XML 45 R21.htm IDEA: XBRL DOCUMENT
v3.25.4

Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk | 12 Months Ended
--- | ---
Dec. 31, 2025
Commitments Contingencies Concentration Of Credit Risk And Off Balance Sheet Risk [Abstract] |
Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk | 5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC conduct business with brokers and dealers that are primarily headquartered in New York and Los Angeles and are members of the major securities exchanges. Banking activities are conducted with a firm headquartered in the San Francisco area and in New York. In the normal course of business, investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the custodian. These activities may expose the Company to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Company, SVCP, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC enter into contracts that contain a variety of indemnifications, and are engaged from time to time in various legal actions. The maximum exposure under these arrangements and activities is unknown. However, management expects the risk of material loss to be remote. 5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued) The Consolidated Schedules of Investments include certain revolving loan facilities and other commitments with unfunded balances at December 31, 2025 and December 31, 2024 as follows:
|  |  |  | Unfunded Balances |
Issuer |  | Maturity |  | December 31, 2025 |  |  | December 31, 2024 |
Accordion Partners LLC |  | 11/15/2031 |  | $ | - |  |  | $ | 984,286 |
Accordion Partners LLC |  | 11/15/2031 |  | NA |  |  |  | 656,191 |
Accuserve Solutions, Inc. |  | 3/15/2030 |  | NA |  |  |  | 2,273,092 |
Acquia, Inc. |  | 11/1/2025 |  | NA |  |  |  | 832,182 |
Alcami Corporation |  | 12/21/2028 |  |  | 919,537 |  |  |  | 1,080,091 |
ALCV Purchaser, Inc. (AutoLenders) |  | 2/25/2026 |  |  | 448,202 |  |  | NA |
AlphaSense, Inc. |  | 6/27/2029 |  | NA |  |  |  | 4,641,664 |
Alpine Acquisition Corp II (48Forty) |  | 11/30/2029 |  |  | 171,095 |  |  |  | 483,992 |
AmeriLife Holdings, LLC |  | 8/31/2028 |  |  | 618,743 |  |  |  | 742,492 |
Anthracite Buyer, Inc. (Coalfire) |  | 12/3/2032 |  |  | 1,000,000 |  |  | NA |
Applause App Quality, Inc. |  | 10/24/2029 |  |  | 1,046,175 |  |  |  | 1,307,719 |
Appriss Health, LLC (PatientPing) |  | 5/6/2027 |  |  | 736,257 |  |  |  | 736,257 |
Aras Corporation |  | 4/13/2029 |  |  | 766,660 |  |  |  | 727,344 |
Avalara, Inc. |  | 10/19/2028 |  | NA |  |  |  | 270,000 |
Beekeeper Buyer Inc. (Archway) |  | 6/30/2031 |  |  | 200,000 |  |  | NA |
Bluefin Holding, LLC (Allvue) |  | 9/12/2029 |  |  | 762,821 |  |  |  | 762,821 |
Bonterra LLC (fka CyberGrants Holdings, LLC) |  | 9/8/2027 |  | NA |  |  |  | 200,000 |
Brown & Settle, Inc. |  | 5/16/2030 |  |  | 243,902 |  |  | NA |
Bynder Bidco B.V. (Netherlands) |  | 1/26/2029 |  |  | 1,259,424 |  |  |  | 1,259,424 |
Bynder Bidco, Inc. (Netherlands) |  | 1/26/2029 |  |  | 346,984 |  |  |  | 346,984 |
CareATC, Inc. |  | 3/14/2026 |  |  | 945,362 |  |  |  | 945,362 |
Chronicle Parent LLC (Lexitas) |  | 4/15/2031 |  |  | 2,418,058 |  |  | NA |
Chronicle Parent LLC (Lexitas) |  | 4/15/2031 |  |  | 878,017 |  |  | NA |
Clever Devices Ltd. |  | 6/12/2030 |  |  | 343,137 |  |  |  | 441,176 |
Community Merger Sub Debt LLC (CINC Systems) |  | 1/18/2030 |  |  | 428,571 |  |  |  | 428,571 |
Crewline Buyer, Inc. (New Relic) |  | 11/8/2030 |  |  | 163,522 |  |  |  | 163,522 |
Deepl Se (Germany) |  | 6/26/2030 |  |  | 2,062,124 |  |  | NA |
Deepl Se (Germany) |  | 6/26/2030 |  |  | 581,163 |  |  | NA |
Disco Parent, Inc. (Duck Creek Technologies) |  | 3/30/2029 |  | NA |  |  |  | 604,041 |
DNAnexus, Inc |  | 12/18/2029 |  |  | 18,375,000 |  |  |  | 18,375,000 |
Douglas Holdings, Inc (Docupace) |  | 8/27/2030 |  | NA |  |  |  | 3,648,967 |
Douglas Holdings, Inc (Docupace) |  | 8/27/2030 |  |  | 2,919,174 |  |  |  | 3,317,243 |
Douglas Holdings, Inc (Docupace) |  | 8/27/2030 |  |  | 502,634 |  |  |  | 1,589,628 |
Douglas Holdings, Inc (Docupace) |  | 8/27/2030 |  |  | 1,326,897 |  |  |  | 1,326,897 |
Dragos, Inc. |  | 6/30/2030 |  |  | 2,400,000 |  |  | NA |
Dragos, Inc. |  | 6/30/2030 |  |  | 881,172 |  |  | NA |
EBS Parent Holdings Inc. (The Difference Card) |  | 7/1/2032 |  |  | 776,367 |  |  | NA |
EBS Parent Holdings Inc. (The Difference Card) |  | 7/1/2032 |  |  | 258,789 |  |  | NA |
e-Discovery Acquireco, LLC (Reveal) |  | 8/23/2029 |  |  | 349,100 |  |  |  | 748,071 |
Emerald Technologies (U.S.) AcquisitionCo, Inc. |  | 12/29/2026 |  |  | 3,479 |  |  |  | 829,369 |
ESO Solutions, Inc. |  | 5/3/2027 |  |  | 236,654 |  |  |  | 709,962 |
Express Wash Acquisition Company, LLC (Whistle) |  | 4/10/2031 |  |  | 1,666,615 |  |  | NA |
FirstUp, Inc |  | 7/13/2027 |  |  | 38,620 |  |  | NA |
Fishbowl, Inc. |  | 11/4/2030 |  |  | 30,224 |  |  | NA |
Flexport Capital, LLC |  | 6/30/2029 |  |  | 4,333,333 |  |  | NA |
Fusion Holding Corp. (Finalsite) |  | 9/15/2027 |  |  | 134,566 |  |  |  | 299,035 |
Fusion Risk Management, Inc. |  | 5/22/2029 |  |  | 471,429 |  |  |  | 642,857 |
G-3 Apollo Acquisition Corp (Appriss Retail) |  | 3/10/2031 |  |  | 1,428,571 |  |  | NA |
G-3 Apollo Acquisition Corp (Appriss Retail) |  | 3/10/2031 |  |  | 1,285,714 |  |  | NA |
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)
|  |  |  | Unfunded Balances |
Issuer |  | Maturity |  | December 31, 2025 |  |  | December 31, 2024 |
GC Waves Holdings, Inc. (Mercer) |  | 10/4/2030 |  | $ | 4,745,000 |  |  | $ | - |
Griffon Bidco Inc. |  | 7/31/2031 |  |  | 3,500,000 |  |  | NA |
Griffon Bidco Inc. |  | 7/31/2031 |  |  | 3,500,000 |  |  | NA |
GTY Technology Holdings Inc. |  | 7/9/2029 |  | NA |  |  |  | 1,016,653 |
GTY Technology Holdings Inc. |  | 7/9/2029 |  |  | 1,541,761 |  |  |  | 394,917 |
Honey Intermediate, Inc. (iLobby) (Canada) |  | 9/26/2030 |  |  | 2,352,941 |  |  |  | 2,352,941 |
Huckabee Acquisition, LLC (MOREgroup) |  | 1/16/2030 |  |  | 322,581 |  |  |  | 322,581 |
Huckabee Acquisition, LLC (MOREgroup) |  | 1/16/2030 |  |  | 193,548 |  |  |  | 193,548 |
ICIMS, Inc. |  | 8/18/2028 |  |  | 1,044,116 |  |  |  | 1,160,129 |
Integrate.com, Inc. |  | 12/17/2027 |  |  | 14,000 |  |  |  | 14,000 |
Integrity Marketing Acquisition, LLC |  | 8/25/2028 |  |  | 13,821,048 |  |  |  | 15,422,318 |
Intercept Bidco, Inc. |  | 6/3/2030 |  |  | 416,667 |  |  |  | 416,667 |
Intercept Bidco, Inc. |  | 6/3/2030 |  |  | 277,778 |  |  |  | 277,778 |
IT Parent, LLC |  | 10/1/2026 |  |  | 175,000 |  |  | NA |
James Perse Enterprises, Inc. |  | 9/8/2027 |  |  | 1,321,207 |  |  |  | 3,006,884 |
JF Acquisition, LLC (JF Petroleum) |  | 6/18/2030 |  |  | 1,079,491 |  |  | NA |
JF Acquisition, LLC (JF Petroleum) |  | 6/18/2030 |  |  | 667,727 |  |  | NA |
Kaseya, Inc. |  | 6/25/2029 |  | NA |  |  |  | 412,951 |
Kaseya, Inc. |  | 6/25/2029 |  | NA |  |  |  | 416,280 |
Kellermeyer Bergensons Services, LLC |  | 11/6/2028 |  | NA |  |  |  | 39,048 |
Lighthouse Parent Holdings, Inc (Aperture) |  | 12/20/2031 |  |  | 3,651,428 |  |  |  | 5,826,746 |
Lighthouse Parent Holdings, Inc (Aperture) |  | 12/20/2031 |  |  | 2,330,698 |  |  |  | 2,330,698 |
LJ Avalon Holdings, LLC (Ardurra) |  | 2/1/2029 |  |  | 1,121,737 |  |  |  | 1,121,737 |
Logicmonitor, Inc |  | 11/19/2031 |  |  | 50,748 |  |  |  | 50,748 |
Lucky US BuyerCo, LLC (Global Payments) |  | 3/30/2029 |  |  | 51,137 |  |  |  | 222,333 |
Madison Logic Holdings, Inc. |  | 12/30/2027 |  |  | 752,321 |  |  |  | 752,321 |
Modigent, LLC (Pueblo) |  | 8/23/2027 |  |  | 505,893 |  |  |  | 80,100 |
Modigent, LLC (Pueblo) |  | 8/23/2028 |  | NA |  |  |  | 1,536,784 |
Mpulse Mobile Inc. |  | 8/26/2032 |  |  | 371,047 |  |  | NA |
Mpulse Mobile Inc. |  | 8/26/2032 |  |  | 556,571 |  |  | NA |
MRO Parent Corporation |  | 6/9/2032 |  |  | 74,074 |  |  | NA |
MRO Parent Corporation |  | 6/9/2032 |  |  | 74,074 |  |  | NA |
Oak Funding LLC |  | 12/2/2032 |  |  | 444,444 |  |  | NA |
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) |  | 6/3/2027 |  | NA |  |  |  | 328,745 |
Oranje Holdco, Inc. (KnowBe4) |  | 2/1/2029 |  | NA |  |  |  | 1,646,924 |
Palmdale Oil Company, LLC |  | 12/12/2031 |  |  | 434,783 |  |  | NA |
Palmdale Oil Company, LLC |  | 12/12/2031 |  |  | 130,435 |  |  | NA |
Persado, Inc. |  | 6/10/2027 |  | NA |  |  |  | 101,431 |
PlayPower, Inc |  | 8/28/2030 |  | NA |  |  |  | 1,313,131 |
Pluralsight, Inc. |  | 8/22/2029 |  |  | 3,775,409 |  |  |  | 3,775,409 |
Pluralsight, Inc. |  | 8/22/2029 |  |  | 1,849,410 |  |  |  | 1,849,410 |
PMA Parent Holdings, LLC |  | 1/31/2031 |  |  | 750,000 |  |  |  | 750,000 |
Pyramid Analytics B.V. |  | 3/31/2026 |  |  | 240,118 |  |  | NA |
RBS Buyer Inc. |  | 7/31/2031 |  |  | 600,000 |  |  | NA |
RBS Buyer Inc. |  | 7/31/2031 |  |  | 1,000,000 |  |  | NA |
Rialto Management Group, LLC |  | 12/5/2030 |  | NA |  |  |  | 172,414 |
Sailpoint Technologies Holdings, Inc. |  | 8/16/2028 |  | NA |  |  |  | 371,281 |
SellerX Germany GmbH (Germany) |  | 11/22/2029 |  | NA |  |  |  | 1,346,022 |
SellerX Germany GmbH (Germany) |  | 10/28/2026 |  | NA |  |  |  | 538,409 |
SEP Eiger BidCo Ltd. (Beqom) (Switzerland) |  | 5/9/2028 |  |  | 1,460,107 |  |  |  | 1,460,107 |
5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)
|  |  |  | Unfunded Balances |
Issuer |  | Maturity |  | December 31, 2025 |  |  | December 31, 2024 |
SEP Raptor Acquisition, Inc. (Loopio) (Canada) |  | 3/31/2027 |  | $ | - |  |  | $ | 1,908,116 |
Serrano Parent, LLC (Sumo Logic) |  | 5/12/2030 |  |  | 697,970 |  |  |  | 697,970 |
Shackleton Bidco Inc. (Payworks) (Canada) |  | 11/5/2032 |  |  | 1,530,512 |  |  | NA |
Shackleton Bidco Inc. (Payworks) (Canada) |  | 11/5/2032 |  |  | 382,628 |  |  | NA |
Skydio, Inc |  | 12/4/2029 |  |  | 6,562,500 |  |  |  | 6,562,500 |
Skydio, Inc |  | 12/4/2029 |  | NA |  |  |  | 6,562,500 |
Sonny’s Enterprises, LLC |  | 8/5/2027 |  |  | 106,122 |  |  |  | 132,940 |
Spark Buyer, LLC (Sparkstone) |  | 10/15/2031 |  |  | 4,482,759 |  |  |  | 4,482,759 |
Spark Buyer, LLC (Sparkstone) |  | 10/15/2031 |  |  | 1,479,310 |  |  |  | 2,241,379 |
Spartan Bidco Pty Ltd (StarRez) (Australia) |  | 1/24/2028 |  | NA |  |  |  | 802,885 |
Spartan Bidco Pty Ltd (StarRez) (Australia) |  | 1/24/2028 |  |  | 527,959 |  |  | NA |
Stonebridge Companies, LLC |  | 5/16/2031 |  |  | 193,548 |  |  | NA |
Stonebridge Companies, LLC |  | 5/16/2030 |  |  | 129,032 |  |  | NA |
Streamland Media Midco LLC |  | 3/31/2029 |  |  | 12,191 |  |  | NA |
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) |  | 4/25/2031 |  | NA |  |  |  | 8,668,407 |
Syndigo, LLC |  | 9/2/2032 |  |  | 355,450 |  |  | NA |
Thunder Purchaser, Inc. (Vector Solutions) |  | 6/30/2028 |  |  | 1,352,453 |  |  |  | 5,409,810 |
Titan Home Improvement, LLC (Renuity) |  | 5/31/2030 |  |  | 348,837 |  |  |  | 348,837 |
Titan Home Improvement, LLC (Renuity) |  | 5/31/2030 |  |  | 290,698 |  |  |  | 290,698 |
Trintech, Inc. |  | 7/25/2029 |  |  | 152,143 |  |  |  | 152,143 |
Vortex Companies, LLC |  | 9/4/2029 |  |  | 554,971 |  |  | NA |
Vortex Companies, LLC |  | 9/4/2029 |  |  | 87,268 |  |  |  | 140,839 |
Xactly Corporation |  | 2/3/2028 |  |  | 854,898 |  |  |  | 854,898 |
Zendesk Inc. |  | 11/22/2028 |  | NA |  |  |  | 1,393,091 |
Zendesk Inc. |  | 11/22/2028 |  | NA |  |  |  | 573,626 |
Zilliant Incorporated |  | 12/21/2027 |  |  | 133,333 |  |  |  | 296,296 |
Total Unfunded Balances |  |  |  | $ | 129,189,974 |  |  | $ | 143,915,382 |
From time to time, the Company and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On September 13, 2023, the Company was named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which the Company and certain other defendants invested. The suit alleges that the Company and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from the Company approximately $15.1 million, plus interest, additional amounts from the other defendants, and attorneys’ fees and costs from all defendants. The Company, the affiliated funds and the Advisor intend to vigorously defend against these claims. On November 6, 2023, the Company, the affiliated funds, and the Advisor, and certain other defendants filed motions to dismiss the lawsuit, which was fully briefed on February 12, 2024 and was argued in court on March 6, 2024. On November 8, 2024, the court issued a decision, granting in part and denying in part the motion to dismiss. As a result, on December 6, 2024, the plaintiffs filed an amended complaint containing substantially similar allegations but without the claims dismissed by the court. On January 23, 2025, the Company, the Advisor and the funds managed by it, along with other defendants, filed a motion to dismiss one of the counts in the amended complaint, which was granted on September 11, 2025. As of the date of this report, the Company and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result. On February 3, 2026, a putative securities class action lawsuit was filed in the United States District Court for the Central District of California, captioned Burnell v. BlackRock TCP Capital Corp., et al., Case No. 2:26-cv-01102. The complaint names the Company and certain of its current and former executive officers as defendants. The complaint purports to be brought on behalf of a class of persons who purchased or otherwise acquired the Company’s securities between November 6, 2024 and January 23, 2026, and alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, based on alleged materially false and misleading statements and/or omissions concerning the Company’s business, operations and financial condition. The plaintiff seeks unspecified compensatory damages, interest, attorneys’ fees and costs, and other relief. The Company believes the claims are without merit and intends to defend the action vigorously. The litigation is in its early stages, and at this time the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from this matter. 5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued) On February 24, 2026, a purported shareholder derivative action was filed in the United States District Court for the Central District of California, captioned Terwilliger, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-01968. The defendants are certain current and former officers and directors of the Company. The Company is named as a nominal defendant. The complaint asserts claims on behalf of the Company for alleged breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, and waste of corporate assets arising out of alleged wrongdoing by the defendants between November 6, 2024 and January 23, 2026, including allegedly making or causing the Company to make materially false and misleading statements and omissions regarding the Company’s business, operations, and prospects. The plaintiff seeks unspecified damages on behalf of the Company, corporate governance reforms, restitution, attorneys’ fees and costs, and such other relief as the court may deem just and proper. The Company believes the claims are without merit and intends to defend the action vigorously. The litigation is in its early stages, and at this time the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from this matter.

X
- Definition Commitments, contingencies, concentration of credit risk and off-balance sheet risk. + References No definition available. + Details
Name: | tcpc_CommitmentsContingenciesConcentrationOfCreditRiskAndOffBalanceSheetRiskAbstract
Namespace Prefix: | tcpc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Commitments contingencies concentration of credit risk and off balance sheet risk. + References No definition available. + Details
Name: | tcpc_CommitmentsContingenciesConcentrationOfCreditRiskAndOffBalanceSheetRiskDisclosureTextBlock
Namespace Prefix: | tcpc_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration