Added to YB: 2026-08-17
Pitch date: 2026-08-13
TCPC [neutral]
BlackRock TCP Capital Corp.
-2.86%
current return
Author Info
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Company Info
BlackRock TCP Capital Corp. is a business development company specializing in direct equity and debt investments in middle-market, small businesses, debt securities, senior secured loans, junior loans, originated loans, mezzanine, senior debt instruments, bonds, and secondary-market investments.
Market Cap
$342.3M
Pitch Price
$4.20
Price Target
5.90
Dividend
16.67%
EV/EBITDA
N/A
P/E
-3.18
EV/Sales
6.19
Sector
Capital Markets
Category
special_situation
$TCPC: a 10% NAV hit, and the stock went up
TCPC (overview): Externally-managed BDC sold 95% of ~$523M portfolio to Pantheon, took 10.4% NAV haircut but cut leverage from 1.38x to 0.4x. Stock +11% on news, still ~$3.90 vs ~$5.90 pro forma NAV (~66% of book). $47M buyback unused, KBW reviewing liquidation. Risks: earnings hole post-deleverage, 7.4% non-accruals at cost, Q4 dividend uncertain, BlackRock conflict.
Read full article (3 min)