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  4. [10-Q] BlackRock TCP Capital Corp. Quarterly Earnings Report

[10-Q] BlackRock TCP Capital Corp. Quarterly Earnings Report

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
10-Q
10-Q Quarterly Reports: What Changes Quarter to Quarter →
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First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.50% Cash +4.13 PIK Total Coupon 10.30% Maturity 7/9/20292026-03-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.45% Maturity 8/27/20302026-03-310001370755tcpc:MpulseMobileIncMember2025-12-310001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Delayed Draw Term Loan B Ref SOFR(M) Floor 2.50% Spread 5.00% Cash Total Coupon 8.73% Maturity 12/4/20292025-12-310001370755tcpc:ThunderPurchaserIncVectorSolutionsMember2026-03-310001370755Debt Investments Software Elastic Path Software, Inc. (Canada) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.76% Total Coupon 11.58% Maturity 1/6/20262025-12-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2025-01-012025-03-310001370755tcpc:InternetSoftwareAndServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2026-03-310001370755tcpc:S2026Q2DividendsMember2026-05-072026-05-070001370755tcpc:InterceptBidcoIncOneMember2026-01-012026-03-310001370755us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2020-10-022020-10-020001370755Controlled Affiliates, Conergy Asia Holdings Limited, Class B Shares2025-01-012025-12-310001370755tcpc:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2026-03-310001370755tcpc:KellermeyerBergensonsServicesLLCMemberus-gaap:CommonStockMember2026-01-012026-03-310001370755Debt Investments Health Care Technology Gainwell Acquisition Corp. Second Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.10% Total Coupon 12.04% Maturity 10/2/20282025-12-310001370755Debt Investments Internet Software and Services Suited Connector, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.20% PIK Total Coupon 10.94% Maturity 12/1/20272025-12-310001370755srt:MinimumMembertcpc:PubliclyTradedCompanyMember2026-03-310001370755srt:MaximumMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationTechniqueTransactionApproachMember2025-12-310001370755tcpc:XactlyCorporationMember2025-12-310001370755us-gaap:AutomotiveSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods PSEB, LLC (Eddie Bauer) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 10.47% Maturity 12/30/20262025-12-310001370755tcpc:FusionHoldingCorpFinalsiteMember2026-01-012026-03-310001370755Debt Investments Software Deepl Se (Germany) First Lien Term Loan Ref SOFR(Q) Floor 2.50% Spread 5.00% Total Coupon 8.69% Maturity 6/26/20302025-12-310001370755tcpc:JFAcquisitionLLCJFPetroleumOneMember2026-03-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272025-01-012025-12-310001370755us-gaap:UnsecuredDebtMemberus-gaap:DebtInstrumentRedemptionPeriodOneMember2024-03-182024-03-180001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2025-12-310001370755tcpc:ABRBorrowingsMembertcpc:OperatingFacilityMembersrt:MinimumMember2021-06-220001370755tcpc:TwoThousandTwentyFiveNotesMember2025-12-310001370755Debt Investments Software Onward Acquireco Inc (Onestream Inc) Sr Secured Revolver Ref SOFR(M) Floor 0.00% Spread 2.38% Cash + 2.68% PIK Total Coupon 8.71% Maturity 3/30/20332026-03-310001370755Debt Investments Construction and Engineering LJ Avalon Holdings, LLC (Ardurra) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Coupon 8.46% Maturity 2/1/20302025-12-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Participation Tranche 1 Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 9.94% Maturity 11/30/20292025-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-03-170001370755tcpc:ALCVPurchaserIncMember2026-01-012026-03-310001370755Equity Securities Pharmaceuticals Inotiv, Inc. Common Stock2025-12-310001370755Equity Securities Media Quora, Inc. Warrants to Purchase Series D Preferred Stock Expiration 4/11/20292025-01-012025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Debt Investments Automobiles ABC Technologies Inc. (TI Automotive) (Canada) First Lien Term Loan Ref EURIBOR(M) Floor 0.75% Spread 5.88% Total Coupon 7.78% Maturity 8/22/20312025-12-310001370755us-gaap:EquitySecuritiesMember2026-03-310001370755Debt Investments Machinery Sonny’s Enterprises, LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.49% Maturity 8/5/20282025-12-310001370755tcpc:CompanyRepurchasePlanMemberus-gaap:SubsequentEventMember2026-04-290001370755Debt Investments Commercial Services & Supplies Thermostat Purchaser III, Inc. (Reedy Industries) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.40% Total Coupon 11.22% Maturity 8/31/20292025-12-310001370755Equity Securities Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Common Shares2026-03-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MaximumMember2024-03-180001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-1 Preferred Stock2025-12-310001370755Non-Controlled Affiliates, Suited Connector, LLC Preferred Units2025-12-310001370755tcpc:OperatingFacilityMember2022-12-310001370755tcpc:DeeplSeMember2025-12-310001370755Debt Investments Software Integrate.com, Inc Sr Secured Revolve Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 10.61% Maturity 12/17/20272026-03-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2019-12-310001370755Equity Securities Professional Services JobandTalent USA, Inc. (United Kingdom) F1 Preferred Stock2025-12-3100013707552025-04-012025-06-300001370755Debt Investments Diversified Financial Services SitusAMC Holdings Corporation First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.17% Maturity 5/14/20312025-12-310001370755tcpc:LjAvalonHoldingsLlcArdurraMember2025-12-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Third Out Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 8.92% Maturity 1/14/20312026-03-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2023-12-310001370755tcpc:OperatingFacilityMember2021-06-232022-03-010001370755Debt Investments Software Clever Devices Ltd. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 9.72% Maturity 6/12/20302025-12-310001370755tcpc:FortyIntermediateHoldingsIncMembertcpc:ClassA-1CommonUnitsMember2026-01-012026-03-310001370755tcpc:FundingFacilityIIMember2023-12-310001370755Debt Investments Automobiles ALCV Purchaser, Inc. (AutoLenders) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 10.71% Maturity 4/25/20262026-03-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2026-01-012026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2026-03-310001370755Non-Controlled Affiliates, HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/302024-12-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2025-12-310001370755tcpc:AmeriLifeHoldingsLLCMember2025-12-310001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2020-10-020001370755us-gaap:AdditionalPaidInCapitalMember2024-12-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2024-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292026-12-310001370755Debt Investments Software Fusion Risk Management, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.82% Maturity 5/22/20292025-12-310001370755tcpc:ZenithAcquisitionCoLLCOneMember2026-03-310001370755Non-Controlled Affiliates, Suited Connector, LLC Common units2025-12-310001370755Debt Investments Internet Software and Services Fishbowl, Inc. First Lien Term Loan (7.5% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 5.26% PIK Total Coupon 8.93% Maturity 5/27/20272025-12-3100013707552017-12-310001370755us-gaap:SubsequentEventMember2026-05-070001370755tcpc:SBADebenturesMember2021-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312026-03-310001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:TradeshiftIncMember2025-01-012025-12-310001370755tcpc:OperatingFacilityMembertcpc:AccordionMember2025-12-310001370755tcpc:StonebridgeCompaniesLLCOneMember2026-03-310001370755Debt Investments Containers & Packaging PVHC Holding Corp. First Lien Term Loan Ref SOFR (Q) Floor 2.50% Spread 2.00% Cash + 9.25% PIK Total Coupon 14.92% Maturity 2/17/20272026-03-310001370755tcpc:RBSBuyerIncOneMember2025-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282026-03-310001370755tcpc:GovernmentMoneyMarketFundsMember2026-03-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MaximumMember2026-03-310001370755Equity Securities Internet Software and Services Fishbowl, Inc. Warrants to Purchase Series A Preferred Stock2026-03-310001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Delayed Draw Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 11.37% Maturity 6/10/20272025-12-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272026-12-310001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series B-2 Common Units2026-03-310001370755Non-Controlled Affiliates, Vingil Holding 2 S. à r.l. (SellerX) Common Shares2025-01-012025-12-310001370755tcpc:LogicmonitorIncMember2026-03-310001370755Debt Investments Health Care Technology ESO Solutions, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.58% Maturity 5/3/20272025-12-310001370755Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Sr Secured Revolver Ref Prime Floor 0.75% Spread 6.25% Total Coupon 9.92% Maturity 9/15/20272026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) Sr Secured Revolver A Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.86% Maturity 1/26/20292025-12-310001370755Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 2.88% Cash +3.38% PIK Total Coupon 9.92% Maturity 9/26/20302026-03-310001370755Debt Investments Media Terraboost Media Operating Company, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.98% Cash + 0.67% PIK Total Coupon 10.32% Maturity 8/23/20262025-12-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 3/31/2026 One2026-01-012026-03-310001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322025-01-012025-12-310001370755tcpc:TwoThousandTwentyNineNotesMemberus-gaap:UnsecuredDebtMember2026-01-012026-03-310001370755Equity Securities Internet Software and Services Igloo Parent Holdings LLC (InMoment) Common Units2026-03-310001370755tcpc:TwoThousandTwentyNineNotesMember2025-12-310001370755tcpc:EBSParentHoldingsIncMember2026-03-310001370755tcpc:PMAParentHoldingsLLCMember2026-03-310001370755tcpc:SpartanBidcoPtyLtdStarrezAustraliaMember2025-12-310001370755us-gaap:ValuationTechniqueConsensusPricingModelMembertcpc:OneSeniorDebtMember2026-03-310001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series B-1 Common Units2026-03-310001370755Debt Investments IT Services Intercept Bidco, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.42% Maturity 6/3/20302026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2023-08-040001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.50% PIK Total Coupon 11.17% Maturity 8/22/20292026-03-310001370755us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292026-03-310001370755tcpc:WorldremitGroupLimitedMembertcpc:WarrantsToPurchaseSeriesEStockMember2026-01-012026-03-310001370755us-gaap:CommonStockMember2025-03-310001370755Debt Investments Building Products Trulite Holding Corp. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.98% Maturity 3/1/20302025-12-310001370755tcpc:MergerSubFacilityMembertcpc:AccordionMember2026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2025-01-012025-12-310001370755srt:MinimumMembertcpc:PubliclyTradedCompanyMember2025-12-310001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2026-03-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001370755Debt Investments Insurance EBS Parent Holdings Inc. (The Difference Card) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.70% Maturity 7/1/20322026-03-310001370755tcpc:O2026Q2DividendsMember2026-05-072026-05-070001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/302026-03-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. Sr Secured Revolver Ref SOFR(S) Floor 1.00% Spread 6.25% Total Coupon 10.08% Maturity 9/8/20272025-12-310001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2025-01-012025-12-310001370755Debt Investments Software Logicmonitor, Inc First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.17% Maturity 11/19/20312026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSeventeenSeptemberTwentyMember2025-01-012025-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Series X Shares2026-03-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMember2026-01-012026-03-310001370755Debt Investments Software Onward Acquireco Inc (Onestream Inc) First Lien Term Loan Ref SOFR(M) Floor 0.00% Spread 2.38% Cash + 2.68% PIK Total Coupon 8.71% Maturity 3/30/20332026-03-310001370755Debt Investments Health Care Technology MRO Parent Corporation First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 4.50% Total Coupon 8.22% Maturity 6/9/20322025-12-3100013707552021-12-310001370755tcpc:TwoThousandAndNineteenSeptemberTwentyFiveMembertcpc:SBADebenturesMember2025-01-012025-12-310001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 10.36% Maturity 5/12/20302025-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MinimumMember2025-12-310001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 3.50% Cash +3.25% PIK Total Coupon 10.47% Maturity 10/13/2028 One2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembersrt:WeightedAverageMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755tcpc:G-3ApolloAcquisitionCorpApprissRetailMember2025-12-310001370755us-gaap:FairValueInputsLevel2Membertcpc:OtherCorporateDebtMember2026-03-310001370755tcpc:LighthouseParentHoldingsIncApertureOneMember2025-12-310001370755Equity Securities Internet Software and Services ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock Expiration 10/30/20292026-03-310001370755Debt Investments Commercial Services & Supplies Thermostat Purchaser III, Inc. (Reedy Industries) Second Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.40% Total Coupon 11.07% Maturity 8/31/20292026-03-310001370755Equity Securities Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) Series A Preferred Units2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputYieldMember2026-01-012026-03-3100013707552025-10-012025-12-310001370755srt:MaximumMemberus-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedTermMember2026-01-012026-03-310001370755Debt Investments Internet Software and Services Domo, Inc. First Lien PIK Term Loan Ref Fixed Floor 0.00% Spread 9.50% PIK Total Coupon 0.10% Maturity 8/19/20282025-12-310001370755Debt Investments Diversified Financial Services Beekeeper Buyer Inc. (Archway) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.95% Maturity 6/30/20312026-03-310001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Incremental Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 3.50% Cash +3.25% PIK Total Coupon 10.42% Maturity 10/13/20282026-03-310001370755tcpc:IglooParentHoldingsLLCMembertcpc:CommonUnitsMember2025-01-012025-12-310001370755tcpc:CapitalMarketsMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:HoneyIntermediateIncIlobbyCanadaMember2026-01-012026-03-310001370755Non-Controlled Affiliates, Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/262024-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.94% Maturity 10/15/20312025-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupMember2025-12-310001370755tcpc:NonControlledAffiliatedInvestmentsMember2026-03-310001370755tcpc:OnestreamIncOneMember2026-03-310001370755tcpc:MB2DENTALSOLUTIONSLLCMember2026-03-310001370755Debt Investments Software SEP Eiger BidCo Ltd. (Beqom) (Switzerland) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash+3.50 PIK Total Coupon 10.34% Maturity 5/9/20282025-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Incremental Term Loan 3 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.08% Maturity 4/8/20272025-12-310001370755Debt Investments Healthcare Providers and Services Aryeh Bidco Investment Ltd (DentalCorp) (Canada) First Lien Delayed Draw Term Loan Ref CORRA(Q) Floor 0.75% Spread 5.00% Total Coupon 7.27% Maturity 1/14/20332026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:OtherCorporateDebtMember2025-12-310001370755Debt Investments Real Estate Management and Development Community Merger Sub Debt LLC (CINC Systems) Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 8.97% Maturity 1/18/20302025-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Incremental Term Loan 2 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.03% Maturity 4/8/20272026-03-310001370755Equity Securities Diversified Consumer Service Vingil Holdings 2 S.a r.l (Germany) Preferred Units2026-03-310001370755Debt Investments Professional Services ICIMS, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.42% Maturity 8/18/20282026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenMarchTwentyThreeMember2025-01-012025-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Series X Shares2025-12-310001370755Debt Investments Software Zilliant Incorporated First Lien Term Loan (0.5% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 9.77% Maturity 12/21/20272026-03-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.00% Spread 2.50% Cash +4.13% PIK Total Coupon 10.32% Maturity 7/7/2029 One2026-03-310001370755tcpc:GcWavesHoldingsIncMercerMember2026-01-012026-03-310001370755Debt Investments Professional Services Applause App Quality, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.50% Spread 5.75% Total Coupon 9.69% Maturity 10/24/20292025-12-310001370755tcpc:GriffonBidcoIncOneMember2026-01-012026-03-310001370755Debt Investments Health Care Technology MRO Parent Corporation Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 4.50% Total Coupon 8.17% Maturity 6/9/20322026-03-310001370755Controlled Affiliates, Conergy Asia Holdings Limited, Ordinary Shares2024-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MinimumMember2024-03-182024-03-180001370755Controlled Affiliates, Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/212025-12-310001370755Debt Investments Professional Services JobandTalent USA, Inc. 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First Lien Term Loan (2.5% Exit Fee) Ref SOFR(M) Floor 1.50% Spread 7.75% Total Coupon 11.47% Maturity 5/30/20292025-12-310001370755tcpc:PaperAndForestProductsMemberus-gaap:EquitySecuritiesMember2026-03-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash +3.25% PIK Total Coupon 10.34% Maturity 8/29/20292025-12-310001370755tcpc:SeriesAOnePreferredStockMembertcpc:UtilidataIncMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMembersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMember2026-03-310001370755tcpc:ThreeMonthContractsMember2024-08-012024-08-010001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2019-08-230001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 3/31/20262025-01-012025-12-310001370755Debt Investments Professional Services Chronicle Parent LLC (Lexitas) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.90% Maturity 4/15/20312025-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Term Loan (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.08% Maturity 4/8/20272025-12-310001370755tcpc:GoTabIncFishbowlMembertcpc:WarrantsToPurchaseSeriesAPreferredStockMember2026-01-012026-03-310001370755Debt Investments Building Products Porcelain Acquisition Corporation (Paramount) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.10% Total Coupon 10.02% Maturity 4/30/20272025-12-310001370755tcpc:GtyTechnologyHoldingsIncMember2025-12-310001370755Equity Securities Energy Equipment and Services GlassPoint, Inc. 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(Ohio Transmission Corp.) Preferred Stock Ref Fixed Total Coupon 12.50%2026-03-310001370755Debt Investments Media Terraboost Media Operating Company, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.52% Cash + 0.13% PIK Total Coupon 10.35% Maturity 8/23/20262026-03-310001370755Debt Investments Commercial Services & Supplies Apollo Group Holdco, LLC (Topsail) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.42% Maturity 12/26/20302025-12-310001370755Debt Investments Automobiles ALCV Purchaser, Inc. (AutoLenders) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 7.01% Total Coupon 10.71% Maturity 4/1/20262026-03-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupOneMember2026-03-310001370755tcpc:SyndigoLLCMember2026-01-012026-03-310001370755Equity Securities Internet Software and Services Domo, Inc. 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(SigFig) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 7.50% Total Coupon 11.60% Maturity 9/15/20262026-03-310001370755tcpc:LogicmonitorIncMember2025-12-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2024-12-310001370755tcpc:SBADebenturesMember2025-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.72% Maturity 9/4/2029 One2025-12-310001370755tcpc:FundingFacilityIMember2023-12-310001370755tcpc:DouglasHoldingsIncDocupaceTwoMember2025-12-310001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2025-01-012025-12-310001370755tcpc:TwoThousandTwentySixNotesMember2023-12-310001370755Equity Securities Commercial Services & Supplies Kellermeyer Bergensons Services, LLC Preferred Stock2025-12-310001370755tcpc:SonnySEnterprisesLLCMember2026-03-310001370755srt:MinimumMembertcpc:NonControlledAffiliatesMember2025-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2026-12-310001370755us-gaap:EntertainmentSectorMemberus-gaap:DebtSecuritiesMember2026-03-3100013707552025-03-310001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.32% Maturity 1/24/20282026-03-310001370755us-gaap:RetainedEarningsMember2026-01-012026-03-310001370755Debt Investments Electrical Equipment Griffon Bidco Inc. 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Warrants to Purchase Class B Common Stock Expiration 2/17/20282025-12-310001370755Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 8/21/20282026-03-310001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:SeriesA-3PreferredUnitsMember2025-01-012025-12-310001370755tcpc:ITServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2026-01-012026-12-310001370755tcpc:FlexportCapitalLLCMember2026-03-310001370755tcpc:EBSParentHoldingsIncOneMember2026-03-310001370755tcpc:AlpineAcquisitionCorpIIMember2026-03-310001370755Debt Investments Software Integrate.com, Inc. First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash+2.25 PIK Total Coupon 10.57% Maturity 12/17/20272026-03-310001370755Debt Investments Software Deepl Se (Germany) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 2.50% Spread 5.00% Total Coupon 8.69% Maturity 6/26/2030 One2025-12-310001370755tcpc:InterestRateOfCORRAPlusWithACreditAdjustmentMember2025-12-310001370755Debt Investments IT Services Xactly Corporation First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.35% Total Coupon 10.02% Maturity 7/31/20272026-03-310001370755Debt Investments Software Fusion Risk Management, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.67% Maturity 5/22/20292026-03-310001370755tcpc:ApprissHealthLLCMember2026-01-012026-03-310001370755tcpc:O2025Q1DividendsMember2025-02-270001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755tcpc:TitanHomeImprovementLlcRenuityMember2026-03-3100013707552025-01-012025-03-310001370755Equity Securities Diversified Financial Services Gordon Brothers Finance Company Common Stock2025-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMembertcpc:MeasurementInputEBITDARevenueMultipleMember2026-03-310001370755us-gaap:DebtSecuritiesMember2026-03-310001370755tcpc:RBSBuyerIncOneMember2026-01-012026-03-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272024-12-310001370755tcpc:LifeSciencesToolsAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:TitanHomeImprovementLlcRenuityOneMember2026-01-012026-03-310001370755tcpc:OtherCorporateDebtMember2026-03-310001370755Debt Investments Diversified Financial Services Accuserve Solutions, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 2.53% Cash +3.38 PIK Total Coupon 9.68% Maturity 3/15/20302026-03-310001370755us-gaap:FairValueInputsLevel2Membertcpc:BankDebtMember2025-12-310001370755Equity Securities Media Quora, Inc. Warrants to Purchase Series D Preferred Stock Expiration 4/11/20292025-12-310001370755tcpc:CommonUnitsMembertcpc:ThrasIoLLCMember2026-01-012026-03-3100013707552024-12-310001370755Equity Securities Professional Services JobandTalent USA, Inc. (United Kingdom) F3 Preferred Stock2025-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.45% Maturity 8/27/20302026-03-310001370755Debt Investments Health Care Technology Mpulse Mobile Inc. 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First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.50% Cash + 4.13% PIK Total Coupon 10.32% Maturity 7/9/20292026-03-310001370755tcpc:UtilidataIncMemberus-gaap:CommonStockMember2025-01-012025-12-310001370755tcpc:BrownAndSettleIncMember2025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured 1st Lien Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212026-01-012026-03-310001370755tcpc:TwoThousandTwentyFiveNotesMember2026-03-310001370755Debt Investments Construction and Engineering GC Champion Acquisition LLC (Numerix) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 5.00% Total Coupon 9.22% Maturity 8/21/20282025-12-310001370755tcpc:TwoThousandNineteenConvertibleNotesMember2018-12-310001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 2B Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292025-12-310001370755tcpc:AlpineAcquisitionCorpIITwoMember2025-12-310001370755us-gaap:PreferredStockMembertcpc:KellermeyerBergensonsServicesLLCMember2025-01-012025-12-310001370755us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.51% Maturity 1/24/20282025-12-310001370755Non-Controlled Affiliates, HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/302025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationTechniqueMarketQuotationsMembertcpc:BankDebtMembertcpc:MeasurementInputIndicativeBidAskQuotesMember2026-03-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.15% Total Coupon 10.97% Maturity 12/21/20282025-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMember2024-03-172024-03-170001370755tcpc:SpartanBidcoPtyLtdStarrezAustraliaMember2026-01-012026-03-310001370755Debt Investments Software SEP Eiger BidCo Ltd. (Beqom) (Switzerland) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50 PIK Total Coupon 10.14% Maturity 5/9/20282026-03-310001370755Debt Investments Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 3.00% Cash + 6.00% PIK Total Coupon 12.69% Maturity 12/31/20282025-12-310001370755Debt Investments Professional Services ICIMS, Inc. First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 9.92% Maturity 8/18/20282026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMember2026-03-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-02-090001370755tcpc:USGovernmentMoneyMarketFundMember2026-03-310001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Class B Common Stock Expiration 2/17/2028 One2026-03-310001370755tcpc:WorldremitGroupLimitedMembertcpc:SeriesXSharesMember2025-01-012025-12-310001370755Non-Controlled Affiliates, Suited Connector, LLC Common units2026-03-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-08-270001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-07-210001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.72% Maturity 9/4/20292025-12-310001370755Equity Securities Internet Software and Services ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock Expiration 10/30/20292025-01-012025-12-310001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-03-310001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2024-12-310001370755Controlled Affiliates, Conergy Asia Holdings Limited, Ordinary Shares2025-01-012025-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2025-01-012025-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2025-12-310001370755tcpc:InternetSoftwareAndServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Debt Investments Commercial Services & Supplies Kellermeyer Bergensons Services, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% PIK Total Coupon 9.07% Maturity 11/6/20282026-03-310001370755Debt Investments Software Bluefin Holding, LLC (Allvue) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.25% Total Coupon 7.92% Maturity 9/12/20292026-03-310001370755tcpc:GtyTechnologyHoldingsIncMember2026-01-012026-03-310001370755tcpc:TwoThousandTwentyNineNotesMemberus-gaap:UnsecuredDebtMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-05-302024-05-300001370755tcpc:OperatingFacilityMember2024-12-310001370755tcpc:OnestreamIncMember2026-01-012026-03-310001370755Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 4.75% Total Coupon 8.38% Maturity 12/12/20312025-12-310001370755Debt Investments Health Care Technology CareATC, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.35% Total Coupon 11.05% Maturity 3/14/20262025-12-310001370755tcpc:ExpressWashAcquisitionCompanyLLCMember2026-03-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:UnsecuredDebtMember2024-03-180001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2026-03-310001370755Controlled Affiliates, Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/212025-01-012025-12-310001370755Debt Investments Hotels, Restaurants and Leisure Stonebridge Companies, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 8.72% Maturity 5/16/20312025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2026-12-310001370755Debt Investments Health Care Technology MRO Parent Corporation First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 4.50% Total Coupon 8.17% Maturity 6/9/20322026-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Debt Investments Software G-3 Apollo Acquisition Corp (Appriss Retail) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.74% Maturity 3/10/20312025-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien PIK Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.45% Maturity 8/27/20302026-03-310001370755tcpc:MROParentCorporationOneMember2026-01-012026-03-310001370755tcpc:NonControlledAffiliatesMembersrt:MaximumMember2025-12-310001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. 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(Interblock) (Slovenia) Second Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 9.99% Maturity 3/15/20292025-12-310001370755Debt Investments Software FirstUp, Inc First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 9.92% Maturity 7/13/20272025-12-310001370755Debt Investments Machinery Sonny’s Enterprises, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.34% Maturity 8/5/20272025-12-310001370755us-gaap:PreferredStockMembertcpc:KellermeyerBergensonsServicesLLCMember2026-01-012026-03-310001370755tcpc:TwoThousandAndNineteenSeptemberTwentyFiveMembertcpc:SBADebenturesMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2025-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312026-01-012026-03-310001370755Debt Investments Automobiles ABC Technologies Inc. (TI Automotive) (Canada) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.45% Maturity 8/22/20312026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755tcpc:FundingFacilityIIMembertcpc:AccordionMember2025-01-012025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationTechniqueMarketQuotationsMembertcpc:BankDebtMembertcpc:MeasurementInputIndicativeBidAskQuotesMember2025-12-310001370755Debt Investments IT Services Anthracite Buyer, Inc. (Coalfire) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 4.50% Total Coupon 8.34% Maturity 12/3/20322025-12-310001370755tcpc:ICIMSIncMember2026-01-012026-03-310001370755tcpc:PluralsightIncMemberus-gaap:CommonStockMember2026-01-012026-03-310001370755Debt Investments Software Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.10% Maturity 6/30/20282026-03-310001370755us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-310001370755Debt Investments Software Zilliant Incorporated First Lien Delayed Draw Term Loan (0.5% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 9.82% Maturity 12/21/20272025-12-310001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) Sr Secured Revolver Ref SOFR(S) Floor 0.75% Spread 6.50% Total Coupon 10.23% Maturity 1/24/20282025-12-310001370755tcpc:CrewlineBuyerIncMember2026-03-310001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. (Renovo), Class B-1 Preferred Units2025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2026-01-012026-12-310001370755us-gaap:MachineryAndEquipmentMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:ArasCorporationMember2026-01-012026-03-310001370755tcpc:O2025Q1DividendsMember2025-03-312025-03-310001370755tcpc:FundingFacilityIMember2018-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MaximumMember2019-02-082019-02-080001370755tcpc:OperatingFacilityMember2026-01-012026-03-310001370755tcpc:ChronicleParentLLCOneMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueTransactionApproachMember2025-12-310001370755tcpc:SkydioIncMember2026-03-310001370755Debt Investments Construction and Engineering Hylan Intermediate Holding II, LLC First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 10.91% Maturity 4/5/20292026-03-310001370755tcpc:TwoThousandTwentyFourNotesMember2019-12-310001370755Non-Controlled Affiliates, Hylan Global LLC, Parent Common Units2026-03-310001370755tcpc:OakFundingLLCMember2026-01-012026-03-310001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 3.50% Cash +3.25% PIK Total Coupon 10.42% Maturity 10/13/20282026-03-310001370755tcpc:VortexCompaniesLlcOneMember2026-03-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Trucking) First Lien Incremental Term Loan 2 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.08% Maturity 4/8/20272025-12-310001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 6/30/20262026-01-012026-03-310001370755tcpc:SBADebenturesMember2026-03-310001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.94% Maturity 10/15/20312025-12-310001370755Equity Securities Automobiles AA Acquisition Aggregator, LLC (AutoAlert) Common Stock2025-12-310001370755Debt Investments Software AlphaSense, Inc. 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First Lien Term Loan Ref SOFR (Q) Floor 2.50% Spread 2.15% Cash + 9.25% PIK Total Coupon 15.12% Maturity 2/17/20272025-12-310001370755Debt Investments Construction and Engineering Titan Home Improvement, LLC (Renuity) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 8.42% Maturity 5/31/20302026-03-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-1 Common Units2026-01-012026-03-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282026-01-012026-03-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2026-01-012026-03-310001370755tcpc:CleverDevicesLtdMember2026-03-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-12-310001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:CommonUnitsMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Debt Investments Healthcare Providers and Services Pareto Health Intermediate Holdings Inc First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 8.71% Maturity 6/1/20302026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2026-01-012026-03-310001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash + 1.50% PIK Total Coupon 8.32% Maturity 8/22/20292025-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndTwentyOneSeptemberTwentyTwoMember2026-03-310001370755tcpc:OperatingFacilityMember2018-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMembertcpc:OtherCorporateDebtMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.85% Total Coupon 8.52% Maturity 5/6/20272026-03-3100013707552025-02-242025-02-240001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-1 Preferred Stock2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2024-12-310001370755us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Debt Investments Internet and Catalog Retail Syndigo, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.82% Maturity 9/2/20322025-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2023-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2025-03-310001370755tcpc:TwoThousandTwentyNineNotesMember2026-03-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan Ref SOFR (Q) Floor 1.00% Spread 6.15% Total Coupon 9.94% Maturity 11/30/2029 One2025-12-310001370755tcpc:SeriesTwoThousandTwentyTwoASeniorNotesMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-03-182024-03-180001370755tcpc:TwoThousandTwentyTwoNotesMember2024-12-3100013707552024-07-012024-09-300001370755us-gaap:CommonStockMember2024-12-310001370755Debt Investments IT Services Intercept Bidco, Inc. 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Warrants to Purchase Series Preferred Stock Expiration 3/19/20282025-12-310001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-12-310001370755tcpc:OperatingFacilityMember2020-12-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272026-01-012026-03-310001370755tcpc:PalmdaleOilCompanyLLCMember2026-03-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282024-12-310001370755us-gaap:CommonStockMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Debt Investments Software Elastic Path Software, Inc. (Canada) First Lien Term Loan (0.75% Exit Fee) Ref SOFR(Q) Floor 1.00% Spread 7.76% Total Coupon 11.41% Maturity 1/6/20272026-03-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Truckin) First Lien Incremental Term Loan 1 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.03% Maturity 4/8/20272026-03-310001370755Debt Investments Software FirstUp, Inc First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 9.92% Maturity 7/13/2027 One2025-12-310001370755Debt Investments Hotels, Restaurants and Leisure Stonebridge Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 8.72% Maturity 5/16/20312025-12-310001370755Debt Investments Software Integrate.com, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash+2.25 PIK Total Coupon 10.59% Maturity 12/17/20272025-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2024-12-310001370755Debt Investments Media TL Voltron Purchaser, LLC (GES) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.09% Maturity 12/31/20302025-12-310001370755Debt Investments Insurance IT Parent, LLC Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.60% Total Coupon 9.33% Maturity 10/1/20262025-12-310001370755us-gaap:DebtSecuritiesMembertcpc:SoftwareMember2026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMember2025-12-310001370755tcpc:IglooParentHoldingsLLCMembertcpc:CommonUnitsMember2026-01-012026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMembersrt:MaximumMember2023-06-150001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322026-03-310001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series C-2 Preferred Units Ref Fixed Total Coupon 15.00%2026-03-310001370755tcpc:ITServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:OakFundingLLCMember2025-12-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2025-01-012025-03-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-1 Common Units2025-01-012025-12-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMember2019-02-082019-02-080001370755tcpc:LighthouseParentHoldingsIncApertureMember2026-01-012026-03-310001370755tcpc:OnestreamIncMember2026-03-310001370755Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 2.88% Cash + 3.38% PIK Total Coupon 9.97% Maturity 9/30/20302025-12-310001370755Debt Investments Technology Hardware, Storage & Peripherals SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.50% Total Coupon 9.17% Maturity 4/25/20312026-03-310001370755tcpc:StreamlandMediaMidcoLlcMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2024-12-310001370755Non-Controlled Affiliates, SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 11/05/262025-01-012025-12-310001370755Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.07% Maturity 8/23/20292025-12-310001370755tcpc:ICIMSIncMember2025-12-310001370755tcpc:OperatingFacilityMembersrt:MinimumMembertcpc:LondonInterbankOfferedRateMember2021-06-220001370755Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 2.88% Cash +3.38% PIK Total Coupon 9.92% Maturity 09/30/20302026-03-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-03-180001370755Debt Investments IT Services Anthracite Buyer, Inc. (Coalfire) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.50% Total Coupon 8.15% Maturity 12/3/20322026-03-310001370755Equity Securities Internet Software and Services Foursquare Labs, Inc. Warrants to Purchase Series E Preferred Stock Expiration 5/4/20272026-01-012026-03-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.72% Maturity 9/4/20292025-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2026-01-012026-03-310001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Delayed Draw Term Loan A Ref SOFR(M) Floor 2.50% Spread 5.00% Total Coupon 8.67% Maturity 12/4/20292026-03-310001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 4.85% Total Coupon 8.57% Maturity 5/6/20272025-12-310001370755tcpc:SeriesTwoThousandTwentyTwoASeniorNotesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMember2024-03-180001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) Sr Secured Revolver Ref SOFR(M) Floor 2.00% Spread 6.25% Total Coupon 9.98% Maturity 6/3/20272025-12-310001370755Debt Investments IT Services Intercept Bidco, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.77% Maturity 6/3/20302025-12-310001370755tcpc:FundingFacilityIIMember2026-01-012026-03-310001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 10.36% Maturity 5/12/20302025-12-310001370755tcpc:OperatingFacilityMembertcpc:AccordionMember2025-01-012025-12-310001370755tcpc:TwoThousandTwentyTwoNotesMember2019-12-310001370755tcpc:RBSBuyerIncMember2025-12-310001370755Debt Investments Building Products Trulite Holding Corp. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.66% Maturity 3/1/20302026-03-310001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Class B Common Stock Expiration 2/17/20282026-01-012026-03-310001370755tcpc:VortexCompaniesLLCMember2025-12-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272026-03-310001370755us-gaap:EquitySecuritiesMembertcpc:ElectricUtilitiesMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 6/30/20262025-01-012025-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSeventeenSeptemberTwentyMember2025-12-310001370755Debt Investments Consumer Finance Money Transfer Acquisition Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.35% Total Coupon 12.02% Maturity 12/14/20272026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755tcpc:PreferredUnit-CMembertcpc:FidelisSVCLLCMember2026-01-012026-03-310001370755us-gaap:BaseRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2025-12-310001370755tcpc:ZilliantIncorporatedOneMember2026-01-012026-03-310001370755tcpc:JobandTalentUSAIncMembertcpc:F3PreferredStockMember2025-01-012025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2026-01-012026-12-310001370755Equity Securities Construction & Engineering Hylan Global LLC Common Stock2026-03-310001370755tcpc:LuckyUsBuyercoLlcGlobalPaymentsMember2026-01-012026-03-310001370755tcpc:RestrictedSecuritiesAndBankDebtMember2025-12-310001370755Debt Investments Insurance IT Parent, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.60% Total Coupon 9.27% Maturity 10/1/20282026-03-310001370755tcpc:AnthraciteBuyerIncCoalfireMember2026-03-310001370755tcpc:DouglasHoldingsIncDocupaceOneMember2025-12-3100013707552025-07-012025-09-300001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2023-06-150001370755Debt Investments Software Onward Acquireco Inc (Onestream Inc) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.00% Spread 2.38% Cash + 2.68% PIK Total Coupon 8.71% Maturity 3/30/20332026-03-310001370755tcpc:SyndigoLLCMember2026-03-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:OtherCorporateDebtMember2026-03-310001370755Debt Investments Software Deepl Se (Germany) First Lien Term Loan Ref SOFR(Q) Floor 2.50% Spread 5.00% Total Coupon 8.70% Maturity 6/26/2030 One2026-03-310001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2025-01-012025-03-310001370755tcpc:PicoQuantitativeTradingHoldingsLLCMembertcpc:WarrantsToPurchaseMembershipUnitsMember2026-01-012026-03-310001370755Debt Investments Health Care Technology Mpulse Mobile Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.42% Maturity 8/26/20322025-12-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2025-01-012025-12-310001370755tcpc:ShackletonBidcoIncPayworksCanadaMember2026-03-310001370755tcpc:GreyOrangeInternationalIncMembertcpc:WarrantsToPurchaseCommonStockMember2025-01-012025-12-310001370755us-gaap:NonUsMembersrt:MinimumMember2026-03-310001370755Debt Investments Diversified Financial Services 36th Street Capital Partners Holdings, LLC Senior Note Ref Fixed Floor 0.00% Spread 12.00% Total Coupon 12.00% Maturity 11/30/20302026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputImpliedVolatilityMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-12-310001370755Debt Investments Software Dragos, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 8.85% Maturity 6/30/20302025-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MinimumMember2026-03-310001370755tcpc:DragosIncOneMember2026-01-012026-03-310001370755tcpc:SBADebenturesMember2025-12-310001370755tcpc:InMobiIncMembertcpc:WarrantsToPurchaseCommonStockMember2025-01-012025-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. First Lien Term Loan Ref SOFR(A) Floor 1.00% Spread 6.25% Total Coupon 10.31% Maturity 9/8/2027 One2025-12-310001370755tcpc:InterestRateOfEURIBORPlusMember2026-03-310001370755us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2026-03-310001370755tcpc:EmeraldTechnologiesUSAcquisitionCoIncMember2025-12-310001370755Debt Investments Insurance Integrity Marketing Acquisition, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.82% Maturity 8/25/20282025-12-310001370755tcpc:ZenithAcquisitionCoLLCOneMember2026-01-012026-03-310001370755tcpc:ControlledAffiliatesMembersrt:MinimumMember2025-12-310001370755us-gaap:CommercialAndIndustrialSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:UnsecuredDebtMember2024-03-182024-03-180001370755Debt Investments Professional Services Lighthouse Parent Holdings, Inc (Aperture) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.42% Maturity 12/20/20312026-03-310001370755Equity Securities Energy Equipment and Services GlassPoint, Inc. Warrants to Purchase Common Stock Expiration 9/12/20292025-01-012025-12-310001370755Debt Investments Media Streamland Media Midco LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.76% Cash + 1.00% PIK Total Coupon 9.46% Maturity 3/31/20292026-03-310001370755tcpc:DragosIncMember2026-01-012026-03-310001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2025-01-012025-12-310001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash +3.25% PIK Total Coupon 10.34% Maturity 8/29/20292025-12-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Member2025-03-310001370755tcpc:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Controlled Affiliates, Conergy Asia Holdings Limited, Class B Shares2024-12-310001370755Debt Investments Software Bluefin Holding, LLC (Allvue) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.25% Total Coupon 7.98% Maturity 9/12/20292025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2026-03-310001370755tcpc:BrownAndSettleIncMember2026-01-012026-03-310001370755tcpc:AryehBidcoInvestmentLtdDentalCorpCanadaOneMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2026-01-012026-03-310001370755tcpc:InterestRateOfEURIBORPlusMember2025-12-310001370755us-gaap:ConsumerSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:MadisonLogicHoldingsIncMember2025-12-3100013707552026-03-310001370755Debt Investments IT Services Intercept Bidco, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.77% Maturity 6/3/20302025-12-310001370755us-gaap:InterestRateSwapMember2025-01-012025-03-310001370755Debt Investments Construction and Engineering Titan Home Improvement, LLC (Renuity) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 8.57% Maturity 5/31/20302025-12-310001370755tcpc:BlackrockCapitalInvestmentCorporationMembersrt:MaximumMember2019-02-080001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series C-2 Common Units Ref Fixed Total Coupon 15.00%2025-12-310001370755Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) Sr Secured Revolver Ref Prime Floor 0.75% Spread 5.25% Total Coupon 12.00% Maturity 9/15/20272025-12-310001370755Non-Controlled Affiliates, Homerenew Buyer, Inc. 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(Keep Trucking) First Lien Incremental Term Loan 1 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.08% Maturity 4/8/20272025-12-310001370755us-gaap:FairValueInputsLevel2Member2025-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMember2025-01-012025-12-310001370755tcpc:PyramidAnalyticsBVMember2026-01-012026-03-310001370755Equity Securities Energy Equipment and Services GlassPoint, Inc. Warrants to Purchase Common Stock Expiration 9/12/20292025-12-310001370755us-gaap:InterestRateSwapMember2026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2025-12-310001370755tcpc:DragosIncOneMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:BankDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Debt Investments Software Zilliant Incorporated First Lien Term Loan (0.5% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 9.82% Maturity 12/21/20272025-12-310001370755tcpc:PMAParentHoldingsLLCMember2025-12-310001370755tcpc:BeekeeperBuyerIncMember2026-03-310001370755tcpc:SeriesTwoThousandTwentyTwoASeniorNotesMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2024-03-180001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 2A Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292025-12-310001370755Debt Investments Automobiles AutoAlert, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.06% Maturity 4/8/20262026-03-310001370755Controlled Affiliates, Conergy Asia Holdings Limited, Ordinary Shares2025-12-310001370755tcpc:LimitedPartnershipOrLimitedLiabilityCompanyInterestsMembertcpc:MBSParentLLCMember2025-01-012025-12-310001370755tcpc:MergerSubFacilityMember2024-03-182024-03-180001370755Debt Investments Real Estate Management and Development Greystone Select Company II, LLC (Passco) First Lien Term Loan Ref SOFR(M) Floor 1.50% Spread 6.61% Total Coupon 10.33% Maturity 3/21/20272025-12-310001370755tcpc:AnthraciteBuyerIncCoalfireMember2026-01-012026-03-310001370755Equity Securities Road and Rail Motive Technologies, Inc. (Keep Truckin) Warrants to Purchase Common Stock2026-03-310001370755tcpc:CareATCIncMember2026-03-310001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 2B Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292026-03-310001370755Debt Investments Software FirstUp, Inc First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.45% Maturity 7/13/2027 One2026-03-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2026-12-310001370755tcpc:OakFundingLLCMember2026-03-310001370755Equity Securities Internet Software and Services Suited Connector, LLC Common Units2026-03-310001370755tcpc:EBSParentHoldingsIncOneMember2025-12-310001370755us-gaap:CommercialAndIndustrialSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755tcpc:FirstUpIncMember2025-12-310001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 11.17% Maturity 6/10/20272026-03-310001370755us-gaap:RealEstateSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Debt Investments Containers & Packaging BW Holding, Inc. (Brook & Whittle) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.25% PIK Total Coupon 12.89% Maturity 3/14/20292026-03-3100013707552019-12-310001370755Debt Investments Construction and Engineering Brown & Settle, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.25% Total Coupon 10.12% Maturity 5/16/20302025-12-310001370755tcpc:DiversifiedConsumerServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001370755tcpc:PubliclyTradedCompanyMember2025-12-310001370755srt:MinimumMembertcpc:OperatingFacilityMember2021-06-222021-06-220001370755srt:MaximumMember2019-02-082026-03-310001370755Controlled Affiliates, Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/212024-12-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282025-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndTwentyOneSeptemberTwentyTwoMember2025-01-012025-12-310001370755Equity Securities Internet Software and Services ResearchGate Corporation (Germany) Warrants to Purchase Series D Preferred Stock Expiration 10/30/20292026-01-012026-03-310001370755Debt Investments Internet Software and Services Acquia, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.15% Total Coupon 8.80% Maturity 10/30/20262026-03-310001370755tcpc:TwoThousandTwentyFiveNotesMember2026-01-012026-03-310001370755tcpc:G-3ApolloAcquisitionCorpApprissRetailMember2026-03-310001370755Debt Investments Diversified Financial Services Gordon Brothers Finance Company Unsecured Debt Ref LIBOR(A) Floor 1.00% Spread 11.00% Total Coupon 14.60% Maturity 6/3/20262025-12-310001370755tcpc:SBADebenturesMember2023-12-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272025-12-310001370755tcpc:MergerSubFacilityMemberus-gaap:FederalFundsEffectiveSwapRateMember2024-03-180001370755Equity Securities Paper and Forest Products 48forty Intermediate Holdings, Inc. Common Stock2025-12-310001370755us-gaap:ContainerAndPackagingSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Debt Investments Paper and Forest Products Alpine Acquisition Corp II (48Forty) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 9.94% Maturity 11/30/20292025-12-310001370755Debt Investments Software G-3 Apollo Acquisition Corp (Appriss Retail) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.71% Maturity 3/10/20312026-03-310001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) First Lien Term Loan A Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.67% Maturity 1/26/20292026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:EquitySecuritiesMember2025-12-3100013707552020-12-310001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2025-12-310001370755Debt Investments Internet Software and Services Fishbowl, Inc. Promissory Note Ref Fixed Floor 0.00% Spread 8.00% PIK Total Coupon 8.00% Maturity 11/4/20302025-12-310001370755Debt Investments Software Integrate.com, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 10.57% Maturity 12/17/20272025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:AssetApproachValuationTechniqueMembertcpc:OtherCorporateDebtMember2026-03-310001370755Equity Securities Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) Series A-3 Preferred Units2026-03-310001370755tcpc:TwoThousandTwentySixNotesMember2025-12-310001370755Debt Investments Software Shackleton Bidco Inc. (Payworks) (Canada) First Lien Term Loan Ref CORRA(Q) Floor 0.75% Spread 4.50% Total Coupon 6.76% Maturity 11/5/20322025-12-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2026-03-310001370755tcpc:TextilesApparelAndLuxuryGoodsMemberus-gaap:DebtSecuritiesMember2025-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/302024-12-310001370755tcpc:ITParentLLCMember2026-03-310001370755Debt Investments Construction and Engineering Brown & Settle, Inc. First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 6.25% Total Coupon 9.85% Maturity 5/16/20302026-03-310001370755srt:MaximumMember2025-12-310001370755tcpc:DNAnexusIncMember2026-03-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupOneMember2025-12-310001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:SeriesAPrimePreferredUnitsMember2025-01-012025-12-310001370755Debt Investments Diversified Financial Services Oak Funding LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.50% Spread 4.50% Total Coupon 8.17% Maturity 12/2/20322026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Debt Investments Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 8.70% Maturity 6/18/20292026-03-310001370755tcpc:ApplauseAppQualityIncMember2026-01-012026-03-310001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.59% Maturity 11/8/20302025-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.50% Cash + 4.13% PIK Total Coupon 10.30% Maturity 7/9/20292025-12-310001370755tcpc:PyramidAnalyticsBVMember2025-12-310001370755Debt Investments Health Care Technology Appriss Health, LLC (PatientPing) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.85% Total Coupon 8.57% Maturity 5/6/20272025-12-310001370755Debt Investments Professional Services ICIMS, Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.61% Maturity 8/18/20282025-12-310001370755Debt Investments Software Deepl Se (Germany) First Lien Term Loan Ref SOFR(Q) Floor 2.50% Spread 5.00% Total Coupon 8.70% Maturity 6/26/20302026-03-310001370755Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.00% Spread 4.75% Total Coupon 8.45% Maturity 12/12/20312026-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series E Stock Expiration 8/17/20312026-03-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2024-12-310001370755Debt Investments Commercial Services & Supplies Modigent, LLC (Pueblo) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.70% Maturity 8/23/20282026-03-310001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 3.50% Cash +3.25% PIK Total Coupon 10.47% Maturity 10/13/20282025-12-310001370755Equity Securities Internet Software and Services Domo, Inc. Warrants to Purchase Class B Common Stock Expiration 2/17/2028 One2025-01-012025-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292025-01-012025-12-310001370755Debt Investments Software Clever Devices Ltd. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 9.72% Maturity 6/12/20302025-12-310001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured First Lien Term Loan, SOFR + 6.5%, 2.5% SOFR Floor, due 4/14/302025-01-012025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2025-12-310001370755Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC (Whistle) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 9.90% Maturity 4/10/20312026-03-310001370755tcpc:ZenithAcquisitionCoLLCMember2026-03-310001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 6/30/20262025-12-310001370755Equity Securities Internet Software and Services Foursquare Labs, Inc. 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First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 7.50% Total Coupon 11.17% Maturity 12/29/20282026-03-310001370755tcpc:O2025Q1DividendsMember2025-02-272025-02-270001370755us-gaap:AdditionalPaidInCapitalMember2026-03-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/302025-12-310001370755tcpc:DeemedInvestmentMembersrt:MinimumMember2026-03-310001370755Debt Investments Commercial Services & Supplies Modigent, LLC (Pueblo) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.70% Maturity 8/23/2028 One2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationTechniqueMarketQuotationsMembertcpc:BankDebtMembersrt:WeightedAverageMembertcpc:MeasurementInputIndicativeBidAskQuotesMember2025-12-310001370755Controlled Affiliates, Anacomp, Inc., Class A Common Stock2024-12-310001370755Debt Investments Software Pyramid Analytics BV (Netherlands) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 4.25% Spread 6.50% Total Coupon 10.75% Maturity 5/14/20292025-12-310001370755Debt Investments Media Streamland Media Midco LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 6.76% PIK Total Coupon10.43% Maturity 3/31/20292025-12-310001370755Non-Controlled Affiliates, SellerX Preferred Non Convertible Shares Series Z2026-03-310001370755tcpc:OperatingFacilityMember2021-06-222021-06-220001370755Debt Investments Life Sciences Tools & Services DNAnexus, Inc First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 3.00% Spread 5.25% Total Coupon 8.98% Maturity 12/18/20292025-12-310001370755us-gaap:DebtInstrumentRedemptionPeriodTwoMemberus-gaap:UnsecuredDebtMember2024-03-182024-03-180001370755us-gaap:InvestmentAffiliatedIssuerControlledMember2026-01-012026-03-310001370755Debt Investments Automobiles ALCV Purchaser, Inc. (AutoLenders) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 10.68% Maturity 3/31/20262025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationTechniqueMarketQuotationsMembersrt:WeightedAverageMembertcpc:BankDebtMembertcpc:MeasurementInputIndicativeBidAskQuotesMember2026-03-310001370755tcpc:FlexportCapitalLLCMember2025-12-310001370755us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2026-01-012026-03-310001370755Debt Investments Software GTY Technology Holdings Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 2.50% Cash +4.13% PIK Total Coupon 10.30% Maturity 7/9/20292025-12-310001370755Debt Investments Diversified Financial Services SitusAMC Holdings Corporation First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.20% Maturity 5/14/20312026-03-310001370755Debt Investments Diversified Financial Services Accuserve Solutions, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 9.09% Maturity 3/15/20302025-12-310001370755Debt Investments Commercial Services & Supplies Modigent, LLC (Pueblo) Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 8.68% Maturity 8/23/20272026-03-310001370755tcpc:SBADebenturesMember2017-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2026-01-012026-03-310001370755us-gaap:MediaContentMemberus-gaap:EquitySecuritiesMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2025-01-012025-03-310001370755Equity Securities Diversified Financial Services Gordon Brothers Finance Company Common Stock2026-03-310001370755Debt Investments Software Logicmonitor, Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.34% Maturity 11/19/20312025-12-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282025-01-012025-12-310001370755Debt Investments Software Shackleton Bidco Inc. (Payworks) (Canada) Sr Secured Revolver Ref CORRA(Q) Floor 0.75% Spread 4.50% Total Coupon 6.76% Maturity 11/5/20322025-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2024-12-310001370755tcpc:InterceptBidcoIncMember2025-12-310001370755tcpc:PARETOHEALTHINTERMEDIATEHOLDINGSINCMember2026-03-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312025-01-012025-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-2 Common Units2026-03-310001370755us-gaap:AdditionalPaidInCapitalMember2025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2024-12-310001370755tcpc:ProfessionalServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001370755Debt Investments Professional Services Lighthouse Parent Holdings, Inc (Aperture) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.65% Maturity 12/20/20312025-12-310001370755Equity Securities Professional Services JobandTalent USA, Inc. (United Kingdom) F3 Preferred Stock2026-03-310001370755tcpc:TwoThousandTwentyFourNotesMember2025-12-310001370755Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC (Whistle) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.18% Maturity 4/10/20312025-12-310001370755Debt Investments IT Services Xactly Corporation Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 10.02% Maturity 2/3/20282026-03-310001370755Debt Investments Specialty Retail Calceus Acquisition, Inc. (Cole Haan) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.50% Total Coupon 10.17% Maturity 8/15/20282025-12-310001370755Debt Investments Insurance IT Parent, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.60% Total Coupon 9.42% Maturity 10/1/2026 One2025-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.44% Maturity 8/27/20302025-12-310001370755Equity Securities Capital Markets Pico Quantitative Trading Holdings, LLC Warrants to Purchase Membership Units Expiration 2/7/20302026-01-012026-03-310001370755Debt Investments Insurance AmeriLife Holdings, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 8/31/20292026-03-310001370755tcpc:TwoThousandTwentyFiveNotesMember2026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMember2026-01-012026-03-310001370755tcpc:CompanyRepurchasePlanMember2025-04-290001370755Debt Investments Health Care Technology CareATC, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.35% Total Coupon 11.05% Maturity 3/14/20262025-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292026-01-012026-03-310001370755Non-Controlled Affiliates, Vingil Holding 2 S. à r.l. (SellerX) Common Shares2026-03-310001370755us-gaap:FairValueInputsLevel3Member2025-12-310001370755us-gaap:FairValueInputsLevel3Member2026-03-310001370755tcpc:LimitedPartnershipOrLimitedLiabilityCompanyInterestsMembertcpc:MBSParentLLCMember2026-01-012026-03-310001370755us-gaap:RetainedEarningsMember2026-03-310001370755tcpc:GcWavesHoldingsIncMercerMember2025-12-310001370755Debt Investments IT Services Crewline Buyer, Inc. (New Relic) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.42% Maturity 11/8/20302026-03-310001370755tcpc:PreferredUnit-CMembertcpc:FidelisSVCLLCMember2025-01-012025-12-310001370755Debt Investments Software SEP Eiger BidCo Ltd. (Beqom) (Switzerland) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.69% Maturity 5/9/20282025-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2025-01-012025-12-310001370755Debt Investments Software Flexport Capital, LLC First Lien Term Loan Ref SOFR(M) Floor 2.00% Spread 5.50% Total Coupon 9.25% Maturity 6/30/20292025-12-310001370755Debt Investments Automobiles ABC Technologies Inc. (TI Automotive) (Canada) First Lien Term Loan Ref EURIBOR(M) Floor 0.75% Spread 5.88% Total Coupon 7.77% Maturity 8/22/20312026-03-310001370755tcpc:AryehBidcoInvestmentLtdDentalCorpCanadaMember2026-01-012026-03-310001370755Debt Investments Software AlphaSense, Inc. First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 9.94% Maturity 6/27/20292025-12-310001370755tcpc:G-3ApolloAcquisitionCorpApprissRetailOneMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310001370755us-gaap:BaseRateMembertcpc:MergerSubFacilityMembersrt:MinimumMember2026-03-310001370755us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001370755Non-Controlled Affiliates, Suited Connector LLC, First Lien TakeBack Term Loan, SOFR + 6%,1% SOFR Floor, due 03/31/302026-03-310001370755tcpc:ProfessionalServicesMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Equity Securities Pharmaceuticals Inotiv, Inc. Common Stock2026-03-310001370755tcpc:InternetAndCatalogRetailMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2026-01-012026-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembertcpc:MeasurementInputEBITDARevenueMultipleMember2025-12-310001370755Debt Investments Software Douglas Holdings, Inc (Docupace) First Lien Delayed Draw Term Loan B Ref SOFR(Q) Floor 1.00% Spread 5.75% Total Coupon 9.44% Maturity 8/27/20302025-12-310001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Delayed Draw Term Loan A Ref SOFR(M) Floor 2.50% Spread 5.00% Total Coupon 8.73% Maturity 12/4/20292025-12-310001370755tcpc:PalmdaleOilCompanyLLCMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755tcpc:O2026Q1DividendsMember2026-03-172026-03-170001370755tcpc:SkydioIncMember2026-01-012026-03-310001370755Debt Investments Commercial Services & Supplies Modigent, LLC (Pueblo) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.92% Maturity 8/23/20282025-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series D Stock Expiration 2/11/20312025-12-310001370755tcpc:JobandTalentUSAIncMembertcpc:F1PreferredStockMember2026-01-012026-03-310001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:QuoraIncMember2025-01-012025-12-310001370755tcpc:TwoThousandTwentyTwoNotesMember2026-03-310001370755Controlled Affiliates, Fishbowl INC., Common Membership Units2025-12-310001370755us-gaap:ConstructionSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Debt Investments Electrical Equipment Griffon Bidco Inc. (Layerzero) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.70% Maturity 7/31/20312026-03-310001370755Debt Investments Health Care Technology MRO Parent Corporation First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 4.50% Total Coupon 8.22% Maturity 6/9/20322025-12-310001370755Debt Investments Diversified Financial Services Beekeeper Buyer Inc. (Archway) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.92% Maturity 6/30/20312025-12-310001370755tcpc:ESOSolutionsIncMember2025-12-310001370755Debt Investments Software Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.07% Maturity 6/30/20282025-12-310001370755us-gaap:FinancialServicesSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMembertcpc:OperatingFacilityMember2023-06-150001370755us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMember2025-01-012025-12-310001370755tcpc:RBSBuyerIncOneMember2026-03-310001370755tcpc:SparkBuyerLLCSPARKSTONEOneMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2024-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212025-01-012025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212025-12-310001370755srt:AffiliatedEntityMember2025-12-310001370755Debt Investments Consumer Finance Money Transfer Acquisition Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.35% Total Coupon 12.27% Maturity 12/14/20272025-12-310001370755tcpc:DeeplSeMember2026-03-310001370755tcpc:TwoThousandTwentyTwoNotesMember2021-12-310001370755Debt Investments Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 8.90% Maturity 11/5/20262025-12-310001370755Debt Investments Capital Markets SRS Acquiom Holdings LLC Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 4.75% Total Coupon 8.42% Maturity 1/14/20322026-03-310001370755Debt Investments Software Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.07% Maturity 6/30/20282025-12-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 10.78% Maturity 12/21/20282026-03-310001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% Cash +2.00 PIK Total Coupon 11.92% Maturity 3/30/20292026-03-310001370755tcpc:ApplauseAppQualityIncMember2025-12-310001370755tcpc:InternetSoftwareAndServicesMemberus-gaap:DebtSecuritiesMember2025-12-310001370755Debt Investments Software Logicmonitor, Inc First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.34% Maturity 11/19/20312025-12-310001370755Debt Investments Real Estate Management and Development Community Merger Sub Debt LLC (CINC Systems) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.92% Maturity 1/18/20302026-03-310001370755Debt Investments Software FirstUp, Inc Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.75% Total Coupon 10.45% Maturity 7/13/20272026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2025-12-310001370755tcpc:ApplauseAppQualityIncMember2026-03-310001370755tcpc:XactlyCorporationMember2026-03-310001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272026-01-012026-03-310001370755Equity Securities Software Grey Orange International Inc. Warrants to Purchase Common Stock Expiration 5/6/20322025-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Debt Investments Professional Services Applause App Quality, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.50% Spread 5.75% Total Coupon 9.40% Maturity 10/24/20292026-03-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 10.83% Maturity 12/21/20282025-12-310001370755tcpc:MpulseMobileIncOneMember2025-12-310001370755Non-Controlled Affiliates, HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/302025-01-012025-12-310001370755tcpc:S2025Q1DividendsMember2025-02-270001370755tcpc:CompanyRepurchasePlanMember2015-02-240001370755tcpc:BluefinHoldingLlcAllvueMember2026-03-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282026-03-310001370755tcpc:OperatingFacilityMember2017-12-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2026-03-310001370755Non-Controlled Affiliates, SellerX Preferred Non Convertible Shares Series Z2026-01-012026-03-310001370755Debt Investments Healthcare Providers and Services PHC Buyer, LLC (Patriot Home Care) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.00% Total Coupon 9.82% Maturity 5/4/20282025-12-310001370755Debt Investments Professional Services Applause App Quality, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.50% Spread 5.75% Total Coupon 9.43% Maturity 10/24/20292025-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupMember2026-03-310001370755Debt Investments Healthcare Providers and Services Pareto Health Intermediate Holdings Inc Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 8.71% Maturity 6/1/20292026-03-310001370755Debt Investments Specialty Retail Hanna Andersson, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.35% Total Coupon 10.02% Maturity 7/2/20262026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMembersrt:MaximumMember2026-03-310001370755tcpc:ExpressWashAcquisitionCompanyLLCMember2025-12-310001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272025-12-310001370755tcpc:ShackletonBidcoIncPayworksCanadaMember2025-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-2 Common Units2025-01-012025-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods James Perse Enterprises, Inc. First Lien Term Loan Ref SOFR(A) Floor 1.00% Spread 6.25% Total Coupon 10.31% Maturity 9/8/20272025-12-310001370755Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) First Lien Term Loan Ref SOFR(Q) Floor 1.25% Spread 6.90% Total Coupon 10.55% Maturity 12/23/20262026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/212025-01-012025-12-310001370755tcpc:SBADebenturesMember2018-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.50% Cash + 4.13% PIK Total Coupon 10.30% Maturity 7/9/20292025-12-310001370755Debt Investments Capital Markets PMA Parent Holdings, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.45% Maturity 1/31/20312026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:MeasurementInputBookValueMultiplesMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/302025-12-310001370755Debt Investments Software Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.40% Total Coupon 9.10% Maturity 6/30/20282026-03-310001370755tcpc:HealthCareTechnologyMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:LighthouseParentHoldingsIncApertureMember2026-03-310001370755Debt Investments Electrical Equipment Griffon Bidco Inc. (Layerzero) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 07/31/20312025-12-310001370755Debt Investments Semiconductors and Semiconductor Equipment Emerald Technologies (U.S.) AcquisitionCo, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.15% Total Coupon 9.85% Maturity 12/29/20262026-03-310001370755tcpc:PARETOHEALTHINTERMEDIATEHOLDINGSINCMember2026-01-012026-03-310001370755tcpc:S2025Q1DividendsMember2025-03-172025-03-170001370755Debt Investments Insurance EBS Parent Holdings Inc. (The Difference Card) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.70% Maturity 7/1/20322026-03-310001370755tcpc:TwoThousandTwentyFourNotesMember2020-12-310001370755Debt Investments Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 3.00% Cash + 6.00% PIK Total Coupon 12.69% Maturity 12/31/2028 One2025-12-310001370755Debt Investments Internet Software and Services Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) Ref SOFR(Q) Floor 1.50% Spread 3.00% Cash +5.00% PIK Total Coupon 11.88% Maturity 8/19/20282025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:OtherCorporateDebtMember2026-01-012026-03-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2022-12-310001370755tcpc:TwoThousandTwentyNineNotesMember2026-01-012026-03-310001370755Debt Investments Internet Software and Services Domo, Inc. First Lien Delayed Draw Term Loan (7.0% Exit Fee) Ref SOFR(Q) Floor 1.50% Spread 3.00% Cash +5.00% PIK Total Coupon 11.65% Maturity 8/19/20282026-03-310001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Term Loan Ref SOFR(M) Floor 2.50% Spread 2.75% Cash + 2.75% PIK Total Coupon 9.17% Maturity 12/4/20292025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured 1st Lien Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212026-01-012026-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2024-12-310001370755Debt Investments Textiles, Apparel and Luxury Goods PSEB, LLC (Eddie Bauer) First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.65% Total Coupon 10.47% Maturity 12/30/20262025-12-310001370755Debt Investments Aerospace & Defense Zenith AcquisitionCo LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 8.17% Maturity 1/13/20332026-03-310001370755tcpc:AlcamiCorporationMember2026-03-310001370755tcpc:InterceptBidcoIncMember2026-03-310001370755Debt Investments Software Shackleton Bidco Inc. (Payworks) (Canada) First Lien Delayed Draw Term Loan Ref CORRA(Q) Floor 0.75% Spread 4.50% Total Coupon 6.76% Maturity 11/5/20322026-03-310001370755Debt Investments Software Clever Devices Ltd. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 9.67% Maturity 6/12/20302026-03-310001370755Non-Controlled Affiliates, Suited Connector LLC, First Lien TakeBack Term Loan, SOFR + 6%,1% SOFR Floor, due 03/31/302025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Debt Investments Automobiles ABC Technologies Inc. (TI Automotive) (Canada) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.45% Maturity 7/22/20312026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Debt Investments Professional Services ICIMS, Inc. First Lien Incremental Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.25% Total Coupon 10.11% Maturity 8/18/20282025-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenMarchTwentyThreeMember2025-12-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-08-272021-08-270001370755tcpc:WorldremitGroupLimitedMembertcpc:WarrantsToPurchaseSeriesDStockMember2025-01-012025-12-310001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Cash +2.00 PIK Total Coupon 11.92% Maturity 3/30/20292026-03-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/212024-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-01-012025-03-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282025-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/302026-01-012026-03-310001370755tcpc:SonnySEnterprisesLLCMember2026-01-012026-03-3100013707552019-02-082019-02-080001370755Debt Investments Software Zilliant Incorporated Sr Secured Revolver (0.5% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 9.82% Maturity 12/21/20272025-12-310001370755Debt Investments Construction and Engineering LJ Avalon Holdings, LLC (Ardurra) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.50% Total Coupon 8.17% Maturity 2/1/20292026-03-310001370755tcpc:PluralsightIncOneMember2025-12-310001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 3B Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292026-03-310001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured Super Priority Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/302025-01-012025-12-310001370755tcpc:SBADebenturesMember2024-12-310001370755tcpc:OnestreamIncOneMember2026-01-012026-03-310001370755Equity Securities Internet Software and Services Suited Connector, LLC Preferred Units2026-03-310001370755Debt Investments Internet Software and Services Spartan Bidco Pty Ltd (StarRez) (Australia) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 6.65% Total Coupon 10.51% Maturity 1/24/20282025-12-310001370755Debt Investments Internet and Catalog Retail Syndigo, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 9/2/20322026-03-310001370755Equity Securities Diversified Consumer Services TVG-Edmentum Holdings, LLC Series B-2 Common Units2025-12-310001370755tcpc:AlpineAcquisitionCorpIIMember2026-01-012026-03-310001370755Equity Securities Internet Software and Services InMobi, Inc. 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(Netherlands) Sr Secured Revolver B Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.86% Maturity 1/26/20292025-12-310001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/302025-01-012025-12-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Truckin) First Lien Term Loan (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.03% Maturity 4/8/20272026-03-310001370755Debt Investments IT Services Crewline Buyer, Inc. 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Class A-1 Common Units2026-03-310001370755Debt Investments Insurance EBS Parent Holdings Inc. (The Difference Card) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 7/1/20322025-12-310001370755tcpc:VortexCompaniesLLCMember2026-01-012026-03-310001370755Debt Investments Internet Software and Services Suited Connector, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.70% Maturity 3/31/20302026-03-310001370755tcpc:DouglasHoldingsIncDocupaceMember2026-01-012026-03-310001370755Debt Investments Software Integrate.com, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 10.60% Maturity 12/17/20272026-03-310001370755tcpc:SBADebenturesMember2019-12-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/212025-01-012025-12-310001370755Equity Securities Electric Utilities Utilidata, Inc. Common Stock2025-12-310001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:SeriesAPrimePreferredUnitsMember2026-01-012026-03-310001370755Debt Investments Health Care Technology ESO Solutions, Inc. 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(SigFig) First Lien Term Loan Ref SOFR(S) Floor 1.00% Spread 7.50% Total Coupon 11.78% Maturity 9/15/20262025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2025-12-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2021-02-092021-02-090001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2025-01-012025-03-310001370755Debt Investments Software Deepl Se (Germany) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 2.50% Spread 5.00% Total Coupon 8.69% Maturity 6/26/20302025-12-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 3/31/20262025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationTechniqueTransactionApproachMember2026-03-310001370755tcpc:TwoThousandTwentyTwoNotesMember2020-12-310001370755Debt Investments Internet Software and Services Acquia, Inc. 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KG (Germany) First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 0.54% Cash + 8.46% PIK Total Coupon 12.70% Maturity 12/31/20282026-03-310001370755Non-Controlled Affiliates, SellerX Preferred Non Convertible Shares Series Z2024-12-310001370755tcpc:PalmdaleOilCompanyLLCOneMember2026-01-012026-03-310001370755Debt Investments Construction and Engineering JF Acquisition, LLC (JF Petroleum) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.75% Total Coupon 9.48% Maturity 6/18/20302025-12-310001370755Debt Investments Automobiles AutoAlert, LLC Second Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 9.40% Total Coupon 13.06% Maturity 3/31/20292026-03-310001370755tcpc:EBSParentHoldingsIncMember2025-12-310001370755Debt Investments Real Estate Management and Development Community Merger Sub Debt LLC (CINC Systems) First Lien 2025 Incremental Term Loan Ref SOFR(M) Floor 0.75% Spread 5.25% Total Coupon 8.92% Maturity 1/18/20302026-03-310001370755Debt Investments Software Deepl Se (Germany) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 2.50% Spread 5.00% Total Coupon 8.70% Maturity 6/26/20302026-03-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Unsecured 1st Lien Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/20212025-12-310001370755Debt Investments IT Services Madison Logic Holdings, Inc. First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 4.73% Cash + 2.37% PIK Total Coupon 10.72% Maturity 12/29/20282025-12-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMembersrt:MaximumMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755tcpc:IntegrityMarketingAcquisitionLLCMember2026-01-012026-03-310001370755Debt Investments Software Bluefin Holding, LLC (Allvue) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.25% Total Coupon 7.98% Maturity 9/12/20292025-12-310001370755tcpc:SBADebenturesMember2022-12-310001370755tcpc:KhorosLLCMembertcpc:PreferredUnitsMember2025-01-012025-12-310001370755tcpc:TrintechIncMember2026-01-012026-03-310001370755Equity Securities Media Quora, Inc. 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Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 8.42% Maturity 7/31/20312026-03-3100013707552024-01-012024-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2025-01-012025-12-310001370755Equity Securities Internet Software and Services Pluralsight, Inc. Common Stock2026-03-310001370755tcpc:LjAvalonHoldingsLlcArdurraMember2026-01-012026-03-310001370755Debt Investments Media Streamland Media Midco LLC First Lien Last Out Term Loan Ref SOFR(Q) Floor 0.00% Spread 6.76% PIK Total Coupon 10.46% Maturity 3/31/20292026-03-310001370755Debt Investments Automobiles ALCV Purchaser, Inc. (AutoLenders) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.01% Total Coupon 10.68% Maturity 2/25/20262025-12-310001370755Debt Investments Software GTY Technology Holdings Inc. Sr Secured Revolver Ref Prime Floor 1.00% Spread 5.00% Total Coupon 11.75% Maturity 7/9/20292026-03-310001370755Equity Securities Internet Software and Services SuCo Investors, LP (Suited Connector) Warrants to Purchase Class A Units Expiration 3/6/20332025-12-310001370755tcpc:AlcamiCorporationMember2026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMember2026-01-012026-03-310001370755tcpc:IndependentThirdPartyValuationMemberus-gaap:FairValueInputsLevel3Membertcpc:BankDebtMember2025-12-310001370755Debt Investments Health Care Technology ESO Solutions, Inc. 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(Layerzero) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.70% Maturity 7/31/20312026-03-310001370755tcpc:PubliclyTradedCompanyMember2026-03-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 9/4/2029 Two2026-03-310001370755tcpc:SRSAcquiomHoldingsLLCMember2026-03-310001370755tcpc:StreamlandMediaMidcoLlcMember2026-01-012026-03-310001370755us-gaap:ChemicalsSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001370755Debt Investments Software G-3 Apollo Acquisition Corp (Appriss Retail) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.69% Maturity 3/10/20312025-12-310001370755Debt Investments Construction and Engineering GC Champion Acquisition LLC (Numerix) First Lien Delayed Draw Term Loan Ref SOFR(S) Floor 1.00% Spread 5.00% Total Coupon 9.22% Maturity 8/21/20282025-12-310001370755us-gaap:DebtSecuritiesMemberus-gaap:InsuranceSectorMember2025-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.72% Maturity 9/4/2029 Two2025-12-310001370755Equity Securities Electric Utilities Utilidata, Inc. Series A-2 Preferred Stock2025-12-310001370755Debt Investments Wireless Telecommunication Services OpenMarket, Inc. (Infobip) (United Kingdom) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.20% Maturity 6/11/20292026-03-310001370755Debt Investments Software Clever Devices Ltd. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 9.67% Maturity 6/12/20302026-03-310001370755Debt Investments Health Care Technology Mpulse Mobile Inc. First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.45% Maturity 8/26/20322026-03-310001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured First Lien Term Loan, SOFR + 6.5%, 2.5% SOFR Floor, due 4/14/302024-12-310001370755Debt Investments Software Fusion Risk Management, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.68% Maturity 5/22/20292026-03-3100013707552025-06-300001370755Equity Securities Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Common Shares2025-12-310001370755Debt Investments Health Care Technology Mpulse Mobile Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 3.25% Total Coupon 6.97% Maturity 8/26/20322025-12-310001370755Debt Investments Software Zilliant Incorporated First Lien Delayed Draw Term Loan (0.5% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 9.77% Maturity 12/21/20272026-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755tcpc:O2026Q1DividendsMember2026-02-272026-02-270001370755Debt Investments Software Aras Corporation Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 8.92% Maturity 4/13/20292025-12-310001370755tcpc:O2025Q1DividendsMember2025-03-172025-03-170001370755tcpc:FusionRiskManagementIncMember2025-12-310001370755Debt Investments Machinery Sonny’s Enterprises, LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.65% Total Coupon 9.28% Maturity 8/5/20282026-03-310001370755tcpc:FirstUpIncMember2026-03-310001370755Debt Investments Software Dragos, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 8.85% Maturity 6/30/20302026-03-310001370755Non-Controlled Affiliates, Vingil Holding 2 S. à r.l. (SellerX) Common Shares2026-01-012026-03-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series E Stock Expiration 8/17/20312026-01-012026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMember2026-01-012026-03-310001370755Non-Controlled Affiliates, SellerX Preferred Non Convertible Shares Series Z2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2026-01-012026-03-310001370755tcpc:TwoThousandTwentyTwoNotesMember2017-12-310001370755tcpc:InternetAndCatalogRetailMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:TwoThousandTwentyTwoNotesMember2023-12-310001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272025-01-012025-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Membership Units2025-01-012025-12-310001370755tcpc:DeeplSeOneMember2025-12-310001370755Debt Investments Insurance IT Parent, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.60% Total Coupon 9.27% Maturity 10/1/2028 One2026-03-310001370755tcpc:TwoThousandTwentyNineNotesMember2024-12-310001370755Debt Investments Diversified Financial Services Oak Funding LLC First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 8.29% Maturity 12/2/20322025-12-310001370755tcpc:BeekeeperBuyerIncMember2026-01-012026-03-310001370755Debt Investments Paper and Forest Products FSK Pallet Holding Corp. (Kamps) First Lien Term Loan Ref SOFR(Q) Floor 1.25% Spread 6.90% Total Coupon 10.83% Maturity 12/23/20262025-12-310001370755Debt Investments Diversified Consumer Services Express Wash Acquisition Company, LLC (Whistle) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.90% Maturity 4/10/20312026-03-310001370755Debt Investments Construction and Engineering Brown & Settle, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.25% Total Coupon 9.92% Maturity 5/16/20302026-03-310001370755Debt Investments Aerospace & Defense Zenith AcquisitionCo LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.50% Spread 4.50% Total Coupon 8.15% Maturity 1/13/20332026-03-310001370755Equity Securities Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) Series A-3 Preferred Units2025-12-310001370755Debt Investments Construction and Engineering Brown & Settle, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.26% Maturity 5/16/20302025-12-310001370755tcpc:ShackletonBidcoIncPayworksCanadaOneMember2025-12-310001370755us-gaap:FairValueInputsLevel3Membersrt:MinimumMemberus-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:EquitySecuritiesMemberus-gaap:MeasurementInputExpectedTermMember2026-01-012026-03-310001370755tcpc:HoneyIntermediateIncIlobbyCanadaMember2026-03-310001370755Debt Investments Oil, Gas and Consumable Fuels Palmdale Oil Company, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.00% Spread 4.75% Total Coupon 8.45% Maturity 12/12/20312026-03-310001370755Equity Securities Media Khoros, LLC (Lithium) Preferred Units2026-03-310001370755Debt Investments Media Streamland Media Midco LLC First Out Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.76% PIK Total Coupon 10.43% Maturity 3/31/20292025-12-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2026-01-012026-03-310001370755us-gaap:MachineryAndEquipmentMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Debt Investments Software Flexport Capital, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 2.00% Spread 5.50% Total Coupon 9.17% Maturity 6/30/20292026-03-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.72% Maturity 9/4/2029 Two2025-12-310001370755Equity Securities Household Durables Stitch Holdings, L.P. Limited Partnership/Limited Liability Company Interests2025-12-310001370755Debt Investments Construction and Engineering JF Acquisition, LLC (JF Petroleum) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.50% Total Coupon 9.18% Maturity 6/18/20302026-03-310001370755tcpc:ESOSolutionsIncMember2026-01-012026-03-310001370755Debt Investments Health Care Technology Mpulse Mobile Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.42% Maturity 8/26/20322025-12-310001370755Debt Investments IT Services Serrano Parent, LLC (Sumo Logic) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.50% Total Coupon 10.16% Maturity 5/12/20302026-03-310001370755us-gaap:ConsumerSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:CommonUnitsMember2025-01-012025-12-310001370755Debt Investments Internet Software and Services Gympass US, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 3.25% Cash +3.25% PIK Total Coupon 10.28% Maturity 8/29/20292026-03-310001370755Debt Investments Construction and Engineering JF Acquisition, LLC (JF Petroleum) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.75% Total Coupon 9.48% Maturity 6/18/20302025-12-310001370755tcpc:GriffonBidcoIncMember2025-12-310001370755Debt Investments Wireless Telecommunication Services OpenMarket, Inc. (Infobip) (United Kingdom) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.50% Total Coupon 9.17% Maturity 6/11/20292025-12-310001370755Debt Investments Automobiles ABC Technologies Inc. (TI Automotive) (Canada) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.75% Total Coupon 9.47% Maturity 8/22/20312025-12-310001370755srt:MinimumMembertcpc:SBADebenturesMember2026-01-012026-03-310001370755tcpc:DiversifiedFinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292026-01-012026-12-310001370755us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2025-12-310001370755tcpc:OilGasAndConsumableFuelsMemberus-gaap:DebtSecuritiesMember2026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Debt Investments Hotels, Restaurants and Leisure Stonebridge Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 5/16/20312026-03-310001370755tcpc:ModigentLLCPuebloMember2025-12-310001370755Debt Investments Commercial Services & Supplies Kellermeyer Bergensons Services, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.15% PIK Total Coupon 11.99% Maturity 11/7/20262025-12-310001370755Debt Investments Internet Software and Services Fishbowl, Inc. 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(Netherlands) First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.86% Maturity 1/26/20292025-12-310001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 8.94% Maturity 1/16/20302025-12-310001370755Debt Investments Diversified Financial Services Beekeeper Buyer Inc. (Archway) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.92% Maturity 6/30/20312025-12-310001370755tcpc:AmeriLifeHoldingsLLCMember2026-01-012026-03-310001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 3.50% Cash +3.25% PIK Total Coupon 10.19% Maturity 10/13/2028 Two2026-03-310001370755tcpc:PaperAndForestProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001370755Debt Investments Software Fusion Risk Management, Inc. Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 6.00% Total Coupon 9.72% Maturity 5/22/20292025-12-310001370755tcpc:MergerSubFacilityMembertcpc:AccordionMember2025-01-012025-12-310001370755tcpc:LimitedPartnershipOrLimitedLiabilityCompanyInterestsMembertcpc:StitchHoldingsLPMember2026-01-012026-03-310001370755Debt Investments Health Care Technology ESO Solutions, Inc. 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Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.84% Maturity 7/31/20312025-12-310001370755Debt Investments Construction and Engineering Titan Home Improvement, LLC (Renuity) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.75% Total Coupon 8.57% Maturity 5/31/20302025-12-310001370755tcpc:CommunityMergerSubDebtLLCCincSystemsMember2025-12-310001370755Equity Securities Internet Software and Services SnapLogic, Inc. Warrants to Purchase Series Preferred Stock Expiration 3/19/20282026-01-012026-03-310001370755Non-Controlled Affiliates, SellerX Preferred Non Convertible Shares Series Z2025-01-012025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembersrt:MaximumMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755us-gaap:FairValueInputsLevel1Membertcpc:OtherCorporateDebtMember2025-12-310001370755Debt Investments Software Integrate.com, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash + 2.25% PIK Total Coupon 10.57% Maturity 12/17/20272025-12-310001370755tcpc:OperatingFacilityMember2021-12-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282026-03-310001370755tcpc:WarrantsToPurchaseSeriesPreferredStockMembertcpc:SnapLogicIncMember2026-01-012026-03-310001370755Debt Investments Diversified Financial Services GC Waves Holdings, Inc. (Mercer) First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 0.75% Spread 4.50% Total Coupon 8.22% Maturity 10/4/20302025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2026-03-310001370755tcpc:FlexportCapitalLLCMember2026-01-012026-03-310001370755tcpc:WarrantsToPurchaseSeriesDPreferredStockMembertcpc:ResearchGateCorporationMember2025-01-012025-12-310001370755Debt Investments Diversified Financial Services GC Champion Acquisition LLC (Numerix) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 8/21/20282026-03-310001370755tcpc:MergerSubFacilityMembertcpc:AccordionMember2026-01-012026-03-310001370755us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2025-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenSeptemberNineteenMember2025-01-012025-12-310001370755Controlled Affiliates, 36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/302025-01-012025-12-310001370755Equity Securities Commercial Services & Supplies Kellermeyer Bergensons Services, LLC Common Stock2026-03-310001370755Equity Securities Media Streamland Media Holdings LLC Common Units2025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2026-03-310001370755tcpc:DouglasHoldingsIncDocupaceOneMember2026-03-310001370755tcpc:JFAcquisitionLLCJFPetroleumOneMember2025-12-310001370755Debt Investments Capital Markets Pico Quantitative Trading, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.50% Spread 7.51% Total Coupon 11.18% Maturity 2/8/20272026-03-310001370755srt:MinimumMembertcpc:SBADebenturesMember2025-01-012025-12-310001370755tcpc:SBADebenturesMember2020-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:AssetApproachValuationTechniqueMembertcpc:OtherCorporateDebtMember2025-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 9/4/20292026-03-310001370755Debt Investments Road and Rail Motive Technologies, Inc. (Keep Truckin) First Lien Incremental Term Loan 3 (1.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 7.36% Total Coupon 11.03% Maturity 4/8/20272026-03-310001370755Debt Investments Media TL Voltron Purchaser, LLC (GES) First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.25% Total Coupon 8.92% Maturity 12/31/20302026-03-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2025-01-012025-12-310001370755Debt Investments Diversified Consumer Services Thras.io, LLC First Lien Second Out Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.26% Total Coupon 11.93% Maturity 6/18/20292026-03-310001370755tcpc:FiveSeniorDebtMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310001370755Debt Investments Software G-3 Apollo Acquisition Corp (Appriss Retail) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 3/10/20312026-03-310001370755Debt Investments Insurance EBS Parent Holdings Inc. (The Difference Card) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 7/1/20322025-12-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2025-03-310001370755Debt Investments Media Streamland Media Midco LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.76% PIK Total Coupon 9.46% Maturity 3/31/20292026-03-310001370755tcpc:BrownAndSettleIncMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:EquitySecuritiesMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Debt Investments Software JOBVITE, Inc. (Employ, Inc.) First Lien Last Out Term Loan Ref SOFR(Q) Floor 0.75% Spread 7.50% Total Coupon 11.17% Maturity 8/5/20282026-03-310001370755tcpc:AnnualPercentageRateAPRMemberus-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2019-08-232019-08-230001370755Non-Controlled Affiliates, Hylan Global LLC, Parent Common Units2024-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 2.50% Cash +4.13% PIK Total Coupon 10.329% Maturity 7/7/20292026-03-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282026-01-012026-03-310001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292024-12-310001370755tcpc:BuildingProductsMemberus-gaap:DebtSecuritiesMember2025-12-310001370755us-gaap:CommonStockMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2026-03-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2025-01-012025-12-310001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Delayed Draw Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 11.17% Maturity 6/10/20272026-03-310001370755Debt Investments Professional Services Huckabee Acquisition, LLC (MOREgroup) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 8.94% Maturity 1/16/20302025-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSeventeenSeptemberTwentyMember2026-01-012026-03-310001370755tcpc:WarrantsToPurchaseSeriesEPreferredStockMembertcpc:FoursquareLabsIncMember2025-01-012025-12-310001370755Debt Investments Software Integrate.com, Inc. First Lien Incremental Term Loan Ref SOFR(Q) Floor 1.00% Spread 4.65% Cash+2.25 PIK Total Coupon 10.57% Maturity 12/17/20272025-12-310001370755tcpc:WarrantsToPurchaseSeriesEPreferredStockMembertcpc:FoursquareLabsIncMember2026-01-012026-03-310001370755Controlled Affiliates, AA Acquisition Aggregator, LLC, Ordinary Shares2026-12-3100013707552019-02-082026-03-310001370755tcpc:FundingFacilityIMember2022-12-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 2.50% Cash + 4.13% PIK Total Coupon 10.30% Maturity 7/9/20292025-12-310001370755tcpc:GtyTechnologyHoldingsIncMember2026-03-310001370755tcpc:SerranoParentLlcSumoLogicMember2025-12-310001370755Debt Investments Health Care Technology CareATC, Inc. Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.35% Total Coupon 11.04% Maturity 9/14/20272026-03-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2025-12-310001370755Equity Securities Diversified Financial Services Worldremit Group Limited (United Kingdom) Warrants to Purchase Series E Stock Expiration 8/17/20312025-12-310001370755us-gaap:InvestmentUnaffiliatedIssuerMember2025-01-012025-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:MergerSubFacilityMember2024-03-180001370755Equity Securities Trading Companies & Distributors Blackbird Holdco, Inc. (Ohio Transmission Corp.) Preferred Stock Ref Fixed Total Coupon 12.50%2025-12-310001370755tcpc:InMobiIncMembertcpc:WarrantsToPurchaseSeriesEPreferredStockMember2026-01-012026-03-310001370755tcpc:ApprissHealthLLCMember2025-12-310001370755us-gaap:RetainedEarningsMember2024-12-310001370755Equity Securities Software Tradeshift, Inc. Warrants to Purchase Series D Preferred Stock Expiration 3/6/20272026-03-310001370755tcpc:TwoThousandTwentyNineNotesMember2026-03-310001370755Debt Investments Professional Services Chronicle Parent LLC (Lexitas) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 4/15/20312026-03-310001370755Debt Investments Insurance EBS Parent Holdings Inc. (The Difference Card) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.70% Maturity 7/1/20322026-03-310001370755tcpc:FundingFacilityIIMember2026-03-310001370755tcpc:AmeriLifeHoldingsLLCMember2026-03-310001370755tcpc:BynderBidcoBVNetherlandsMember2025-12-310001370755Debt Investments Commercial Services & Supplies Kellermeyer Bergensons Services, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.15% PIK Total Coupon 11.82% Maturity 11/7/20262026-03-310001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 9.92% Maturity 6/3/20272026-03-310001370755Equity Securities Media SoundCloud, Ltd. (United Kingdom) Warrants to Purchase Preferred Stock Expiration 6/30/20262026-03-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Preferred Stock2026-01-012026-12-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/292025-01-012025-12-310001370755Debt Investments Diversified Consumer Services Fusion Holding Corp. (Finalsite) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.50% Cash + 2.00% PIK Total Coupon 10.17% Maturity 9/14/20292026-03-310001370755Controlled Affiliates, Gordon Brothers Finance Company, Common Stock2026-01-012026-03-310001370755tcpc:TwoThousandTwentySixNotesMemberus-gaap:UnsecuredDebtMember2026-01-012026-03-310001370755Debt Investments Internet Software and Services Persado, Inc. First Lien Term Loan (6.575% Exit Fee) Ref SOFR(M) Floor 1.80% Spread 7.50% Total Coupon 11.37% Maturity 6/10/20272025-12-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-1 Common Units2026-03-310001370755tcpc:WorldremitGroupLimitedMembertcpc:WarrantsToPurchaseSeriesEStockMember2025-01-012025-12-310001370755Debt Investments Capital Markets SRS Acquiom Holdings LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.42% Maturity 1/14/20322026-03-310001370755tcpc:GlassPointIncMembertcpc:WarrantsToPurchaseCommonStockMember2025-01-012025-12-310001370755tcpc:FundingFacilityIIMember2021-12-310001370755tcpc:JamesPerseEnterprisesIncMember2026-01-012026-03-310001370755tcpc:SonnySEnterprisesLLCMember2025-12-310001370755tcpc:CareATCIncMember2025-12-310001370755tcpc:TwoThousandTwentySixNotesMembertcpc:AnnualPercentageRateAPRMemberus-gaap:UnsecuredDebtMember2021-02-092021-02-090001370755Debt Investments Insurance AmeriLife Holdings, LLC First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.79% Maturity 8/31/20292025-12-310001370755Debt Investments Hotels, Restaurants and Leisure OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) First Lien Term Loan Ref SOFR(Q) Floor 2.00% Spread 6.25% Total Coupon 9.99% Maturity 6/3/20272025-12-310001370755Non-Controlled Affiliates, Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/292026-01-012026-03-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2025-12-310001370755Debt Investments Health Care Technology Gainwell Acquisition Corp. Second Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 8.10% Total Coupon 11.75% Maturity 10/1/20282026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:FundingFacilityIIMember2023-02-280001370755tcpc:WarrantsToPurchaseSeriesPreferredStockMembertcpc:SnapLogicIncMember2025-01-012025-12-310001370755Non-Controlled Affiliates, Vingil Holding 2 S. à r.l. (SellerX) Common Shares2025-12-310001370755tcpc:AlpineAcquisitionCorpIITwoMember2026-01-012026-03-310001370755us-gaap:BaseRateMembertcpc:MergerSubFacilityMembersrt:MinimumMember2025-12-310001370755tcpc:TwoThousandTwentyFiveNotesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:UnsecuredDebtMembertcpc:BlackrockCapitalInvestmentCorporationMember2025-07-210001370755tcpc:MadisonLogicHoldingsIncMember2026-01-012026-03-310001370755us-gaap:HealthcareSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755tcpc:PMAParentHoldingsLLCMember2026-01-012026-03-310001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) First Lien Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.90% Maturity 10/15/20312026-03-310001370755Equity Securities Internet Software and Services InMobi, Inc. (Singapore) Warrants to Purchase Series E Preferred Stock Expiration 3/31/2026 One2026-03-310001370755tcpc:SBADebenturesMember2026-01-012026-03-310001370755tcpc:DragosIncMember2026-03-310001370755Controlled Affiliates, Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/20272026-01-012026-12-310001370755tcpc:SEPEigerBidCoLtdBeqomSwitzerlandMember2026-03-310001370755Debt Investments Internet and Catalog Retail Syndigo, LLC Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 9/2/20322026-03-310001370755tcpc:LjAvalonHoldingsLlcArdurraMember2026-03-310001370755tcpc:SeriesAOnePreferredStockMembertcpc:UtilidataIncMember2025-01-012025-12-310001370755Debt Investments Health Care Technology Mpulse Mobile Inc. Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 4.75% Total Coupon 8.45% Maturity 8/26/20322026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMembertcpc:OtherCorporateDebtMember2025-12-310001370755tcpc:CrewlineBuyerIncMember2026-01-012026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenSeptemberTwentyOneMember2025-01-012025-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/282026-12-310001370755tcpc:TwoThousandTwentySixNotesMember2025-01-012025-12-310001370755Debt Investments Internet Software and Services Suited Connector, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.20% PIK Total Coupon 10.94% Maturity 12/1/20272025-12-310001370755Debt Investments Consumer Finance Lucky US BuyerCo, LLC (Global Payments) Sr Secured Revolver Ref SOFR(Q) Floor 1.00% Spread 7.50% Total Coupon 11.22% Maturity 3/30/20292025-12-310001370755tcpc:TwoThousandTwentyNineNotesMember2025-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 9/4/2029 One2026-03-310001370755us-gaap:RetailSectorMemberus-gaap:DebtSecuritiesMember2026-03-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series B-1 Common Units2024-12-310001370755Controlled Affiliates, Conventional Lending TCP Holdings, LLC, Membership Units2025-12-310001370755Debt Investments Diversified Consumer Services SellerX Germany GMBH & Co. KG (Germany) Sr Secured Revolver Ref SOFR(Q) Floor 0.00% Spread 5.00% Total Coupon 8.66% Maturity 11/5/20262026-03-310001370755Non-Controlled Affiliates, TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units2025-01-012025-12-310001370755Debt Investments Professional Services JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan (5.0% Exit Fee) Ref SOFR(M) Floor 1.00% Spread 3.50% Cash +3.25% PIK Total Coupon 10.47% Maturity 10/13/2028 Two2025-12-310001370755Debt Investments Software Dragos, Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.25% Total Coupon 8.85% Maturity 9/30/20262026-03-310001370755us-gaap:CommonStockMember2025-01-012025-03-310001370755Debt Investments Construction and Engineering Hylan Intermediate Holding II, LLC First Lien Term Loan Ref SOFR(S) Floor 2.00% Spread 6.25% Total Coupon 10.15% Maturity 4/5/20292025-12-310001370755Equity Securities Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) Common Shares2025-12-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 10.83% Maturity 12/21/20282025-12-310001370755tcpc:MergerSubFacilityMembertcpc:AccordionMember2025-12-310001370755tcpc:XactlyCorporationMember2026-01-012026-03-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282024-12-310001370755tcpc:ModigentLLCPuebloMember2026-03-310001370755Equity Securities Capital Markets Pico Quantitative Trading Holdings, LLC Warrants to Purchase Membership Units Expiration 2/7/20302025-01-012025-12-310001370755Non-Controlled Affiliates, Suited Connector, LLC Common units2026-01-012026-03-3100013707552025-09-300001370755tcpc:PluralsightIncOneMember2026-01-012026-03-310001370755tcpc:JFAcquisitionLLCJFPetroleumOneMember2026-01-012026-03-310001370755tcpc:InfiniteCommerceHoldingsLLCRazorMembertcpc:SeriesA-3PreferredUnitsMember2026-01-012026-03-310001370755tcpc:TwoThousandTwentyFourNotesMember2022-12-310001370755tcpc:TwoThousandTwentyNineNotesMembertcpc:AnnualPercentageRateAPRMemberus-gaap:UnsecuredDebtMember2024-05-302024-05-300001370755us-gaap:CommercialAndIndustrialSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310001370755tcpc:USGovernmentMoneyMarketFundMember2025-12-310001370755tcpc:PaperAndForestProductsMemberus-gaap:DebtSecuritiesMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:OtherCorporateDebtMember2025-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2025-01-012025-12-310001370755Debt Investments Media Streamland Media Midco LLC First Lien First Out Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.76% PIK Total Coupon 9.46% Maturity 3/31/20292026-03-310001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 7.50% PIK Total Coupon 11.32% Maturity 8/22/20292025-12-310001370755tcpc:GriffonBidcoIncMember2026-03-310001370755tcpc:FundingFacilityIMember2019-12-3100013707552023-12-310001370755tcpc:AlcamiCorporationMember2025-12-310001370755tcpc:ESOSolutionsIncMember2026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndTwentyOneSeptemberTwentyTwoMember2026-01-012026-03-310001370755tcpc:PluralsightIncOneMember2026-03-310001370755Debt Investments Life Sciences Tools & Services Alcami Corporation First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 7.10% Total Coupon 10.78% Maturity 12/21/20282026-03-310001370755tcpc:SoundCloudLtdMembertcpc:WarrantsToPurchasePreferredStockMember2025-01-012025-12-310001370755tcpc:JFAcquisitionLLCJFPetroleumMember2026-03-310001370755tcpc:SerranoParentLlcSumoLogicMember2026-01-012026-03-310001370755Debt Investments Software Shackleton Bidco Inc. (Payworks) (Canada) First Lien Delayed Draw Term Loan Ref CORRA(Q) Floor 0.75% Spread 4.50% Total Coupon 6.76% Maturity 11/5/20322025-12-310001370755tcpc:MpulseMobileIncOneMember2026-01-012026-03-310001370755Equity Securities Internet Software and Services Igloo Parent Holdings LLC (InMoment) Common Units2025-12-3100013707552024-09-300001370755tcpc:CommunityMergerSubDebtLLCCincSystemsMember2026-01-012026-03-310001370755us-gaap:DebtSecuritiesMember2025-12-310001370755Debt Investments Software Aras Corporation First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.00% Total Coupon 8.70% Maturity 4/13/20292026-03-310001370755tcpc:ThunderPurchaserIncVectorSolutionsMember2026-01-012026-03-310001370755us-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2026-03-310001370755us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertcpc:OperatingFacilityMember2026-01-012026-03-310001370755Debt Investments Diversified Financial Services GC Waves Holdings, Inc. 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Warrants to Purchase Class B Common Stock Expiration 2/17/2028 One2026-01-012026-03-310001370755tcpc:SparkBuyerLLCSPARKSTONEOneMember2026-03-310001370755tcpc:BynderBidcoIncNetherlandsMember2025-12-310001370755us-gaap:DebtInstrumentRedemptionPeriodThreeMemberus-gaap:UnsecuredDebtMember2024-03-182024-03-180001370755tcpc:JFAcquisitionLLCJFPetroleumMember2026-01-012026-03-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 9/4/20292026-03-3100013707552026-05-070001370755Equity Securities Commercial Services & Supplies Kellermeyer Bergensons Services, LLC Preferred Stock2026-03-310001370755tcpc:LimitedPartnershipOrLimitedLiabilityCompanyInterestsMembertcpc:StitchHoldingsLPMember2025-01-012025-12-310001370755Debt Investments Construction and Engineering Vortex Companies, LLC First Lien Delayed Draw Term Loan Ref SOFR(M) Floor 1.00% Spread 5.00% Total Coupon 8.67% Maturity 9/4/20292026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMembertcpc:BankDebtMemberus-gaap:MeasurementInputRevenueMultipleMembertcpc:ValuationTechniqueMarketComparableCompaniesMember2025-12-310001370755Equity Securities Internet Software and Service Fishbowl, Inc. Common Membership Units2025-12-310001370755Controlled Affiliates, AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/292024-12-310001370755tcpc:OperatingFacilityMembertcpc:AccordionMember2026-01-012026-03-310001370755Debt Investments Internet Software and Services Bynder Bidco, Inc. (Netherlands) First Lien Term Loan B Ref SOFR(Q) Floor 1.00% Spread 6.00% Total Coupon 9.67% Maturity 1/26/20292026-03-310001370755Debt Investments Software GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.00% Spread 2.50% Cash +4.13% PIK Total Coupon 10.29% Maturity 7/7/20292026-03-310001370755tcpc:TwoThousandTwentyNineNotesMemberus-gaap:UnsecuredDebtMember2024-05-3000013707552024-06-300001370755tcpc:BynderBidcoBVNetherlandsMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMembertcpc:BankDebtMember2025-12-310001370755Debt Investments Aerospace & Defense Skydio, Inc First Lien Term Loan Ref SOFR(M) Floor 2.50% Spread 2.75% Cash + 2.75% PIK Total Coupon 9.17% Maturity 12/4/20292026-03-310001370755us-gaap:MediaContentMemberus-gaap:DebtSecuritiesMember2026-03-310001370755tcpc:ApprissHealthLLCMember2026-03-310001370755tcpc:ZilliantIncorporatedOneMember2025-12-310001370755us-gaap:FairValueInputsLevel1Membertcpc:OtherCorporateDebtMember2026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSeventeenSeptemberTwentyMember2026-03-3100013707552024-10-012024-12-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndSixteenSeptemberTwentyOneMember2026-03-310001370755tcpc:ConsumerFinanceMemberus-gaap:DebtSecuritiesMember2026-03-3100013707552022-12-310001370755tcpc:ALCVPurchaserIncMember2025-12-310001370755tcpc:SEPEigerBidCoLtdBeqomSwitzerlandMember2025-12-310001370755tcpc:OperatingFacilityMember2023-12-310001370755Debt Investments Diversified Consumer Services Infinite Commerce Holdings LLC (Razor) 2nd Lien 3B Term Loan Ref Fixed Floor 0.00% Spread 15.00% PIK Total Coupon 15.00% Maturity 12/20/20292025-12-310001370755tcpc:TwoThousandTwentyTwoConvertibleNotesMember2017-12-310001370755tcpc:BluefinHoldingLlcAllvueMember2026-01-012026-03-310001370755tcpc:WarrantsToPurchaseClassAUnitsMembertcpc:SuCoInvestorsLPSuitedConnectorMember2025-01-012025-12-310001370755tcpc:MpulseMobileIncMember2026-01-012026-03-3100013707552024-03-042024-03-040001370755Non-Controlled Affiliates, HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/302024-12-310001370755Debt Investments Software Shackleton Bidco Inc. (Payworks) (Canada) First Lien Term Loan Ref CORRA (Q) Floor 0.75% Spread 4.50% Total Coupon 6.76% Maturity 10/25/20322026-03-310001370755Debt Investments Diversified Financial Services Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC) Second Lien Term Loan Ref SOFR(M) Floor 1.00% Spread 8.62% Total Coupon 12.28% Maturity 9/7/20282026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:ValuationDesigneeMemberus-gaap:EquitySecuritiesMember2025-12-310001370755tcpc:LighthouseParentHoldingsIncApertureOneMember2026-03-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282026-01-012026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2026-01-012026-03-310001370755Debt Investments Software Zilliant Incorporated Sr Secured Revolver (0.5% Exit Fee) Ref SOFR(M) Floor 0.75% Spread 6.10% Total Coupon 9.77% Maturity 12/21/20272026-03-310001370755tcpc:SBADebenturesMembertcpc:TwoThousandAndEighteenMarchTwentyOneMember2025-12-310001370755us-gaap:RetainedEarningsMember2025-12-310001370755Non-Controlled Affiliates, SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/282025-01-012025-12-310001370755tcpc:FundingFacilityIIMember2023-08-042023-08-040001370755tcpc:AryehBidcoInvestmentLtdDentalCorpCanadaMember2026-03-310001370755tcpc:JFAcquisitionLLCJFPetroleumMember2025-12-310001370755Equity Securities Diversified Financial Services 36th Street Capital Partners Holdings, LLC Membership Units2026-03-310001370755tcpc:EBSParentHoldingsIncOneMember2026-01-012026-03-310001370755tcpc:TwoThousandTwentySixNotesMember2021-12-310001370755srt:AffiliatedEntityMember2026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:IndependentThirdPartyValuationMember2025-01-012025-03-310001370755Controlled Affiliates, Kawa Solar Holdings Limited, Series B Preferred Shares2025-12-310001370755us-gaap:UnsecuredDebtMembertcpc:TwoThousandTwentyFourNotesMember2022-01-012022-12-310001370755tcpc:JobandTalentUSAIncMembertcpc:F1PreferredStockMember2025-01-012025-12-310001370755Controlled Affiliates, Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/212025-12-310001370755tcpc:HuckabeeAcquisitionLLCMoregroupOneMember2026-01-012026-03-310001370755us-gaap:RetainedEarningsMember2025-03-310001370755us-gaap:InvestmentAffiliatedIssuerControlledMembersrt:MinimumMember2026-03-310001370755tcpc:KellermeyerBergensonsServicesLLCMemberus-gaap:CommonStockMember2025-01-012025-12-310001370755Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 9.92% Maturity 8/23/2029 One2026-03-310001370755tcpc:SpartanBidcoPtyLtdStarrezAustraliaMember2026-03-310001370755us-gaap:DebtSecuritiesMembertcpc:SoftwareMember2025-12-310001370755tcpc:TwoThousandTwentyFourNotesMember2026-03-310001370755tcpc:SparkBuyerLLCSPARKSTONEMember2026-03-310001370755Equity Securities Paper and Forest Products Alpine Acquisition Corp II (48Forty) Common Stock2025-12-310001370755tcpc:ProfessionalServicesMemberus-gaap:EquitySecuritiesMember2026-03-310001370755tcpc:MpulseMobileIncMember2026-03-310001370755Debt Investments Semiconductors and Semiconductor Equipment Emerald Technologies (U.S.) AcquisitionCo, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.40% Total Coupon 10.10% Maturity 12/29/20272026-03-310001370755us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMemberus-gaap:EquitySecuritiesMember2025-12-310001370755Debt Investments Hotels, Restaurants and Leisure Stonebridge Companies, LLC Sr Secured Revolver Ref SOFR(M) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 5/16/20302026-03-310001370755Debt Investments Internet Software and Services e-Discovery Acquireco, LLC (Reveal) First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 6.25% Total Coupon 10.07% Maturity 8/23/20292025-12-310001370755Debt Investments Insurance EBS Parent Holdings Inc. (The Difference Card) Sr Secured Revolver Ref SOFR(Q) Floor 0.75% Spread 5.00% Total Coupon 8.67% Maturity 7/1/20322025-12-310001370755Non-Controlled Affiliates, SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 11/05/262026-01-012026-03-310001370755us-gaap:FairValueInputsLevel3Membertcpc:BankDebtMembertcpc:ValuationDesigneeMember2025-01-012025-03-310001370755tcpc:WorldremitGroupLimitedMembertcpc:WarrantsToPurchaseSeriesDStockMember2026-01-012026-03-310001370755Debt Investments Electrical Equipment Spark Buyer, LLC (Sparkstone) First Lien Delayed Draw Term Loan Ref SOFR(Q) Floor 0.75% Spread 5.25% Total Coupon 8.90% Maturity 10/15/20312026-03-310001370755Debt Investments Software Shackleton Bidco Inc. (Payworks) (Canada) Sr Secured Revolver Ref CORRA(Q) Floor 0.75% Spread 4.50% Total Coupon 6.76% Maturity 11/5/20322026-03-310001370755Debt Investments Insurance IT Parent, LLC First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 5.60% Total Coupon 9.25% Maturity 10/1/20282026-03-310001370755tcpc:EmeraldTechnologiesUSAcquisitionCoIncMember2026-03-310001370755Debt Investments Software Honey Intermediate, Inc. (iLobby) (Canada) Sr Secured Revolver Ref SOFR(M) Floor 1.00% Spread 2.88% Cash +3.38% PIK Total Coupon 9.97% Maturity 9/26/20302025-12-310001370755tcpc:CleverDevicesLtdMember2025-12-310001370755tcpc:RBSBuyerIncMember2026-03-310001370755Non-Controlled Affiliates, Vingil Holding 2 S. à r.l. 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(Singapore) Warrants to Purchase Common Stock Expiration 8/15/20272025-12-310001370755tcpc:WarrantsToPurchaseCommonStockMembertcpc:GlassPointIncMember2026-01-012026-03-310001370755Debt Investments Internet Software and Services Pluralsight, Inc. First Lien Term Loan Ref SOFR(Q) Floor 1.00% Spread 3.00% Cash + 1.50% PIK Total Coupon 8.32% Maturity 8/22/2029 One2025-12-31iso4217:EURxbrli:purexbrli:sharesiso4217:CADtcpc:Segmentiso4217:USDxbrli:sharesiso4217:USD

Table of Contents

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

☒

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended March 31, 2026

☐

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: 814-00899

 

 

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware

56-2594706

(State or Other Jurisdiction of Incorporation)

(IRS Employer Identification No.)

 

 

2951 28th Street, Suite 1000

 

Santa Monica, California

90405

(Address of Principal Executive Offices)

(Zip Code)

 

(310) 566-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Common Stock, par value $0.001 per share

TCPC

Nasdaq Global Select Market

(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: Yes ☒ No ☐

 

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). Yes ☒ No ☐

 

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.

 

Large accelerated filer

☒

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 May 7, 2026 was 83,902,775.

 

 

 

 

 

Table of Contents

 

BLACKROCK TCP CAPITAL CORP.

 

FORM 10-Q

 

FOR THE THREE MONTHS ENDED MARCH 31, 2026

 

TABLE OF CONTENTS

 

Part I.

Financial Information

Item 1.

Financial Statements

 

Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025

2

Consolidated Statements of Operations for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

3

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

4

 

Consolidated Statements of Cash Flows for the three months ended March 31, 2026 (unaudited) and March 31, 2025 (unaudited)

5

Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025

6

Notes to Consolidated Financial Statements (unaudited)

30

Consolidated Schedule of Changes in Investments in Affiliates for the three months ended March 31, 2026 (unaudited) and year ended December 31, 2025

58

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 2026 (unaudited) and December 31, 2025

62

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

64

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

78

Item 4.

Controls and Procedures

79

Part II.

Other Information

80

Item 1.

Legal Proceedings

80

Item 1A.

Risk Factors

81

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

81

Item 3.

Defaults upon Senior Securities

81

Item 4.

Mine Safety Disclosures

81

Item 5.

Other Information

82

Item 6.

Exhibits

83

 

1

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

 

Non-controlled, non-affiliated investments (cost of $1,289,860,002 and $1,425,285,902, respectively)

 

$

1,213,160,576

 

 

$

1,360,801,852

 

Non-controlled, affiliated investments (cost of $103,747,256 and $101,284,695, respectively)

 

 

35,111,500

 

 

 

34,821,907

 

Controlled investments (cost of $141,889,704 and $151,475,599, respectively)

 

 

140,396,441

 

 

 

137,678,713

 

Total investments (cost of $1,535,496,962 and $1,678,046,196, respectively)

 

 

1,388,668,517

 

 

 

1,533,302,472

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

93,258,534

 

 

 

61,075,494

 

Interest, dividends and fees receivable

 

 

21,127,900

 

 

 

21,495,630

 

Deferred debt issuance costs

 

 

4,529,105

 

 

 

5,123,425

 

Receivable for investments sold

 

 

1,247,052

 

 

 

26,313,406

 

Prepaid expenses and other assets

 

 

722,173

 

 

 

3,050,038

 

Total assets

 

 

1,509,553,281

 

 

 

1,650,360,465

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Debt (net of deferred issuance costs of $4,823,558 and $5,299,866, respectively)

 

 

925,843,147

 

 

 

1,035,542,837

 

Interest and debt related payables

 

 

8,761,500

 

 

 

7,245,830

 

Management fees payable

 

 

4,443,403

 

 

 

3,393,322

 

Reimbursements due to the Advisor

 

 

1,591,736

 

 

 

1,272,082

 

Accrued expenses and other liabilities

 

 

3,802,482

 

 

 

4,893,197

 

Total liabilities

 

 

944,442,268

 

 

 

1,052,347,268

 

 

 

 

 

 

 

Commitments and contingencies (Note 5)

 

 

 

 

 

 

 

 

 

 

 

 

Net assets

 

$

565,111,013

 

 

$

598,013,197

 

 

 

 

 

 

 

Composition of net assets applicable to common shareholders

 

 

 

 

 

 

Common stock, $0.001 par value; 200,000,000 shares authorized, 84,059,145 and 84,564,578 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

 

$

84,058

 

 

$

84,564

 

Paid-in capital in excess of par

 

 

1,728,017,916

 

 

 

1,730,298,757

 

Distributable earnings (loss)

 

 

(1,162,990,961

)

 

 

(1,132,370,124

)

Total net assets

 

 

565,111,013

 

 

 

598,013,197

 

Total liabilities and net assets

 

$

1,509,553,281

 

 

$

1,650,360,465

 

 

 

 

 

 

 

Net assets per share

 

$

6.72

 

 

$

7.07

 

 

See accompanying notes to the consolidated financial statements.

2

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Investment income

 

 

 

 

 

 

Interest income (excluding PIK):

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

$

35,055,107

 

 

$

43,456,737

 

Non-controlled, affiliated investments

 

 

459,482

 

 

 

337,999

 

Controlled investments

 

 

2,059,138

 

 

 

2,309,269

 

PIK interest income:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

2,839,914

 

 

 

5,788,915

 

Non-controlled, affiliated investments

 

 

345,777

 

 

 

—

 

Controlled investments

 

 

415,331

 

 

 

681,561

 

Dividend income:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

493,053

 

 

 

435,951

 

Non-controlled, affiliated investments

 

 

—

 

 

 

1,009,057

 

Controlled investments

 

 

914,290

 

 

 

1,868,860

 

Other income:

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

987

 

 

 

566

 

Total investment income

 

 

42,583,079

 

 

 

55,888,915

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

Interest and other debt expenses

 

 

16,048,448

 

 

 

17,084,633

 

Management fees

 

 

4,656,061

 

 

 

5,483,844

 

Professional fees

 

 

1,481,060

 

 

 

867,447

 

Administrative expenses

 

 

499,794

 

 

 

641,464

 

Insurance expense

 

 

210,691

 

 

 

218,463

 

Director fees

 

 

192,500

 

 

 

192,500

 

Custody fees

 

 

91,956

 

 

 

93,185

 

Other operating expenses

 

 

925,674

 

 

 

932,658

 

Total operating expenses, before management fee waiver

 

 

24,106,184

 

 

 

25,514,194

 

Management fee waiver (Note 3)

 

 

—

 

 

 

(1,827,948

)

Total operating expenses, after management fee waiver

 

 

24,106,184

 

 

 

23,686,246

 

 

 

 

 

 

 

Net investment income

 

 

18,476,895

 

 

 

32,202,669

 

 

 

 

 

 

 

Realized and unrealized gain (loss) on investments and foreign currency

 

 

 

 

 

 

Net realized gain (loss):

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(21,268,833

)

 

 

(40,917,338

)

Controlled investments

 

 

(11,462,016

)

 

 

—

 

Net realized gain (loss)

 

 

(32,730,849

)

 

 

(40,917,338

)

 

 

 

 

 

 

Net change in unrealized appreciation
   (depreciation):

 

 

 

 

 

 

Non-controlled, non-affiliated investments

 

 

(12,178,589

)

 

 

26,554,993

 

Non-controlled, affiliated investments

 

 

(2,172,968

)

 

 

921,158

 

Controlled investments

 

 

12,303,623

 

 

 

2,124,335

 

Interest Rate Swap

 

 

—

 

 

 

8,771

 

Net change in unrealized appreciation (depreciation)

 

 

(2,047,934

)

 

 

29,609,257

 

 

 

 

 

 

 

Net realized and unrealized gain (loss)

 

 

(34,778,783

)

 

 

(11,308,081

)

 

 

 

 

 

 

Net increase (decrease) in net assets resulting
   from operations

 

$

(16,301,888

)

 

$

20,894,588

 

 

 

 

 

 

 

Basic and diluted earnings (loss) per share

 

$

(0.19

)

 

$

0.25

 

 

 

 

 

 

 

Basic and diluted weighted average common
   shares outstanding

 

 

84,334,975

 

 

 

85,077,619

 

 

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
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2025

 

 

84,564,578

 

 

$

84,564

 

 

$

1,730,298,757

 

 

$

(1,132,370,124

)

 

$

598,013,197

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(505,433

)

 

 

(506

)

 

 

(2,280,841

)

 

 

—

 

 

 

(2,281,347

)

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

18,476,895

 

 

 

18,476,895

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(34,778,783

)

 

 

(34,778,783

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(14,318,949

)

 

 

(14,318,949

)

Balance at March 31, 2026

 

84,059,145

 

 

$

84,058

 

 

$

1,728,017,916

 

 

$

(1,162,990,961

)

 

$

565,111,013

 

 

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Par Amount

 

 

Paid in Capital
in Excess of Par

 

 

Distributable
earnings (loss)

 

 

Total Net
Assets

 

Balance at December 31, 2024

 

 

85,080,447

 

 

$

85,080

 

 

$

1,731,057,459

 

 

$

(946,018,872

)

 

$

785,123,667

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

(3,150

)

 

 

(3

)

 

 

(26,912

)

 

 

—

 

 

 

(26,915

)

Net investment income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32,202,669

 

 

 

32,202,669

 

Net realized and unrealized gain (loss)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(11,308,081

)

 

 

(11,308,081

)

Dividends paid to shareholders

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24,672,416

)

 

 

(24,672,416

)

Balance at March 31, 2025

 

85,077,297

 

 

$

85,077

 

 

$

1,731,030,547

 

 

$

(949,796,700

)

 

$

781,318,924

 

 

 

See accompanying notes to the consolidated financial statements.

4

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Operating activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

(16,301,888

)

 

$

20,894,588

 

Adjustments to reconcile net increase (decrease) in net assets resulting
   from operations to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Net realized (gain) loss

 

 

32,730,849

 

 

 

40,917,338

 

Change in net unrealized (appreciation) depreciation of investments

 

 

2,047,934

 

 

 

(29,609,257

)

Net amortization of investment discounts and premiums

 

 

(3,033,650

)

 

 

(4,462,943

)

Amortization of original issue discount on debt

 

 

137,524

 

 

 

59,263

 

Interest and dividend income paid in kind

 

 

(3,601,022

)

 

 

(6,470,476

)

Amortization of deferred debt issuance costs

 

 

1,070,629

 

 

 

1,305,819

 

Changes in assets and liabilities:

 

 

 

 

 

 

Purchases of investments

 

 

(18,603,272

)

 

 

(58,472,499

)

Proceeds from disposition of investments

 

 

135,457,504

 

 

 

84,703,889

 

Decrease (increase) in interest, dividends and fees receivable

 

 

36,367

 

 

 

(1,520,366

)

Decrease (increase) in due from broker

 

 

—

 

 

 

49,595

 

Decrease (increase) in receivable for investments sold

 

 

25,066,354

 

 

 

4,487,697

 

Decrease (increase) in prepaid expenses and other assets

 

 

2,327,865

 

 

 

1,517,181

 

Increase (decrease) in payable for investments purchased

 

 

—

 

 

 

119,597

 

Increase (decrease) in interest and debt related payables

 

 

1,515,670

 

 

 

2,523,720

 

Increase (decrease) in reimbursements due to the Advisor

 

 

319,654

 

 

 

(417,882

)

Increase (decrease) in management fees payable

 

 

1,050,081

 

 

 

(2,263,834

)

Increase (decrease) in accrued expenses and other liabilities

 

 

(1,090,715

)

 

 

(857,329

)

Net cash provided by (used in) operating activities

 

 

159,129,884

 

 

 

52,504,101

 

 

 

 

 

 

 

Financing activities

 

 

 

 

 

 

Draws on credit facilities

 

 

326,741,478

 

 

 

55,000,000

 

Repayments of credit facility draws

 

 

(112,055,000

)

 

 

(75,279,620

)

Dividends paid to shareholders

 

 

(14,318,949

)

 

 

(24,672,416

)

Repurchase of shares

 

 

(2,281,347

)

 

 

(26,915

)

Repayment of unsecured notes

 

 

(325,033,026

)

 

 

—

 

Net cash provided by (used in) financing activities

 

 

(126,946,844

)

 

 

(44,978,951

)

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents (including restricted cash)

 

 

32,183,040

 

 

 

7,525,150

 

Cash and cash equivalents (including restricted cash) at beginning of period

 

 

61,075,494

 

 

 

91,589,702

 

Cash and cash equivalents (including restricted cash) at end of period

 

$

93,258,534

 

 

$

99,114,852

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

 

Interest payments

 

$

12,987,418

 

 

$

12,787,585

 

Excise tax payments

 

$

683,619

 

 

$

478,159

 

 

See accompanying notes to the consolidated financial statements

5

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skydio, Inc

 

First Lien Term Loan

 

SOFR(M)

 

2.50%

 

2.75% Cash + 2.75% PIK

 

9.17%

 

12/4/2029

 

$

13,588,659

 

 

$

13,521,265

 

 

$

13,575,070

 

 

 

0.92

%

 

N

Skydio, Inc

 

First Lien Delayed Draw Term Loan B

 

SOFR(M)

 

2.50%

 

5.00%

 

8.67%

 

12/4/2029

 

$

—

 

 

 

(48,284

)

 

 

(6,563

)

 

 

0.00

%

 

K/N

Skydio, Inc

 

First Lien Delayed Draw Term Loan A

 

SOFR(M)

 

2.50%

 

5.00%

 

8.67%

 

12/4/2029

 

$

6,562,500

 

 

 

6,513,612

 

 

 

6,555,938

 

 

 

0.44

%

 

N

Zenith AcquisitionCo LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.50%

 

4.50%

 

8.17%

 

1/13/2033

 

$

10,686

 

 

 

10,103

 

 

 

9,300

 

 

 

0.00

%

 

N

Zenith AcquisitionCo LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.50%

 

4.50%

 

8.15%

 

1/13/2033

 

$

461,359

 

 

 

459,271

 

 

 

458,591

 

 

 

0.03

%

 

N

Zenith AcquisitionCo LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.50%

 

4.50%

 

8.15%

 

1/13/2033

 

$

—

 

 

 

(418

)

 

 

(517

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,455,549

 

 

 

20,591,819

 

 

 

1.39

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.45%

 

8/22/2031

 

$

2,971,069

 

 

 

2,868,199

 

 

 

2,853,415

 

 

 

0.19

%

 

H/N

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.45%

 

7/22/2030

 

$

865,507

 

 

 

865,507

 

 

 

826,472

 

 

 

0.06

%

 

H/N

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

EURIBOR(M)

 

0.75%

 

5.88%

 

7.77%

 

8/22/2031

 

 

EUR 540,170

 

 

 

628,624

 

 

 

591,369

 

 

 

0.04

%

 

H/N/O

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

EURIBOR(M)

 

0.75%

 

5.88%

 

7.77%

 

8/22/2031

 

 

EUR 1,717,524

 

 

 

1,934,062

 

 

 

1,891,147

 

 

 

0.13

%

 

H/N/O

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.01%

 

10.71%

 

4/15/2028

 

$

7,340,329

 

 

 

7,313,768

 

 

 

7,340,329

 

 

 

0.50

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

7.01%

 

10.71%

 

4/1/2026

 

$

448,202

 

 

 

448,255

 

 

 

448,202

 

 

 

0.03

%

 

G/N

AutoAlert, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.06%

 

4/8/2026

 

$

11,757,894

 

 

 

11,757,894

 

 

 

11,757,894

 

 

 

0.79

%

 

F/N

AutoAlert, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.40%

 

13.06%

 

3/31/2029

 

$

12,721,262

 

 

 

12,721,262

 

 

 

12,721,262

 

 

 

0.86

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,537,571

 

 

 

38,430,090

 

 

 

2.60

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

1.57% Cash + 4.53% PIK

 

9.77%

 

12/31/2028

 

$

9,733,783

 

 

 

9,513,130

 

 

 

4,272,676

 

 

 

0.29

%

 

C/N

Trulite Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.66%

 

3/1/2030

 

$

1,130,952

 

 

 

1,086,025

 

 

 

1,057,441

 

 

 

0.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,599,155

 

 

 

5,330,117

 

 

 

0.36

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

7.51%

 

11.18%

 

2/8/2027

 

$

22,291,007

 

 

 

22,262,218

 

 

 

22,402,462

 

 

 

1.51

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.50%

 

7.51%

 

11.18%

 

2/8/2027

 

$

17,285,388

 

 

 

17,242,041

 

 

 

17,285,388

 

 

 

1.17

%

 

N

PMA Parent Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.45%

 

1/31/2031

 

$

5,223,783

 

 

 

4,973,565

 

 

 

5,161,097

 

 

 

0.35

%

 

N

PMA Parent Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.45%

 

1/31/2031

 

$

—

 

 

 

(13,344

)

 

 

(9,000

)

 

 

0.00

%

 

K/N

SRS Acquiom Holdings LLC

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

4.75%

 

8.42%

 

1/14/2032

 

$

17,392

 

 

 

16,133

 

 

 

15,565

 

 

 

0.00

%

 

N

SRS Acquiom Holdings LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

1/14/2032

 

$

760,870

 

 

 

753,658

 

 

 

750,217

 

 

 

0.05

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,234,271

 

 

 

45,605,729

 

 

 

3.08

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.40% PIK

 

9.07%

 

11/6/2028

 

$

1,489,048

 

 

 

1,466,347

 

 

 

1,489,048

 

 

 

0.10

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

8.15% PIK

 

11.82%

 

11/7/2026

 

$

686,688

 

 

 

451,188

 

 

 

67,295

 

 

 

0.00

%

 

C/N

Modigent, LLC (Pueblo)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

8/23/2028

 

$

1,671,499

 

 

 

1,625,694

 

 

 

1,651,457

 

 

 

0.11

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

8/23/2028

 

$

1,159,476

 

 

 

1,130,534

 

 

 

1,145,573

 

 

 

0.08

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

8/23/2028

 

$

1,561,162

 

 

 

1,531,852

 

 

 

1,542,442

 

 

 

0.10

%

 

N

Modigent, LLC (Pueblo)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.00%

 

8.68%

 

8/23/2027

 

$

168,631

 

 

 

162,088

 

 

 

164,438

 

 

 

0.01

%

 

K/N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

7.40%

 

11.07%

 

8/31/2029

 

$

10,383,054

 

 

 

10,204,220

 

 

 

10,383,054

 

 

 

0.70

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,571,923

 

 

 

16,443,307

 

 

 

1.10

%

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brown & Settle, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.25%

 

9.92%

 

5/16/2030

 

$

731,708

 

 

 

711,202

 

 

 

731,707

 

 

 

0.05

%

 

N

Brown & Settle, Inc.

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

6.25%

 

9.85%

 

5/16/2030

 

$

8,618,293

 

 

 

8,429,523

 

 

 

8,695,857

 

 

 

0.59

%

 

N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

9.91%

 

4/5/2029

 

$

11,709,782

 

 

 

11,575,692

 

 

 

4,379,459

 

 

 

0.30

%

 

B/C/N

JF Acquisition, LLC (JF Petroleum)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.50%

 

9.18%

 

6/18/2030

 

$

—

 

 

 

(7,162

)

 

 

(7,234

)

 

 

0.00

%

 

K/N

JF Acquisition, LLC (JF Petroleum)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

5.50%

 

9.18%

 

6/18/2030

 

$

—

 

 

 

(11,362

)

 

 

(6,677

)

 

 

0.00

%

 

K/N

JF Acquisition, LLC (JF Petroleum)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.50%

 

9.18%

 

6/18/2030

 

$

6,124,110

 

 

 

6,021,668

 

 

 

6,062,869

 

 

 

0.41

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.50%

 

8.17%

 

2/1/2030

 

$

2,747,048

 

 

 

2,718,074

 

 

 

2,736,060

 

 

 

0.18

%

 

N

 

 

 

6

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LJ Avalon Holdings, LLC (Ardurra)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.50%

 

8.17%

 

2/1/2029

 

$

—

 

 

$

—

 

 

$

(4,487

)

 

 

0.00

%

 

K/N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.50%

 

8.15%

 

2/1/2030

 

$

6,709,857

 

 

 

6,550,722

 

 

 

6,683,017

 

 

 

0.45

%

 

N

RBS Buyer Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.42%

 

7/31/2031

 

$

—

 

 

 

(11,133

)

 

 

—

 

 

 

0.00

%

 

K/N

RBS Buyer Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.42%

 

7/31/2031

 

$

—

 

 

 

(3,341

)

 

 

9,000

 

 

 

0.00

%

 

K/N

RBS Buyer Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.42%

 

7/31/2031

 

$

3,383,000

 

 

 

3,345,160

 

 

 

3,433,745

 

 

 

0.23

%

 

N

Titan Home Improvement, LLC (Renuity)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.42%

 

5/31/2030

 

$

1,832,558

 

 

 

1,786,744

 

 

 

1,832,558

 

 

 

0.12

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

9/4/2029

 

$

652,562

 

 

 

646,327

 

 

 

653,867

 

 

 

0.04

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

9/4/2029

 

$

1,079,837

 

 

 

1,066,588

 

 

 

1,081,997

 

 

 

0.07

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

9/4/2029

 

$

873,054

 

 

 

839,827

 

 

 

874,800

 

 

 

0.06

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

9/4/2029

 

$

647,461

 

 

 

631,720

 

 

 

648,756

 

 

 

0.04

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

9/4/2029

 

$

845,439

 

 

 

834,294

 

 

 

847,130

 

 

 

0.06

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

9/4/2029

 

$

419,634

 

 

 

432,190

 

 

 

420,473

 

 

 

0.03

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

9/4/2029

 

$

68,982

 

 

 

68,580

 

 

 

68,982

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45,625,313

 

 

 

39,141,879

 

 

 

2.63

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25% Cash + 2.00% PIK

 

11.92%

 

3/30/2029

 

$

507,258

 

 

 

499,807

 

 

 

493,090

 

 

 

0.03

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25% Cash + 2.00% PIK

 

11.92%

 

3/30/2029

 

$

4,243,017

 

 

 

4,131,150

 

 

 

4,135,361

 

 

 

0.28

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

8.35%

 

12.02%

 

12/14/2027

 

$

7,835,870

 

 

 

7,739,793

 

 

 

7,545,942

 

 

 

0.51

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,370,750

 

 

 

12,174,393

 

 

 

0.82

%

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.25% PIK

 

12.89%

 

3/14/2029

 

$

19,322,418

 

 

 

16,906,861

 

 

 

2

 

 

 

0.00

%

 

C/N

PVHC Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

2.50%

 

2.00% Cash + 9.25% PIK

 

14.92%

 

2/17/2027

 

$

5,434,061

 

 

 

5,378,112

 

 

 

4,809,144

 

 

 

0.32

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,284,973

 

 

 

4,809,146

 

 

 

0.32

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Express Wash Acquisition Company, LLC (Whistle)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

9.90%

 

4/10/2031

 

$

—

 

 

 

(14,008

)

 

 

(131,663

)

 

 

-0.01

%

 

K/N

Express Wash Acquisition Company, LLC (Whistle)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

9.90%

 

4/10/2031

 

$

28,120,884

 

 

 

27,852,135

 

 

 

25,899,334

 

 

 

1.75

%

 

N

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

4.50% Cash + 2.00% PIK

 

10.17%

 

9/14/2029

 

$

3,579,952

 

 

 

3,473,411

 

 

 

3,237,147

 

 

 

0.22

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

6.25%

 

9.92%

 

9/15/2028

 

$

8,224

 

 

 

8,122

 

 

 

(19,483

)

 

 

0.00

%

 

K/N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 2A Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

3,320,626

 

 

 

3,200,739

 

 

 

—

 

 

 

0.00

%

 

C/N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 2B Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

1,461,395

 

 

 

1,408,812

 

 

 

—

 

 

 

0.00

%

 

C/N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 3B Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

22,101,046

 

 

 

15,762,324

 

 

 

2

 

 

 

0.00

%

 

C/N

SellerX Germany GMBH & Co. KG (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.00%

 

8.66%

 

11/5/2026

 

$

1,346,022

 

 

 

1,342,089

 

 

 

1,346,022

 

 

 

0.09

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.00%

 

8.70%

 

6/18/2029

 

$

12,582,986

 

 

 

12,794,319

 

 

 

12,582,986

 

 

 

0.85

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

0.54% Cash + 8.46% PIK

 

12.70%

 

12/31/2028

 

$

7,605,617

 

 

 

7,605,617

 

 

 

5,483,650

 

 

 

0.37

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

0.54% Cash + 8.46% PIK

 

12.70%

 

12/31/2028

 

$

8,726,126

 

 

 

8,726,126

 

 

 

6,291,537

 

 

 

0.42

%

 

B/H/N

Thras.io, LLC

 

First Lien First Out Term Loan

 

SOFR(Q)

 

1.00%

 

8.26%

 

11.93%

 

6/18/2029

 

$

6,034,212

 

 

 

5,918,603

 

 

 

6,034,212

 

 

 

0.41

%

 

N

Thras.io, LLC

 

First Lien Second Out Term Loan

 

SOFR(Q)

 

1.00%

 

8.26%

 

11.93%

 

6/18/2029

 

$

19,645,573

 

 

 

15,184,408

 

 

 

14,518,079

 

 

 

0.98

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

103,262,697

 

 

 

75,241,823

 

 

 

5.08

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

0.00%

 

0.00%

 

12.00%

 

11/30/2030

 

$

59,756,438

 

 

 

59,756,438

 

 

 

59,756,438

 

 

 

4.03

%

 

E/F/N

Accuserve Solutions, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

2.63% Cash + 3.38% PIK

 

9.68%

 

3/15/2030

 

$

2,335,694

 

 

 

2,322,399

 

 

 

1,971,326

 

 

 

0.13

%

 

N

Beekeeper Buyer Inc. (Archway)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.95%

 

6/30/2031

 

$

—

 

 

 

(1,754

)

 

 

(3,600

)

 

 

0.00

%

 

K/N

Beekeeper Buyer Inc. (Archway)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.95%

 

6/30/2031

 

$

800,000

 

 

 

792,885

 

 

 

785,600

 

 

 

0.05

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.67%

 

8/21/2028

 

$

7,625,325

 

 

 

7,400,613

 

 

 

7,531,209

 

 

 

0.51

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.67%

 

8/21/2028

 

$

2,118,146

 

 

 

2,055,969

 

 

 

2,092,002

 

 

 

0.14

%

 

N

 

 

 

7

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GC Waves Holdings, Inc. (Mercer)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

4.50%

 

8.17%

 

10/4/2030

 

$

1,599,858

 

 

$

1,586,952

 

 

$

1,649,826

 

 

 

0.11

%

 

N

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR(A)

 

1.00%

 

11.00%

 

11.00%

 

6/3/2026

 

$

34,644,008

 

 

 

10,575,543

 

 

 

127,490

 

 

 

0.01

%

 

C/F/N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

1.00%

 

8.62%

 

12.28%

 

9/7/2028

 

$

9,430,643

 

 

 

9,430,643

 

 

 

9,430,643

 

 

 

0.64

%

 

N

Oak Funding LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.50%

 

4.50%

 

8.17%

 

12/2/2032

 

$

—

 

 

 

(2,108

)

 

 

(2,222

)

 

 

0.00

%

 

K/N

Oak Funding LLC

 

First Lien Term Loan

 

SOFR(M)

 

0.50%

 

4.50%

 

8.17%

 

12/2/2032

 

$

4,555,556

 

 

 

4,512,969

 

 

 

4,532,778

 

 

 

0.31

%

 

N

SitusAMC Holdings Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.20%

 

5/14/2031

 

$

18,135,866

 

 

 

18,059,182

 

 

 

18,081,459

 

 

 

1.22

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

116,489,731

 

 

 

105,952,949

 

 

 

7.15

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Griffon Bidco Inc. (Layerzero)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

7/31/2031

 

$

—

 

 

 

(31,153

)

 

 

—

 

 

 

0.00

%

 

K/N

Griffon Bidco Inc. (Layerzero)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

7/31/2031

 

$

—

 

 

 

(15,552

)

 

 

8,750

 

 

 

0.00

%

 

K/N

Griffon Bidco Inc. (Layerzero)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

7/31/2031

 

$

19,201,875

 

 

 

19,028,378

 

 

 

19,249,880

 

 

 

1.30

%

 

N

Spark Buyer, LLC (Sparkstone)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.90%

 

10/15/2031

 

$

—

 

 

 

(53,444

)

 

 

(780,000

)

 

 

-0.05

%

 

K/N

Spark Buyer, LLC (Sparkstone)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.95%

 

10/15/2031

 

$

1,008,620

 

 

 

1,008,621

 

 

 

618,621

 

 

 

0.04

%

 

N

Spark Buyer, LLC (Sparkstone)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.90%

 

10/15/2031

 

$

11,066,810

 

 

 

10,930,245

 

 

 

9,141,185

 

 

 

0.62

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,867,095

 

 

 

28,238,436

 

 

 

1.91

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

4.85%

 

8.52%

 

5/6/2027

 

$

5,382,416

 

 

 

5,335,242

 

 

 

5,382,416

 

 

 

0.36

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

4.85%

 

8.52%

 

5/6/2027

 

$

—

 

 

 

(3,390

)

 

 

—

 

 

 

0.00

%

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.04%

 

9/14/2027

 

$

20,846,646

 

 

 

20,846,646

 

 

 

20,471,407

 

 

 

1.38

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.04%

 

9/14/2027

 

$

—

 

 

 

(2,288

)

 

 

(17,017

)

 

 

0.00

%

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.43%

 

5/3/2027

 

$

32,182,664

 

 

 

31,870,345

 

 

 

31,893,020

 

 

 

2.15

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.43%

 

5/3/2027

 

$

2,177,218

 

 

 

2,160,207

 

 

 

2,155,919

 

 

 

0.15

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

8.10%

 

11.75%

 

10/1/2028

 

$

7,744,557

 

 

 

7,641,307

 

 

 

7,388,308

 

 

 

0.50

%

 

N

Mpulse Mobile Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.45%

 

8/26/2032

 

$

—

 

 

 

(5,104

)

 

 

(11,959

)

 

 

0.00

%

 

K/N

Mpulse Mobile Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.45%

 

8/26/2032

 

$

3,886,257

 

 

 

3,850,995

 

 

 

3,804,113

 

 

 

0.26

%

 

N

Mpulse Mobile Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.45%

 

8/26/2032

 

$

—

 

 

 

(3,538

)

 

 

(7,843

)

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

4.50%

 

8.17%

 

6/9/2032

 

$

—

 

 

 

(492

)

 

 

—

 

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

4.50%

 

8.17%

 

6/9/2032

 

$

—

 

 

 

(984

)

 

 

—

 

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

4.50%

 

8.17%

 

6/9/2032

 

$

847,593

 

 

 

835,875

 

 

 

847,593

 

 

 

0.06

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,524,821

 

 

 

71,905,957

 

 

 

4.86

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aryeh Bidco Investment Ltd (DentalCorp) (Canada)

 

Sr Secured Revolver

 

CORRA(Q)

 

0.75%

 

5.00%

 

7.27%

 

1/14/2033

 

 

CAD 38,643

 

 

 

(966

)

 

 

(994

)

 

 

0.00

%

 

H/K/N/O

Aryeh Bidco Investment Ltd (DentalCorp) (Canada)

 

First Lien Delayed Draw Term Loan

 

CORRA(Q)

 

0.75%

 

5.00%

 

7.27%

 

1/14/2033

 

 

CAD 74,286

 

 

 

19,412

 

 

 

18,493

 

 

 

0.00

%

 

H/N/O

Aryeh Bidco Investment Ltd (DentalCorp) (Canada)

 

First Lien Term Loan

 

CORRA(Q)

 

0.75%

 

5.00%

 

7.31%

 

1/14/2033

 

 

CAD 1,040,823

 

 

 

743,155

 

 

 

740,214

 

 

 

0.05

%

 

H/N/O

MB2 Dental Solutions LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.18%

 

3/11/2033

 

$

—

 

 

 

(9,926

)

 

 

(10,000

)

 

 

0.00

%

 

K/N

Pareto Health Intermediate Holdings Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

5.00%

 

8.71%

 

6/1/2030

 

$

921,875

 

 

 

912,686

 

 

 

912,656

 

 

 

0.06

%

 

N

Pareto Health Intermediate Holdings Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.00%

 

8.71%

 

6/1/2029

 

$

—

 

 

 

(776

)

 

 

(781

)

 

 

0.00

%

 

K/N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

9.67%

 

5/4/2028

 

$

13,677,501

 

 

 

13,433,146

 

 

 

13,409,112

 

 

 

0.90

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

9.67%

 

5/4/2028

 

$

3,181,372

 

 

 

3,179,338

 

 

 

3,118,945

 

 

 

0.21

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,276,069

 

 

 

18,187,645

 

 

 

1.22

%

 

 

 

8

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

9.92%

 

6/3/2027

 

$

5,287,314

 

 

$

5,183,421

 

 

$

5,270,680

 

 

 

0.36

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Second Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

9.92%

 

3/15/2029

 

$

3,301,448

 

 

 

3,142,771

 

 

 

3,291,062

 

 

 

0.22

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(M)

 

2.00%

 

6.25%

 

9.92%

 

6/3/2027

 

$

438,327

 

 

 

436,097

 

 

 

436,948

 

 

 

0.03

%

 

H/N

Stonebridge Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

8.67%

 

5/16/2031

 

$

—

 

 

 

(1,252

)

 

 

1,935

 

 

 

0.00

%

 

K/N

Stonebridge Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.00%

 

8.67%

 

5/16/2030

 

$

—

 

 

 

(1,605

)

 

 

—

 

 

 

0.00

%

 

K/N

Stonebridge Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

8.67%

 

5/16/2031

 

$

674,032

 

 

 

665,002

 

 

 

680,773

 

 

 

0.05

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,424,434

 

 

 

9,681,398

 

 

 

0.66

%

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

8/31/2029

 

$

7,189,809

 

 

 

6,942,491

 

 

 

7,139,475

 

 

 

0.48

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

8/31/2028

 

$

123,749

 

 

 

116,775

 

 

 

118,551

 

 

 

0.01

%

 

N

EBS Parent Holdings Inc. (The Difference Card)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

7/1/2032

 

$

—

 

 

 

(3,472

)

 

 

(3,105

)

 

 

0.00

%

 

K/N

EBS Parent Holdings Inc. (The Difference Card)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

7/1/2032

 

$

—

 

 

 

(2,315

)

 

 

(1,035

)

 

 

0.00

%

 

K/N

EBS Parent Holdings Inc. (The Difference Card)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.70%

 

7/1/2032

 

$

3,097,705

 

 

 

3,069,179

 

 

 

3,085,314

 

 

 

0.21

%

 

N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

8/25/2028

 

$

—

 

 

 

(219,888

)

 

 

(41,223

)

 

 

0.00

%

 

K/N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.27%

 

10/1/2028

 

$

739,898

 

 

 

734,222

 

 

 

735,459

 

 

 

0.05

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.27%

 

10/1/2028

 

$

5,803,438

 

 

 

5,764,003

 

 

 

5,768,617

 

 

 

0.39

%

 

N

IT Parent, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.27%

 

10/1/2028

 

$

700,000

 

 

 

693,794

 

 

 

694,750

 

 

 

0.05

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.25%

 

10/1/2028

 

$

3,075,386

 

 

 

3,061,139

 

 

 

3,056,933

 

 

 

0.21

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,155,928

 

 

 

20,553,736

 

 

 

1.40

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Syndigo, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

9/2/2032

 

$

85,308

 

 

 

82,044

 

 

 

71,801

 

 

 

0.00

%

 

K/N

Syndigo, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

9/2/2032

 

$

2,637,938

 

 

 

2,613,541

 

 

 

2,537,697

 

 

 

0.17

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,695,585

 

 

 

2,609,498

 

 

 

0.17

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.15%

 

8.80%

 

10/30/2026

 

$

1,891,323

 

 

 

1,893,740

 

 

 

1,860,589

 

 

 

0.13

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.15%

 

8.80%

 

10/30/2026

 

$

25,299,736

 

 

 

25,279,903

 

 

 

24,888,615

 

 

 

1.68

%

 

N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.67%

 

1/26/2029

 

$

—

 

 

 

(4,446

)

 

 

(3,792

)

 

 

0.00

%

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.67%

 

1/26/2029

 

$

4,283,754

 

 

 

4,190,317

 

 

 

4,236,937

 

 

 

0.29

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.67%

 

1/26/2029

 

$

—

 

 

 

(16,138

)

 

 

(13,764

)

 

 

0.00

%

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.67%

 

1/26/2029

 

$

15,528,609

 

 

 

15,191,880

 

 

 

15,358,897

 

 

 

1.04

%

 

H/N

Domo, Inc.

 

First Lien Delayed Draw Term Loan (7.0% Exit Fee)

 

SOFR(Q)

 

1.50%

 

3.00% Cash + 5.00% PIK

 

11.65%

 

8/19/2028

 

$

63,831,652

 

 

 

63,831,652

 

 

 

62,491,187

 

 

 

4.22

%

 

N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

0.00%

 

9.50% PIK

 

9.50%

 

8/19/2028

 

$

4,248,621

 

 

 

1,758,744

 

 

 

3,942,721

 

 

 

0.27

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

9.92%

 

8/23/2029

 

$

398,971

 

 

 

390,847

 

 

 

398,971

 

 

 

0.03

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

9.92%

 

8/23/2029

 

$

5,486,250

 

 

 

5,298,451

 

 

 

5,487,813

 

 

 

0.37

%

 

N

GoTab, Inc. (Fishbowl)

 

Promissory Note

 

Fixed

 

0.00%

 

8.00% PIK

 

8.00%

 

2/23/2032

 

$

3,793,238

 

 

 

2,549,056

 

 

 

2,549,056

 

 

 

0.17

%

 

C/N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

3.25% Cash + 3.25% PIK

 

10.28%

 

8/29/2029

 

$

2,745,455

 

 

 

2,699,181

 

 

 

2,745,455

 

 

 

0.19

%

 

N

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.50%

 

3.25% Cash + 3.25% PIK

 

10.28%

 

8/29/2029

 

$

5,043,779

 

 

 

5,062,089

 

 

 

5,043,779

 

 

 

0.34

%

 

N

Persado, Inc.

 

First Lien Delayed Draw Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

1.80%

 

7.50%

 

11.17%

 

6/10/2027

 

$

4,310,801

 

 

 

4,275,439

 

 

 

4,172,855

 

 

 

0.28

%

 

L/N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

1.80%

 

7.50%

 

11.17%

 

6/10/2027

 

$

6,256,416

 

 

 

6,126,070

 

 

 

6,056,211

 

 

 

0.41

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

3.00% Cash + 1.50% PIK

 

8.17%

 

8/22/2029

 

$

5,829,593

 

 

 

5,627,537

 

 

 

5,829,593

 

 

 

0.39

%

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

7.50% PIK

 

11.17%

 

8/22/2029

 

$

10,396,660

 

 

 

9,666,717

 

 

 

1,658,683

 

 

 

0.11

%

 

C/N

 

9

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

3.00% Cash + 1.50% PIK

 

8.17%

 

8/22/2029

 

$

3,072,103

 

 

$

3,072,103

 

 

$

3,072,103

 

 

 

0.21

%

 

N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.32%

 

1/24/2028

 

$

9,680,868

 

 

 

9,577,080

 

 

 

9,577,437

 

 

 

0.65

%

 

H/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.32%

 

1/24/2028

 

$

4,934,441

 

 

 

4,830,154

 

 

 

4,881,722

 

 

 

0.33

%

 

H/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.32%

 

1/24/2028

 

$

274,926

 

 

 

266,049

 

 

 

266,348

 

 

 

0.02

%

 

H/N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.70%

 

3/31/2030

 

$

1,988,636

 

 

 

1,988,636

 

 

 

1,988,636

 

 

 

0.13

%

 

B/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

173,555,061

 

 

 

166,490,052

 

 

 

11.26

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthracite Buyer, Inc. (Coalfire)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.50%

 

8.15%

 

12/3/2032

 

$

—

 

 

 

(4,766

)

 

 

(10,000

)

 

 

0.00

%

 

K/N

Anthracite Buyer, Inc. (Coalfire)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.50%

 

8.15%

 

12/3/2032

 

$

4,000,000

 

 

 

3,980,979

 

 

 

3,960,000

 

 

 

0.27

%

 

N

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.42%

 

11/8/2030

 

$

—

 

 

 

(1,467

)

 

 

(5,723

)

 

 

0.00

%

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.42%

 

11/8/2030

 

$

1,569,811

 

 

 

1,533,015

 

 

 

1,514,868

 

 

 

0.10

%

 

N

Intercept Bidco, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.42%

 

6/3/2030

 

$

1,801,042

 

 

 

1,755,323

 

 

 

1,768,623

 

 

 

0.12

%

 

N

Intercept Bidco, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.42%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(7,500

)

 

 

0.00

%

 

K/N

Intercept Bidco, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.42%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(5,000

)

 

 

0.00

%

 

K/N

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

7.50%

 

11.17%

 

12/30/2027

 

$

—

 

 

 

(4,677

)

 

 

(106,830

)

 

 

-0.01

%

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

7.50%

 

11.17%

 

12/29/2028

 

$

20,002,977

 

 

 

19,505,486

 

 

 

17,162,554

 

 

 

1.16

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.50%

 

10.16%

 

5/12/2030

 

$

—

 

 

 

(2,127

)

 

 

(58,629

)

 

 

0.00

%

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.50%

 

10.16%

 

5/12/2030

 

$

6,998,895

 

 

 

6,808,019

 

 

 

6,410,988

 

 

 

0.43

%

 

N

Xactly Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.35%

 

10.02%

 

2/3/2028

 

$

—

 

 

 

—

 

 

 

(17,953

)

 

 

0.00

%

 

K/N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

6.35%

 

10.02%

 

7/31/2027

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,363,576

 

 

 

0.97

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,241,467

 

 

 

44,968,974

 

 

 

3.04

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

7.10%

 

10.78%

 

12/21/2028

 

$

623,650

 

 

 

613,942

 

 

 

623,650

 

 

 

0.04

%

 

N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

7.10%

 

10.78%

 

12/21/2028

 

$

364,895

 

 

 

350,750

 

 

 

364,896

 

 

 

0.02

%

 

N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.15%

 

10.82%

 

12/21/2028

 

$

8,472,878

 

 

 

8,340,954

 

 

 

8,472,878

 

 

 

0.57

%

 

N

DNAnexus, Inc

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

3.00%

 

5.25%

 

8.93%

 

12/18/2029

 

$

1,312,500

 

 

 

1,165,415

 

 

 

1,155,000

 

 

 

0.08

%

 

N

DNAnexus, Inc

 

First Lien Term Loan

 

SOFR(M)

 

3.00%

 

5.25%

 

8.93%

 

12/20/2029

 

$

6,562,500

 

 

 

6,510,763

 

 

 

6,510,000

 

 

 

0.44

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,981,824

 

 

 

17,126,424

 

 

 

1.15

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.31%

 

8/5/2028

 

$

19,304,728

 

 

 

19,069,549

 

 

 

18,551,844

 

 

 

1.25

%

 

N

Sonny’s Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.28%

 

8/5/2028

 

$

200,596

 

 

 

199,238

 

 

 

192,773

 

 

 

0.01

%

 

N

Sonny’s Enterprises, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.35%

 

8/5/2028

 

$

142,033

 

 

 

142,033

 

 

 

135,120

 

 

 

0.01

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,410,820

 

 

 

18,879,737

 

 

 

1.27

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

First Lien Term Loan

 

Fixed

 

0.00%

 

0.00%

 

10.00%

 

5/23/2030

 

$

5,978,250

 

 

 

5,978,250

 

 

 

5,111,404

 

 

 

0.34

%

 

N

Streamland Media Midco LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.76% PIK

 

9.46%

 

3/31/2029

 

$

44,941

 

 

 

44,941

 

 

 

44,941

 

 

 

0.00

%

 

N

Streamland Media Midco LLC

 

First Lien First Out Term Loan

 

SOFR(Q)

 

1.00%

 

5.76% PIK

 

9.46%

 

3/31/2029

 

$

318,438

 

 

 

318,438

 

 

 

318,438

 

 

 

0.02

%

 

N

Streamland Media Midco LLC

 

First Lien Last Out Term Loan

 

SOFR(Q)

 

0.00%

 

6.76% PIK

 

10.46%

 

3/31/2029

 

$

290,542

 

 

 

267,891

 

 

 

94,717

 

 

 

0.01

%

 

C/N

Streamland Media Midco LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.76% Cash + 1.00% PIK

 

9.46%

 

3/31/2029

 

$

52,802

 

 

 

52,803

 

 

 

52,803

 

 

 

0.00

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.52% Cash + 0.13% PIK

 

10.35%

 

8/23/2026

 

$

13,218,181

 

 

 

13,132,061

 

 

 

13,033,126

 

 

 

0.88

%

 

N

 

10

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL Voltron Purchaser, LLC (GES)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.25%

 

8.92%

 

12/31/2030

 

$

11,991,071

 

 

$

11,796,906

 

 

$

11,751,250

 

 

 

0.79

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,591,290

 

 

 

30,406,679

 

 

 

2.04

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palmdale Oil Company, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.00%

 

4.75%

 

8.45%

 

12/12/2031

 

$

—

 

 

 

—

 

 

 

(5,652

)

 

 

0.00

%

 

K/N

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

4.75%

 

8.45%

 

12/12/2031

 

$

564,130

 

 

 

561,355

 

 

 

556,797

 

 

 

0.04

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

561,355

 

 

 

551,145

 

 

 

0.04

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Second Out Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.67%

 

1/14/2031

 

$

2,759,857

 

 

 

2,759,857

 

 

 

2,759,857

 

 

 

0.19

%

 

N

Alpine Acquisition Corp II (48Forty)

 

First Lien Third Out Term Loan

 

SOFR(M)

 

1.00%

 

5.25%

 

8.92%

 

1/14/2031

 

$

3,574,580

 

 

 

3,574,580

 

 

 

3,574,580

 

 

 

0.24

%

 

N

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

1.25%

 

6.90%

 

10.55%

 

12/23/2026

 

$

12,789,414

 

 

 

12,655,705

 

 

 

12,659,577

 

 

 

0.85

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,990,142

 

 

 

18,994,014

 

 

 

1.28

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.50%

 

5.75%

 

9.40%

 

10/24/2029

 

$

130,772

 

 

 

111,879

 

 

 

107,233

 

 

 

0.01

%

 

N

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

5.75%

 

9.45%

 

10/24/2029

 

$

13,077,192

 

 

 

12,879,208

 

 

 

12,841,802

 

 

 

0.87

%

 

N

Chronicle Parent LLC (Lexitas)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.67%

 

4/15/2031

 

$

76,121

 

 

 

72,522

 

 

 

67,676

 

 

 

0.00

%

 

N

Chronicle Parent LLC (Lexitas)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.67%

 

4/15/2031

 

$

—

 

 

 

(1,582

)

 

 

(2,815

)

 

 

0.00

%

 

K/N

Chronicle Parent LLC (Lexitas)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.67%

 

4/15/2031

 

$

1,769,424

 

 

 

1,753,971

 

 

 

1,742,883

 

 

 

0.12

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.92%

 

1/16/2030

 

$

1,454,194

 

 

 

1,397,990

 

 

 

1,454,194

 

 

 

0.10

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.92%

 

1/16/2030

 

$

—

 

 

 

(1,586

)

 

 

—

 

 

 

0.00

%

 

K/N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.42%

 

8/18/2028

 

$

16,380,862

 

 

 

16,055,661

 

 

 

15,232,209

 

 

 

1.03

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

6.25%

 

9.92%

 

8/18/2028

 

$

4,449,002

 

 

 

4,410,665

 

 

 

4,182,677

 

 

 

0.28

%

 

N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.42%

 

8/18/2028

 

$

203,022

 

 

 

195,271

 

 

 

101,335

 

 

 

0.01

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Incremental Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash + 3.25% PIK

 

10.42%

 

10/13/2028

 

$

5,335,754

 

 

 

5,335,266

 

 

 

4,843,264

 

 

 

0.33

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

0.00%

 

3.50% Cash + 3.25% PIK

 

10.42%

 

10/13/2028

 

$

31,967,738

 

 

 

31,969,566

 

 

 

29,017,115

 

 

 

1.96

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash + 3.25% PIK

 

10.42%

 

10/13/2028

 

$

10,655,913

 

 

 

10,656,389

 

 

 

9,672,372

 

 

 

0.65

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash + 3.25% PIK

 

10.42%

 

10/13/2028

 

$

4,631,276

 

 

 

4,630,683

 

 

 

4,203,809

 

 

 

0.28

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash + 3.25% PIK

 

10.19%

 

10/13/2028

 

$

9,262,552

 

 

 

9,262,358

 

 

 

8,407,618

 

 

 

0.57

%

 

H/L/N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

12/20/2031

 

$

3,258,565

 

 

 

3,210,311

 

 

 

3,217,912

 

 

 

0.22

%

 

N

Lighthouse Parent Holdings, Inc (Aperture)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

12/20/2031

 

$

—

 

 

 

(23,855

)

 

 

(16,315

)

 

 

0.00

%

 

K/N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

12/20/2031

 

$

11,921,522

 

 

 

11,805,039

 

 

 

11,838,072

 

 

 

0.80

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

113,719,756

 

 

 

106,911,041

 

 

 

7.23

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.25%

 

8.92%

 

1/18/2030

 

$

1,571,429

 

 

 

1,502,844

 

 

 

1,560,209

 

 

 

0.11

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien 2025 Incremental Term Loan

 

SOFR(M)

 

0.75%

 

5.25%

 

8.92%

 

1/18/2030

 

$

599,435

 

 

 

594,908

 

 

 

595,155

 

 

 

0.04

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.92%

 

1/18/2030

 

$

57,142

 

 

 

53,006

 

 

 

54,083

 

 

 

0.00

%

 

K/N

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.25%

 

6.86%

 

10.49%

 

3/2/2027

 

$

6,533,333

 

 

 

6,464,091

 

 

 

6,402,667

 

 

 

0.43

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

1.25%

 

6.61%

 

10.28%

 

3/21/2027

 

$

12,843,151

 

 

 

12,724,017

 

 

 

12,763,557

 

 

 

0.86

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,338,866

 

 

 

21,375,671

 

 

 

1.44

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Incremental Term Loan 2 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.03%

 

4/8/2027

 

$

10,119,063

 

 

 

10,093,143

 

 

 

10,068,467

 

 

 

0.68

%

 

L/N

 

11

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Incremental Term Loan 1 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.03%

 

4/8/2027

 

$

13,280,937

 

 

$

13,208,170.0

 

 

$

13,214,533.0

 

 

 

0.89

%

 

L/N

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.03%

 

4/8/2027

 

$

29,600,000

 

 

 

29,405,009

 

 

 

29,452,000

 

 

 

1.99

%

 

L/N

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Incremental Term Loan 3 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.03%

 

4/8/2027

 

$

2,000,000

 

 

 

1,971,440

 

 

 

1,990,000

 

 

 

0.13

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,677,762

 

 

 

54,725,000

 

 

 

3.69

%

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

1.15% Cash + 5.25% PIK

 

10.10%

 

12/29/2027

 

$

6,828,810

 

 

 

6,651,277

 

 

 

3,585,125

 

 

 

0.24

%

 

C/N

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.15%

 

9.85%

 

12/29/2026

 

$

2,625,746

 

 

 

2,399,656

 

 

 

1,344,935

 

 

 

0.09

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,050,933

 

 

 

4,930,060

 

 

 

0.33

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

9.95%

 

6/27/2029

 

$

23,208,319

 

 

 

23,039,301

 

 

 

22,962,934

 

 

 

1.55

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.70%

 

4/13/2029

 

$

353,843

 

 

 

354,261

 

 

 

352,664

 

 

 

0.02

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.70%

 

4/13/2029

 

$

17,681,307

 

 

 

17,434,091

 

 

 

17,663,626

 

 

 

1.19

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.25%

 

7.92%

 

9/12/2029

 

$

—

 

 

 

(7,037

)

 

 

(2,288

)

 

 

0.00

%

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.25%

 

7.92%

 

9/12/2029

 

$

11,307,053

 

 

 

11,015,750

 

 

 

11,273,132

 

 

 

0.76

%

 

N

Clever Devices Ltd.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.00%

 

9.67%

 

6/12/2030

 

$

294,118

 

 

 

275,735

 

 

 

286,029

 

 

 

0.02

%

 

N

Clever Devices Ltd.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.00%

 

9.67%

 

6/12/2030

 

$

1,733,824

 

 

 

1,690,478

 

 

 

1,714,752

 

 

 

0.12

%

 

N

Deepl Se (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

8.70%

 

6/26/2030

 

$

—

 

 

 

(8,758

)

 

 

(26,808

)

 

 

0.00

%

 

H/K/N

Deepl Se (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

8.70%

 

6/26/2030

 

$

2,356,713

 

 

 

2,336,456

 

 

 

2,326,076

 

 

 

0.16

%

 

H/N

Deepl Se (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

8.70%

 

6/26/2030

 

$

—

 

 

 

—

 

 

 

2,906

 

 

 

0.00

%

 

H/N

Douglas Holdings, Inc (Docupace)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.45%

 

8/27/2030

 

$

15,259,318

 

 

 

15,081,654

 

 

 

14,832,057

 

 

 

1.00

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.45%

 

8/27/2030

 

$

3,317,243

 

 

 

3,275,227

 

 

 

3,224,360

 

 

 

0.22

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien PIK Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.45%

 

8/27/2030

 

$

1,867,236

 

 

 

1,867,236

 

 

 

1,814,479

 

 

 

0.12

%

 

N

Douglas Holdings, Inc (Docupace)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.45%

 

8/27/2030

 

$

—

 

 

 

(14,712

)

 

 

(37,153

)

 

 

0.00

%

 

K/N

Dragos, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.85%

 

9/30/2026

 

$

—

 

 

 

(11,772

)

 

 

(36,000

)

 

 

0.00

%

 

K/N

Dragos, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.85%

 

6/30/2030

 

$

3,600,000

 

 

 

3,569,661

 

 

 

3,546,000

 

 

 

0.24

%

 

N

Dragos, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.85%

 

6/30/2030

 

$

—

 

 

 

—

 

 

 

(13,218

)

 

 

0.00

%

 

K/N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan (0.75% Exit Fee)

 

SOFR(Q)

 

1.00%

 

7.76%

 

11.43%

 

1/6/2027

 

$

3,399,371

 

 

 

3,400,724

 

 

 

3,156,478

 

 

 

0.21

%

 

H/L/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan (0.75% Exit Fee)

 

SOFR(Q)

 

1.00%

 

7.76%

 

11.41%

 

1/6/2027

 

$

7,326,537

 

 

 

7,316,782

 

 

 

6,789,991

 

 

 

0.46

%

 

H/L/N

FirstUp, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.45%

 

7/13/2027

 

$

416,402

 

 

 

414,133

 

 

 

384,339

 

 

 

0.03

%

 

N

FirstUp, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.45%

 

7/13/2027

 

$

42,799

 

 

 

42,566

 

 

 

39,503

 

 

 

0.00

%

 

N

FirstUp, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.45%

 

7/13/2027

 

$

—

 

 

 

(208

)

 

 

(2,974

)

 

 

0.00

%

 

K/N

Flexport Capital, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

2.00%

 

5.50%

 

9.17%

 

6/30/2029

 

$

—

 

 

 

—

 

 

 

(17,333

)

 

 

0.00

%

 

K/N

Flexport Capital, LLC

 

First Lien Term Loan

 

SOFR(M)

 

2.00%

 

5.50%

 

9.17%

 

6/30/2029

 

$

5,666,667

 

 

 

5,618,282

 

 

 

5,644,000

 

 

 

0.38

%

 

N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.00%

 

9.68%

 

5/22/2029

 

$

192,857

 

 

 

185,261

 

 

 

190,929

 

 

 

0.01

%

 

N

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.67%

 

5/22/2029

 

$

5,670,157

 

 

 

5,485,507

 

 

 

5,653,146

 

 

 

0.38

%

 

N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.67%

 

3/10/2031

 

$

6,616,667

 

 

 

6,540,544

 

 

 

6,451,250

 

 

 

0.44

%

 

N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.67%

 

3/10/2031

 

$

—

 

 

 

(17,742

)

 

 

(35,714

)

 

 

0.00

%

 

K/N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.71%

 

3/10/2031

 

$

142,857

 

 

 

121,429

 

 

 

107,143

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

2.50% Cash + 4.13% PIK

 

10.32%

 

7/9/2029

 

$

2,548,796

 

 

 

2,452,106

 

 

 

2,497,935

 

 

 

0.17

%

 

N

GTY Technology Holdings Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

2.50% Cash + 4.13% PIK

 

10.30%

 

7/9/2029

 

$

3,120,425

 

 

 

3,084,728

 

 

 

3,058,156

 

 

 

0.21

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

2.50% Cash + 4.13% PIK

 

10.32%

 

7/9/2029

 

$

1,666,271

 

 

 

1,605,621

 

 

 

1,633,020

 

 

 

0.11

%

 

N

 

12

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity/
Expiration

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

2.50% Cash + 4.13% PIK

 

10.29%

 

7/7/2029

 

$

1,059,844

 

 

$

1,032,741

 

 

$

1,038,695

 

 

 

0.07

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

Prime

 

1.00%

 

5.00%

 

11.75%

 

7/9/2029

 

$

616,705

 

 

 

595,842

 

 

 

585,938

 

 

 

0.04

%

 

K/N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.00%

 

2.50% Cash + 4.13% PIK

 

10.29%

 

7/7/2029

 

$

452,934

 

 

 

442,528

 

 

 

443,896

 

 

 

0.03

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.00%

 

2.50% Cash + 4.13% PIK

 

10.32%

 

7/7/2029

 

$

305,084

 

 

 

293,847

 

 

 

298,996

 

 

 

0.02

%

 

N

Honey Intermediate, Inc. (iLobby) (Canada)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

2.88% Cash + 3.38% PIK

 

9.92%

 

9/30/2030

 

$

18,574,270

 

 

 

18,361,886

 

 

 

18,128,488

 

 

 

1.22

%

 

H/K/N

Honey Intermediate, Inc. (iLobby) (Canada)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

2.88% Cash + 3.38% PIK

 

9.92%

 

9/26/2030

 

$

—

 

 

 

(26,515

)

 

 

(56,471

)

 

 

0.00

%

 

H/K/N

Integrate.com, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash + 2.25% PIK

 

10.60%

 

12/17/2027

 

$

5,714,617

 

 

 

5,635,800

 

 

 

5,371,751

 

 

 

0.36

%

 

N

Integrate.com, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash + 2.25% PIK

 

10.60%

 

12/17/2027

 

$

363,118

 

 

 

358,189

 

 

 

341,332

 

 

 

0.02

%

 

N

Integrate.com, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash + 2.25% PIK

 

10.57%

 

12/17/2027

 

$

303,860

 

 

 

294,298

 

 

 

285,629

 

 

 

0.02

%

 

N

Integrate.com, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.65% Cash + 2.25% PIK

 

10.61%

 

12/17/2027

 

$

487,845

 

 

 

485,558

 

 

 

458,576

 

 

 

0.03

%

 

N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Last Out Term Loan

 

SOFR(Q)

 

0.75%

 

7.50%

 

11.17%

 

8/5/2028

 

$

8,017,052

 

 

 

7,788,405

 

 

 

6,835,236

 

 

 

0.46

%

 

N

Logicmonitor, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.17%

 

11/19/2031

 

$

—

 

 

 

(513

)

 

 

(1,269

)

 

 

0.00

%

 

K/N

Logicmonitor, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.17%

 

11/19/2031

 

$

405,983

 

 

 

402,080

 

 

 

395,833

 

 

 

0.03

%

 

N

Onward Acquireco Inc (Onestream Inc)

 

Sr Secured Revolver

 

SOFR(M)

 

0.00%

 

2.38% Cash + 2.68% PIK

 

8.71%

 

3/30/2033

 

$

—

 

 

 

(834

)

 

 

(834

)

 

 

0.00

%

 

K/N

Onward Acquireco Inc (Onestream Inc)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.00%

 

2.38% Cash + 2.68% PIK

 

8.71%

 

3/30/2033

 

$

—

 

 

 

(2,000

)

 

 

(2,000

)

 

 

0.00

%

 

K/N

Onward Acquireco Inc (Onestream Inc)

 

First Lien Term Loan

 

SOFR(M)

 

0.00%

 

2.38% Cash + 2.68% PIK

 

8.71%

 

3/30/2033

 

$

622,200

 

 

 

617,534

 

 

 

617,534

 

 

 

0.04

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

7.50%

 

11.60%

 

9/15/2026

 

$

6,915,667

 

 

 

6,915,667

 

 

 

6,714,017

 

 

 

0.45

%

 

N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.50% PIK

 

10.14%

 

5/9/2028

 

$

27,521,897

 

 

 

27,242,353

 

 

 

22,894,001

 

 

 

1.54

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.00%

 

9.67%

 

5/9/2028

 

$

730,053

 

 

 

717,277

 

 

 

361,771

 

 

 

0.02

%

 

H/N

Shackleton Bidco Inc. (Payworks) (Canada)

 

First Lien Delayed Draw Term Loan

 

CORRA(Q)

 

0.75%

 

4.50%

 

6.76%

 

11/5/2032

 

 

CAD —

 

 

 

(7,198

)

 

 

(27,069

)

 

 

0.00

%

 

H/K/N/O

Shackleton Bidco Inc. (Payworks) (Canada)

 

Sr Secured Revolver

 

CORRA(Q)

 

0.75%

 

4.50%

 

6.76%

 

11/5/2032

 

 

CAD —

 

 

 

(3,603

)

 

 

(6,767

)

 

 

0.00

%

 

H/K/N/O

Shackleton Bidco Inc. (Payworks) (Canada)

 

First Lien Term Loan

 

CORRA(Q)

 

0.75%

 

4.50%

 

6.76%

 

10/25/2032

 

 

CAD 4,306,400

 

 

 

3,031,782

 

 

 

3,039,430

 

 

 

0.21

%

 

H/N/O

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.10%

 

6/30/2028

 

$

4,006,640

 

 

 

3,975,507

 

 

 

3,916,289

 

 

 

0.26

%

 

N

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.10%

 

6/30/2028

 

$

2,243,719

 

 

 

2,229,007

 

 

 

2,205,891

 

 

 

0.15

%

 

N

Zilliant Incorporated

 

First Lien Term Loan (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

6.10%

 

9.77%

 

12/21/2027

 

$

3,578,889

 

 

 

3,491,085

 

 

 

2,329,857

 

 

 

0.16

%

 

C/L/N

Zilliant Incorporated

 

First Lien Delayed Draw Term Loan (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

6.10%

 

9.77%

 

12/21/2027

 

$

655,296

 

 

 

644,944

 

 

 

426,598

 

 

 

0.03

%

 

C/L/N

Zilliant Incorporated

 

Sr Secured Revolver (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

6.10%

 

9.77%

 

12/21/2027

 

$

296,296

 

 

 

295,377

 

 

 

192,889

 

 

 

0.01

%

 

C/L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

200,958,348

 

 

 

192,221,654

 

 

 

12.98

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.75%

 

10.45%

 

8/15/2028

 

$

23,983,074

 

 

 

23,570,379

 

 

 

23,359,514

 

 

 

1.58

%

 

G/N

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.35%

 

10.02%

 

7/2/2026

 

$

10,181,310

 

 

 

10,132,383

 

 

 

9,845,327

 

 

 

0.66

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,702,762

 

 

 

33,204,841

 

 

 

2.24

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.50%

 

9.17%

 

4/25/2031

 

$

34,673,628

 

 

 

34,411,279

 

 

 

34,673,628

 

 

 

2.34

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.20%

 

6/11/2029

 

$

14,330,250

 

 

 

14,123,859

 

 

 

14,101,598

 

 

 

0.95

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 225.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,376,691,389

 

 

 

1,274,458,440

 

 

 

86.00

%

 

 

 

13

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AA Acquisition Aggregator, LLC (AutoAlert)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

$

9,085,917

 

 

$

1,048,357

 

 

 

0.07

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,191

 

 

 

673,788

 

 

 

1,374,471

 

 

 

0.09

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

285,933

 

 

 

2

 

 

 

0.00

%

 

D/E/N

Kellermeyer Bergensons Services, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

—

 

 

 

2

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285,933

 

 

 

4

 

 

 

0.00

%

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Global LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

738,447

 

 

 

738,447

 

 

 

7

 

 

 

0.00

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infinite Commerce Holdings LLC (Razor)

 

Series A-3 Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

41,346,557

 

 

 

—

 

 

 

413

 

 

 

0.00

%

 

D/E/N

Infinite Commerce Holdings LLC (Razor)

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

196,805

 

 

 

—

 

 

 

2

 

 

 

0.00

%

 

D/E/N

Infinite Commerce Holdings LLC (Razor)

 

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

10,173,792

 

 

 

—

 

 

 

102

 

 

 

0.00

%

 

D/E/N

SellerX Germany GMBH & Co. KG (Germany)

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

706,179

 

 

 

8,197

 

 

 

7

 

 

 

0.00

%

 

B/D/E/H/N

Vingil Holdings 2 S.a r.l (Germany)

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

48,576,519

 

 

 

15,107,298

 

 

 

486

 

 

 

0.00

%

 

B/D/E/H/N

Thras.io, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

291,605

 

 

 

—

 

 

 

3

 

 

 

0.00

%

 

D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

24,166,714

 

 

 

259

 

 

 

0.00

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

179

 

 

 

0.00

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series C-2 Preferred Units

 

Fixed

 

 

 

 

 

15.00%

 

 

 

 

2,542

 

 

 

6,128,156

 

 

 

2,893,468

 

 

 

0.20

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58,831,527

 

 

 

2,894,919

 

 

 

0.20

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

32,277,397

 

 

 

37,992,650

 

 

 

54,985,000

 

 

 

3.71

%

 

E/F/N

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10,612

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Gordon Brothers Finance Company

 

Preferred Stock

 

Fixed

 

 

 

 

 

13.50%

 

 

 

 

34,285

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Worldremit Group Limited (United Kingdom)

 

Series X Shares

 

 

 

 

 

 

 

 

 

 

 

 

3,721

 

 

 

373,524

 

 

 

444,199

 

 

 

0.03

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

42,482

 

 

 

28,022

 

 

 

34,843

 

 

 

0.00

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

 

 

 

 

 

8/17/2031

 

 

508

 

 

 

61

 

 

 

14

 

 

 

0.00

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,394,257

 

 

 

55,464,056

 

 

 

3.74

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,593

 

 

 

216,336

 

 

 

8,968

 

 

 

0.00

%

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

97,362

 

 

 

0.01

%

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

154,512

 

 

 

0.01

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

869,734

 

 

 

260,842

 

 

 

0.02

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

2,088,152

 

 

 

275,200

 

 

 

1,792,952

 

 

 

0.12

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

5,910

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

152,364

 

 

 

0.01

%

 

D

 

14

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

94,136

 

 

$

—

 

 

$

995,959

 

 

 

0.07

%

 

D/N

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

482,404

 

 

 

—

 

 

 

3,772,399

 

 

 

0.25

%

 

D/N

GoTab, Inc. (Fishbowl)

 

Warrants to Purchase Series A Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

486,320

 

 

 

5

 

 

 

5

 

 

 

0.00

%

 

D/E/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,187,500

 

 

 

508,805

 

 

 

51,902

 

 

 

0.00

%

 

D/E/N

Igloo Parent Holdings LLC (InMoment)

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

97

 

 

 

7,661,666

 

 

 

8,319,973

 

 

 

0.56

%

 

D/E/I/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

10/3/2028

 

 

1,511,002

 

 

 

93,407

 

 

 

1,168,652

 

 

 

0.08

%

 

D/E/H/N

Pluralsight, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

2,865,672

 

 

 

7,995,225

 

 

 

29

 

 

 

0.00

%

 

D/E/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

30,604

 

 

 

0.00

%

 

D/E/H/N/O

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,229,771

 

 

 

0.35

%

 

D/E/N

Suited Connector, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

6,761,364

 

 

 

68

 

 

 

68

 

 

 

0.00

%

 

B/D/E/N

Suited Connector, LLC

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

5,250,000

 

 

 

144,737

 

 

 

144,737

 

 

 

0.01

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18,526,690

 

 

 

19,866,463

 

 

 

1.33

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

7

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

63,768

 

 

 

1,302,031

 

 

 

4,464

 

 

 

0.00

%

 

D/E/N

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

546

 

 

 

21,204

 

 

 

265,654

 

 

 

0.02

%

 

D/E/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

17,198

 

 

 

0.00

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

6/30/2026

 

 

946,498

 

 

 

79,082

 

 

 

572,593

 

 

 

0.04

%

 

D/E/H/N

Streamland Media Holdings LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

2,636

 

 

 

134,515

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,602,077

 

 

 

859,909

 

 

 

0.06

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48forty Intermediate Holdings, Inc.

 

Class A-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

1,787

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

48forty Intermediate Holdings, Inc.

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

1,787

 

 

 

6,829,548

 

 

 

6,542,791

 

 

 

0.44

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,829,548

 

 

 

6,542,791

 

 

 

0.44

%

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

 

—

 

 

 

3,973

 

 

 

0.00

%

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JobandTalent USA, Inc. (United Kingdom)

 

F1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

255,112

 

 

 

3,207,662

 

 

 

6,798,735

 

 

 

0.46

%

 

D/E/H/N

JobandTalent USA, Inc. (United Kingdom)

 

F3 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

17,007

 

 

 

—

 

 

 

436,740

 

 

 

0.03

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,207,662

 

 

 

7,235,475

 

 

 

0.49

%

 

 

 

15

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Truckin)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

11/27/2034

 

 

825,000

 

 

$

825,000

 

 

$

805,165

 

 

 

0.05

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

10,538

 

 

 

546

 

 

 

2,108

 

 

 

0.00

%

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/6/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

17

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

578,389

 

 

 

2,125

 

 

 

0.00

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

 

12.50%

 

 

 

 

9,586

 

 

 

16,080,020

 

 

 

16,058,561

 

 

 

1.08

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 20.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

158,805,573

 

 

 

114,210,077

 

 

 

7.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 245.7% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,535,496,962

 

 

$

1,388,668,517

 

 

 

93.71

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 16.5% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

93,258,534

 

 

 

6.29

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 262.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,481,927,051

 

 

 

100.00

%

 

M

 

 

16

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2026

Notes to Consolidated Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the Investment Company Act of 1940, as amended (the “1940 Act”) (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
(G)
Investment has been segregated to collateralize certain unfunded commitments.
(H)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
(O)
Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

 

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 $22,535,657 and $135,457,504, respectively, for the three months ended March 31, 2026. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of March 31, 2026 was $1,383,743,822 or 93.4% of total cash and investments of the Company. As of March 31, 2026, approximately 17.5% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

17

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 2025

 

 

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (A)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skydio, Inc

 

First Lien Term Loan

 

SOFR(M)

 

2.50%

 

2.75% Cash +2.75% PIK

 

9.17%

 

12/4/2029

 

$

13,494,635

 

 

$

13,418,753

 

 

$

13,373,183

 

 

 

0.84

%

 

N

Skydio, Inc

 

First Lien Delayed Draw Term Loan B

 

SOFR(M)

 

2.50%

 

5.00% Cash

 

8.73%

 

12/4/2029

 

$

—

 

 

 

(51,535

)

 

 

(59,063

)

 

 

0.00

%

 

K/N

Skydio, Inc

 

First Lien Delayed Draw Term Loan A

 

SOFR(M)

 

2.50%

 

5.00% Cash

 

8.73%

 

12/4/2029

 

$

6,562,500

 

 

 

6,510,514

 

 

 

6,503,438

 

 

 

0.41

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,877,732

 

 

 

19,817,558

 

 

 

1.25

%

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.47%

 

8/22/2031

 

$

2,978,553

 

 

 

2,870,624

 

 

 

2,874,509

 

 

 

0.18

%

 

H/N

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.47%

 

7/22/2030

 

$

867,687

 

 

 

867,687

 

 

 

837,377

 

 

 

0.05

%

 

H/N

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

EURIBOR(M)

 

0.75%

 

5.88%

 

7.78%

 

7/22/2030

 

 

EUR 542,884

 

 

 

631,783

 

 

 

617,234

 

 

 

0.04

%

 

H/N/O

ABC Technologies Inc. (TI Automotive) (Canada)

 

First Lien Term Loan

 

EURIBOR(M)

 

0.75%

 

5.88%

 

7.78%

 

8/22/2031

 

 

EUR 1,721,839

 

 

 

1,935,897

 

 

 

1,957,651

 

 

 

0.12

%

 

H/N/O

ALCV Purchaser, Inc. (AutoLenders)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.01%

 

10.68%

 

3/31/2026

 

$

7,419,257

 

 

 

7,406,802

 

 

 

7,404,418

 

 

 

0.46

%

 

G/N

ALCV Purchaser, Inc. (AutoLenders)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.01%

 

10.68%

 

2/25/2026

 

$

448,202

 

 

 

446,747

 

 

 

446,409

 

 

 

0.03

%

 

G/N

AutoAlert, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.39%

 

3/31/2028

 

$

11,757,894

 

 

 

11,757,894

 

 

 

11,757,894

 

 

 

0.74

%

 

F/N

AutoAlert, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.40% PIK

 

13.39%

 

3/31/2029

 

$

12,296,081

 

 

 

12,296,081

 

 

 

12,296,081

 

 

 

0.77

%

 

F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

38,213,515

 

 

 

38,191,573

 

 

 

2.39

%

 

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TL Alpine Holding Corp.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.00%

 

9.72%

 

8/1/2030

 

$

1,980,367

 

 

 

1,947,096

 

 

 

1,988,288

 

 

 

0.12

%

 

N

Porcelain Acquisition Corporation (Paramount)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.10%

 

10.02%

 

12/31/2028

 

$

9,596,776

 

 

 

9,457,360

 

 

 

5,431,775

 

 

 

0.34

%

 

C/N

Trulite Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.98%

 

3/1/2030

 

$

1,138,393

 

 

 

1,093,170

 

 

 

1,104,241

 

 

 

0.07

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,497,626

 

 

 

8,524,304

 

 

 

0.53

%

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

7.51%

 

11.42%

 

2/8/2027

 

$

22,291,007

 

 

 

22,241,804

 

 

 

22,402,462

 

 

 

1.41

%

 

N

Pico Quantitative Trading, LLC

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.50%

 

7.51%

 

11.35%

 

2/8/2027

 

$

17,285,388

 

 

 

17,221,644

 

 

 

17,285,388

 

 

 

1.08

%

 

N

PMA Parent Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

1/31/2031

 

$

5,223,783

 

 

 

4,973,565

 

 

 

5,180,630

 

 

 

0.32

%

 

N

PMA Parent Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

1/31/2031

 

$

—

 

 

 

(13,344

)

 

 

(6,196

)

 

 

0.00

%

 

K/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,423,669

 

 

 

44,862,284

 

 

 

2.81

%

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apollo Group Holdco, LLC (Topsail)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.42%

 

12/26/2030

 

$

475,000

 

 

 

466,997

 

 

 

471,200

 

 

 

0.03

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.40% PIK

 

9.24%

 

11/6/2028

 

$

1,458,093

 

 

 

1,432,432

 

 

 

1,458,093

 

 

 

0.09

%

 

N

Kellermeyer Bergensons Services, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

8.15% PIK

 

11.99%

 

11/7/2026

 

$

666,488

 

 

 

451,664

 

 

 

240,602

 

 

 

0.02

%

 

C/N

Modigent, LLC (Pueblo)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.92%

 

8/23/2028

 

$

1,675,830

 

 

 

1,624,914

 

 

 

1,653,914

 

 

 

0.10

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.92%

 

8/23/2028

 

$

1,162,463

 

 

 

1,130,244

 

 

 

1,147,260

 

 

 

0.07

%

 

N

Modigent, LLC (Pueblo)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.92%

 

8/23/2028

 

$

1,565,125

 

 

 

1,532,819

 

 

 

1,544,657

 

 

 

0.10

%

 

N

Modigent, LLC (Pueblo)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.92%

 

8/23/2027

 

$

—

 

 

 

(7,681

)

 

 

(4,880

)

 

 

0.00

%

 

K/N

Thermostat Purchaser III, Inc. (Reedy Industries)

 

Second Lien Term Loan

 

SOFR(Q)

 

0.75%

 

7.40%

 

11.22%

 

8/31/2029

 

$

10,383,054

 

 

 

10,191,570

 

 

 

10,383,054

 

 

 

0.65

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,822,959

 

 

 

16,893,900

 

 

 

1.06

%

 

 

Construction and Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brown & Settle, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.25%

 

10.12%

 

5/16/2030

 

$

731,708

 

 

 

709,924

 

 

 

731,707

 

 

 

0.05

%

 

N

Brown & Settle, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.26%

 

5/16/2030

 

$

8,753,659

 

 

 

8,552,282

 

 

 

8,823,688

 

 

 

0.55

%

 

N

Hylan Intermediate Holding II, LLC

 

First Lien Term Loan

 

SOFR(S)

 

2.00%

 

6.25%

 

10.15%

 

4/5/2029

 

$

11,709,782

 

 

 

11,575,692

 

 

 

5,824,446

 

 

 

0.37

%

 

B/C/N

JF Acquisition, LLC (JF Petroleum)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.75%

 

9.48%

 

6/18/2030

 

$

—

 

 

 

(14,446

)

 

 

(10,795

)

 

 

0.00

%

 

K/N

JF Acquisition, LLC (JF Petroleum)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

5.75%

 

9.48%

 

6/18/2030

 

$

—

 

 

 

(12,030

)

 

 

(6,677

)

 

 

0.00

%

 

K/N

JF Acquisition, LLC (JF Petroleum)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.75%

 

9.48%

 

6/18/2030

 

$

5,778,728

 

 

 

5,679,661

 

 

 

5,720,941

 

 

 

0.36

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.50%

 

8.27%

 

2/1/2030

 

$

2,754,059

 

 

 

2,722,751

 

 

 

2,754,059

 

 

 

0.17

%

 

N

LJ Avalon Holdings, LLC (Ardurra)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.50%

 

8.46%

 

2/1/2030

 

$

6,727,150

 

 

 

6,556,053

 

 

 

6,727,150

 

 

 

0.42

%

 

N

 

18

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RBS Buyer Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.84%

 

7/31/2031

 

$

—

 

 

$

(11,661

)

 

$

—

 

 

 

0.00

%

 

K/N

RBS Buyer Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.84%

 

7/31/2031

 

$

—

 

 

 

(3,509

)

 

 

6,000

 

 

 

0.00

%

 

K/N

RBS Buyer Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.84%

 

7/31/2031

 

$

3,391,500

 

 

 

3,350,331

 

 

 

3,425,415

 

 

 

0.21

%

 

N

Titan Home Improvement, LLC (Renuity)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.57%

 

5/31/2030

 

$

1,837,209

 

 

 

1,791,279

 

 

 

1,855,581

 

 

 

0.12

%

 

N

Titan Home Improvement, LLC (Renuity)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.75%

 

8.57%

 

5/31/2030

 

$

—

 

 

 

—

 

 

 

3,488

 

 

 

0.00

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.72%

 

9/4/2029

 

$

99,227

 

 

 

94,311

 

 

 

102,498

 

 

 

0.01

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.72%

 

9/4/2029

 

$

1,082,564

 

 

 

1,068,055

 

 

 

1,087,977

 

 

 

0.07

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.72%

 

9/4/2029

 

$

875,286

 

 

 

841,975

 

 

 

879,663

 

 

 

0.06

%

 

N

Vortex Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.72%

 

9/4/2029

 

$

649,121

 

 

 

632,153

 

 

 

652,367

 

 

 

0.04

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.72%

 

9/4/2029

 

$

847,586

 

 

 

836,412

 

 

 

851,824

 

 

 

0.05

%

 

N

Vortex Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

5.00%

 

8.72%

 

9/4/2029

 

$

420,708

 

 

 

432,724

 

 

 

422,812

 

 

 

0.03

%

 

N

Vortex Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

5.00%

 

8.72%

 

9/4/2029

 

$

68,982

 

 

 

68,542

 

 

 

68,982

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,870,499

 

 

 

39,921,126

 

 

 

2.51

%

 

 

Consumer Finance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lucky US BuyerCo, LLC (Global Payments)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.50%

 

11.22%

 

3/30/2029

 

$

504,696

 

 

 

496,596

 

 

 

495,906

 

 

 

0.03

%

 

N

Lucky US BuyerCo, LLC (Global Payments)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.50%

 

11.22%

 

3/30/2029

 

$

4,232,490

 

 

 

4,111,173

 

 

 

4,165,551

 

 

 

0.26

%

 

N

Money Transfer Acquisition Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

8.35%

 

12.27%

 

12/14/2027

 

$

7,939,259

 

 

 

7,825,781

 

 

 

7,621,688

 

 

 

0.48

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,433,550

 

 

 

12,283,145

 

 

 

0.77

%

 

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Holding, Inc. (Brook & Whittle)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.25%

 

13.09%

 

3/14/2029

 

$

18,696,803

 

 

 

16,906,861

 

 

 

2,505,372

 

 

 

0.16

%

 

C/N

PVHC Holding Corp.

 

First Lien Term Loan

 

SOFR(Q)

 

2.50%

 

2.15% Cash + 9.25% PIK

 

15.12%

 

2/17/2027

 

$

5,037,856

 

 

 

4,962,523

 

 

 

4,785,963

 

 

 

0.30

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,869,384

 

 

 

7,291,335

 

 

 

0.46

%

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Express Wash Acquisition Company, LLC (Whistle)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.18%

 

4/10/2031

 

$

—

 

 

 

(14,716

)

 

 

(109,997

)

 

 

-0.01

%

 

K/N

Express Wash Acquisition Company, LLC (Whistle)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.18%

 

4/10/2031

 

$

28,191,718

 

 

 

27,927,333

 

 

 

26,331,064

 

 

 

1.65

%

 

N

Fusion Holding Corp. (Finalsite)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.25%

 

9.92%

 

9/29/2028

 

$

3,553,292

 

 

 

3,447,707

 

 

 

3,294,180

 

 

 

0.21

%

 

N

Fusion Holding Corp. (Finalsite)

 

Sr Secured Revolver

 

Prime

 

0.75%

 

5.25%

 

12.00%

 

9/15/2027

 

$

164,469

 

 

 

162,978

 

 

 

152,570

 

 

 

0.01

%

 

N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 2A Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

3,199,154

 

 

 

3,200,738

 

 

 

—

 

 

 

0.00

%

 

C/N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 2B Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

1,407,935

 

 

 

1,408,811

 

 

 

—

 

 

 

0.00

%

 

C/N

Infinite Commerce Holdings LLC (Razor)

 

2nd Lien 3B Term Loan

 

Fixed

 

0.00%

 

15.00% PIK

 

15.00%

 

12/20/2029

 

$

21,292,564

 

 

 

15,762,324

 

 

 

2

 

 

 

0.00

%

 

C/N

SellerX Germany GMBH & Co. KG (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.00%

 

8.90%

 

11/5/2026

 

$

1,346,022

 

 

 

1,340,030

 

 

 

1,346,022

 

 

 

0.08

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

5.00%

 

8.69%

 

6/18/2029

 

$

12,582,986

 

 

 

12,809,193

 

 

 

12,582,986

 

 

 

0.79

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

3.00% Cash +6.00% PIK

 

12.69%

 

12/31/2028

 

$

7,446,379

 

 

 

7,446,379

 

 

 

5,138,001

 

 

 

0.32

%

 

B/H/N

SellerX Germany GMBH & Co. KG (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

3.00% Cash +6.00% PIK

 

12.69%

 

12/31/2028

 

$

8,543,429

 

 

 

8,543,429

 

 

 

5,894,966

 

 

 

0.37

%

 

B/H/N

Thras.io, LLC

 

First Out Term Loan

 

SOFR(M)

 

1.00%

 

10.11% PIK

 

13.84%

 

6/18/2029

 

$

6,772,229

 

 

 

6,642,481

 

 

 

6,772,229

 

 

 

0.42

%

 

N

Thras.io, LLC

 

Second Out Term Loan

 

SOFR(M)

 

1.00%

 

8.11%

 

11.84%

 

6/18/2029

 

$

19,645,573

 

 

 

15,397,713

 

 

 

14,161,458

 

 

 

0.89

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

104,074,400

 

 

 

75,563,481

 

 

 

4.73

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Senior Note

 

Fixed

 

0.00%

 

12.00%

 

12.00%

 

11/30/2030

 

$

59,756,438

 

 

 

59,756,438

 

 

 

59,756,438

 

 

 

3.75

%

 

E/F/N

Accuserve Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.09%

 

3/15/2030

 

$

2,316,603

 

 

 

2,303,268

 

 

 

2,050,194

 

 

 

0.13

%

 

N

Beekeeper Buyer Inc. (Archway)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.92%

 

6/30/2031

 

$

—

 

 

 

(1,840

)

 

 

—

 

 

 

0.00

%

 

K/N

Beekeeper Buyer Inc. (Archway)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.92%

 

6/30/2031

 

$

800,000

 

 

 

792,369

 

 

 

800,800

 

 

 

0.05

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

5.00%

 

9.22%

 

8/21/2028

 

$

7,644,877

 

 

 

7,394,764

 

 

 

7,585,743

 

 

 

0.48

%

 

N

GC Champion Acquisition LLC (Numerix)

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.00%

 

5.00%

 

9.22%

 

8/21/2028

 

$

2,123,577

 

 

 

2,054,372

 

 

 

2,107,151

 

 

 

0.13

%

 

N

 

19

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GC Waves Holdings, Inc. (Mercer)

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

4.50%

 

8.22%

 

10/4/2030

 

$

254,363

 

 

$

242,338

 

 

$

304,356

 

 

 

0.02

%

 

N

Gordon Brothers Finance Company

 

Unsecured Debt

 

LIBOR (A)

 

1.00%

 

11.00%

 

14.60%

 

6/3/2026

 

$

34,644,008

 

 

 

10,575,543

 

 

 

127,490

 

 

 

0.01

%

 

C/F/N

Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)

 

Second Lien Term Loan

 

SOFR(M)

 

1.00%

 

8.62%

 

12.33%

 

9/7/2028

 

$

9,430,643

 

 

 

9,428,229

 

 

 

9,524,950

 

 

 

0.60

%

 

N

Oak Funding LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.50%

 

4.50%

 

8.29%

 

12/2/2032

 

$

—

 

 

 

(2,196

)

 

 

(4,394

)

 

 

0.00

%

 

K/N

Oak Funding LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.50%

 

4.50%

 

8.29%

 

12/2/2032

 

$

4,555,556

 

 

 

4,510,780

 

 

 

4,510,517

 

 

 

0.28

%

 

N

SitusAMC Holdings Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.17%

 

5/14/2031

 

$

18,181,434

 

 

 

18,095,517

 

 

 

18,308,704

 

 

 

1.15

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

115,149,582

 

 

 

105,071,949

 

 

 

6.60

%

 

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Griffon Bidco Inc. (Layerzero)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

7/31/2031

 

$

—

 

 

 

(32,645

)

 

 

—

 

 

 

0.00

%

 

K/N

Griffon Bidco Inc. (Layerzero)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

7/31/2031

 

$

—

 

 

 

(16,275

)

 

 

—

 

 

 

0.00

%

 

K/N

Griffon Bidco Inc. (Layerzero)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

7/31/2031

 

$

19,250,000

 

 

 

19,061,700

 

 

 

19,250,000

 

 

 

1.21

%

 

N

Spark Buyer, LLC (Sparkstone)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.94%

 

10/15/2031

 

$

—

 

 

 

(55,855

)

 

 

(833,793

)

 

 

-0.05

%

 

K/N

Spark Buyer, LLC (Sparkstone)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.25%

 

8.94%

 

10/15/2031

 

$

762,069

 

 

 

762,069

 

 

 

345,172

 

 

 

0.02

%

 

N

Spark Buyer, LLC (Sparkstone)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.25%

 

9.13%

 

10/15/2031

 

$

11,094,828

 

 

 

10,949,186

 

 

 

9,031,190

 

 

 

0.57

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,668,180

 

 

 

27,792,569

 

 

 

1.75

%

 

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appriss Health, LLC (PatientPing)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

4.85%

 

8.57%

 

5/6/2027

 

$

5,382,416

 

 

 

5,322,838

 

 

 

5,430,858

 

 

 

0.34

%

 

N

Appriss Health, LLC (PatientPing)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

4.85%

 

8.57%

 

5/6/2027

 

$

—

 

 

 

(4,163

)

 

 

—

 

 

 

0.00

%

 

K/N

CareATC, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.05%

 

3/14/2026

 

$

20,924,886

 

 

 

20,861,833

 

 

 

20,631,938

 

 

 

1.29

%

 

N

CareATC, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.35%

 

11.05%

 

3/14/2026

 

$

—

 

 

 

(1,007

)

 

 

(13,235

)

 

 

0.00

%

 

K/N

ESO Solutions, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.58%

 

5/3/2027

 

$

32,182,664

 

 

 

31,795,045

 

 

 

32,086,116

 

 

 

2.01

%

 

N

ESO Solutions, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.58%

 

5/3/2027

 

$

2,129,887

 

 

 

2,108,628

 

 

 

2,122,788

 

 

 

0.13

%

 

N

Gainwell Acquisition Corp.

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

8.10%

 

12.04%

 

10/2/2028

 

$

7,744,557

 

 

 

7,631,515

 

 

 

7,552,933

 

 

 

0.47

%

 

N

Mpulse Mobile Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

8/26/2032

 

$

—

 

 

 

(5,300

)

 

 

(5,360

)

 

 

0.00

%

 

K/N

Mpulse Mobile Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.42%

 

8/26/2032

 

$

3,895,997

 

 

 

3,858,752

 

 

 

3,858,544

 

 

 

0.24

%

 

N

Mpulse Mobile Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

3.25%

 

6.97%

 

8/26/2032

 

$

—

 

 

 

(3,674

)

 

 

(3,567

)

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

4.50%

 

8.22%

 

6/9/2032

 

$

—

 

 

 

(513

)

 

 

(444

)

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

4.50%

 

8.22%

 

6/9/2032

 

$

—

 

 

 

(1,024

)

 

 

(444

)

 

 

0.00

%

 

K/N

MRO Parent Corporation

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

4.50%

 

8.22%

 

6/9/2032

 

$

849,722

 

 

 

837,579

 

 

 

844,624

 

 

 

0.05

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,400,509

 

 

 

72,504,751

 

 

 

4.53

%

 

 

Healthcare Providers and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

9.82%

 

5/4/2028

 

$

13,713,027

 

 

 

13,436,701

 

 

 

13,449,737

 

 

 

0.84

%

 

N

PHC Buyer, LLC (Patriot Home Care)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

6.00%

 

9.82%

 

5/4/2028

 

$

3,189,345

 

 

 

3,179,932

 

 

 

3,128,110

 

 

 

0.20

%

 

N

Team Services Group, LLC

 

Second Lien Term Loan

 

SOFR(Q)

 

1.00%

 

9.26%

 

13.10%

 

10/1/2028

 

$

34,410,390

 

 

 

33,670,169

 

 

 

34,410,390

 

 

 

2.16

%

 

G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

50,286,802

 

 

 

50,988,237

 

 

 

3.20

%

 

 

Hotels, Restaurants and Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

9.99%

 

6/3/2027

 

$

5,301,012

 

 

 

5,178,415

 

 

 

5,281,064

 

 

 

0.33

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Second Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

9.99%

 

3/15/2029

 

$

3,309,892

 

 

 

3,150,809

 

 

 

3,297,437

 

 

 

0.21

%

 

H/N

OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)

 

Sr Secured Revolver

 

SOFR(M)

 

2.00%

 

6.25%

 

9.98%

 

6/3/2027

 

$

438,327

 

 

 

435,475

 

 

 

436,677

 

 

 

0.03

%

 

H/N

Stonebridge Companies, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

8.72%

 

5/16/2031

 

$

—

 

 

 

(1,314

)

 

 

774

 

 

 

0.00

%

 

K/N

Stonebridge Companies, LLC

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.00%

 

8.72%

 

5/16/2030

 

$

—

 

 

 

(1,701

)

 

 

—

 

 

 

0.00

%

 

K/N

Stonebridge Companies, LLC

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.00%

 

8.72%

 

5/16/2031

 

$

677,419

 

 

 

667,764

 

 

 

680,129

 

 

 

0.04

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,429,448

 

 

 

9,696,081

 

 

 

0.61

%

 

 

 

20

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AmeriLife Holdings, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.79%

 

 

8/31/2029

 

$

7,208,132

 

 

$

6,960,184

 

 

$

7,208,132

 

 

 

0.45

%

 

N

AmeriLife Holdings, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.79%

 

 

8/31/2028

 

$

123,749

 

 

 

116,775

 

 

 

123,749

 

 

 

0.01

%

 

N

EBS Parent Holdings Inc. (The Difference Card)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

 

7/1/2032

 

$

—

 

 

 

(3,608

)

 

 

(7,764

)

 

 

0.00

%

 

K/N

EBS Parent Holdings Inc. (The Difference Card)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

 

7/1/2032

 

$

—

 

 

 

(2,406

)

 

 

(2,588

)

 

 

0.00

%

 

K/N

EBS Parent Holdings Inc. (The Difference Card)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.67%

 

 

7/1/2032

 

$

3,105,469

 

 

 

3,075,075

 

 

 

3,074,414

 

 

 

0.19

%

 

N

Integrity Marketing Acquisition, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.82%

 

 

8/25/2028

 

$

—

 

 

 

(237,409

)

 

 

(107,183

)

 

 

-0.01

%

 

K/N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.42%

 

 

10/2/2028

 

$

741,850

 

 

 

734,786

 

 

 

746,301

 

 

 

0.05

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.42%

 

 

10/1/2026

 

$

5,818,750

 

 

 

5,763,924

 

 

 

5,853,663

 

 

 

0.37

%

 

N

IT Parent, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.33%

 

 

10/2/2028

 

$

700,000

 

 

 

692,138

 

 

 

700,000

 

 

 

0.04

%

 

N

IT Parent, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.60%

 

9.45%

 

 

10/2/2028

 

$

3,083,191

 

 

 

3,064,305

 

 

 

3,101,690

 

 

 

0.19

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,163,764

 

 

 

20,690,414

 

 

 

1.29

%

 

 

Internet and Catalog Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Syndigo, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.82%

 

 

9/2/2032

 

$

—

 

 

 

(3,390

)

 

 

(3,910

)

 

 

0.00

%

 

K/N

Syndigo, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.00%

 

8.82%

 

 

9/2/2032

 

$

2,644,550

 

 

 

2,618,940

 

 

 

2,615,460

 

 

 

0.16

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,615,550

 

 

 

2,611,550

 

 

 

0.16

%

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquia, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.61%

 

 

10/30/2026

 

$

1,891,323

 

 

 

1,893,740

 

 

 

1,878,084

 

 

 

0.12

%

 

N

Acquia, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.59%

 

 

10/30/2026

 

$

25,299,736

 

 

 

25,266,333

 

 

 

25,122,638

 

 

 

1.58

%

 

N

Bynder Bidco, Inc. (Netherlands)

 

Sr Secured Revolver A

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.86%

 

 

1/26/2029

 

$

—

 

 

 

(4,836

)

 

 

—

 

 

 

0.00

%

 

H/K/N

Bynder Bidco, Inc. (Netherlands)

 

First Lien Term Loan A

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.86%

 

 

1/26/2029

 

$

4,283,754

 

 

 

4,182,544

 

 

 

4,288,817

 

 

 

0.27

%

 

H/N

Bynder Bidco B.V. (Netherlands)

 

Sr Secured Revolver B

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.86%

 

 

1/26/2029

 

$

—

 

 

 

(17,552

)

 

 

—

 

 

 

0.00

%

 

H/K/N

Bynder Bidco B.V. (Netherlands)

 

First Lien Term Loan B

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.86%

 

 

1/26/2029

 

$

15,528,609

 

 

 

15,163,755

 

 

 

15,546,963

 

 

 

0.98

%

 

H/N

Domo, Inc.

 

First Lien Delayed Draw Term Loan (7.0% Exit Fee)

 

SOFR(Q)

 

1.50%

 

3.00% Cash +5.00% PIK

 

11.88%

 

 

8/19/2028

 

$

63,031,646

 

 

 

63,031,646

 

 

 

63,031,646

 

 

 

3.95

%

 

N

Domo, Inc.

 

First Lien PIK Term Loan

 

Fixed

 

0.00%

 

9.50% PIK

 

 

0.10

 

 

8/19/2028

 

$

4,148,209

 

 

 

1,658,331

 

 

 

3,994,725

 

 

 

0.25

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.07%

 

 

8/23/2029

 

$

398,971

 

 

 

390,261

 

 

 

398,971

 

 

 

0.03

%

 

N

e-Discovery Acquireco, LLC (Reveal)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

10.07%

 

 

8/23/2029

 

$

5,500,000

 

 

 

5,297,701

 

 

 

5,555,000

 

 

 

0.35

%

 

N

Fishbowl, Inc.

 

Promissory Note

 

Fixed

 

0.00%

 

8.00% PIK

 

8.00%

 

 

11/4/2030

 

$

120,896

 

 

 

120,896

 

 

 

120,896

 

 

 

0.01

%

 

N

Fishbowl, Inc.

 

First Lien Term Loan (7.5% Exit Fee)

 

SOFR(Q)

 

1.00%

 

5.26% PIK

 

8.93%

 

 

5/27/2027

 

$

13,648,754

 

 

 

13,224,044

 

 

 

1,719,743

 

 

 

0.11

%

 

C/F/N

Gympass US, LLC

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

3.25% Cash + 3.25% PIK

 

10.34%

 

 

8/29/2029

 

$

2,722,778

 

 

 

2,673,471

 

 

 

2,750,006

 

 

 

0.17

%

 

N

Gympass US, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

3.25% Cash + 3.25% PIK

 

10.34%

 

 

8/29/2029

 

$

5,002,119

 

 

 

5,020,429

 

 

 

5,052,140

 

 

 

0.32

%

 

N

Persado, Inc.

 

First Lien Delayed Draw Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

1.80%

 

7.50%

 

11.37%

 

 

6/10/2027

 

$

5,122,246

 

 

 

5,069,810

 

 

 

5,030,045

 

 

 

0.32

%

 

L/N

Persado, Inc.

 

First Lien Term Loan (6.575% Exit Fee)

 

SOFR(M)

 

1.80%

 

7.50%

 

11.37%

 

 

6/10/2027

 

$

7,434,095

 

 

 

7,246,431

 

 

 

7,300,281

 

 

 

0.46

%

 

L/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash +1.50% PIK

 

8.32%

 

 

8/22/2029

 

$

5,814,075

 

 

 

5,595,767

 

 

 

5,814,075

 

 

 

0.36

%

 

N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.50% PIK

 

11.32%

 

 

8/22/2029

 

$

10,007,987

 

 

 

9,664,569

 

 

 

4,427,334

 

 

 

0.28

%

 

C/N

Pluralsight, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash +1.50% PIK

 

8.32%

 

 

8/22/2029

 

$

3,063,925

 

 

 

3,063,925

 

 

 

3,063,925

 

 

 

0.19

%

 

N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.51%

 

 

1/24/2028

 

$

9,686,006

 

 

 

9,565,990

 

 

 

9,666,829

 

 

 

0.61

%

 

H/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

6.65%

 

10.51%

 

 

1/24/2028

 

$

5,012,679

 

 

 

4,892,702

 

 

 

5,002,755

 

 

 

0.31

%

 

H/N

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

Sr Secured Revolver

 

SOFR(S)

 

0.75%

 

6.50%

 

10.23%

 

 

1/24/2028

 

$

274,926

 

 

 

264,955

 

 

 

273,337

 

 

 

0.02

%

 

H/N

Suited Connector, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

7.20% PIK

 

10.94%

 

 

12/1/2027

 

$

947,438

 

 

 

895,190

 

 

 

299,390

 

 

 

0.02

%

 

C/N

Suited Connector, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.20% PIK

 

10.94%

 

 

12/1/2027

 

$

6,161,415

 

 

 

5,842,486

 

 

 

1,947,007

 

 

 

0.12

%

 

C/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

190,002,588

 

 

 

172,284,607

 

 

 

10.83

%

 

 

 

21

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Anthracite Buyer, Inc. (Coalfire)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.50%

 

8.34%

 

12/3/2032

 

$

—

 

 

$

(4,939

)

 

$

(5,000

)

 

 

0.00

%

 

K/N

Anthracite Buyer, Inc. (Coalfire)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.50%

 

8.34%

 

12/3/2032

 

$

4,000,000

 

 

 

3,980,540

 

 

 

3,980,000

 

 

 

0.25

%

 

N

Crewline Buyer, Inc. (New Relic)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.59%

 

11/8/2030

 

$

—

 

 

 

(1,547

)

 

 

(654

)

 

 

0.00

%

 

K/N

Crewline Buyer, Inc. (New Relic)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.75%

 

10.59%

 

11/8/2030

 

$

1,569,811

 

 

 

1,530,634

 

 

 

1,563,532

 

 

 

0.10

%

 

N

Intercept Bidco, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.77%

 

6/3/2030

 

$

1,805,556

 

 

 

1,759,722

 

 

 

1,783,889

 

 

 

0.11

%

 

N

Intercept Bidco, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.77%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(5,000

)

 

 

0.00

%

 

K/N

Intercept Bidco, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.77%

 

6/3/2030

 

$

—

 

 

 

—

 

 

 

(3,333

)

 

 

0.00

%

 

K/N

Madison Logic Holdings, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

4.73% Cash + 2.37% PIK

 

10.72%

 

12/30/2027

 

$

—

 

 

 

(10,125

)

 

 

(98,554

)

 

 

-0.01

%

 

K/N

Madison Logic Holdings, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

4.73% Cash + 2.37% PIK

 

10.72%

 

12/29/2028

 

$

19,941,306

 

 

 

19,401,608

 

 

 

17,328,995

 

 

 

1.09

%

 

N

Serrano Parent, LLC (Sumo Logic)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.50%

 

10.36%

 

5/12/2030

 

$

—

 

 

 

(2,261

)

 

 

(42,576

)

 

 

0.00

%

 

K/N

Serrano Parent, LLC (Sumo Logic)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.50%

 

10.36%

 

5/12/2030

 

$

6,979,701

 

 

 

6,778,765

 

 

 

6,553,939

 

 

 

0.41

%

 

N

Xactly Corporation

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

6.35%

 

10.17%

 

7/31/2027

 

$

14,671,682

 

 

 

14,671,682

 

 

 

14,671,682

 

 

 

0.92

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48,104,079

 

 

 

45,726,920

 

 

 

2.87

%

 

 

Life Sciences Tools & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alcami Corporation

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

1.00%

 

7.10%

 

10.83%

 

12/21/2028

 

$

625,241

 

 

 

614,453

 

 

 

625,241

 

 

 

0.04

%

 

N

Alcami Corporation

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

7.10%

 

10.83%

 

12/21/2028

 

$

248,129

 

 

 

232,704

 

 

 

248,129

 

 

 

0.02

%

 

N

Alcami Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.15%

 

10.97%

 

12/21/2028

 

$

8,494,771

 

 

 

8,349,476

 

 

 

8,494,771

 

 

 

0.53

%

 

N

DNAnexus, Inc

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

3.00%

 

5.25%

 

8.98%

 

12/18/2029

 

$

1,312,500

 

 

 

1,155,703

 

 

 

1,273,125

 

 

 

0.08

%

 

N

DNAnexus, Inc

 

First Lien Term Loan

 

SOFR(M)

 

3.00%

 

5.25%

 

8.98%

 

12/20/2029

 

$

6,562,500

 

 

 

6,507,916

 

 

 

6,549,375

 

 

 

0.41

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,860,252

 

 

 

17,190,641

 

 

 

1.08

%

 

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sonny’s Enterprises, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.52%

 

8/5/2028

 

$

19,355,208

 

 

 

19,089,762

 

 

 

18,619,710

 

 

 

1.17

%

 

N

Sonny’s Enterprises, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.49%

 

8/5/2028

 

$

201,107

 

 

 

199,516

 

 

 

193,465

 

 

 

0.01

%

 

N

Sonny’s Enterprises, LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.65%

 

9.34%

 

8/5/2027

 

$

71,131

 

 

 

71,132

 

 

 

64,396

 

 

 

0.00

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,360,410

 

 

 

18,877,571

 

 

 

1.18

%

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

First Lien Term Loan

 

Fixed

 

0.00%

 

10.00%

 

10.00%

 

5/23/2030

 

$

5,978,250

 

 

 

5,978,250

 

 

 

5,649,446

 

 

 

0.35

%

 

N

Streamland Media Midco LLC

 

Sr Secured Revolver

 

SOFR(Q)

 

0.00%

 

6.76% PIK

 

10.43%

 

3/31/2029

 

$

44,013

 

 

 

44,013

 

 

 

44,013

 

 

 

0.00

%

 

N

Streamland Media Midco LLC

 

First Out Term Loan

 

SOFR(Q)

 

1.00%

 

6.76% PIK

 

10.43%

 

3/31/2029

 

$

311,862

 

 

 

311,862

 

 

 

311,862

 

 

 

0.02

%

 

N

Streamland Media Midco LLC

 

Last Out Term Loan

 

SOFR(Q)

 

0.00%

 

6.76% PIK

 

10.43%

 

3/31/2029

 

$

283,848

 

 

 

269,291

 

 

 

206,641

 

 

 

0.01

%

 

C/N

Streamland Media Midco LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

6.76% PIK

 

10.43%

 

3/31/2029

 

$

25,043

 

 

 

25,043

 

 

 

25,043

 

 

 

0.00

%

 

N

Terraboost Media Operating Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.98% Cash + 0.67 PIK

 

10.32%

 

8/23/2026

 

$

13,358,872

 

 

 

13,218,389

 

 

 

13,091,695

 

 

 

0.82

%

 

N

TL Voltron Purchaser, LLC (GES)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

9.09%

 

12/31/2030

 

$

12,021,429

 

 

 

11,814,147

 

 

 

11,853,129

 

 

 

0.74

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,660,995

 

 

 

31,181,829

 

 

 

1.94

%

 

 

Oil, Gas and Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Palmdale Oil Company, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

0.00%

 

4.75%

 

8.38%

 

12/12/2031

 

$

434,783

 

 

 

432,626

 

 

 

432,609

 

 

 

0.03

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

9.94%

 

11/30/2029

 

$

1,330,735

 

 

 

1,274,860

 

 

 

571,952

 

 

 

0.04

%

 

C/N

Alpine Acquisition Corp II (48Forty)

 

First Lien Participation Tranche 1 Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

9.94%

 

11/30/2029

 

$

15,125,509

 

 

 

14,826,366

 

 

 

6,500,944

 

 

 

0.41

%

 

C/N

Alpine Acquisition Corp II (48Forty)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

9.94%

 

11/30/2029

 

$

11,381,699

 

 

 

11,222,775

 

 

 

4,891,854

 

 

 

0.31

%

 

C/N

Alpine Acquisition Corp II (48Forty)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

6.15%

 

9.94%

 

11/30/2029

 

$

4,275,376

 

 

 

4,106,480

 

 

 

1,837,556

 

 

 

0.12

%

 

C/N

Alpine Acquisition Corp II (48Forty)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.15%

 

9.94%

 

11/30/2029

 

$

678,014

 

 

 

640,719

 

 

 

193,851

 

 

 

0.01

%

 

C/N

 

22

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSK Pallet Holding Corp. (Kamps)

 

First Lien Term Loan

 

SOFR(Q)

 

1.25%

 

6.75%

 

10.83%

 

12/23/2026

 

$

12,824,505

 

 

$

12,652,127

 

 

$

12,741,097

 

 

 

0.80

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

44,723,327

 

 

 

26,737,254

 

 

 

1.69

%

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Applause App Quality, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.50%

 

5.75%

 

9.69%

 

10/24/2029

 

$

261,544

 

 

 

241,314

 

 

 

255,005

 

 

 

0.02

%

 

N

Applause App Quality, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.50%

 

5.75%

 

9.43%

 

10/24/2029

 

$

13,077,192

 

 

 

12,864,613

 

 

 

13,011,806

 

 

 

0.82

%

 

N

Chronicle Parent LLC (Lexitas)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.87%

 

4/15/2031

 

$

215,992

 

 

 

198,967

 

 

 

218,626

 

 

 

0.01

%

 

N

Chronicle Parent LLC (Lexitas)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.87%

 

4/15/2031

 

$

—

 

 

 

(7,770

)

 

 

—

 

 

 

0.00

%

 

K/N

Chronicle Parent LLC (Lexitas)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.90%

 

4/15/2031

 

$

8,299,453

 

 

 

8,222,023

 

 

 

8,307,752

 

 

 

0.52

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.94%

 

1/16/2030

 

$

1,457,903

 

 

 

1,401,556

 

 

 

1,457,903

 

 

 

0.09

%

 

N

Huckabee Acquisition, LLC (MOREgroup)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.94%

 

1/16/2030

 

$

—

 

 

 

(2,643

)

 

 

—

 

 

 

0.00

%

 

K/N

Huckabee Acquisition, LLC (MOREgroup)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.94%

 

1/16/2030

 

$

—

 

 

 

(1,586

)

 

 

—

 

 

 

0.00

%

 

K/N

ICIMS, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.61%

 

8/18/2028

 

$

16,380,862

 

 

 

16,022,462

 

 

 

15,662,839

 

 

 

0.98

%

 

N

ICIMS, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

6.25%

 

10.11%

 

8/18/2028

 

$

4,449,002

 

 

 

4,405,152

 

 

 

4,304,847

 

 

 

0.27

%

 

N

ICIMS, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.75%

 

9.59%

 

8/18/2028

 

$

406,045

 

 

 

397,365

 

 

 

342,480

 

 

 

0.02

%

 

N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Incremental Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash +3.25% PIK

 

10.47%

 

10/13/2028

 

$

5,292,635

 

 

 

5,290,310

 

 

 

5,113,792

 

 

 

0.32

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash +3.25% PIK

 

10.47%

 

10/13/2028

 

$

31,709,400

 

 

 

31,706,528

 

 

 

30,637,908

 

 

 

1.92

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash +3.25% PIK

 

10.47%

 

10/13/2028

 

$

10,569,800

 

 

 

10,568,703

 

 

 

10,212,636

 

 

 

0.64

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash +3.25% PIK

 

10.47%

 

10/13/2028

 

$

4,593,850

 

 

 

4,592,242

 

 

 

4,438,619

 

 

 

0.28

%

 

H/L/N

JobandTalent USA, Inc. (United Kingdom)

 

First Lien Delayed Draw Term Loan (5.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

3.50% Cash +3.25% PIK

 

10.47%

 

10/13/2028

 

$

9,187,699

 

 

 

9,186,203

 

 

 

8,877,238

 

 

 

0.56

%

 

H/L/N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.51%

 

12/20/2031

 

$

2,164,441

 

 

 

2,120,670

 

 

 

2,129,547

 

 

 

0.13

%

 

N

Lighthouse Parent Holdings, Inc (Aperture)

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.51%

 

12/20/2031

 

$

—

 

 

 

(24,907

)

 

 

(13,984

)

 

 

0.00

%

 

K/N

Lighthouse Parent Holdings, Inc (Aperture)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

4.75%

 

8.65%

 

12/20/2031

 

$

11,951,627

 

 

 

11,826,985

 

 

 

11,879,917

 

 

 

0.75

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

119,008,187

 

 

 

116,836,931

 

 

 

7.33

%

 

 

Real Estate Management and Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien Term Loan

 

SOFR(M)

 

0.75%

 

5.25%

 

8.97%

 

1/18/2030

 

$

1,571,429

 

 

 

1,502,844

 

 

 

1,574,256

 

 

 

0.10

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

First Lien 2025 Incremental Term Loan

 

SOFR(M)

 

0.75%

 

5.25%

 

8.97%

 

1/18/2030

 

$

599,435

 

 

 

594,405

 

 

 

600,513

 

 

 

0.04

%

 

N

Community Merger Sub Debt LLC (CINC Systems)

 

Sr Secured Revolver

 

SOFR(M)

 

0.75%

 

5.25%

 

8.97%

 

1/18/2030

 

$

—

 

 

 

(4,137

)

 

 

—

 

 

 

0.00

%

 

K/N

Greystone Affordable Housing Initiatives, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(S)

 

1.25%

 

6.43%

 

10.63%

 

3/2/2026

 

$

6,533,333

 

 

 

6,464,091

 

 

 

6,396,133

 

 

 

0.40

%

 

I/N

Greystone Select Company II, LLC (Passco)

 

First Lien Term Loan

 

SOFR(M)

 

1.50%

 

6.61%

 

10.33%

 

3/21/2027

 

$

12,843,151

 

 

 

12,691,056

 

 

 

12,744,660

 

 

 

0.80

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,248,259

 

 

 

21,315,562

 

 

 

1.34

%

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Incremental Term Loan 2 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.08%

 

4/8/2027

 

$

10,119,063

 

 

 

10,086,521

 

 

 

10,098,825

 

 

 

0.63

%

 

L/N

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Incremental Term Loan 1 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.08%

 

4/8/2027

 

$

13,280,937

 

 

 

13,192,003

 

 

 

13,254,375

 

 

 

0.83

%

 

L/N

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Term Loan (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.08%

 

4/8/2027

 

$

29,600,000

 

 

 

29,358,795

 

 

 

29,540,800

 

 

 

1.85

%

 

L/N

Motive Technologies, Inc. (Keep Truckin)

 

First Lien Incremental Term Loan 3 (1.0% Exit Fee)

 

SOFR(M)

 

1.00%

 

7.36%

 

11.08%

 

4/8/2027

 

$

2,000,000

 

 

 

1,964,851

 

 

 

1,996,000

 

 

 

0.13

%

 

L/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,602,170

 

 

 

54,890,000

 

 

 

3.44

%

 

 

Semiconductors and Semiconductor Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.40%

 

10.22%

 

12/29/2027

 

$

6,828,810

 

 

 

6,651,437

 

 

 

4,302,150

 

 

 

0.27

%

 

C/G/N

 

23

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

 

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

Sr Secured Revolver

 

Prime

 

1.00%

 

5.00%

 

11.75%

 

12/29/2026

 

$

2,625,746

 

 

$

2,477,189

 

 

$

1,633,213

 

 

 

0.10

%

 

C/G/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,128,626

 

 

 

5,935,363

 

 

 

0.37

%

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AlphaSense, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.25%

 

9.94%

 

6/27/2029

 

$

23,208,319

 

 

 

22,986,692

 

 

 

23,108,232

 

 

 

1.45

%

 

N

Aras Corporation

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.92%

 

4/13/2029

 

$

412,817

 

 

 

411,803

 

 

 

412,817

 

 

 

0.03

%

 

N

Aras Corporation

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.92%

 

4/13/2029

 

$

17,726,298

 

 

 

17,456,762

 

 

 

17,797,203

 

 

 

1.12

%

 

N

Bluefin Holding, LLC (Allvue)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.25%

 

7.98%

 

9/12/2029

 

$

—

 

 

 

(7,548

)

 

 

—

 

 

 

0.00

%

 

K/N

Bluefin Holding, LLC (Allvue)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.25%

 

7.98%

 

9/12/2029

 

$

11,307,053

 

 

 

10,995,949

 

 

 

11,374,896

 

 

 

0.71

%

 

N

Cart.Com, Inc.

 

First Lien Term Loan (2.5% Exit Fee)

 

SOFR(M)

 

1.50%

 

7.75%

 

11.47%

 

5/30/2029

 

$

26,250,000

 

 

 

25,987,500

 

 

 

25,751,250

 

 

 

1.62

%

 

L/N

Clever Devices Ltd.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.00%

 

9.72%

 

6/12/2030

 

$

392,157

 

 

 

373,775

 

 

 

381,863

 

 

 

0.02

%

 

N

Clever Devices Ltd.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

6.00%

 

9.72%

 

6/12/2030

 

$

1,738,235

 

 

 

1,694,779

 

 

 

1,713,900

 

 

 

0.11

%

 

N

Deepl Se (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

8.69%

 

6/26/2030

 

$

—

 

 

 

(9,273

)

 

 

(28,870

)

 

 

0.00

%

 

H/K/N

Deepl Se (Germany)

 

First Lien Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

8.69%

 

6/26/2030

 

$

2,356,713

 

 

 

2,335,893

 

 

 

2,323,719

 

 

 

0.15

%

 

H/N

Deepl Se (Germany)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

2.50%

 

5.00%

 

8.69%

 

6/26/2030

 

$

—

 

 

 

—

 

 

 

2,906

 

 

 

0.00

%

 

H/N

Douglas Holdings, Inc (Docupace)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.44%

 

8/27/2030

 

$

15,259,318

 

 

 

15,067,099

 

 

 

15,045,688

 

 

 

0.94

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien Delayed Draw Term Loan B

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.44%

 

8/27/2030

 

$

398,069

 

 

 

375,882

 

 

 

351,628

 

 

 

0.02

%

 

N

Douglas Holdings, Inc (Docupace)

 

First Lien PIK Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.44%

 

8/27/2030

 

$

1,381,560

 

 

 

1,381,560

 

 

 

1,355,181

 

 

 

0.08

%

 

N

Douglas Holdings, Inc (Docupace)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.75%

 

9.44%

 

8/27/2030

 

$

—

 

 

 

(15,530

)

 

 

(18,577

)

 

 

0.00

%

 

K/N

Dragos, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.85%

 

6/30/2030

 

$

—

 

 

 

(21,598

)

 

 

(24,000

)

 

 

0.00

%

 

K/N

Dragos, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.85%

 

6/30/2030

 

$

3,600,000

 

 

 

3,566,904

 

 

 

3,564,000

 

 

 

0.22

%

 

N

Dragos, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.25%

 

8.85%

 

6/30/2030

 

$

—

 

 

 

—

 

 

 

(8,812

)

 

 

0.00

%

 

K/N

Elastic Path Software, Inc. (Canada)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

7.76%

 

11.58%

 

1/6/2027

 

$

3,559,403

 

 

 

3,558,978

 

 

 

3,307,397

 

 

 

0.21

%

 

H/L/N

Elastic Path Software, Inc. (Canada)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

7.76%

 

11.70%

 

1/6/2027

 

$

7,326,537

 

 

 

7,312,800

 

 

 

6,807,818

 

 

 

0.43

%

 

H/L/N

FirstUp, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

9.92%

 

7/13/2027

 

$

417,336

 

 

 

414,491

 

 

 

414,831

 

 

 

0.03

%

 

N

FirstUp, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.25%

 

9.92%

 

7/13/2027

 

$

42,902

 

 

 

42,609

 

 

 

42,644

 

 

 

0.00

%

 

N

FirstUp, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.25%

 

9.92%

 

7/13/2027

 

$

—

 

 

 

(249

)

 

 

(232

)

 

 

0.00

%

 

K/N

Flexport Capital, LLC

 

First Lien Delayed Draw Term Loan

 

SOFR(M)

 

2.00%

 

5.50%

 

9.25%

 

6/30/2029

 

$

—

 

 

 

—

 

 

 

(30,333

)

 

 

0.00

%

 

K/N

Flexport Capital, LLC

 

First Lien Term Loan

 

SOFR(M)

 

2.00%

 

5.50%

 

9.25%

 

6/30/2029

 

$

5,666,667

 

 

 

5,613,034

 

 

 

5,627,000

 

 

 

0.35

%

 

N

Fusion Risk Management, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

6.00%

 

9.72%

 

5/22/2029

 

$

171,428

 

 

 

163,235

 

 

 

171,429

 

 

 

0.01

%

 

N

Fusion Risk Management, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.82%

 

5/22/2029

 

$

5,670,157

 

 

 

5,472,958

 

 

 

5,692,837

 

 

 

0.36

%

 

N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.74%

 

3/10/2031

 

$

6,633,333

 

 

 

6,552,496

 

 

 

6,626,700

 

 

 

0.42

%

 

N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.69%

 

3/10/2031

 

$

—

 

 

 

(18,635

)

 

 

(1,429

)

 

 

0.00

%

 

K/N

G-3 Apollo Acquisition Corp (Appriss Retail)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

5.00%

 

8.69%

 

3/10/2031

 

$

142,857

 

 

 

121,429

 

 

 

141,429

 

 

 

0.01

%

 

N

GTY Technology Holdings Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

2.50% Cash +4.13% PIK

 

10.30%

 

7/9/2029

 

$

2,522,780

 

 

 

2,419,457

 

 

 

2,491,428

 

 

 

0.16

%

 

N

GTY Technology Holdings Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

0.75%

 

2.50% Cash +4.13% PIK

 

10.30%

 

7/9/2029

 

$

3,088,574

 

 

 

3,050,175

 

 

 

3,050,190

 

 

 

0.19

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

2.50% Cash +4.13% PIK

 

10.30%

 

7/9/2029

 

$

1,915,941

 

 

 

1,839,275

 

 

 

1,892,131

 

 

 

0.12

%

 

N

GTY Technology Holdings Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

0.75%

 

2.50% Cash +4.13% PIK

 

10.30%

 

7/9/2029

 

$

1,497,235

 

 

 

1,444,556

 

 

 

1,478,628

 

 

 

0.09

%

 

N

GTY Technology Holdings Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

2.50% Cash +4.13% PIK

 

10.30%

 

7/9/2029

 

$

—

 

 

 

(22,580

)

 

 

(19,160

)

 

 

0.00

%

 

K/N

Honey Intermediate, Inc. (iLobby) (Canada)

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

2.88% Cash +3.38% PIK

 

9.97%

 

9/30/2030

 

$

18,418,428

 

 

 

18,189,270

 

 

 

18,123,733

 

 

 

1.14

%

 

H/N

 

24

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

Issuer

 

Instrument

 

Ref

 

Floor

 

Spread

 

Total
Coupon

 

Maturity/
Expiration

 

Principal

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Debt Investments (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Honey Intermediate, Inc. (iLobby) (Canada)

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

2.88% Cash +3.38% PIK

 

9.97%

 

9/26/2030

 

$

—

 

 

$

(28,004

)

 

$

(37,647

)

 

 

0.00

%

 

H/K/N

Integrate.com, Inc.

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.57%

 

12/17/2027

 

$

5,695,761

 

 

 

5,604,671

 

 

 

5,392,247

 

 

 

0.34

%

 

N

Integrate.com, Inc.

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.57%

 

12/17/2027

 

$

361,957

 

 

 

356,258

 

 

 

342,669

 

 

 

0.02

%

 

N

Integrate.com, Inc.

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.57%

 

12/17/2027

 

$

302,832

 

 

 

292,028

 

 

 

286,695

 

 

 

0.02

%

 

N

Integrate.com, Inc.

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

4.65% Cash +2.25% PIK

 

10.59%

 

12/17/2027

 

$

471,145

 

 

 

467,861

 

 

 

445,293

 

 

 

0.03

%

 

N

JOBVITE, Inc. (Employ, Inc.)

 

First Lien Last Out Term Loan

 

SOFR(Q)

 

0.75%

 

7.50%

 

11.37%

 

8/5/2028

 

$

8,017,052

 

 

 

7,767,052

 

 

 

7,479,673

 

 

 

0.47

%

 

N

Logicmonitor, Inc

 

Sr Secured Revolver

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.34%

 

11/19/2031

 

$

—

 

 

 

(535

)

 

 

(609

)

 

 

0.00

%

 

K/N

Logicmonitor, Inc

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.34%

 

11/19/2031

 

$

405,983

 

 

 

401,755

 

 

 

401,111

 

 

 

0.03

%

 

N

Nvest, Inc. (SigFig)

 

First Lien Term Loan

 

SOFR(S)

 

1.00%

 

7.50%

 

11.78%

 

9/15/2026

 

$

7,116,917

 

 

 

7,118,788

 

 

 

6,909,815

 

 

 

0.43

%

 

N

Pyramid Analytics BV (Netherlands)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

4.25%

 

6.50%

 

10.75%

 

5/14/2029

 

$

560,275

 

 

 

553,422

 

 

 

597,893

 

 

 

0.04

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

3.00% Cash +3.50% PIK

 

10.34%

 

5/9/2028

 

$

27,014,918

 

 

 

26,700,065

 

 

 

23,650,810

 

 

 

1.48

%

 

H/N

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

Sr Secured Revolver

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.69%

 

5/9/2028

 

$

730,053

 

 

 

715,675

 

 

 

457,318

 

 

 

0.03

%

 

H/N

Shackleton Bidco Inc. (Payworks) (Canada)

 

First Lien Delayed Draw Term Loan

 

CORRA (Q)

 

0.75%

 

4.50%

 

6.76%

 

11/5/2032

 

 

CAD —

 

 

 

(7,469

)

 

 

(15,407

)

 

 

0.00

%

 

H/K/N/O

Shackleton Bidco Inc. (Payworks) (Canada)

 

Sr Secured Revolver

 

CORRA (Q)

 

0.75%

 

4.50%

 

6.76%

 

11/5/2032

 

 

CAD —

 

 

 

(3,738

)

 

 

(3,852

)

 

 

0.00

%

 

H/K/N/O

Shackleton Bidco Inc. (Payworks) (Canada)

 

First Lien Term Loan

 

CORRA (Q)

 

0.75%

 

4.50%

 

6.76%

 

10/25/2032

 

 

CAD 4,306,400

 

 

 

3,030,745

 

 

 

3,119,501

 

 

 

0.20

%

 

H/N/O

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.07%

 

6/30/2028

 

$

4,016,783

 

 

 

3,981,645

 

 

 

3,976,031

 

 

 

0.25

%

 

N

Thunder Purchaser, Inc. (Vector Solutions)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

5.40%

 

9.07%

 

6/30/2028

 

$

2,249,399

 

 

 

2,233,556

 

 

 

2,232,326

 

 

 

0.14

%

 

N

Trintech, Inc.

 

Sr Secured Revolver

 

SOFR(M)

 

1.00%

 

5.50%

 

9.22%

 

7/25/2029

 

$

60,857

 

 

 

55,816

 

 

 

60,773

 

 

 

0.00

%

 

N

Trintech, Inc.

 

First Lien Term Loan

 

SOFR(M)

 

1.00%

 

5.50%

 

9.22%

 

7/25/2029

 

$

2,713,620

 

 

 

2,607,745

 

 

 

2,712,551

 

 

 

0.17

%

 

N

Zilliant Incorporated

 

First Lien Term Loan (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

6.10%

 

9.82%

 

12/21/2027

 

$

3,578,889

 

 

 

3,483,064

 

 

 

2,694,904

 

 

 

0.17

%

 

L/N

Zilliant Incorporated

 

First Lien Delayed Draw Term Loan (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

6.10%

 

9.82%

 

12/21/2027

 

$

655,296

 

 

 

643,361

 

 

 

493,438

 

 

 

0.03

%

 

L/N

Zilliant Incorporated

 

Sr Secured Revolver (0.5% Exit Fee)

 

SOFR(M)

 

0.75%

 

6.10%

 

9.82%

 

12/21/2027

 

$

162,963

 

 

 

161,755

 

 

 

89,778

 

 

 

0.01

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

224,869,464

 

 

 

220,205,376

 

 

 

13.85

%

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calceus Acquisition, Inc. (Cole Haan)

 

First Lien Term Loan

 

SOFR(Q)

 

2.00%

 

6.50%

 

10.17%

 

8/15/2028

 

$

24,142,961

 

 

 

23,677,869

 

 

 

23,491,101

 

 

 

1.47

%

 

G/N

Hanna Andersson, LLC

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.35%

 

10.19%

 

7/2/2026

 

$

10,258,676

 

 

 

10,160,384

 

 

 

9,950,915

 

 

 

0.62

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,838,253

 

 

 

33,442,016

 

 

 

2.09

%

 

 

Technology Hardware, Storage & Peripherals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)

 

First Lien Delayed Draw Term Loan

 

SOFR(Q)

 

1.00%

 

6.00%

 

9.82%

 

4/25/2031

 

$

34,673,628

 

 

 

34,400,028

 

 

 

34,881,669

 

 

 

2.19

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textiles, Apparel and Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(A)

 

1.00%

 

6.25%

 

10.31%

 

9/8/2027

 

$

22,222,222

 

 

 

22,017,975

 

 

 

22,222,222

 

 

 

1.39

%

 

N

James Perse Enterprises, Inc.

 

First Lien Term Loan

 

SOFR(A)

 

1.00%

 

6.25%

 

10.31%

 

9/8/2027

 

$

3,195,681

 

 

 

3,134,488

 

 

 

3,195,681

 

 

 

0.20

%

 

N

James Perse Enterprises, Inc.

 

Sr Secured Revolver

 

SOFR(S)

 

1.00%

 

6.25%

 

10.08%

 

9/8/2027

 

$

2,095,707

 

 

 

2,116,620

 

 

 

2,095,707

 

 

 

0.13

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien Term Loan

 

SOFR(Q)

 

1.00%

 

6.65%

 

10.47%

 

12/30/2026

 

$

17,314,415

 

 

 

17,251,788

 

 

 

17,314,415

 

 

 

1.09

%

 

N

PSEB, LLC (Eddie Bauer)

 

First Lien Incremental Term Loan

 

SOFR(Q)

 

1.00%

 

6.65%

 

10.47%

 

12/30/2026

 

$

6,748,085

 

 

 

6,736,665

 

 

 

6,748,085

 

 

 

0.42

%

 

N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51,257,536

 

 

 

51,576,110

 

 

 

3.23

%

 

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OpenMarket, Inc. (Infobip) (United Kingdom)

 

First Lien Term Loan

 

SOFR(Q)

 

0.75%

 

5.50%

 

9.17%

 

6/11/2029

 

$

14,366,438

 

 

 

14,138,181

 

 

 

14,224,875

 

 

 

0.89

%

 

H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Debt Investments - 237.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,529,432,150

 

 

 

1,418,443,590

 

 

 

88.97

%

 

 

 

25

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Automobiles

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AA Acquisition Aggregator, LLC (AutoAlert)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

540,248

 

 

$

9,085,917

 

 

$

978,126

 

 

 

0.06

%

 

D/E/F/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Markets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pico Quantitative Trading Holdings, LLC

 

Warrants to Purchase Membership Units

 

 

 

 

 

 

 

 

 

2/7/2030

 

 

7,191

 

 

 

673,788

 

 

 

1,314,511

 

 

 

0.08

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kellermeyer Bergensons Services, LLC

 

Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

285,933

 

 

 

2

 

 

 

0.00

%

 

D/E/N

Kellermeyer Bergensons Services, LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

171,813

 

 

 

—

 

 

 

2

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

285,933

 

 

 

4

 

 

 

0.00

%

 

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hylan Global LLC

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

738,447

 

 

 

738,447

 

 

 

7

 

 

 

0.00

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Infinite Commerce Holdings LLC (Razor)

 

Series A-3 Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

41,346,557

 

 

 

—

 

 

 

413

 

 

 

0.00

%

 

D/E/N

Infinite Commerce Holdings LLC (Razor)

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

196,805

 

 

 

—

 

 

 

2

 

 

 

0.00

%

 

D/E/N

Infinite Commerce Holdings LLC (Razor)

 

Series A Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

10,173,792

 

 

 

—

 

 

 

102

 

 

 

0.00

%

 

D/E/N

SellerX Germany GMBH & Co. KG (Germany)

 

Common Shares

 

 

 

 

 

 

 

 

 

 

 

706,179

 

 

 

8,197

 

 

 

7

 

 

 

0.00

%

 

B/D/E/H/N

Vingil Holdings 2 S.a r.l (Germany)

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

48,576,519

 

 

 

15,107,298

 

 

 

486

 

 

 

0.00

%

 

B/D/E/H/N

Thras.io, LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

291,605

 

 

 

—

 

 

 

3

 

 

 

0.00

%

 

D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-1 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

24,166,714

 

 

 

2,569

 

 

 

0.00

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series B-2 Common Units

 

 

 

 

 

 

 

 

 

 

 

 

17,858,122

 

 

 

13,421,162

 

 

 

2,569

 

 

 

0.00

%

 

B/D/E/N

TVG-Edmentum Holdings, LLC

 

Series C-2 Preferred Units

 

Fixed

 

 

 

 

 

15.00%

 

 

 

 

2,542

 

 

 

6,128,156

 

 

 

4,029,848

 

 

 

0.25

%

 

B/D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

58,831,527

 

 

 

4,035,999

 

 

 

0.25

%

 

 

Diversified Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36th Street Capital Partners Holdings, LLC

 

Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

28,277,397

 

 

 

33,992,650

 

 

 

51,042,935

 

 

 

3.20

%

 

E/F/N

Gordon Brothers Finance Company

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

10,612

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Gordon Brothers Finance Company

 

Preferred Stock

 

Fixed

 

 

 

 

 

13.50%

 

 

 

 

34,285

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/F/N

Worldremit Group Limited (United Kingdom)

 

Series X Shares

 

 

 

 

 

 

 

 

 

 

 

 

3,721

 

 

 

373,524

 

 

 

438,700

 

 

 

0.03

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series D Stock

 

 

 

 

 

 

 

 

 

2/11/2031

 

 

42,482

 

 

 

28,022

 

 

 

38,002

 

 

 

0.00

%

 

D/E/H/N

Worldremit Group Limited (United Kingdom)

 

Warrants to Purchase Series E Stock

 

 

 

 

 

 

 

 

 

8/17/2031

 

 

508

 

 

 

61

 

 

 

17

 

 

 

0.00

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

34,394,257

 

 

 

51,519,654

 

 

 

3.23

%

 

 

Electric Utilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilidata, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

29,593

 

 

 

216,336

 

 

 

13,338

 

 

 

0.00

%

 

D/E/N

Utilidata, Inc.

 

Series A-2 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

257,369

 

 

 

153,398

 

 

 

137,523

 

 

 

0.01

%

 

D/E/N

Utilidata, Inc.

 

Series A-1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

500,000

 

 

 

500,000

 

 

 

228,985

 

 

 

0.01

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

869,734

 

 

 

379,846

 

 

 

0.02

%

 

 

Energy Equipment and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GlassPoint, Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

9/12/2029

 

 

2,088,152

 

 

 

275,200

 

 

 

1,898,419

 

 

 

0.12

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stitch Holdings, L.P.

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

5,910

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Internet Software and Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

49,792

 

 

 

1,543,054

 

 

 

419,747

 

 

 

0.03

%

 

D

 

26

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

94,136

 

 

$

—

 

 

$

995,959

 

 

 

0.06

%

 

D/N

Domo, Inc.

 

Warrants to Purchase Class B Common Stock

 

 

 

 

 

 

 

 

 

2/17/2028

 

 

482,404

 

 

 

—

 

 

 

4,197,357

 

 

 

0.26

%

 

D/N

Fishbowl, Inc.

 

Common Membership Units

 

 

 

 

 

 

 

 

 

 

 

 

604,479

 

 

 

787,032

 

 

 

6

 

 

 

0.00

%

 

D/E/F/N

Foursquare Labs, Inc.

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

5/4/2027

 

 

2,187,500

 

 

 

508,805

 

 

 

86,389

 

 

 

0.01

%

 

D/E/N

Igloo Parent Holdings LLC (InMoment)

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

97

 

 

 

7,661,666

 

 

 

8,240,741

 

 

 

0.52

%

 

D/E/I/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

3/31/2026

 

 

1,327,869

 

 

 

212,360

 

 

 

659,737

 

 

 

0.04

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

3/31/2026

 

 

1,049,996

 

 

 

276,492

 

 

 

518,830

 

 

 

0.03

%

 

D/E/H/N

InMobi, Inc. (Singapore)

 

Warrants to Purchase Series E Preferred Stock

 

 

 

 

 

 

 

 

 

3/31/2026

 

 

1,511,002

 

 

 

93,407

 

 

 

1,664,339

 

 

 

0.10

%

 

D/E/H/N

Pluralsight, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

2,865,672

 

 

 

7,995,225

 

 

 

29

 

 

 

0.00

%

 

D/E/N

ResearchGate Corporation (Germany)

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

10/30/2029

 

 

333,370

 

 

 

202,001

 

 

 

30,604

 

 

 

0.00

%

 

D/E/H/N/O

SnapLogic, Inc.

 

Warrants to Purchase Series Preferred Stock

 

 

 

 

 

 

 

 

 

3/19/2028

 

 

1,860,000

 

 

 

377,722

 

 

 

5,653,353

 

 

 

0.35

%

 

D/E/N

SuCo Investors, LP (Suited Connector)

 

Warrants to Purchase Class A Units

 

 

 

 

 

 

 

 

 

3/6/2033

 

 

44,928

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,657,764

 

 

 

22,467,091

 

 

 

1.40

%

 

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fidelis (SVC), LLC

 

Preferred Unit-C

 

 

 

 

 

 

 

 

 

 

 

 

657,932

 

 

 

2,001,384

 

 

 

7

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Khoros, LLC (Lithium)

 

Preferred Units

 

 

 

 

 

 

 

 

 

 

 

 

63,768

 

 

 

1,302,031

 

 

 

368,774

 

 

 

0.02

%

 

D/E/N

MBS Parent, LLC

 

Limited Partnership/Limited Liability Company Interests

 

 

 

 

 

 

 

 

 

 

 

 

546

 

 

 

21,204

 

 

 

244,444

 

 

 

0.02

%

 

D/E/N

Quora, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

4/11/2029

 

 

507,704

 

 

 

65,245

 

 

 

45,898

 

 

 

0.00

%

 

D/E/N

SoundCloud, Ltd. (United Kingdom)

 

Warrants to Purchase Preferred Stock

 

 

 

 

 

 

 

 

 

6/30/2026

 

 

946,498

 

 

 

79,082

 

 

 

572,593

 

 

 

0.04

%

 

D/E/H/N

Streamland Media Holdings LLC

 

Common Units

 

 

 

 

 

 

 

 

 

 

 

 

2,636

 

 

 

134,515

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,602,077

 

 

 

1,231,709

 

 

 

0.08

%

 

 

Paper and Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

48forty Intermediate Holdings, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

2,347

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

Alpine Acquisition Corp II (48Forty)

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

1,988

 

 

 

—

 

 

 

—

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Inotiv, Inc.

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

14,578

 

 

 

—

 

 

 

8,194

 

 

 

0.00

%

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JobandTalent USA, Inc. (United Kingdom)

 

F1 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

255,112

 

 

 

3,207,662

 

 

 

13,755,828

 

 

 

0.86

%

 

D/E/H/N

JobandTalent USA, Inc. (United Kingdom)

 

F3 Preferred Stock

 

 

 

 

 

 

 

 

 

 

 

 

17,007

 

 

 

—

 

 

 

900,081

 

 

 

0.06

%

 

D/E/H/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,207,662

 

 

 

14,655,909

 

 

 

0.92

%

 

 

 

27

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

 

Issuer

 

Instrument

 

Ref

 

 

 

 

 

Total
Coupon

 

Expiration

 

Shares

 

 

Cost

 

 

Fair
Value

 

 

% of Total
Cash and
Investments

 

 

Notes

Equity Securities (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Road and Rail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Motive Technologies, Inc. (Keep Truckin)

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

825,000

 

 

$

825,000

 

 

$

805,165

 

 

 

0.05

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grey Orange International Inc.

 

Warrants to Purchase Common Stock

 

 

 

 

 

 

 

 

 

5/6/2032

 

 

10,538

 

 

 

546

 

 

 

2,108

 

 

 

0.00

%

 

D/E/N

Tradeshift, Inc.

 

Warrants to Purchase Series D Preferred Stock

 

 

 

 

 

 

 

 

 

3/6/2027

 

 

1,712,930

 

 

 

577,843

 

 

 

17

 

 

 

0.00

%

 

D/E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

578,389

 

 

 

2,125

 

 

 

0.00

%

 

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blackbird Holdco, Inc. (Ohio Transmission Corp.)

 

Preferred Stock

 

Fixed

 

 

 

 

 

12.50%

 

 

 

 

9,586

 

 

 

15,586,967

 

 

 

15,562,116

 

 

 

0.98

%

 

E/N

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Equity Securities - 19.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

148,614,046

 

 

 

114,858,882

 

 

 

7.20

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments - 256.4% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,678,046,196

 

 

$

1,533,302,472

 

 

 

96.17

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - 10.2% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61,075,494

 

 

 

3.83

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Cash and Investments - 266.6% of Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,594,377,966

 

 

 

100.00

%

 

M

 

 

 

 

 

28

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2025

Notes to Consolidated Schedule of Investments:

(A)
Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.
(B)
Non-controlled affiliate – as defined under the Investment Company Act of 1940 (the "1940 Act") (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.
(C)
Non-accruing debt investment.
(D)
Other non-income producing investment.
(E)
Restricted security. (See Note 2)
(F)
Controlled issuer – as defined under the 1940 Act (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.
(G)
Investment has been segregated to collateralize certain unfunded commitments.
(H)
Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(I)
Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(J)
Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.
(K)
Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.
(L)
In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.
(M)
All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.
(N)
Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.
(O)
Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

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 $276,107,311 and $352,700,346, respectively, for the year ended December 31, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 2025 was $1,527,681,215 or 95.8% of total cash and investments of the Company. As of December 31, 2025, approximately 17.0% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

29

Table of Contents

 

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)

March 31, 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 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.

30

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

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 5% of the assets of the Company. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation. Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

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 5% of the total assets of the Company, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the “Valuation Committee”).

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 5% of the Company’s assets.

 

31

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

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.

At March 31, 2026, the Company’s investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate
Debt (2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical
   assets

 

$

—

 

 

$

—

 

 

$

156,337

 

 

$

156,337

 

2

 

Other direct and indirect observable market
   inputs (3)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

3

 

Independent third-party valuation sources
   that employ significant unobservable inputs

 

 

1,212,025,456

 

 

 

62,305,494

 

 

 

113,479,015

 

 

 

1,387,809,965

 

3

 

Valuation Designee valuations with significant unobservable inputs

 

 

—

 

 

 

127,490

 

 

 

574,725

 

 

 

702,215

 

Total

 

 

 

$

1,212,025,456

 

 

$

62,432,984

 

 

$

114,210,077

 

 

$

1,388,668,517

 

 

(1)
Includes senior secured loans
(2)
Includes senior secured notes, unsecured debt and subordinated debt
(3)
For example, quoted prices in inactive markets or quotes for comparable investments

 

 

 

32

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of March 31, 2026 included the following:

 

Asset Type

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Avg.) (1)

Bank Debt

 

$

1,073,274,853

 

 

Income approach

 

Discount rate

 

7.8% - 24.9% (12.1%)

 

 

59,817,321

 

 

Market comparable companies

 

Revenue multiples

 

0.3x - 2.3x (1.1x)

 

 

40,901,090

 

 

Market comparable companies

 

EBITDA multiples

 

3.0x - 10.0x (4.9x)

 

 

 

25,995,733

 

 

Transaction approach (3)

 

N/A

 

N/A

 

 

12,036,459

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

Other Corporate Debt

 

 

59,756,438

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

 

2,549,056

 

 

Income approach

 

Discount rate

 

8.2% (8.2%)

 

 

 

127,490

 

 

Asset approach (2)

 

N/A

 

N/A

Equity

 

 

54,985,000

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

15,128,922

 

 

Market comparable companies

 

EBITDA multiples

 

3.0x - 19.3x (15.0x)

 

 

8,754,788

 

 

Market comparable companies

 

Revenue multiples

 

0.3x - 4.8x (1.1x)

 

 

 

16,868,190

 

 

Income approach

 

Discount rate

 

13.4% - 15.0% (13.5%)

 

 

 

15,474,990

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.0x - 9.5x (5.9x)

 

 

 

 

 

 

Implied volatility

 

45.0% - 75.0% (59.4%)

 

 

 

 

 

 

Term

 

0.1 years - 3.0 years (1.8 years)

 

 

 

2,841,850

 

 

Transaction approach (3)

 

N/A

 

N/A

 

$

1,388,512,180

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

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
Input Increases

 

Impact to Value if
Input Decreases

Discount rate

 

Decrease

 

Increase

Revenue multiples

 

Increase

 

Decrease

EBITDA multiples

 

Increase

 

Decrease

Book value multiples

 

Increase

 

Decrease

Implied volatility

 

Increase

 

Decrease

Term

 

Increase

 

Decrease

Yield

 

Increase

 

Decrease

 

During the three months ended March 31, 2026, four senior debt positions with an aggregate fair value of $4.5 million transitioned from a transaction price approach to an income approach, two senior debt positions with a fair value of $3.9 million transitioned from an expected recovery valuation model to an income approach, and three senior debt positions with a fair value of $2.9 million transitioned from an income approach to an expected recovery valuation model. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

 

 

 

 

 

 

33

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended March 31, 2026 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,358,559,662

 

 

$

59,756,438

 

 

$

113,856,216

 

 

$

1,532,172,316

 

Net realized and unrealized gains (losses)

 

 

(25,730,619

)

 

 

—

 

 

 

(10,597,560

)

 

 

(36,328,179

)

Acquisitions (1)

 

 

11,715,496

 

 

 

2,549,056

 

 

 

11,467,411

 

 

 

25,731,963

 

Dispositions

 

 

(132,519,083

)

 

 

—

 

 

 

(1,247,052

)

 

 

(133,766,135

)

Ending balance

 

$

1,212,025,456

 

 

$

62,305,494

 

 

$

113,479,015

 

 

$

1,387,809,965

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

(24,260,457

)

 

$

—

 

 

$

(10,666,040

)

 

$

(34,926,497

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.

 

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate
Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

127,490

 

 

$

574,725

 

 

$

702,215

 

Net realized and unrealized gains (losses)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Ending balance

 

$

—

 

 

$

127,490

 

 

$

574,725

 

 

$

702,215

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

34

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

 

At December 31, 2025, the Company’s investments were categorized as follows:

 

Level

 

Basis for Determining Fair Value

 

Bank Debt (1)

 

 

Other
Corporate Debt (2)

 

 

Equity
Securities

 

 

Total

 

1

 

Quoted prices in active markets for identical
   assets

 

$

—

 

 

$

—

 

 

$

427,941

 

 

$

427,941

 

2

 

Other direct and indirect observable market
   inputs (3)

 

—

 

 

—

 

 

—

 

 

 

—

 

3

 

Independent third-party valuation sources
   that employ significant unobservable inputs

 

 

1,358,559,662

 

 

 

59,756,438

 

 

 

113,856,216

 

 

 

1,532,172,316

 

3

 

Valuation Designee valuations with significant unobservable inputs

 

—

 

 

 

127,490

 

 

 

574,725

 

 

 

702,215

 

Total

 

 

 

$

1,358,559,662

 

 

$

59,883,928

 

 

$

114,858,882

 

 

$

1,533,302,472

 

 

(1)
Includes senior secured loans.
(2)
Includes senior secured notes, unsecured debt and subordinated debt.
(3)
For example, quoted prices in inactive markets or quotes for comparable investments.

 

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

 

$

1,165,504,450

 

 

Income approach

 

Discount rate

 

7.7% - 28.3% (11.3%)

 

 

86,637,697

 

 

Market comparable companies

 

Revenue multiples

 

0.4x - 3.3x (1.7x)

 

 

54,856,441

 

 

Market comparable companies

 

EBITDA multiples

 

4.5x - 10.0x (9.0x)

 

 

47,153,463

 

 

Market quotations

 

Indicative bid/ask quotes

 

1 (1)

 

 

 

4,407,611

 

 

Transaction approach (3)

 

N/A

 

N/A

Other Corporate Debt

 

 

59,756,438

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

 

127,490

 

 

Asset approach (2)

 

N/A

 

N/A

Equity

 

 

19,318,718

 

 

Option Pricing Model

 

EBITDA/Revenue multiples

 

2.2x - 10.0x (6.3x)

 

 

 

 

 

 

Implied volatility

 

45.0% - 75.0% (60.7%)

 

 

 

 

 

 

Term

 

0.1 years - 3.0 years (1.8 years)

 

 

51,042,935

 

 

Market comparable companies

 

Book value multiples

 

1.6x (1.6x)

 

 

15,970,951

 

 

Market comparable companies

 

Revenue multiples

 

0.4x - 4.8x (0.8x)

 

 

9,463,322

 

 

Market comparable companies

 

EBITDA multiples

 

4.5x - 19.3x (18.0x)

 

 

 

16,736,055

 

 

Income approach

 

Discount rate

 

13.4% - 15.0% (13.5%)

 

 

 

1,898,960

 

 

Transaction approach (3)

 

N/A

 

N/A

 

 

1,532,874,531

 

 

 

 

 

 

 

 

(1)
Weighted by fair value.
(2)
Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.
(3)
Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

35

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended March 31, 2025 were as follows:

 

 

 

Independent Third-Party Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

1,549,242,872

 

 

$

64,772,456

 

 

$

150,615,054

 

 

$

1,764,630,382

 

Net realized and unrealized gains (losses)

 

 

(23,925,202

)

 

 

(2,663,309

)

 

 

18,015,924

 

 

 

(8,572,587

)

Acquisitions (1)

 

 

40,408,121

 

 

 

—

 

 

 

4,787,184

 

 

 

45,195,305

 

Dispositions

 

 

(54,690,427

)

 

 

—

 

 

 

—

 

 

 

(54,690,427

)

Ending balance

 

$

1,511,035,364

 

 

$

62,109,147

 

 

$

173,418,162

 

 

$

1,746,562,673

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

(22,911,710

)

 

$

(2,663,309

)

 

$

18,015,924

 

 

$

(7,559,095

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.

 

 

 

 

 

Valuation Designee Valuation

 

 

 

Bank Debt

 

 

Other
Corporate Debt

 

 

Equity
Securities

 

 

Total

 

Beginning balance

 

$

—

 

 

$

—

 

 

$

1,157,403

 

 

$

1,157,403

 

Net realized and unrealized gains (losses)

 

 

(31

)

 

 

—

 

 

 

—

 

 

 

(31

)

Acquisitions (1)

 

 

31

 

 

 

—

 

 

 

—

 

 

 

31

 

Ending balance

 

$

—

 

 

$

—

 

 

$

1,157,403

 

 

$

1,157,403

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

(31

)

 

$

—

 

 

$

—

 

 

$

(31

)

 

(1)
Includes payments received in kind and accretion of original issue and market discounts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

 

2. Summary of Significant Accounting Policies — (continued)

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 March 31, 2026, included in cash and cash equivalents was $6.6 million (1.2% of net assets) held in the JPMorgan U.S. Government Money Market Fund with a 7-day yield of 3.55% and $42.5 million (7.5% of net assets) held in the Allspring Government Money Market Fund with a 7- day yield of 3.54%. At December 31, 2025, included in cash and cash equivalents was $3.8 million (0.6% of net assets) held in the JPMorgan U.S. Government Money Market Fund with a 7-day yield of 3.66% and $47.6 million (8.0% of net assets) held in the Allspring Government Money Market Fund with a 7- day yield of 3.65%. There was no restricted cash at March 31, 2026 and December 31, 2025.

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.

Foreign Currency Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately 0.5% and 0.4% of total investments at March 31, 2026 and December 31, 2025, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at March 31, 2026 and December 31, 2025 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

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.

37

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

 

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 $35.0 million. Under the swap agreement, Merger Sub received a fixed interest rate of 2.633% and paid a floating interest rate of SOFR with payments due annually. The Interest Rate Swap matured on June 9, 2025.

Pursuant to the contract, Merger Sub was required to deposit initial margin with the broker in the form of cash and has 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 be 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 three months ended March 31, 2026 and 2025, the Company did not enter into any additional derivative transactions.

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.

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
 

38

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

 

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 BDC 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 March 31, 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 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 March 31, 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 $825,454,996 available to offset future realized capital gains.

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

 

$

1,860,387,305

 

 

 

 

Gross Unrealized Appreciation

 

$

116,913,526

 

Gross Unrealized Depreciation

 

 

(443,998,359

)

Net Unrealized Appreciation (Depreciation)

 

$

(327,084,833

)

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.

 

39

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

2. Summary of Significant Accounting Policies — (continued)

 

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.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 2200-40),” 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 200% of the net asset value of the Company from 1.50% to 1.00%, (ii) reduced the incentive compensation on net investment income and net realized gains (reduced by any net unrealized losses) from 20% to 17.5% and (iii) reduced the cumulative total return hurdle from 8% to 7%.

Accordingly, the Company’s base management fee was calculated at an annual rate of 1.50% on total assets (excluding cash and cash equivalents) up to an amount equal to 200% of the net asset value of the Company, and 1.00% thereafter. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

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 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears. On February 24, 2025, the Advisor voluntarily agreed to waive one third of its management fee for each of the first three quarters of 2025, starting on January 1, 2025 and ending on September 30, 2025. On January 22, 2026, the Advisor approved a one-time waiver to waive one third of its management fee for the fourth quarter of 2025. For the year ended December 31, 2025, the Advisor waived $7.3 million in management fees.

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 $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter). No advisory fee waiver was required for the four (4) fiscal quarters following the Closing pursuant to the Fee Waiver Agreement. The Fee Waiver Agreement is not applicable to the periods after December 31, 2024.

 

40

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

3. Management Fees, Incentive Fees and Other Expenses — (continued)

Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a 7% annual rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation is calculated on ordinary income (before incentive compensation) and net realized gains (net of any unrealized depreciation) at rates of 17.5% on income since the fee reduction on February 8, 2019 and 20% previously. Incentive compensation is computed as the difference between incentive compensation earned and incentive compensation paid, subject to the total return hurdle, on a cumulative basis since January 1, 2013, and is payable quarterly in arrears. As of March 31, 2026, the Company's cumulative total return did not exceed the total return hurdle and, as a result, no incentive compensation was accrued for the three months ended March 31, 2026.

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 March 31, 2026 and December 31, 2025, no such reserve was accrued.

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”), amounts outstanding under a senior secured revolving, multi-currency credit facility entered into by SVCP (the “Operating Facility”), amounts outstanding under a senior secured revolving credit facility entered into by TCPC Funding II (“Funding Facility II”), amounts outstanding under a senior secured revolving credit facility originally entered into by BCIC and assumed by Merger Sub (“Merger Sub Facility”), and debentures guaranteed by the SBA (the “SBA Debentures”). Prior to being repaid, debt included $325.0 million in unsecured notes due February 2026 (the “2026 Notes”) which were repaid on February 9, 2026 and $92.0 million in unsecured notes which were due December 2025 originally issued by BCIC and assumed by Merger Sub (the “2025 Notes”) which were repaid on July 31, 2025.

Total debt outstanding and available at March 31, 2026 was as follows:

 

 

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2029

 

SOFR+2.00%

(2)

 

$

226,899,664

 

 

$

73,100,336

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2029

 

SOFR+2.00%

 

 

 

108,000,000

 

 

 

92,000,000

 

 

 

200,000,000

 

(4)

Merger Sub Facility(5)

 

2028

 

SOFR+2.00%

(6)

 

 

166,000,000

 

 

 

99,000,000

 

 

 

265,000,000

 

(7)

SBA Debentures

 

2026−2031

 

2.41%

(8)

 

 

107,200,000

 

 

 

—

 

 

 

107,200,000

 

 

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

322,567,041

 

 

 

—

 

 

 

322,567,041

 

 

Total leverage

 

 

 

 

 

 

 

930,666,705

 

 

$

264,100,336

 

 

$

1,194,767,041

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(4,823,558

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

925,843,147

 

 

 

 

 

 

 

 

 

(1)
Except for the 2029 Notes all carrying values are the same as the principal amounts outstanding.
(2)
As of March 31, 2026, $220.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $2.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. $4.0 million of the outstanding amount bore interest at a rate of CORRA + 2.00% with a credit adjustment of 0.30%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(5)
Debt assumed by the Company as a result of the Merger with BCIC.

 

 

41

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

4. Debt — (continued)

 

(6)
The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.
(7)
Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.
(8)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

Total debt outstanding and available at December 31, 2025 was as follows:

 

 

 

Maturity

 

Rate

 

 

Carrying
Value (1)

 

 

Available

 

 

Total
Capacity

 

 

Operating Facility

 

2029

 

SOFR+2.00%

(2)

 

$

146,213,186

 

 

$

153,786,814

 

 

$

300,000,000

 

(3)

Funding Facility II

 

2029

 

SOFR+2.00%

 

 

 

100,000,000

 

 

 

100,000,000

 

 

 

200,000,000

 

(4)

Merger Sub Facility(5)

 

2028

 

SOFR+2.00%

(6)

 

 

36,000,000

 

 

 

229,000,000

 

 

 

265,000,000

 

(7)

SBA Debentures

 

2026−2031

 

2.41%

(8)

 

 

111,200,000

 

 

 

—

 

 

 

111,200,000

 

 

2026 Notes ($325 million par)

 

2026

 

2.85%

 

 

 

325,033,026

 

 

 

—

 

 

 

325,033,026

 

 

2029 Notes ($325 million par)

 

2029

 

6.95%

 

 

 

322,396,491

 

 

 

—

 

 

 

322,396,491

 

 

Total leverage

 

 

 

 

 

 

 

1,040,842,703

 

 

 

482,786,814

 

 

 

1,523,629,517

 

 

Unamortized issuance costs

 

 

 

 

 

 

 

(5,299,866

)

 

 

 

 

 

 

 

Debt, net of unamortized issuance costs

 

 

 

 

 

 

$

1,035,542,837

 

 

 

 

 

 

 

 

 

 

(1)
Except for the 2026 Notes and the 2029 Notes, all carrying values are the same as the principal amounts outstanding.
(2)
As of December 31, 2025, $140.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $2.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. $3.3 million of the outstanding amount bore interest at a rate of CORRA + 2.00% with a credit adjustment of 0.30%.
(3)
Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.
(4)
Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.
(5)
Debt assumed by the Company as a result of the Merger with BCIC.
(6)
The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.
(7)
Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.
(8)
Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

 

The combined weighted-average interest rates on total debt outstanding at March 31, 2026 and December 31, 2025 were 5.77% and 4.90%, respectively.

Total expenses related to debt included the following:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Interest expense

 

$

14,722,222

 

 

$

15,330,111

 

Amortization of deferred debt issuance costs

 

 

1,070,629

 

 

 

1,305,819

 

Commitment fees

 

 

255,597

 

 

 

448,703

 

Total

 

$

16,048,448

 

 

$

17,084,633

 

 

Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of March 31, 2026, the estimated fair values of the Operating Facility, as defined in Note 4, Funding Facility II and the SBA Debentures approximated their carrying values and the estimated fair value of the Merger Sub Facility was $145.3 million. As of March 31, 2026, the 2029 Notes had an estimated fair value of $319.0. As of December 31, 2025, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values and the estimated fair value of the Merger Sub Facility was $32.9 million. As of December 31, 2025, the 2026 Notes and the 2029 Notes had estimated fair values of $323.8 million and $326.1 million,
 

42

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

4. Debt — (continued)

respectively. The estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair value of the Merger Sub Facility was derived by taking the average of the high and low quotes as obtained from a broker. The estimated fair values of the 2026 Notes and 2029 Notes were determined using market quotations. The estimated fair values of the Operating Facility, Funding Facility II, Merger Sub Facility, 2026 Notes, 2029 Notes and SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy.

Unsecured Notes

On August 23, 2019, the Company issued $150.0 million of unsecured notes. On November 26, 2019, the Company issued an additional $50.0 million of the 2024 Notes and on October 2, 2020, the Company issued an additional $50.0 million of the 2024 Notes for a total outstanding aggregate principal amount of $250.0 million. The 2024 Notes were issued at a discount to the principal amount and bore interest at an annual rate of 3.900%, payable semi-annually. On August 23, 2024, the 2024 Notes matured and all principal was repaid.

On February 9, 2021, the Company issued $175.0 million of unsecured notes that mature on February 9, 2026, unless previously repurchased or redeemed in accordance with their terms. The 2026 Notes were issued at a discount to the principal amount. On August 27, 2021, the Company issued an additional $150.0 million of the 2026 Notes, at a premium to par, for a total outstanding aggregate principal amount of $325.0 million. The 2026 Notes bore interest at an annual rate of 2.850%, payable semi-annually, and all principal was due upon maturity. The 2026 Notes were redeemable in whole or part at the Company's option at a redemption price equal to par plus a “make whole” premium, as determined pursuant to the indenture governing the 2026 Notes, and any accrued and unpaid interest. On February 9, 2026, the 2026 Notes matured and the Company repaid $325.0 million of principal amount at par plus the accrued and unpaid interest.

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) $35.0 million aggregate principal amount of BCIC’s 6.85% Series 2022A Senior Notes, Tranche A, due December 9, 2025 (the “Tranche A Notes”) and (b) $57.0 million aggregate principal amount of BCIC’s Floating Rate Series 2022A Senior Notes, Tranche B due December 9, 2025 (the “Tranche B Notes” and, collectively with the Tranche A Notes, the “2025 Notes”) and other obligations of BCIC under the Master Note Purchase Agreement, dated as of April 21, 2022 (as amended by the First Amendment to the Master Note Purchase Agreement, dated as of March 13, 2024 (the “First Amendment”), and as further amended, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), among BCIC and certain institutional investors.

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 6.85% per annum (which was increased from 5.82% per annum effective as of the Closing) that was payable semi-annually. The Tranche B Notes bore interest at a rate equal to the SOFR plus 3.14% that was payable quarterly. The 2025 Notes were due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by Merger Sub or its affiliates in accordance with their terms. Merger Sub could prepay the 2025 Notes at its option, subject to a prepayment premium, in an amount equal to 1% on or before June 9, 2024, 0.5% after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. In addition, Merger Sub would be obligated to offer to repay the 2025 Notes at par if certain change in control events occur.

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 $35.0 million in aggregate principal amount of issued and outstanding Tranche A Notes and $57.0 million in aggregate principal amount of issued and outstanding Tranche B Notes, which represent the entire amount of the 2025 Notes outstanding, pursuant to the terms of the Note Assumption Agreement. The Company prepaid all $35.0 million in aggregate principal amount of the Tranche A Notes and $57.0 million in aggregate principal amount of the Tranche B Notes on July 31, 2025, at 100% of their principal amount, plus the accrued and unpaid interest thereon in accordance with the terms of the Note Assumption Agreement.

 

 

43

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

4. Debt — (continued)

On May 30, 2024, the Company issued $325.0 million of unsecured notes that mature on May 30, 2029, unless previously repurchased or redeemed in accordance with their terms. The 2029 Notes were issued at a discount to the principal amount. The 2029 Notes bear interest at an annual rate of 6.95%, payable semi-annually, and all principal is due upon maturity. The 2029 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2029 Notes, and any accrued and unpaid interest.

As of March 31, 2026 and December 31, 2025, the components of the carrying value of 2026 Notes and 2029 Notes were as follows:

 

 

 

March 31, 2026

 

 

December 31, 2025

 

 

 

2026 Notes

 

2029 Notes

 

 

2026 Notes

 

 

2029 Notes

 

Principal amount of debt

 

N/A

 

$

325,000,000

 

 

$

325,000,000

 

 

$

325,000,000

 

Original issue (discount)/ premium, net of accretion

 

N/A

 

 

(2,432,959

)

 

 

33,026

 

 

 

(2,603,509

)

Carrying value of debt

 

N/A

 

$

322,567,041

 

 

$

325,033,026

 

 

$

322,396,491

 

For the three months ended March 31, 2026 and 2025, the components of interest expense for the 2025 Notes, 2026 Notes and 2029 Notes were as follows:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

 

2025 Notes

 

2026 Notes

 

 

2029 Notes

 

 

2025 Notes

 

 

2026 Notes

 

 

2029 Notes

 

Stated interest expense

 

N/A

 

$

977,708

 

 

$

5,646,875

 

 

$

1,675,277

 

 

$

2,315,625

 

 

$

5,646,875

 

Amortization of original issue discount/ (premium)

 

N/A

 

 

(33,026

)

 

 

170,550

 

 

 

—

 

 

 

(99,611

)

 

 

158,874

 

Total interest expense

 

N/A

 

$

944,682

 

 

$

5,817,425

 

 

$

1,675,277

 

 

$

2,216,014

 

 

$

5,805,749

 

Operating Facility

The Operating Facility consists of a revolving, multi-currency credit facility which provides for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions. The Operating Facility includes a $100.0 million accordion feature which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

Most of the cash and investments held directly by SVCP, as well as the assets of TCPC Funding and 36th Street Capital Partners Holdings, LLC, are included in the collateral for the facility.

On June 22, 2021, the Operating Facility was amended to (i) extend the maturity date by two years from May 6, 2024 to May 6, 2026, (ii) change the interest rate applicable to borrowings to (a) LIBOR plus an applicable margin equal to either 1.75% or 2.00%, or (b) in the case of ABR borrowings, generally the prime rate in effect plus an applicable margin of either 0.75% or 1.00% depending on a ratio of the borrowing base to the facility commitments in both cases, and (iii) reduce commitment fees on the undrawn portion of the Operating Facility above the minimum utilization amount from 0.50% per annum to 0.375% per annum. Undrawn portions of the Operating Facility below the minimum utilization amount continued to accrue commitment fees at a rate of 0.50% per annum until March 1, 2022, the date on which the March 2022 Convertible Notes were terminated in full, after which time they accrue at a rate of 2.00% per annum.

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 0.11%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base to the facility commitments.

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 May 6, 2025 and May 6, 2026 to August 1, 2028 and August 1, 2029, respectively, (ii) delete references to the 2022 Notes, (iii) remove certain borrowing base restrictions, (iv) lower the SOFR credit spread adjustment to 0.10% for one month contracts and 0.15% for three month contracts, respectively, (v) update the minimum amount of stockholder’s equity figure, (vi) update the “change in control” provisions to account for personnel changes and structuring variations and (vii) update certain mechanical/administrative provisions, including provisions for replacing CDOR and other reference

 

44

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

4. Debt — (continued)

rates. The Operating Facility may be terminated, and any outstanding amounts there under may become due and payable, should SVCP fail to satisfy certain financial or other covenants. As of March 31, 2026, SVCP was in full compliance with such covenants.

Funding Facility II

Funding Facility II is a senior secured revolving credit facility which provides for amounts to be drawn up to $200.0 million, subject to certain collateral and other restrictions. The facility contains an accordion feature which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. The cash and investments of TCPC Funding II are included in the collateral for the facility.

Borrowings under Funding Facility II bore interest at a rate of LIBOR plus 2.00% per annum, subject to certain funding requirements, plus a 0.35% fee on drawn amounts and an agency fee of 0.15% per annum on the facility. The facility also accrued commitment fees of 0.35% per annum on the unused portion of the facility.

Since February 28, 2023, borrowings under Funding Facility II bore interest at a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.00% per annum, which is subject to increase after the end of the revolving period or under other customary circumstances. The facility also accrues a 0.35% fee on drawn amounts and an agency fee of 0.15% per annum on the facility. The facility also accrues commitment fees of 0.35% per annum on the unused portion of the facility.

On August 4, 2023, the Funding Facility II was amended to extend the maturity date from August 4, 2025 to August 4, 2027, and updated interest to a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%. The facility may be terminated, and any outstanding amounts thereunder may become due and payable, should TCPC Funding II fail to satisfy certain financial or other covenants. On July 31, 2025, the Funding Facility II was amended to extend the revolving period from August 4,
2025 to July 31, 2027 and the stated maturity date from August 4, 2027 to July 31, 2029 and updated interest to a rate of SOFR plus a margin of 2.00%.

As of March 31, 2026, TCPC Funding II was in full compliance with such covenants.

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 $265.0 million, by which Merger Sub may seek an increase in the commitments to $325.0 million in the aggregate (subject to satisfaction of certain conditions, including obtaining commitments). The Merger Sub Facility matures on September 6, 2028. Amounts outstanding under the Merger Sub Facility bear interest at a rate based on, at Merger Sub’s election, (i) in the case of ABR loans, a base reference rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) the "Prime Rate" in effect on such day and (c) the adjusted term SOFR rate plus 1.00%, plus a margin ranging from 0.75% to 1.00% per annum, in the case of ABR loans, and 1.75% to 2.00% per annum, in the case of eurocurrency loans or SOFR loans, (ii) in the case of eurocurrency loans, a rate per annum equal to the adjusted CDOR rate or the adjusted EURIBOR rate, for loans denominated in Canadian dollars or in euros, respectively, plus, in either case, the Applicable Margin (as defined in the Merger Sub Facility) or (iii) in the case of SOFR loans, a rate per annum equal to the adjusted term SOFR rate plus the Applicable Margin. The Merger Sub Facility is secured by all of the assets held by Merger Sub as successor to BCIC.

45

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

4. Debt — (continued)

 

SBA Debentures

As of March 31, 2026, the SBIC is able to issue up to $107.2 million in SBA Debentures, subject to funded regulatory capital and other customary regulatory requirements. As of March 31, 2026, SVCP had committed $87.5 million of regulatory capital to the SBIC, all of which had been funded. SBA Debentures are non-recourse and may be prepaid at any time without penalty. Once drawn, the SBIC debentures bear an interim interest rate of SOFR plus 30 basis points. The rate then becomes fixed at the time of SBA pooling, which occurs twice each year, and is set to the then-current 10-year treasury rate plus a spread and an annual SBA charge.

SBA Debentures outstanding as of March 31, 2026 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

September 21, 2016

 

September 1, 2026

 

 

18,200,000

 

 

 

2.05

%

 

 

0.36

%

September 20, 2017

 

September 1, 2027

 

 

14,000,000

 

 

 

2.52

%

 

 

0.36

%

March 21, 2018

 

March 1, 2028

 

 

8,000,000

 

 

 

3.19

%

 

 

0.35

%

September 19, 2018

 

September 1, 2028

 

 

15,000,000

 

 

 

3.55

%

 

 

0.35

%

September 25, 2019

 

September 1, 2029

 

 

40,000,000

 

 

 

2.28

%

 

 

0.35

%

September 22, 2021

 

September 1, 2031

 

 

12,000,000

 

 

 

1.30

%

 

 

0.35

%

 

 

 

 

$

107,200,000

 

 

 

2.41

%

*

 

 

 

* Weighted-average interest rate

SBA Debentures outstanding as of December 31, 2025 were as follows:

Issuance Date

 

Maturity

 

Debenture
Amount

 

 

Fixed
Interest
Rate

 

 

SBA
Annual
Charge

 

March 23, 2016

 

March 1, 2026

 

$

4,000,000

 

 

 

2.51

%

 

 

0.36

%

September 21, 2016

 

September 1, 2026

 

 

18,200,000

 

 

 

2.05

%

 

 

0.36

%

September 20, 2017

 

September 1, 2027

 

 

14,000,000

 

 

 

2.52

%

 

 

0.36

%

March 21, 2018

 

March 1, 2028

 

 

8,000,000

 

 

 

3.19

%

 

 

0.35

%

September 19, 2018

 

September 1, 2028

 

 

15,000,000

 

 

 

3.55

%

 

 

0.35

%

September 25, 2019

 

September 1, 2029

 

 

40,000,000

 

 

 

2.28

%

 

 

0.35

%

September 22, 2021

 

September 1, 2031

 

 

12,000,000

 

 

 

1.30

%

 

 

0.35

%

 

 

 

 

$

111,200,000

 

 

 

2.41

%

*

 

 

 

* 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.

The Consolidated Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at March 31, 2026 and December 31, 2025 as follows:

46

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

 

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

March 31, 2026

 

 

December 31, 2025

 

Alcami Corporation

 

12/21/2028

 

$

802,771

 

 

$

919,537

 

ALCV Purchaser, Inc. (AutoLenders)

 

4/1/2026

 

 

448,202

 

 

 

448,202

 

Alpine Acquisition Corp II (48Forty)

 

1/14/2031

 

 

278,658

 

 

NA

 

Alpine Acquisition Corp II (48Forty)

 

1/14/2031

 

 

1,114,630

 

 

NA

 

Alpine Acquisition Corp II (48Forty)

 

11/30/2029

 

NA

 

 

 

171,095

 

AmeriLife Holdings, LLC

 

8/31/2028

 

 

618,743

 

 

 

618,743

 

Anthracite Buyer, Inc. (Coalfire)

 

12/3/2032

 

 

1,000,000

 

 

 

1,000,000

 

Applause App Quality, Inc.

 

10/24/2029

 

 

1,176,947

 

 

 

1,046,175

 

Appriss Health, LLC (PatientPing)

 

5/6/2027

 

 

736,257

 

 

 

736,257

 

Aras Corporation

 

4/13/2029

 

 

825,634

 

 

 

766,660

 

Aryeh Bidco Investment Ltd (DentalCorp) (Canada)

 

1/14/2033

 

 

99,764

 

 

NA

 

Aryeh Bidco Investment Ltd (DentalCorp) (Canada)

 

1/14/2033

 

 

119,484

 

 

NA

 

Beekeeper Buyer Inc. (Archway)

 

6/30/2031

 

 

200,000

 

 

 

200,000

 

Bluefin Holding, LLC (Allvue)

 

9/12/2029

 

 

762,821

 

 

 

762,821

 

Brown & Settle, Inc.

 

5/16/2030

 

 

243,902

 

 

 

243,902

 

Bynder Bidco B.V. (Netherlands)

 

1/26/2029

 

 

1,259,424

 

 

 

1,259,424

 

Bynder Bidco, Inc. (Netherlands)

 

1/26/2029

 

 

346,984

 

 

 

346,984

 

CareATC, Inc.

 

9/14/2027

 

 

945,362

 

 

 

945,362

 

Chronicle Parent LLC (Lexitas)

 

4/15/2031

 

 

486,867

 

 

 

2,418,058

 

Chronicle Parent LLC (Lexitas)

 

4/15/2031

 

 

187,663

 

 

 

878,017

 

Clever Devices Ltd.

 

6/12/2030

 

 

441,176

 

 

 

343,137

 

Community Merger Sub Debt LLC (CINC Systems)

 

1/18/2030

 

 

371,429

 

 

 

428,571

 

Crewline Buyer, Inc. (New Relic)

 

11/8/2030

 

 

163,522

 

 

 

163,522

 

Deepl Se (Germany)

 

6/26/2030

 

 

2,062,124

 

 

 

2,062,124

 

Deepl Se (Germany)

 

6/26/2030

 

 

581,163

 

 

 

581,163

 

DNAnexus, Inc

 

12/18/2029

 

 

18,375,000

 

 

 

18,375,000

 

Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

NA

 

 

 

2,919,174

 

Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

16,958

 

 

 

502,634

 

Douglas Holdings, Inc (Docupace)

 

8/27/2030

 

 

1,326,897

 

 

 

1,326,897

 

Dragos, Inc.

 

9/30/2026

 

 

2,400,000

 

 

 

2,400,000

 

Dragos, Inc.

 

6/30/2030

 

 

881,172

 

 

 

881,172

 

EBS Parent Holdings Inc. (The Difference Card)

 

7/1/2032

 

 

776,367

 

 

 

776,367

 

EBS Parent Holdings Inc. (The Difference Card)

 

7/1/2032

 

 

258,789

 

 

 

258,789

 

e-Discovery Acquireco, LLC (Reveal)

 

8/23/2029

 

 

349,100

 

 

 

349,100

 

Emerald Technologies (U.S.) AcquisitionCo, Inc.

 

12/29/2026

 

 

3,479

 

 

 

3,479

 

ESO Solutions, Inc.

 

5/3/2027

 

 

189,323

 

 

 

236,654

 

Express Wash Acquisition Company, LLC (Whistle)

 

4/10/2031

 

 

1,666,615

 

 

 

1,666,615

 

FirstUp, Inc

 

7/13/2027

 

 

38,620

 

 

 

38,620

 

Fishbowl, Inc.

 

11/4/2030

 

NA

 

 

 

30,224

 

Flexport Capital, LLC

 

6/30/2029

 

 

4,333,333

 

 

 

4,333,333

 

Fusion Holding Corp. (Finalsite)

 

9/15/2028

 

 

291,559

 

 

 

134,566

 

Fusion Risk Management, Inc.

 

5/22/2029

 

 

450,000

 

 

 

471,429

 

G-3 Apollo Acquisition Corp (Appriss Retail)

 

3/10/2031

 

 

1,428,571

 

 

 

1,428,571

 

G-3 Apollo Acquisition Corp (Appriss Retail)

 

3/10/2031

 

 

1,285,714

 

 

 

1,285,714

 

GC Waves Holdings, Inc. (Mercer)

 

10/4/2030

 

 

3,397,000

 

 

 

4,745,000

 

Griffon Bidco Inc. (Layerzero)

 

7/31/2031

 

 

3,500,000

 

 

 

3,500,000

 

Griffon Bidco Inc. (Layerzero)

 

7/31/2031

 

 

3,500,000

 

 

 

3,500,000

 

GTY Technology Holdings Inc.

 

7/9/2029

 

 

925,056

 

 

 

1,541,761

 

Honey Intermediate, Inc. (iLobby) (Canada)

 

9/26/2030

 

 

2,352,941

 

 

 

2,352,941

 

 

47

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

 

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

March 31, 2026

 

 

December 31, 2025

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

$

-

 

 

$

322,581

 

Huckabee Acquisition, LLC (MOREgroup)

 

1/16/2030

 

 

193,548

 

 

 

193,548

 

ICIMS, Inc.

 

8/18/2028

 

 

1,247,139

 

 

 

1,044,116

 

Integrate.com, Inc.

 

12/17/2027

 

NA

 

 

 

14,000

 

Integrity Marketing Acquisition, LLC

 

8/25/2028

 

 

13,740,906

 

 

 

13,821,048

 

Intercept Bidco, Inc.

 

6/3/2030

 

 

416,667

 

 

 

416,667

 

Intercept Bidco, Inc.

 

6/3/2030

 

 

277,778

 

 

 

277,778

 

IT Parent, LLC

 

10/1/2028

 

 

175,000

 

 

 

175,000

 

James Perse Enterprises, Inc.

 

9/8/2027

 

NA

 

 

 

1,321,207

 

JF Acquisition, LLC (JF Petroleum)

 

6/18/2030

 

 

723,370

 

 

 

1,079,491

 

JF Acquisition, LLC (JF Petroleum)

 

6/18/2030

 

 

667,727

 

 

 

667,727

 

Lighthouse Parent Holdings, Inc (Aperture)

 

12/20/2031

 

 

2,549,110

 

 

 

3,651,428

 

Lighthouse Parent Holdings, Inc (Aperture)

 

12/20/2031

 

 

2,330,698

 

 

 

2,330,698

 

LJ Avalon Holdings, LLC (Ardurra)

 

2/1/2029

 

 

1,121,737

 

 

 

1,121,737

 

Logicmonitor, Inc

 

11/19/2031

 

 

50,748

 

 

 

50,748

 

Lucky US BuyerCo, LLC (Global Payments)

 

3/30/2029

 

 

51,137

 

 

 

51,137

 

Madison Logic Holdings, Inc.

 

12/30/2027

 

 

752,321

 

 

 

752,321

 

MB2 DENTAL SOLUTIONS LLC

 

3/11/2033

 

 

1,000,000

 

 

NA

 

Modigent, LLC (Pueblo)

 

8/23/2027

 

 

337,262

 

 

 

505,893

 

Mpulse Mobile Inc.

 

8/26/2032

 

 

371,047

 

 

 

371,047

 

Mpulse Mobile Inc.

 

8/26/2032

 

 

556,571

 

 

 

556,571

 

MRO Parent Corporation

 

6/9/2032

 

 

74,074

 

 

 

74,074

 

MRO Parent Corporation

 

6/9/2032

 

 

74,074

 

 

 

74,074

 

Oak Funding LLC

 

12/2/2032

 

 

444,444

 

 

 

444,444

 

Onestream Inc

 

3/30/2033

 

 

111,133

 

 

NA

 

Onestream Inc

 

3/30/2033

 

 

266,667

 

 

NA

 

Palmdale Oil Company, LLC

 

12/12/2031

 

 

434,783

 

 

 

434,783

 

Palmdale Oil Company, LLC

 

12/12/2031

 

NA

 

 

 

130,435

 

PARETO HEALTH INTERMEDIATE HOLDINGS INC

 

6/1/2029

 

 

78,125

 

 

NA

 

Pluralsight, Inc.

 

8/22/2029

 

 

3,775,409

 

 

 

3,775,409

 

Pluralsight, Inc.

 

8/22/2029

 

 

1,849,410

 

 

 

1,849,410

 

PMA Parent Holdings, LLC

 

1/31/2031

 

 

750,000

 

 

 

750,000

 

Pyramid Analytics B.V.

 

3/31/2026

 

NA

 

 

 

240,118

 

RBS Buyer Inc.

 

7/31/2031

 

 

600,000

 

 

 

600,000

 

RBS Buyer Inc.

 

7/31/2031

 

 

1,000,000

 

 

 

1,000,000

 

SEP Eiger BidCo Ltd. (Beqom) (Switzerland)

 

5/9/2028

 

 

1,460,107

 

 

 

1,460,107

 

Serrano Parent, LLC (Sumo Logic)

 

5/12/2030

 

 

697,970

 

 

 

697,970

 

Shackleton Bidco Inc. (Payworks) (Canada)

 

11/5/2032

 

 

1,530,512

 

 

 

1,530,512

 

Shackleton Bidco Inc. (Payworks) (Canada)

 

11/5/2032

 

 

382,628

 

 

 

382,628

 

Skydio, Inc

 

12/4/2029

 

 

6,562,500

 

 

 

6,562,500

 

Sonny’s Enterprises, LLC

 

8/5/2028

 

 

35,220

 

 

 

106,122

 

Spark Buyer, LLC (Sparkstone)

 

10/15/2031

 

 

4,482,759

 

 

 

4,482,759

 

Spark Buyer, LLC (Sparkstone)

 

10/15/2031

 

 

1,232,759

 

 

 

1,479,310

 

Spartan Bidco Pty Ltd (StarRez) (Australia)

 

1/24/2028

 

 

527,959

 

 

 

527,959

 

SRS Acquiom Holdings LLC

 

1/14/2032

 

 

113,043

 

 

NA

 

Stonebridge Companies, LLC

 

5/16/2031

 

 

193,548

 

 

 

193,548

 

Stonebridge Companies, LLC

 

5/16/2030

 

 

129,032

 

 

 

129,032

 

Streamland Media Midco LLC

 

3/31/2029

 

 

14,805

 

 

 

12,191

 

Suited Connector, LLC

 

3/29/2030

 

 

1,079,726

 

 

NA

 

Syndigo, LLC

 

9/2/2032

 

 

270,142

 

 

 

355,450

 

 

 

 

48

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

 

 

 

 

 

 

Unfunded Balances

 

Issuer

 

Maturity

 

March 31, 2026

 

 

December 31, 2025

 

Thunder Purchaser, Inc. (Vector Solutions)

 

6/30/2028

 

$

1,352,453

 

 

$

1,352,453

 

Titan Home Improvement, LLC (Renuity)

 

5/31/2030

 

 

348,837

 

 

 

348,837

 

Titan Home Improvement, LLC (Renuity)

 

5/31/2030

 

 

290,698

 

 

 

290,698

 

Trintech, Inc.

 

7/25/2029

 

NA

 

 

 

152,143

 

Vortex Companies, LLC

 

9/4/2029

 

NA

 

 

 

554,971

 

Vortex Companies, LLC

 

9/4/2029

 

 

87,268

 

 

 

87,268

 

Xactly Corporation

 

2/3/2028

 

 

854,898

 

 

 

854,898

 

Zenith AcquisitionCo LLC

 

12/29/2032

 

 

220,364

 

 

NA

 

Zenith AcquisitionCo LLC

 

1/13/2033

 

 

86,227

 

 

NA

 

Zilliant Incorporated

 

12/21/2027

 

NA

 

 

 

133,333

 

Total Unfunded Balances

 

 

 

$

120,994,361

 

 

$

129,189,974

 

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 September 13, 2023, the Company was named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which the Company and certain other defendants invested. The suit alleges that the Company and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from the Company approximately $15.1 million, plus interest, additional amounts from the other defendants, and attorneys’ fees and costs from all defendants. The Company, the affiliated funds and the Advisor intend to vigorously defend against these claims. On November 6, 2023, the Company, the affiliated funds, and the Advisor, and certain other defendants filed motions to dismiss the lawsuit, which was fully briefed on February 12, 2024 and was argued in court on March 6, 2024. On November 8, 2024, the court issued a decision, granting in part and denying in part the motion to dismiss. As a result, on December 6, 2024, the plaintiffs filed an amended complaint containing substantially similar allegations but without the claims dismissed by the court. On January 23, 2025, the Company, the Advisor and the funds managed by it, along with other defendants, filed a motion to dismiss one of the counts in the amended complaint, which was granted on September 11, 2025. As of the date of this report, the Company and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result.

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. 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.

On February 24, 2026, a purported shareholder derivative action was filed in the United States District Court for the Central District of California, captioned Terwilliger, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-01968. The defendants are certain current and former officers and directors of the Company. The Company is named as a nominal defendant. The complaint asserts claims on behalf of the Company for alleged 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 plaintiff seeks 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. 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.

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 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

49

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

(“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 plaintiffs seek treble damages, interest, and attorneys’ fees and costs. 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.

 

6. Other Related Party Transactions

The Company, SVCP, TCPC Funding, TCPC Funding II, the SBIC, Merger Sub, 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 March 31, 2026 and December 31, 2025, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company and SVCP and receives reimbursement from the Company. At March 31, 2026 and December 31, 2025, amounts reimbursable to the Advisor totaled $1.6 million and $1.3 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

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 three months ended March 31, 2026 and 2025, expenses allocated pursuant to the Administration Agreement totaled $0.5 million and $0.6 million, respectively.

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 0.3834 shares (the “Exchange Ratio”) of common stock, par value $0.001 per share of the Company (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 27,823,870 shares of its common stock on March 18, 2024 to former BCIC shareholders, after adjustment for BCIC shareholders receiving cash in lieu of fractional shares.

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the three months ended March 31, 2026:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

 

Reinvested Amount(1)

 

February 27, 2026

 

March 17, 2026

 

March 31, 2026

 

Regular

 

$

0.17

 

 

$

14,318,949

 

 

$

368,016

 

 

 

 

 

 

 

 

$

0.17

 

 

$

14,318,949

 

 

$

368,016

 

 

(1)
Dividends reinvested through purchase of shares in the open market.

 

50

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

7. Stockholders’ Equity and Dividends — (continued)

The following table summarizes the Company’s dividends declared and paid for the three months ended March 31, 2025:

 

Date Declared

 

Record Date

 

Payment Date

 

Type

 

Amount
Per
Share

 

 

Total Amount

 

 

Reinvested Amount(1)

 

February 27, 2025

 

March 17, 2025

 

March 31, 2025

 

Regular

 

$

0.25

 

 

$

21,269,324

 

 

$

1,164,696

 

February 27, 2025

 

March 17, 2025

 

March 31, 2025

 

Special

 

 

0.04

 

 

 

3,403,092

 

 

 

186,351

 

 

 

 

 

 

 

 

 

$

0.29

 

 

$

24,672,416

 

 

$

1,351,047

 

 

 

(1)
Dividends reinvested through purchase of shares in the open market.

 

In addition, the Company paid $7,257,191 of dividends payable assumed in the Merger that were declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024. Such amount was paid from BCIC cash and cash equivalents acquired by the Company in the Merger.

 

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 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) 95% of the Market Price on the distribution payment date.

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 30 days after the distribution payment date, whichever is sooner (the “last purchase date”), to invest the distribution amount in common stock acquired in open-market purchases. If shares are purchased in the open market with respect to a distribution, the number of shares to be credited to a Participant’s account shall be determined by dividing the dollar amount of the cash distribution otherwise payable to the Participant by the weighted average Market Price per share for all common stock purchased by the Plan Administrator in the open market. If the Plan Administrator is unable to invest the full distribution amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may use any uninvested portion to acquire newly issued shares. Investments in newly 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.

51

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

7. Stockholders’ Equity and Dividends — (continued)

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 three months ended March 31, 2026, approximately $0.4 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP.

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 $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on April 29, 2026, to be in effect through the earlier of April 30, 2027, unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the three months ended March 31, 2026 and 2025:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Shares Repurchased

 

 

505,433

 

 

 

3,150

 

Price Per Share *

 

$

4.51

 

 

$

8.54

 

Total Cost

 

$

2,281,347

 

 

$

26,915

 

 

* Weighted-average price per share

 

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. The following information sets forth the computation of the net increase (decrease) in net assets per share resulting from operations for three months ended March 31, 2026 and 2025:

 

 

 

Three Months Ended March 31,

 

 

 

2026

 

 

2025

 

Net increase (decrease) in net assets from operations

 

$

(16,301,888

)

 

$

20,894,588

 

Weighted average shares outstanding

 

 

84,334,975

 

 

 

85,077,619

 

Earnings (loss) per share

 

$

(0.19

)

 

$

0.25

 

 

9. Subsequent Events

On April 29, 2026, the Company’s Board of Directors re-approved the Company Repurchase Plan to acquire up to $50.0 million in the aggregate of the Company's common stock at prices at certain thresholds below the Company's net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the 1934 Act, to be in effect through the earlier of April 30, 2027, unless further extended or terminated by the Company's Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

From April 1, 2026 through May 7, 2026, the Company repurchased 156,370 shares pursuant to the Company Repurchase Plan at a weighted average price of $3.78, for a total cost of $0.6 million.

52

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

9. Subsequent Events — (continued)

On May 7, 2026, the Company’s Board of Directors declared a second quarter dividend of $0.17 per share, payable on June 30, 2026 to shareholders of record as of the close of business on June 16, 2026.

10. Financial Highlights

 

 

Three Months Ended March 31,

 

 

2026

 

 

2025

 

 

Per Common Share

 

 

 

 

 

 

 

Per share NAV at beginning of period

 

$

7.07

 

 

$

9.23

 

 

 

 

 

 

 

 

 

Investment operations:

 

 

 

 

 

 

 

Net investment income (1)

 

 

0.22

 

 

 

0.38

 

 

Net realized and unrealized gain (loss) (1)

 

 

(0.41

)

 

 

(0.14

)

 

Total from investment operations

 

 

(0.19

)

 

 

0.24

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

0.01

 

 

0.00

 

 

 

 

 

 

 

 

 

Dividends to common shareholders

 

 

(0.17

)

 

 

(0.29

)

 

 

 

 

 

 

 

 

Per share NAV at end of period

 

$

6.72

 

 

$

9.18

 

 

 

 

 

 

 

 

 

Per share market price at end of period

 

$

3.61

 

 

$

8.01

 

 

 

 

 

 

 

 

 

Total return based on market value (2) (3)

 

 

(30.9

)%

 

 

(4.7

)%

 

Total return based on net asset value (2) (4)

 

 

(2.5

)%

 

 

2.6

%

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

84,059,145

 

 

 

85,077,297

 

 

 

 

 

 

 

Ratios to average common equity: (5)

 

 

 

 

 

 

 

Net investment income

 

 

12.6

%

 

 

16.4

%

 

Expenses, before incentive fee, and management fee waiver

 

 

16.5

%

 

 

13.0

%

 

Expenses, net of incentive fee, before management fee waiver

 

 

16.5

%

 

 

13.0

%

 

Management fee waiver

 

 

—

 

 

 

(0.9

)%

 

Expenses, net of incentive fee, and management fee waiver

 

 

16.5

%

 

 

12.1

%

 

 

 

 

 

 

 

 

Ending common shareholder equity

 

$

565,111,013

 

 

$

781,318,924

 

 

Portfolio turnover rate

 

 

1.5

%

 

 

3.7

%

 

Weighted-average debt outstanding

 

$

1,049,445,985

 

 

$

1,149,296,631

 

 

Weighted-average interest rate on debt

 

 

5.7

%

 

 

5.4

%

 

Weighted-average number of common shares

 

 

84,334,975

 

 

 

85,077,619

 

 

Weighted-average debt per share

 

$

12.44

 

 

$

13.51

 

 

 

(1)
Amounts shown reflect the impact of the purchase discount recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024.
(2)
Not annualized.
(3)
Total return based on market value equals the change in ending market value per share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period.
(4)
Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share.
(5)
Annualized, except for incentive compensation.

 

 

 

 

53

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 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 March 31, 2026.

 

 

Class and Year

 

Total Amount
Outstanding(1)

 

 

Asset Coverage
Per Unit(2)

 

 

Involuntary Liquidating
Preference Per Unit(3)

 

 

Average Market
Value Per Unit(4)

Operating Facility

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026 (Unaudited)

 

$

226,900

 

 

$

2,776

 

 

 

—

 

 

N/A

Fiscal Year 2025

 

 

146,213

 

 

 

5,406

 

 

 

—

 

 

N/A

Fiscal Year 2024

 

 

120,671

 

 

 

6,932

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

163,169

 

 

 

5,244

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

123,890

 

 

 

6,906

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

154,480

 

 

 

11,020

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

120,454

 

 

 

9,508

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

108,498

 

 

 

5,812

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

82,000

 

 

 

5,221

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

57,000

 

 

 

6,513

 

 

 

—

 

 

N/A

Funding Facility I

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 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

 

$

158,000

 

 

$

5,812

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

212,000

 

 

 

5,221

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

175,000

 

 

 

6,513

 

 

 

—

 

 

N/A

Funding Facility II

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026 (Unaudited)

 

$

108,000

 

 

$

2,776

 

 

 

—

 

 

N/A

Fiscal Year 2025

 

 

100,000

 

 

 

5,406

 

 

 

—

 

 

N/A

Fiscal Year 2024

 

 

75,000

 

 

 

6,932

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

100,000

 

 

 

5,244

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

100,000

 

 

 

6,906

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

—

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

36,000

 

 

 

9,508

 

 

 

—

 

 

N/A

Merger Sub Facility

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026 (Unaudited)

 

$

166,000

 

 

$

2,776

 

 

 

—

 

 

N/A

Fiscal Year 2025

 

 

36,000

 

 

 

5,406

 

 

 

—

 

 

N/A

Fiscal Year 2024

 

 

60,000

 

 

 

6,932

 

 

 

—

 

 

N/A

SBA Debentures

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026 (Unaudited)

 

$

107,200

 

 

$

2,776

 

 

 

—

 

 

N/A

Fiscal Year 2025

 

 

111,200

 

 

 

5,406

 

 

 

—

 

 

N/A

Fiscal Year 2024

 

 

131,500

 

 

 

6,932

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

150,000

 

 

 

5,244

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

150,000

 

 

 

6,906

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

150,000

 

 

 

11,020

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

138,000

 

 

 

9,508

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

138,000

 

 

 

5,812

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

98,000

 

 

 

5,221

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

83,000

 

 

 

6,513

 

 

 

—

 

 

N/A

2019 Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 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

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

$

108,000

 

 

$

2,157

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

108,000

 

 

 

2,335

 

 

 

—

 

 

N/A

2022 Convertible Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 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

 

$

140,000

 

 

$

1,948

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

140,000

 

 

 

2,058

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

140,000

 

 

 

1,992

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

140,000

 

 

 

2,157

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

140,000

 

 

 

2,335

 

 

 

—

 

 

N/A

 

54

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

11. Senior Securities — (continued)

 

Class and Year

 

Total Amount
Outstanding(1)

 

 

Asset Coverage
Per Unit(2)

 

 

Involuntary Liquidating
Preference Per Unit(3)

 

 

Average Market
Value Per Unit(4)

2022 Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 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

 

$

175,000

 

 

$

2,058

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

175,000

 

 

 

1,992

 

 

 

—

 

 

N/A

Fiscal Year 2018

 

 

175,000

 

 

 

2,157

 

 

 

—

 

 

N/A

Fiscal Year 2017

 

 

175,000

 

 

 

2,335

 

 

 

—

 

 

N/A

2024 Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 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

 

$

250,000

 

 

$

1,643

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

250,000

 

 

 

1,929

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

250,000

 

 

 

1,948

 

 

 

—

 

 

N/A

Fiscal Year 2020

 

 

250,000

 

 

 

2,058

 

 

 

—

 

 

N/A

Fiscal Year 2019

 

 

200,000

 

 

 

1,992

 

 

 

—

 

 

N/A

2025 Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026 (Unaudited)

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2025

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2024

 

$

92,000

 

 

$

1,789

 

 

 

—

 

 

N/A

2026 Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026 (Unaudited)

 

N/A

 

 

N/A

 

 

 

—

 

 

N/A

Fiscal Year 2025

 

 

325,000

 

 

 

1,642

 

 

 

—

 

 

N/A

Fiscal Year 2024

 

 

325,000

 

 

 

1,789

 

 

 

—

 

 

N/A

Fiscal Year 2023

 

 

325,000

 

 

 

1,643

 

 

 

—

 

 

N/A

Fiscal Year 2022

 

 

325,000

 

 

 

1,929

 

 

 

—

 

 

N/A

Fiscal Year 2021

 

 

325,000

 

 

 

1,948

 

 

 

—

 

 

N/A

2029 Notes

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2026 (Unaudited)

 

$

325,000

 

 

$

1,683

 

 

 

—

 

 

N/A

Fiscal Year 2025

 

 

325,000

 

 

 

1,642

 

 

 

—

 

 

N/A

Fiscal Year 2024

 

 

325,000

 

 

 

1,789

 

 

 

—

 

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented (in 1,000’s).
(2)
The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. For the Operating Facility, Funding Facility I, Funding Facility II and Merger Sub Facility, the asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.
(3)
The amount to which such class of senior security would be entitled upon the voluntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.
(4)
The Company's senior securities are not registered for public trading.

 

 

55

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

12. Merger with BlackRock Capital Investment Corporation

On March 18, 2024, the Company completed its previously announced acquisition of BCIC, pursuant to 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, 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. As a result of, and as of the effective time of, the Merger, BCIC’s separate corporate existence ceased.

In connection with the Merger, the Company and the Advisor entered into the Amended and Restated Investment Advisory Agreement that became effective as of the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of the calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into the Fee Waiver Agreement with the Advisor. 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 $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit. The waiver amount in a given quarter cannot exceed the total advisory fees for such quarter.

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 0.3834 shares of common stock, par value $0.001 per share of the Company (with BCIC’s shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock to former BCIC shareholders, after adjustment for BCIC’s shareholders receiving cash in lieu of fractional shares.

The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 (“ASC 805”), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company’s common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

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.

Pursuant to the Merger Agreement, the Advisor, in the case of the Company, and BCIA, in the case of BCIC, would each bear 50% of the aggregate reasonable out-of-pocket costs and expenses incurred by the Company or BCIC, as applicable, up to a combined aggregate amount equal to $6.0 million (the “Merger transaction costs”). Net of Merger transaction costs borne by the Advisor, the Company capitalized $2.4 million of Merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of BCIC.

56

Table of Contents

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited) (Continued)

March 31, 2026

12. Merger with BlackRock Capital Investment Corporation — (continued)

 

The following table summarizes the allocation of the consideration paid to the assets acquired and liabilities assumed as a result of the Merger:

 

Common stock issued by the Company (1)

 

$

280,464,610

 

 

Transaction costs

 

 

2,366,408

 

 

   Total purchase price

 

$

282,831,018

 

 

Assets acquired:

 

 

 

 

Investments(2)

 

$

586,983,708

 

 

Cash and cash equivalents

 

 

11,670,610

 

 

Interest, dividends and fees receivable

 

 

10,373,421

 

 

Due from broker

 

 

2,048,141

 

 

Other assets

 

 

3,731,006

 

 

   Total assets acquired

 

 

614,806,886

 

 

Liabilities assumed:

 

 

 

 

Debt

 

 

315,296,749

 

 

Dividends payable (3)

 

 

7,257,191

 

 

Management fees payable

 

 

1,888,664

 

 

Interest rate swap, at fair value

 

 

1,674,309

 

 

Incentive fees payable

 

 

1,363,625

 

 

Other liabilities

 

 

4,495,330

 

 

Total liabilities assumed

 

 

331,975,868

 

 

   Net assets acquired

 

$

282,831,018

 

 
(1)
Based on the Company's market price of $10.08 and 27,823,870 shares of common stock issued by the Company at closing.
(2)
Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount.
(3)
Declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024 and paid on March 29, 2024 out of BCIC cash and cash equivalents acquired by the Company.

 

13. 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. 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 numerous other factors and metrics, the CODM utilizes net income as a key metric in determining the amount of dividends to be distributed to the Company’s shareholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

57

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates(1) (Unaudited)

Three Months Ended March 31, 2026

Security

 

Dividends or
Interest (2)

 

 

Fair Value at
December 31, 2025

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2026

 

TVG-Edmentum Holdings, LLC, Series B-1 Common Units

 

$

—

 

 

$

2,569

 

 

$

—

 

 

$

(2,310

)

 

$

—

 

 

$

—

 

 

$

259

 

TVG-Edmentum Holdings, LLC, Series B-2 Common Units

 

 

—

 

 

 

2,569

 

 

 

—

 

 

 

(2,390

)

 

 

—

 

 

 

—

 

 

 

179

 

TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units

 

 

—

 

 

 

4,029,848

 

 

 

—

 

 

 

(1,136,380

)

 

 

—

 

 

 

—

 

 

 

2,893,468

 

Hylan Global LLC, Parent Common Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

7

 

Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29

 

 

—

 

 

 

5,824,453

 

 

 

—

 

 

 

(1,444,994

)

 

 

—

 

 

 

—

 

 

 

4,379,459

 

Vingil Holding 2 S. à r.l. (SellerX) Common Shares

 

 

—

 

 

 

7

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7

 

SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 11/05/26

 

 

31,401

 

 

 

1,346,022

 

 

 

—

 

 

 

(2,059

)

 

 

2,059

 

 

 

—

 

 

 

1,346,022

 

SellerX Preferred Non Convertible Shares Series Z

 

 

—

 

 

 

486

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

486

 

SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/29

 

 

258,490

 

 

 

12,582,986

 

 

 

—

 

 

 

14,874

 

 

 

(14,874

)

 

 

—

 

 

 

12,582,986

 

SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28

 

 

239,755

 

 

 

5,138,001

 

 

 

—

 

 

 

186,410

 

 

 

159,237

 

 

 

—

 

 

 

5,483,648

 

SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28

 

 

275,077

 

 

 

5,894,966

 

 

 

—

 

 

 

213,874

 

 

 

182,698

 

 

 

—

 

 

 

6,291,538

 

Suited Connector, LLC Common units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

68

 

 

 

—

 

 

 

68

 

Suited Connector, LLC Preferred Units

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

144,737

 

 

 

—

 

 

 

144,737

 

Suited Connector, LLC, Senior Secured First Lien Delayed Draw Term Loan, SOFR + 6%, 1% SOFR Floor, Due 3/29/30

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Suited Connector LLC, First Lien TakeBack Term Loan, SOFR + 6%,1% SOFR Floor, due 03/31/30

 

 

536

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,988,636

 

 

 

—

 

 

 

1,988,636

 

Total

 

$

805,259

 

 

$

34,821,907

 

 

$

—

 

 

$

(2,172,968

)

 

$

2,462,561

 

 

$

—

 

 

$

35,111,500

 

 

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)
The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities.
(2)
Also includes fee income as applicable.
(3)
Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger.
(4)
Dispositions include decreases in the cost basis from sales and paydowns.

58

Table of Contents

 

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Controlled Affiliates (1) (Unaudited)

Three Months Ended March 31, 2026

 

Security

 

Dividends
or Interest (2)

 

 

Fair Value at
December 31, 2025

 

 

Net realized
gain or loss

 

 

Net increase
or decrease
in unrealized
appreciation
or depreciation

 

 

Acquisitions (3)

 

 

Dispositions (4)

 

 

Fair Value at
December 31, 2026

 

36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/30

 

$

1,792,693

 

 

$

59,756,438

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

59,756,438

 

36th Street Capital Partners Holdings, LLC, Membership Units

 

 

914,290

 

 

 

51,042,936

 

 

 

—

 

 

 

(57,936

)

 

 

4,000,000

 

 

 

—

 

 

 

54,985,000

 

AA Acquisition Aggregator, LLC, Ordinary Shares

 

 

—

 

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Filing: 10-Q - BlackRock TCP Capital Corp. (TCPC)
Accession Number: 0001193125-26-210632

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