TCPC

EX-99.1

2 tcpc-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

BLACKROCK TCP CAPITAL CORP. ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS INCLUDING NET INVESTMENT INCOME OF $0.22 PER SHARE; DECLARES A SECOND QUARTER DIVIDEND OF $0.17 PER SHARE

SANTA MONICA, Calif., May 7, 2026 - BlackRock TCP Capital Corp. (“we,” “us,” “our,” “TCPC” or the “Company”), a business development company (NASDAQ: TCPC), today announced its financial results for the first quarter ended March 31, 2026 and filed its Form 10-Q with the U.S. Securities and Exchange Commission.

FINANCIAL HIGHLIGHTS

• On a GAAP basis, net investment income for the quarter ended March 31, 2026 was $18.5 million, or $0.22 per share on a diluted basis, which exceeded the regular dividend of $0.17 per share paid on March 31, 2026. Excluding amortization of purchase discount recorded in connection with the Merger(1), adjusted net investment income(1) for the quarter ended March 31, 2026 was $17.6 million, or $0.21 per share on a diluted basis.

• Net asset value per share was $6.72 as of March 31, 2026, compared to $7.07 as of December 31, 2025.

• Net decrease in net assets from operations on a GAAP basis for the quarter ended March 31, 2026 was $16.3 million, or $0.19 per share, compared to a $118.3 million, or $1.39 per share, net decrease in net assets from operations for the quarter ended December 31, 2025.

• As of March 31, 2026, investments on non-accrual status represented 2.8% of the portfolio at fair value and 7.6% at cost, compared to 4.0% of the portfolio at fair value and 9.7% at cost as of December 31, 2025.

• Total investment acquisitions and dispositions during the quarter ended March 31, 2026 were approximately $22.5 million and $135.3 million, respectively.

• As of March 31, 2026, net regulatory leverage was 1.29x compared to 1.41x as of December 31, 2025.

• On May 7, 2026, our Board of Directors declared a second quarter dividend of $0.17 per share, payable on June 30, 2026 to stockholders of record as of the close of business on June 16, 2026.

In the first quarter of 2026, the Company executed against its strategic priorities: improving credit quality, further repositioning the investment portfolio, and strengthening the balance sheet. Non-accruals declined to 2.8% of the portfolio at fair value, reflecting the completion of two restructurings and one asset sale. Net leverage declined to 1.29x at quarter end, driven primarily by exits, partial paydowns, and proactive balance-sheet management. These achievements were partially offset by $35 million of net portfolio markdowns during the quarter, which contributed to a 4.9% decline in NAV to $6.72 per share. The Company remains focused on disciplined execution as it continues to reposition the portfolio.

SELECTED FINANCIAL HIGHLIGHTS(1)

Three months ended March 31,

2026

2025

Amount

Per Share

Amount

Per Share

Net investment income

$

18,476,895

0.22

$

32,202,669

0.38

Less: Purchase accounting discount amortization

926,889

0.01

1,502,373

0.02

Adjusted net investment income

$

17,550,006

0.21

$

30,700,296

0.36

Net realized and unrealized gain (loss)

$

(34,778,783

)

(0.41

)

$

(11,308,081

)

(0.13

)

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

721,460

0.01

2,685,479

0.03

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

(1,648,349

)

(0.02

)

(4,187,852

)

(0.05

)

Adjusted net realized and unrealized gain (loss)

$

(33,851,894

)

(0.40

)

$

(9,805,708

)

(0.11

)

Net increase (decrease) in net assets resulting from operations

$

(16,301,888

)

(0.19

)

$

20,894,588

0.25

Less: Purchase accounting discount amortization

926,889

0.01

1,502,373

0.02

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

721,460

0.01

2,685,479

0.03

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

(1,648,349

)

(0.02

)

(4,187,852

)

(0.05

)

Adjusted net increase (decrease) in assets resulting from operations

$

(16,301,888

)

(0.19

)

$

20,894,588

0.25

(1) On March 18, 2024, the Company completed its previously announced merger with BlackRock Capital Investment Corporation ("Merger"). The Merger has been accounted for as an asset acquisition of BlackRock Capital Investment Corporation ("BCIC") by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”)

8-K

false000137075500013707552026-02-272026-02-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 27, 2026

BlackRock TCP Capital Corp. (Exact name of Registrant as Specified in Its Charter)

Delaware

814-00899

56-2594706

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2951 28th Street, Suite 1000

Santa Monica, California

90405

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 566-1000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

TCPC

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On February 27, 2026, the registrant issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. The text of the press release is included as Exhibit 99.1 to this Form 8-K. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. Item 7.01 Regulation FD Disclosure. On February 27, 2026, the registrant issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a first quarter dividend of $0.17 per share, payable on March 31, 2026 to stockholders of record as of the close of business on March 17, 2026. The information disclosed under this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d)Exhibits

99.1

Press Release, Dated as of February 27, 2026

104

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

SIGNATURES

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

BlackRock TCP Capital Corp.

Date:

February 27, 2026

By:

/s/ Erik L. Cuellar

Name: Title

Erik L. Cuellar Chief Financial Officer

8-K

0001370755false00013707552025-11-062025-11-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 06, 2025

BlackRock TCP Capital Corp. (Exact name of Registrant as Specified in Its Charter)

Delaware

814-00899

56-2594706

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2951 28th Street, Suite 1000

Santa Monica, California

90405

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (310) 566-1000

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

TCPC

Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On November 6, 2025, the registrant issued a press release announcing its financial results for the third quarter ended September 30, 2025. The text of the press release is included as Exhibit 99.1 to this Form 8-K. The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. Item 7.01 Regulation FD Disclosure. On November 6, 2025, the registrant issued a press release, included herewith as Exhibit 99.1, announcing the declaration of a fourth quarter dividend of $0.25 per share, payable on December 31, 2025 to stockholders of record as of the close of business on December 17, 2025. The information disclosed under this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, except as expressly set forth by specific reference in such filing. Item 9.01 Financial Statements and Exhibits. (d)Exhibits

99.1

Press Release, Dated as of November 6, 2025

104

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

SIGNATURES

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

BlackRock TCP Capital Corp.

Date:

November 6, 2025

By:

/s/ Erik L. Cuellar

Name: Title

Erik L. Cuellar Chief Financial Officer