---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-26-002240"
form_type: "8-K"
ticker: "TCPC"
cik: "0001370755"
company_name: "BlackRock TCP Capital Corp."
filed_at: "2026-01-23T23:59:59+00:00"
generated_at: "2026-05-16T08:22:16.075964+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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).

## SEC filing metadata
- accession: 0001140361-26-002240
- form_type: 8-K
- ticker: TCPC
- cik: 0001370755
- company_name: BlackRock TCP Capital Corp.
- filed_at: 2026-01-23T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1370755/000114036126002240/0001140361-26-002240-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1370755/000114036126002240/ef20063739_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-26-002240
- JSON: https://secwatch.observer/filing/0001140361-26-002240.json
- Plain text: https://secwatch.observer/filing/0001140361-26-002240.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.