BlackRock TCP Capital Corp. filings document the regulatory record of a business development company that lends to middle-market companies and small businesses. Its disclosures cover operating results, portfolio valuation processes, dividend announcements, capital-structure matters, and the investment objective of generating current income and capital appreciation through debt investments.
TCPC's SEC filings include Form 8-K material-event reports for financial results, Regulation FD disclosures, dividends, and financing arrangements, including credit-facility amendments involving a wholly owned subsidiary. Proxy filings document annual meeting matters, director elections, board governance, and stockholder voting procedures.
BlackRock TCP Capital Corp. (TCPC) is the subject of a joint beneficial-ownership report by Saba Capital Management, L.P., its general partner Saba Capital Management GP, LLC, and Boaz R. Weinstein, managing member of the general partner. They report shared voting and dispositive power over 5,986,934 common shares, representing 7.14% of the class. The percentage is based on 83,902,775 shares outstanding as of November 5, 2026.
The reporting persons state that approximately $24,194,242 was paid to acquire the reported shares, using investor subscription proceeds, capital appreciation and margin-account borrowings made in the ordinary course. They state that trades from the October 14, 2026 filing through the market open on the amendment’s filing date were effected in the open market. Funds and accounts advised by Saba Capital have the right to receive dividends and sale proceeds from the shares.
BlackRock TCP Capital Corp. reported third-quarter 2026 GAAP net investment income of $13.4 million, or $0.16 per diluted share, versus $27.3 million, or $0.32 per share, in third-quarter 2025. Net assets from operations decreased $66.8 million, or $0.80 per share, compared with a $24.4 million increase a year earlier; net asset value was $5.61 per share as of September 30, 2026, down from $6.58 as of June 30, 2026.
At September 30, investments on non-accrual were 3.4% of portfolio fair value and 14.2% at cost, compared with 1.6% and 7.4% at June 30. Net leverage was 0.16x versus 1.38x, and available liquidity was $511.2 million. On August 4, 2026, the company completed the sale of 95% of the equity interests in a vehicle holding approximately $524 million of investments across 78 portfolio companies to funds and accounts sponsored by Pantheon; the company reported $63.7 million of realized losses from the Continuation Vehicle transaction. The board is conducting an ongoing strategic review.
The board declared a fourth-quarter dividend of $0.17 per share, payable December 31, 2026, to stockholders of record as of December 17, 2026.
BlackRock TCP Capital Corp. (TCPC) reported a net loss of $66.8 million for the three months ended September 30, 2026, compared with net income of $24.4 million in the 2025 quarter. Total investment income was $28.5 million, versus $50.5 million; net investment income was $13.4 million, versus $27.3 million. Net realized and unrealized losses were $78.8 million, compared with $2.9 million in losses in the 2025 quarter.
For the nine months ended September 30, 2026, TCPC recorded a net loss of $81.3 million, compared with net income of $29.4 million, while net investment income was $50.0 million versus $87.1 million. At September 30, 2026, net assets were $471.0 million, or $5.61 per share, compared with $598.0 million and $7.07 per share at December 31, 2025. Cash and cash equivalents were $253.1 million, compared with $61.1 million at December 31, 2025; debt was $326.4 million versus $1.036 billion.
BlackRock TCP Capital Corp. (TCPC) is the subject of a Schedule 13D in which Saba Capital Management, L.P., Saba Capital Management GP, LLC and Boaz R. Weinstein each report beneficial ownership of 4,283,957 common shares, or 5.11%, with shared voting and dispositive power. They each list the same position. The percentage is based on 83,902,775 shares outstanding as of August 6, 2026.
The reporting persons state that approximately $17,149,739 was paid to acquire the shares. Saba Capital serves as investment manager to private and public funds or accounts, Saba Capital Management GP, LLC serves as general partner, and Weinstein is managing member of the general partner. The reporting persons may discuss TCPC’s governance, board appointments, strategy and open- or closed-end structure, and may make shareholder proposals, nominate directors, solicit proxies or seek buybacks, tenders, liquidations or a change in investment manager. Funds and accounts advised by Saba Capital have the right to dividends and sale proceeds.
BlackRock TCP Capital Corp. (TCPC) said Patrick Wolfe informed the company on September 22, 2026, that he would resign as chief operating officer effective at the close of business on December 18, 2026, to pursue other business opportunities outside BlackRock, Inc. The company stated that his resignation was not the result of a disagreement with the company or BlackRock, Inc.
On September 25, 2026, the board appointed Dan Worrell as COO, effective at the close of business on December 18, 2026. Worrell is currently TCPC’s president and will continue in that role until his resignation or removal by the board. He was also appointed COO of BlackRock Direct Lending Corp. and BlackRock Private Credit Fund, and will continue as president of those entities. Worrell served as co-chief investment officer of all three entities from November 6, 2024, until September 2, 2026.
BlackRock TCP Capital Corp. (TCPC) announced significant leadership changes. On August 31, 2026, longtime executive Philip Tseng resigned as Director, Chair of the Board, Chief Executive Officer, and Co-Chief Investment Officer of the company and related vehicles to pursue other opportunities; the company states his resignation did not result from any disagreement. He will remain an employee of BlackRock, Inc. until October 1, 2026 to help transition responsibilities.
Effective September 2, 2026, the Board appointed Jason MehringDan Worrell
BlackRock TCP Capital Corp. completed a continuation-vehicle transaction, selling 95% of its interest in BlackRock DLF-C 2026, LLC, which holds approximately $523 million of loans to 78 portfolio companies, to funds managed by Pantheon for approximately $152 million of gross proceeds.
The assets sold represent about 48% of the pre-transaction debt portfolio and were priced at 95% of gross fair value as of December 31 2025. Management expects the deal, together with recent repayments, to reduce net leverage to roughly 0.4x, with a further decline below 0.3x after an announced portfolio company paydown, while lowering unfunded commitments from about $90 million to $36 million. The transaction is estimated to reduce net asset value by about $57 million, or $0.68 per share, a 10.4% decline.
For the quarter ended June 30 2026, net investment income was $18.1 million, or $0.22 per share, covering the $0.17 dividend, and NAV per share was $6.58. The Board declared a third‑quarter dividend of $0.17 per share and engaged Keefe, Bruyette & Woods to evaluate strategic alternatives, including potential reinvestment, capital returns, combinations, or portfolio realization.
TCPC provides a detailed schedule of its investment portfolio, dominated by floating‑rate debt investments such as First Lien Term Loans and Sr Secured Revolvers. Instruments reference SOFR, CORRA, EURIBOR or Prime, typically with rate floors, stated spreads, disclosed total coupons and contractual maturities.
The positions span industries including software, health care technology, diversified financial services, construction and engineering, media, automobiles, hotels, restaurants and leisure, real estate management and development, and more. Structures include Delayed Draw Term Loans, second‑lien and unsecured term loans, and facilities with PIK interest features, exit fees and fixed‑rate coupons.
Alongside loans and revolvers, the portfolio holds equity and affiliate interests, including preferred and common units, ordinary shares, limited partnership or limited liability company interests, promissory notes and multiple warrants to purchase common or preferred stock in issuers such as Domo, Inc., SnapLogic, Inc., ResearchGate Corporation and Worldremit Group Limited, with warrant expirations extending into the early 2030s.
BlackRock TCP Capital Corp., through a subsidiary, completed a $535,780,000 collateralized loan obligation transaction on May 27, 2026. The CLO Issuer sold multiple tranches of floating rate Secured Notes maturing in 2034, including Class A-1 and A-2 AAA(sf) notes tied to three-month SOFR plus stated spreads.
The CLO Issuer also issued $102,780,000 in LLC Interests, all of which, along with the Class C and Class D notes, were retained by an indirect subsidiary of the company. Proceeds from the Secured Notes and LLC Interests were used to prepay and terminate a loan and servicing agreement and to repay $54,000,000 under the BCIC Credit Agreement and $83,000,000 under the SVCP Credit Agreement.
The transaction is backed by a diversified portfolio of middle-market loan obligations, and the Secured Notes are governed by an indenture with customary covenants and events of default. The notes are offered under exemptions from Securities Act registration and may not be publicly offered without registration or an applicable exemption.