BlackRock is shopping a loan portfolio valued at approximately $671 million held by TCP Capital Corp., its externally managed business development company focused on middle-market lending. The review follows an August transaction in which TCPC sold roughly 95% of its interest in a continuation vehicle containing about $523 million in loans, generating approximately $152 million in gross proceeds and covering positions across 78 portfolio companies. The transaction reduced about 48% of TCPC's pre-transaction debt and brought pro forma net leverage toward 0.4x or lower, compared with roughly 1.0x or more for many BDC peers. BlackRock has hired Keefe, Bruyette & Woods to gauge buyer interest, with Ares Management among the firms approached, although discussions remain preliminary. Funds sponsored by Pantheon acquired the first tranche. TCPC has also considered returning capital to shareholders, merging with another entity or reinvesting in its remaining portfolio. The restructuring follows a 19% estimated NAV decline announced in January, distressed-loan pressure, asset markdowns and declining returns. BlackRock has managed TCPC since acquiring Tennenbaum Capital Partners in 2018 and expanded its private-credit platform through the approximately $12 billion acquisition of HPS Investment Partners last year.