BlackRock TCP Capital Corp (TCPC) is a Business Development Company (BDC) that lends to U.S. middle-market companies, primarily through senior secured, first lien floating-rate loans. Target borrowers are companies with enterprise values between $100M and $1.5B, often sponsor-backed, using capital for leveraged buyouts, refinancings, acquisitions, and growth. TCPC is externally managed by Tennenbaum Capital Partners, an indirect BlackRock subsidiary, which sources deals through private equity sponsor relationships, investment bankers, and the broader BlackRock platform. TCPC's portfolio was approximately $1.5B at fair value across 141 companies in over 20 sectors. TCPC earns income primarily through interest on floating-rate loans, with additional income from origination fees and PIK interest. TCPC uses leverage to amplify returns on equity, and distributes the vast majority of income as dividends to maintain its RIC tax status. The spread between portfolio yield and borrowing costs is the primary driver of net investment income. Strategically, TCPC has been shifting its portfolio toward first lien loans exclusively, reducing legacy second lien positions, cutting average position sizes, and focusing on deals where it or the broader BlackRock platform serves as lead lender, giving TCPC more influence in distressed scenarios. Roughly half of recent originations came from existing portfolio companies, which management views as lower-risk.