Financial Performance - For the year ended December 31, 2024, adjusted net investment income was $121.5 million, or $1.52 per share, compared to $106.6 million, or $1.84 per share in 2023[7]. - Total investment income for the year ended December 31, 2024, was $259,437,390, an increase of 24% compared to $209,328,883 in 2023[30]. - Net investment income before taxes for the year ended December 31, 2024, was $132,280,424, up from $106,804,073 in 2023, representing a 24% increase[30]. - Basic and diluted earnings per share for the year ended December 31, 2024, were $(0.79), compared to $0.67 in 2023[30]. - The company reported a net realized loss of $(67,110,946) for the year ended December 31, 2024, compared to a loss of $(31,648,232) in 2023[30]. - The net change in unrealized appreciation (depreciation) for the year ended December 31, 2024, was $(127,784,096), compared to $(36,434,094) in 2023[30]. - The net increase in net assets resulting from operations for the year ended December 31, 2024, was a loss of $63,137,172, compared to a gain of $38,474,432 in 2023[30]. Assets and Investments - Total assets as of December 31, 2024, were $1.9 billion, with net assets of $785.1 million and net asset value per share of $9.23, down from $2.0 billion, $865.6 million, and $10.11 per share as of September 30, 2024[13]. - Total assets as of December 31, 2024, amounted to $1,923,031,363, an increase from $1,698,772,353 as of December 31, 2023, representing a growth of approximately 13.2%[28]. - Total investments at fair value reached $1,794,758,336, up from $1,554,941,110, indicating a year-over-year increase of about 15.4%[28]. - The company reported net assets of $785,123,667 as of December 31, 2024, compared to $687,601,546 in the previous year, reflecting a growth of approximately 14.2%[28]. Debt and Liquidity - The company’s total debt, net of deferred issuance costs, was $1,118,340,225 as of December 31, 2024, an increase from $985,200,609 in the prior year, representing a rise of approximately 13.5%[28]. - The combined weighted-average interest rate on debt outstanding was 5.19% as of December 31, 2024[19]. - Available liquidity as of December 31, 2024, was approximately $615.3 million, including $519.3 million in available capacity under the leverage program[18]. - The company has a total leverage of $1,126,314,826, with a weighted-average interest rate of approximately 2.00%[21]. - Cash and cash equivalents decreased to $91,589,702 from $112,241,946, a decline of about 18.4% year-over-year[28]. Dividends - The company declared a first quarter dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on March 31, 2025[6]. - A first quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share were declared, payable on March 31, 2025[25]. - The company intends to declare a special dividend of at least $0.02 per share in each of the second and third quarters of 2025, subject to Board approval[25]. Operations and Management - The company experienced a net decrease in net assets from operations of $38.6 million, or $0.45 per share, for the fourth quarter of 2024[17]. - The Adviser agreed to waive one-third of its base management fee for three quarters starting January 1, 2025, which may impact future expenses[24]. - The company is focused on direct lending to middle-market companies and small businesses, aiming for high total returns through current income and capital appreciation[32]. - The company is externally managed by a wholly-owned, indirect subsidiary of BlackRock, Inc.[32]. Portfolio Performance - Debt investments on non-accrual status represented 5.6% of the portfolio at fair value and 14.4% at cost as of December 31, 2024, compared to 3.8% and 9.3% respectively at the end of the previous quarter[4]. - The weighted average annual effective yield of the debt portfolio was approximately 12.4% as of December 31, 2024, down from 13.4% as of September 30, 2024[11]. - Total acquisitions during the fourth quarter of 2024 were approximately $120.7 million, while total investment dispositions were $168.6 million[4].

Financial Data and Key Metrics Changes - Full year 2024 adjusted net investment income was $1.52 per share, down from $1.84 per share in 2023, with an annualized net investment income ROE of 14.5% [10] - Fourth quarter adjusted net investment income per share was flat at $0.36 compared to the previous quarter, with NAV per share decreasing to $9.23 from $10.11 [11][10] - Non-accruals represented 5.6% of the portfolio at fair market value, up from 3.8% in the previous quarter [11] Business Line Data and Key Metrics Changes - The portfolio had a fair market value of approximately $1.8 billion invested across 154 companies, with 91.2% in senior secured loans [30] - The weighted average effective yield of the portfolio decreased to 12.4% from 13.4% in the previous quarter [31] - New investments had a weighted average yield of 10.8%, while exited investments had a yield of 14% [32] Market Data and Key Metrics Changes - The overall M&A volumes remained below expectations, but there was a healthy flow of new investment opportunities [33][39] - The weighted average interest rate on debt outstanding decreased to 5.2% from 5.4% in the prior quarter [50] Company Strategy and Development Direction - The company plans to focus on the core middle market with a proactive approach to sourcing and underwriting, while also opportunistically investing in lower and upper middle market companies [24] - A highly diversified portfolio will be maintained, limiting exposure to specific industry subsectors [26] - The company will prioritize investing in first lien loans and deepen connections with the broader BlackRock platform for competitive advantage [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future and confidence in their strategic plan to navigate challenges in 2024 [10] - The company acknowledged the impact of lower base rates and increased non-accruals on performance, emphasizing a focus on resolving credit issues [12][10] - Management highlighted the importance of thoughtful solutions for resolving credit issues, which may take time [13] Other Important Information - The Board decided to reduce the regular dividend to $0.25 per share for the first quarter, while also declaring a $0.04 special dividend [20][21] - The advisor agreed to waive one-third of the base management fee for three quarters beginning January 1, 2025 [22] Q&A Session Summary Question: Can you provide details on the spillover and target level for dividends? - The company has about $0.10 of carryover from the prior quarter and aims for a sustainable regular dividend level based on current earnings power [54][55] Question: Will there be any strategic changes due to the BlackRock HPS acquisition? - Management does not expect meaningful changes and emphasizes a focus on business as usual, while highlighting expanded resources from the acquisition [58][60] Question: What level of confidence is there regarding future markdowns? - Management is focused on managing existing non-accruals and believes most markdowns have been centered around known assets [67][70] Question: What are the risks associated with new non-accruals like Renovo? - Management believes Renovo's issues are primarily operational and less exposed to external factors like tariffs due to its focus on smaller projects [74][76] Question: Is the management fee waiver related to the HPS acquisition? - Management clarified that the fee waiver is a thoughtful approach to acknowledge NAV decline and is not specifically timed with the HPS acquisition [79] Question: What steps are being taken to maintain investment grade rating? - The company is focused on maintaining its investment grade rating and plans to access capital markets closer to the maturity date of its notes [85][88] Question: What has changed regarding NAV per share? - The decrease in NAV is attributed to broader factors including rapid rate increases and a slower growth environment impacting borrowers [90][92]

Core Viewpoint - BlackRock TCP reported quarterly earnings of $0.38 per share, exceeding the Zacks Consensus Estimate of $0.36 per share, but down from $0.44 per share a year ago, indicating a 5.56% earnings surprise [1][2] Financial Performance - The company posted revenues of $61.25 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 6.61%, compared to $50.85 million in the same quarter last year [2] - Over the last four quarters, BlackRock TCP has surpassed consensus EPS estimates just once and topped consensus revenue estimates three times [2] Stock Performance - BlackRock TCP shares have increased approximately 7.2% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.37 on revenues of $62.56 million, and for the current fiscal year, it is $1.42 on revenues of $247.11 million [7] - The estimate revisions trend for BlackRock TCP is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Financial - SBIC & Commercial Industry, to which BlackRock TCP belongs, is currently in the top 22% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Structure and Leverage - The Company has a leverage program consisting of $300.0 million in available debt under a revolving credit facility, $200.0 million under a senior secured revolving credit facility, and $325.0 million in senior unsecured notes maturing in 2026 and 2029[442]. - Total leverage outstanding as of December 31, 2024, was $1.13 billion, with available capacity of $519.33 million[497]. - As of December 31, 2024, the Company's asset coverage ratio was 178.9%, above the required 150%[501]. Investment Strategy and Portfolio - The Company’s investment strategy focuses on achieving high total returns through current income and capital appreciation, primarily investing in the debt of middle-market companies[441]. - As of December 31, 2024, the consolidated investment portfolio was valued at $1,794.8 million, with 91.5% invested in debt investments, primarily in senior secured debt[473]. - The average portfolio company investment at fair value was approximately $11.7 million as of December 31, 2024[473]. - As of December 31, 2024, 98.3% of investments were categorized as Level 3, indicating significant reliance on unobservable inputs for valuation[464]. - The largest portfolio company investment based on fair value was approximately 6.2% of the total portfolio as of December 31, 2024[473]. Revenue and Income - The Company generates revenues primarily from interest on debt investments, with expected maturities generally between three to five years[449]. - Investment income for the year ended December 31, 2024, totaled $259.4 million, an increase from $209.3 million in 2023 and $181.0 million in 2022, primarily driven by higher interest income due to increased SOFR rates and investments from the Merger[478]. - Net investment income for the year ended December 31, 2024, was $131.8 million, compared to $106.6 million in 2023 and $88.4 million in 2022, reflecting higher total investment income despite increased expenses[480]. - For the year ended December 31, 2024, net investment income was $131.76 million, a 23.6% increase from $106.56 million in 2023[492]. - Adjusted net investment income for 2024 was $121.45 million, compared to $106.56 million in 2023, reflecting a 14% increase[492]. Expenses and Losses - Total operating expenses for the year ended December 31, 2024, were $127.2 million, up from $102.5 million in 2023 and $92.6 million in 2022, largely due to increased interest expenses from higher debt levels following the Merger[479]. - The net realized loss for the year ended December 31, 2024, was $(67.1) million, worsening from $(31.6) million in 2023 and $(18.2) million in 2022, primarily due to losses from restructuring investments in several companies[481]. - The change in net unrealized depreciation for the year ended December 31, 2024, was $(127.8) million, compared to $(36.4) million in 2023 and $(79.4) million in 2022, with significant losses attributed to investments in Razor and Edmentum[482]. Dividends and Distributions - The Company must distribute at least 90% of its ordinary income and short-term capital gains to maintain its qualification as a RIC[508]. - For the year ended December 31, 2024, the total dividends declared amounted to $115,280,670, with a per share distribution of $1.46[511]. - The company declared a first quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share for the first quarter of 2025[520]. - Approximately $2.3 million of cash distributions were reinvested through the new dividend reinvestment plan (DRIP) in 2024[494]. - The company has the ability to declare a large portion of a dividend in shares instead of cash to satisfy annual distribution requirements[516]. Tax and Regulatory Considerations - The Company has elected to be treated as a RIC for U.S. federal income tax purposes, allowing it to avoid corporate level taxes on distributed income[443]. - The company may face adverse tax consequences if it does not distribute a certain percentage of its income annually[515]. Mergers and Acquisitions - The Company entered into a Merger Agreement on September 6, 2023, with BCIC, resulting in BCIC ceasing to exist as a separate entity[444]. - The Company completed a Merger with BCIC on March 18, 2024, which was treated as a tax-free reorganization, allowing the Company to carry forward the historical cost basis of the acquired investments[487]. - The Company issued 27,823,870 shares of its common stock to former BCIC shareholders as a result of the Merger, with an exchange ratio of 0.3834 shares[445]. - The company paid $7.3 million in dividends payable assumed in the merger for former BCIC shareholders[513]. Management and Advisory Fees - The base management fee for the Company was reduced from 1.50% to 1.25% on assets equal to or below 200% of the net asset value following the Merger[453]. - The Company’s investment management agreement allows for incentive compensation based on achieving a cumulative total return of at least 7% on contributed common equity[454]. - Incentive fees included in operating expenses for the year ended December 31, 2024, were $19.2 million, a decrease from $22.6 million in 2023, due to not accruing incentive fees in the last quarter of 2024[484]. - The advisor voluntarily agreed to waive one-third of its base management fee for three calendar quarters starting January 1, 2025[520]. - The advisor and its affiliates may manage other funds, leading to potential conflicts in investment opportunities allocation[519].

Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for BlackRock TCP despite higher revenues, with a focus on how actual results will compare to estimates to influence stock price [1][2]. Earnings Expectations - BlackRock TCP is expected to report earnings of $0.36 per share, reflecting an 18.2% decrease year-over-year, while revenues are projected to be $65.59 million, a 29% increase from the previous year [3]. - The earnings report is scheduled for release on February 27, 2025, and could lead to stock price movement depending on whether results exceed or fall short of expectations [2]. Estimate Revisions - The consensus EPS estimate has been revised 2.78% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for BlackRock TCP is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -5.56%, suggesting a bearish outlook from analysts [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with a positive reading being a strong indicator of an earnings beat [7][8]. - BlackRock TCP's current Zacks Rank is 4, which complicates the prediction of an earnings beat [11]. Historical Performance - In the last reported quarter, BlackRock TCP was expected to earn $0.40 per share but only achieved $0.36, resulting in a -10% surprise [12]. - The company has not surpassed consensus EPS estimates in the last four quarters [13]. Industry Comparison - Carlyle Secured Lending, another player in the Zacks Financial - SBIC & Commercial Industry, is expected to report earnings of $0.44 per share, a 21.4% decline year-over-year, with revenues projected at $36.31 million, down 18.1% [17]. - Carlyle Secured Lending has an Earnings ESP of 0.57% and a Zacks Rank of 3, indicating a higher likelihood of beating consensus EPS estimates [18].

Financial Data and Key Metrics Changes - Adjusted net income for Q3 2024 was $0.36 per share, with an annualized net investment income (NII) return on average equity at approximately 14%, at the high end of historical levels [10][42] - The Board declared a fourth quarter dividend of $0.34 per share, implying a dividend coverage of 106% based on Q3 adjusted NII [10][11] - Net realized losses for the quarter were $31.4 million, primarily due to restructurings of investments in Pluralsight and McAfee [44][25] - Net unrealized gains totaled $19.2 million, reflecting reversals of previously unrealized losses from the same restructurings [45][25] Business Line Data and Key Metrics Changes - Loans on non-accrual status decreased from 4.9% to 3.8% of portfolio fair value, indicating a positive trend despite remaining higher than historical levels [14][13] - The weighted average annual effective yield of the performing debt portfolio was 13.4%, down from 13.7% in the previous quarter [40] - The portfolio comprised investments in 156 companies, with a total fair market value of approximately $1.9 billion [41] Market Data and Key Metrics Changes - The weighted average interest rate on debt outstanding at the end of the quarter was 5.4% [46] - Unfunded loan commitments to portfolio companies were approximately $100 million, representing 5% of total investments [46] Company Strategy and Development Direction - The company continues to focus on the core middle market, emphasizing less competition and attractive pricing [49] - A disciplined approach to capital deployment is maintained, with a focus on credit-first downside protection [48] - The company is optimistic about the potential for M&A activity to increase, which could provide opportunities for investment and refinancing [33][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent rate cut provides relief to borrowers and may improve key indicators of portfolio health [32] - The company is actively monitoring portfolio companies regarding their performance in the context of higher rates and inflation [26] - Management expressed confidence in the long-term success of the company despite current challenges, emphasizing a strong capital position and robust investment pipeline [48][49] Other Important Information - The company has authorized a share repurchase program of up to $50 million [12] - Management changes were announced, with Phil Tseng succeeding Raj Vig as CEO and Chairman [9][28] Q&A Session Summary Question: Insights on NII return and its components - Management indicated that the NII return is at the higher end of historical levels, benefiting from elevated base rates, but expects some reversal [51] Question: Impact of management changes on strategy - Management clarified that the consolidation of the direct lending group aims to enhance collaboration and does not indicate a shift towards upper middle market investments [55] Question: Update on spillover position and special dividend rationale - Management explained that the decision for the special dividend was influenced by the need to manage excise tax implications while ensuring adequate capital allocation [64][65] Question: Expectations for prepayment activity - Management noted that prepayment activity can be episodic and difficult to predict, but conditions may favor an increase in prepayments moving forward [68][70] Question: Status of Amazon aggregator investments - Management reported that loans to Amazon aggregators comprise about 5.9% of the portfolio and expressed optimism about their long-term performance despite current challenges [75] Question: Challenges facing TCPC and future changes - Management emphasized a focus on managing non-accruals and restructurings, leveraging their historical experience to optimize outcomes [81] Question: Stock price concerns and stability of the company - Management reassured stakeholders about the stability of the team and the consistency of dividend payments, highlighting a long track record of meeting or exceeding dividend expectations [87][88]

| --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | BlackRock TCP Capital Corp. Investor presentation September 30, 2024 | | | | | | | | | | | | | Third Quarter 2024 Financial Highlights and Portfolio Overview Continued strong financial performance Diversified portfolio with an emphasis on less-cyclical businesses Flexible capital with available liquid ...

Core Viewpoint - BlackRock TCP reported quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.40 per share, and showing a decline from $0.49 per share a year ago, indicating a -10% earnings surprise [1][2] Financial Performance - The company posted revenues of $70.93 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.61%, and up from $54.21 million year-over-year [2] - Over the last four quarters, BlackRock TCP has not surpassed consensus EPS estimates [2] Stock Performance - BlackRock TCP shares have declined approximately 32.4% since the beginning of the year, contrasting with the S&P 500's gain of 21.2% [3] Future Outlook - The company's earnings outlook will be crucial for investors, particularly in light of recent earnings expectations and revisions [4] - Current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $67.94 million, and for the current fiscal year, it is $1.66 on revenues of $264.32 million [7] Industry Context - The Financial - SBIC & Commercial Industry, to which BlackRock TCP belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - Net investment income for Q3 2024 was $33.9 million, or $0.40 per share, exceeding the regular dividend of $0.34 per share[2] - Adjusted net investment income for Q3 2024 was $30.8 million, or $0.36 per share, reflecting a 9.4% decrease from $28.3 million, or $0.49 per share in Q3 2023[4] - Total investment income for Q3 2024 was approximately $70.9 million, or $0.83 per share[11] - Net increase in net assets resulting from operations for Q3 2024 was $21.6 million, or $0.25 per share[13] - Total investment income for the three months ended September 30, 2024, was $70,932,487, an increase of 30.9% compared to $54,210,941 for the same period in 2023[22] - Net investment income before taxes for the three months ended September 30, 2024, was $33,877,641, up from $28,333,076 in the prior year, representing a growth of 19.0%[22] - Basic and diluted earnings per share for the three months ended September 30, 2024, were $0.25, compared to $0.22 for the same period in 2023[22] Dividends - The company declared a fourth quarter dividend of $0.34 per share and a special dividend of $0.10 per share, both payable on December 31, 2024[2] - For the three months ended September 30, 2024, approximately $0.7 million of cash distributions were reinvested through the new dividend reinvestment plan (DRIP)[17] Assets and Liabilities - Net asset value per share decreased to $10.11 as of September 30, 2024, down from $10.20 as of June 30, 2024[2] - Total assets as of September 30, 2024, amounted to $2,047,700,892, up from $1,698,772,353 at the end of 2023, indicating an increase of about 20.6%[21] - The net assets applicable to common shareholders as of September 30, 2024, were $865,636,898, an increase from $687,601,546 at the end of 2023, representing a growth of about 26%[21] - Total debt outstanding as of September 30, 2024, was $1,160,042,987, an increase from $985,200,609 as of December 31, 2023, representing a growth of approximately 17.7%[21] - Cash and cash equivalents as of September 30, 2024, were $104,181,765, down from $112,241,946 at the end of 2023, a decrease of approximately 7.5%[21] Investment Activity - Total acquisitions during Q3 2024 were approximately $72.8 million, while total investment dispositions were $139.2 million[2] - The total investments at fair value as of September 30, 2024, were $1,909,089,361, compared to $1,554,941,110 at the end of 2023, reflecting an increase of approximately 22.7%[21] - The company has a stock repurchase plan approved to acquire up to $50.0 million of its common stock, although no shares were repurchased during the three months ended September 30, 2024[18] Portfolio Quality - Debt investments on non-accrual status represented 3.8% of the portfolio at fair value as of September 30, 2024, down from 4.9% as of June 30, 2024[2] - The weighted average annual effective yield of the debt portfolio was approximately 13.4% as of September 30, 2024, compared to 13.7% as of June 30, 2024[8] - The net realized loss on investments for the three months ended September 30, 2024, was $(31,425,777), compared to a loss of $(128,841) in the same period last year[22] - Total operating expenses for the three months ended September 30, 2024, were $37,054,846, a 43.5% increase from $25,877,865 in the same quarter of 2023[22] Management and Strategy - The company is focused on direct lending to middle-market companies and small businesses, aiming for high total returns through current income and capital appreciation[23] - BlackRock TCP Capital Corp. is externally managed by a wholly-owned, indirect subsidiary of BlackRock, Inc., ensuring professional management of its investment portfolio[23] - The company emphasizes principal protection in its investment strategy, which is crucial in the current economic environment[23]

Financial Performance - Total assets as of September 30, 2024, increased to $2,047,700,892 from $1,698,772,353 as of December 31, 2023, representing a growth of approximately 20.6%[5] - Total investments at fair value reached $1,909,089,361, up from $1,554,941,110, indicating an increase of about 22.7%[5] - Net assets applicable to common shareholders rose to $865,636,898, compared to $687,601,546 at the end of 2023, reflecting a growth of approximately 26%[5] - The company reported a net asset per share of $10.11 as of September 30, 2024, down from $11.90 at the end of 2023[5] - Distributable earnings showed a loss of $382,528,734, worsening from a loss of $280,099,476 in the previous period[5] - Basic and diluted earnings per share for the three months ended September 30, 2024, were $0.25, compared to $0.22 for the same period in 2023, indicating an increase of 13.6%[7] - The company reported a net increase in net assets from operations of $21,632,960 for the three months ended September 30, 2024, compared to $12,822,932 in the prior year, marking a growth of 68.5%[7] - Net increase in net assets resulting from operations for the nine months ended September 30, 2024, was $(24,586,416), compared to $51,787,497 for the same period in 2023[4] Debt and Liabilities - Debt increased to $1,160,042,987 from $985,200,609, marking an increase of about 17.7%[5] - Interest payments increased to $49,362,618 from $38,487,722 year-over-year[4] - Total liabilities assumed in the merger amounted to $331,975,868[4] - Total debt investments amount to $1,867,740,000, representing 200.4% of Net Assets[21] - Total debt outstanding as of September 30, 2024, was $1,167,841,603, with total available capacity of $1,645,587,807[121] - The combined weighted-average interest rate on total debt increased from 4.29% as of December 31, 2023, to 5.43% as of September 30, 2024[123] Cash and Cash Equivalents - Cash and cash equivalents decreased to $104,181,765 from $112,241,946, a decline of approximately 7.5%[5] - Total cash and cash equivalents at the end of the period were $104,181,765, up from $91,653,006 at the end of the previous year[4] Investment Income - Total investment income for the three months ended September 30, 2024, was $70,932,487, an increase of 30.9% compared to $54,210,941 for the same period in 2023[7] - Net investment income before taxes for the three months ended September 30, 2024, was $33,877,641, up from $28,333,076 in the prior year, representing a growth of 19.0%[7] Shareholder Returns - Dividends paid to shareholders for the three months ended September 30, 2024, totaled $29,100,986, consistent with the previous quarter[8] - Dividends paid to shareholders increased to $85,100,033 from $66,432,353 year-over-year[4] Mergers and Acquisitions - The company issued common stock in connection with a merger, resulting in an increase of $280,464,610 in total net assets[8] - The company acquired net assets in connection with the merger valued at $603,136,276, including $586,983,708 of investments[4][10] Investment Portfolio - The company has a total of 37 debt investments listed, indicating a diversified investment portfolio[12] - The company is actively managing its debt portfolio with a focus on high-yield investments[12] - The company has a significant investment in the construction and engineering sector, totaling $1,081,667[12] - The company has diversified its portfolio with investments in various sectors, including software and technology, to mitigate risks[19] Market Strategy and Outlook - The company is exploring new strategies for market expansion and product development, particularly in technology and healthcare sectors[15] - Future outlook includes potential market expansions and new product developments in the sectors represented by the debt investments[18] Valuation and Fair Value - The total fair value of Level 3 investments was $1,879,087,978, with significant unrealized losses of $(139,090,785) during the period[78] - The fair value of Equity Securities was $172,419,745, with a range of implied volatility between 45.0% and 75.0%[74] - The company’s investments are valued at least quarterly based on independent third-party sources, with less than 5% priced directly by the Valuation Designee[66] Regulatory and Compliance - The Company has elected to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes, allowing it to avoid taxation on distributed income[58] - Approximately 16.9% of BlackRock TCP Capital Corp.'s total assets were classified as non-qualifying assets under Section 55(a) of the 1940 Act[33]