  The bright, blue, rapidly evolving AT2018cow is a well-studied peculiar
extragalactic transient. Despite an abundance of multi-wavelength data, there
still is no consensus on the nature of the event. We present our analysis of
three epochs of Hubble Space Telescope (HST) observations spanning the period
from 713-1474 days post burst, paying particular attention to uncertainties of
the transient photometry introduced by the complex background in which
AT2018cow resides. Photometric measurements show evident fading in the UV and
more subtle but significant fading in the optical. During the last HST
observation, the transient's optical/UV colours were still bluer than those of
the substantial population of compact, young, star-forming regions in the host
of AT2018cow, suggesting some continued transient contribution to the light.
However, a compact source underlying the transient would substantially modify
the resulting spectral energy distribution, depending on its contribution in
the various bands. In particular, in the optical filters, the complex, diffuse
background poses a problem for precise photometry. An underlying cluster is
expected for a supernova occurring within a young stellar environment or a
tidal-disruption event (TDE) within a dense older one. While many recent works
have focused on the supernova interpretation, we note the substantial
similarity in UV light-curve morphology between AT2018cow and several tidal
disruption events around supermassive black holes. Assuming AT2018cow arises
from a TDE-like event, we fit the late-time emission with a disc model and find
$M_{BH} = 10^{3.2{\pm}0.8}$ M$_{\odot}$. Further observations are necessary to
determine the late-time evolution of the transient and its immediate
environment.
