v3.26.3
N-2 - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2026
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 SPV, LP (formerly, 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 Exchange 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 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 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 year ended December 31, 2025 (the "Annual Report"), 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.

Delays in reinvesting the proceeds from the Continuation Vehicle Transaction and/or re-levering our portfolio could reduce our investment income and distributions.

As a result of the Continuation Vehicle Transaction, the Company has significantly reduced the size of its investment portfolio and the amount of deployed leverage. If we do not timely redeploy into new investments and/or efficiently re-lever to long-term target levels, our investment income and, in turn, our results of operations will likely be materially adversely affected. Based on the magnitude of the reduction in our investment portfolio and leverage, it could take some time to reinvest due to market conditions, the ongoing strategic alternatives review, and the general time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies. During this period, we may invest proceeds in temporary investments which we expect will earn yields lower than we seek to receive in respect of privately originated investments and which may be subject to increased price volatility. As a result of the reduced investment portfolio and leverage, and until proceeds are redeployed and leverage returns to target levels, distributions paid may be substantially lower and/or may be funded from retained earnings or sources other than income (i.e., represent a return of capital).
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 three quarters of the year ended December 31, 2026 and for each fiscal quarter in the years ended December 31, 2025 and December 31, 2024. On September 30, 2026, the reported closing price of our common stock was $4.00 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, 2026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Quarter

$

6.72

 

 

$

5.89

 

 

$

3.44

 

 

(12.4)%

 

(48.8)%

 

$

0.17

 

Second Quarter

$

6.58

 

 

$

4.39

 

 

$

3.14

 

 

(33.3)%

 

(52.3)%

 

$

0.17

 

Third Quarter

$

5.61

 

 

$

4.21

 

 

$

3.13

 

 

(25.0)%

 

(44.2)%

 

$

0.17

 

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

 

Third Quarter

$

8.71

 

 

$

7.90

 

 

$

6.12

 

 

(9.3)%

 

(29.7)%

 

$

0.29

 

Fourth Quarter

$

7.07

 

 

$

6.19

 

 

$

5.30

 

 

(12.4)%

 

(25.0)%

 

$

0.25

 

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

 

 

(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 $ 3.13 $ 3.14 $ 3.44 $ 5.3 $ 6.12 $ 6.47 $ 7.72 $ 7.8 $ 8.08 $ 9.93 $ 9.9  
Highest Price or Bid $ 4.21 $ 4.39 $ 5.89 $ 6.19 $ 7.9 $ 8.05 $ 9.45 $ 9.54 $ 11.02 $ 11.48 $ 11.99  
Highest Price or Bid, Premium (Discount) to NAV [Percent] (25.00%) (33.30%) (12.40%) (12.40%) (9.30%) (7.60%) 2.90% 3.40% 9.00% 12.50% 7.60%  
Lowest Price or Bid, Premium (Discount) to NAV [Percent] (44.20%) (52.30%) (48.80%) (25.00%) (29.70%) (25.70%) (15.90%) (15.50%) (20.10%) (2.70%) (11.10%)  
Share Price $ 4                     $ 4
NAV Per Share $ 5.61 $ 6.58 $ 6.72 $ 7.07 $ 8.71 $ 8.71 $ 9.18 $ 9.23 $ 10.11 $ 10.2 $ 11.14 $ 5.61