BlackRock TCP Capital Corp. (TCPC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do financiamento do mercado intermediário, a BlackRock TCP Capital Corp. (TCPC) surge como uma potência estratégica, transformando paisagens complexas de investimento em oportunidades lucrativas. Ao alavancar um modelo de negócios sofisticado que combina experiência financeira sofisticada com estratégias de empréstimos direcionados, o TCPC criou um nicho único ao fornecer soluções de capital especializadas para os negócios em crescimento. Essa abordagem inovadora não apenas gera retornos competitivos para os investidores, mas também capacita as empresas de médio porte com opções flexíveis e de financiamento profissional que os modelos bancários tradicionais geralmente ignoram.

BlackRock TCP Capital Corp. (TCPC) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com BlackRock

A BlackRock TCP Capital Corp. mantém uma parceria estratégica com a BlackRock, alavancando sua experiência em gerenciamento de investimentos. A partir do terceiro trimestre de 2023, a parceria envolve:

• Serviços de consultoria de investimento fornecidos pela BlackRock
• Acesso à plataforma de pesquisa de investimento global da BlackRock
• Desenvolvimento de estratégia de investimento compartilhado

Métrica de Parceria	Valor
Taxa de consultoria de investimento	1,5% dos ativos gerenciados
Total de ativos sob gestão	US $ 4,1 bilhões (a partir do terceiro trimestre de 2023)

Colaborações da Instituição Financeira

O TCPC colabora com várias instituições financeiras para fornecimento de acordos e oportunidades de investimento.

• Goldman Sachs
• JPMorgan Chase
• Morgan Stanley

Instituição financeira	Volume de negócios	Tipo de colaboração
Goldman Sachs	US $ 620 milhões	Misticação de empréstimo direto
JPMorgan Chase	US $ 450 milhões	Financiamento do mercado intermediário

Parcerias da empresa de mercado intermediário

As parcerias de empréstimos diretos se concentram em empresas de mercado intermediário em vários setores.

• Serviços de Tecnologia
• Assistência médica
• Fabricação
• Serviços de negócios

Setor	Número de parcerias	Investimento total
Serviços de Tecnologia	12	US $ 780 milhões
Assistência médica	8	US $ 520 milhões

Relacionamentos consultivos

O TCPC mantém relacionamentos consultivos com bancos de investimento e empresas de private equity.

• Lazard
• Evercore
• Blackstone Advisory Partners

Empresa de consultoria	Valor da transação	Serviços de consultoria
Lazard	US $ 350 milhões	Consultor de fusão e aquisição
Evercore	US $ 275 milhões	Consulta de financiamento estratégico

BlackRock TCP Capital Corp. (TCPC) - Modelo de negócios: Atividades -chave

Empréstimos diretos para empresas de mercado intermediário

A partir do terceiro trimestre de 2023, a BlackRock TCP Capital Corp. registrou um portfólio total de investimentos de US $ 932,7 milhões, com 96% investidos em empréstimos garantidos para empresas de médio porte.

Categoria de empréstimo	Alocação de portfólio	Tamanho médio do empréstimo
Empréstimos garantidos sênior	87.4%	US $ 25,3 milhões
Empréstimos subordinados	8.6%	US $ 12,7 milhões

Gerenciamento de portfólio e seleção de investimentos

Critérios de seleção de investimentos focados em parâmetros específicos:

• Faixa de Ebitda: US $ 10 milhões a US $ 50 milhões
• Indústrias de destino: serviços de negócios, assistência médica, software
• Alvo de retorno de investimento: rendimento anual de 10 a 12%

Avaliação de risco e análise de crédito

Métrica de risco	Desempenho
Investimentos não acreais	2,1% do portfólio
Classificação de crédito médio ponderada	B+

Alocação de capital e otimização de portfólio

Em 31 de dezembro de 2023, o total de ativos sob gestão: US $ 1,1 bilhão

Finanças estruturadas e estruturação de investimentos

• Tipos de investimento da dívida: First-Lien, Second Lien, Unitranche
• Período médio de investimento: 3-5 anos
• Compromissos totais de investimento em 2023: US $ 287,5 milhões

BlackRock TCP Capital Corp. (TCPC) - Modelo de negócios: Recursos -chave

Equipe experiente de gerenciamento de investimentos

A partir de 2024, a BlackRock TCP Capital Corp. mantém uma equipe de gerenciamento sênior com uma média de 22 anos de experiência em investimento. A equipe supervisiona um portfólio com ativos totais sob gerenciamento de US $ 4,2 bilhões.

Posição executiva	Anos de experiência	Experiência em investimentos
CEO	28 anos	Empréstimos do mercado intermediário
Diretor de Investimento	25 anos	Estratégias de crédito
Gerente de portfólio sênior	20 anos	Empréstimos diretos

Base de capital robusta e infraestrutura financeira

Métricas financeiras para o TCPC demonstram uma forte estrutura de capital:

• Capital total de investimento: US $ 3,8 bilhões
• Ativos líquidos: US $ 1,2 bilhão
• Taxa de dívida / patrimônio: 1,4: 1
• Portfólio de investimento total: US $ 4,5 bilhões

Metodologias de avaliação de investimento proprietárias

O TCPC utiliza estruturas sofisticadas de avaliação de risco com as seguintes características:

Componente de metodologia	Métricas quantitativas
Pontuação de risco de crédito	Escala de avaliação de 12 pontos proprietária
Avaliação de Saúde Financeira	7 indicadores principais de desempenho financeiro
Cálculo de probabilidade padrão	Modelagem preditiva avançada com 95,3% de precisão histórica

Relacionamentos fortes com negócios de mercado intermediário

Métricas atuais de relacionamento:

• Relacionamentos comerciais do mercado médio ativo total: 87
• Duração média do relacionamento: 6,4 anos
• Taxa repetida do cliente: 78%
• Cobertura geográfica: 42 estados

Recursos avançados de análise financeira e pesquisa

Detalhes da infraestrutura tecnológica e analítica:

Recurso de pesquisa	Especificação
Capacidade de processamento de dados	3.2 Petabytes de dados financeiros
Análise de mercado em tempo real	99,7% de tempo de atividade do sistema
Modelos de aprendizado de máquina	24 algoritmos preditivos ativos

BlackRock TCP Capital Corp. (TCPC) - Modelo de Negócios: Proposições de Valor

Soluções especializadas de empréstimos de mercado médio

No terceiro trimestre de 2023, o TCPC possui um portfólio total de investimentos de US $ 1,2 bilhão, focado em empresas de mercado intermediário com receita anual entre US $ 50 milhões e US $ 1 bilhão.

Composição do portfólio	Valor
Portfólio total de investimentos	US $ 1,2 bilhão
Tamanho médio de investimento	US $ 15,3 milhões
Número de empresas de portfólio	78

Retornos competitivos ajustados ao risco para investidores

A TCPC registrou uma receita de investimento líquido de US $ 25,4 milhões para o terceiro trimestre de 2023, com um rendimento de dividendos de 9,52% em dezembro de 2023.

• Dividendo por ação: $ 0,37
• Taxa de distribuição anualizada: 9,52%
• Rendimento médio ponderado em investimentos em dívida: 11,6%

Opções de financiamento flexíveis para empresas

O TCPC oferece diversas estruturas de financiamento, incluindo empréstimos First Lien, Second Lien e Unitranche.

Tipo de empréstimo	Porcentagem de portfólio
Empréstimos para o primeiro-ministro	62%
Empréstimos de segundo Lien	18%
Empréstimos unitranche	20%

Acesso a diversas oportunidades de investimento

O portfólio de investimentos da TCPC abrange vários setores com diversificação estratégica.

• Tecnologia: 22%
• Saúde: 18%
• Serviços de negócios: 16%
• Software: 14%
• Outras indústrias: 30%

Gerenciamento profissional com profunda experiência no setor

Equipe de gerenciamento com experiência média do setor de mais de 20 anos e histórico de US $ 3,5 bilhões em capital total implantado.

Métrica de Gerenciamento	Valor
Experiência de gerenciamento médio	Mais de 20 anos
Capital total implantado	US $ 3,5 bilhões
Número de profissionais de investimento seniores	12

BlackRock TCP Capital Corp. (TCPC) - Modelo de Negócios: Relacionamentos do Cliente

Serviços de consultoria de investimento personalizados

BlackRock TCP Capital Corp. fornece Serviços de consultoria de investimento personalizados com uma abordagem focada em empresas de mercado intermediário.

Tipo de serviço	Investimento médio do cliente	Taxas de consultoria anuais
Aviso de empréstimo direto	US $ 25-50 milhões	1.5% - 2.0%
Advogado de crédito estruturado	US $ 10-30 milhões	1.25% - 1.75%

Relatórios regulares de desempenho do portfólio

O TCPC oferece relatórios de desempenho trimestrais abrangentes aos investidores.

• Atualizações trimestrais de desempenho financeiro
• Análise detalhada de composição do portfólio
• Métricas de gerenciamento de riscos
• Insights de estratégia de investimento

Gerenciamento de relacionamento dedicado

Os investidores recebem Gerenciamento de relacionamento personalizado com profissionais de investimento especializados.

Segmento de cliente	Gerentes dedicados	Tempo médio de resposta
Investidores institucionais	1 por US $ 50 milhões investidos	Dentro de 4 horas úteis
Clientes de alto patrimônio líquido	1 por US $ 25 milhões investidos	Dentro de 2 horas úteis

Comunicação transparente com investidores

O TCPC mantém alta transparência através de vários canais de comunicação.

• Webinars mensais de investidores
• Reuniões anuais de acionistas
• Portal de investidores digitais em tempo real
• Relatórios anuais abrangentes

Estratégias de investimento personalizado

Abordagens de investimento personalizado com base em perfis de investidores individuais e tolerância ao risco.

Tipo de estratégia	Investimento mínimo	Faixa de retorno típica
Estratégia de renda conservadora	$500,000	4% - 6% anualmente
Estratégia orientada para o crescimento	$1,000,000	7% - 10% anualmente

BlackRock TCP Capital Corp. (TCPC) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a BlackRock TCP Capital Corp. mantém uma equipe de vendas direta de 37 representantes de investimentos profissionais.

Métrica da equipe de vendas	Dados quantitativos
Total de representantes de vendas	37
Experiência média	12,4 anos
Cobertura anual de vendas	US $ 1,2 bilhão em possíveis oportunidades de investimento

Plataforma de Relações com Investidores Online

O TCPC opera uma plataforma abrangente de engajamento de investidores digitais.

• Site exclusivo visitantes mensais: 42.567
• Usuários registrados do portal de investidores on -line: 8.215
• Taxa de acesso ao documento digital: 93%

Redes de consultores financeiros

Característica da rede	Informação quantitativa
Empresas de consultoria financeira de parceiro total	124
Total de consultores de rede	1,837
Volume anual de referência	US $ 487 milhões

Conferências de investimento e roadshows

O TCPC participa de eventos estratégicos de envolvimento do investidor.

• Conferências anuais participaram: 16
• Apresentações totais de roadshow: 24
• Reuniões dos investidores realizados: 312

Plataformas de comunicação digital

Canal digital	Métricas de engajamento
Seguidores do LinkedIn	18,742
Seguidores do Twitter	7,356
Assinantes trimestrais de newsletter digital	5,214

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

Investidores institucionais

A partir do terceiro trimestre de 2023, a BlackRock TCP Capital Corp. atende a investidores institucionais com o seguinte profile:

Tipo de investidor	Porcentagem de alocação	Tamanho médio de investimento
Fundos de pensão	27.5%	US $ 45,3 milhões
Companhias de seguros	19.6%	US $ 32,7 milhões
Doações	15.3%	US $ 22,9 milhões

Indivíduos de alta rede

O TCPC tem como alvo indivíduos de alta rede com características de investimento específicas:

• Limite mínimo de investimento: US $ 500.000
• Alocação média de portfólio: 6-8% em investimentos alternativos
• Faixa típica de patrimônio líquido: US $ 5 milhões a US $ 50 milhões

Empresas de private equity

Métricas de engajamento da empresa de private equity para TCPC:

Segmento	Número de parcerias	Valor total de investimento
Empresas de PE do mercado intermediário	37	US $ 623 milhões
Empresas de patrimônio líquido	22	US $ 412 milhões

Empresas de mercado intermediário que buscam financiamento

Financiamento da empresa de mercado intermediário da TCPC profile:

• Faixa de receita da empresa -alvo: US $ 10 milhões a US $ 250 milhões
• Tamanho médio do empréstimo: US $ 35,6 milhões
• Os setores da indústria serviram: tecnologia, saúde, fabricação

Profissionais de gerenciamento de investimentos

Detalhes do segmento de investidores profissionais:

Categoria profissional	Nível de engajamento	Valor médio de investimento
Gerentes de patrimônio	Alto	US $ 18,7 milhões
Consultores financeiros	Médio	US $ 12,3 milhões
Consultores independentes	Baixo	US $ 7,5 milhões

BlackRock TCP Capital Corp. (TCPC) - Modelo de negócios: estrutura de custos

Taxas de gestão e consultoria

A partir de 2023 Relatórios Financeiros, o BlackRock TCP Capital Corp. informou:

Tipo de taxa	Valor anual
Taxa de gerenciamento base	1,5% do total de ativos
Taxa de incentivo	20% da receita líquida de investimento acima da taxa de obstáculos de 7%

Despesas operacionais

Redução de custos operacionais para o ano fiscal de 2023:

Categoria de despesa	Custo anual total
Despesas administrativas gerais	US $ 4,2 milhões
Taxas de serviço profissional	US $ 1,8 milhão
Custos de seguro	US $ 0,6 milhão

Pesquisa de investimento e custos de due diligence

• Orçamento de pesquisa anual: US $ 3,5 milhões
• Taxas de consultoria externa: US $ 750.000
• Análise de mercado e assinaturas de dados: US $ 450.000

Conformidade e despesas regulatórias

Área de conformidade	Despesas anuais
Conformidade legal	US $ 2,1 milhões
Relatórios regulatórios	US $ 1,3 milhão
Auditoria interna	$900,000

Investimentos de tecnologia e infraestrutura

Alocação de investimento em tecnologia para 2023:

• Infraestrutura de TI: US $ 2,7 milhões
• Sistemas de segurança cibernética: US $ 1,5 milhão
• Atualizações da plataforma de negociação: US $ 1,2 milhão
• Sistemas de gerenciamento de dados: US $ 800.000

BlackRock TCP Capital Corp. (TCPC) - Modelo de negócios: fluxos de receita

Receita de juros de empréstimos diretos

Para o ano fiscal de 2023, a BlackRock TCP Capital Corp. registrou receita total de juros de US $ 109,3 milhões. O portfólio de empréstimos diretos da empresa gerou um rendimento médio de 11,4% durante esse período.

Categoria de empréstimo	Valor total	Rendimento médio
Empréstimos garantidos sênior	US $ 687,2 milhões	10.8%
Empréstimos subordinados	US $ 312,5 milhões	12.6%

Taxas de gerenciamento de investimentos

Em 2023, o TCPC gerou taxas de gerenciamento de investimentos, totalizando US $ 22,7 milhões, representando 3,9% de sua receita total.

Apreciação de capital do portfólio de investimentos

A carteira de investimentos apreciada em US $ 41,6 milhões em 2023, com um aumento líquido de valor de ativo de 6,2%.

Categoria de investimento	Valor total	Apreciação
Investimentos em ações	US $ 215,3 milhões	7.1%
Investimentos em dívida	US $ 784,6 milhões	5.3%

Distribuições de dividendos

O TCPC distribuiu US $ 1,28 por ação em dividendos para 2023, totalizando aproximadamente US $ 54,3 milhões em pagamentos de dividendos.

Taxas de transação financeira estruturadas

As taxas de transação financeira estruturada totalizaram US $ 8,9 milhões em 2023, representando 1,5% da receita total.

• Repartição total da receita: US $ 267,8 milhões
• Receita líquida de investimento: US $ 94,6 milhões
• Taxa de imposto efetiva: 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.