BlackRock TCP Capital Corp. Announces 2025 Financial Results Including Fourth Quarter Net Investment Income of $0.26 Per Share; Declares a First Quarter Dividend of $0.17 Per Share
Key Terms
non-accrual status financial
ASC 805 regulatory
original issue discount financial
SOFR financial
EURIBOR financial
FINANCIAL HIGHLIGHTS
-
On a GAAP basis, net investment income for the quarter ended December 31, 2025 was
$22.1 million $0.26 $0.25 $21.4 million $0.25 $104.0 million $1.22 -
Net asset value per share was
$7.07 $8.71 -
Net decrease in net assets from operations on a GAAP basis for the quarter ended December 31, 2025 was
$118.3 million $1.39 $24.4 million $0.29 -
As of December 31, 2025, investments on non-accrual status represented
4.0% of the portfolio at fair value and9.7% at cost, compared to3.5% of the portfolio at fair value and7.0% at cost as of September 30, 2025 and5.6% of the portfolio value at fair value and14.4% at cost as of December 31, 2024. -
Total investment acquisitions and dispositions during the quarter ended December 31, 2025 were approximately
$35.5 million $80.7 million - As of December 31, 2025, net regulatory leverage was 1.41x compared to 1.20x at September 30, 2025.
-
For the three months ended December 31, 2025, Tennenbaum Capital Partners, LLC, the Company’s investment adviser (the “Advisor”) waived
$1.8 million $0.02 $7.3 million $0.09 -
On February 27, 2026, our Board of Directors declared a first quarter dividend of
$0.17
In the fourth quarter, issuer-specific developments drove a
The Company’s highest near-term priority is to improve portfolio credit quality by working diligently to resolve challenged credits. At the same time, it continues to execute on the refined investment strategy described last year, including deploying capital selectively into senior-secured, first-lien loans, maintaining a well-diversified portfolio, and fully leveraging the resources of BlackRock’s platform.
SELECTED FINANCIAL HIGHLIGHTS(1) |
|||||||||||||||
|
Year ended December 31, |
|
|||||||||||||
|
2025 |
|
|
2024 |
|
||||||||||
|
Amount |
|
|
Per
|
|
|
Amount |
|
|
Per
|
|
||||
Net investment income |
$ |
109,138,502 |
|
|
|
1.28 |
|
|
$ |
131,757,870 |
|
|
|
1.65 |
|
Less: Purchase accounting discount amortization |
|
5,147,469 |
|
|
|
0.06 |
|
|
|
10,303,754 |
|
|
|
0.13 |
|
Adjusted net investment income |
$ |
103,991,033 |
|
|
|
1.22 |
|
|
$ |
121,454,116 |
|
|
|
1.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gain (loss) |
$ |
(198,069,515 |
) |
|
|
(2.33 |
) |
|
$ |
(194,895,042 |
) |
|
|
(2.45 |
) |
Less: Realized gain (loss) due to the allocation of purchase discount |
|
19,951,149 |
|
|
|
0.23 |
|
|
|
9,798,978 |
|
|
|
0.12 |
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
(25,098,618 |
) |
|
|
(0.29 |
) |
|
|
1,784,116 |
|
|
|
0.02 |
|
Adjusted net realized and unrealized gain (loss) |
$ |
(192,922,046 |
) |
|
|
(2.27 |
) |
|
$ |
(206,478,136 |
) |
|
|
(2.59 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting from operations |
$ |
(88,931,013 |
) |
|
|
(1.05 |
) |
|
$ |
(63,137,172 |
) |
|
|
(0.79 |
) |
Less: Purchase accounting discount amortization |
|
5,147,469 |
|
|
|
0.06 |
|
|
|
10,303,754 |
|
|
|
0.13 |
|
Less: Realized gain (loss) due to the allocation of purchase discount |
|
19,951,149 |
|
|
|
0.23 |
|
|
|
9,798,978 |
|
|
|
0.12 |
|
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount |
|
(25,098,618 |
) |
|
|
(0.29 |
) |
|
|
1,784,116 |
|
|
|
0.02 |
|
Adjusted net increase (decrease) in assets resulting from operations |
$ |
(88,931,013 |
) |
|
|
(1.05 |
) |
|
$ |
(85,024,020 |
) |
|
|
(1.06 |
) |
(1) On March 18, 2024, the Company completed its previously announced merger with BlackRock Capital Investment Corporation ("Merger"). The Merger has been accounted for as an asset acquisition of BlackRock Capital Investment Corporation ("BCIC") by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. |
As a supplement to the Company’s reported GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful:
- “Adjusted net investment income” – excludes the amortization of purchase accounting discount from net investment income calculated in accordance with GAAP;
- “Adjusted net realized and unrealized gain (loss)” – excludes the unrealized appreciation resulting from the purchase discount and the corresponding reversal of the unrealized appreciation from the amortization of the purchase discount from the determination of net realized and unrealized gain (loss) determined in accordance with GAAP; and
- “Adjusted net increase (decrease) in net assets resulting from operations” – calculates net increase (decrease) in net assets resulting from operations based on Adjusted net investment income and Adjusted net realized and unrealized gain (loss).
We believe that the adjustment to exclude the full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess our financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
PORTFOLIO AND INVESTMENT ACTIVITY
As of December 31, 2025, our consolidated investment portfolio consisted of debt and equity positions in 141 portfolio companies with a total fair value of approximately
As of December 31, 2025, the weighted average annual effective yield of our debt portfolio was approximately
During the three months ended December 31, 2025, we invested approximately
As of December 31, 2025, total assets were
__________________________
(1) Weighted average annual effective yield includes amortization of deferred debt origination and accretion of original issue discount, but excludes market discount and any prepayment and make-whole fee income. The weighted average effective yield on our debt portfolio excludes non-accrual and non-income producing loans. |
CONSOLIDATED RESULTS OF OPERATIONS
Total investment income for the three months ended December 31, 2025 was approximately
Total operating expenses for the three months ended December 31, 2025 were approximately
Net investment income for the three months ended December 31, 2025 was approximately
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2025, available liquidity was approximately
The combined weighted-average interest rate on debt outstanding at December 31, 2025 was
Total debt outstanding at December 31, 2025, including debt assumed as a result of the Merger, was as follows:
Debt, net of unamortized issuance costs |
|
Maturity |
|
Rate |
|
|
Carrying
|
|
|
Available |
|
|
Total
|
|
|
|||
Operating Facility |
|
2029 |
|
SOFR+ |
(2) |
|
$ |
146,213,186 |
|
|
$ |
153,786,814 |
|
|
$ |
300,000,000 |
|
(3) |
Funding Facility II |
|
2029 |
|
SOFR+ |
|
|
|
100,000,000 |
|
|
|
100,000,000 |
|
|
|
200,000,000 |
|
(4) |
Merger Sub Facility(5) |
|
2028 |
|
SOFR+ |
(6) |
|
|
36,000,000 |
|
|
|
229,000,000 |
|
|
|
265,000,000 |
|
(7) |
SBA Debentures |
|
2026−2031 |
|
|
(8) |
|
|
111,200,000 |
|
|
|
— |
|
|
|
111,200,000 |
|
|
2026 Notes ( |
|
2026 |
|
|
|
|
|
325,033,026 |
|
|
|
— |
|
|
|
325,033,026 |
|
|
2029 Notes ( |
|
2029 |
|
|
|
|
|
322,396,491 |
|
|
|
— |
|
|
|
322,396,491 |
|
|
Total leverage |
|
|
|
|
|
|
|
1,040,842,703 |
|
|
$ |
482,786,814 |
|
|
$ |
1,523,629,517 |
|
|
Unamortized issuance costs |
|
|
|
|
|
|
|
(5,299,866 |
) |
|
|
|
|
|
|
|
||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
1,035,542,837 |
|
|
|
|
|
|
|
|
||
__________________________
| (1) |
|
Except for the 2026 Notes and 2029 Notes all carrying values are the same as the principal amounts outstanding. |
(2) |
|
As of December 31, 2025, |
(3) |
|
Operating Facility includes a |
(4) |
|
Funding Facility II includes a |
(5) |
|
Debt assumed by the Company as a result of the Merger with BCIC. |
(6) |
|
The applicable margin for SOFR-based borrowings could be either |
(7) |
|
Merger Sub Facility includes a |
(8) |
|
Weighted-average interest rate, excluding fees of |
On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP. For the three months ended December 31, 2025, approximately
On April 29, 2025, our Board of Directors re-approved our stock repurchase plan to acquire up to
The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the year ended December 31, 2025:
|
|
Shares
|
|
|
Price Per
|
|
|
Total Cost |
|||
Company Repurchase Plan |
|
|
515,869 |
|
|
$ |
5.84 |
|
|
$ |
3,011,382 |
RECENT DEVELOPMENTS
From January 1, 2026 through February 26, 2026, the Company repurchased 233,541 shares pursuant to the Company Repurchase Plan at a weighted average price of
On February 27, 2026, our Board of Directors declared a first quarter dividend of
On February 9, 2026, the 2026 Notes matured and the Company repaid
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on Friday February 27, 2026 at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its financial results. All interested parties are invited to participate in the conference call by dialing (833) 470-1428; international callers should dial (404) 975-4839. All participants should reference the access code 980673. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Relations section of our website (www.tcpcapital.com) and click on the Fourth Quarter 2025 Investor Presentation under Events and Presentations. The conference call will be webcast simultaneously in the investor relations section of our website at http://investors.tcpcapital.com/. An archived replay of the call will be available approximately two hours after the live call, through March 6, 2026. For the replay, please visit https://investors.tcpcapital.com/events-and-presentations or dial (866) 813-9403. For international replay, please dial (929) 458-6194. For all replays, please reference access code 203183.
BlackRock TCP Capital Corp. |
||||||||
Consolidated Statements of Assets and Liabilities |
||||||||
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
|
|
|
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Investments, at fair value: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments (cost of |
|
$ |
1,360,801,852 |
|
|
$ |
1,565,603,753 |
|
Non-controlled, affiliated investments (cost of |
|
|
34,821,907 |
|
|
|
49,444,695 |
|
Controlled investments (cost of |
|
|
137,678,713 |
|
|
|
179,709,888 |
|
Total investments (cost of |
|
|
1,533,302,472 |
|
|
|
1,794,758,336 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
61,075,494 |
|
|
|
91,589,702 |
|
Receivable for investments sold |
|
|
26,313,406 |
|
|
|
4,487,697 |
|
Interest, dividends and fees receivable |
|
|
21,495,630 |
|
|
|
22,784,825 |
|
Deferred debt issuance costs |
|
|
5,123,425 |
|
|
|
6,235,009 |
|
Due from broker |
|
|
— |
|
|
|
817,969 |
|
Prepaid expenses and other assets |
|
|
3,050,038 |
|
|
|
2,357,825 |
|
Total assets |
|
|
1,650,360,465 |
|
|
|
1,923,031,363 |
|
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Debt (net of deferred issuance costs of |
|
|
1,035,542,837 |
|
|
|
1,118,340,225 |
|
Interest and debt related payables |
|
|
7,245,830 |
|
|
|
8,306,126 |
|
Management fees payable |
|
|
3,393,322 |
|
|
|
5,750,971 |
|
Reimbursements due to the Advisor |
|
|
1,272,082 |
|
|
|
932,224 |
|
Interest Rate Swap, at fair value |
|
|
— |
|
|
|
731,830 |
|
Distributions payable |
|
|
— |
|
|
|
— |
|
Payable for investments purchased |
|
|
— |
|
|
|
99,494 |
|
Accrued expenses and other liabilities |
|
|
4,893,197 |
|
|
|
3,746,826 |
|
Total liabilities |
|
|
1,052,347,268 |
|
|
|
1,137,907,696 |
|
|
|
|
|
|
|
|
||
Net assets |
|
$ |
598,013,197 |
|
|
$ |
785,123,667 |
|
|
|
|
|
|
|
|
||
Composition of net assets applicable to common shareholders |
|
|
|
|
|
|
||
Common stock, |
|
$ |
84,564 |
|
|
$ |
85,080 |
|
Paid-in capital in excess of par |
|
|
1,730,498,757 |
|
|
|
1,731,057,459 |
|
Distributable earnings (loss) |
|
|
(1,132,570,124 |
) |
|
|
(946,018,872 |
) |
Total net assets |
|
|
598,013,197 |
|
|
|
785,123,667 |
|
Total liabilities and net assets |
|
$ |
1,650,360,465 |
|
|
$ |
1,923,031,363 |
|
|
|
|
|
|
|
|
||
Net assets per share |
|
$ |
7.07 |
|
|
$ |
9.23 |
|
BlackRock TCP Capital Corp. |
||||||||||||
Consolidated Statements of Operations |
||||||||||||
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Investment income |
|
|
|
|
|
|
|
|
|
|||
Interest income (excluding PIK): |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
$ |
161,267,396 |
|
|
$ |
223,638,775 |
|
|
$ |
183,528,944 |
|
Non-controlled, affiliated investments |
|
|
1,954,547 |
|
|
|
1,475,521 |
|
|
|
1,046,044 |
|
Controlled investments |
|
|
8,910,395 |
|
|
|
10,469,100 |
|
|
|
10,061,227 |
|
PIK interest income: |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
18,798,235 |
|
|
|
14,084,097 |
|
|
|
9,422,286 |
|
Non-controlled, affiliated investments |
|
|
1,181,713 |
|
|
|
89,620 |
|
|
|
410,074 |
|
Controlled investments |
|
|
1,912,033 |
|
|
|
1,653,364 |
|
|
|
651,700 |
|
Dividend income: |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
1,866,266 |
|
|
|
1,549,846 |
|
|
|
1,133,826 |
|
Non-controlled, affiliated investments |
|
|
1,444,050 |
|
|
|
3,725,827 |
|
|
|
2,652,918 |
|
Controlled investments |
|
|
4,434,368 |
|
|
|
2,606,160 |
|
|
|
— |
|
Other income: |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
17,190 |
|
|
|
145,080 |
|
|
|
376,214 |
|
Non-controlled, affiliated investments |
|
|
— |
|
|
|
— |
|
|
|
45,650 |
|
Total investment income |
|
|
201,786,193 |
|
|
|
259,437,390 |
|
|
|
209,328,883 |
|
|
|
|
|
|
|
|
|
|
|
|||
Operating expenses |
|
|
|
|
|
|
|
|
|
|||
Interest and other debt expenses |
|
|
66,091,147 |
|
|
|
72,164,042 |
|
|
|
47,810,740 |
|
Management fees |
|
|
21,833,194 |
|
|
|
24,541,027 |
|
|
|
24,020,766 |
|
Professional fees |
|
|
3,661,258 |
|
|
|
3,196,682 |
|
|
|
2,173,123 |
|
Administrative expenses |
|
|
1,923,224 |
|
|
|
2,389,479 |
|
|
|
1,532,284 |
|
Insurance expense |
|
|
860,899 |
|
|
|
783,631 |
|
|
|
558,020 |
|
Director fees |
|
|
755,000 |
|
|
|
821,219 |
|
|
|
936,819 |
|
Custody fees |
|
|
364,323 |
|
|
|
380,582 |
|
|
|
365,107 |
|
Incentive fees |
|
|
— |
|
|
|
19,236,336 |
|
|
|
22,602,949 |
|
Other operating expenses |
|
|
3,752,965 |
|
|
|
3,643,968 |
|
|
|
2,525,002 |
|
Total operating expenses, before management fee waiver |
|
|
99,242,010 |
|
|
|
127,156,966 |
|
|
|
102,524,810 |
|
Management fee waiver |
|
|
(7,277,731 |
) |
|
|
— |
|
|
|
— |
|
Total operating expenses, after management fee waiver |
|
|
91,964,279 |
|
|
|
127,156,966 |
|
|
|
102,524,810 |
|
|
|
|
|
|
|
|
|
|
|
|||
Net investment income before taxes |
|
|
109,821,914 |
|
|
|
132,280,424 |
|
|
|
106,804,073 |
|
Excise tax expense |
|
|
683,412 |
|
|
|
522,554 |
|
|
|
247,315 |
|
Net investment income |
|
|
109,138,502 |
|
|
|
131,757,870 |
|
|
|
106,556,758 |
|
|
|
|
|
|
|
|
|
|
|
|||
Realized and unrealized gain (loss) on investments and foreign currency |
|
|
|
|
|
|
|
|
|
|||
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
(210,375,288 |
) |
|
|
(54,300,808 |
) |
|
|
(31,648,232 |
) |
Non-controlled, affiliated investments |
|
|
(17,474,395 |
) |
|
|
(12,810,138 |
) |
|
|
— |
|
Controlled investments |
|
|
(50,273,592 |
) |
|
|
— |
|
|
|
— |
|
Interest Rate Swap |
|
|
(9,491 |
) |
|
|
— |
|
|
|
— |
|
Net realized gain (loss) |
|
|
(278,132,766 |
) |
|
|
(67,110,946 |
) |
|
|
(31,648,232 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net change in unrealized appreciation (depreciation) (1): |
|
|
|
|
|
|
|
|
|
|||
Non-controlled, non-affiliated investments |
|
|
108,089,691 |
|
|
|
(99,794,086 |
) |
|
|
(2,036,190 |
) |
Non-controlled, affiliated investments |
|
|
(56,313,522 |
) |
|
|
(12,395,543 |
) |
|
|
(28,656,798 |
) |
Controlled investments |
|
|
28,296,398 |
|
|
|
(15,584,976 |
) |
|
|
(5,741,106 |
) |
Interest Rate Swap |
|
|
(9,316 |
) |
|
|
(9,491 |
) |
|
|
— |
|
Net change in unrealized appreciation (depreciation) |
|
|
80,063,251 |
|
|
|
(127,784,096 |
) |
|
|
(36,434,094 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net realized and unrealized gain (loss) |
|
|
(198,069,515 |
) |
|
|
(194,895,042 |
) |
|
|
(68,082,326 |
) |
|
|
|
|
|
|
|
|
|
|
|||
Net increase (decrease) in net assets resulting from operations |
|
$ |
(88,931,013 |
) |
|
$ |
(63,137,172 |
) |
|
$ |
38,474,432 |
|
|
|
|
|
|
|
|
|
|
|
|||
Basic and diluted earnings (loss) per share |
|
$ |
(1.05 |
) |
|
$ |
(0.79 |
) |
|
$ |
0.67 |
|
|
|
|
|
|
|
|
|
|
|
|||
Basic and diluted weighted average common shares outstanding |
|
|
84,988,524 |
|
|
|
79,670,868 |
|
|
|
57,767,264 |
|
(1) |
|
Includes |
ABOUT BLACKROCK TCP CAPITAL CORP.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, an indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com.
FORWARD-LOOKING STATEMENTS
Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the company carefully before investing. This information and other information about the company are available in the company’s filings with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website at www.sec.gov and the company’s website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.
This press release may contain forward-looking statements. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors could cause actual results to differ materially from those contained in the forward-looking statements, including, but not limited to, those factors included in the “Risk Factors” section of the company’s Form 10-K for the year ended December 31, 2025, and the company’s subsequent periodic filings on Form 10-Q with the SEC. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability to realize the anticipated benefits of the Merger, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Merger; (ii) risks related to diverting management’s attention from ongoing business operations; (iii) risks related to the retention of the personnel of TCPC’s advisor; (iv) changes in the economy, financial markets and political environment; (v) risks associated with possible disruption in the operations of TCPC or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflict between
View source version on businesswire.com: https://www.businesswire.com/news/home/20260227104506/en/
BlackRock TCP Capital Corp.
Alex Doll
(310) 566-1094
investor.relations@tcpcapital.com
Source: BlackRock TCP Capital Corp.
