BlackRock TCP Capital Corp. operates as a business development company (BDC) regulated under the Investment Company Act of 1940. Externally managed by Tennenbaum Capital Partners, LLC, a wholly-owned indirect subsidiary of BlackRock, Inc., the company leverages BlackRock's extensive private credit platform to source and evaluate investment opportunities. TCPC's core business model involves providing tailored financing solutions to established middle-market companies with enterprise values typically ranging from $100 million to $1.5 billion. The company generates revenue primarily through contractual interest payments on its debt investments, as well as origination fees, exit fees, and selective equity positions. Its portfolio is highly diversified across various industries, including software, healthcare, business services, and telecommunications, with a strong emphasis on senior secured debt to ensure principal protection. By filling the financing gap left by traditional banks, TCPC aims to deliver high total returns to its shareholders through consistent dividend distributions and capital appreciation.
