UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Year Ended December 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) 295 ...

Financial Data and Key Metrics Changes - Net investment income for Q3 2023 was $0.49 per share, a 17% increase year-over-year, exceeding the dividend of $0.34 per share [17][75] - The overall effective yield in the debt portfolio increased to 14.1% compared to 11.3% one year ago, reflecting higher base rates and wider spreads on new investments [13] Business Line Data and Key Metrics Changes - In Q3, the company invested $92 million, a significant increase from $17 million in Q2, focusing on senior secured loans [6][4] - Follow-on investments in existing portfolio companies accounted for about half of the dollars deployed over the last 12 months [8] Market Data and Key Metrics Changes - The portfolio at quarter end had fair market values of approximately $1.6 billion, with 89% of investments in secured debt across various industries [11] - The credit quality remains strong, with only three portfolio companies on non-accrual, representing 1.1% of the portfolio's fair value [29] Company Strategy and Development Direction - The company is focused on maintaining a disciplined investment approach, emphasizing companies that provide necessary services or products, ensuring resilience across market cycles [14][34] - A proposed merger with BlackRock Capital Investment Corp. is expected to enhance operational efficiencies and provide better access to capital [42][71] Management's Comments on Operating Environment and Future Outlook - Management anticipates a slower growth and elevated rate environment with ongoing macroeconomic uncertainties [1] - The company remains confident in its investment strategy and ability to deliver long-term returns despite market volatility [34][75] Other Important Information - The company declared a fourth quarter dividend of $0.34 per share and a supplemental dividend of $0.25 per share, reflecting a commitment to sustainable dividends [17][77] - The total liquidity increased to $353 million at the end of the quarter, with available leverage of $261 million and cash of $92 million [30] Q&A Session Summary Question: How is the solar investment maturing? - The solar investment is a residual position with no plans to extend, as it is expected to run off in a staggered fashion [20] Question: Can you provide insights on the credit quality and sponsor discussions? - There are no thematic portfolio-wide issues; individual companies are facing specific challenges, but sponsors are generally proactive in managing liquidity and costs [39][40] Question: What are the proceeds used for in follow-on investments? - Proceeds are primarily used for add-on acquisitions and organic growth, with some instances of dividend recapitalizations [46][49] Question: Will special dividends continue in the future? - Special dividends should not be expected as recurring; they are a way to return value to shareholders based on strong earnings [51][54]

Part I [Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) This section presents BlackRock TCP Capital Corp.'s unaudited consolidated financial statements, including assets, operations, net assets, cash flows, and investment schedule, for the period ended September 30, 2023 [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of September 30, 2023, total assets remained stable at $1.72 billion, while net assets slightly decreased to $735 million, leading to a NAV per share of $12.72 Consolidated Balance Sheet Summary | Metric | September 30, 2023 (unaudited) | December 31, 2022 | | :--- | :--- | :--- | | Total Investments, at fair value | $1,593,320,718 | $1,609,587,641 | | Total Assets | $1,719,164,854 | $1,719,349,849 | | Total Liabilities | $984,167,557 | $972,596,059 | | Net Assets | $734,997,297 | $746,753,790 | | Net Assets Per Share | $12.72 | $12.93 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2023 saw increased investment income and net investment income, but a net realized and unrealized loss reduced the net increase in net assets to $12.8 million Q3 2023 vs Q3 2022 Performance | Metric | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Total Investment Income | $54,210,941 | $48,206,329 | | Total Operating Expenses | $25,877,865 | $23,814,862 | | Net Investment Income | $28,319,912 | $24,391,467 | | Net Realized and Unrealized Gain (Loss) | ($15,496,980) | $1,847,540 | | Net Increase in Net Assets | $12,822,932 | $26,239,007 | | Basic and Diluted EPS | $0.22 | $0.45 | Nine Months 2023 vs 2022 Performance | Metric | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Total Investment Income | $158,480,129 | $134,312,623 | | Total Operating Expenses | $77,134,007 | $68,897,018 | | Net Investment Income | $81,297,518 | $65,415,605 | | Net Realized and Unrealized Gain (Loss) | ($29,510,021) | ($26,855,713) | | Net Increase in Net Assets | $51,787,497 | $38,559,892 | | Basic and Diluted EPS | $0.90 | $0.67 | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Net assets decreased to $735 million for the nine months ended September 30, 2023, primarily due to $63.5 million in dividends offsetting operational gains Changes in Net Assets (Nine Months Ended Sep 30, 2023) | Item | Amount | | :--- | :--- | | Balance at December 31, 2022 | $746,753,790 | | Net Investment Income | $81,297,518 | | Net Realized and Unrealized Loss | ($29,510,021) | | Dividends Paid to Shareholders | ($63,543,990) | | **Balance at September 30, 2023** | **$734,997,297** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities significantly decreased to $52.1 million for the nine months ended September 30, 2023, with cash and equivalents at $91.7 million Cash Flow Summary (Nine Months Ended) | Activity | September 30, 2023 | September 30, 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $52,124,269 | $168,475,437 | | Net Cash from Financing Activities | ($42,906,434) | ($82,233,181) | | **Net Increase in Cash** | **$9,217,835** | **$86,242,256** | | Cash at Beginning of Period | $82,435,171 | $19,552,273 | | **Cash at End of Period** | **$91,653,006** | **$105,794,529** | [Consolidated Schedule of Investments](index=8&type=section&id=Consolidated%20Schedule%20of%20Investments) The $1.59 billion investment portfolio as of September 30, 2023, primarily comprised debt investments across 143 companies, with key concentrations in Internet Software and Services Portfolio Composition as of September 30, 2023 | Investment Type | Fair Value | % of Net Assets | | :--- | :--- | :--- | | Total Debt Investments | $1,413,069,920 | 192.2% | | Total Equity Securities | $180,251,203 | 24.5% | | **Total Investments** | **$1,593,320,718** | **216.7%** | - The investment portfolio is diversified across numerous industries, with the largest concentrations in Internet Software and Services (14.7%), Diversified Financial Services (12.0%), and Diversified Consumer Services (12.0%)[288](index=288&type=chunk) [Notes to Consolidated Financial Statements](index=39&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, debt structure, commitments, investment valuation, and the proposed merger with BlackRock Capital Investment Corporation (BCIC) - On September 6, 2023, the Company entered into an Agreement and Plan of Merger with BlackRock Capital Investment Corporation (BCIC). The merger is subject to stockholder and regulatory approvals[82](index=82&type=chunk)[214](index=214&type=chunk) Fair Value Hierarchy of Investments (Sep 30, 2023) | Level | Basis for Fair Value | Total Value | % of Total | | :--- | :--- | :--- | :--- | | 1 | Quoted prices in active markets | $533,360 | ~0.0% | | 2 | Observable market inputs | $68,098,115 | 4.3% | | 3 | Significant unobservable inputs | $1,524,689,243 | 95.7% | | **Total** | | **$1,593,320,718** | **100.0%** | - The company declared total dividends of **$1.10 per share** for the nine months ended September 30, 2023, which included a regular dividend of $0.34 and a special dividend of $0.10 for the third quarter[197](index=197&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=77&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 financial performance, portfolio activity, and liquidity, highlighting increased net investment income, rising portfolio yield, and the proposed merger with BCIC [Portfolio and Investment Activity](index=82&type=section&id=Portfolio%20and%20Investment%20Activity) Q3 2023 saw $92.4 million in investments and $125.6 million in proceeds, with the $1.59 billion portfolio's weighted average debt yield rising to 14.1% - During Q3 2023, the company invested **$92.4 million** and received **$125.6 million** in proceeds from sales or repayments[282](index=282&type=chunk) Portfolio Yield and Composition | Metric | September 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Weighted Avg. Effective Yield (Debt) | 14.1% | 12.7% | | Floating Rate Debt Investments | 94.9% | 93.6% | | Non-Accrual Investments (at fair value) | 1.1% | 2.0% | [Results of Operations](index=84&type=section&id=Results%20of%20Operations) Q3 2023 investment income increased to $54.2 million due to higher interest rates, but a $15.4 million net unrealized loss reduced the net increase in net assets - The increase in investment income for Q3 2023 was primarily driven by the rise in LIBOR/SOFR rates on the company's floating-rate debt portfolio[290](index=290&type=chunk) - The change to net unrealized depreciation of **$(15.4) million** in Q3 2023 was primarily due to unrealized losses on investments in Edmentum, Khoros, and Magenta Buyer, partially offset by a gain on Astra Acquisition[298](index=298&type=chunk) [Liquidity and Capital Resources](index=86&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with $974.2 million in total debt outstanding, $261.2 million available for borrowing, and an asset coverage ratio of 189% Leverage Program Summary (Sep 30, 2023) | Facility | Carrying Value | Available | Total Capacity | | :--- | :--- | :--- | :--- | | Operating Facility | $148,826,611 | $151,173,389 | $300,000,000 | | Funding Facility II | $100,000,000 | $100,000,000 | $200,000,000 | | SBA Debentures | $150,000,000 | $10,000,000 | $160,000,000 | | 2024 Notes | $249,443,956 | $0 | $249,443,956 | | 2026 Notes | $325,887,724 | $0 | $325,887,724 | | **Total Leverage** | **$974,158,291** | **$261,173,389** | **$1,235,331,680** | - The company's asset coverage ratio was **189%** as of September 30, 2023, compliant with the **150%** regulatory minimum[313](index=313&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=91&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces interest rate risk, with 94.9% of debt investments being floating rate; a 100 basis point rate increase would boost annual net investment income by $12.3 million Interest Rate Sensitivity Analysis (Annual Impact) | Basis Point Change | Net Investment Income | Net Investment Income Per Share | | :--- | :--- | :--- | | Up 300 basis points | $36,862,357 | $0.64 | | Up 200 basis points | $24,574,905 | $0.43 | | Up 100 basis points | $12,287,452 | $0.21 | | Down 100 basis points | ($12,287,452) | ($0.21) | | Down 200 basis points | ($24,574,905) | ($0.43) | | Down 300 basis points | ($36,862,357) | ($0.64) | [Controls and Procedures](index=91&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - Management concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[334](index=334&type=chunk) Part II [Legal Proceedings](index=92&type=section&id=Item%201.%20Legal%20Proceedings) The company is a defendant in a lawsuit seeking $15 million related to a third-party collateralized loan obligation, which it intends to vigorously defend - The company is a defendant in a lawsuit seeking to recover approximately **$15 million** related to a third-party sponsored collateralized loan obligation. The company plans to file a motion to dismiss and defend against the claims[336](index=336&type=chunk) [Risk Factors](index=92&type=section&id=Item%201A.%20Risk%20Factors) Systemic risk in U.S. and global capital markets, exemplified by recent bank failures, poses a significant threat to the company's business and financial condition - The company identifies systemic risk in the U.S. and global capital markets as a key risk, citing the recent failures of Silicon Valley Bank and Signature Bank as examples that could lead to market-wide liquidity problems and adversely affect the company[338](index=338&type=chunk)[339](index=339&type=chunk) [Other Information](index=94&type=section&id=Item%205.%20Other%20Information) This section presents quarterly stock price data, including high/low closing prices, premium/discount to NAV, and declared dividends per share for recent fiscal periods 2023 Quarterly Stock Price and Dividend Summary | Fiscal Quarter 2023 | NAV per Share | High Price | Low Price | Declared Distributions | | :--- | :--- | :--- | :--- | :--- | | First Quarter | $13.00 | $13.37 | $9.73 | $0.32 | | Second Quarter | $12.94 | $11.42 | $9.76 | $0.34 | | Third Quarter | $12.72 | $12.89 | $11.00 | $0.44 |

| --- | --- | |---------------------|-------| | Fixed / Floating(2) | | | Floating Rate | 94% | | Fixed Rate | 6% | SBA Debentures 9% Credit Facilities 17% Unsecured Debt 32% Equity 42% BLACKROCK® 7 Well Positioned for a Rising Rate Environment Rates have risen significantly Interest rates have risen significantly over the last twelve months to the highest levels in several years, and 2022 saw the most significant increase in a single year in several decades | --- | --- | --- | |-----------------------|---- ...

BlackRock TCP Capital Corp. (NASDAQ:TCPC) Q2 2023 Earnings Conference Call August 3, 2023 1:00 PM ET Company Participants Katie McGlynn – Investor Relations Raj Vig – Chairman and Chief Executive Officer Phil Tseng – President and Chief Operating Officer Erik Cuellar – Chief Financial Officer Conference Call Participants Christopher Nolan – Ladenburg Thalmann Robert Dodd – Raymond James Ryan Lynch – KBW Operator Ladies and gentlemen, good afternoon. Welcome, everyone, to BlackRock TCP Capital Corp.’s Second ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended June 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) 2 ...

BlackRock TCP Capital Corp (NASDAQ:TCPC) Q1 2023 Results Conference Call May 4, 2023 1:00 PM ET Company Participants Katie McGlynn - Director of Investor Relations Raj Vig - Chairman & Chief Executive Officer Phil Tseng - President & Chief Operating Officer Erik Cuellar - Chief Financial Officer Conference Call Participants Robert Dodd - Raymond James Christopher Nolan - Ladenburg Doman Ryan Lynch - KBW Kevin Fultz - JMP Securities Operator Welcome, everyone, to BlackRock TCP Capital Corp.'s First Quarter 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended March 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) ...

Financial Data and Key Metrics Changes - The company reported a net investment income of $0.40 per share for Q4 2022, which is an increase of nearly 30% compared to Q4 2021, and $1.53 for the full year, reflecting a 22% increase over 2021 [7][58]. - The effective yield on the debt portfolio increased from 9.2% at the end of 2021 to 12.7% at the end of 2022, driven by higher base rates and wider spreads [100]. - Net unrealized losses in Q4 totaled $71 million or $1.22 per share, primarily due to three specific portfolio companies [101]. Business Line Data and Key Metrics Changes - The largest investment in Q4 was a senior secured first lien loan to Madison Logic, followed by a loan to Integrity Marketing, indicating a focus on stable and growing sectors [25][26]. - 50% of total investments in Q4 and 44% for the full year were in existing portfolio companies, highlighting the company's strategy of leveraging familiarity with these businesses [11]. Market Data and Key Metrics Changes - The overall credit quality of the portfolio remains strong, with only 2% of the portfolio at fair value on non-accrual status [32]. - The company noted a shift towards a more lender-friendly investment environment with wider spreads and less pushback on deal terms compared to previous periods [9][55]. Company Strategy and Development Direction - The company emphasizes investments in companies with established business models in less cyclical industries, aiming for downside protection through substantial collateral and tailored covenants [23][24]. - The investment strategy includes a focus on direct lending, which has historically provided premium yields and better downside protection during market turbulence [17]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant volatility in equity and fixed income markets in 2022, driven by geopolitical uncertainty and rising interest rates, but expressed cautious optimism for the year ahead [16][64]. - The company remains committed to maintaining a sustainable dividend fully covered by net investment income, reflecting confidence in its financial stability [30][21]. Other Important Information - The company ended the quarter with total liquidity of $367 million, including $286 million in available leverage and $82 million in cash, indicating a strong balance sheet position [61]. - The company has a robust valuation process, with most investments valued quarterly using independent third-party sources [60]. Q&A Session Summary Question: What was the driver of the significant markdown for AutoAlert? - Management indicated that the markdown was due to a compounding effect of ongoing supply chain issues and dealership closures, which have accumulated over time [37][38]. Question: How is the company addressing the situation with AutoAlert? - Management is in deep discussions with the management team and sponsor regarding next steps, with signs of improving performance noted [40][82]. Question: Has there been an increase in amendment requests from borrowers? - Yes, there has been an increase in amendment requests, reflecting the impact of the higher rate environment on the middle market economy [75]. Question: Was the decline in interest income quarter-over-quarter due to AutoAlert going down accrual? - Yes, the decline was primarily due to not recognizing any income from AutoAlert for the quarter, along with lower prepayment income [79]. Question: How much was spillover income in the quarter? - The cumulative spillover income was reported to be about $1.20 per share [84].

Financial Performance - Net investment income was $0.40 per share, exceeding the Q4 dividend of $0.32 per share[5] - A special dividend of $0.05 per share was declared, payable on January 12[23] - The weighted average yield of the debt portfolio is 12.7%[25] - Net regulatory leverage ratio of 0.96x, within the 2:1 regulatory leverage limitation[28] Portfolio Composition - Total portfolio fair value of $1.6 billion diversified across 136 portfolio companies[24] - 88% of the portfolio is invested in senior secured debt, with 75% in 1st lien[7] - 94% of the portfolio is floating rate[15] - Loans on non-accrual are limited to 2.0% of total investments at fair value[6] Capital Structure and Liquidity - Diverse leverage program totaling $1.2 billion, with 61% of outstanding leverage as unsecured[26, 27] - $286 million of available credit facility capacity[9]