TCPC prelim Q4 NAV down ~19% to $7.05-$7.09; cites issuer-specific declines

BlackRock TCP Capital Corp.

Preliminary NAV per share $7.05-$7.09, down ~19% from $8.71 at Sept 30, 2025.
Net investment income per share $0.24-$0.26 (incl ~10.9% PIK income); advisor waived 1/3 base fee.
Non-accrual debt investments at 4.0% of portfolio fair value (up from 3.5%); 9.6% at cost (up from 7.0%).
Net regulatory leverage rose to 1.45x from 1.20x; total debt-to-equity 1.74x; expects to reduce leverage.
Top NAV detractors: Edmentum, Razor, SellerX, HomeRenew/Renovo, Hylan, InMobi (67% of decline, ~$1.11/sh).

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