BlackRock TCP Capital Corp. is parting ways with nearly half its loan book. The Nasdaq-listed business development company, managed by BlackRock, announced the sale of a $523 million portfolio of private loans to a continuation vehicle sponsored by Pantheon, representing 48% of TCPC’s total debt investments across 78 portfolio companies.
The deal, announced on August 4, is essentially BlackRock’s way of cleaning house. TCPC will retain just a 5% equity stake in the vehicle while offloading the other 95%, generating roughly $152 million in gross proceeds.
The math behind the move
TCPC expects approximately a 10.4% decline in net asset value, equivalent to a loss of $0.68 per share based on June 30, 2026 figures. TCPC’s net debt ratio is expected to drop from 1.38x to roughly 0.4x, with the company targeting a further reduction below 0.3x after additional paydowns.
The portfolio was sold at 95% of gross fair value as of December 31, 2025 valuations, though those marks may be adjusted subsequently. Despite the NAV decline, the sale is believed to realize a premium compared to TCPC’s current share price.
