BlackRock TCP Capital Corp. SEC Filings

BlackRock TCP Capital Corp. Co-Chief Investment Officer August Daniel Worrell reported buying additional common stock in open-market transactions. He purchased 40,000 shares at a weighted average price of $3.89 on March 6, 2026 and another 40,000 shares at a weighted average price of $3.75 on March 10, 2026.

After these two transactions, he directly owns 113,500 shares of BlackRock TCP Capital common stock. Both trades were made through multiple executions within narrow price ranges, as described in the weighted-average pricing footnotes.

BlackRock TCP Capital Corp. president Jason Mehring made an open-market purchase of the company’s common stock. On March 6, 2026, he bought 6,500 shares at a weighted average price of $3.86 per share across multiple trades. Following this transaction, he directly owns 29,208.3537 shares, which include shares acquired through the company’s dividend reinvestment plan.

BlackRock TCP Capital Corp. reported 2025 results showing solid income but significant book-value pressure. For Q4, GAAP net investment income was $22.1 million, or $0.26 per share, slightly above the $0.25 dividend paid in December. Adjusted net investment income for 2025 was $104.0 million, or $1.22 per share.

Credit losses and markdowns drove a sharp decline in net asset value per share to $7.07 as of December 31, 2025, down from $8.71 at September 30. Q4 produced a net decrease in net assets from operations of $118.3 million, or $1.39 per share, reflecting large realized and unrealized losses across several portfolio names.

Non-accrual investments represented 4.0% of the portfolio at fair value and 9.7% at cost. Net regulatory leverage was 1.41x, with total assets of $1.65 billion and available liquidity of about $570.2 million. The board declared a first-quarter 2026 dividend of $0.17 per share, and the company continued share repurchases and repaid $325 million of 2026 notes at maturity.

BlackRock TCP Capital Corp. (TCPC) holds a highly diversified portfolio of primarily floating-rate corporate credit. The positions shown span first lien and second lien term loans, senior secured revolvers, subordinated and participation loans, and select unsecured notes, many referencing SOFR, prime, LIBOR or EURIBOR with floors typically between 0% and 3% and spreads that produce total coupons often in the high single to mid-teens.

The borrowers operate across software, internet services, professional and financial services, healthcare, industrials, real estate and consumer sectors, with contractual maturities ranging from 2025 out to 2032. TCPC also holds equity, preferred units and warrant positions in a wide range of private companies and affiliates, plus interest rate swaps where it receives fixed and pays floating 1‑day SOFR, adding a hedging and potential upside component alongside its interest income.

BlackRock TCP Capital Corp. Chief Operating Officer Patrick Wolfe reported derivative awards and a stock sale. On January 30, 2026, he converted 6,136.39 phantom-share equivalents into common stock and disposed of the same 6,136.39 common shares at $5.18 per share, leaving 9,235.981 common shares directly owned.

He also reported activity in cash-settled phantom shares, which are economically equivalent to common stock. After the transactions, Wolfe directly held 2,392.85, 7,487.09, and 2,779.92 phantom shares in three separate awards that vest in equal installments over three years under the company’s deferred compensation arrangements.

BlackRock TCP Capital Corp. President Jason Mehring reported multiple equity-related transactions involving common stock and phantom shares. On January 30, 2026, he exercised 5,597.69 common shares through a transaction coded "M" and then disposed of the same 5,597.69 common shares at $5.18 per share.

Following these moves, he directly held 22,708.3537 common shares. Mehring also reported activity in deferred compensation-linked phantom shares, which are economically equivalent to common stock but payable in cash upon vesting under the company’s Involuntary Deferred Compensation Plan and related awards.

BlackRock TCP Capital Corp.'s Co-Chief Investment Officer, Worrell August Daniel, reported transactions involving common stock and phantom share units. On January 30, 2026, he converted 11,983.2 phantom shares, which are cash-settled units economically equivalent to common stock, into the same number of common shares at no cost.

He then sold 11,983.2 common shares at a price of $5.18 per share. Following these transactions, he directly owned 33,500 common shares, and his reported holdings also included 11,983.2 phantom shares that are payable in cash upon vesting under the company’s involuntary deferred compensation plan.

BlackRock TCP Capital Corp. released preliminary, unaudited estimates for its quarter ended December 31, 2025, highlighting pressure on its net asset value per share. Management estimates that certain portfolio companies were the biggest negative contributors, accounting for about $1.11 per share of the decline in net asset value per share and roughly 67% of the overall decrease. To soften the impact on earnings, the Company’s investment adviser voluntarily agreed to waive one-third of its base management fee for the fourth quarter of 2025, which management estimates adds about $0.02 per share of benefit. These figures are subject to change because closing procedures and auditor work are not yet complete, and the independent auditor has not reviewed these preliminary numbers. Final full-year and fourth-quarter 2025 results are expected to be released, with a conference call, on February 27, 2026.