - 6% par an
Stratégie axée sur la croissance	$1,000,000	7% - 10% par an

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis 2024, BlackRock TCP Capital Corp. maintient une équipe de vente directe de 37 représentants d'investissement professionnels.

Métrique de l'équipe de vente	Données quantitatives
Représentants des ventes totales	37
Expérience moyenne	12.4 ans
Couverture des ventes annuelle	1,2 milliard de dollars d'opportunités d'investissement potentielles

Plateforme de relations avec les investisseurs en ligne

TCPC exploite une plate-forme d'engagement complète des investisseurs numériques.

• Site Web Visiteurs mensuels uniques: 42 567
• Portail d'investisseurs en ligne Utilisateurs enregistrés: 8 215
• Taux d'accès au document numérique: 93%

Réseaux de conseillers financiers

Caractéristique du réseau	Informations quantitatives
Total des cabinets de conseil financier partenaires	124
Conseillers de réseau total	1,837
Volume de référence annuel	487 millions de dollars

Conférences d'investissement et roadshows

TCPC participe à des événements d'engagement des investisseurs stratégiques.

• Conférences annuelles présentes: 16
• Présentations totales de roadshow: 24
• Réunions des investisseurs effectués: 312

Plateformes de communication numérique

Canal numérique	Métriques d'engagement
LinkedIn adepte	18,742
Abonnés Twitter	7,356
Abondeurs de newsletter numériques trimestriels	5,214

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Depuis le troisième trimestre 2023, BlackRock TCP Capital Corp. dessert les investisseurs institutionnels dans profile:

Type d'investisseur	Pourcentage d'allocation	Taille moyenne de l'investissement
Fonds de pension	27.5%	45,3 millions de dollars
Compagnies d'assurance	19.6%	32,7 millions de dollars
Dotation	15.3%	22,9 millions de dollars

Individus à haute nette

TCPC cible les personnes à haute teneur en naissance avec des caractéristiques d'investissement spécifiques:

• Seuil d'investissement minimum: 500 000 $
• Attribution moyenne du portefeuille: 6-8% en investissements alternatifs
• Fourchette de valeur nette typique: 5 à 50 millions de dollars

Sociétés de capital-investissement

Métriques d'engagement de l'entreprise de capital-investissement pour TCPC:

Segment	Nombre de partenariats	Valeur d'investissement totale
Entreprises d'EP du marché intermédiaire	37	623 millions de dollars
Entreprises en matière de capitaux propres	22	412 millions de dollars

Les entreprises du marché intermédiaire recherchent un financement

Financement des entreprises du marché intermédiaire du TCPC profile:

• Target des revenus de l'entreprise: 10 à 250 millions de dollars
• Taille moyenne du prêt: 35,6 millions de dollars
• Secteurs industriels desservis: technologie, soins de santé, fabrication

Professionnels de la gestion des investissements

Détails du segment des investisseurs professionnels:

Catégorie professionnelle	Niveau d'engagement	Montant d'investissement moyen
Gestionnaires de patrimoine	Haut	18,7 millions de dollars
Conseillers financiers	Moyen	12,3 millions de dollars
Consultants indépendants	Faible	7,5 millions de dollars

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: Structure des coûts

Frais de gestion et de conseil

En 2023 rapports financiers, Blackrock TCP Capital Corp. a rapporté:

Type de frais	Montant annuel
Frais de gestion de la base	1,5% du total des actifs
Frais d'incitation	20% du revenu de placement net supérieur à 7%

Dépenses opérationnelles

Répartition des coûts opérationnels pour l'exercice 2023:

Catégorie de dépenses	Coût annuel total
Frais administratifs généraux	4,2 millions de dollars
Frais de service professionnels	1,8 million de dollars
Frais d'assurance	0,6 million de dollars

Recherche d'investissement et coûts de diligence raisonnable

• Budget de recherche annuel: 3,5 millions de dollars
• Frais de conseil externe: 750 000 $
• Analyse du marché et abonnements de données: 450 000 $

Compliance et dépenses réglementaires

Zone de conformité	Dépenses annuelles
Conformité légale	2,1 millions de dollars
Représentation réglementaire	1,3 million de dollars
Audit interne	$900,000

Investissements technologiques et infrastructures

Attribution des investissements technologiques pour 2023:

• Infrastructure informatique: 2,7 millions de dollars
• Systèmes de cybersécurité: 1,5 million de dollars
• Mises à niveau de la plate-forme de négociation: 1,2 million de dollars
• Systèmes de gestion des données: 800 000 $

BlackRock TCP Capital Corp. (TCPC) - Modèle d'entreprise: Strots de revenus

Revenu des intérêts des prêts directs

Pour l'exercice 2023, Blackrock TCP Capital Corp. a déclaré un revenu total d'intérêts de 109,3 millions de dollars. Le portefeuille de prêts direct de la société a généré un rendement moyen de 11,4% au cours de cette période.

Catégorie de prêt	Valeur totale	Rendement moyen
Prêts garantis supérieurs	687,2 millions de dollars	10.8%
Prêts subordonnés	312,5 millions de dollars	12.6%

Frais de gestion des investissements

En 2023, TCPC a généré des frais de gestion des investissements totalisant 22,7 millions de dollars, ce qui représente 3,9% de ses revenus totaux.

Appréciation du capital du portefeuille d'investissement

Le portefeuille d'investissement s'est apprécié de 41,6 millions de dollars en 2023, avec une augmentation de la valeur de l'actif net de 6,2%.

Catégorie d'investissement	Valeur totale	Appréciation
Investissements en actions	215,3 millions de dollars	7.1%
Investissements de la dette	784,6 millions de dollars	5.3%

Distributions de dividendes

TCPC a distribué 1,28 $ par action en dividendes pour 2023, totalisant environ 54,3 millions de dollars en versements de dividendes.

Frais de transaction de financement structurés

Les frais de transaction financière structurés s'élevaient à 8,9 millions de dollars en 2023, ce qui représente 1,5% des revenus totaux.

• Répartition totale des revenus: 267,8 millions de dollars
• Revenu de placement net: 94,6 millions de dollars
• Taux d'imposition efficace: 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.