Saba Capital takes 5.1% of BlackRock TCP Capital and says it may seek buy-backs, tenders or liquidation

Saba Capital Management, L.P. has disclosed a holding of 4,283,957 common shares in BlackRock TCP Capital Corp. (CIK 1370755), equal to 5.11% of the class, in a Schedule 13D filed with the SEC on 14 October 2026. The date of the event requiring the filing is given as 9 October 2026.

The percentage is calculated on 83,902,775 shares outstanding at 6 August 2026, as reported in the company's quarterly report. The reporting persons hold shared voting and dispositive power over all the shares. (Schedule 13D, cover pages, filed 14 October 2026)

The filing says approximately $17,149,739 was paid for the shares, funded from investor subscription proceeds, capital appreciation and margin borrowing in the ordinary course. An attached schedule lists open-market purchases between 14 August and 13 October 2026. (Schedule 13D, Item 3 and Schedule A)

The filers state that they acquired the shares because they believe them to be undervalued. They say they may discuss with the company matters including the trading of its shares at a discount to net asset value, and may seek to influence the company to carry out share buy-backs, tenders and liquidations. (Schedule 13D, Item 4)

The filing adds that they may seek changes to governance, investment strategy or the investment manager, which may be the reporting person, and may nominate board candidates or make shareholder proposals. No specific nominees or proposals are described and no letter to the company is attached. (Schedule 13D, Items 4 and 7)

The filings do not state whether Saba has approached the company's board or which of the steps described it intends to pursue. Loro has made no approach to the company. Figures are as reported in Saba Capital's SEC filings.