BlackRock TCP Capital Corp
Inside BlackRock TCP Capital Corp’s $1.3B private-credit portfolio — 329 holdings disclosed in SEC filings. The portfolio is 89% first-lien by fair value, concentrated in Software (15%).
Aug 6 · SEC EDGAR
Credit Snapshot
How the market and the balance sheet read TCPC as a credit: NAV per share is the Q1 FY2026 book value ($6.70) from its SEC quarterly filing — for a BDC, book value is NAV. Fair values underneath are the manager’s own estimates. Price as of 2026-08-26.
| Metric | Value | What healthy looks like |
|---|---|---|
| Price-to-NAV | 0.62x (discount) | Quality BDCs tend to trade near NAV; a deep discount often signals credit concern — or opportunity to investigate. |
| NAV Total Return | -17.2% FY2025: ΔNAV/share + distributions 3-yr ≈-5.8%/yr compound | NAV change plus distributions, per share — what the book earned independent of market sentiment. Sustained positive NAV total return means the credit book is creating value, not just distributing it back. |
| Top-5 Borrower Concentration | 26% of portfolio FV ≈ 62% of Q1 FY2026 NAV largest: 36th Street Capital Partners Holdings, LLC (8.7% of FV) | Measured against NAV, not just portfolio value: leverage means one borrower’s writedown hits book value harder than its portfolio share suggests. Diversified BDCs typically keep any single name to a low single-digit share of the portfolio. |
| Debt Marked Below 90 | 16.4% (3.2% below 80) of marked debt FV (91% coverage) | Loans marked below 90 cents on the dollar are the book’s watchlist; a growing tail often precedes non-accrual. |
| PIK Income Share | 19.9% of debt FV carries a PIK component 83rd pct of 23 upper-MM peers | Interest paid “in kind” adds to the loan instead of paying cash; a rising PIK share is the classic early sign of borrower stress. |
| Floating-Rate Mix | 70% floating, mostly SOFR of rate-classified debt (99% coverage); the rest fixed | Floating-rate loans reprice with their benchmark (mostly SOFR), so a high floating share means portfolio income rises when the Fed hikes and falls when it cuts — the book’s rate sensitivity in one number. |
| Non-Accruals | — not yet parsed | 1–3% of debt fair value is normal; 5%+ is a warning sign. We don’t parse this yet — check the latest 10-Q. |
Portfolio Composition
Portfolio-wide breakdown by fair value across this BDC’s full Schedule of Investments. Source: SEC EDGAR (public). As of the 2026-08-06 filing.
Maturity Wall
Debt fair value by each loan’s stated maturity year (99% of debt FV carries a parsed maturity). The refinancing question: 21% of the maturity-dated book comes due by end-2027 — debt that must be repaid, refinanced, or extended. As of the 2026-08-06 filing.
| Maturing | Debt FV | % of dated debt |
|---|---|---|
| 2026 or earlier | $54M | 4.2% |
| 2027 | $218M | 17.2% |
| 2028 | $320M | 25.2% |
| 2029 | $263M | 20.7% |
| 2030 | $231M | 18.2% |
| 2031+ | $184M | 14.5% |
Manager Track Record
Through-the-cycle indicators computed from filed schedule-of-investments data: the non-accrual level and its four-quarter direction, the fleet standing among BDCs whose latest filing clears the 90% determinate-coverage gate, and the average debt mark against a year earlier. A track record, not a verdict — each row is coverage-gated and omitted when the data doesn’t support it. As of the 2026-08-06 filing.
| Avg debt mark vs 4q ago | 89.7 vs 95.2 (-5.5 pts) |
Where this book is marked differently
1 of this BDC’s borrowers is marked 10+ points away from another BDC’s mark on the same borrower and seniority, as of the same quarter. Level-3 fair values are model-based — each manager marks to its own model, so dispersion is information about assumptions, not proof either mark is wrong.
- | Emerald Technologies (U.S.) Acquisitionco, Inc. — marked 60.7 here (filed 2026-08-06) vs 71.7 at CION (filed 2026-08-06) — a 11.0pt gap, same seniority, period 2026-06-30.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Quarter-over-quarter changes
Borrowers added to and dropped from the book between the 2026-05-07 and 2026-08-06 filings, and the largest weighted-mark moves on borrowers held across both. Aggregated to the borrower so a company’s exposure is counted once even when its loan tranches are re-cut quarter to quarter; entries and exits under $0.5M are omitted as parse noise.
New this quarter 4
- Bynder Bidco B.V. (Netherlands)$15M
- Purecars Technologies Holdings, Llc$11M
- Gotab, Inc. (Fishbowl)$3M
- Advanced Cooling Technologies Inc.$830K
Exited 5
- Spartan Bidco Pty Ltd (Starrez) (Australia)$15M
- It Parent, Llc$10M
- Persado, Inc.$10M
- Hanna Andersson, Llc$10M
- Libra Solutions Intermediate Holdco, Llc Et Al (Fka Oasis Financial, Llc)$9M
Biggest mark moves
- Pvhc Holding Corp.↓ 88→28
- Zilliant Incorporated↓ 65→18
- Thras.Io, Llc↑ 82→99
- Kellermeyer Bergensons Services, Llc↓ 96→84
- Terraboost Media Operating Company, Llc↓ 99→89
- Jobandtalent Usa, Inc. (United Kingdom)↑ 91→99
Top Portfolio Holdings
| # | Company | Type | Sector | Coupon | Maturity | Fair Value | % of FV | % of Net Assets |
|---|---|---|---|---|---|---|---|---|
| 1 | 36th Street Capital Partners Holdings, LLC2 reporting lines · Senior Note Senior Secured + Membership Units Senior Secured | Equity1L Sr Secured | Diversified Financial Services | Fixed Rate + 0.00% | Nov 2030 | $115M | 8.7% | 20.3% |
| 2 | Domo, Inc. | 1L Sr SecuredPIK 5.00% | Internet Software and Services | SOFR | Aug 2028 | $64M | 4.9% | 11.4% |
| 3 | Pico Quantitative Trading, LLC2 reporting lines · First Lien Term Loan Senior Secured + First Lien Senior Secured | 1L Sr Secured | Capital Markets | SOFR + 7.51% | Feb 2027 | $40M | 3.0% | 7.0% |
| 4 | SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) | 1L Sr Secured | Technology Hardware, Storage & Peripherals | SOFR + 5.50% | Apr 2031 | $35M | 2.6% | 6.1% |
| 5 | ESO Solutions, Inc. | 1L Sr Secured | Health Care Technology | SOFR + 5.50% | May 2027 | $32M | 2.4% | 5.6% |
| 6 | Motive Technologies, Inc. (Keep Truckin) | 1L Sr Secured | Road and Rail | SOFR + 7.36% | Apr 2027 | $29M | 2.2% | 5.2% |
| 7 | JobandTalent USA, Inc. (United Kingdom) | 1L Sr SecuredPIK 3.25% | Professional Services | SOFR | Oct 2028 | $29M | 2.2% | 5.1% |
| 8 | Express Wash Acquisition Company, LLC (Whistle) | 1L Sr Secured | Diversified Consumer Services | SOFR + 6.25% | Apr 2031 | $26M | 2.0% | 4.6% |
| 9 | Calceus Acquisition, Inc. (Cole Haan) | 1L Sr Secured | Specialty Retail | SOFR + 6.50% | Aug 2028 | $24M | 1.8% | 4.2% |
| 10 | SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | 1L Sr SecuredPIK 6.75% | Software | SOFR | May 2028 | $23M | 1.8% | 4.1% |
| Full schedule — all 329 holdings, sortable and screenable → | ||||||||
% of net assets reads each position against stockholders’ equity as of Q1 FY2026 — on a levered book, a position is a larger share of the equity that absorbs losses than of portfolio fair value.
This page is the public file — the Ledge adds
Borrower cross-reference
Search any borrower, see every BDC exposed to it — BlackRock TCP Capital Corp shares 77 borrowers with other managers we track.
Quarterly diffs
What entered and exited the book each quarter.
Book-structure risk
Senior-secured, floating-rate and PIK share — how the book is built.
Loan-Pricing Trend
Fair-value-weighted average credit spread and average mark across this BDC’s Schedule-of-Investments debt holdings, by filing quarter. Mark is fair value as a percent of par (100 = par). Spread is in basis points over each loan’s own benchmark, normalized from the filing’s as-reported units. Source: SEC EDGAR (public). Spreads have compressed from 718 to 607 bps over 13 quarters while marks held near 94.
| Quarter | Borrowers | Priced Positions | Wtd-Avg cash spread (bps) | Avg Mark (% of par) | Debt Fair Value |
|---|---|---|---|---|---|
| Q1 2025 | 99 | 145 | 674 | 94.9 | $3.6B |
| Q2 2025 | 114 | 218 | 665 | 95.2 | $1.7B |
| Q3 2025 | 119 | 249 | 664 | 94.7 | $1.7B |
| Q4 2025 | 115 | 236 | 666 | 92.3 | $1.5B |
| Q1 2026 | 105 | 223 | 623 | 92.0 | $1.4B |
| Q2 2026 | 102 | 213 | 607 | 89.7 | $1.3B |
1 quarter omitted — filing not parsed.
Marks reflect each BDC’s own fair-value estimates as reported to the SEC, not traded prices. Private-credit loans are predominantly Level 3 under ASC 820 — valued from unobservable inputs and determined in good faith by each BDC’s board, so figures are estimates as of the filing date and are not directly comparable across managers. Informational only; not investment advice or a valuation.
Questions this page answers
What does BlackRock TCP Capital Corp invest in?
BlackRock TCP Capital Corp's portfolio breaks down by total portfolio fair value into approximately 89% first-lien senior secured, 2% second-lien or mezzanine, 1% other or unclassified debt, and 8% equity or other, with its largest sector exposure in Software (~15% of the holdings that disclose a sector) as of its 2026-08-06 SEC filing.
How large is BlackRock TCP Capital Corp's portfolio?
BlackRock TCP Capital Corp reported $1.3B in portfolio fair value across 329 holdings and 149 unique borrowers as of its 2026-08-06 SEC filing.
What do BlackRock TCP Capital Corp's fixed-rate loans yield?
The fair-value-weighted average all-in coupon across BlackRock TCP Capital Corp's fixed-rate income-producing holdings is approximately 4.5%, measured over the fixed-rate holdings representing 19% of portfolio fair value (floating-rate loans, quoted as a spread over a benchmark, are excluded) as of its 2026-08-06 SEC filing.
Where does this data come from?
This data is parsed by Oxford Ledge from BlackRock TCP Capital Corp's Schedule of Investments in its SEC EDGAR filings. Fair values are the manager's own estimates as of the 2026-08-06 filing date.
About BlackRock TCP Capital Corp
BlackRock TCP Capital Corp (TCPC) is a publicly traded Business Development Company (BDC) — essentially a publicly listed fund that lends money to mid-sized private companies. In plain English: BDCs raise money from public investors and lend it to businesses that are too small for Wall Street banks. To qualify for pass-through tax treatment, they distribute at least 90% of their taxable investment income to shareholders, which is why BDC yields are often 8–12%. BlackRock TCP Capital Corp discloses its full loan portfolio through SEC filings.