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.