TCPC COO Departs; Worrell Now Holds President and COO Simultaneously
Management Transition
Company Background
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a publicly traded business development company focused on direct lending to middle-market and small businesses, externally managed by an indirect subsidiary of BlackRock, Inc. The company carries an approximate market capitalization of $335 million.
Net asset value has deteriorated sharply over the past twelve months. NAV per share stood at $8.71 at September 30, 2025, then fell 19% in a single quarter to $7.07 at December 31, 2025, driven by issuer-specific credit losses across six portfolio companies accounting for roughly two-thirds of that decline. NAV slipped further to $6.72 at March 31, 2026, and to $6.58 at June 30, 2026. On August 4, 2026, the company sold 95% of a roughly $523 million loan portfolio — approximately 48% of its pre-transaction debt portfolio — to funds managed by Pantheon Ventures for approximately $152 million in gross proceeds, reducing net leverage from 1.38x to approximately 0.4x but reducing NAV by an estimated $0.68 per share. Beginning in the first quarter of 2026, the quarterly dividend was cut from $0.25 to $0.17 per share.
What Was Disclosed
Patrick Wolfe departed as Chief Operating Officer of BlackRock TCP Capital Corp. effective as of the close of business on December 18, 2026. Wolfe had informed the company of his resignation on September 22, 2026, stating he intended to pursue other business opportunities outside of BlackRock, Inc. The company stated his departure was not the result of any disagreement with the company or with BlackRock, Inc.