SANTA MONICA, Calif.--(BUSINESS WIRE)--February 27, 2026--
BlackRock TCP Capital Corp. ("we," "us," "our," "TCPC" or the "Company"), a business development company $(TCPC)$, today announced its financial results for the fourth quarter and year ended December 31, 2025 and filed its Form 10-K with the U.S. Securities and Exchange Commission.
FINANCIAL HIGHLIGHTS
-- On a GAAP basis, net investment income for the quarter ended December
31, 2025 was $22.1 million, or $0.26 per share on a diluted basis, which
exceeded the regular dividend of $0.25 per share paid on December 31,
2025. Excluding amortization of purchase discount recorded in connection
with the Merger(1), adjusted net investment income(1) for the quarter
ended December 31, 2025 was $21.4 million, or $0.25 per share on a
diluted basis. Adjusted net investment income(1) for the year ended
December 31, 2025 was $104.0 million, or $1.22 per share on a diluted
basis.
-- Net asset value per share was $7.07 as of December 31, 2025, compared
to $8.71 as of September 30, 2025.
-- Net decrease in net assets from operations on a GAAP basis for the
quarter ended December 31, 2025 was $118.3 million, or $1.39 per share,
compared to a $24.4 million, or $0.29 per share, net increase in net
assets from operations for the quarter ended September 30, 2025.
-- As of December 31, 2025, investments on non-accrual status represented
4.0% of the portfolio at fair value and 9.7% at cost, compared to 3.5% of
the portfolio at fair value and 7.0% at cost as of September 30, 2025 and
5.6% of the portfolio value at fair value and 14.4% at cost as of
December 31, 2024.
-- Total investment acquisitions and dispositions during the quarter ended
December 31, 2025 were approximately $35.5 million and $80.7 million,
respectively.
-- As of December 31, 2025, net regulatory leverage was 1.41x compared to
1.20x at September 30, 2025.
-- For the three months ended December 31, 2025, Tennenbaum Capital
Partners, LLC, the Company's investment adviser (the "Advisor") waived
$1.8 million in management fees, or $0.02 per share. For the year ended
December 31, 2025, the Advisor waived $7.3 million in management fees, or
$0.09 per share.
-- On February 27, 2026, our Board of Directors declared a first quarter
dividend of $0.17 per share, payable on March 31, 2026 to stockholders of
record as of the close of business on March 17, 2026.
In the fourth quarter, issuer-specific developments drove a 19% decline in NAV, with six portfolio companies accounting for roughly two-thirds (about 67%) of the decrease. Viewed more broadly, approximately 91% of the NAV reduction was tied to investments that were underwritten in 2021 or earlier. Certain of these businesses benefited from high levels of pandemic-era demand but have since seen results soften. In addition, because these investments were originated in a low base-rate environment, several have struggled to adapt to a period of sustained higher interest rates.
The Company's highest near-term priority is to improve portfolio credit quality by working diligently to resolve challenged credits. At the same time, it continues to execute on the refined investment strategy described last year, including deploying capital selectively into senior-secured, first-lien loans, maintaining a well-diversified portfolio, and fully leveraging the resources of BlackRock's platform.
SELECTED FINANCIAL HIGHLIGHTS(1)
Year ended December 31,
----------------------------------------------
2025 2024
--------------------- ----------------------
Per Per
Amount Share Amount Share
------------- ----- ------------- ------
Net investment
income $ 109,138,502 1.28 $ 131,757,870 1.65
Less: Purchase
accounting
discount
amortization 5,147,469 0.06 10,303,754 0.13
------------ ----- ------------ ------
Adjusted net
investment
income $ 103,991,033 1.22 $ 121,454,116 1.52
============ ===== ============ ======
Net realized and
unrealized gain
(loss) $(198,069,515) (2.33) $(194,895,042) (2.45)
Less: Realized
gain (loss)
due to the
allocation of
purchase
discount 19,951,149 0.23 9,798,978 0.12
Less: Net
change in
unrealized
appreciation
(depreciation)
due to the
allocation of
purchase
discount (25,098,618) (0.29) 1,784,116 0.02
------------ ----- ------------ ------
Adjusted net
realized and
unrealized gain
(loss) $(192,922,046) (2.27) $(206,478,136) (2.59)
============ ===== ============ ======
Net increase
(decrease) in net
assets resulting
from operations $ (88,931,013) (1.05) $ (63,137,172) (0.79)
Less: Purchase
accounting
discount
amortization 5,147,469 0.06 10,303,754 0.13
Less: Realized
gain (loss)
due to the
allocation of
purchase
discount 19,951,149 0.23 9,798,978 0.12
Less: Net
change in
unrealized
appreciation
(depreciation)
due to the
allocation of
purchase
discount (25,098,618) (0.29) 1,784,116 0.02
------------ ----- ------------ ------
Adjusted net
increase
(decrease) in
assets resulting
from operations $ (88,931,013) (1.05) $ (85,024,020) (1.06)
============ ===== ============ ======
(1) On March 18, 2024, the Company completed its previously announced merger
with BlackRock Capital Investment Corporation ("Merger"). The Merger has been
accounted for as an asset acquisition of BlackRock Capital Investment
Corporation ("BCIC") by the Company in accordance with the asset acquisition
method of accounting as detailed in ASC 805-50 ("ASC 805"), Business
Combinations-Related Issues. The Company determined the fair value of the
shares of the Company's common stock that were issued to former BCIC
shareholders pursuant to the Merger Agreement plus transaction costs to be the
consideration paid in connection with the Merger under ASC 805. The
consideration paid to BCIC shareholders was less than the aggregate fair
values of the BCIC assets acquired and liabilities assumed, which resulted in
a purchase discount (the "purchase discount"). The consideration paid was
allocated to the individual BCIC assets acquired and liabilities assumed based
on the relative fair values of net identifiable assets acquired other than
"non-qualifying" assets and liabilities (for example, cash) and did not give
rise to goodwill. As a result, the purchase discount was allocated to the cost
basis of the BCIC investments acquired by the Company on a pro-rata basis
based on their relative fair values as of the effective time of the Merger.
Immediately following the Merger, the investments were marked to their
respective fair values in accordance with ASC 820 which resulted in immediate
recognition of net unrealized appreciation in the Consolidated Statement of
Operations as a result of the Merger. The purchase discount allocated to the
BCIC debt investments acquired will amortize over the remaining life of each
respective debt investment through interest income, with a corresponding
adjustment recorded to unrealized appreciation or depreciation on such
investment acquired through its ultimate disposition. The purchase discount
allocated to BCIC equity investments acquired will not amortize over the life
of such investments through interest income and, assuming no subsequent change
to the fair value of the equity investments acquired and disposition of such
equity investments at fair value, the Company may recognize a realized gain or
loss with a corresponding reversal of the unrealized appreciation on
disposition of such equity investments acquired.
As a supplement to the Company's reported GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful:
-- "Adjusted net investment income" -- excludes the amortization of
purchase accounting discount from net investment income calculated in
accordance with GAAP;
-- "Adjusted net realized and unrealized gain (loss)" -- excludes the
unrealized appreciation resulting from the purchase discount and the
corresponding reversal of the unrealized appreciation from the
amortization of the purchase discount from the determination of net
realized and unrealized gain (loss) determined in accordance with GAAP;
and
-- "Adjusted net increase (decrease) in net assets resulting from
operations" -- calculates net increase (decrease) in net assets resulting
from operations based on Adjusted net investment income and Adjusted net
realized and unrealized gain (loss).
We believe that the adjustment to exclude the full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess our financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors' understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
PORTFOLIO AND INVESTMENT ACTIVITY
As of December 31, 2025, our consolidated investment portfolio consisted of debt and equity positions in 141 portfolio companies with a total fair value of approximately $1.5 billion, of which 92.5% was in senior secured debt. 87.4% of the total portfolio was first lien. Equity positions, which include equity interests in diversified debt portfolios, represented approximately 7.5% of the portfolio. 94.2% of our debt investments were floating rate, 98.1% of which had interest rate floors.
As of December 31, 2025, the weighted average annual effective yield of our debt portfolio was approximately 11.1%(1) and the weighted average annual effective yield of our total portfolio was approximately 10.2%, compared to 11.5% and 10.3%, respectively, as of September 30, 2025. Investments in fourteen portfolio companies were on non-accrual status as of December 31, 2025, representing 4.0% of the consolidated portfolio at fair value and 9.7% at cost.
During the three months ended December 31, 2025, we invested approximately $35.5 million, comprised of new investments in 5 new and 3 existing portfolio companies. Of these investments, $35.0 million, or 98.7% of total acquisitions, were in senior secured loans. The remaining $0.5 million, or 1.3% of total acquisitions, were comprised of equity investments. Additionally, we received approximately $80.7 million in proceeds from sales or repayments of investments during the three months ended December 31, 2025. New investments during the quarter had a weighted average effective yield of 9.7%. Investments we exited had a weighted average effective yield of 11.1%.
As of December 31, 2025, total assets were $1.7 billion, net assets were $598.0 million and net asset value per share was $7.07, as compared to $1.8 billion, $740.0 million, and $8.71 per share, respectively, as of September 30, 2025.
__________________________
(1) Weighted average annual effective yield includes amortization of deferred debt origination and accretion of original issue discount, but excludes market discount and any prepayment and make-whole fee income. The weighted average effective yield on our debt portfolio excludes non-accrual and non-income producing loans.
CONSOLIDATED RESULTS OF OPERATIONS
Total investment income for the three months ended December 31, 2025 was approximately $43.9 million, or $0.52 per share. Investment income for the three months ended December 31, 2025 included $0.01 per share from prepayment premiums and related accelerated original issue discount and exit fee amortization, $0.02 per share from recurring portfolio investment original issue discount and exit fee amortization, $0.06 per share from interest income paid in kind and $0.02 per share in dividend income. This reflects our policy of recording interest income, adjusted for amortization of portfolio investment premiums and discounts, on an accrual basis. Origination, structuring, closing, commitment, and similar upfront fees received in connection with the outlay of capital are generally amortized into interest income over the life of the respective debt investment.
Total operating expenses for the three months ended December 31, 2025 were approximately $21.2 million, or $0.25 per share, including interest and other debt expenses of $15.1 million, or $0.18 per share, base management fees of $5.3 million, or $0.06 per share, offset by $1.8 million in management fee waiver, or $0.02 per share. As of December 31, 2025, 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 December 31, 2025. Excluding interest and other debt expenses, annualized fourth quarter expenses were 3.5% of average net assets.
Net investment income for the three months ended December 31, 2025 was approximately $22.1 million, or $0.26 per share. Net realized loss for the three months ended December 31, 2025 was $73.9 million, or $0.87 per share. Net realized loss for the three months ended December 31, 2025 was comprised primarily of $24.8 million, $20.2 million, $13.4 million, $10.2 million and $2.7 million in losses from the disposition of our investments in Anacomp, Astra, HomeRenew Buyer, Conergy and McAfee, respectively. Net unrealized loss for the three months ended December 31, 2025 was $66.5 million, or $0.78 per share. Net unrealized loss for the three months ended December 31, 2025 primarily reflects a $32.0 million unrealized loss on our investment in Edmentum, a $20.6 million unrealized loss on our investment in Infinite (Razor), a $18.5 million unrealized loss on our investment in SellerX, a $5.2 million unrealized loss on our investment in Hylan, a $5.0 million unrealized loss on our investment in InMobi, a $4.7 million unrealized loss on our investment in Pluralsight, a $4.6 million unrealized loss on our investment in Fishbowl, a $4.5 million unrealized loss on our investment in Brook & Whittle, a $4.3 million unrealized loss on our investment in Domo, a $4.2 million unrealized loss on our investment in AutoAlert, a $3.7 million unrealized loss on our investment in Beqom, and a $2.7 million unrealized loss on our investment in Suited Connector, partially offset by $25.6 million, $20.2 million, $10.2 million, and $2.3 million reversals of previously recognized unrealized losses from the disposition of our investments in Anacomp, Astra, Conergy, and McAfee, respectively. Net decrease in net assets resulting from operations for the three months ended December 31, 2025 was $118.3 million, or $1.39 per share.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2025, available liquidity was approximately $570.2 million, comprised of approximately $482.8 million in available capacity under our leverage program, $61.1 million in cash and cash equivalents and $26.3 million in net receivable for investments sold.
The combined weighted-average interest rate on debt outstanding at December 31, 2025 was 4.90%.
Total debt outstanding at December 31, 2025, including debt assumed as a result of the Merger, was as follows:
Debt, net of
unamortized
issuance Carrying Total
costs Maturity Rate Value (1) Available 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 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%.
On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the "DRIP") for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they "opt in" to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company's common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company's DRIP and will have their shares reinvested in additional shares of the Company's common stock on future distributions, unless they "opt out" of the DRIP. For the three months ended December 31, 2025, approximately $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.
On April 29, 2025, our Board of Directors re-approved our stock repurchase plan to acquire up to $50.0 million in the aggregate of our common stock at prices at certain thresholds below our net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934 (the "Company Repurchase Plan"), to be in effect through the earlier of April 30, 2026, 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 year ended December 31, 2025:
Shares Price Per
Repurchased Share* Total Cost
------------- ----------- ----------
Company Repurchase Plan 515,869 $ 5.84 $3,011,382
RECENT DEVELOPMENTS
From January 1, 2026 through February 26, 2026, the Company repurchased 233,541 shares pursuant to the Company Repurchase Plan at a weighted average price of $5.50, for a total cost of $1.3 million.
On February 27, 2026, our Board of Directors declared a first quarter dividend of $0.17 per share, payable on March 31, 2026 to stockholders of record as of the close of business on March 17, 2026.
On February 9, 2026, the 2026 Notes matured and the Company repaid $325 million of principal amount at par plus the accrued and unpaid interest.
CONFERENCE CALL AND WEBCAST
BlackRock TCP Capital Corp. will host a conference call on Friday February 27, 2026 at 12:00 p.m. Eastern Time (9:00 a.m. Pacific Time) to discuss its financial results. All interested parties are invited to participate in the conference call by dialing (833) 470-1428; international callers should dial (404) 975-4839. All participants should reference the access code 980673. For a slide presentation that we intend to refer to on the earnings conference call, please visit the Investor Relations section of our website (www.tcpcapital.com) and click on the Fourth Quarter 2025 Investor Presentation under Events and Presentations. The conference call will be webcast simultaneously in the investor relations section of our website at http://investors.tcpcapital.com/. An archived replay of the call will be available approximately two hours after the live call, through March 6, 2026. For the replay, please visit https://investors.tcpcapital.com/events-and-presentations or dial (866) 813-9403. For international replay, please dial (929) 458-6194. For all replays, please reference access code 203183.
BlackRock TCP Capital Corp.
Consolidated Statements of Assets and Liabilities
December 31, 2025 December 31, 2024
------------------ ------------------
Assets
Investments, at fair value:
Non-controlled,
non-affiliated
investments (cost of
$1,425,285,902 and
$1,737,804,418,
respectively) $ 1,360,801,852 $ 1,565,603,753
Non-controlled,
affiliated investments
(cost of $101,284,695
and $59,606,472,
respectively) 34,821,907 49,444,695
Controlled investments
(cost of $151,475,599
and $221,803,172,
respectively) 137,678,713 179,709,888
-------------- --------------
Total investments (cost
of $1,678,046,196 and
$2,019,214,062,
respectively) 1,533,302,472 1,794,758,336
Cash and cash equivalents 61,075,494 91,589,702
Receivable for investments
sold 26,313,406 4,487,697
Interest, dividends and fees
receivable 21,495,630 22,784,825
Deferred debt issuance costs 5,123,425 6,235,009
Due from broker -- 817,969
Prepaid expenses and other
assets 3,050,038 2,357,825
-------------- --------------
Total assets 1,650,360,465 1,923,031,363
-------------- --------------
Liabilities
Debt (net of deferred
issuance costs of
$5,299,866 and $7,974,601,
respectively) 1,035,542,837 1,118,340,225
Interest and debt related
payables 7,245,830 8,306,126
Management fees payable 3,393,322 5,750,971
Reimbursements due to the
Advisor 1,272,082 932,224
Interest Rate Swap, at fair
value -- 731,830
Distributions payable -- --
Payable for investments
purchased -- 99,494
Accrued expenses and other
liabilities 4,893,197 3,746,826
-------------- --------------
Total liabilities 1,052,347,268 1,137,907,696
============== ==============
Net assets $ 598,013,197 $ 785,123,667
============== ==============
Composition of net assets
applicable to common
shareholders
Common stock, $0.001 par
value; 200,000,000 shares
authorized, 84,564,578 and
85,080,447 shares issued
and outstanding as of
December 31, 2025 and
December 31, 2024,
respectively $ 84,564 $ 85,080
Paid-in capital in excess of
par 1,730,498,757 1,731,057,459
Distributable earnings
(loss) (1,132,570,124) (946,018,872)
-------------- --------------
Total net assets 598,013,197 785,123,667
============== ==============
Total liabilities and net
assets $ 1,650,360,465 $ 1,923,031,363
============== ==============
Net assets per share $ 7.07 $ 9.23
============== ==============
BlackRock TCP Capital Corp.
Consolidated Statements of Operations
Year Ended December 31,
--------------------------------------------
2025 2024 2023
------------- ------------- ------------
Investment income
Interest income
(excluding PIK):
Non-controlled,
non-affiliated
investments $ 161,267,396 $ 223,638,775 $183,528,944
Non-controlled,
affiliated
investments 1,954,547 1,475,521 1,046,044
Controlled
investments 8,910,395 10,469,100 10,061,227
PIK interest income:
Non-controlled,
non-affiliated
investments 18,798,235 14,084,097 9,422,286
Non-controlled,
affiliated
investments 1,181,713 89,620 410,074
Controlled
investments 1,912,033 1,653,364 651,700
Dividend income:
Non-controlled,
non-affiliated
investments 1,866,266 1,549,846 1,133,826
Non-controlled,
affiliated
investments 1,444,050 3,725,827 2,652,918
Controlled
investments 4,434,368 2,606,160 --
Other income:
Non-controlled,
non-affiliated
investments 17,190 145,080 376,214
Non-controlled,
affiliated
investments -- -- 45,650
------------ ------------ -----------
Total investment income 201,786,193 259,437,390 209,328,883
------------ ------------ -----------
Operating expenses
Interest and other
debt expenses 66,091,147 72,164,042 47,810,740
Management fees 21,833,194 24,541,027 24,020,766
Professional fees 3,661,258 3,196,682 2,173,123
Administrative
expenses 1,923,224 2,389,479 1,532,284
Insurance expense 860,899 783,631 558,020
Director fees 755,000 821,219 936,819
Custody fees 364,323 380,582 365,107
Incentive fees -- 19,236,336 22,602,949
Other operating
expenses 3,752,965 3,643,968 2,525,002
------------ ------------ -----------
Total operating expenses,
before management fee
waiver 99,242,010 127,156,966 102,524,810
------------ ------------ -----------
Management fee waiver (7,277,731) -- --
------------ ------------ -----------
Total operating expenses,
after management fee
waiver 91,964,279 127,156,966 102,524,810
------------ ------------ -----------
Net investment income
before taxes 109,821,914 132,280,424 106,804,073
Excise tax expense 683,412 522,554 247,315
------------ ------------ -----------
Net investment income 109,138,502 131,757,870 106,556,758
------------ ------------ -----------
Realized and unrealized
gain (loss) on
investments and foreign
currency
Net realized gain
(loss):
Non-controlled,
non-affiliated
investments (210,375,288) (54,300,808) (31,648,232)
Non-controlled,
affiliated
investments (17,474,395) (12,810,138) --
Controlled
investments (50,273,592) -- --
Interest Rate Swap (9,491) -- --
------------ ------------ -----------
Net realized
gain (loss) (278,132,766) (67,110,946) (31,648,232)
Net change in
unrealized
appreciation
(depreciation) (1) :
Non-controlled,
non-affiliated
investments 108,089,691 (99,794,086) (2,036,190)
Non-controlled,
affiliated
investments (56,313,522) (12,395,543) (28,656,798)
Controlled
investments 28,296,398 (15,584,976) (5,741,106)
Interest Rate Swap (9,316) (9,491) --
------------ ------------ -----------
Net change in
unrealized
appreciation
(depreciation) 80,063,251 (127,784,096) (36,434,094)
Net realized and
unrealized gain (loss) (198,069,515) (194,895,042) (68,082,326)
------------ ------------ -----------
Net increase (decrease)
in net assets resulting
from operations $ (88,931,013) $ (63,137,172) $ 38,474,432
============ ============ ===========
Basic and diluted
earnings (loss) per
share $ (1.05) $ (0.79) $ 0.67
============ ============ ===========
Basic and diluted
weighted average common
shares outstanding 84,988,524 79,670,868 57,767,264
============ ============ ===========
(1) Includes $21,347,357 change in unrealized appreciation from application
of Merger accounting under ASC 805 for the year ended December 31,
2024.
ABOUT BLACKROCK TCP CAPITAL CORP.
BlackRock TCP Capital Corp. (NASDAQ: TCPC) is a specialty finance company focused on direct lending to middle-market companies as well as small businesses. TCPC lends primarily to companies with established market positions, strong regional or national operations, differentiated products and services and sustainable competitive advantages, investing across industries in which it has significant knowledge and expertise. TCPC's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. TCPC is a publicly-traded business development company, or BDC, regulated under the Investment Company Act of 1940 and is externally managed by its advisor, an indirect subsidiary of BlackRock, Inc. For more information, visit www.tcpcapital.com.
FORWARD-LOOKING STATEMENTS
Prospective investors considering an investment in BlackRock TCP Capital Corp. should consider the investment objectives, risks and expenses of the company carefully before investing. This information and other information about the company are available in the company's filings with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website at www.sec.gov and the company's website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.
This press release may contain forward-looking statements. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. We use words such as "anticipate," "believe," "expect," "intend," "will," "should," "could," "may," "plan" and similar words to identify forward-looking statements. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors could cause actual results to differ materially from those contained in the forward-looking statements, including, but not limited to, those factors included in the "Risk Factors" section of the company's Form 10-K for the year ended December 31, 2025, and the company's subsequent periodic filings on Form 10-Q with the SEC. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability to realize the anticipated benefits of the Merger, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Merger; (ii) risks related to diverting management's attention from ongoing business operations; (iii) risks related to the retention of the personnel of TCPC's advisor; (iv) changes in the economy, financial markets and political environment; (v) risks associated with possible disruption in the operations of TCPC or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflict between Russia and Ukraine and the conflict in the Middle East), trade protection or trade wars, natural disasters or public health crises and epidemics; (vi) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (vii) conditions in TCPC's operating areas, particularly with respect to business development companies or regulated investment companies; and (viii) other considerations that may be disclosed from time to time in TCPC's publicly disseminated documents and filings. Copies are available on the SEC's website at www.sec.gov and the Company's website at www.tcpcapital.com. Forward-looking statements are made as of the date of this press release and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260227104506/en/
CONTACT: BlackRock TCP Capital Corp.
Alex Doll
(310) 566-1094
investor.relations@tcpcapital.com
(END) Dow Jones Newswires
February 27, 2026 08:05 ET (13:05 GMT)