BlackRock TCP Capital (TCPC)

• Market cap: $687M
• 1 day: -0.86%
• 5 days: -8.39%
• 1 month: -10.32%
• 3 months: -12.17%
• 6 months: -12.08%
• Year to date: -8.91%
• 1 year: -23.41%
• 5 years: -41.06%
• 10 years: -51.03%

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.

Fund manager confidence

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

41% more call options, than puts

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

40% more first-time investments, than exits

New positions opened: 28 | Existing positions closed: 20

17% more capital invested

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

3% more funds holding

Funds holding: 144 [Q3] → 149 (+5) [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 7% downside
• Avg. target: $8 1% downside
• High target: $8.50 5% upside

2 analyst ratings

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

Wells Fargo Finian O'Shea 66% 1-year accuracy 27 / 41 met price target	7% downside $7.50	Underweight Maintained	28 Feb 2025
Keefe, Bruyette & Woods Paul Johnson 85% 1-year accuracy 11 / 13 met price target	5% upside $8.50	Market Perform Maintained	28 Feb 2025