Financial Performance - Adjusted Net Investment Income (NII) was $0.31 per share, exceeding the regular dividend of $0.25 per share[9] - The company declared a regular dividend of $0.25 per share and a special dividend of $0.04 per share for Q2 2025[9] - The regular dividend coverage ratio in Q2 2025 was 124%[9] - The annualized adjusted NII Return on Equity (ROE) was 13.6% for the second quarter[9] Portfolio Composition - The total portfolio fair value is $1.8 billion, diversified across 153 portfolio companies[9] - 89.4% of the portfolio is invested in senior secured debt, with 82.4% in 1st lien[9] - The weighted average yield of the performing debt portfolio is 12.0%[9] - Non-accruals declined to 3.7% of the portfolio at fair value in Q2 2025[52] Leverage and Liquidity - The company has a diverse leverage program totaling $1.6 billion[9] - 63% of the outstanding leverage is unsecured as of June 30, 2025[9] - Available liquidity is $565.5 million, including $455 million of available borrowing capacity[9]

Financial Performance - For the quarter ended June 30, 2025, net investment income was $27.6 million, or $0.32 per share, exceeding the regular dividend of $0.25 and special dividend of $0.04 per share[2] - The net decrease in net assets from operations for the quarter was $15.9 million, or $0.19 per share, compared to a net increase of $20.9 million, or $0.25 per share, in the previous quarter[2] - Total investment income for the three months ended June 30, 2025, was $51,464,997, a decrease of 28% compared to $71,526,225 for the same period in 2024[29] - Net investment income for the six months ended June 30, 2025, was $59,797,344, down from $64,086,805 in 2024, reflecting a decline of approximately 7%[29] - The company reported a net realized loss of $66,297,375 for the three months ended June 30, 2025, compared to a loss of $35,513,930 in the same period of 2024, indicating a significant increase in losses[29] - Basic and diluted earnings per share for the three months ended June 30, 2025, were $(0.19), compared to $(0.60) for the same period in 2024[29] Asset and Investment Overview - Net asset value per share decreased to $8.71 as of June 30, 2025, down from $9.18 as of March 31, 2025, primarily due to markdowns on previously restructured portfolio companies[2] - Total assets as of June 30, 2025, were $1,936,968,600, with net assets of $740,476,938, resulting in net assets per share of $8.71[27] - Total investments at fair value as of June 30, 2025, were $1,792,334,843, down from $1,794,758,336 at the end of 2024[27] - Debt investments on non-accrual status represented 3.7% of the portfolio at fair value and 10.4% at cost as of June 30, 2025, down from 4.4% and 12.6% respectively as of March 31, 2025[2] Dividends and Shareholder Returns - The Board declared a regular dividend of $0.25 per share and a special dividend of $0.04 per share, payable on September 30, 2025[24] - Approximately $0.5 million of cash distributions were reinvested through the new dividend reinvestment plan (DRIP) for the three months ended June 30, 2025[18] - The Company repurchased 43,980 shares at an average price of $6.85 per share, totaling $301,378 for the six months ended June 30, 2025[20] Expenses and Management Fees - Total operating expenses for the quarter were approximately $23.9 million, or $0.28 per share, including $17.1 million in interest and other debt expenses[13] - Total operating expenses after management fee waiver for the three months ended June 30, 2025, were $23,870,322, a decrease from $35,700,693 in 2024, representing a reduction of approximately 33%[29] - Management fees for the three months ended June 30, 2025, were $5,461,118, a decrease from $6,563,189 in 2024, reflecting a reduction of about 17%[29] - The company’s total operating expenses before management fee waiver were $25,690,694 for the three months ended June 30, 2025, compared to $35,700,693 in 2024, indicating a decrease of approximately 28%[29] Debt and Liquidity - Available liquidity as of June 30, 2025, was approximately $565.5 million, including $455.0 million in available capacity under the leverage program and $107.3 million in cash and cash equivalents[15] - The combined weighted-average interest rate on debt outstanding was 5.26% as of June 30, 2025[16] - Total debt outstanding as of June 30, 2025, was $1,174,640,591, with total leverage at $1,636,263,994[17] - The outstanding amount of the Operating Facility is $202 million, with a maturity date in 2029 and a rate of SOFR+2.00%[17] Investment Activity - Total investment acquisitions during the quarter were approximately $111.5 million, with $102.2 million, or 91.6%, in senior secured loans[9] - The weighted average annual effective yield of the debt portfolio was approximately 12.0% as of June 30, 2025, compared to 12.2% as of March 31, 2025[8] - The Company completed the acquisition of HPS Investment Partners on July 1, 2025, enhancing its investment management capabilities[21] - The Company prepaid $35 million of 6.85% Series 2022A Senior Notes and $57 million of Floating Rate Series 2022A Senior Notes on July 31, 2025[22] - The Company extended the revolving period of Funding Facility II to July 31, 2027, through a Sixth Amendment to the Loan and Servicing Agreement[23] Unrealized Gains and Losses - The company experienced a net change in unrealized appreciation of $22,796,116 for the three months ended June 30, 2025, compared to a depreciation of $(51,588,119) in the same period of 2024[29] - Non-controlled, non-affiliated investments generated interest income of $41,609,217 for the three months ended June 30, 2025, down from $63,562,637 in 2024, a decline of approximately 35%[29]

Part I. Financial Information This section presents the unaudited consolidated financial statements and management's discussion and analysis for the company [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents BlackRock TCP Capital Corp.'s unaudited consolidated financial statements and notes for the periods ended June 30, 2025, and December 31, 2024 [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities%20as%20of%20June%2030%2C%202025%20(unaudited)%20and%20December%2031%2C%202024) Total assets slightly increased, while net assets and net assets per share decreased as of June 30, 2025, compared to December 31, 2024 | Metric | June 30, 2025 (unaudited) | December 31, 2024 | | :----------------------------------- | :-------------------------- | :-------------------- | | Total investments (at fair value) | $1,792,334,843 | $1,794,758,336 | | Cash and cash equivalents | $107,317,578 | $91,589,702 | | Total assets | $1,936,968,600 | $1,923,031,363 | | Debt (net) | $1,174,640,591 | $1,118,340,225 | | Total liabilities | $1,196,491,662 | $1,137,907,696 | | Net assets | $740,476,938 | $785,123,667 | | Net assets per share | $8.71 | $9.23 | - Net assets per share decreased from **$9.23** at December 31, 2024, to **$8.71** at June 30, 2025[9](index=9&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202025%20(unaudited)%20and%20June%2030%2C%202024%20(unaudited)) Total investment income and net investment income decreased, but operating expenses also fell due to fee waivers, leading to a net increase in assets from operations for the six months ended June 30, 2025 | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total investment income | $51,464,997 | $71,526,225 | $107,353,912 | $127,255,534 | | Total operating expenses | $23,870,322 | $35,700,693 | $47,556,568 | $63,168,729 | | Net investment income | $27,594,675 | $35,825,532 | $59,797,344 | $64,086,805 | | Net realized gain (loss) | $(66,297,375) | $(35,513,930) | $(107,214,713) | $(35,682,007) | | Net change in unrealized appreciation (depreciation) | $22,796,116 | $(51,588,119) | $52,405,373 | $(74,624,174) | | Net increase (decrease) in net assets from operations | $(15,906,584) | $(51,276,517) | $4,988,004 | $(46,219,376) | | Basic and diluted earnings (loss) per share | $(0.19) | $(0.60) | $0.06 | $(0.63) | - Management fee waiver of **$1,820,372** for the three months ended June 30, 2025, and **$3,648,320** for the six months ended June 30, 2025, contributed to lower operating expenses[11](index=11&type=chunk) - Incentive fees were **$0** for both the three and six months ended June 30, 2025, compared to **$6,815,672** and **$12,696,050** for the same periods in 2024, respectively[11](index=11&type=chunk) [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets%20for%20the%20three%20and%20six%20months%20ended%20June%2030%2C%202025%20(unaudited)%20and%20June%2030%2C%202024%20(unaudited)) Total net assets decreased from **$785.1 million** at December 31, 2024, to **$740.5 million** at June 30, 2025, primarily due to net realized/unrealized losses and dividends | Metric | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :----------------------------------- | :---------------- | :------------- | :------------ | | Balance at period start | $785,123,667 | $781,318,924 | $781,318,924 | | Repurchase of common stock | — | $(26,915) | $(274,463) | | Net investment income | — | $32,202,669 | $27,594,675 | | Net realized and unrealized gain (loss) | — | $(11,308,081) | $(43,501,259) | | Dividends paid to shareholders | — | $(24,672,416) | $(24,660,939) | | Balance at period end | — | $781,318,924 | $740,476,938 | - For the six months ended June 30, 2024, the company issued **27,823,870** common shares in connection with the Merger, totaling **$280,464,610**[15](index=15&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20six%20months%20ended%20June%2030%2C%202025%20(unaudited)%20and%20June%2030%2C%202024%20(unaudited)) Net cash provided by operating activities decreased significantly, while financing activities shifted to a net cash inflow, resulting in an overall increase in cash and cash equivalents in 2025 | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------------- | :----------------------------- | :----------------------------- | | Net increase (decrease) in net assets from operations | $4,988,004 | $(46,219,376) | | Net cash provided by (used in) operating activities | $10,642,229 | $119,831,602 | | Net cash provided by (used in) financing activities | $5,085,647 | $(37,404,112) | | Net increase (decrease) in cash and cash equivalents | $15,727,876 | $82,427,490 | | Cash and cash equivalents at end of period | $107,317,578 | $194,669,436 | - In 2024, the Merger resulted in the acquisition of **$586,983,708** in investments and **$11,670,610** in cash, along with the assumption of **$315,296,749** in debt[18](index=18&type=chunk)[19](index=19&type=chunk) - Purchases of investments decreased from **$(142,018,224)** in 2024 to **$(163,597,176)** in 2025 (excluding Merger-related acquisitions)[18](index=18&type=chunk)[19](index=19&type=chunk) [Consolidated Schedule of Investments](index=8&type=section&id=Consolidated%20Schedule%20of%20Investments%20as%20of%20June%2030%2C%202025%20

Financial Data and Key Metrics Changes - Adjusted net investment income was $0.36 per share, flat compared to the prior quarter [7] - Annualized net investment income ROE was 15.4% and net asset value per share was $9.18, down from $9.23 in the previous quarter [8] - Net realized losses for the quarter were approximately $41 million or $0.48 per share, primarily due to the disposition of investments [24] - Net unrealized gains totaled $30 million or $0.35 per share, reflecting reversals of previous losses [24] Business Line Data and Key Metrics Changes - The number of portfolio companies on nonaccrual status decreased to eight from twelve, representing 4.4% of the portfolio at fair value [8][25] - The portfolio had a fair market value of approximately $1.8 billion, invested across 146 companies [15] - 90% of the portfolio was invested in senior secured debt, with 94% of that amount being floating rate [16] Market Data and Key Metrics Changes - The weighted average annual effective yield of the portfolio was 12.2%, down from 12.4% in the previous quarter [16] - New investments had a weighted average yield of 11.4%, while exited investments had a yield of 11.2% [17] Company Strategy and Development Direction - The company is focused on investing in first lien loans and maintaining a diversified portfolio [20] - The strategy includes targeting core middle market companies and leveraging resources from the BlackRock platform [20] - The company aims to resolve remaining challenged positions within the portfolio and maintain a disciplined approach to loan origination [33][34] Management's Comments on Operating Environment and Future Outlook - The current market environment is characterized by tightened access to capital and higher financing costs [29] - The company believes the immediate impact from potential tariffs will be limited, estimating only a mid-single-digit percentage of the portfolio will be directly affected [30] - There is strong interest from borrowers for direct loans in the core middle market, which is the fastest-growing sector of the economy [31] Other Important Information - The Board declared a second quarter dividend of $0.25 and a special dividend of $0.04 per share [13] - The company repurchased 3,150 shares of TCP stock during the quarter and an additional 39,500 shares after the quarter end [13] Q&A Session Summary Question: What are the thoughts on the trajectory of share repurchases going forward? - The company will continue to monitor the trading price and repurchase shares when they are deemed accretive [38] Question: Do most portfolio companies have sponsors? - The majority of portfolio companies do have sponsors or institutional ownership, but decision-making often involves management teams [40] Question: What is the appetite of sponsors for injecting more equity in financing? - Sponsors have been supportive, but their willingness may decrease if equity values are not sustainable [42][43] Question: How long will it take to complete restructuring of the aggregators? - The company expects to complete restructurings in the next few quarters, with some positive signs of improvement [51] Question: What drove the markup for Job and Talent? - The markup was driven by improved performance and the provision of growth capital, which included enhanced economics for the company [62][67] Question: Are there plans to pursue new SBIC licenses? - The company is in the process of obtaining a second SBIC license, which is the maximum allowed [68]

Financial Data and Key Metrics Changes - Adjusted net investment income was $0.36 per share, flat compared to the prior quarter [7] - Annualized net investment income ROE was 15.4% and net asset value per share was $9.18, down from $9.23 in the previous quarter [8] - Net realized losses for the quarter were approximately $41 million or $0.48 per share, primarily due to the disposition of investments [24] - Net unrealized gains totaled $30 million or $0.35 per share, reflecting reversals of previous losses [24] Business Line Data and Key Metrics Changes - The portfolio had a fair market value of approximately $1.8 billion, invested across 146 companies [16] - 90% of the portfolio was invested in senior secured debt, with a weighted average annual effective yield of 12.2%, down from 12.4% in the previous quarter [17] - New investments had a weighted average yield of 11.4%, while exited investments had a yield of 11.2% [17] Market Data and Key Metrics Changes - The company estimates that only a mid-single-digit percentage of the portfolio at fair market value will be directly impacted by tariffs [30] - The middle market is identified as the fastest-growing sector of the economy, with over 200,000 companies generating more than $10 trillion in annual revenue [31] Company Strategy and Development Direction - The company is focused on investing in first lien loans and maintaining a well-diversified portfolio [20] - Plans to refinance the next major debt maturity in 2026 are underway, with a goal to access attractively priced capital [28] - The company aims to resolve remaining challenged positions within the portfolio while maintaining a disciplined approach to originating loans [33] Management's Comments on Operating Environment and Future Outlook - The current market environment is characterized by tightened access to capital and higher financing costs [29] - The company remains optimistic about the prospects for portfolio companies, particularly those in the middle market, which are seen as resilient [32] - Management is closely monitoring portfolio companies to assess potential impacts from the current environment [33] Other Important Information - The Board declared a second quarter dividend of $0.25 and a special dividend of $0.04 per share [14] - The company repurchased 3,150 shares of TCP stock during the quarter and an additional 39,500 shares after the quarter end [14] Q&A Session Summary Question: Thoughts on the trajectory of share repurchases - The company will continue to monitor trading prices and repurchase shares when they are deemed accretive [38] Question: Do most portfolio companies have sponsors? - The majority of portfolio companies have sponsors or institutional ownership, but decision-making often involves management teams [40] Question: Timeline for restructuring aggregator businesses - The company expects to complete restructurings in the next few quarters, with some positive signs of improvement [50] Question: Changes in deal types going forward - The company plans to focus on being the dominant lender in deals, avoiding situations where they cannot exercise influence [56] Question: Details on the job and talent markup - The markup was driven by improved performance and the provision of growth capital, with confidentiality around specific deal terms [62] Question: Pursuing new SBIC licenses - The company is in the process of obtaining a second SBIC license, with no significant changes to the expected timeline [67]

Financial Performance - BlackRock TCP reported quarterly earnings of $0.36 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, but down from $0.45 per share a year ago, representing an earnings surprise of 5.88% [1] - The company posted revenues of $55.89 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 1.79%, compared to revenues of $55.73 million a year ago [2] - Over the last four quarters, BlackRock TCP has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - BlackRock TCP shares have declined approximately 24.1% since the beginning of the year, while the S&P 500 has decreased by 4.3% [3] - The current consensus EPS estimate for the upcoming quarter is $0.34 on revenues of $56.81 million, and for the current fiscal year, it is $1.35 on revenues of $227.9 million [7] Industry Outlook - The Financial - SBIC & Commercial Industry, to which BlackRock TCP belongs, is currently ranked in the bottom 28% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment [5]

[First Quarter 2025 Announcement](index=1&type=section&id=First%20Quarter%202025%20Announcement) [Key Financial Results and Dividends Declared](index=1&type=section&id=Key%20Financial%20Results%20and%20Dividends%20Declared) The company reported Q1 2025 net investment income and declared Q2 regular and special dividends Q1 2025 Financial Results and Q2 2025 Declared Dividends | Metric | Q1 2025 | Q2 2025 (Declared) | | :----- | :------ | :----------------- | | Net Investment Income (GAAP) per share | $0.38 | - | | Adjusted Net Investment Income per share | $0.36 | - | | Regular Dividend per share | - | $0.25 | | Special Dividend per share | - | $0.04 | - BlackRock TCP Capital Corp announced its financial results for the first quarter ended March 31, 2025, and declared a second quarter **regular dividend of $0.25 per share** and a **special dividend of $0.04 per share**, both payable on June 30, 2025[1](index=1&type=chunk)[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management noted portfolio strengthening, stable income and NAV, and a disciplined investment approach amid uncertainty - Investments on **non-accrual loans declined to 4.4%** from 5.6% of the portfolio at fair value, reflecting the exit of four non-accrual investments, indicating portfolio stabilization[3](index=3&type=chunk) - Adjusted net investment income and net asset value were stable with last quarter's levels at **$0.36 per share** and **$9.18 per share**, respectively[3](index=3&type=chunk) - Management believes the company has a disciplined plan to position the portfolio to perform well in all market environments, despite uncertain global macroeconomic factors[4](index=4&type=chunk) [Financial Highlights](index=1&type=section&id=FINANCIAL%20HIGHLIGHTS) [Summary of Key Financial Metrics](index=1&type=section&id=Summary%20of%20Key%20Financial%20Metrics) Q1 2025 saw stable net investment income, a slight NAV decrease, and improved portfolio quality with fewer non-accrual loans Key Financial Metrics Comparison | Metric | March 31, 2025 | December 31, 2024 | Change | | :----------------------------------- | :------------- | :---------------- | :----- | | Net Asset Value per share | $9.18 | $9.23 | -$0.05 | | Net Increase (Decrease) in Net Assets from Operations (per share) | $0.25 | -$0.45 | +$0.70 | | Net Leverage | 1.13x | 1.14x | -0.01x | | Debt Investments on Non-Accrual (Fair Value) | 4.4% | 5.6% | -1.2% | | Debt Investments on Non-Accrual (Cost) | 12.6% | 14.4% | -1.8% | Q1 2025 Investment Activity | Investment Activity (Q1 2025) | Amount (approx.) | | :---------------------------- | :--------------- | | Total Investment Acquisitions | $66.0 million | | Total Investment Dispositions | $84.9 million | [Non-GAAP Financial Measures Explanation](index=2&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) The company uses adjusted non-GAAP metrics to exclude merger-related purchase accounting effects for better performance comparability - The company provides non-GAAP financial measures to enhance investors' understanding of its business and performance, particularly regarding the impact of purchase discount accounting from the Merger[6](index=6&type=chunk)[7](index=7&type=chunk) - **Adjusted net investment income:** Excludes the amortization of purchase accounting discount from GAAP net investment income[6](index=6&type=chunk) - **Adjusted net realized and unrealized gain (loss):** Excludes unrealized appreciation resulting from the purchase discount and its corresponding reversal from GAAP net realized and unrealized gain (loss)[8](index=8&type=chunk) - **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)[8](index=8&type=chunk) [Portfolio and Investment Activity](index=4&type=section&id=PORTFOLIO%20AND%20INVESTMENT%20ACTIVITY) [Portfolio Composition](index=4&type=section&id=Portfolio%20Composition) The ~$1.8 billion portfolio is concentrated in senior secured debt, primarily first lien and floating rate investments Portfolio Composition as of March 31, 2025 | Metric | As of March 31, 2025 | | :-------------------------------- | :------------------- | | Total Fair Value of Portfolio | ~$1.8 billion | | Number of Portfolio Companies | 146 | | Senior Secured Debt | 90.0% | | First Lien Debt | 82.5% | | Equity Positions | 9.9% | | Floating Rate Debt Investments | 94.0% | | Floating Rate Debt with Interest Rate Floors | 97.9% | [Investment Activity and Yields](index=4&type=section&id=Investment%20Activity%20and%20Yields) Q1 2025 featured net dispositions of $18.9 million, with a total debt portfolio yield of 12.2% Q1 2025 Investment Activity Breakdown | Investment Activity (Q1 2025) | Amount (approx.) | Percentage of Total Acquisitions | | :---------------------------- | :--------------- | :------------------------------- | | Total Investments Acquired | $66.0 million | - | | New Investments (2 companies) | - | - | | Existing Investments (9 companies) | - | - | | Senior Secured Loans Acquired | $60.5 million | 91.7% | | Equity Investments Acquired | $5.5 million | 8.3% | | Proceeds from Sales/Repayments | $84.9 million | - | Weighted Average Effective Yields | Yield Metric | March 31, 2025 | December 31, 2024 | Change | | :------------------------------------ | :------------- | :---------------- | :----- | | Weighted Average Annual Effective Yield (Debt Portfolio) | 12.2% | 12.4% | -0.2% | | Weighted Average Annual Effective Yield (Total Portfolio) | 10.8% | 11.1% | -0.3% | | Weighted Average Effective Yield (New Investments Q1 2025) | 11.4% | - | - | | Weighted Average Effective Yield (Exited Investments Q1 2025) | 11.2% | - | - | [Non-Accrual Status](index=4&type=section&id=Non-Accrual%20Status) Non-accrual loans decreased as a percentage of the portfolio at both fair value and cost, indicating improved credit quality Non-Accrual Debt Investments | Non-Accrual Status | March 31, 2025 | December 31, 2024 | Change | | :--------------------------------- | :------------- | :---------------- | :----- | | Debt Investments on Non-Accrual (Fair Value) | 4.4% | 5.6% | -1.2% | | Debt Investments on Non-Accrual (Cost) | 12.6% | 14.4% | -1.8% | | Number of Portfolio Companies on Non-Accrual | 8 | - | - | [Consolidated Results of Operations](index=5&type=section&id=CONSOLIDATED%20RESULTS%20OF%20OPERATIONS) [Investment Income](index=5&type=section&id=Investment%20Income) Total investment income for Q1 2025 was approximately $55.9 million, or $0.66 per share Q1 2025 Total Investment Income | Metric | Q1 2025 (Amount) | Q1 2025 (Per Share) | | :------------------------------------------------ | :--------------- | :------------------ | | Total Investment Income | ~$55.9 million | $0.66 | - Investment income included **$0.03 per share** from prepayment premiums and related accelerated original issue discount and exit fee amortization[14](index=14&type=chunk) - Included **$0.05 per share** from recurring portfolio investment original issue discount and exit fee amortization[14](index=14&type=chunk) - Included **$0.08 per share** from interest income paid in kind (PIK) and **$0.04 per share** in dividend income[14](index=14&type=chunk) [Operating Expenses](index=5&type=section&id=Operating%20Expenses) Total operating expenses were approximately $23.7 million, or $0.28 per share, after a $1.8 million management fee waiver Q1 2025 Operating Expenses | Metric | Q1 2025 (Amount) | Q1 2025 (Per Share) | | :-------------------------------- | :--------------- | :------------------ | | Total Operating Expenses (after waiver) | ~$23.7 million | $0.28 | | Interest and Other Debt Expenses | $17.1 million | $0.20 | | Base Management Fees | $5.5 million | $0.06 | | Management Fee Waiver | $1.8 million | $0.02 | - No incentive compensation was accrued for Q1 2025 as the company's cumulative total return did not exceed the total return hurdle[15](index=15&type=chunk) [Net Investment Income and Realized/Unrealized Gains (Losses)](index=5&type=section&id=Net%20Investment%20Income%20and%20Realized%2FUnrealized%20Gains%20(Losses)) Net investment income was $32.2 million, while a net realized loss was partially offset by a net unrealized gain Q1 2025 Net Investment Income and Gains/Losses | Metric | Q1 2025 (Amount) | Q1 2025 (Per Share) | Q4 2024 (Per Share) | | :------------------------------------------------ | :--------------- | :------------------ | :------------------ | | Net Investment Income | ~$32.2 million | $0.38 | $0.38 (Adjusted) | | Net Realized Loss | $40.9 million | $0.48 | - | | Net Unrealized Gain | $29.6 million | $0.35 | - | | Net Increase in Net Assets from Operations | $20.9 million | $0.25 | -$0.45 | - Net realized loss primarily comprised of **$24.5 million from Securus**, **$7.6 million from CIBT**, and **$6.7 million from McAfee** dispositions[16](index=16&type=chunk) - Net unrealized gain primarily reflects **$23.9 million reversal from Securus**, **$7.5 million from CIBT**, and **$5.3 million from McAfee** dispositions, along with **$10.8 million gain on Job and Talent** and **$5.3 million gain on AutoAlert**, partially offset by other unrealized losses[16](index=16&type=chunk) [Liquidity and Capital Resources](index=6&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) [Liquidity and Debt Structure](index=6&type=section&id=Liquidity%20and%20Debt%20Structure) Available liquidity was approximately $628.9 million, with total debt outstanding of $1.106 billion Available Liquidity as of March 31, 2025 | Liquidity Component (March 31, 2025) | Amount (approx.) | | :----------------------------------- | :--------------- | | Available Capacity under Leverage Program | $530.0 million | | Cash and Cash Equivalents | $99.1 million | | Payable for Investments Purchased | -$0.2 million | | **Total Available Liquidity** | **$628.9 million** | Debt Metrics as of March 31, 2025 | Debt Metric (March 31, 2025) | Amount | | :--------------------------- | :------------- | | Total Debt Outstanding | $1,106,203,300 | | Weighted-Average Interest Rate | 5.17% | Debt Facilities and Notes Outstanding | Debt Facility | Maturity | Rate | Carrying Value | Available Capacity | Total Capacity | | :-------------------- | :------- | :--------- | :------------- | :----------------- | :------------- | | Operating Facility | 2029 | SOFR+2.00% | $120,000,000 | $180,000,000 | $300,000,000 | | Funding Facility II | 2027 | SOFR+2.05% | $100,000,000 | $100,000,000 | $200,000,000 | | Merger Sub Facility | 2028 | SOFR+2.00% | $25,000,000 | $240,000,000 | $265,000,000 | | SBA Debentures | 2025-2031 | 2.45% | $122,000,000 | $10,000,000 | $132,000,000 | | 2025 Notes ($92M par) | 2025 | Fixed/Variable | $92,000,000 | — | $92,000,000 | | 2026 Notes ($325M par) | 2026 | 2.85% | $325,298,791 | — | $325,298,791 | | 2029 Notes ($325M par) | 2029 | 6.95% | $321,904,509 | — | $321,904,509 | [Shareholder Return Programs (DRIP & Repurchase Plan)](index=6&type=section&id=Shareholder%20Return%20Programs%20(DRIP%20%26%20Repurchase%20Plan)) The company utilized its dividend reinvestment plan and share repurchase program during the quarter - The new dividend reinvestment plan (DRIP), effective March 18, 2024, allows shareholders to opt-in for reinvestment of cash distributions; approximately **$1.4 million was reinvested in Q1 2025**[19](index=19&type=chunk) Q1 2025 Share Repurchase Plan Activity | Share Repurchase Plan (Q1 2025) | Value | | :------------------------------ | :------ | | Shares Repurchased | 3,150 | | Price Per Share (Weighted Avg.) | $8.54 | | Total Cost (including broker fees) | $26,915 | [Recent Developments](index=7&type=section&id=RECENT%20DEVELOPMENTS) [Post-Quarter Investment and Share Repurchase Activity](index=7&type=section&id=Post-Quarter%20Investment%20and%20Share%20Repurchase%20Activity) Subsequent to quarter-end, the company invested $43.6 million and repurchased 39,500 shares Post-Quarter Investment Activity (April 1 - May 7, 2025) | Post-Quarter Investment Activity (Apr 1 - May 7, 2025) | Value | | :--------------------------------------------------- | :------------ | | Investments Made (primarily two senior secured loans) | ~$43.6 million | | Combined Effective Yield | ~10.0% | - The Company Repurchase Plan was re-approved on April 29, 2025, to be in effect through April 30, 2026, for an approved **$50.0 million repurchase amount**[23](index=23&type=chunk) Post-Quarter Share Repurchase Activity (April 1 - May 7, 2025) | Post-Quarter Share Repurchase Activity (Apr 1 - May 7, 2025) | Value | | :--------------------------------------------------------- | :---------- | | Shares Repurchased | 39,500 | | Weighted Average Price | $6.70 | | Total Cost | $264,706 | [Operating Facility Amendment and Q2 Dividend Declaration](index=7&type=section&id=Operating%20Facility%20Amendment%20and%20Q2%20Dividend%20Declaration) The company amended its operating facility and the Board declared Q2 regular and special dividends - On May 2, 2025, an amendment to the Operating Facility clarified that "control" does not include "negative" control or "blocking" rights and waived a default related to a subsidiary guarantor[24](index=24&type=chunk) Q2 2025 Dividend Declaration (May 8, 2025) | Q2 2025 Dividend Declaration (May 8, 2025) | Per Share Amount | | :--------------------------------------- | :--------------- | | Regular Dividend | $0.25 | | Special Dividend | $0.04 | | Payable Date | June 30, 2025 | | Record Date | June 16, 2025 | [Conference Call and Webcast Information](index=7&type=section&id=CONFERENCE%20CALL%20AND%20WEBCAST) [Details for Q1 2025 Earnings Call](index=7&type=section&id=Details%20for%20Q1%202025%20Earnings%20Call) The company hosted its Q1 2025 earnings call on May 8, 2025, providing dial-in and webcast details - Conference call held on **Thursday, May 8, 2025, at 12:00 p.m. Eastern Time** (9:00 a.m. Pacific Time)[26](index=26&type=chunk) - Dial-in: (833) 470-1428 (US) / (404) 975-4839 (International), Access Code: 912158[26](index=26&type=chunk) - Webcast available in the investor relations section of www.tcpcapital.com, with an archived replay available until May 15, 2025[26](index=26&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Assets and Liabilities](index=8&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) The company's total assets decreased slightly to $1.899 billion, with net assets per share at $9.18 Consolidated Statements of Assets and Liabilities Summary | Metric | March 31, 2025 | December 31, 2024 | | :---------------------- | :--------------- | :---------------- | | Total Investments (at fair value) | $1,769,273,768 | $1,794,758,336 | | Cash and Cash Equivalents | $99,114,852 | $91,589,702 | | Total Assets | $1,898,903,559 | $1,923,031,363 | | Total Liabilities | $1,117,584,635 | $1,137,907,696 | | Net Assets | $781,318,924 | $785,123,667 | | Net Assets per Share | $9.18 | $9.23 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) The company reported a net increase in net assets from operations of $20.9 million, or $0.25 per share Consolidated Statements of Operations Summary | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------------ | :-------------------------------- | :-------------------------------- | | Total Investment Income | $55,888,915 | $55,729,309 | | Total Operating Expenses (after waiver) | $23,686,246 | $27,468,036 | | Net Investment Income | $32,202,669 | $28,261,273 | | Net Realized Gain (Loss) | $(40,917,338) | $(168,077) | | Net Change in Unrealized Appreciation (Depreciation) | $29,609,257 | $(23,036,055) | | Net Realized and Unrealized Gain (Loss) | $(11,308,081) | $(23,204,132) | | Net Increase (Decrease) in Net Assets from Operations | $20,894,588 | $5,057,141 | | Basic and Diluted Earnings (Loss) per Share | $0.25 | $0.08 | [About the Company and Disclaimers](index=10&type=section&id=About%20the%20Company%20and%20Disclaimers) [About BlackRock TCP Capital Corp.](index=10&type=section&id=ABOUT%20BLACKROCK%20TCP%20CAPITAL%20CORP.) BlackRock TCP Capital Corp is a BDC focused on direct lending to middle-market companies to achieve high total returns - BlackRock TCP Capital Corp (NASDAQ: TCPC) is a specialty finance company and Business Development Company (BDC) focused on direct lending to middle-market and small businesses[31](index=31&type=chunk) - The company's investment objective is to achieve **high total returns** through current income and capital appreciation, with an emphasis on principal protection[31](index=31&type=chunk) [Forward-Looking Statements](index=10&type=section&id=FORWARD-LOOKING%20STATEMENTS) This report contains forward-looking statements that involve risks and uncertainties, and actual results may differ materially - This press release contains forward-looking statements based on estimates, projections, beliefs, and assumptions of management, which are not guarantees of future performance and involve risks and uncertainties[33](index=33&type=chunk) - Actual results could differ materially due to factors such as changes in general economic conditions, financing terms, interest rates, availability of transactions, and regulatory changes[33](index=33&type=chunk) - Investors should review the 'Risk Factors' section of the company's Form 10-K for the year ended December 31, 2024, and subsequent periodic filings with the SEC for detailed information[33](index=33&type=chunk) [Contact Information](index=11&type=section&id=CONTACT) Provides contact details for investor relations inquiries for BlackRock TCP Capital Corp - For investor relations inquiries, contact Michaela Murray at (310) 566-1094 or investor.relations@tcpcapital.com[35](index=35&type=chunk)

Financial Performance - Adjusted Net Investment Income (NII) was $0.36 per share in Q1 2025, exceeding the regular dividend of $0.25 per share[6] - The annualized adjusted NII Return on Equity (ROE) for Q1 2025 was 15.4%[6] - A Q2 2025 regular dividend of $0.25 per share and a special dividend of $0.04 per share were declared[6] - The dividend coverage ratio in Q1 2025 was 144%[6] Portfolio Composition and Activity - The total portfolio fair value was $1.8 billion, diversified across 146 companies[6] - 90% of the portfolio was invested in senior secured debt, with 83% being 1st lien[6] - The weighted average yield of the performing debt portfolio was 12.2%[6] - Q1 2025 saw total acquisitions of $66 million and dispositions of $85 million[6] Leverage and Liquidity - The company has a diverse leverage program totaling $1.6 billion, with well-laddered maturities[6] - 67% of the outstanding leverage was unsecured as of March 31, 2025[6] - Available liquidity was $629 million, including $530 million of available borrowing capacity[6] - The net regulatory leverage ratio was 1.13x, within the target range of 0.9x - 1.20x[6]

Part I. Financial Information [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The consolidated financial statements present BlackRock TCP Capital Corp.'s financial position as of March 31, 2025, and December 31, 2024, along with its operational results and cash flows for the first quarters of 2025 and 2024 [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of March 31, 2025, total assets decreased slightly to $1.90 billion from $1.92 billion at year-end 2024, primarily due to a decrease in the fair value of investments Consolidated Balance Sheet Summary | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Investments, at fair value** | $1,769,273,768 | $1,794,758,336 | | **Total Assets** | $1,898,903,559 | $1,923,031,363 | | **Total Liabilities** | $1,117,584,635 | $1,137,907,696 | | **Total Net Assets** | $781,318,924 | $785,123,667 | | **Net Assets Per Share** | $9.18 | $9.23 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total investment income was $55.9 million, nearly flat year-over-year, with net income from operations surging to $20.9 million due to lower expenses and reduced losses Quarterly Operating Results Summary | Metric | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | **Total Investment Income** | $55,888,915 | $55,729,309 | | **Total Operating Expenses** | $23,686,246 | $27,468,036 | | **Net Investment Income** | $32,202,669 | $28,261,273 | | **Net Realized and Unrealized Gain (Loss)** | $(11,308,081) | $(23,204,132) | | **Net Increase in Net Assets** | $20,894,588 | $5,057,141 | | **Earnings Per Share (Basic and Diluted)** | $0.25 | $0.08 | - Operating expenses in Q1 2025 were reduced by a management fee waiver of **$1,827,948** and the absence of incentive fees, which were **$5,880,378** in Q1 2024[10](index=10&type=chunk) [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased by $3.8 million from $785.1 million to $781.3 million, primarily due to dividends paid to shareholders partially offset by net income from operations Reconciliation of Net Assets (Q1 2025) | Description | Amount | | :--- | :--- | | **Balance at December 31, 2024** | **$785,123,667** | | Repurchase of common stock | $(26,915) | | Net investment income | $32,202,669 | | Net realized and unrealized loss | $(11,308,081) | | Dividends paid to shareholders | $(24,672,416) | | **Balance at March 31, 2025** | **$781,318,924** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The company generated $52.5 million in cash from operating activities, a significant increase from the prior year, while cash used in financing activities was $45.0 million, ending the period with $99.1 million in cash Quarterly Cash Flow Summary | Cash Flow Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $52,504,101 | $33,412,598 | | **Net Cash from Financing Activities** | $(44,978,951) | $(25,081,834) | | **Net Increase in Cash** | $7,525,150 | $8,330,764 | | **Cash at End of Period** | $99,114,852 | $120,572,710 | [Consolidated Schedule of Investments](index=8&type=section&id=Consolidated%20Schedule%20of%20Investments) The total investment portfolio had a fair value of $1.77 billion, primarily concentrated in debt investments (90.1%), diversified across 146 companies, with a weighted average effective yield of 12.2% Portfolio Composition as of March 31, 2025 | Investment Type | Fair Value | % of Total Investments | | :--- | :--- | :--- | | Debt Investments | $1,594,279,600 | 90.1% | | Equity Securities | $174,994,168 | 9.9% | | **Total Investments** | **$1,769,273,768** | **100.0%** | - The portfolio is invested across **146 companies** with an average investment size of approximately **$12.1 million** at fair value[302](index=302&type=chunk) - Debt and preferred equity investments in eight portfolio companies were on non-accrual status, representing **4.4%** of the portfolio at fair value and **12.6%** at cost[305](index=305&type=chunk) [Notes to Consolidated Financial Statements](index=37&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) This section details accounting policies, the BCIC merger's treatment as an asset acquisition, debt facilities, management fees, and related-party transactions - The March 18, 2024 merger with BCIC was accounted for as an asset acquisition under ASC 805, with consideration allocated to acquired assets and liabilities based on their relative fair values[230](index=230&type=chunk)[233](index=233&type=chunk) - Effective upon the merger closing, the base management fee was reduced from **1.50% to 1.25%** on assets up to 200% of NAV, and the Advisor voluntarily waived one-third of its management fee for the first three quarters of 2025[144](index=144&type=chunk) - As of March 31, 2025, the company had total debt outstanding of **$1.11 billion** with an additional **$530.0 million** available under its various credit facilities[154](index=154&type=chunk) - The company has unfunded commitments to portfolio companies totaling **$134.7 million** as of March 31, 2025[193](index=193&type=chunk)[195](index=195&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=81&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion provides an overview of Q1 2025 financial results, highlighting stable investment income, increased net investment income due to lower expenses, and strong liquidity, while detailing the impact of the BCIC merger and non-GAAP adjustments [Portfolio and Investment Activity](index=92&type=section&id=Portfolio%20and%20Investment%20Activity) In Q1 2025, the company invested $66.0 million and received $84.9 million from sales and repayments, maintaining a portfolio fair value of $1.77 billion primarily in senior secured loans with a 12.2% effective yield Q1 2025 Investment Activity | Activity | Amount | | :--- | :--- | | **Investments Made** | $66.0 million | | **Proceeds from Sales/Repayments** | $84.9 million | - As of March 31, 2025, **82.6%** of total assets were invested in qualifying assets, satisfying the BDC requirement of at least **70%**[276](index=276&type=chunk) - The portfolio's largest industry concentration was Internet Software and Services (**14.0%**), followed by Software (**12.9%**) and Diversified Financial Services (**11.2%**)[305](index=305&type=chunk) [Results of Operations](index=93&type=section&id=Results%20of%20Operations) For Q1 2025, net investment income rose to $32.2 million due to decreased operating expenses, including no incentive fees and a management fee waiver, leading to a net increase in net assets of $20.9 million despite realized and unrealized losses - The increase in net investment income was primarily driven by a decrease in incentive fee expense and a management fee waiver, partially offset by higher interest expense from debt assumed in the Merger[309](index=309&type=chunk)[310](index=310&type=chunk) - Net realized loss of **$(40.9) million** was primarily from the dispositions of investments in Securus, CIBT, and McAfee[311](index=311&type=chunk) - Net change in unrealized appreciation was **$29.6 million**, largely due to the reversal of previously recognized unrealized losses on dispositions and unrealized gains on investments like Job and Talent and AutoAlert[312](index=312&type=chunk) [Liquidity and Capital Resources](index=98&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2025, the company had $99.1 million in cash, $1.1 billion in total debt, and $530.0 million available for borrowing, maintaining a strong asset coverage ratio of 179.0% - The company's asset coverage ratio was **179.0%** as of March 31, 2025, exceeding the **150%** regulatory minimum[331](index=331&type=chunk) - The company has exemptive relief from the SEC to exclude SBA Debentures from its asset coverage test, providing increased borrowing flexibility[332](index=332&type=chunk) - During Q1 2025, the company repurchased **3,150 shares** for a total cost of **$26,915** under its share repurchase plan[326](index=326&type=chunk) [Supplemental Non-GAAP Information](index=97&type=section&id=Supplemental%20Non-GAAP%20Information) The company provides non-GAAP financial measures, such as 'Adjusted net investment income,' to exclude purchase discount accounting effects from the BCIC merger, with GAAP NII at $32.2 million ($0.38/share) and Adjusted NII at $30.7 million ($0.36/share) for Q1 2025 GAAP vs. Non-GAAP Results (Q1 2025) | Metric | GAAP Amount | GAAP Per Share | Adjusted Amount | Adjusted Per Share | | :--- | :--- | :--- | :--- | :--- | | **Net Investment Income** | $32,202,669 | $0.38 | $30,700,296 | $0.36 | | **Net Realized/Unrealized Gain (Loss)** | $(11,308,081) | $(0.13) | $(9,805,708) | $(0.11) | - These non-GAAP measures are provided to enhance investors' understanding of performance by excluding the non-cash accounting impacts of the BCIC merger[321](index=321&type=chunk)[322](index=322&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=107&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is primarily exposed to interest rate risk, with 94.0% of debt investments being floating-rate, where a 100 basis point increase in base rates would increase annual net investment income by approximately $13.1 million - As of March 31, 2025, **94.0%** of the company's debt investments bore interest at floating rates, making net investment income sensitive to changes in market interest rates[359](index=359&type=chunk) Interest Rate Sensitivity Analysis (Annual Impact) | Basis Point Change | Change in Net Investment Income | Change in NII Per Share | | :--- | :--- | :--- | | +300 bps | $39,391,880 | $0.46 | | +200 bps | $26,261,253 | $0.31 | | +100 bps | $13,130,627 | $0.15 | | -100 bps | $(13,130,627) | $(0.15) | | -200 bps | $(26,014,014) | $(0.31) | | -300 bps | $(37,600,879) | $(0.44) | [Controls and Procedures](index=108&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of the reporting period, with no material changes to internal control over financial reporting identified during the quarter - Based on an evaluation as of the end of the period covered by the report, the CEO and CFO concluded that the company's disclosure controls and procedures were effective[363](index=363&type=chunk) - There were no changes in internal controls over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, such controls[364](index=364&type=chunk) Part II. Other Information [Legal Proceedings](index=109&type=section&id=Item%201.%20Legal%20Proceedings) The company is a defendant in a lawsuit filed in September 2023 related to a third-party sponsored collateralized loan obligation, seeking approximately $15 million plus interest and fees, with the outcome uncertain - The company was named as a defendant in a lawsuit filed on September 13, 2023, concerning a third-party sponsored collateralized loan obligation[366](index=366&type=chunk) - The suit seeks to recover approximately **$15 million** from the Company, plus interest and fees, and the company intends to vigorously defend against these claims, but the outcome is uncertain[366](index=366&type=chunk) [Risk Factors](index=109&type=section&id=Item%201A.%20Risk%20Factors) This section highlights key risks including potential adverse effects of tariffs, economic recessions, and the impact of covenants in credit facilities, which could lead to increased non-performing assets or accelerated debt repayment - The company and its portfolio companies face risks from potential tariffs, which could increase production costs or reduce demand for products[368](index=368&type=chunk) - Economic recessions or downturns could impair portfolio companies' ability to repay loans, potentially increasing non-performing assets and decreasing the value of the company's portfolio[369](index=369&type=chunk) - The company's Leverage Program contains various financial and operational covenants, and failure to comply could result in default and acceleration of debt repayment, materially impacting liquidity[373](index=373&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=113&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the company's share repurchase activity, with 3,150 shares repurchased for a total cost of $26,915 during the three months ended March 31, 2025 Share Repurchases (Q1 2025) | Period | Shares Repurchased | Weighted Avg. Price Per Share | Total Cost | | :--- | :--- | :--- | :--- | | **Q1 2025** | 3,150 | $8.54 | $26,915 | [Defaults upon Senior Securities](index=113&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) Not applicable [Mine Safety Disclosures](index=113&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) None [Other Information](index=113&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during Q1 2025, and the stock traded at a high of $9.45 and a low of $7.72 per share relative to its NAV - No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the quarter[381](index=381&type=chunk) Q1 2025 Stock Price and NAV Data | Metric | Value | | :--- | :--- | | **NAV per Share (End of Q1)** | $9.18 | | **High Stock Price** | $9.45 | | **Low Stock Price** | $7.72 | | **Premium/(Discount) to NAV** | +2.9% to -15.9% | [Exhibits](index=116&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the 10-Q, including the merger agreement, corporate governance documents, an amendment to the senior secured revolving credit agreement, and various certifications - Key exhibits filed include an amendment to the Amended & Restated Senior Secured Revolving Credit Agreement and certifications from the CEO and CFO pursuant to Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act[386](index=386&type=chunk)

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].