BlackRock TCP Capital swings to $66.8M Q3 2026 loss
TCPC had 83,902,775 common shares outstanding as of November 5, 2026.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
BlackRock TCP Capital Corp. (TCPC) reported a net loss of $66.8 million for the three months ended September 30, 2026, compared with net income of $24.4 million in the 2025 quarter. Total investment income was $28.5 million, versus $50.5 million; net investment income was $13.4 million, versus $27.3 million. Net realized and unrealized losses were $78.8 million, compared with $2.9 million in losses in the 2025 quarter.
For the nine months ended September 30, 2026, TCPC recorded a net loss of $81.3 million, compared with net income of $29.4 million, while net investment income was $50.0 million versus $87.1 million. At September 30, 2026, net assets were $471.0 million, or $5.61 per share, compared with $598.0 million and $7.07 per share at December 31, 2025. Cash and cash equivalents were $253.1 million, compared with $61.1 million at December 31, 2025; debt was $326.4 million versus $1.036 billion.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- None.
Negative
- Major pointThird-quarter result: $66.8 million loss, versus $24.4 million income.
- Minor pointNine-month result: $81.3 million loss, versus $29.4 million income.
Filing Explained
The 10-Q records completed repurchases of 505,433 shares in the first quarter and 156,370 in the second; outstanding shares stood at 83,902,775 on
Key Figures
Key Terms
PIK interest income financial
First Lien Delayed Draw Term Loan financial
SOFR(Q) financial
Net assets per share financial
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was TCPC’s net result for the third quarter of 2026?
How much net investment income did TCPC report in the third quarter?
AI-generated analysis. How Rhea-AI works. Not financial advice.
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
For the Quarterly Period Ended
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
|
For the Transition Period From ____ to ____ |
|
Commission File Number:
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) |
(IRS Employer Identification No.) |
|
|
|
|
(Address of Principal Executive Offices) |
(Zip Code) |
(
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
(Title of each class) |
(Trading Symbol(s) ) |
(Name of each exchange on which registered) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☒ |
Accelerated filer |
☐ |
|
Non-accelerated filer |
☐ |
Smaller reporting company |
|
Emerging growth company |
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No
The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of November 5, 2026 was
Table of Contents
BLACKROCK TCP CAPITAL CORP.
FORM 10-Q
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026
TABLE OF CONTENTS
Part I. |
Financial Information |
|
|
|
|
Item 1. |
Financial Statements |
|
|
Consolidated Statements of Assets and Liabilities as of September 30, 2026 (unaudited) and December 31, 2025 |
2 |
|
|
|
|
Consolidated Statements of Operations for the three and nine months ended September 30, 2026 (unaudited) and September 30, 2025 (unaudited) |
3 |
|
|
|
|
Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2026 (unaudited) and September 30, 2025 (unaudited) |
4 |
|
|
|
|
Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 (unaudited) and September 30, 2025 (unaudited) |
5 |
|
|
|
|
Consolidated Schedule of Investments as of September 30, 2026 (unaudited) and December 31, 2025 |
6 |
|
|
|
|
Notes to Consolidated Financial Statements (unaudited) |
28 |
|
|
|
|
Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2026 (unaudited) and year ended December 31, 2025 |
61 |
|
|
|
|
Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2026 (unaudited) and December 31, 2025 |
65 |
|
|
|
Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
67 |
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
84 |
|
|
|
Item 4. |
Controls and Procedures |
84 |
|
|
|
Part II. |
Other Information. |
85 |
|
|
|
Item 1. |
Legal Proceedings |
85 |
|
|
|
Item 1A. |
Risk Factors |
85 |
|
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
85 |
|
|
|
Item 3. |
Defaults upon Senior Securities |
85 |
|
|
|
Item 4. |
Mine Safety Disclosures |
85 |
|
|
|
Item 5. |
Other Information |
86 |
|
|
|
Item 6. |
Exhibits |
87 |
1
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Statements of Assets and Liabilities
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
|
|
(unaudited) |
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Investments, at fair value: |
|
|
|
|
|
|
||
Non-controlled, non-affiliated investments (cost of $ |
|
$ |
|
|
$ |
|
||
Non-controlled, affiliated investments (cost of $ |
|
|
|
|
|
|
||
Controlled investments (cost of $ |
|
|
|
|
|
|
||
Total investments (cost of $ |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
|
|
|
|
||
Interest, dividends and fees receivable |
|
|
|
|
|
|
||
Deferred debt issuance costs |
|
|
|
|
|
|
||
Receivable for investments sold |
|
|
|
|
|
|
||
Prepaid expenses and other assets |
|
|
|
|
|
|
||
Total assets |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Liabilities |
|
|
|
|
|
|
||
Debt (net of deferred issuance costs of $ |
|
|
|
|
|
|
||
Interest and debt related payables |
|
|
|
|
|
|
||
Management fees payable |
|
|
|
|
|
|
||
Reimbursements due to the Advisor |
|
|
|
|
|
|
||
Accrued expenses and other liabilities |
|
|
|
|
|
|
||
Total liabilities |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Commitments and contingencies (Note 5) |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Net assets |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Composition of net assets applicable to common shareholders |
|
|
|
|
|
|
||
Common stock, $ |
|
$ |
|
|
$ |
|
||
Paid-in capital in excess of par |
|
|
|
|
|
|
||
Distributable earnings (loss) |
|
|
( |
) |
|
|
( |
) |
Total net assets |
|
|
|
|
|
|
||
Total liabilities and net assets |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Net assets per share |
|
$ |
|
|
$ |
|
||
See accompanying notes to the consolidated financial statements.
2
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Statements of Operations (Unaudited)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income (excluding PIK): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Non-controlled, affiliated investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Controlled investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
PIK interest income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, affiliated investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Controlled investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, affiliated investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Controlled investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total investment income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and other debt expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Management fees |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Professional fees |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Insurance expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Director fees |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Custody fees |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total operating expenses, before management fee waiver |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Management fee waiver (Note 3) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Total operating expenses, after management fee waiver |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net investment income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Realized and unrealized gain (loss) on investments and foreign currency |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized gain (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Non-controlled, affiliated investments |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Controlled investments |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
Interest Rate Swap |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Net realized gain (loss) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Non-controlled, non-affiliated investments |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
Non-controlled, affiliated investments |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Controlled investments |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest Rate Swap |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Net change in unrealized appreciation (depreciation) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net realized and unrealized gain (loss) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Realized loss on extinguishment of debt |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net increase (decrease) in net assets resulting |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted earnings (loss) per share |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic and diluted weighted average common |
|
|
|
|
|
|
|
|
|
|
|
|
||||
See accompanying notes to the consolidated financial statements.
3
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Statements of Changes in Net Assets (Unaudited)
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Shares |
|
|
Par Amount |
|
|
Paid in Capital |
|
|
Distributable |
|
|
Total Net |
|
|||||
Balance at December 31, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repurchase of common stock |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at March 31, 2026 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repurchase of common stock |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Realized loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at June 30, 2026 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Realized loss on extinguishment of debt |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at September 30, 2026 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Shares |
|
|
Par Amount |
|
|
Paid in Capital |
|
|
Distributable |
|
|
Total Net |
|
|||||
Balance at December 31, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repurchase of common stock |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at March 31, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repurchase of common stock |
|
|
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
— |
|
|
|
( |
) |
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at June 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repurchase of common stock |
|
|
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
— |
|
|
|
( |
) |
Net investment income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
Balance at September 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||||
See accompanying notes to the consolidated financial statements.
4
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Statements of Cash Flows (Unaudited)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Operating activities |
|
|
|
|
|
|
||
Net increase (decrease) in net assets resulting from operations |
|
$ |
( |
) |
|
$ |
|
|
Adjustments to reconcile net increase (decrease) in net assets resulting |
|
|
|
|
|
|
||
Net realized (gain) loss |
|
|
|
|
|
|
||
Realized loss on extinguishment of debt |
|
|
|
|
|
|
||
Change in net unrealized (appreciation) depreciation of investments |
|
|
|
|
|
( |
) |
|
Net amortization of investment discounts and premiums |
|
|
( |
) |
|
|
( |
) |
Amortization of original issue discount on debt |
|
|
|
|
|
|
||
Interest and dividend income paid in kind |
|
|
( |
) |
|
|
( |
) |
Amortization of deferred debt issuance costs |
|
|
|
|
|
|
||
Changes in assets and liabilities: |
|
|
|
|
|
|
||
Purchases of investments |
|
|
( |
) |
|
|
( |
) |
Proceeds from disposition of investments |
|
|
|
|
|
|
||
Decrease (increase) in interest, dividends and fees receivable |
|
|
|
|
|
( |
) |
|
Decrease (increase) in due from broker |
|
|
|
|
|
|
||
Decrease (increase) in receivable for investments sold |
|
|
|
|
|
|
||
Decrease (increase) in prepaid expenses and other assets |
|
|
( |
) |
|
|
( |
) |
Increase (decrease) in payable for investments purchased |
|
|
|
|
|
( |
) |
|
Increase (decrease) in interest and debt related payables |
|
|
|
|
|
|
||
Increase (decrease) in Interest Rate Swap, at fair value |
|
|
|
|
|
( |
) |
|
Increase (decrease) in reimbursements due to the Advisor |
|
|
( |
) |
|
|
|
|
Increase (decrease) in management fees payable |
|
|
( |
) |
|
|
( |
) |
Increase (decrease) in accrued expenses and other liabilities |
|
|
|
|
|
|
||
Net cash provided by (used in) operating activities |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Financing activities |
|
|
|
|
|
|
||
Draws on credit facilities |
|
|
|
|
|
|
||
Repayments of credit facility draws |
|
|
( |
) |
|
|
( |
) |
Proceeds from issuance of secured notes |
|
|
|
|
|
|
||
Repayment of unsecured notes |
|
|
( |
) |
|
|
( |
) |
Payments of debt issuance costs |
|
|
( |
) |
|
|
( |
) |
Dividends paid to shareholders |
|
|
( |
) |
|
|
( |
) |
Repurchase of shares |
|
|
( |
) |
|
|
( |
) |
Net cash provided by (used in) financing activities |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
||
Net increase (decrease) in cash and cash equivalents (including restricted cash) |
|
|
|
|
|
( |
) |
|
Cash and cash equivalents (including restricted cash) at beginning of period |
|
|
|
|
|
|
||
Cash and cash equivalents (including restricted cash) at end of period |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Supplemental cash flow information |
|
|
|
|
|
|
||
Interest payments |
|
$ |
|
|
$ |
|
||
Excise tax payments |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Non-cash operating and financing activities in connection with the Continuation Vehicle Transaction |
|
|
|
|
|
|
||
Deconsolidation of investments, net of cash |
|
$ |
|
|
$ |
|
||
Deconsolidation of secured notes |
|
$ |
( |
) |
|
$ |
|
|
See accompanying notes to the consolidated financial statements
5
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Skydio, Inc |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Skydio, Inc |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Skydio, Inc |
|
First Lien Delayed Draw Term Loan A |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zenith AcquisitionCo LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zenith AcquisitionCo LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zenith AcquisitionCo LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
EURIBOR(M) |
|
|
|
|
|
|
EUR |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
EURIBOR(M) |
|
|
|
|
|
|
EUR |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
ALCV Purchaser, Inc. (AutoLenders) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Purecars Technologies Holdings, LLC |
|
Promissory Note |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Trulite Holding Corp. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
PMA Parent Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PMA Parent Holdings, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
SRS Acquiom Holdings LLC |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
SRS Acquiom Holdings LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Modigent, LLC (Pueblo) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (Pueblo) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (Pueblo) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (Pueblo) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Construction and Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brown & Settle, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Brown & Settle, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Hylan Intermediate Holding II, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/C/N |
||||||||
JF Acquisition, LLC (JF Petroleum) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
JF Acquisition, LLC (JF Petroleum) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
JF Acquisition, LLC (JF Petroleum) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
RBS Buyer Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
RBS Buyer Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
RBS Buyer Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Titan Home Improvement, LLC (Renuity) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Titan Home Improvement, LLC (Renuity) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
6
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Vortex Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Money Transfer Acquisition Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
BW Holding, Inc. (Brook & Whittle) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
PVHC Holding Corp. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Express Wash Acquisition Company, LLC (Whistle) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Express Wash Acquisition Company, LLC (Whistle) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Holding Corp. (Finalsite) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Holding Corp. (Finalsite) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Fusion Holding Corp. (Finalsite) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Infinite Commerce Holdings LLC (Razor) |
|
2nd Lien 2A Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Infinite Commerce Holdings LLC (Razor) |
|
2nd Lien 2B Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Infinite Commerce Holdings LLC (Razor) |
|
2nd Lien 3B Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/H/N |
||||||||
SellerX Germany GMBH & Co. KG (Germany) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/C/H/N |
||||||||
SellerX Germany GMBH & Co. KG (Germany) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/C/H/N |
||||||||
Thras.io, LLC |
|
First Lien Second Out Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
36th Street Capital Partners Holdings, LLC |
|
Senior Note |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
E/F/N |
||||||||
Accuserve Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Beekeeper Buyer Inc. (Archway) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Beekeeper Buyer Inc. (Archway) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GC Waves Holdings, Inc. (Mercer) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Gordon Brothers Finance Company |
|
Unsecured Debt |
|
LIBOR(A) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/F/N |
||||||||
Oak Funding LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Oak Funding LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
SitusAMC Holdings Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
7
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Electrical Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Griffon Bidco Inc. (Layerzero) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
|
% |
|
K/N |
|||||||
Griffon Bidco Inc. (Layerzero) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Griffon Bidco Inc. (Layerzero) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Spark Buyer, LLC (Sparkstone) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Spark Buyer, LLC (Sparkstone) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Appriss Health, LLC (PatientPing) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Appriss Health, LLC (PatientPing) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
CareATC, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
CareATC, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Mpulse Mobile Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Mpulse Mobile Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Mpulse Mobile Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
MRO Parent Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
MRO Parent Corporation |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
MRO Parent Corporation |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Healthcare Providers and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aryeh Bidco Investment Ltd (DentalCorp) (Canada) |
|
Sr Secured Revolver |
|
CORRA(Q) |
|
|
|
|
|
|
CAD |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
Aryeh Bidco Investment Ltd (DentalCorp) (Canada) |
|
First Lien Delayed Draw Term Loan |
|
CORRA(Q) |
|
|
|
|
|
|
CAD |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
Aryeh Bidco Investment Ltd (DentalCorp) (Canada) |
|
First Lien Term Loan |
|
CORRA(Q) |
|
|
|
|
|
|
CAD |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
MB2 Dental Solutions LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pareto Health Intermediate Holdings Inc |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pareto Health Intermediate Holdings Inc |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Hotels, Restaurants and Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Stonebridge Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Stonebridge Companies, LLC |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Stonebridge Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AmeriLife Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
AmeriLife Holdings, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
EBS Parent Holdings Inc. (The Difference Card) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
EBS Parent Holdings Inc. (The Difference Card) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
EBS Parent Holdings Inc. (The Difference Card) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrity Marketing Acquisition, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
8
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Internet and Catalog Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Syndigo, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Syndigo, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Acquia, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Acquia, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Bynder Bidco, Inc. (Netherlands) |
|
Sr Secured Revolver A |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
Bynder Bidco, Inc. (Netherlands) |
|
First Lien Term Loan A |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Bynder Bidco B.V. (Netherlands) |
|
Sr Secured Revolver B |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
Bynder Bidco B.V. (Netherlands) |
|
First Lien Term Loan B |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
e-Discovery Acquireco, LLC (Reveal) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
e-Discovery Acquireco, LLC (Reveal) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GoTab, Inc. (Fishbowl) |
|
Promissory Note |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Gympass US, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Gympass US, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pluralsight, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
- |
% |
|
K/N |
||||||
Pluralsight, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
- |
% |
|
K/N |
||||||
Suited Connector, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Anthracite Buyer, Inc. (Coalfire) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Anthracite Buyer, Inc. (Coalfire) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Crewline Buyer, Inc. (New Relic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Crewline Buyer, Inc. (New Relic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Intercept Bidco, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Intercept Bidco, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Madison Logic Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
% |
|
K/N |
|||||
Madison Logic Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Serrano Parent, LLC (Sumo Logic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Serrano Parent, LLC (Sumo Logic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Xactly Corporation |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Xactly Corporation |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alcami Corporation |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Alcami Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alcami Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
DNAnexus, Inc |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
DNAnexus, Inc |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
9
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Advanced Cooling Technologies Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
% |
|
K/N |
||||||
Advanced Cooling Technologies Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sonny’s Enterprises, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sonny’s Enterprises, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sonny’s Enterprises, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Khoros, LLC (Lithium) |
|
First Lien Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Streamland Media Midco LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Streamland Media Midco LLC |
|
First Lien First Out Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Streamland Media Midco LLC |
|
First Lien Last Out Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
C/N |
|||||||
Streamland Media Midco LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Terraboost Media Operating Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
TL Voltron Purchaser, LLC (GES) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Oil, Gas and Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Palmdale Oil Company, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Palmdale Oil Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Paper and Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Second Out Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Third Out Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Alpine Acquisition Corp II (48Forty) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Second Out Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
FSK Pallet Holding Corp. (Kamps) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Applause App Quality, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Applause App Quality, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Chronicle Parent LLC (Lexitas) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ICIMS, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ICIMS, Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ICIMS, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Incremental Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
10
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
H/L/N |
||||||||
Lighthouse Parent Holdings, Inc (Aperture) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lighthouse Parent Holdings, Inc (Aperture) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Lighthouse Parent Holdings, Inc (Aperture) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Real Estate Management and Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
First Lien 2025 Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Greystone Affordable Housing Initiatives, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
I/N |
||||||||
Greystone Select Company II, LLC (Passco) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Semiconductors and Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
C/N |
|||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
C/K |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
% |
|
|
|||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Aras Corporation |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Aras Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Bluefin Holding, LLC (Allvue) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Bluefin Holding, LLC (Allvue) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Deepl Se (Germany) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
Deepl Se (Germany) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Deepl Se (Germany) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
H/K/N |
|||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien PIK Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Douglas Holdings, Inc (Docupace) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Term Loan ( |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
FirstUp, Inc |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
FirstUp, Inc |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
FirstUp, Inc |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Flexport Capital, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Flexport Capital, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Risk Management, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Risk Management, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
GTY Technology Holdings Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
11
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Honey Intermediate, Inc. (iLobby) (Canada) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Honey Intermediate, Inc. (iLobby) (Canada) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
Integrate.com, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrate.com, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrate.com, Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrate.com, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
JOBVITE, Inc. (Employ, Inc.) |
|
First Lien Last Out Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Logicmonitor Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Logicmonitor Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Onward Acquireco Inc (Onestream Inc) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Onward Acquireco Inc (Onestream Inc) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Onward Acquireco Inc (Onestream Inc) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Nvest, Inc. (SigFig) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
First Lien Delayed Draw Term Loan |
|
CORRA(M) |
|
|
|
|
|
|
CAD |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
% |
|
H/K/N/O |
||||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
Sr Secured Revolver |
|
CORRA(M) |
|
|
|
|
|
|
CAD |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N/O |
|||||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
First Lien Term Loan |
|
CORRA(M) |
|
|
|
|
|
|
CAD |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
Thunder Purchaser, Inc. (Vector Solutions) |
|
First Lien Incremental Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Thunder Purchaser, Inc. (Vector Solutions) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OpenMarket, Inc. (Infobip) (United Kingdom) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Debt Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||||
12
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
|
|
|
|
Total |
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AA Acquisition Aggregator, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
D/E/F/N |
||||
Purecars Technologies Holdings, LLC |
|
Preferred Units Class A-2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Purecars Technologies Holdings, LLC |
|
Preferred Units Class AA-2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Purecars Technologies Holdings, LLC |
|
Preferred Units Class C-3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
BlackRock DLFC 2026 LLC |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/I |
||||
Pico Quantitative Trading Holdings, LLC |
|
Warrants to Purchase Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Kellermeyer Bergensons Services, LLC |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Kellermeyer Bergensons Services, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hylan Global LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Infinite Commerce Holdings LLC (Razor) |
|
Series A-3 Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Infinite Commerce Holdings LLC (Razor) |
|
Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Infinite Commerce Holdings LLC (Razor) |
|
Series A Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Class A Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/H/N |
||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Class B Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/H/N |
||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Class C Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/H/N |
||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Class D Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/H/N |
||||
Vingil Holdings 2 S.a r.l (Germany) |
|
Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/H/N |
||||
Thras.io, LLC |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
TVG-Edmentum Holdings, LLC |
|
Series B-1 Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
TVG-Edmentum Holdings, LLC |
|
Series B-2 Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
TVG-Edmentum Holdings, LLC |
|
Series C-2 Preferred Units |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
36th Street Capital Partners Holdings, LLC |
|
Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/F/N |
||||
Gordon Brothers Finance Company |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/F/N |
||||
Gordon Brothers Finance Company |
|
Preferred Stock |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/F/N |
|||||
Worldremit Group Limited (United Kingdom) |
|
Series X Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series D Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series E Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Utilidata, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Utilidata, Inc. |
|
Series A-2 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Utilidata, Inc. |
|
Series A-1 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Energy Equipment and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GlassPoint, Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stitch Holdings, L.P. |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
13
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Issuer |
|
Instrument |
|
Ref |
|
|
|
|
|
Total |
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Equity Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Domo, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
D |
||||
GoTab, Inc. (Fishbowl) |
|
Warrants to Purchase Series A Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
Igloo Parent Holdings LLC (InMoment) |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
% |
|
D/E/I/N |
|||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Pluralsight, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
ResearchGate Corporation (Germany) |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N/O |
|||||
SnapLogic, Inc. |
|
Warrants to Purchase Series Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
Suited Connector, LLC |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
Suited Connector, LLC |
|
Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fidelis (SVC), LLC |
|
Preferred Unit-C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Khoros, LLC (Lithium) |
|
Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
MBS Parent, LLC |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Quora, Inc. |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
SoundCloud, Ltd. (United Kingdom) |
|
Warrants to Purchase Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Streamland Media Holdings LLC |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Paper and Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
48forty Intermediate Holdings, Inc. |
|
Class A-1 Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
48forty Intermediate Holdings, Inc. |
|
Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
JobandTalent USA, Inc. (United Kingdom) |
|
F1 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
JobandTalent USA, Inc. (United Kingdom) |
|
F3 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Road and Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Motive Technologies, Inc. (Keep Truckin) |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Grey Orange International Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
Tradeshift, Inc. |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Blackbird Holdco, Inc. (Ohio Transmission Corp.) |
|
Preferred Stock |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity Securities - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and Cash Equivalents - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Cash and Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
M |
||||||
14
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Unaudited) (Continued)
September 30, 2026
Notes to Consolidated Schedule of Investments:
LIBOR/SOFR, EURIBOR or CORRA resets monthly (M), quarterly (Q), semiannually (S), or annually (A).
Including $
See accompanying notes to the consolidated financial statements.
15
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (A) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Aerospace & Defense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Skydio, Inc |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Skydio, Inc |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Skydio, Inc |
|
First Lien Delayed Draw Term Loan A |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
EURIBOR(M) |
|
|
|
|
|
|
EUR |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
ABC Technologies Inc. (TI Automotive) (Canada) |
|
First Lien Term Loan |
|
EURIBOR(M) |
|
|
|
|
|
|
EUR |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
ALCV Purchaser, Inc. (AutoLenders) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
ALCV Purchaser, Inc. (AutoLenders) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
AutoAlert, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/N |
||||||||
AutoAlert, LLC |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
F/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Building Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
TL Alpine Holding Corp. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Porcelain Acquisition Corporation (Paramount) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Trulite Holding Corp. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pico Quantitative Trading, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pico Quantitative Trading, LLC |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PMA Parent Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PMA Parent Holdings, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Apollo Group Holdco, LLC (Topsail) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Kellermeyer Bergensons Services, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Kellermeyer Bergensons Services, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Modigent, LLC (Pueblo) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (Pueblo) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (Pueblo) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Modigent, LLC (Pueblo) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Thermostat Purchaser III, Inc. (Reedy Industries) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Construction and Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Brown & Settle, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Brown & Settle, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Hylan Intermediate Holding II, LLC |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/C/N |
||||||||
JF Acquisition, LLC (JF Petroleum) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
JF Acquisition, LLC (JF Petroleum) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
JF Acquisition, LLC (JF Petroleum) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
LJ Avalon Holdings, LLC (Ardurra) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
16
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
RBS Buyer Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
|
% |
|
K/N |
|||||||
RBS Buyer Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
RBS Buyer Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Titan Home Improvement, LLC (Renuity) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Titan Home Improvement, LLC (Renuity) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Vortex Companies, LLC |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Consumer Finance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lucky US BuyerCo, LLC (Global Payments) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Money Transfer Acquisition Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Containers & Packaging |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
BW Holding, Inc. (Brook & Whittle) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
PVHC Holding Corp. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Express Wash Acquisition Company, LLC (Whistle) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
% |
|
K/N |
|||||
Express Wash Acquisition Company, LLC (Whistle) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Holding Corp. (Finalsite) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Holding Corp. (Finalsite) |
|
Sr Secured Revolver |
|
Prime |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Infinite Commerce Holdings LLC (Razor) |
|
2nd Lien 2A Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Infinite Commerce Holdings LLC (Razor) |
|
2nd Lien 2B Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Infinite Commerce Holdings LLC (Razor) |
|
2nd Lien 3B Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/H/N |
||||||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/H/N |
||||||||
SellerX Germany GMBH & Co. KG (Germany) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/H/N |
||||||||
SellerX Germany GMBH & Co. KG (Germany) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
B/H/N |
||||||||
Thras.io, LLC |
|
First Out Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Thras.io, LLC |
|
Second Out Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
36th Street Capital Partners Holdings, LLC |
|
Senior Note |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
E/F/N |
||||||||
Accuserve Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Beekeeper Buyer Inc. (Archway) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Beekeeper Buyer Inc. (Archway) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GC Champion Acquisition LLC (Numerix) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
17
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GC Waves Holdings, Inc. (Mercer) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
Gordon Brothers Finance Company |
|
Unsecured Debt |
|
LIBOR (A) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/F/N |
||||||||
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) |
|
Second Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Oak Funding LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Oak Funding LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
SitusAMC Holdings Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Electrical Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Griffon Bidco Inc. (Layerzero) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Griffon Bidco Inc. (Layerzero) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Griffon Bidco Inc. (Layerzero) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Spark Buyer, LLC (Sparkstone) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
% |
|
K/N |
|||||
Spark Buyer, LLC (Sparkstone) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Spark Buyer, LLC (Sparkstone) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Health Care Technology |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Appriss Health, LLC (PatientPing) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Appriss Health, LLC (PatientPing) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
CareATC, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
CareATC, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
ESO Solutions, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ESO Solutions, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Gainwell Acquisition Corp. |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Mpulse Mobile Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Mpulse Mobile Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Mpulse Mobile Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
MRO Parent Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
MRO Parent Corporation |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
MRO Parent Corporation |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Healthcare Providers and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PHC Buyer, LLC (Patriot Home Care) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Team Services Group, LLC |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Hotels, Restaurants and Leisure |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
Second Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Stonebridge Companies, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Stonebridge Companies, LLC |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Stonebridge Companies, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
18
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
|||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Insurance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
AmeriLife Holdings, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
|||||||||
AmeriLife Holdings, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
EBS Parent Holdings Inc. (The Difference Card) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
EBS Parent Holdings Inc. (The Difference Card) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
EBS Parent Holdings Inc. (The Difference Card) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Integrity Marketing Acquisition, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
% |
|
K/N |
||||||
IT Parent, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
IT Parent, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
IT Parent, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
IT Parent, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Internet and Catalog Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Syndigo, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Syndigo, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Acquia, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Acquia, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Bynder Bidco, Inc. (Netherlands) |
|
Sr Secured Revolver A |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
H/K/N |
||||||||
Bynder Bidco, Inc. (Netherlands) |
|
First Lien Term Loan A |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Bynder Bidco B.V. (Netherlands) |
|
Sr Secured Revolver B |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
H/K/N |
||||||||
Bynder Bidco B.V. (Netherlands) |
|
First Lien Term Loan B |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Domo, Inc. |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Domo, Inc. |
|
First Lien PIK Term Loan |
|
Fixed |
|
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
e-Discovery Acquireco, LLC (Reveal) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
e-Discovery Acquireco, LLC (Reveal) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Fishbowl, Inc. |
|
Promissory Note |
|
Fixed |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Fishbowl, Inc. |
|
First Lien Term Loan ( |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/F/N |
|||||||||
Gympass US, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Gympass US, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Persado, Inc. |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
|||||||||
Persado, Inc. |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
|||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
|||||||||
Pluralsight, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
|||||||||
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
|||||||||
Suited Connector, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
|||||||||
Suited Connector, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
|||||
19
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Anthracite Buyer, Inc. (Coalfire) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
% |
|
K/N |
||||||
Anthracite Buyer, Inc. (Coalfire) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Crewline Buyer, Inc. (New Relic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Crewline Buyer, Inc. (New Relic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Intercept Bidco, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Intercept Bidco, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Intercept Bidco, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Madison Logic Holdings, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
- |
% |
|
K/N |
|||||
Madison Logic Holdings, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Serrano Parent, LLC (Sumo Logic) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Serrano Parent, LLC (Sumo Logic) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Xactly Corporation |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Life Sciences Tools & Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alcami Corporation |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alcami Corporation |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Alcami Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
DNAnexus, Inc |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
DNAnexus, Inc |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Machinery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Sonny’s Enterprises, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sonny’s Enterprises, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Sonny’s Enterprises, LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Khoros, LLC (Lithium) |
|
First Lien Term Loan |
|
Fixed |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Streamland Media Midco LLC |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Streamland Media Midco LLC |
|
First Out Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Streamland Media Midco LLC |
|
Last Out Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Streamland Media Midco LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Terraboost Media Operating Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
TL Voltron Purchaser, LLC (GES) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Oil, Gas and Consumable Fuels |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Palmdale Oil Company, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Paper and Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Participation Tranche 1 Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
Alpine Acquisition Corp II (48Forty) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/N |
||||||||
20
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
FSK Pallet Holding Corp. (Kamps) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Applause App Quality, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Applause App Quality, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Chronicle Parent LLC (Lexitas) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Chronicle Parent LLC (Lexitas) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Chronicle Parent LLC (Lexitas) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Huckabee Acquisition, LLC (MOREgroup) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
ICIMS, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ICIMS, Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
ICIMS, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Incremental Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
JobandTalent USA, Inc. (United Kingdom) |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
Lighthouse Parent Holdings, Inc (Aperture) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Lighthouse Parent Holdings, Inc (Aperture) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Lighthouse Parent Holdings, Inc (Aperture) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Real Estate Management and Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
First Lien 2025 Incremental Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Community Merger Sub Debt LLC (CINC Systems) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Greystone Affordable Housing Initiatives, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
I/N |
||||||||
Greystone Select Company II, LLC (Passco) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Road and Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Motive Technologies, Inc. (Keep Truckin) |
|
First Lien Incremental Term Loan 2 ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Motive Technologies, Inc. (Keep Truckin) |
|
First Lien Incremental Term Loan 1 ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Motive Technologies, Inc. (Keep Truckin) |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Motive Technologies, Inc. (Keep Truckin) |
|
First Lien Incremental Term Loan 3 ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Semiconductors and Semiconductor Equipment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
C/G/N |
||||||||
21
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
Sr Secured Revolver |
|
Prime |
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
% |
|
C/G/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AlphaSense, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Aras Corporation |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Aras Corporation |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Bluefin Holding, LLC (Allvue) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
|
|
|
% |
|
K/N |
|||||||
Bluefin Holding, LLC (Allvue) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Cart.Com, Inc. |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Clever Devices Ltd. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Clever Devices Ltd. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Deepl Se (Germany) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N |
||||||
Deepl Se (Germany) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Deepl Se (Germany) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien Delayed Draw Term Loan B |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Douglas Holdings, Inc (Docupace) |
|
First Lien PIK Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Douglas Holdings, Inc (Docupace) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Dragos, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Dragos, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Dragos, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
Elastic Path Software, Inc. (Canada) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/L/N |
||||||||
FirstUp, Inc |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
FirstUp, Inc |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
FirstUp, Inc |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Flexport Capital, LLC |
|
First Lien Delayed Draw Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
( |
) |
|
|
% |
|
K/N |
|||||||
Flexport Capital, LLC |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Risk Management, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Fusion Risk Management, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
GTY Technology Holdings Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Honey Intermediate, Inc. (iLobby) (Canada) |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
22
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
Floor |
|
Spread |
|
Total |
|
Maturity/ |
|
Principal |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Debt Investments (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Honey Intermediate, Inc. (iLobby) (Canada) |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
|
% |
|
H/K/N |
||||||
Integrate.com, Inc. |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrate.com, Inc. |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrate.com, Inc. |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Integrate.com, Inc. |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
JOBVITE, Inc. (Employ, Inc.) |
|
First Lien Last Out Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Logicmonitor, Inc |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
K/N |
||||||
Logicmonitor, Inc |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Nvest, Inc. (SigFig) |
|
First Lien Term Loan |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Pyramid Analytics BV (Netherlands) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
Sr Secured Revolver |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
First Lien Delayed Draw Term Loan |
|
CORRA (Q) |
|
|
|
|
|
|
CAD |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N/O |
|||||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
Sr Secured Revolver |
|
CORRA (Q) |
|
|
|
|
|
|
CAD |
|
|
|
( |
) |
|
|
( |
) |
|
|
% |
|
H/K/N/O |
|||||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
First Lien Term Loan |
|
CORRA (Q) |
|
|
|
|
|
|
CAD |
|
|
|
|
|
|
|
|
|
% |
|
H/N/O |
|||||||
Thunder Purchaser, Inc. (Vector Solutions) |
|
First Lien Incremental Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Thunder Purchaser, Inc. (Vector Solutions) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Trintech, Inc. |
|
Sr Secured Revolver |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Trintech, Inc. |
|
First Lien Term Loan |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
Zilliant Incorporated |
|
First Lien Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Zilliant Incorporated |
|
First Lien Delayed Draw Term Loan ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
L/N |
||||||||
Zilliant Incorporated |
|
Sr Secured Revolver ( |
|
SOFR(M) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Specialty Retail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Calceus Acquisition, Inc. (Cole Haan) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
G/N |
||||||||
Hanna Andersson, LLC |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Technology Hardware, Storage & Peripherals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) |
|
First Lien Delayed Draw Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Textiles, Apparel and Luxury Goods |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
James Perse Enterprises, Inc. |
|
First Lien Term Loan |
|
SOFR(A) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
James Perse Enterprises, Inc. |
|
First Lien Term Loan |
|
SOFR(A) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
James Perse Enterprises, Inc. |
|
Sr Secured Revolver |
|
SOFR(S) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PSEB, LLC (Eddie Bauer) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
PSEB, LLC (Eddie Bauer) |
|
First Lien Incremental Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Wireless Telecommunication Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
OpenMarket, Inc. (Infobip) (United Kingdom) |
|
First Lien Term Loan |
|
SOFR(Q) |
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|
% |
|
H/N |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Debt Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||||
23
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
|
|
|
|
Total |
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Equity Securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Automobiles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
AA Acquisition Aggregator, LLC (AutoAlert) |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
D/E/F/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Capital Markets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pico Quantitative Trading Holdings, LLC |
|
Warrants to Purchase Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Commercial Services & Supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Kellermeyer Bergensons Services, LLC |
|
Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Kellermeyer Bergensons Services, LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Construction & Engineering |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Hylan Global LLC |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diversified Consumer Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Infinite Commerce Holdings LLC (Razor) |
|
Series A-3 Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Infinite Commerce Holdings LLC (Razor) |
|
Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Infinite Commerce Holdings LLC (Razor) |
|
Series A Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
SellerX Germany GMBH & Co. KG (Germany) |
|
Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/H/N |
||||
Vingil Holdings 2 S.a r.l (Germany) |
|
Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/H/N |
||||
Thras.io, LLC |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
TVG-Edmentum Holdings, LLC |
|
Series B-1 Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
TVG-Edmentum Holdings, LLC |
|
Series B-2 Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
||||
TVG-Edmentum Holdings, LLC |
|
Series C-2 Preferred Units |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
B/D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Diversified Financial Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
36th Street Capital Partners Holdings, LLC |
|
Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/F/N |
||||
Gordon Brothers Finance Company |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/F/N |
||||
Gordon Brothers Finance Company |
|
Preferred Stock |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/F/N |
|||||
Worldremit Group Limited (United Kingdom) |
|
Series X Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series D Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Worldremit Group Limited (United Kingdom) |
|
Warrants to Purchase Series E Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Electric Utilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Utilidata, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Utilidata, Inc. |
|
Series A-2 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Utilidata, Inc. |
|
Series A-1 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Energy Equipment and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
GlassPoint, Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Household Durables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Stitch Holdings, L.P. |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Internet Software and Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Domo, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D |
||||
24
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
|
|
|
|
Total |
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Equity Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Domo, Inc. |
|
Warrants to Purchase Class B Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
D/N |
|||||
Domo, Inc. |
|
Warrants to Purchase Class B Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/N |
|||||
Fishbowl, Inc. |
|
Common Membership Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/F/N |
||||
Foursquare Labs, Inc. |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
Igloo Parent Holdings LLC (InMoment) |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/I/N |
||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
InMobi, Inc. (Singapore) |
|
Warrants to Purchase Series E Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Pluralsight, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
ResearchGate Corporation (Germany) |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N/O |
|||||
SnapLogic, Inc. |
|
Warrants to Purchase Series Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
SuCo Investors, LP (Suited Connector) |
|
Warrants to Purchase Class A Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
IT Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fidelis (SVC), LLC |
|
Preferred Unit-C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Media |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Khoros, LLC (Lithium) |
|
Preferred Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
MBS Parent, LLC |
|
Limited Partnership/Limited Liability Company Interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Quora, Inc. |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
SoundCloud, Ltd. (United Kingdom) |
|
Warrants to Purchase Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
|||||
Streamland Media Holdings LLC |
|
Common Units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Paper and Forest Products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
48forty Intermediate Holdings, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
Alpine Acquisition Corp II (48Forty) |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Inotiv, Inc. |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Professional Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
JobandTalent USA, Inc. (United Kingdom) |
|
F1 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
JobandTalent USA, Inc. (United Kingdom) |
|
F3 Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/H/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
25
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Issuer |
|
Instrument |
|
Ref |
|
|
|
|
|
Total |
|
Expiration |
|
Shares |
|
|
Cost |
|
|
Fair |
|
|
% of Total |
|
|
Notes |
||||
Equity Securities (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Road and Rail |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Motive Technologies, Inc. (Keep Truckin) |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
D/E/N |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Software |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Grey Orange International Inc. |
|
Warrants to Purchase Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
Tradeshift, Inc. |
|
Warrants to Purchase Series D Preferred Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
D/E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||
Trading Companies & Distributors |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Blackbird Holdco, Inc. (Ohio Transmission Corp.) |
|
Preferred Stock |
|
Fixed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
E/N |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Equity Securities - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash and Cash Equivalents - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Cash and Investments - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|
|
% |
|
M |
||||||
26
Table of Contents
BlackRock TCP Capital Corp.
Consolidated Schedule of Investments (Continued)
December 31, 2025
Notes to Consolidated Schedule of Investments:
LIBOR/SOFR, EURIBOR or CORRA resets monthly (M), quarterly (Q), semiannually (S), or annually (A).
Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $
See accompanying notes to the consolidated financial statements.
27
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited)
September 30, 2026
1. Organization and Nature of Operations
BlackRock TCP Capital Corp. (the “Company”), formerly known as TCP Capital Corp., is a Delaware corporation formed on April 2, 2012 as an externally managed, closed-end, non-diversified management investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The Company invests primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, the Company may make equity investments directly. The Company was formed through the conversion on April 2, 2012 of the Company’s predecessor, Special Value Continuation Fund, LLC, from a limited liability company to a corporation in a non-taxable transaction, leaving the Company as the surviving entity. On April 3, 2012, the Company completed its initial public offering.
Investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC, a Delaware limited liability company (“TCPC Funding”), TCPC Funding II, LLC, a Delaware limited liability company (“TCPC Funding II”), TCPC SPV, LP (formerly, TCPC SBIC, LP), a Delaware limited partnership (the “SBIC”), and BCIC Merger Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”) and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The SBIC was organized in June 2013, and, on April 22, 2014, received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958. These consolidated financial statements include the accounts of the Company, SVCP (including effective from the closing (the “Closing”) of the Merger (as defined below) on March 18, 2024, the consolidated accounts of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC. All significant intercompany transactions and balances have been eliminated in the consolidation.
The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. All of the subsidiaries of the Company are treated as disregarded entities.
Series H of SVOF/MM, LLC serves as the administrator of the Company (the “Administrator”). The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect subsidiary of BlackRock, Inc., with the Advisor as the surviving entity.
Company management consists of the Advisor and the Company’s Board of Directors (the “Board of Directors”). The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the Board of Directors, which sets the broad policies of the Company. The Board of Directors of the Company has delegated investment management of SVCP’s assets to the Advisor. The Board of Directors consists of six persons, five of whom are independent.
On March 18, 2024, the Company completed its previously announced acquisition of BlackRock Capital Investment Corporation, a Delaware corporation (“BCIC”), pursuant to the Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC (“BCIA”), and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the “Merger”). As a result of, and as of the effective time of, the Merger, BCIC’s separate corporate existence ceased. See “Note 12 – Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.
28
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
1. Organization and Nature of Operations — (continued)
On May 27, 2026, the Company completed a collateralized loan obligation transaction through BlackRock DLF 2026-C CLO, LLC (the “CLO Issuer”) (the “CLO Transaction”). In connection with the CLO Transaction, the CLO Issuer issued multiple classes of senior secured floating rate notes maturing in 2034. Prior to the Continuation Vehicle Transaction (as defined below), SVCP owned
On August 4, 2026, SVCP sold
On August 6, 2026, the Company announced that its Board of Directors had engaged Keefe, Bruyette & Woods, a Stifel company, to consider strategic alternatives to maximize shareholder value. These could include, but are not limited to, using newly available leverage capacity to reinvest in the portfolio and/or return capital to shareholders through share repurchases, pursuing potential strategic combinations in the public or private markets, completing an orderly realization of portfolio assets, or some combination thereof. There is no guarantee the Company will pursue any of the foregoing or, that if it seeks to do so, will be successful in achieving any desired outcome.
2. Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Company has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Company.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.
Investment Valuation
Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Board of Directors designated the Advisor as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.
The Company’s investments are generally held by the Company’s subsidiaries. Investments are recorded at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the policies adopted by the Valuation Designee and approved by the Board of Directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.
All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than
29
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than
The Company's investment in the Continuation Vehicle is recorded at fair value and is based upon the Company’s percentage ownership of the net assets of the Continuation Vehicle, which is a practical expedient for valuation. The underlying investments of the Affiliated Entities are recorded at fair value.
Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information as of the balance sheet date and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events and conditions that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than
Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.
The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.
In following these approaches, the types of factors that may be taken into account also include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values, among other factors.
Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.
30
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
Level |
|
Basis for Determining Fair Value |
|
Bank Debt (1) |
|
|
Other |
|
|
Equity |
|
|
Equity |
|
|
Total |
|
|||||
1 |
|
Quoted prices in active markets for identical |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
2 |
|
Other direct and indirect observable market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
3 |
|
Independent third-party valuation sources |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
3 |
|
Valuation Designee valuations with significant unobservable inputs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
NAV(4) as Practical Expedient |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2026 included the following:
Asset Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Avg.) (1) |
|
Bank Debt |
|
$ |
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
||
Other Corporate Debt |
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Asset approach (2) |
|
N/A |
|
N/A |
|
Equity |
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
||
|
|
|
|
|
|
|
Implied volatility |
|
||
|
|
|
|
|
|
|
Term |
|
||
|
|
|
|
|
Transaction approach (3) |
|
N/A |
|
N/A |
|
|
|
$ |
|
|
|
|
|
|
|
|
31
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:
Input |
|
Impact to Value if |
|
Impact to Value if |
Discount rate |
|
|
||
Revenue multiples |
|
|
||
EBITDA multiples |
|
|
||
Book value multiples |
|
|
||
Implied volatility |
|
|
||
Term |
|
|
||
Yield |
|
|
During the nine months ended September 30, 2026, twelve senior debt positions with a fair value of $
|
|
Independent Third-Party Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
32
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
|
|
Valuation Designee Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
Independent Third-Party Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Transfers out of Level 3 (2) |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
33
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
|
|
Valuation Designee Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Dispositions |
|
|
|
|
|
|
|
|
( |
) |
|
|
( |
) |
||
Transfers into Level 3 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
At December 31, 2025, the Company’s investments were categorized as follows:
Level |
|
Basis for Determining Fair Value |
|
Bank Debt (1) |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
1 |
|
Quoted prices in active markets for identical |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
2 |
|
Other direct and indirect observable market |
|
|
|
|
|
|
|
|
|
|||||||
3 |
|
Independent third-party valuation sources |
|
|
|
|
|
|
|
|
|
|
|
|
||||
3 |
|
Valuation Designee valuations with significant unobservable inputs |
|
|
|
|
|
|
|
|
|
|
|
|||||
Total |
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
34
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025 included the following:
Asset Type |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range (Weighted Avg.) (1) |
|
Bank Debt |
|
$ |
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Market quotations |
|
Indicative bid/ask quotes |
|
||
|
|
|
|
|
Transaction approach (3) |
|
N/A |
|
N/A |
|
Other Corporate Debt |
|
|
|
|
Market comparable companies |
|
Book value multiples |
|
||
|
|
|
|
|
Asset approach (2) |
|
N/A |
|
N/A |
|
Equity |
|
|
|
|
Option Pricing Model |
|
EBITDA/Revenue multiples |
|
||
|
|
|
|
|
|
|
Implied volatility |
|
||
|
|
|
|
|
|
|
Term |
|
||
|
|
|
|
|
Market comparable companies |
|
Book value multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
Revenue multiples |
|
||
|
|
|
|
|
Market comparable companies |
|
EBITDA multiples |
|
||
|
|
|
|
|
Income approach |
|
Discount rate |
|
||
|
|
|
|
|
Transaction approach (3) |
|
N/A |
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
Changes in investments categorized as Level 3 during the three months ended September 30, 2025 were as follows:
|
|
Independent Third-Party Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Transfers into Level 3 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transfers out of Level 3 (3) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
( |
) |
|
35
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
|
|
Valuation Designee Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Transfers into Level 3 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
Changes in investments categorized as Level 3 during the nine months ended September 30, 2025 were as follows:
|
|
Independent Third-Party Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
||
Acquisitions (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Dispositions |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
|
( |
) |
|
Transfers into Level 3 (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Transfers out of Level 3 (3) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
( |
) |
||
36
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
|
|
Valuation Designee Valuation |
|
|||||||||||||
|
|
Bank Debt |
|
|
Other |
|
|
Equity |
|
|
Total |
|
||||
Beginning balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Net realized and unrealized gains (losses) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Dispositions |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Transfers into Level 3 (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Ending balance |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
||
_____________________________
Investment Transactions
Investment transactions are recorded on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.
Cash and Cash Equivalents
Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At September 30, 2026, included in cash and cash equivalents was $
Restricted Investments
The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Consolidated Schedule of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.
37
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
Foreign Currency Investments
The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately
Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.
Derivatives
In order to mitigate certain currency exchange and interest rate risks, the Company may enter into certain derivative transactions. All derivatives are subject to a master netting agreement and are reported at their gross amounts as either assets or liabilities in the Consolidated Statements of Assets and Liabilities. Transactions entered into are accounted for using the mark-to-market method with the resulting change in fair value recognized in earnings for the current period. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in interest rates and the value of foreign currencies relative to the U.S. dollar. Certain derivatives may also require the Company to pledge assets as collateral to secure its obligations.
Valuations of derivatives are determined using observable market inputs other than quoted prices in active markets for identical assets and, accordingly, are generally classified as Level 2 in the GAAP valuation hierarchy.
Merger Sub entered into a centrally-cleared interest rate swap (the “Interest Rate Swap”) to economically hedge the interest payable on the fixed rate tranche of Merger Sub’s 2025 Notes (as defined below) (see Note 4). The notional amount of the Interest Rate Swap is $
Pursuant to the contract, Merger Sub was required to deposit initial margin with the broker in the form of cash and had agreed to receive from or pay to the broker daily variation margin. The amounts related to the right to claim or the obligation to return cash collateral may not have been used to offset amounts due under the Interest Rate Swap contract in the normal course of settlement. Both the initial margin and variation margin paid were included as assets within “Due from broker” on the Consolidated Statement of Assets and Liabilities prior to the maturity of the swap on June 9, 2025.
Since the swap contract has not been designated as a hedge accounting relationship pursuant to ASC 815, Derivatives and Hedging, changes in the fair value of the swap contract, net of any periodic interest accruals, were presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations.
Interest rate swap agreements are valued utilizing quotes received from independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy.
During the nine months ended September 30, 2026 and 2025, the Company did not enter into any additional derivative transactions.
38
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
Deferred Debt Issuance Costs
Certain costs incurred in connection with the issuance and/or extension of debt of the Company and its subsidiaries were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company.
Revenue Recognition
Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.
Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.
Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued payment-in-kind (“PIK”) interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may either be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company’s judgment, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.
Significant Subsidiaries
In accordance with Rules 3-09 and 4-08(g) of Regulation S-X (“Rule 3-09” and “Rule 4-08(g),” respectively), the Company must determine which of its unconsolidated controlled portfolio companies are considered “significant subsidiaries,” if any. In evaluating these investments, Rule 1-02(w)(2) of Regulation S-X stipulates two tests to be utilized by a business development company to determine if any of its controlled investments are considered significant subsidiaries for financial reporting purposes: the investment test and the income test. Rule 3-09 requires separate audited financial statements of an unconsolidated majority owned subsidiary in an annual report if any of the tests exceed the thresholds noted in Rule 1-02(w)(2), whereas Rule 4-08(g) only requires summarized financial information in an annual/quarterly report if the thresholds are exceeded. No controlled investments were considered significant subsidiaries as of September 30, 2026 and December 31, 2025.
Income Taxes
The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to RICs, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The income or loss of SVCP (including effective from the Closing, the consolidated income or loss of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC is reported in the respective members’ or partners’ income tax returns, as applicable. In accordance with ASC Topic 740 - Income Taxes, the Company recognizes in its consolidated financial statements the
39
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination. The tax returns of the Company, SVCP, TCPC Funding, TCPC Funding II and the SBIC remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of September 30, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements.
The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital.
As of December 31, 2025, the Company had non-expiring capital loss carryforwards in the amount of $
As of December 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
|
December 31, 2025 |
|
|
Tax Cost |
|
$ |
|
|
|
|
|
|
|
Gross Unrealized Appreciation |
|
$ |
|
|
Gross Unrealized Depreciation |
|
|
( |
) |
Net Unrealized Appreciation (Depreciation) |
|
$ |
( |
) |
On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes. As a result of the Merger, BCIC’s separate existence ceased.
Segment Reporting
The Company’s chief executive officer and chief financial officer act as the Company’s chief operating decision maker (“CODM”). The CODM is responsible for assessing performance, allocating resources and making operating decisions of the Company on a consolidated basis based on the net increase (decrease) in net assets resulting from operations (“net income”) of the Company in addition to other factors and metrics. The CODM has concluded that the Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. In addition to
Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and permits early adoption. The Company adopted the ASU 2023-09 for the annual reporting period beginning on January 1, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.
40
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
2. Summary of Significant Accounting Policies — (continued)
In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.
3. Management Fees, Incentive Fees and Other Expenses
On February 8, 2019, the shareholders of the Company approved an amended investment management agreement to be effective on February 9, 2019 between the Company and the Advisor which (i) reduced the base management fee on total assets (excluding cash and cash equivalents) that exceed an amount equal to
Accordingly, the Company’s base management fee was calculated at an annual rate of
In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”) that became effective at the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from
In connection with the Merger, the Company also entered into a fee waiver agreement with the Advisor (the “Fee Waiver Agreement”). The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $
In recognition of the reduction in assets resulting from the Continuation Vehicle Transaction during the three months ended September 30, 2026, the Advisor reduced its management fee to reflect the Company's revised asset base following the Continuation Vehicle Transaction, resulting in an approximately $
Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a
41
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
3. Management Fees, Incentive Fees and Other Expenses — (continued)
In connection with the Merger, the Company and the Advisor agreed that, for the purposes of calculating adjusted net investment income and for purposes of incentive fee calculations under the Amended and Restated Investment Advisory Agreement, any amortization of original issue discount to interest income or any gains and losses resulting solely from accounting adjustments to the cost basis of the BCIC assets acquired in the Merger as required under applicable accounting guidance under ASC 805 will be excluded.
A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been payable to the Advisor assuming a hypothetical liquidation of the Company at net asset value on the balance sheet date. As of September 30, 2026 and December 31, 2025,
The Company bears all expenses incurred in connection with its business, including fees and expenses of outside contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.
4. Debt
Debt is comprised of unsecured notes due May 2029 issued by the Company (the “2029 Notes”) and the amounts outstanding under a senior secured revolving credit facility originally entered into by BCIC and assumed by Merger Sub (“Merger Sub Facility”). Prior to being repaid or assumed, debt included $
Total debt outstanding and available at September 30, 2026 was as follows:
|
|
Maturity |
|
Rate |
|
|
Carrying |
|
|
Available |
|
|
Total |
|
|
|||
Merger Sub Facility(2) |
|
|
SOFR+ |
(3) |
|
$ |
|
|
$ |
|
|
$ |
|
(4) |
||||
2029 Notes ($ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total leverage |
|
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|||
Unamortized issuance costs |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|||
42
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
4. Debt — (continued)
Total debt outstanding and available at December 31, 2025 was as follows:
|
|
Maturity |
|
Rate |
|
|
Carrying |
|
|
Available |
|
|
Total |
|
|
|||
Operating Facility |
|
|
SOFR+ |
(2) |
|
$ |
|
|
$ |
|
|
$ |
|
(3) |
||||
Funding Facility II |
|
|
SOFR+ |
|
|
|
|
|
|
|
|
|
|
(4) |
||||
Merger Sub Facility(5) |
|
|
SOFR+ |
(6) |
|
|
|
|
|
|
|
|
|
(7) |
||||
SBA Debentures |
|
|
(8) |
|
|
|
|
|
|
|
|
|
|
|||||
2026 Notes ($ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
2029 Notes ($ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total leverage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Unamortized issuance costs |
|
|
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|
||
Debt, net of unamortized issuance costs |
|
|
|
|
|
|
$ |
|
|
|
|
|
|
|
|
|||
The combined weighted-average interest rates on total debt outstanding at September 30, 2026 and December 31, 2025 were
Total expenses related to debt included the following:
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Interest expense |
|
$ |
|
|
$ |
|
||
Amortization of deferred debt issuance costs |
|
|
|
|
|
|
||
Commitment fees |
|
|
|
|
|
|
||
Total |
|
$ |
|
|
$ |
|
||
Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2026, the estimated fair value of the Merger Sub Facility was $
43
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
4. Debt — (continued)
Unsecured Notes
On August 23, 2019, the Company issued $
On February 9, 2021, the Company issued $
On March 18, 2024, Merger Sub entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the Closing. The Note Assumption Agreement related to Merger Sub’s assumption of (a) $
Pursuant to the Note Assumption Agreement, Merger Sub expressly assumed on behalf of BCIC the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement and the 2025 Notes, to be performed or observed by BCIC.
The Tranche A Notes bore interest at a fixed rate equal to
On July 21, 2025, the Company caused notices to be issued to the holders of the 2025 Notes regarding the Company’s exercise of its option to prepay $
On May 30, 2024, the Company issued $
44
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
4. Debt — (continued)
As of September 30, 2026 and December 31, 2025, the components of the carrying value of 2026 Notes and 2029 Notes were as follows:
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||||||||
|
|
2026 Notes |
|
2029 Notes |
|
|
2026 Notes |
|
|
2029 Notes |
|
|||
Principal amount of debt |
|
N/A |
|
$ |
|
|
$ |
|
|
$ |
|
|||
Original issue (discount)/ premium, net of accretion |
|
N/A |
|
|
( |
) |
|
|
|
|
|
( |
) |
|
Carrying value of debt |
|
N/A |
|
$ |
|
|
$ |
|
|
$ |
|
|||
For the nine months ended September 30, 2026 and 2025, the components of interest expense for the 2025 Notes, 2026 Notes and 2029 Notes were as follows:
|
|
Nine Months Ended September 30, |
|
|||||||||||||||||||
|
|
2026 |
|
|
2025 |
|
||||||||||||||||
|
|
2025 Notes |
|
2026 Notes |
|
|
2029 Notes |
|
|
2025 Notes |
|
|
2026 Notes |
|
|
2029 Notes |
|
|||||
Stated interest expense |
|
N/A |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Amortization of original issue discount/ (premium) |
|
N/A |
|
|
( |
) |
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|||
Total interest expense |
|
N/A |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Secured Notes
On May 27, 2026, the Company, through its subsidiary, completed a $
For the nine months ended September 30, 2026 and 2025, the components of interest expense for the Secured Notes were as follows:
|
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
|
2025 |
|
Stated interest expense |
|
$ |
|
|
N/A |
|
Amortization of original issue discount/ (premium) |
|
|
|
|
N/A |
|
Total interest expense |
|
$ |
|
|
N/A |
|
Operating Facility
The Operating Facility consisted of a revolving, multi-currency credit facility which provided for amounts to be drawn up to $
On June 22, 2021, the Operating Facility was amended to (i) extend the maturity date by two years from
45
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
4. Debt — (continued)
Operating Facility below the minimum utilization amount continued to accrue commitment fees at a rate of
On June 15, 2023, the Operating Facility was amended to update the terms of the interest rate from LIBOR to SOFR plus a credit spread adjustment of
On August 1, 2024, the Operating Facility was amended to (i) extend the expiration date of the Operating Facility and the maturity date with respect to loans made thereunder from
On August 3, 2026, the Company paid off all the outstanding principal amounts plus the accrued and unpaid interest thereon of and terminated the Operating Facility.
Funding Facility II
Funding Facility II was a senior secured revolving credit facility which provided for amounts to be drawn up to $
Borrowings under Funding Facility II bore interest at a rate of LIBOR plus
Beginning on February 28, 2023, borrowings under Funding Facility II bore interest at a rate of SOFR plus a credit spread adjustment of
On August 4, 2023, the Funding Facility II was amended to extend the maturity date from
In connection with the CLO Transaction, on May 27, 2026, the proceeds from the issuance of all the Secured Notes and the LLC interests were used to prepay and terminate Funding Facility II.
46
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
4. Debt — (continued)
Merger Sub Facility
On March 18, 2024, Merger Sub entered into an assumption agreement (the “Credit Assumption Agreement”), effective as of the Closing. The Credit Assumption Agreement relates to Merger Sub’s assumption of that certain Second Amended and Restated Senior Secured Revolving Credit Agreement, originally entered into on February 19, 2016, as amended as of August 8, 2016, June 5, 2017, March 15, 2018, August 30, 2019, May 22, 2020, April 23, 2021, April 26, 2023 and September 6, 2023 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Merger Sub Facility”), by and among BCIC (the “Initial Borrower”), Citibank, N.A., as administrative agent and the other parties thereto. The Merger Sub Facility provides for amounts to be drawn up to $
SBA Debentures
On June 17, 2026, the Company paid off all the outstanding principal amounts plus the accrued and unpaid interest thereon of the SBA Debentures.
SBA Debentures outstanding as of December 31, 2025 were as follows:
Issuance Date |
|
Maturity |
|
Debenture |
|
|
Fixed |
|
|
SBA |
|
|||
|
|
$ |
|
|
|
% |
|
|
% |
|||||
|
|
|
|
|
|
% |
|
|
% |
|||||
|
|
|
|
|
|
% |
|
|
% |
|||||
|
|
|
|
|
|
% |
|
|
% |
|||||
|
|
|
|
|
|
% |
|
|
% |
|||||
|
|
|
|
|
|
% |
|
|
% |
|||||
|
|
|
|
|
|
% |
|
|
% |
|||||
|
|
|
|
$ |
|
|
|
% |
* |
|
|
|||
* Weighted-average interest rate
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk
SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC conduct business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the San Francisco area and in New York.
In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company, SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC enter into contracts that contain a variety of indemnifications, and are engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote.
47
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)
The Consolidated Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at September 30, 2026 and December 31, 2025 as follows:
|
|
|
|
Unfunded Balances |
|
|||||
Issuer |
|
Maturity |
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
Advanced Cooling Technologies Inc. |
|
|
$ |
|
|
$ |
|
|||
Alcami Corporation |
|
|
|
|
|
NA |
|
|||
Alcami Corporation |
|
|
NA |
|
|
|
|
|||
ALCV Purchaser, Inc. (AutoLenders) |
|
|
NA |
|
|
|
|
|||
Alpine Acquisition Corp II (48Forty) |
|
|
|
|
|
NA |
|
|||
Alpine Acquisition Corp II (48Forty) |
|
|
|
|
|
NA |
|
|||
Alpine Acquisition Corp II (48Forty) |
|
|
NA |
|
|
|
|
|||
AmeriLife Holdings, LLC |
|
|
|
|
|
|
|
|||
Anthracite Buyer, Inc. (Coalfire) |
|
|
|
|
|
|
|
|||
Applause App Quality, Inc. |
|
|
|
|
|
|
|
|||
Appriss Health, LLC (PatientPing) |
|
|
NA |
|
|
|
|
|||
Appriss Health, LLC (PatientPing) |
|
|
|
|
|
NA |
|
|||
Aras Corporation |
|
|
|
|
|
|
|
|||
Aryeh Bidco Investment Ltd (DentalCorp) (Canada) |
|
|
|
|
|
NA |
|
|||
Aryeh Bidco Investment Ltd (DentalCorp) (Canada) |
|
|
|
|
|
NA |
|
|||
Beekeeper Buyer Inc. (Archway) |
|
|
|
|
|
|
|
|||
Bluefin Holding, LLC (Allvue) |
|
|
|
|
|
|
|
|||
Brown & Settle, Inc. |
|
|
|
|
|
|
|
|||
Bynder Bidco B.V. (Netherlands) |
|
|
|
|
|
|
|
|||
Bynder Bidco, Inc. (Netherlands) |
|
|
|
|
|
|
|
|||
CareATC, Inc. |
|
|
|
|
|
|
|
|||
Chronicle Parent LLC (Lexitas) |
|
|
NA |
|
|
|
|
|||
Chronicle Parent LLC (Lexitas) |
|
|
NA |
|
|
|
|
|||
Clever Devices Ltd. |
|
|
NA |
|
|
|
|
|||
Community Merger Sub Debt LLC (CINC Systems) |
|
|
|
|
|
|
|
|||
Crewline Buyer, Inc. (New Relic) |
|
|
|
|
|
|
|
|||
Deepl Se (Germany) |
|
|
|
|
|
|
|
|||
Deepl Se (Germany) |
|
|
|
|
|
|
|
|||
DNAnexus, Inc |
|
|
NA |
|
|
|
|
|||
Douglas Holdings, Inc (Docupace) |
|
|
NA |
|
|
|
|
|||
Douglas Holdings, Inc (Docupace) |
|
|
NA |
|
|
|
|
|||
Douglas Holdings, Inc (Docupace) |
|
|
|
|
|
|
|
|||
Dragos, Inc. |
|
|
NA |
|
|
|
|
|||
Dragos, Inc. |
|
|
NA |
|
|
|
|
|||
EBS Parent Holdings Inc. (The Difference Card) |
|
|
|
|
|
|
|
|||
EBS Parent Holdings Inc. (The Difference Card) |
|
|
|
|
|
|
|
|||
e-Discovery Acquireco, LLC (Reveal) |
|
|
|
|
|
|
|
|||
Emerald Technologies (U.S.) AcquisitionCo, Inc. |
|
|
|
|
|
|
|
|||
ESO Solutions, Inc. |
|
|
NA |
|
|
|
|
|||
Express Wash Acquisition Company, LLC (Whistle) |
|
|
|
|
|
|
|
|||
FirstUp, Inc |
|
|
NA |
|
|
|
|
|||
Fishbowl, Inc. |
|
|
NA |
|
|
|
|
|||
Flexport Capital, LLC |
|
|
|
|
|
|
|
|||
Fusion Holding Corp. (Finalsite) |
|
|
|
|
|
|
|
|||
Fusion Risk Management, Inc. |
|
|
|
|
|
|
|
|||
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
|
NA |
|
|
|
|
|||
G-3 Apollo Acquisition Corp (Appriss Retail) |
|
|
|
|
|
|
|
|||
GC Waves Holdings, Inc. (Mercer) |
|
|
|
|
|
|
|
|||
48
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)
|
|
|
|
Unfunded Balances |
|
|||||
Issuer |
|
Maturity |
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
Griffon Bidco Inc. (Layerzero) |
|
|
$ |
|
|
$ |
|
|||
Griffon Bidco Inc. (Layerzero) |
|
|
|
|
|
|
|
|||
GTY Technology Holdings Inc. |
|
|
|
|
|
|
|
|||
Honey Intermediate, Inc. (iLobby) (Canada) |
|
|
|
|
|
|
|
|||
Huckabee Acquisition, LLC (MOREgroup) |
|
|
NA |
|
|
|
|
|||
Huckabee Acquisition, LLC (MOREgroup) |
|
|
|
|
|
|
|
|||
ICIMS, Inc. |
|
|
|
|
|
|
|
|||
Integrate.com, Inc. |
|
|
NA |
|
|
|
|
|||
Integrity Marketing Acquisition, LLC |
|
|
|
|
|
|
|
|||
Intercept Bidco, Inc. |
|
|
NA |
|
|
|
|
|||
Intercept Bidco, Inc. |
|
|
|
|
|
|
|
|||
IT Parent, LLC |
|
|
NA |
|
|
|
|
|||
James Perse Enterprises, Inc. |
|
|
NA |
|
|
|
|
|||
JF Acquisition, LLC (JF Petroleum) |
|
|
|
|
|
|
|
|||
JF Acquisition, LLC (JF Petroleum) |
|
|
|
|
|
|
|
|||
Lighthouse Parent Holdings, Inc (Aperture) |
|
|
|
|
|
|
|
|||
Lighthouse Parent Holdings, Inc (Aperture) |
|
|
|
|
|
|
|
|||
LJ Avalon Holdings, LLC (Ardurra) |
|
|
|
|
|
|
|
|||
Logicmonitor Inc. |
|
|
|
|
|
|
|
|||
Lucky US BuyerCo, LLC (Global Payments) |
|
|
|
|
|
|
|
|||
Madison Logic Holdings, Inc. |
|
|
|
|
|
|
|
|||
MB2 Dental Solutions LLC |
|
|
|
|
|
NA |
|
|||
Modigent, LLC (Pueblo) |
|
|
|
|
|
|
|
|||
Mpulse Mobile Inc. |
|
|
|
|
|
|
|
|||
Mpulse Mobile Inc. |
|
|
|
|
|
|
|
|||
MRO Parent Corporation |
|
|
NA |
|
|
|
|
|||
MRO Parent Corporation |
|
|
|
|
|
|
|
|||
Oak Funding LLC |
|
|
|
|
|
|
|
|||
Onward Acquireco Inc (Onestream Inc) |
|
|
|
|
|
NA |
|
|||
Onward Acquireco Inc (Onestream Inc) |
|
|
|
|
|
NA |
|
|||
Palmdale Oil Company, LLC |
|
|
|
|
|
|
|
|||
Palmdale Oil Company, LLC |
|
|
NA |
|
|
|
|
|||
Pareto Health Intermediate Holdings Inc |
|
|
|
|
|
NA |
|
|||
Pluralsight, Inc. |
|
|
|
|
|
|
|
|||
Pluralsight, Inc. |
|
|
|
|
|
|
|
|||
PMA Parent Holdings, LLC |
|
|
|
|
|
|
|
|||
Pyramid Analytics B.V. |
|
|
NA |
|
|
|
|
|||
RBS Buyer Inc. |
|
|
|
|
|
|
|
|||
RBS Buyer Inc. |
|
|
|
|
|
|
|
|||
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |
|
|
|
|
|
|
|
|||
Serrano Parent, LLC (Sumo Logic) |
|
|
|
|
|
|
|
|||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
|
|
|
|
|
|
|||
Shackleton Bidco Inc. (Payworks) (Canada) |
|
|
|
|
|
|
|
|||
Skydio, Inc |
|
|
NA |
|
|
|
|
|||
Sonny’s Enterprises, LLC |
|
|
|
|
|
|
|
|||
Spark Buyer, LLC (Sparkstone) |
|
|
NA |
|
|
|
|
|||
Spark Buyer, LLC (Sparkstone) |
|
|
|
|
|
|
|
|||
Spartan Bidco Pty Ltd (StarRez) (Australia) |
|
|
NA |
|
|
|
|
|||
SRS Acquiom Holdings LLC |
|
|
|
|
|
NA |
|
|||
Stonebridge Companies, LLC |
|
|
|
|
|
|
|
|||
Stonebridge Companies, LLC |
|
|
|
|
|
|
|
|||
49
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)
|
|
|
|
Unfunded Balances |
|
|||||
Issuer |
|
Maturity |
|
September 30, 2026 |
|
|
December 31, 2025 |
|
||
Streamland Media Midco LLC |
|
|
$ |
|
|
$ |
|
|||
Suited Connector, LLC |
|
|
|
|
|
NA |
|
|||
Syndigo, LLC |
|
|
|
|
|
|
|
|||
Thunder Purchaser, Inc. (Vector Solutions) |
|
|
|
|
|
|
|
|||
Titan Home Improvement, LLC (Renuity) |
|
|
NA |
|
|
|
|
|||
Titan Home Improvement, LLC (Renuity) |
|
|
|
|
|
|
|
|||
Trintech, Inc. |
|
|
NA |
|
|
|
|
|||
Vortex Companies, LLC |
|
|
NA |
|
|
|
|
|||
Vortex Companies, LLC |
|
|
|
|
|
|
|
|||
Xactly Corporation |
|
|
|
|
|
|
|
|||
Zenith AcquisitionCo LLC |
|
|
|
|
|
NA |
|
|||
Zenith AcquisitionCo LLC |
|
|
|
|
|
NA |
|
|||
Zilliant Incorporated |
|
|
NA |
|
|
|
|
|||
Total Unfunded Balances |
|
|
|
$ |
|
|
$ |
|
||
From time to time, the Company and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On
On February 3, 2026, a putative securities class action lawsuit was filed in the United States District Court for the Central District of California, captioned Burnell v. BlackRock TCP Capital Corp., et al., Case No. 2:26-cv-01102. The complaint names the Company and certain of its current and former executive officers as defendants. The complaint purports to be brought on behalf of a class of persons who purchased or otherwise acquired the Company’s securities between November 6, 2024 and January 23, 2026, and alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, based on alleged materially false and misleading statements and/or omissions concerning the Company’s business, operations and financial condition. The plaintiff seeks unspecified compensatory damages, interest, attorneys’ fees and costs, and other relief. On June 10, 2026, the court entered an order appointing lead plaintiffs for the putative class and approving their selection of lead counsel. On August 24, 2026, the lead plaintiffs filed a consolidated amended complaint. The Company moved to dismiss the amended complaint on October 23, 2026. The Company believes the claims are without merit and intends to defend the action vigorously. The litigation is in its early stages, and at this time the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from this matter.
Between February 24, 2026 and May 27, 2026, three purported shareholder derivative actions were filed in the United States District Court for the Central District of California, captioned Daniel Terwilliger, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-01968; Bernstein & Company CPAs 401K Plan FBO Audrey Bernstein, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-05223; and Robert Urbani, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-05700. Additionally, on July 28, 2026, two purported shareholder derivative actions were filed in the Superior Court of the State of California, County of Los Angeles, captioned Anders Vinther, derivatively on behalf of BlackRock TCP Capital Corp. v. Tennenbaum Capital Partners, LLC, et al., Case No. 26STCV23786, and Robert Graham, derivatively on behalf of BlackRock TCP Capital Corp. v. Tennenbaum Capital Partners, LLC,
50
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)
et al., Case No. 26STCV23804. The defendants in the actions are certain current and former officers and directors of the Company. Additionally, the Vinther and Graham actions name Tennenbaum Capital Partners, LLC as a defendant. The Company is named as a nominal defendant in the actions. The complaints variously assert claims on behalf of the Company for alleged violations of Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934, contribution under Section 21D of the Securities Exchange Act of 1934, breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets arising out of alleged wrongdoing by the defendants between November 6, 2024 and January 23, 2026, including allegedly making or causing the Company to make materially false and misleading statements and omissions regarding the Company’s business, operations, and prospects. The plaintiffs seek unspecified damages on behalf of the Company, corporate governance reforms, restitution, attorneys’ fees and costs, and such other relief as the court may deem just and proper. On June 29, 2026, the court consolidated the three derivative actions pending in federal court under the caption In re BlackRock TCP Capital Corp. Derivative Litigation, Case No. 2:26-cv-01968, and appointed lead counsel for the consolidated action. The derivative actions are in their early stages, and at this time the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from these matters.
On April 14, 2026, a putative class action complaint was filed in the Commonwealth of Massachusetts Superior Court, Middlesex County, captioned Curran, Comegna, Jones, and Inoa, on behalf of themselves and all others similarly situated v. BlackRock TCP Capital Corp., et al. The complaint names the Company, a former BlackRock portfolio manager, and John Does 1-5 as defendants. The complaint purports to be brought on behalf of a class of all individuals who worked for Newpro Operating, LLC (“Newpro”), a subsidiary of portfolio company Renovo Home Partners, LLC (“Renovo”), as of October 2025, when Newpro ceased operations and Renovo subsequently filed for chapter 7 bankruptcy. The complaint alleges that the defendants violated the Massachusetts Wage Act, M.G.L. c. 149, § 148, by failing to pay (1) their final wages, (2) amounts withheld from employees’ pay in so-called "forget me accounts" for that year, and (3) accrued paid vacation days upon their involuntary termination on or about October 28, 2025. The complaint alleges that the Company controlled, directed, or participated to a substantial degree in formulating and determining the policy of Newpro, including the decision to terminate Newpro’s employees without paying their earned but unpaid wages, and is therefore jointly and severally liable under Massachusetts law. The defendants removed the action to the U.S. District Court for the District of Massachusetts, which, on July 22, 2026, transferred it to the U.S. Bankruptcy Court for the District of Delaware, where Renovo’s chapter 7 case is pending. On September 9, 2026, the defendants moved to dismiss. On September 29, 2026, the plaintiffs filed an amended complaint that no longer names the Company as a defendant. The Company is therefore no longer a party to the action.
6. Other Related Party Transactions
The Company, SVCP, TCPC Funding, TCPC Funding II, SBIC, Merger Sub, CLO Retention Holder, CLO Issuer and the Advisor and their members and affiliates may be considered related parties. From time to time, SVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At September 30, 2026 and December 31, 2025,
Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the nine months ended September 30, 2026 and 2025, expenses allocated pursuant to the Administration Agreement totaled $
7. Stockholders’ Equity and Dividends
In accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive
51
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
7. Stockholders’ Equity and Dividends — (continued)
(with BCIC shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued
The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2026:
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Amount |
|
|
Total Amount |
|
|
Reinvested Amount(1) |
|
|||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||
The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2025:
Date Declared |
|
Record Date |
|
Payment Date |
|
Type |
|
Amount |
|
|
Total Amount |
|
|
Reinvested Amount(1) |
|
|||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
$ |
|
|||
Dividend Reinvestment Plan
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.
To “opt in”, a shareholder shall notify Computershare Trust Company, N.A., the DRIP plan administrator (the “Plan Administrator”), in writing so that such notice is received by the Plan Administrator no later than the record date fixed by the Board of Directors for the distribution involved. The Plan Administrator will set up an account for shares acquired pursuant to the DRIP for each shareholder who has elected to participate in the DRIP (each a “Participant”). The amount of common stock to be issued to Participants pursuant to the DRIP will be calculated by reference to all shares of common stock owned by the Participant, whether held in its DRIP account or elsewhere. Common stock will be acquired by the Plan Administrator for the Participants’ accounts,
through either (i) the receipt from the Company of additional unissued but authorized common stock (“newly issued common stock”) or (ii) the purchase of outstanding common stock in the open market (“open-market purchases”).
The Plan Administrator will acquire newly issued common stock on behalf of Participants if, on the distribution payment date, the closing market price per share of the Company’s common stock on the NASDAQ Global Select Market (or if no sale is reported
52
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
7. Stockholders’ Equity and Dividends — (continued)
for such day, the midpoint of the reported bid and asked prices) plus estimated per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) (the “Market Price”) is greater than the most recently published net asset value per common stock (“NAV”) (such condition referred to as a “market premium”). The number of shares of newly issued common stock to be credited to a Participant’s account will be determined by dividing the dollar amount of the distribution otherwise payable to the Participant by the greater of (i) the NAV or (ii)
Unless otherwise instructed by the Company at the direction of its Board of Directors, the Plan Administrator will acquire common stock on behalf of Participants through open-market purchases if, on the distribution payment date, the Market Price is less than the most recently published NAV (such condition referred to as a “market discount”). In the event of a market discount on the distribution payment date, the Plan Administrator will have until the last business day before the next date on which the common stock trades on an “ex-distribution” basis or
issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the distribution payment date. If the Company instructs the Plan Administrator to purchase new shares of common stock when there is a market discount, the shares of common stock will be acquired in accordance with the same terms as outlined above when there is a market premium.
There will be no fees with respect to shares of common stock issued directly by the Company. However, each Participant will pay the per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) incurred in connection with open-market purchases. If a shareholder has shares held by a broker, such shareholder should contact his/her broker to participate in the DRIP. For the nine months ended September 30, 2026, approximately $
Share Repurchase Plan
On February 24, 2015, the Company’s Board of Directors approved a stock repurchase plan (the “Company 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 nine months ended September 30, 2026 and 2025:
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Shares Repurchased |
|
|
|
|
|
|
||
Price Per Share * |
|
$ |
|
|
$ |
|
||
Total Cost |
|
$ |
|
|
$ |
|
||
* Weighted-average price per share
53
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
8. Earnings Per Share
In accordance with ASC 260, Earnings per Share, basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, if any, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.
|
|
Three Months Ended |
|
|
Nine Months Ended September 30, |
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Net increase (decrease) in net assets from operations |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Earnings (loss) per share |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
||
9. Subsequent Events
On November 5, 2026, the Company’s Board of Directors declared a fourth quarter dividend of $
54
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
10. Financial Highlights
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Per Common Share |
|
|
|
|
|
|
||
Per share NAV at beginning of period |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Investment operations: |
|
|
|
|
|
|
||
Net investment income (1) |
|
|
|
|
|
|
||
Net realized and unrealized gain (loss) (1) |
|
|
( |
) |
|
|
( |
) |
Total from investment operations |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
||
Repurchase of common stock |
|
|
|
|
|
|||
Loss on extinguishment of debt |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
||
Dividends to common shareholders |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
||
Per share NAV at end of period |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Per share market price at end of period |
|
$ |
|
|
$ |
|
||
|
|
|
|
|
|
|
||
Total return based on market value (2) (3) |
|
|
( |
)% |
|
|
( |
)% |
Total return based on net asset value (2) (4) |
|
|
( |
)% |
|
|
% |
|
|
|
|
|
|
|
|
||
Shares outstanding at end of period |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Ratios to average common equity: (5) |
|
|
|
|
|
|
||
Net investment income |
|
|
% |
|
|
% |
||
Expenses, before incentive fee, and management fee waiver |
|
|
% |
|
|
% |
||
Expenses, net of incentive fee, before management fee waiver |
|
|
% |
|
|
% |
||
Management fee waiver |
|
|
|
|
|
( |
)% |
|
Expenses, net of incentive fee, and management fee waiver |
|
|
% |
|
|
% |
||
|
|
|
|
|
|
|
||
Ending common shareholder equity |
|
$ |
|
|
$ |
|
||
Portfolio turnover rate |
|
|
% |
|
|
% |
||
Weighted-average debt outstanding |
|
$ |
|
|
$ |
|
||
Weighted-average interest rate on debt |
|
|
% |
|
|
% |
||
Weighted-average number of common shares |
|
|
|
|
|
|
||
Weighted-average debt per share |
|
$ |
|
|
$ |
|
||
55
Table of Contents
BlackRock TCP Capital Corp.
Notes to Consolidated Financial Statements (Unaudited) (Continued)
September 30, 2026
11. Senior Securities
Information about the Company's senior securities is shown in the following table as of the end of each of the last ten fiscal years and the period ended September 30, 2026.
Class and Year |
|
Total Amount |
|
|
Asset Coverage |
|
|
Involuntary Liquidating |
|
|
Average Market |
|||
Operating Facility |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2026 (Unaudited) |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2025 |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2024 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2019 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2018 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Funding Facility I |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2026 (Unaudited) |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2025 |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2024 |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2019 |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2018 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2017 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Funding Facility II |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2026 (Unaudited) |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2025 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2024 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2020 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Merger Sub Facility |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2026 (Unaudited) |
|
$ |
|
|
$ |
|
|
|
|
|
N/A |
|||
Fiscal Year 2025 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2024 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
SBA Debentures |
|
|
|
|
|
|
|
|
|
|
|
|||
As of September 30, 2026 (Unaudited) |
|
N/A |
|
|
N/A |
|
|
|
|
|
N/A |
|||
Fiscal Year 2025 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2024 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2023 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2022 |
|
|
|
|
|
|
|
|
|
|
N/A |
|||
Fiscal Year 2021 |
|
|
|
|
|
|
This filing was too large to display in its entirety (original size: 17.23 MB).
The content has been truncated to fit within database limits.
To view the complete filing, please visit the original source:
Filing: 10-Q - BlackRock TCP Capital Corp. (TCPC) | |||||||