Patrick Wolfe - Chief Operating Officer | BlackRock TCP Capital (TCPC) Executive Profile & Compensation

About Patrick Wolfe

Patrick Wolfe (year of birth: 1982) is Chief Operating Officer of BlackRock TCP Capital Corp. (TCPC) and BlackRock’s other BDCs, appointed in 2024; he is also a Senior Portfolio Manager on BlackRock’s Global Private Debt Platform, Head of Portfolio Construction for U.S. Direct Lending funds, and Head of U.S. middle‑market CLOs . He holds a B.S. in Accounting from San Diego State University (2006) and began his career in 2006 at KSJG LLP; prior roles include six years in structured credit at Deutsche Bank . TCPC’s recent performance context under his tenure includes GAAP NII per share of $0.32 in Q2 and Q3 2025 and NAV/share at $9.23 in FY 2024 and $8.71 in Q2–Q3 2025; non‑accruals declined from 5.6% at 2024 year‑end to 3.5% of portfolio fair value by Q3 2025 .

Past Roles

Organization	Role	Years	Strategic Impact
KSJG LLP (Advisory)	Analyst (Mortgage banking advisory)	2006	Entry into financial services; foundation in mortgage banking analytics
Deutsche Bank	Structured Credit (CLO structuring, issuance, management)	Six years	Built CLO expertise and execution track record
Tennenbaum Capital Partners (TCP)	Portfolio Manager, Direct Lending; Co-led proprietary private credit software; Launched middle‑market CLO platform	Not disclosed (pre‑2018)	Grew CLO business to >$1B assets; enhanced tech-enabled private credit processes

External Roles

Organization	Role	Years	Notes
Southern California Golf Association (SCGA)	Board Director	Not disclosed	Also Board Director, SCGA Junior Foundation

Fixed Compensation

TCPC discloses that “none of the officers receive compensation from the Company.” Officer compensation is paid by the external advisor (Tennenbaum Capital Partners, LLC) or an affiliate; the Company may reimburse a portion of administrative service costs .
The Governance & Compensation Committee determines or recommends officer compensation to the Board, but with no direct Company compensation currently paid to officers .

Performance Compensation

While individual executive pay is not disclosed at the Company level, executives of the external Advisor are economically aligned through the BDC’s advisory fee structure. TCPC’s current investment management agreement stipulates:

Incentive Component	Basis	Rate	Hurdle/Condition	Payment Timing
Ordinary Income Incentive	Cumulative ordinary income before incentive comp	17.5% (post‑Feb 9, 2019)	Payable only if cumulative total return after incentive ≥ 7% annual on daily weighted average contributed common equity	Quarterly in arrears
Capital Gains Incentive	Cumulative net realized capital gains (net of unrealized depreciation)	17.5% (post‑Feb 9, 2019)	Same 7% total return hurdle; capital gains portion paid prior to income portion	Quarterly in arrears
Base Management Fee	Total assets (ex cash) ≤ 200% of NAV, then >200%	1.25% on assets ≤ 200% of NAV; 1.00% thereafter	N/A	Quarterly in arrears

The Advisor waived $1.8M of fees in Q3 2025 and $5.5M YTD through Q3, reducing expense burden and signaling alignment during portfolio normalization .

Equity Ownership & Alignment

Holder	Shares Beneficially Owned	% of Outstanding	As of
Patrick Wolfe	1,862	Less than 1%	December 31, 2024

Hedging: Company codes of ethics do not expressly prohibit Directors or Senior Officers from engaging in hedging transactions in TCPC securities (no explicit ban) .
Pledging: No pledging disclosure for Patrick Wolfe was identified in the proxy; not disclosed .
Ownership guidelines: No executive stock ownership guideline disclosure identified; not disclosed .

Employment Terms

Role and Tenure: Chief Operating Officer, 2024 to present .
Employment agreement, severance, change‑of‑control: TCPC does not disclose individual officer employment contracts or severance economics; officers are compensated by the external Advisor, limiting Company‑level disclosure . Company‑level finance documents include “key man” and change‑of‑control provisions tied to control of the Advisor within lending facilities (Operating Facility), not to individual severance terms .
Indemnification: Governing documents provide indemnification to officers to the extent permitted by law, subject to exclusions (e.g., willful misfeasance, bad faith) .
Clawbacks: No executive compensation clawback policy disclosed at Company level; not disclosed .

Company Performance Context During Wolfe’s Tenure

Metric	FY 2024	Q2 2025	Q3 2025
GAAP NII per Share ($)	—	0.32	0.32
NAV per Share ($)	9.23	8.71	8.71
Non‑accruals (% of FV)	5.6% (end of 2024)	3.7%	3.5%
Net Regulatory Leverage (x)	—	1.28x	1.20x

Management commentary highlights priorities to resolve challenged credits, improve portfolio quality, and restore historical performance; Q3 saw reversals of unrealized losses tied to restructurings and dispositions, and continued fee waivers by the Advisor .

Compensation Structure Analysis

External management model limits visibility into Wolfe’s individual pay; alignment is primarily through Advisor economics (base fee on assets and incentive fees on income and realized gains subject to a 7% total return hurdle), promoting focus on NII generation and realized value creation versus purely AUM growth .
Fee waivers in 2025 reduced near‑term cash outflows, consistent with efforts to stabilize NAV and earnings while credit resolutions progress .
Governance & Compensation Committee retains authority over officer compensation determination at Company level, but with no direct Company compensation currently paid to officers .

Risk Indicators & Red Flags

Hedging allowance (no explicit prohibition) may weaken alignment versus stricter anti‑hedging policies seen at some issuers .
Limited beneficial ownership (<1%) suggests modest “skin‑in‑the‑game” at the Company level, typical for externally managed BDCs but less aligned than large personal holdings; no pledging disclosures identified .
Key‑man/change‑of‑control provisions at facility level underscore dependence on Advisor leadership continuity rather than individual employment protections .

Say‑on‑Pay & Shareholder Feedback

TCPC’s officers receive no direct compensation from the Company; therefore, traditional say‑on‑pay analytics are not applicable. Shareholder authorization to sell below NAV passed on June 18, 2025 after adjournment, indicating active engagement on capital flexibility rather than compensation topics .

Expertise & Qualifications

Technical: Structured credit and CLO management; portfolio construction and liability management; co‑development of private credit software .
Education: B.S. Accounting, San Diego State University (2006) .
Industry experience: Direct lending, CLOs, structured credit across banking and private markets; platform growth to >$1B in middle‑market CLO assets at TCP .

Investment Implications

Alignment: Executive incentives are driven by Advisor fee constructs (income and realized gains with a 7% total return hurdle), aligning management with NII stability and realized value creation; 2025 fee waivers and declining non‑accruals are positive signals .
Retention risk: No disclosed individual employment terms or equity‑based vesting at Company level; reliance on Advisor platform roles and career scope (COO across three BDCs, Head of Portfolio Construction and CLOs) suggests strong platform anchoring but limited Company‑level retention mechanisms .
Trading signals: Continued reductions in non‑accruals, stable NAV in Q3, and fee waivers support NII coverage of dividends; watch for further credit resolutions and any changes to Advisor fee waivers, as these directly affect distributable earnings and potential incentive accruals .
Governance watchpoints: Hedging not expressly prohibited; limited personal ownership; monitor future proxy disclosures for any changes to hedging/pledging, introduction of ownership guidelines, or shifts in Advisor fee terms .