BlackRock TCP Capital (TCPC)

• Market cap: $584M
• 1 day: 6.03%
• 5 days: -11.94%
• 1 month: -16.95%
• 3 months: -19.48%
• 6 months: -16.14%
• Year to date: -22.66%
• 1 year: -32.48%
• 5 years: -4.32%
• 10 years: -57.34%
• Sector: Financials
• Industry: Asset Management

About: BlackRock TCP Capital Corp is an externally-managed specialty finance company focused on middle-market lending. Its investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. It seeks to achieve investment objective through investments in debt securities of middle-market companies. The group generates returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

Employees: 21,100

Fund manager confidence

Based on 2024 Q4 regulatory disclosures by fund managers ($100M+ AUM)

45% more first-time investments, than exits

New positions opened: 29 | Existing positions closed: 20

41% more call options, than puts

Call options by funds: $429K | Put options by funds: $304K

17% more capital invested

Capital invested by funds: $138M [Q3] → $162M (+$23.2M) [Q4]

4% more funds holding

Funds holding: 144 [Q3] → 150 (+6) [Q4]

2.09% more ownership

Funds ownership: 19.59% [Q3] → 21.68% (+2.09%) [Q4]

26% less repeat investments, than reductions

Existing positions increased: 34 | Existing positions reduced: 46

Research analyst outlook

2 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $7.50 9% upside
• Avg. target: $7.50 9% upside
• High target: $7.50 9% upside

2 analyst ratings

• positive: 0 0%
• neutral: 1 50%
• negative: 1 50%

Keefe, Bruyette & Woods Paul Johnson 59% 1-year accuracy 10 / 17 met price target	9% upside $7.50	Market Perform Maintained	8 Apr 2025
Wells Fargo Finian O'Shea 50% 1-year accuracy 22 / 44 met price target	9% upside $7.50	Underweight Maintained	28 Feb 2025