secwatch.observer — SEC 8-K summary
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Issuer:     BlackRock TCP Capital Corp. (TCPC)
CIK:        0001370755
Form:       8-K
Filed at:   2026-01-23T23:59:59+00:00
Accession:  0001140361-26-002240
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1370755/000114036126002240/0001140361-26-002240-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1370755/000114036126002240/ef20063739_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-26-002240

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