TCPC News & Events

BlackRock TCP Capital (TCPC) CEO Phil Tseng is in the process of leaving the company after losses on loans and news of a regulatory probe into the firm's valuation practices, Olivia Fishlow and Silla Brush of Bloomberg reported yesterday, citing people familiar with the matter. The fund has long been a challenge for BlackRock (BLK), Bloomberg said. BlackRock TCP Capital's credit has significantly deteriorated, with its net assert value down 50% over the last five years, Keefe Brunette analyst Paul Johnson pointed out following the report. The news is negative, but not unexpected given the severe decline in credit, the analyst said. BlackRock TCP Capital closed Thursday down 3% to $3.36. Keefe has an Underperform rating on the shares with a $3.50 price target.

The company said, "In the first quarter of 2026, the Company executed against its strategic priorities: improving credit quality, further repositioning the investment portfolio, and strengthening the balance sheet. Non-accruals declined to 2.8% of the portfolio at fair value, reflecting the completion of two restructurings and one asset sale. Net leverage declined to 1.29x at quarter end, driven primarily by exits, partial paydowns, and proactive balance-sheet management. These achievements were partially offset by $35 million of net portfolio markdowns during the quarter, which contributed to a 4.9% decline in NAV to $6.72 per share. The Company remains focused on disciplined execution as it continues to reposition the portfolio."