BlackRock TCP Capital reported Q3 2026 results

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2026, the registrant issued a press release announcing its financial results for the third quarter ended September 30, 2026.¹ The text of the press release is included as Exhibit 99.1 to this Form 8-K.

The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On November 5, 2026, the registrant issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a fourth quarter dividend of $0.17 per share, payable on December 31, 2026 to stockholders of record as of the close of business on December 17, 2026.²

The information disclosed under this Item 7.01, including Exhibits 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1

Press Release, Dated as of November 5, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BlackRock TCP Capital Corp.

Date:

November 5, 2026

By:

/s/ Erik L. Cuellar

Name:

Title

Erik L. Cuellar

Chief Financial Officer and Treasurer

BLACKROCK TCP CAPITAL CORP. ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS INCLUDING NET INVESTMENT INCOME OF $0.16 PER SHARE; DECLARES A FOURTH QUARTER DIVIDEND OF $0.17 PER SHARE

SANTA MONICA, Calif., November 5, 2026 - BlackRock TCP Capital Corp. ("we," "us," "our," "TCPC" or the "Company"), a business development company (NASDAQ: TCPC), today announced its financial results for the third quarter ended September 30, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

FINANCIAL HIGHLIGHTS

• On a GAAP basis, net investment income for the quarter ended September 30, 2026 was $13.4 million, or $0.16 per share on a diluted basis, which did not exceed the regular dividend of $0.17 per share paid on September 30, 2026. Adjusted net investment income (1) for the quarter ended September 30, 2026 was $12.5 million, or $0.15 per share on a diluted basis.³

• Net decrease in net assets from operations on a GAAP basis for the quarter ended September 30, 2026 was $66.8 million, or $0.80 per share, compared to a $1.7 million, or $0.02 per share, net increase in net assets from operations for the quarter ended June 30, 2026.³

• Net asset value per share was $5.61 as of September 30, 2026, compared to $6.58 as of June 30, 2026.

• As of September 30, 2026, investments on non-accrual status represented 3.4% of the portfolio at fair value and 14.2% at cost, compared to 1.6% of the portfolio at fair value and 7.4% at cost as of June 30, 2026.

• Net leverage was 0.16x as of September 30, 2026, compared to 1.38x as of June 30, 2026.

• As previously announced, on August 4, 2026, the Company completed the sale of 95% of the equity interests in a vehicle (the "Continuation Vehicle") holding approximately $524 million of investments across 78 portfolio companies to funds and accounts sponsored by Pantheon, a global leader in private credit secondaries.

• On November 5, 2026, our Board of Directors (the "Board") declared a fourth quarter dividend of $0.17 per share, payable on December 31, 2026 to stockholders of record as of the close of business on December 17, 2026.

MANAGEMENT COMMENTARY

"Strong repayment and realization activity this quarter, together with proceeds from the portfolio sale, significantly reduced leverage and meaningfully enhanced liquidity in the portfolio," said Jason Mehring, Chairman and Chief Executive Officer of BlackRock TCP Capital Corp. "Together, these steps place TCPC on a strong foundation as the Board conducts its ongoing strategic review, which is focused on achieving the best possible outcome for shareholders."

SELECTED FINANCIAL HIGHLIGHTS (1)

Three months ended September 30,

2026

2025

Amount

Per

Share

Amount

Per

Share

Net investment income

$

13,365,582

0.16

$

27,281,273

0.32

Less: Purchase accounting discount amortization

836,279

0.01

1,645,031

0.02

Adjusted net investment income

$

12,529,303

0.15

$

25,636,242

0.30

Net realized and unrealized gain (loss)

$

(80,119,162

)

(0.96

)

$

(2,911,561

)

(0.03

)

Less: Realized gain (loss) due to the allocation of purchase discount

425,666

0.01

5,849,398

0.07

Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount

(1,261,945

)

(0.02

)

(7,494,429

)

(0.09

)

Adjusted net realized and unrealized gain (loss)

$

(79,282,883

)

(0.95

)

$

(1,266,530

)

(0.01

)

Net increase (decrease) in net assets resulting from operations

$

(66,753,580

)

(0.80

)

$

24,369,712

0.29

Less: Purchase accounting discount amortization

836,279

0.01

1,645,031

0.02

Less: Realized gain (loss) due to the allocation of purchase discount

425,666

0.01

5,849,398

0.07

Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount

(1,261,945

)

(0.02

)

(7,494,429

)

(0.09

)

Adjusted net increase (decrease) in net assets resulting from operations

$

(66,753,580

)

(0.80

)

$

24,369,712

0.29

(1) Excluding amortization of purchase discount recorded in connection with the Merger (defined herein), adjusted net investment income for the quarter ended September 30, 2026 was $12.5 million, or $0.15 per share on a diluted basis.

On March 18, 2024, the Company completed its previously announced merger (the "Merger") with BlackRock Capital Investment Corporation ("BCIC"). 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 follo