Businesswire·2026-02-04 19:00Core Viewpoint - A class action lawsuit has been filed against BlackRock TCP Capital Corp. (TCPC) for securities fraud, alleging that the company made materially false statements and failed to disclose adverse facts about its business and operations during the class period from November 6, 2024, to January 23, 2026 [1] Financial Performance - The company's portfolio significantly weakened in the fiscal year 2024, with the number of portfolio companies on non-accrual status more than doubling, leading to a 289% increase in debt investments on non-accrual status at cost, rising from 3.7% to 14.4% of the portfolio [1] - The net asset value (NAV) fell by 22.44% year over year to $9.23 per share, with total losses (realized and unrealized) ballooning to $194.9 million, a 186% increase year over year, largely due to a newly added $72.3 million net unrealized loss in the fourth quarter [1] - On January 23, 2026, the company disclosed that its NAV per share as of December 31, 2025, was between $7.05 and $7.09, representing a 19% decrease from the previous quarter and a 23.4% decrease from the prior year [1] Allegations of Misconduct - The lawsuit alleges that the defendants made materially false and misleading statements and failed to disclose critical information regarding the company's investments, portfolio restructuring efforts, and the true state of unrealized losses and NAV [1] - Specific allegations include the failure to timely and appropriately value investments, ineffective portfolio restructuring, understated unrealized losses, and overstated NAV, leading to misleading positive statements about the company's business prospects [1]