Incorporated in 2012 as a Delaware corporation, BlackRock TCP Capital Corp. (NASDAQ: TCPC) (“the company”) is a publicly traded closed-end, externally managed, non-diversified business development company (“BDC”). TCPC has elected to be treated, and intends to qualify annually, as a regulated investment company (“RIC”) for federal tax purposes.
TCPC is externally managed by Tennenbaum Capital Partners, LLC (“Adviser”), an indirect, wholly owned subsidiary of BlackRock, Inc. (NYSE: BLK), a global investment manager with $12.5 trillion of AUM as of June 30, 2025.
Key Credit Considerations
The ratings are supported by TCPC’s ties to BLK and its $370 billion Private Financing Solutions (“PFS”) platform, which was created following the acquisition and integration of HPS Investment Partners (“HPS”) into the BlackRock credit platform. Central to PFS is a $205 billion private credit franchise, including $127 billion in direct lending,…
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