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N-2 - $ / shares | 3 Months Ended | 6 Months Ended
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Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2025
Cover [Abstract] |  |  |  |  |  |  |  |  |  |
Entity Central Index Key |  |  |  |  |  |  |  |  |  | 0001370755
Amendment Flag |  |  |  |  |  |  |  |  |  | false
Securities Act File Number |  |  |  |  |  |  |  |  |  | 814-00899
Document Type |  |  |  |  |  |  |  |  |  | 10-Q
Entity Registrant Name |  |  |  |  |  |  |  |  |  | BLACKROCK TCP CAPITAL CORP.
Entity Address, Address Line One |  |  |  |  |  |  |  |  |  | 2951 28th Street
Entity Address, Address Line Two |  |  |  |  |  |  |  |  |  | Suite 1000
Entity Address, City or Town |  |  |  |  |  |  |  |  |  | Santa Monica
Entity Address, State or Province |  |  |  |  |  |  |  |  |  | CA
Entity Address, Postal Zip Code |  |  |  |  |  |  |  |  |  | 90405
City Area Code |  |  |  |  |  |  |  |  |  | 310
Local Phone Number |  |  |  |  |  |  |  |  |  | 566-1000
Entity Emerging Growth Company |  |  |  |  |  |  |  |  |  | false
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |  |  |
Investment Objectives and Practices [Text Block] |  |  |  |  |  |  |  |  |  | Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. Certain investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC (“TCPC Funding”), TCPC Funding II, LLC ("TCPC Funding II"), TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the 1934 Act and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. Series H of SVOF/MM, LLC (“SVOF/MM”) serves as the administrator (the “Administrator”) of the Company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC ("BCIA"), an indirect wholly owned subsidiary of BlackRock, Inc. with the Advisor as the surviving entity. The SBIC was organized as a Delaware limited partnership in June 2013. On April 22, 2014, the SBIC received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958.
Risk Factors [Table Text Block] |  |  |  |  |  |  |  |  |  | Item 1A. Risk Factors In addition to the other information set forth in this report, you should carefully consider the risk factors discussed below and the risk factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results. Tariffs may adversely affect us or our portfolio companies. The current United States administration has threatened or imposed tariffs on certain imports from a number of countries, including China. Tariffs and international trade arrangements may continue to change, potentially without warning and to an extent that is difficult to predict. Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect the results of their operations, and may cause a general economic slowdown or recession. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us, our portfolio companies or the economy. Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors. Efforts by the Federal Reserve and other central banks globally to combat inflation and restore price stability, as well as other global events, may raise the prospect or severity of a recession. Wars have added, and other international tensions or escalations of conflict may add, instability to the uncertainty driving socioeconomic forces, which may continue to have an impact on global trade and result in inflation or economic instability. Present conditions and the state of the U.S. and global economies make it difficult to predict whether and/or to what extent a recession will occur in the near future. Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include: • severe declines in the market price of our securities or net asset value; • inability of the Company to accurately or reliably value its portfolio; • inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to our shareholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures; • inability of the Company to pay any dividends and distributions or service its debt; • inability of the Company to maintain its status as a RIC under the Code; • declines in the value of our investments; • increased risk of default or bankruptcy by the companies in which we invest; • increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern; • limited availability of new investment opportunities; • inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and • general threats to the Company’s ability to continue investment operations and to operate successfully as a BDC. In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment under the Operating Facility, Funding Facility II and the Merger Sub Facility (collectively, the "Credit Facilities"), thereby materially and adversely affecting our liquidity, financial condition and results of operations. Under the Leverage Program, we must comply with certain financial and operational covenants. These covenants include: • restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets; • restrictions on our ability to make distributions and other restricted payments under certain circumstances; • restrictions on extraordinary events, such as mergers, consolidation and sales of assets; • restrictions on our ability to incur liens and incur indebtedness; and • maintenance of a minimum level of stockholders’ equity. In addition, by limiting the circumstances in which borrowings may occur under the Credit Facilities, the credit agreements related to such facilities (the “Credit Agreements”) in effect provide for various asset coverage, credit quality and diversification limitations on our investments. Such limitations may cause us to be unable to make or retain certain potentially attractive investments or to be forced to sell investments at an inappropriate time and consequently impair our profitability or increase losses or result in adverse tax consequences. As of June 30, 2025, we were in compliance with these covenants. However our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, there are no assurances that we will continue to comply with the covenants in the Credit Agreements. Failure to comply with these covenants would result in a default under our debt arrangements which, if we were unable to obtain a waiver from the applicable creditors, would enable the applicable creditors to accelerate outstanding balances under our debt and terminate their commitments to lend to us. This would be expected to have a material adverse impact on our financial condition and results of operations and place limitations on our operational flexibility. The Operating Facility also has certain “key man” provisions. For example, it is an event of default if the Advisor is controlled by any person or group other than (i) BlackRock, Inc. or a wholly-owned subsidiary of BlackRock, Inc. or (ii) any two of the listed individuals (or any replacement manager or individual reasonably acceptable to the administrative agent and approved by the required lenders), provided that if the Advisor is no longer under the control of at least two of such four individuals (or their previously approved replacements) through an event resulting in the death or disability of such individuals, the Advisor has 60 calendar days to replace such individuals with other managers or individuals reasonably acceptable to the administrative agent and approved by the required lenders, provided further that a default (but not an event of default) shall be deemed to exist during such period. BlackRock Acquisition of HPS. On July 1, 2025, BlackRock acquired 100% of the business and assets of HPS LCC (the “BlackRock/HPS Transaction”). There is no guarantee that BlackRock will be able to successfully maintain and continue to build its business after the BlackRock/HPS Transaction or that BlackRock or the Advisor will be able to successfully optimize their business operations following the completion of the BlackRock/HPS Transaction. In particular, as with any business combination, BlackRock and the Advisor will be subject to substantial risks, including with respect to the long-term retention of key employees, the successful consolidation of corporate, technological and administrative infrastructures and the retention of existing business and operational relationships. It is possible that employees currently involved in the operation of the Advisor may not continue with the Advisor after the BlackRock/HPS Transaction and the operations and business relationships of BlackRock and the Advisor may be disrupted following the BlackRock/HPS Transaction. The integration of HPS LLC into BlackRock will be a complex, costly and time-consuming process and if BlackRock experiences difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on BlackRock and the Advisor for an undetermined period. There can be no assurances that BlackRock or the Advisor will realize the potential operating efficiencies, synergies and other benefits currently anticipated from the BlackRock/HPS Transaction, and a failure to obtain such synergies may adversely affect the operations of BlackRock or the Advisor. Some of the challenges presented by the integration of the businesses are outside of BlackRock’s control, and any of them could result in delays, increased costs, decreases in the amount of potential synergies and diversion of management’s time and energy, which could materially affect BlackRock or the Advisor. In the event that the BlackRock/HPS Transaction has an adverse impact on the Advisor, including for the foregoing reasons, our operations and investment results may be adversely affected.
Share Price [Table Text Block] |  |  |  |  |  |  |  |  |  | Price Range of Common Stock Our common stock began trading on April 5, 2012 and is currently traded on The NASDAQ Global Select Market under the symbol “TCPC.” The following table lists the high and low closing sale price for our common stock, the closing sale price as a percentage of ending net asset value, or NAV, and quarterly distributions per share in each fiscal quarter for the first two quarters of the year ended December 31, 2025 and for each fiscal quarter in the years ended December 31, 2024 and December 31, 2023. On June 30, 2025, the reported closing price of our common stock was $7.70 per share.
|  |  |  |  |  |  |  |  |  | Premium/ (Discount) |  | Premium/ (Discount) |  |  |
|  |  |  | Stock Price |  |  | of High Sales Price |  | of Low Sales Price |  |  |
| NAV(1) |  |  | High(2) |  |  | Low(2) |  |  | to NAV (3) |  | to NAV (3) |  | Declared Distributions |
Fiscal Year ended December 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 9.18 |  |  | $ | 9.45 |  |  | $ | 7.72 |  |  | 2.9% |  | (15.9)% |  | $ | 0.29 |
Second Quarter | $ | 8.71 |  |  | $ | 8.05 |  |  | $ | 6.47 |  |  | (7.6)% |  | (25.7)% |  | $ | 0.29 |
Fiscal Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 11.14 |  |  | $ | 11.99 |  |  | $ | 9.90 |  |  | 7.6% |  | (11.1)% |  | $ | 0.34 |
Second Quarter | $ | 10.20 |  |  | $ | 11.48 |  |  | $ | 9.93 |  |  | 12.5% |  | (2.7)% |  | $ | 0.34 |
Third Quarter | $ | 10.11 |  |  | $ | 11.02 |  |  | $ | 8.08 |  |  | 9.0% |  | (20.1)% |  | $ | 0.34 |
Fourth Quarter | $ | 9.23 |  |  | $ | 9.54 |  |  | $ | 7.80 |  |  | 3.4% |  | (15.5)% |  | $ | 0.44 |
Fiscal Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Quarter | $ | 13.00 |  |  | $ | 13.37 |  |  | $ | 9.73 |  |  | 2.8% |  | (25.2)% |  | $ | 0.32 |
Second Quarter | $ | 12.94 |  |  | $ | 11.42 |  |  | $ | 9.76 |  |  | (11.7)% |  | (24.6)% |  | $ | 0.34 |
Third Quarter | $ | 12.72 |  |  | $ | 12.89 |  |  | $ | 11.00 |  |  | 1.3% |  | (13.5)% |  | $ | 0.44 |
Fourth Quarter | $ | 11.90 |  |  | $ | 12.41 |  |  | $ | 10.37 |  |  | 4.3% |  | (12.9)% |  | $ | 0.59 |
(1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. (2) The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter. (3) Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV.
Lowest Price or Bid | $ 7.72 | $ 7.8 | $ 8.08 | $ 9.93 | $ 9.9 | $ 10.37 | $ 11 | $ 9.76 | $ 9.73 | $ 6.47
Highest Price or Bid | $ 9.45 | $ 9.54 | $ 11.02 | $ 11.48 | $ 11.99 | $ 12.41 | $ 12.89 | $ 11.42 | $ 13.37 | $ 8.05
Highest Price or Bid, Premium (Discount) to NAV [Percent] | 2.90% | 3.40% | 9.00% | 12.50% | 7.60% | 4.30% | 1.30% | (11.70%) | 2.80% | (7.60%)
Lowest Price or Bid, Premium (Discount) to NAV [Percent] | (15.90%) | (15.50%) | (20.10%) | (2.70%) | (11.10%) | (12.90%) | (13.50%) | (24.60%) | (25.20%) | (25.70%)
Share Price |  |  |  |  |  |  |  |  |  | $ 7.7
NAV Per Share | $ 9.18 | $ 9.23 | $ 10.11 | $ 10.2 | $ 11.14 | $ 11.9 | $ 12.72 | $ 12.94 | $ 13 | $ 8.71
Economic Recessions Or Downturns |  |  |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  |  |  |  | Economic recessions or downturns could impair our portfolio companies and harm our operating results. Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets may increase and the value of our portfolio may decrease during these periods as we are required to record the values of our investments. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. In addition, if one of our portfolio companies were to go bankrupt, even though we or one of our affiliates may have structured our interest in such portfolio company as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding as equity and subordinate all or a portion of our claim to claims of other creditors. Efforts by the Federal Reserve and other central banks globally to combat inflation and restore price stability, as well as other global events, may raise the prospect or severity of a recession. Wars have added, and other international tensions or escalations of conflict may add, instability to the uncertainty driving socioeconomic forces, which may continue to have an impact on global trade and result in inflation or economic instability. Present conditions and the state of the U.S. and global economies make it difficult to predict whether and/or to what extent a recession will occur in the near future. Any such recession would negatively impact the businesses in which we invest and our business. These impacts may include: • severe declines in the market price of our securities or net asset value; • inability of the Company to accurately or reliably value its portfolio; • inability of the Company to comply with certain asset coverage ratios that would prevent the Company from paying dividends to our shareholders and that could result breaches of covenants or events of default under our credit agreement or debt indentures; • inability of the Company to pay any dividends and distributions or service its debt; • inability of the Company to maintain its status as a RIC under the Code; • declines in the value of our investments; • increased risk of default or bankruptcy by the companies in which we invest; • increased risk of companies in which we invest being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern; • limited availability of new investment opportunities; • inability for us to replace our existing leverage when it becomes due or replace it on terms as favorable as our existing leverage; and • general threats to the Company’s ability to continue investment operations and to operate successfully as a BDC.
Tariffs may adversely affect us or our portfolio companies |  |  |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  |  |  |  | Tariffs may adversely affect us or our portfolio companies. The current United States administration has threatened or imposed tariffs on certain imports from a number of countries, including China. Tariffs and international trade arrangements may continue to change, potentially without warning and to an extent that is difficult to predict. Existing or new tariffs imposed on foreign goods imported by the United States or on U.S. goods imported by foreign countries could subject us or our portfolio companies to additional risks. Among other effects, tariffs may increase the cost of production for certain of our portfolio companies or reduce demand for their products, which could affect the results of their operations, and may cause a general economic slowdown or recession. We cannot predict whether, or to what extent, any tariff or other trade protections may affect us, our portfolio companies or the economy.
Regulatory Restrictions that Restrict our Ability to Raise Capital |  |  |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  |  |  |  | In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment under the Operating Facility, Funding Facility II and the Merger Sub Facility (collectively, the "Credit Facilities"), thereby materially and adversely affecting our liquidity, financial condition and results of operations. Under the Leverage Program, we must comply with certain financial and operational covenants. These covenants include: • restrictions on the level of indebtedness that we are permitted to incur in relation to the value of our assets; • restrictions on our ability to make distributions and other restricted payments under certain circumstances; • restrictions on extraordinary events, such as mergers, consolidation and sales of assets; • restrictions on our ability to incur liens and incur indebtedness; and • maintenance of a minimum level of stockholders’ equity. In addition, by limiting the circumstances in which borrowings may occur under the Credit Facilities, the credit agreements related to such facilities (the “Credit Agreements”) in effect provide for various asset coverage, credit quality and diversification limitations on our investments. Such limitations may cause us to be unable to make or retain certain potentially attractive investments or to be forced to sell investments at an inappropriate time and consequently impair our profitability or increase losses or result in adverse tax consequences. As of June 30, 2025, we were in compliance with these covenants. However our continued compliance with these covenants depends on many factors, some of which are beyond our control. Accordingly, there are no assurances that we will continue to comply with the covenants in the Credit Agreements. Failure to comply with these covenants would result in a default under our debt arrangements which, if we were unable to obtain a waiver from the applicable creditors, would enable the applicable creditors to accelerate outstanding balances under our debt and terminate their commitments to lend to us. This would be expected to have a material adverse impact on our financial condition and results of operations and place limitations on our operational flexibility. The Operating Facility also has certain “key man” provisions. For example, it is an event of default if the Advisor is controlled by any person or group other than (i) BlackRock, Inc. or a wholly-owned subsidiary of BlackRock, Inc. or (ii) any two of the listed individuals (or any replacement manager or individual reasonably acceptable to the administrative agent and approved by the required lenders), provided that if the Advisor is no longer under the control of at least two of such four individuals (or their previously approved replacements) through an event resulting in the death or disability of such individuals, the Advisor has 60 calendar days to replace such individuals with other managers or individuals reasonably acceptable to the administrative agent and approved by the required lenders, provided further that a default (but not an event of default) shall be deemed to exist during such period.
HPS LLC |  |  |  |  |  |  |  |  |  |
General Description of Registrant [Abstract] |  |  |  |  |  |  |  |  |  |
Risk [Text Block] |  |  |  |  |  |  |  |  |  | BlackRock Acquisition of HPS. On July 1, 2025, BlackRock acquired 100% of the business and assets of HPS LCC (the “BlackRock/HPS Transaction”). There is no guarantee that BlackRock will be able to successfully maintain and continue to build its business after the BlackRock/HPS Transaction or that BlackRock or the Advisor will be able to successfully optimize their business operations following the completion of the BlackRock/HPS Transaction. In particular, as with any business combination, BlackRock and the Advisor will be subject to substantial risks, including with respect to the long-term retention of key employees, the successful consolidation of corporate, technological and administrative infrastructures and the retention of existing business and operational relationships. It is possible that employees currently involved in the operation of the Advisor may not continue with the Advisor after the BlackRock/HPS Transaction and the operations and business relationships of BlackRock and the Advisor may be disrupted following the BlackRock/HPS Transaction. The integration of HPS LLC into BlackRock will be a complex, costly and time-consuming process and if BlackRock experiences difficulties in this process, the anticipated benefits may not be realized fully or at all, or may take longer to realize than expected, which could have an adverse effect on BlackRock and the Advisor for an undetermined period. There can be no assurances that BlackRock or the Advisor will realize the potential operating efficiencies, synergies and other benefits currently anticipated from the BlackRock/HPS Transaction, and a failure to obtain such synergies may adversely affect the operations of BlackRock or the Advisor. Some of the challenges presented by the integration of the businesses are outside of BlackRock’s control, and any of them could result in delays, increased costs, decreases in the amount of potential synergies and diversion of management’s time and energy, which could materially affect BlackRock or the Advisor. In the event that the BlackRock/HPS Transaction has an adverse impact on the Advisor, including for the foregoing reasons, our operations and investment results may be adversely affected.

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