10-Q

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated investments	$	22,865,072		$	40,969,242		$	90,405,839		$	126,035,196
Non-controlled, affiliated investments		404,875			912,871			1,310,320			1,589,518
Controlled investments		1,638,983			2,258,585			5,545,030			6,838,396
PIK interest income:
Non-controlled, non-affiliated investments		2,192,369			3,346,311			7,658,003			14,584,650
Non-controlled, affiliated investments		321,969			1,011,878			1,070,670			1,011,878
Controlled investments		—			415,661			415,331			1,491,424
Dividend income:
Non-controlled, non-affiliated investments		524,351			463,624			1,527,627			1,349,150
Non-controlled, affiliated investments		—			221,500			—			1,444,050
Controlled investments		524,352			913,861			3,138,642			3,521,218
Other income:
Non-controlled, non-affiliated investments		10,913			2,244			16,790			4,209
Total investment income		28,482,884			50,515,777			111,088,252			157,869,689

Operating expenses
Interest and other debt expenses		9,404,908			16,816,947			40,448,923			50,989,413
Management fees		3,018,683			5,544,927			11,910,234			16,489,889
Professional fees		1,060,286			825,189			3,303,473			2,640,088
Administrative expenses		596,023			414,900			1,505,756			1,566,294
Insurance expense		364,501			215,873			785,884			652,799
Director fees		212,500			182,500			587,500			567,500
Custody fees		51,608			91,880			217,807			276,413
Other operating expenses		408,793			990,597			2,343,820			3,105,305
Total operating expenses, before management fee waiver		15,117,302			25,082,813			61,103,397			76,287,701
Management fee waiver (Note 3)		—			(1,848,309	)		—			(5,496,629	)
Total operating expenses, after management fee waiver		15,117,302			23,234,504			61,103,397			70,791,072

Net investment income		13,365,582			27,281,273			49,984,855			87,078,617

Realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated investments		(73,407,438	)		(77,727,536	)		(99,459,827	)		(184,932,758	)
Non-controlled, affiliated investments		(1,971,183	)		(4,097,709	)		(1,971,183	)		(4,097,709	)
Controlled investments		907,653			(15,212,153	)		(20,524,717	)		(15,212,153	)
Interest Rate Swap		—			—			—			(9,491	)
Net realized gain (loss)		(74,470,968	)		(97,037,398	)		(121,955,727	)		(204,252,111	)

Net change in unrealized appreciation (depreciation):
Non-controlled, non-affiliated investments		(3,138,716	)		79,382,048			(20,217,921	)		146,250,740
Non-controlled, affiliated investments		(1,975,215	)		915,853			(6,119,125	)		(1,366,401	)
Controlled investments		787,913			13,827,936			21,221,769			1,656,187
Interest Rate Swap		—			—			—			(9,316	)
Net change in unrealized appreciation (depreciation)		(4,326,018	)		94,125,837			(5,115,277	)		146,531,210

Net realized and unrealized gain (loss)		(78,796,986	)		(2,911,561	)		(127,071,004	)		(57,720,901	)

Realized loss on extinguishment of debt		(1,322,176	)		—			(4,219,531	)		—

Net increase (decrease) in net assets resulting from operations	$	(66,753,580	)	$	24,369,712		$	(81,305,680	)	$	29,357,716

Basic and diluted earnings (loss) per share	$	(0.80	)	$	0.29		$	(0.97	)	$	0.35

Basic and diluted weighted average common shares outstanding		83,902,775			85,034,351			84,049,474			85,051,475

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Statements of Changes in Net Assets (Unaudited)


	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings (Loss)			Total Net Assets
Balance at December 31, 2025		84,564,578		$	84,564		$	1,730,298,757		$	(1,132,370,124	)	$	598,013,197

Repurchase of common stock		(505,433	)		(506	)		(2,280,841	)		—			(2,281,347	)
Net investment income		—			—			—			18,476,895			18,476,895
Net realized and unrealized gain (loss)		—			—			—			(34,778,783	)		(34,778,783	)
Dividends paid to shareholders		—			—			—			(14,318,949	)		(14,318,949	)
Balance at March 31, 2026		84,059,145		$	84,058		$	1,728,017,916		$	(1,162,990,961	)	$	565,111,013

Repurchase of common stock		(156,370	)		(156	)		(590,346	)		—			(590,502	)
Net investment income		—			—			—			18,142,378			18,142,378
Net realized and unrealized gain (loss)		—			—			—			(13,495,235	)		(13,495,235	)
Realized loss on extinguishment of debt		—			—			—			(2,897,355	)		(2,897,355	)
Dividends paid to shareholders		—			—			—			(14,263,472	)		(14,263,472	)
Balance at June 30, 2026		83,902,775		$	83,902		$	1,727,427,570		$	(1,175,504,645	)	$	552,006,827

Net investment income		—			—			—			13,365,582			13,365,582
Net realized and unrealized gain (loss)		—			—			—			(78,796,986	)		(78,796,986	)
Realized loss on extinguishment of debt		—			—			—			(1,322,176	)		(1,322,176	)
Dividends paid to shareholders		—			—			—			(14,263,472	)		(14,263,472	)
Balance at September 30, 2026		83,902,775		$	83,902		$	1,727,427,570		$	(1,256,521,697	)	$	470,989,775


	Common Stock
	Shares			Par Amount			Paid in Capital in Excess of Par			Distributable Earnings (Loss)			Total Net Assets
Balance at December 31, 2024		85,080,447		$	85,080		$	1,731,057,459		$	(946,018,872	)	$	785,123,667

Repurchase of common stock		(3,150	)		(3	)		(26,912	)		—			(26,915	)
Net investment income		—			—			—			32,202,669			32,202,669
Net realized and unrealized gain (loss)		—			—			—			(11,308,081	)		(11,308,081	)
Dividends paid to shareholders		—			—			—			(24,672,416	)		(24,672,416	)
Balance at March 31, 2025		85,077,297		$	85,077		$	1,731,030,547		$	(949,796,700	)	$	781,318,924

Repurchase of common stock		(40,830	)	$	(41	)	$	(274,422	)		—			(274,463	)
Net investment income		—			—			—			27,594,675			27,594,675
Net realized and unrealized gain (loss)		—			—			—			(43,501,259	)		(43,501,259	)
Dividends paid to shareholders		—			—			—			(24,660,939	)		(24,660,939	)
Balance at June 30, 2025		85,036,467		$	85,036		$	1,730,756,125		$	(990,364,223	)	$	740,476,938

Repurchase of common stock		(25,466	)	$	(25	)	$	(162,677	)		—			(162,702	)
Net investment income		—			—			—			27,281,273			27,281,273
Net realized and unrealized gain (loss)		—			—			—			(2,911,561	)		(2,911,561	)
Dividends paid to shareholders		—			—			—			(24,660,285	)		(24,660,285	)
Balance at September 30, 2025		85,011,001		$	85,011		$	1,730,593,448		$	(990,654,796	)	$	740,023,663

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended September 30,
	2026			2025
Operating activities
Net increase (decrease) in net assets resulting from operations	$	(81,305,680	)	$	29,357,716
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss		121,955,727			204,252,111
Realized loss on extinguishment of debt		4,219,531			—
Change in net unrealized (appreciation) depreciation of investments		5,115,277			(146,531,210	)
Net amortization of investment discounts and premiums		(12,058,287	)		(11,008,069	)
Amortization of original issue discount on debt		497,468			197,110
Interest and dividend income paid in kind		(9,144,004	)		(17,087,952	)
Amortization of deferred debt issuance costs		2,426,425			3,994,405
Changes in assets and liabilities:
Purchases of investments		(43,773,203	)		(221,064,089	)
Proceeds from disposition of investments		525,615,447			272,118,126
Decrease (increase) in interest, dividends and fees receivable		13,672,208			(4,195,917	)
Decrease (increase) in due from broker		—			851,683
Decrease (increase) in receivable for investments sold		26,313,406			3,919,798
Decrease (increase) in prepaid expenses and other assets		(8,533,290	)		(51,459	)
Increase (decrease) in payable for investments purchased		—			(99,494	)
Increase (decrease) in interest and debt related payables		305,034			1,498,774
Increase (decrease) in Interest Rate Swap, at fair value		—			(774,861	)
Increase (decrease) in reimbursements due to the Advisor		(1,152,536	)		788,816
Increase (decrease) in management fees payable		(374,638	)		(2,228,180	)
Increase (decrease) in accrued expenses and other liabilities		3,527,542			446,103
Net cash provided by (used in) operating activities		547,306,427			114,383,411

Financing activities
Draws on credit facilities		428,893,706			248,000,000
Repayments of credit facility draws		(816,062,769	)		(225,137,120	)
Proceeds from issuance of secured notes		405,412,200			—
Repayment of unsecured notes		(325,033,026	)		(92,000,000	)
Payments of debt issuance costs		(2,737,713	)		(1,383,973	)
Dividends paid to shareholders		(42,845,893	)		(73,993,640	)
Repurchase of shares		(2,871,849	)		(464,080	)
Net cash provided by (used in) financing activities		(355,245,344	)		(144,978,813	)

Net increase (decrease) in cash and cash equivalents (including restricted cash)		192,061,083			(30,595,402	)
Cash and cash equivalents (including restricted cash) at beginning of period		61,075,494			91,589,702
Cash and cash equivalents (including restricted cash) at end of period	$	253,136,577		$	60,994,300

Supplemental cash flow information
Interest payments	$	32,607,150		$	43,762,820
Excise tax payments	$	683,619		$	478,159

Non-cash operating and financing activities in connection with the Continuation Vehicle Transaction
Deconsolidation of investments, net of cash	$	402,730,442		$	—
Deconsolidation of secured notes	$	(402,730,442	)	$	—

See accompanying notes to the consolidated financial statements


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (A)
Aerospace & Defense
Skydio, Inc	First Lien Term Loan	SOFR(M)	2.50%	5.00%	8.79%	12/4/2029	$	6,048,949	$	6,021,473		$	6,109,438			0.77	%	N
Skydio, Inc	First Lien Delayed Draw Term Loan B	SOFR(M)	2.50%	5.00%	8.79%	12/4/2029	$	2,864,572		2,845,725			2,893,217			0.36	%	N
Skydio, Inc	First Lien Delayed Draw Term Loan A	SOFR(M)	2.50%	5.00%	8.79%	12/4/2029	$	2,864,572		2,845,750			2,893,217			0.36	%	N
Zenith AcquisitionCo LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.50%	4.50%	8.26%	1/13/2033	$	10,660		10,117			9,042			0.00	%	N
Zenith AcquisitionCo LLC	First Lien Term Loan	SOFR(Q)	0.50%	4.50%	8.26%	1/13/2033	$	460,205		457,983			456,984			0.06	%	N
Zenith AcquisitionCo LLC	Sr Secured Revolver	SOFR(Q)	0.50%	4.50%	8.26%	1/13/2033	$	—		(387	)		(604	)		0.00	%	K/N
										12,180,661			12,361,294			1.55	%
Automobiles
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	10.07%	8/22/2031	$	2,956,120		2,846,989			2,913,006			0.37	%	H/N
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	10.07%	7/22/2030	$	861,152		861,152			845,812			0.11	%	H/N
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	EURIBOR(M)	0.75%	6.13%	8.61%	8/22/2031		EUR 537,457		625,468			599,597			0.08	%	H/N/O
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	EURIBOR(M)	0.75%	6.13%	8.61%	8/22/2031		EUR 1,708,900		1,928,955			1,912,744			0.24	%	H/N/O
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(M)	1.00%	6.86%	10.77%	4/15/2028	$	2,637,530		2,629,943			2,637,530			0.33	%	G/N
Purecars Technologies Holdings, LLC	Promissory Note	SOFR(Q)	0.00%	9.40% PIK	13.09%	10/9/2029	$	1,395,329		1,395,329			1,395,329			0.18	%	G/N
										10,287,836			10,304,018			1.31	%
Building Products
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.73%	3/1/2030	$	1,101,190		1,057,446			1,001,621			0.13	%

Capital Markets
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.82%	1/31/2031	$	851,526		805,986			837,050			0.11	%	N
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.82%	1/31/2031	$	—		(2,121	)		(2,078	)		0.00	%	K/N
SRS Acquiom Holdings LLC	Sr Secured Revolver	SOFR(M)	0.75%	4.50%	8.40%	1/14/2032	$	—		(1,151	)		(783	)		0.00	%	K/N
SRS Acquiom Holdings LLC	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.40%	1/14/2032	$	758,967		751,402			754,414			0.09	%	N
										1,554,116			1,588,603			0.20	%
Commercial Services & Supplies
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	8/23/2028	$	308,012		300,498			304,520			0.04	%	N
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	8/23/2028	$	213,666		208,423			211,244			0.03	%	N
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	8/23/2028	$	287,709		283,334			284,448			0.04	%	N
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	5/23/2028	$	—		(823	)		(588	)		0.00	%	K/N
										791,432			799,624			0.11	%
Construction and Engineering
Brown & Settle, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.50%	10.26%	5/16/2030	$	167,657		163,399			163,409			0.02	%	N
Brown & Settle, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	10.33%	5/16/2030	$	1,915,903		1,872,448			1,879,501			0.24	%	N
Hylan Intermediate Holding II, LLC	First Lien Term Loan	SOFR(S)	2.00%	6.25%	10.15%	4/5/2029	$	11,709,782		11,575,692			2,728,379			0.34	%	B/C/N
JF Acquisition, LLC (JF Petroleum)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.75%	9.64%	6/18/2030	$	—		(54	)		(62	)		0.00	%	K/N
JF Acquisition, LLC (JF Petroleum)	Sr Secured Revolver	SOFR(M)	1.00%	5.75%	9.64%	6/18/2030	$	—		(3,374	)		(2,241	)		0.00	%	K/N
JF Acquisition, LLC (JF Petroleum)	First Lien Term Loan	SOFR(M)	1.00%	5.75%	9.64%	6/18/2030	$	2,280,514		2,247,017			2,257,709			0.28	%	N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.75%	8.58%	2/1/2030	$	799,844		791,809			798,244			0.10	%	N
LJ Avalon Holdings, LLC (Ardurra)	Sr Secured Revolver	SOFR(Q)	1.00%	4.75%	8.58%	2/1/2029	$	—		—			(657	)		0.00	%	K/N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)	1.00%	4.75%	8.50%	2/1/2030	$	1,953,577		1,916,986			1,949,670			0.24	%	N
RBS Buyer Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	4.75%	8.59%	7/31/2031	$	—		(2,009	)		—			0.00	%	K/N
RBS Buyer Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.75%	8.59%	7/31/2031	$	—		(604	)		3,099			0.00	%	K/N
RBS Buyer Inc.	First Lien Term Loan	SOFR(Q)	1.00%	4.75%	8.59%	7/31/2031	$	668,649		660,750			686,033			0.09	%	N
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.76%	5/31/2030	$	1,823,256		1,777,674			1,808,670			0.23	%	N
Titan Home Improvement, LLC (Renuity)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.81%	5/31/2030	$	52,326		52,326			50,000			0.01	%	N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	323,831	$	320,054		$	319,297			0.04	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	537,199		529,568			529,678			0.07	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	434,300		417,816			428,219			0.05	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	321,244		313,853			316,747			0.04	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	420,578		415,050			414,690			0.05	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	208,208		203,418			205,293			0.03	%	N
Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)	1.00%	5.00%	8.90%	9/4/2029	$	51,487		51,142			50,394			0.01	%	N
										23,302,961			14,586,072			1.84	%
Consumer Finance
Lucky US BuyerCo, LLC (Global Payments)	Sr Secured Revolver	SOFR(Q)	1.00%	7.50%	11.57%	3/30/2029	$	199,301		197,352			183,108			0.02	%	N
Lucky US BuyerCo, LLC (Global Payments)	First Lien Term Loan	SOFR(Q)	1.00%	7.50%	11.45%	3/30/2029	$	1,584,639		1,537,542			1,461,036			0.18	%	N
Lucky US BuyerCo, LLC (Global Payments)	Sr Secured Revolver	SOFR(Q)	1.00%	7.50%	11.45%	3/30/2029	$	1,949		1,949			1,797			0.00	%	N
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)	1.00%	8.35%	12.25%	12/14/2027	$	875,780		860,496			786,450			0.10	%	N
										2,597,339			2,432,391			0.30	%
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	First Lien Term Loan	SOFR(Q)	1.00%	9.25% PIK	12.99%	3/14/2029	$	20,595,083		16,906,861			2			0.00	%	C/N
PVHC Holding Corp.	First Lien Term Loan	SOFR(Q)	2.50%	6.65% Cash + 2.75% PIK	13.48%	2/17/2027	$	2,351,737		2,283,078			599,693			0.08	%	C/N
										19,189,939			599,695			0.08	%
Diversified Consumer Services
Express Wash Acquisition Company, LLC (Whistle)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.01%	4/10/2031	$	—		(4,174	)		(31,915	)		0.00	%	K/N
Express Wash Acquisition Company, LLC (Whistle)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.01%	4/10/2031	$	9,238,143		9,155,852			8,702,331			1.09	%	N
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(M)	0.75%	4.25% Cash + 2.00% PIK	10.32%	9/15/2029	$	1,733,283		1,681,503			1,588,236			0.20	%	N
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	SOFR(M)	0.75%	6.25%	10.32%	9/15/2028	$	361		360			(11,266	)		0.00	%	K/N
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(M)	0.75%	6.25%	10.32%	7/15/2033	$	58,762		58,175			53,987			0.01	%	N
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2A Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	3,506,692		3,131,296			—			0.00	%	C/N
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2B Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	1,577,075		1,408,812			—			0.00	%	C/N
Infinite Commerce Holdings LLC (Razor)	2nd Lien 3B Term Loan	Fixed	0.00%	0.00%	15.00%	12/20/2029	$	23,850,515		15,762,324			2			0.00	%	C/N
SellerX Germany GMBH & Co. KG (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	9.07%	6/18/2029	$	9,428,703		9,539,239			9,428,703			1.18	%	B/H/N
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	0.51% Cash + 8.49% PIK	13.07%	12/31/2028	$	5,947,289		5,947,289			3,883,580			0.49	%	B/C/H/N
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	0.51% Cash + 8.49% PIK	13.07%	12/31/2028	$	6,823,483		6,823,483			4,455,734			0.56	%	B/C/H/N
Thras.io, LLC	First Lien Second Out Term Loan	SOFR(M)	1.00%	8.11%	12.01%	6/18/2029	$	446,782		171,385			442,314			0.06	%	N
										53,675,544			28,511,706			3.59	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed	0.00%	0.00%	12.00%	11/30/2030	$	48,756,438		48,756,438			48,756,438			6.12	%	E/F/N
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(M)	1.00%	2.63% Cash + 3.38% PIK	9.82%	3/15/2030	$	2,362,732		2,349,516			2,036,675			0.26	%	N
Beekeeper Buyer Inc. (Archway)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	6/30/2031	$	—		(1,591	)		(3,200	)		0.00	%	K/N
Beekeeper Buyer Inc. (Archway)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	6/30/2031	$	800,000		793,160			787,200			0.10	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.74%	8/21/2028	$	1,761,767		1,717,019			1,744,320			0.22	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.74%	8/21/2028	$	489,380		476,997			484,533			0.06	%	N
GC Waves Holdings, Inc. (Mercer)	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.40%	10/4/2030	$	897		921			897			0.00	%	N
Gordon Brothers Finance Company	Unsecured Debt	LIBOR(A)	1.00%	11.00%	11.00%	6/8/2029	$	34,644,008		10,575,543			127,490			0.02	%	C/F/N
Oak Funding LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.50%	4.50%	8.34%	12/2/2032	$	7,758		7,524			7,669			0.00	%	N
Oak Funding LLC	First Lien Term Loan	SOFR(Q)	0.50%	4.50%	8.32%	12/2/2032	$	453,278		448,892			452,371			0.06	%	N
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.57%	5/14/2031	$	5,638,873		5,614,664			5,638,873			0.71	%	N
										70,739,083			60,033,266			7.55	%


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Electrical Equipment
Griffon Bidco Inc. (Layerzero)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.07%	7/31/2031	$	—	$	(10,782	)	$	—			0.00	%	K/N
Griffon Bidco Inc. (Layerzero)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	9.07%	7/31/2031	$	—		(5,401	)		13,333			0.00	%	K/N
Griffon Bidco Inc. (Layerzero)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.07%	7/31/2031	$	7,218,900		7,157,106			7,291,089			0.92	%	N
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	10/15/2031	$	148,427		148,428			102,138			0.01	%	N
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	8.97%	10/15/2031	$	1,243,797		1,229,354			1,014,938			0.13	%	N
										8,518,705			8,421,498			1.06	%
Health Care Technology
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(M)	1.00%	4.85%	8.75%	5/6/2030	$	—		(676	)		—			0.00	%	K/N
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(M)	1.00%	4.85%	8.75%	5/6/2030	$	980,373		965,293			990,177			0.12	%	N
CareATC, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.85%	9.83%	9/14/2027	$	14,540,895		14,540,895			14,104,668			1.77	%	N
CareATC, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	5.85%	9.83%	9/14/2027	$	—		(1,513	)		(19,932	)		0.00	%	K/N
Mpulse Mobile Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.82%	8/26/2032	$	—		(804	)		(9,343	)		0.00	%	K/N
Mpulse Mobile Inc.	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.82%	8/26/2032	$	660,279		654,380			596,856			0.07	%	N
Mpulse Mobile Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	8.82%	8/26/2032	$	—		(558	)		(6,086	)		0.00	%	K/N
MRO Parent Corporation	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.40%	6/9/2032	$	74,074		73,618			73,630			0.01	%	N
MRO Parent Corporation	Sr Secured Revolver	SOFR(M)	0.75%	4.50%	8.40%	6/9/2032	$	—		(908	)		(444	)		0.00	%	K/N
MRO Parent Corporation	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.40%	6/9/2032	$	843,333		830,896			838,273			0.11	%	N
										17,060,623			16,567,799			2.08	%
Healthcare Providers and Services
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	Sr Secured Revolver	CORRA(Q)	0.75%	5.00%	7.42%	1/14/2033		CAD 55,252		15,708			10,724			0.00	%	H/N/O
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	First Lien Delayed Draw Term Loan	CORRA(Q)	0.75%	5.00%	7.42%	1/14/2033		CAD 147,196		92,019			90,347			0.01	%	H/N/O
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	First Lien Term Loan	CORRA(Q)	0.75%	5.00%	7.42%	1/14/2033		CAD 1,040,823		743,530			725,772			0.09	%	H/N/O
MB2 Dental Solutions LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	6.00%	9.90%	2/13/2031	$	281,322		275,426			281,322			0.04	%	N
Pareto Health Intermediate Holdings Inc	First Lien Term Loan	SOFR(Q)	0.00%	5.00%	9.07%	6/1/2030	$	917,266		908,845			912,679			0.11	%	N
Pareto Health Intermediate Holdings Inc	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	9.07%	6/1/2029	$	—		(655	)		(391	)		0.00	%	K/N
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	9.76%	5/4/2028	$	1,535,577		1,493,778			1,514,919			0.19	%	N
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	6.00%	9.76%	5/4/2028	$	357,206		349,728			352,400			0.04	%	N
										3,878,379			3,887,772			0.48	%
Hotels, Restaurants and Leisure
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	First Lien Term Loan	SOFR(Q)	2.00%	6.25%	10.06%	6/3/2027	$	2,353,678		2,325,265			2,349,321			0.29	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Second Lien Term Loan	SOFR(Q)	2.00%	6.25%	10.06%	3/15/2029	$	8,443		8,417			8,428			0.00	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Sr Secured Revolver	SOFR(M)	2.00%	6.25%	10.15%	6/3/2027	$	196,137		195,517			195,774			0.02	%	H/N
Stonebridge Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.75%	8.65%	5/16/2031	$	—		(1,133	)		1,548			0.00	%	K/N
Stonebridge Companies, LLC	Sr Secured Revolver	SOFR(M)	0.75%	4.75%	8.65%	5/16/2030	$	—		(1,413	)		—			0.00	%	K/N
Stonebridge Companies, LLC	First Lien Term Loan	SOFR(M)	0.75%	4.75%	8.65%	5/16/2031	$	670,645		660,814			676,010			0.08	%	N
										3,187,467			3,231,081			0.39	%
Insurance
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.80%	8/31/2029	$	855,356		819,599			851,081			0.11	%	N
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.80%	8/31/2028	$	22,194		21,547			21,750			0.00	%	N
EBS Parent Holdings Inc. (The Difference Card)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	8.59%	7/1/2032	$	49,777		48,648			49,778			0.01	%	N
EBS Parent Holdings Inc. (The Difference Card)	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.82%	7/1/2032	$	—		(587	)		—			0.00	%	K/N
EBS Parent Holdings Inc. (The Difference Card)	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.82%	7/1/2032	$	849,081		840,736			849,081			0.11	%	N
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.76%	8/25/2028	$	—		—			(1,241	)		0.00	%	K/N
										1,729,943			1,770,449			0.23	%


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Internet and Catalog Retail
Syndigo, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.76%	9/2/2032	$	18,957	$	17,947		$	13,981			0.00	%	N
Syndigo, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.76%	9/2/2032	$	874,927		866,472			838,180			0.11	%	N
										884,419			852,161			0.11	%
Internet Software and Services
Acquia, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.15%	9.90%	10/30/2026	$	1,102,201		1,103,563			1,006,310			0.13	%	N
Acquia, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.15%	9.88%	10/30/2026	$	14,743,858		14,741,832			13,461,142			1.69	%	N
Bynder Bidco, Inc. (Netherlands)	Sr Secured Revolver A	SOFR(Q)	1.00%	5.50%	9.31%	1/26/2029	$	—		(800	)		(431	)		0.00	%	H/K/N
Bynder Bidco, Inc. (Netherlands)	First Lien Term Loan A	SOFR(Q)	1.00%	5.50%	9.31%	1/26/2029	$	1,277,336		1,240,911			1,272,042			0.16	%	H/N
Bynder Bidco B.V. (Netherlands)	Sr Secured Revolver B	SOFR(Q)	1.00%	5.50%	9.31%	1/26/2029	$	—		(2,905	)		(1,564	)		0.00	%	H/K/N
Bynder Bidco B.V. (Netherlands)	First Lien Term Loan B	SOFR(Q)	1.00%	5.50%	9.31%	1/26/2029	$	4,630,341		4,499,181			4,611,153			0.58	%	H/N
e-Discovery Acquireco, LLC (Reveal)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.01%	8/23/2029	$	274,293		270,404			229,704			0.03	%	N
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.01%	8/23/2029	$	2,729,375		2,637,796			2,404,006			0.30	%	N
GoTab, Inc. (Fishbowl)	Promissory Note	Fixed	0.00%	8.00% PIK	8.00%	2/23/2032	$	3,793,238		2,549,056			2,332,841			0.29	%	C/N
Gympass US, LLC	First Lien Term Loan	SOFR(M)	1.00%	3.25% Cash + 3.25% PIK	10.52%	8/29/2029	$	984,925		967,572			984,925			0.12	%	N
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.50%	3.25% Cash + 3.25% PIK	10.52%	8/29/2029	$	1,809,443		1,815,904			1,809,443			0.23	%	N
Pluralsight, Inc.	First Lien Term Loan	SOFR(M)	1.00%	3.00% Cash + 1.50% PIK	8.40%	8/22/2029	$	5,845,473		5,667,320			4,600,387			0.58	%	N
Pluralsight, Inc.	First Lien Term Loan	SOFR(M)	1.00%	7.50% PIK	11.40%	8/22/2029	$	11,000,949		9,666,639			1			0.00	%	C/N
Pluralsight, Inc.	First Lien Term Loan	SOFR(M)	1.00%	3.00% Cash + 1.50% PIK	8.40%	8/22/2029	$	3,080,471		3,080,471			2,424,331			0.30	%	N
Pluralsight, Inc.	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	3.00% Cash + 1.50% PIK	8.40%	8/22/2029	$	—		—			(804,162	)		-0.10	%	K/N
Pluralsight, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	3.00% Cash + 1.50% PIK	8.40%	8/22/2029	$	—		—			(393,924	)		-0.05	%	K/N
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.00% PIK	9.73%	3/31/2030	$	2,061,177		2,061,177			2,061,177			0.26	%	B/N
										50,298,121			35,997,381			4.52	%
IT Services
Anthracite Buyer, Inc. (Coalfire)	Sr Secured Revolver	SOFR(Q)	0.75%	4.50%	8.25%	12/3/2032	$	—		(443	)		(400	)		0.00	%	K/N
Anthracite Buyer, Inc. (Coalfire)	First Lien Term Loan	SOFR(Q)	0.75%	4.50%	8.25%	12/3/2032	$	400,000		397,996			398,400			0.05	%	N
Crewline Buyer, Inc. (New Relic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.57%	11/8/2030	$	—		(1,310	)		(9,811	)		0.00	%	K/N
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.57%	11/8/2030	$	1,569,811		1,536,540			1,475,623			0.19	%	N
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.58%	6/3/2030	$	1,792,014		1,746,524			1,763,342			0.22	%	N
Intercept Bidco, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.58%	6/3/2030	$	—		—			(4,444	)		0.00	%	K/N
Madison Logic Holdings, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	7.00%	10.76%	12/30/2027	$	—		(3,346	)		(181,309	)		-0.02	%	K/N
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.00%	10.76%	12/29/2028	$	20,091,099		19,672,707			15,249,144			1.91	%	N
Serrano Parent, LLC (Sumo Logic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.50%	10.25%	5/12/2030	$	227,107		226,504			169,814			0.02	%	N
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	10.25%	5/12/2030	$	5,175,727		5,040,075			4,601,222			0.58	%	N
Xactly Corporation	Sr Secured Revolver	SOFR(Q)	1.00%	6.35%	10.11%	2/3/2028	$	—		—			(16,831	)		0.00	%	K/N
Xactly Corporation	First Lien Incremental Term Loan	SOFR(Q)	1.00%	6.35%	10.11%	7/31/2027	$	2,859,936		2,859,936			2,571,082			0.32	%	N
										31,475,183			26,015,832			3.27	%
Life Sciences Tools & Services
Alcami Corporation	Sr Secured Revolver	SOFR(Q)	0.00%	5.65%	9.41%	12/21/2029	$	—		(343	)		(2,531	)		0.00	%	K/N
Alcami Corporation	First Lien Term Loan	SOFR(Q)	1.00%	5.65%	9.47%	12/21/2029	$	2,284,135		2,264,367			2,265,862			0.28	%	N
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.65%	9.72%	12/21/2029	$	168,136		166,581			166,791			0.02	%	N
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)	3.00%	5.25%	9.15%	12/18/2029	$	500,000		496,397			497,000			0.06	%	N
DNAnexus, Inc	First Lien Term Loan	SOFR(M)	3.00%	5.25%	9.15%	12/20/2029	$	2,500,000		2,481,523			2,485,000			0.31	%	N
										5,408,525			5,412,122			0.67	%


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Machinery
Advanced Cooling Technologies Inc.	Sr Secured Revolver	SOFR(M)	0.50%	4.50%	8.40%	5/19/2033	$	—	$	(778	)	$	(655	)		0.00	%	K/N
Advanced Cooling Technologies Inc.	First Lien Term Loan	SOFR(M)	0.50%	4.50%	8.40%	5/19/2033	$	836,364		832,189			833,018			0.10	%	N
Sonny’s Enterprises, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.65%	9.41%	8/5/2028	$	4,606,684		4,544,451			4,403,990			0.55	%	N
Sonny’s Enterprises, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.65%	9.40%	8/5/2028	$	47,486		47,230			45,396			0.01	%	N
Sonny’s Enterprises, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	5.65%	9.72%	8/5/2028	$	40,447		40,448			38,577			0.00	%	N
										5,463,540			5,320,326			0.66	%
Media
Khoros, LLC (Lithium)	First Lien Term Loan	Fixed	0.00%	0.00%	10.00%	5/23/2030	$	958,624		958,624			800,451			0.10	%	N
Streamland Media Midco LLC	Sr Secured Revolver	SOFR(Q)	0.00%	5.76% PIK	9.84%	3/31/2029	$	1,076		1,053			87			0.00	%	C/N
Streamland Media Midco LLC	First Lien First Out Term Loan	SOFR(Q)	0.00%	5.76% PIK	9.84%	3/31/2029	$	7,622		7,460			617			0.00	%	C/N
Streamland Media Midco LLC	First Lien Last Out Term Loan	SOFR(Q)	1.00%	6.76% PIK	10.84%	3/31/2029	$	6,989		(28	)		—			0.00	%	C/N
Streamland Media Midco LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	1.00% Cash + 4.76% PIK	9.84%	3/31/2029	$	46,890		46,890			45,014			0.01	%	N
Terraboost Media Operating Company, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	11.02%	2/23/2027	$	5,791,856		5,772,482			3,498,281			0.44	%	C/N
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(M)	1.00%	5.25%	9.15%	12/31/2030	$	2,006,242		1,976,610			1,998,217			0.25	%	N
										8,763,091			6,342,667			0.80	%
Oil, Gas and Consumable Fuels
Palmdale Oil Company, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	4.75%	8.82%	12/12/2031	$	—		—			(3,478	)		0.00	%	K/N
Palmdale Oil Company, LLC	First Lien Term Loan	SOFR(Q)	0.00%	4.75%	8.82%	12/12/2031	$	561,304		558,649			556,814			0.07	%	N
										558,649			553,336			0.07	%
Paper and Forest Products
Alpine Acquisition Corp II (48Forty)	First Lien Second Out Term Loan	SOFR(M)	1.00%	5.00%	8.90%	1/14/2031	$	2,677,361		2,677,361			2,665,580			0.33	%	N
Alpine Acquisition Corp II (48Forty)	First Lien Third Out Term Loan	SOFR(M)	1.00%	5.25%	9.15%	1/14/2031	$	3,573,687		3,573,687			3,541,881			0.44	%	N
Alpine Acquisition Corp II (48Forty)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.25%	9.15%	1/14/2031	$	—		—			(14	)		0.00	%	K/N
Alpine Acquisition Corp II (48Forty)	Sr Secured Revolver	SOFR(M)	1.00%	5.25%	9.15%	1/14/2031	$	—		—			(55	)		0.00	%	K/N
Alpine Acquisition Corp II (48Forty)	First Lien Second Out Term Loan	SOFR(M)	1.00%	5.00%	8.90%	1/14/2031	$	78,922		78,922			78,574			0.01	%	N
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)	1.25%	6.90%	10.66%	12/23/2026	$	2,477,508		2,459,551			2,425,980			0.30	%	N
										8,789,521			8,711,946			1.08	%
Professional Services
Applause App Quality, Inc.	Sr Secured Revolver	SOFR(Q)	1.50%	6.00%	9.74%	10/24/2029	$	12,590		11,020			(2,266	)		0.00	%	K/N
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)	1.50%	6.00%	10.08%	10/24/2029	$	1,259,010		1,242,105			1,110,447			0.14	%	N
Chronicle Parent LLC (Lexitas)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.75%	4/15/2031	$	3,756		3,726			3,726			0.00	%	N
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.82%	1/16/2030	$	1,446,774		1,390,857			1,394,690			0.18	%	N
Huckabee Acquisition, LLC (MOREgroup)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.82%	1/16/2030	$	96,774		95,188			89,806			0.01	%	N
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.75%	9.57%	8/18/2028	$	5,352,467		5,246,317			4,545,375			0.57	%	N
ICIMS, Inc.	First Lien Incremental Term Loan	SOFR(Q)	0.75%	6.25%	10.07%	8/18/2028	$	1,453,717		1,443,350			1,240,507			0.16	%	N
ICIMS, Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.75%	9.57%	8/18/2028	$	213,229		211,509			141,779			0.02	%	N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	1.00% Cash + 9.00% PIK	13.90%	10/15/2028	$	5,091,518		5,091,518			12,128,457			1.52	%	H/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Incremental Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	4,109,295		4,446,939			3,283,327			0.41	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (5.0% Exit Fee)	SOFR(M)	0.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	24,619,737		26,959,748			19,671,170			2.47	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	8,206,579		8,908,315			6,557,057			0.82	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	3,566,746		3,806,723			2,849,830			0.36	%	H/L/N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash + 3.25% PIK	10.65%	10/13/2028	$	7,133,491	$	7,731,961		$	5,699,659			0.72	%	H/L/N
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.98%	12/20/2031	$	1,435,180		1,420,106			1,429,379			0.18	%	N
Lighthouse Parent Holdings, Inc (Aperture)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.98%	12/20/2031	$	—		(5,544	)		(2,365	)		0.00	%	K/N
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.75%	12/20/2031	$	2,963,969		2,937,470			2,952,113			0.37	%	N
										70,941,308			63,092,691			7.93	%
Real Estate Management and Development
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	1/18/2030	$	785,714		742,158			782,217			0.10	%	N
Community Merger Sub Debt LLC (CINC Systems)	First Lien 2025 Incremental Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	1/18/2030	$	299,717		297,657			298,383			0.04	%	N
Community Merger Sub Debt LLC (CINC Systems)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.32%	1/18/2030	$	42,857		38,720			41,903			0.01	%	N
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)	1.25%	6.43%	10.33%	3/2/2027	$	3,266,667		3,197,425			3,171,933			0.40	%	I/N
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)	1.25%	6.61%	10.52%	3/21/2027	$	2,843,151		2,819,282			2,831,106			0.36	%	N
										7,095,242			7,125,542			0.91	%
Semiconductors and Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.40% PIK	10.13%	12/31/2029	$	217,586		(4,180	)		168,629			0.02	%	C/N
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.15%	10.22%	10/1/2029	$	3,474		(21,368	)		(9,660	)		0.00	%	C/K
										(25,548	)		158,969			0.02	%
Software
Aras Corporation	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	9.07%	4/13/2029	$	119,892		111,933			117,094			0.01	%	N
Aras Corporation	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	9.07%	4/13/2029	$	5,970,669		5,818,680			5,928,874			0.74	%	N
Bluefin Holding, LLC (Allvue)	Sr Secured Revolver	SOFR(Q)	1.00%	4.25%	8.11%	9/12/2029	$	—		(957	)		—			0.00	%	K/N
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)	1.00%	4.25%	8.11%	9/12/2029	$	1,939,057		1,879,395			1,940,996			0.24	%	N
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)	2.50%	5.00%	9.07%	6/26/2030	$	—		(3,865	)		(17,528	)		0.00	%	H/K/N
Deepl Se (Germany)	First Lien Term Loan	SOFR(Q)	2.50%	5.00%	9.07%	6/26/2030	$	1,178,356		1,168,785			1,158,324			0.15	%	H/N
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)	2.50%	5.00%	9.07%	6/26/2030	$	—		—			(581	)		0.00	%	H/K/N
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	4,753,837		4,702,213			4,511,391			0.57	%	N
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	1,033,443		1,021,486			980,737			0.12	%	N
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	853,621		853,621			810,087			0.10	%	N
Douglas Holdings, Inc (Docupace)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.82%	8/27/2030	$	—		(4,067	)		(21,082	)		0.00	%	K/N
Elastic Path Software, Inc. (Canada)	First Lien Delayed Draw Term Loan (0.75% Exit Fee)	SOFR(Q)	1.00%	7.76%	11.53%	1/6/2027	$	1,513,874		1,519,743			1,368,086			0.17	%	H/L/N
Elastic Path Software, Inc. (Canada)	First Lien Term Loan (0.75% Exit Fee)	SOFR(Q)	1.00%	7.76%	11.49%	1/6/2027	$	3,663,268		3,658,835			3,295,843			0.41	%	H/L/N
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.82%	7/13/2027	$	414,536		413,063			341,577			0.04	%	N
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.82%	7/13/2027	$	42,593		42,441			35,096			0.00	%	N
FirstUp, Inc	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.82%	7/13/2027	$	38,620		38,493			31,823			0.00	%	N
Flexport Capital, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	2.00%	5.50%	9.32%	6/30/2029	$	—		—			(21,667	)		0.00	%	K/N
Flexport Capital, LLC	First Lien Term Loan	SOFR(M)	2.00%	5.50%	9.32%	6/30/2029	$	2,833,333		2,811,753			2,805,000			0.35	%	N
Fusion Risk Management, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.00%	9.90%	5/22/2029	$	53,482		52,090			52,947			0.01	%	N
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.76%	5/22/2029	$	1,179,309		1,141,927			1,174,592			0.15	%	N
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.84%	3/10/2031	$	3,114,988		3,074,316			3,146,138			0.39	%	N
G-3 Apollo Acquisition Corp (Appriss Retail)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.84%	3/10/2031	$	—		(10,139	)		—			0.00	%	K/N
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)	1.00%	2.50% Cash + 4.13% PIK	10.70%	7/9/2029	$	1,371,258		1,322,134			1,332,177			0.17	%	N
GTY Technology Holdings Inc.	First Lien Incremental Term Loan	SOFR(Q)	0.75%	2.50% Cash + 4.13% PIK	10.45%	7/9/2029	$	1,678,987		1,662,453			1,631,136			0.20	%	N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	2.50% Cash + 4.13% PIK	10.70%	7/9/2029	$	767,592	$	740,541		$	745,716			0.09	%	N
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	2.50% Cash + 4.13% PIK	10.45%	7/9/2029	$	353,659		344,802			343,579			0.04	%	N
GTY Technology Holdings Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	10.07%	7/9/2029	$	194,927		183,925			171,779			0.02	%	N
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	2.50% Cash + 4.13% PIK	10.38%	7/9/2029	$	462,377		453,445			449,199			0.06	%	N
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.00%	2.50% Cash + 4.13% PIK	10.70%	7/9/2029	$	311,517		301,476			302,639			0.04	%	N
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)	1.00%	2.88% Cash + 3.38% PIK	10.15%	9/30/2030	$	9,750,531		9,649,264			9,536,019			1.20	%	H/N
Honey Intermediate, Inc. (iLobby) (Canada)	Sr Secured Revolver	SOFR(M)	1.00%	2.88% Cash + 3.38% PIK	10.15%	9/30/2030	$	—		(12,244	)		(26,844	)		0.00	%	H/K/N
Integrate.com, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.97%	6/18/2029	$	3,238,858		3,191,831			2,852,504			0.36	%	N
Integrate.com, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.97%	6/18/2029	$	205,797		202,846			181,248			0.02	%	N
Integrate.com, Inc.	First Lien Incremental Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.64%	6/18/2029	$	172,951		169,004			152,321			0.02	%	N
Integrate.com, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	10.97%	6/18/2029	$	277,319		275,038			244,238			0.03	%	N
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)	0.75%	7.50%	11.26%	8/5/2028	$	6,017,052		5,865,638			4,643,035			0.58	%	N
Logicmonitor Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.50%	9.32%	11/19/2031	$	—		(468	)		(1,269	)		0.00	%	K/N
Logicmonitor Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.32%	11/19/2031	$	405,983		402,429			395,833			0.05	%	N
Onward Acquireco Inc (Onestream Inc)	Sr Secured Revolver	SOFR(M)	0.00%	2.38% Cash + 2.68% PIK	8.95%	4/1/2033	$	—		(782	)		(445	)		0.00	%	K/N
Onward Acquireco Inc (Onestream Inc)	First Lien Delayed Draw Term Loan	SOFR(M)	0.00%	2.38% Cash + 2.68% PIK	8.95%	4/1/2033	$	—		(929	)		(1,067	)		0.00	%	K/N
Onward Acquireco Inc (Onestream Inc)	First Lien Term Loan	SOFR(M)	0.00%	2.38% Cash + 2.68% PIK	8.95%	4/1/2033	$	630,545		623,058			628,023			0.08	%	N
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(S)	1.00%	7.50%	11.54%	7/1/2028	$	2,113,639		2,113,387			1,853,592			0.23	%	N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	First Lien Term Loan	SOFR(Q)	1.00%	6.75% PIK	10.41%	5/9/2028	$	14,269,127		13,935,086			11,929,414			1.50	%	H/N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	9.89%	5/9/2028	$	365,027		354,657			185,466			0.02	%	H/N
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Delayed Draw Term Loan	CORRA(M)	0.75%	4.50%	6.78%	11/5/2032		CAD —		(6,703	)		(68,247	)		-0.01	%	H/K/N/O
Shackleton Bidco Inc. (Payworks) (Canada)	Sr Secured Revolver	CORRA(M)	0.75%	4.50%	6.78%	11/5/2032		CAD —		(3,343	)		(17,062	)		0.00	%	H/K/N/O
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Term Loan	CORRA(M)	0.75%	4.50%	6.78%	11/5/2032		CAD 4,306,400		3,032,768			2,896,716			0.36	%	H/N/O
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Delayed Draw Term Loan	SOFR(Q)	1.00%	5.40%	9.47%	6/30/2028	$	1,893,419		1,881,894			1,869,570			0.23	%	N
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	5.40%	9.47%	6/30/2028	$	1,060,322		1,054,874			1,050,349			0.13	%	N
										76,025,827			70,917,366			8.87	%
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan	SOFR(Q)	2.00%	6.50%	10.57%	8/15/2028	$	6,512,517		6,380,737			6,447,392			0.81	%	G/N

Technology Hardware, Storage & Peripherals
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	6.00%	9.77%	4/25/2031	$	19,673,628		19,536,615			19,673,628			2.47	%	H/N

Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.32%	6/11/2029	$	9,891,180		9,745,444			9,784,355			1.23	%	H/N

Total Debt Investments - 91.8% of Net Assets										531,092,148			432,502,603			54.29	%


Issuer	Instrument	Ref	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Automobiles
AA Acquisition Aggregator, LLC	Common Stock					540,248	$	—	$	5		0.00	%	D/E/F/N
Purecars Technologies Holdings, LLC	Preferred Units Class A-2					3,431		5,472,902		5,501,821		0.69	%	D/E/N
Purecars Technologies Holdings, LLC	Preferred Units Class AA-2					4,276		2,610,712		2,583,825		0.32	%	D/E/N
Purecars Technologies Holdings, LLC	Preferred Units Class C-3					1,303		436,685		411,291		0.05	%	D/E/N
								8,520,299		8,496,942		1.06	%
Capital Markets
BlackRock DLFC 2026 LLC	Common Units					50		11,153,572		10,842,711		1.36	%	B/D/E/I
Pico Quantitative Trading Holdings, LLC	Warrants to Purchase Membership Units			2/7/2030		7,191		673,788		1,205,865		0.15	%	D/E/N
								11,827,360		12,048,576		1.51	%
Commercial Services & Supplies
Kellermeyer Bergensons Services, LLC	Preferred Stock					171,813		285,933		2		0.00	%	D/E/N
Kellermeyer Bergensons Services, LLC	Common Stock					171,813		—		2		0.00	%	D/E/N
								285,933		4		0.00	%
Construction & Engineering
Hylan Global LLC	Common Stock					738,447		738,447		7		0.00	%	B/D/E/N

Diversified Consumer Services
Infinite Commerce Holdings LLC (Razor)	Series A-3 Preferred Units					41,346,557		—		413		0.00	%	D/E/N
Infinite Commerce Holdings LLC (Razor)	Common Shares					196,805		—		2		0.00	%	D/E/N
Infinite Commerce Holdings LLC (Razor)	Series A Preferred Units					10,173,792		—		102		0.00	%	D/E/N
SellerX Germany GMBH & Co. KG (Germany)	Class A Common Stock					176,545		2,049		2		0.00	%	B/D/E/H/N
SellerX Germany GMBH & Co. KG (Germany)	Class B Common Stock					176,545		2,049		2		0.00	%	B/D/E/H/N
SellerX Germany GMBH & Co. KG (Germany)	Class C Common Stock					176,545		2,049		2		0.00	%	B/D/E/H/N
SellerX Germany GMBH & Co. KG (Germany)	Class D Common Stock					176,545		2,049		2		0.00	%	B/D/E/H/N
Vingil Holdings 2 S.a r.l (Germany)	Preferred Units					48,576,519		15,107,298		486		0.00	%	B/D/E/H/N
Thras.io, LLC	Common Units					291,605		—		3		0.00	%	D/E/N
TVG-Edmentum Holdings, LLC	Series B-1 Common Units					17,858,122		24,166,714		179		0.00	%	B/D/E/N
TVG-Edmentum Holdings, LLC	Series B-2 Common Units					17,858,122		13,421,162		179		0.00	%	B/D/E/N
TVG-Edmentum Holdings, LLC	Series C-2 Preferred Units	Fixed	15.00%			2,542		6,128,156		753,466		0.09	%	B/D/E/N
								58,831,526		754,838		0.09	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Membership Units					32,277,397		38,012,650		55,885,580		7.01	%	E/F/N
Gordon Brothers Finance Company	Common Stock					10,612		—		—		0.00	%	D/F/N
Gordon Brothers Finance Company	Preferred Stock	Fixed	13.50%			34,285		—		—		0.00	%	D/F/N
Worldremit Group Limited (United Kingdom)	Series X Shares					3,721		373,524		457,380		0.06	%	D/E/H/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock			2/11/2031		42,482		28,022		49,503		0.01	%	D/E/H/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series E Stock			8/17/2031		508		61		26		0.00	%	D/E/H/N
								38,414,257		56,392,489		7.08	%
Electric Utilities
Utilidata, Inc.	Common Stock					29,593		216,336		3,158		0.00	%	D/E/N
Utilidata, Inc.	Series A-2 Preferred Stock					257,369		153,398		39,419		0.00	%	D/E/N
Utilidata, Inc.	Series A-1 Preferred Stock					500,000		500,000		54,933		0.01	%	D/E/N
								869,734		97,510		0.01	%
Energy Equipment and Services
GlassPoint, Inc.	Warrants to Purchase Common Stock			9/12/2029		2,088,152		275,200		2,272,534		0.29	%	D/E/N

Household Durables
Stitch Holdings, L.P.	Limited Partnership/Limited Liability Company Interests					5,910		—		—		0.00	%	D/E/N


Issuer	Instrument	Ref	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Internet Software and Services
Domo, Inc.	Common Stock					49,792	$	1,543,054	$	165,807		0.02	%	D
GoTab, Inc. (Fishbowl)	Warrants to Purchase Series A Preferred Stock			2/23/2033		486,320		5		5		0.00	%	D/E/N
Igloo Parent Holdings LLC (InMoment)	Common Units					97		—		13,832		0.00	%	D/E/I/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock			10/3/2028		1,511,002		93,407		1,171,856		0.15	%	D/E/H/N
Pluralsight, Inc.	Common Stock					2,865,672		7,995,225		29		0.00	%	D/E/N
ResearchGate Corporation (Germany)	Warrants to Purchase Series D Preferred Stock			10/30/2029		333,370		202,001		30,003		0.00	%	D/E/H/N/O
SnapLogic, Inc.	Warrants to Purchase Series Preferred Stock			3/19/2028		1,860,000		377,722		5,349,012		0.67	%	D/E/N
Suited Connector, LLC	Common Units					6,761,364		68		68		0.00	%	B/D/E/N
Suited Connector, LLC	Preferred Units					5,250,000		144,737		164,904		0.02	%	B/D/E/N
								10,356,219		6,895,516		0.86	%
IT Services
Fidelis (SVC), LLC	Preferred Unit-C					657,932		2,001,384		7		0.00	%	D/E/N

Media
Khoros, LLC (Lithium)	Preferred Units					63,768		1,302,031		1		0.00	%	D/E/N
MBS Parent, LLC	Limited Partnership/Limited Liability Company Interests					546		21,204		204,396		0.03	%	D/E/N
Quora, Inc.	Warrants to Purchase Series D Preferred Stock			4/11/2029		507,704		65,245		25,976		0.00	%	D/E/N
SoundCloud, Ltd. (United Kingdom)	Warrants to Purchase Preferred Stock			12/31/2026		946,498		79,082		572,593		0.07	%	D/E/H/N
Streamland Media Holdings LLC	Common Units					2,636		134,515		—		0.00	%	D/E/N
								1,602,077		802,966		0.10	%
Paper and Forest Products
48forty Intermediate Holdings, Inc.	Class A-1 Common Units					1,787		—		—		0.00	%	D/E/N
48forty Intermediate Holdings, Inc.	Preferred Units					1,787		6,829,548		5,431,917		0.68	%	D/E/N
								6,829,548		5,431,917		0.68	%
Professional Services
JobandTalent USA, Inc. (United Kingdom)	F1 Preferred Stock					255,112		3,207,662		3		0.00	%	D/E/H/N
JobandTalent USA, Inc. (United Kingdom)	F3 Preferred Stock					17,007		—		—		0.00	%	D/E/H/N
								3,207,662		3		0.00	%
Road and Rail
Motive Technologies, Inc. (Keep Truckin)	Warrants to Purchase Common Stock			11/27/2034		825,000		825,000		670,375		0.08	%	D/E/N

Software
Grey Orange International Inc.	Warrants to Purchase Common Stock			5/6/2032		10,538		546		2,108		0.00	%	D/E/N
Tradeshift, Inc.	Warrants to Purchase Series D Preferred Stock			3/6/2027		1,712,930		577,843		17		0.00	%	D/E/N
								578,389		2,125		0.00	%
Trading Companies & Distributors
Blackbird Holdco, Inc. (Ohio Transmission Corp.)	Preferred Stock	Fixed	12.50%			9,586		17,112,833		17,166,028		2.15	%	E/N

Total Equity Securities - 23.6% of Net Assets								162,275,868		111,031,837		13.94	%

Total Investments - 115.4% of Net Assets							$	693,368,016	$	543,534,440		68.23	%

Cash and Cash Equivalents - 53.7% of Net Assets									$	253,136,577		31.77	%

Total Cash and Investments - 169.1% of Net Assets									$	796,671,017		100.00	%	M

Notes to Consolidated Schedule of Investments:

(A)

Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)

Non-controlled affiliate – as defined under the Investment Company Act of 1940, as amended (the “1940 Act”) (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.

(C)

Non-accruing debt investment.

(D)

Other non-income producing investment.

(E)

Restricted security. (See Note 2)

(F)

Controlled issuer – as defined under the 1940 Act (ownership of 25% or more of the outstanding voting securities of this issuer). Investment is not more than 50% of the outstanding voting securities of the issuer nor deemed to be a significant subsidiary. See Consolidated Schedule of Changes in Investments in Affiliates.

(G)

Investment has been segregated to collateralize certain unfunded commitments.

(H)

Non-U.S. company or principal place of business outside the U.S. and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(I)

Deemed an investment company under Section 3(c) of the 1940 Act and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(J)

Publicly traded company with a market capitalization greater than $250 million and as a result the investment is not a qualifying asset under Section 55(a) of the 1940 Act. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of the Company's total assets.

(K)

Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(L)

In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(M)

All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.

(N)

Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(O)

Investment denominated in foreign currency. Amortized cost and fair value converted from foreign currency to U.S. dollars. Foreign currency denominated investments are generally hedged for currency exposure.

LIBOR/SOFR, EURIBOR or CORRA resets monthly (M), quarterly (Q), semiannually (S), or annually (A).

Including $457,483,300 of investments, net of losses, disposed of in connection with the Continuation Vehicle Transaction (as defined below), aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $53,710,014 and $928,345,889, respectively, for the nine months ended September 30, 2026. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of September 30, 2026 was $543,368,633 or 68.2% of total cash and investments of the Company. As of September 30, 2026, approximately 19.9% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (A)
Aerospace & Defense
Skydio, Inc	First Lien Term Loan	SOFR(M)	2.50%	2.75% Cash +2.75% PIK	9.17%	12/4/2029	$	13,494,635	$	13,418,753		$	13,373,183			0.84	%	N
Skydio, Inc	First Lien Delayed Draw Term Loan B	SOFR(M)	2.50%	5.00% Cash	8.73%	12/4/2029	$	—		(51,535	)		(59,063	)		0.00	%	K/N
Skydio, Inc	First Lien Delayed Draw Term Loan A	SOFR(M)	2.50%	5.00% Cash	8.73%	12/4/2029	$	6,562,500		6,510,514			6,503,438			0.41	%	N
										19,877,732			19,817,558			1.25	%
Automobiles
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	SOFR(Q)	0.75%	5.75%	9.47%	8/22/2031	$	2,978,553		2,870,624			2,874,509			0.18	%	H/N
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	SOFR(Q)	0.75%	5.75%	9.47%	7/22/2030	$	867,687		867,687			837,377			0.05	%	H/N
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	EURIBOR(M)	0.75%	5.88%	7.78%	7/22/2030		EUR 542,884		631,783			617,234			0.04	%	H/N/O
ABC Technologies Inc. (TI Automotive) (Canada)	First Lien Term Loan	EURIBOR(M)	0.75%	5.88%	7.78%	8/22/2031		EUR 1,721,839		1,935,897			1,957,651			0.12	%	H/N/O
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(Q)	1.00%	7.01%	10.68%	3/31/2026	$	7,419,257		7,406,802			7,404,418			0.46	%	G/N
ALCV Purchaser, Inc. (AutoLenders)	Sr Secured Revolver	SOFR(Q)	1.00%	7.01%	10.68%	2/25/2026	$	448,202		446,747			446,409			0.03	%	G/N
AutoAlert, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.40%	9.39%	3/31/2028	$	11,757,894		11,757,894			11,757,894			0.74	%	F/N
AutoAlert, LLC	Second Lien Term Loan	SOFR(Q)	1.00%	9.40% PIK	13.39%	3/31/2029	$	12,296,081		12,296,081			12,296,081			0.77	%	F/N
										38,213,515			38,191,573			2.39	%
Building Products
TL Alpine Holding Corp.	First Lien Term Loan	SOFR(M)	1.00%	6.00%	9.72%	8/1/2030	$	1,980,367		1,947,096			1,988,288			0.12	%	N
Porcelain Acquisition Corporation (Paramount)	First Lien Term Loan	SOFR(M)	1.00%	6.10%	10.02%	12/31/2028	$	9,596,776		9,457,360			5,431,775			0.34	%	C/N
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.98%	3/1/2030	$	1,138,393		1,093,170			1,104,241			0.07	%	N
										12,497,626			8,524,304			0.53	%
Capital Markets
Pico Quantitative Trading, LLC	First Lien Term Loan	SOFR(Q)	1.50%	7.51%	11.42%	2/8/2027	$	22,291,007		22,241,804			22,402,462			1.41	%	N
Pico Quantitative Trading, LLC	First Lien Incremental Term Loan	SOFR(Q)	1.50%	7.51%	11.35%	2/8/2027	$	17,285,388		17,221,644			17,285,388			1.08	%	N
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.42%	1/31/2031	$	5,223,783		4,973,565			5,180,630			0.32	%	N
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.42%	1/31/2031	$	—		(13,344	)		(6,196	)		0.00	%	K/N
										44,423,669			44,862,284			2.81	%
Commercial Services & Supplies
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.42%	12/26/2030	$	475,000		466,997			471,200			0.03	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.40% PIK	9.24%	11/6/2028	$	1,458,093		1,432,432			1,458,093			0.09	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	SOFR(Q)	1.00%	8.15% PIK	11.99%	11/7/2026	$	666,488		451,664			240,602			0.02	%	C/N
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	8.92%	8/23/2028	$	1,675,830		1,624,914			1,653,914			0.10	%	N
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	8.92%	8/23/2028	$	1,162,463		1,130,244			1,147,260			0.07	%	N
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	8.92%	8/23/2028	$	1,565,125		1,532,819			1,544,657			0.10	%	N
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	8.92%	8/23/2027	$	—		(7,681	)		(4,880	)		0.00	%	K/N
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)	0.75%	7.40%	11.22%	8/31/2029	$	10,383,054		10,191,570			10,383,054			0.65	%	N
										16,822,959			16,893,900			1.06	%
Construction and Engineering
Brown & Settle, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.25%	10.12%	5/16/2030	$	731,708		709,924			731,707			0.05	%	N
Brown & Settle, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.26%	5/16/2030	$	8,753,659		8,552,282			8,823,688			0.55	%	N
Hylan Intermediate Holding II, LLC	First Lien Term Loan	SOFR(S)	2.00%	6.25%	10.15%	4/5/2029	$	11,709,782		11,575,692			5,824,446			0.37	%	B/C/N
JF Acquisition, LLC (JF Petroleum)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.75%	9.48%	6/18/2030	$	—		(14,446	)		(10,795	)		0.00	%	K/N
JF Acquisition, LLC (JF Petroleum)	Sr Secured Revolver	SOFR(M)	1.00%	5.75%	9.48%	6/18/2030	$	—		(12,030	)		(6,677	)		0.00	%	K/N
JF Acquisition, LLC (JF Petroleum)	First Lien Term Loan	SOFR(M)	1.00%	5.75%	9.48%	6/18/2030	$	5,778,728		5,679,661			5,720,941			0.36	%	N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.50%	8.27%	2/1/2030	$	2,754,059		2,722,751			2,754,059			0.17	%	N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)	1.00%	4.50%	8.46%	2/1/2030	$	6,727,150		6,556,053			6,727,150			0.42	%	N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
RBS Buyer Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.84%	7/31/2031	$	—	$	(11,661	)	$	—			0.00	%	K/N
RBS Buyer Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.84%	7/31/2031	$	—		(3,509	)		6,000			0.00	%	K/N
RBS Buyer Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.84%	7/31/2031	$	3,391,500		3,350,331			3,425,415			0.21	%	N
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)	1.00%	4.75%	8.57%	5/31/2030	$	1,837,209		1,791,279			1,855,581			0.12	%	N
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.75%	8.57%	5/31/2030	$	—		—			3,488			0.00	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	99,227		94,311			102,498			0.01	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	1,082,564		1,068,055			1,087,977			0.07	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	875,286		841,975			879,663			0.06	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	649,121		632,153			652,367			0.04	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	847,586		836,412			851,824			0.05	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	420,708		432,724			422,812			0.03	%	N
Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)	1.00%	5.00%	8.72%	9/4/2029	$	68,982		68,542			68,982			0.00	%	N
										44,870,499			39,921,126			2.51	%
Consumer Finance
Lucky US BuyerCo, LLC (Global Payments)	Sr Secured Revolver	SOFR(Q)	1.00%	7.50%	11.22%	3/30/2029	$	504,696		496,596			495,906			0.03	%	N
Lucky US BuyerCo, LLC (Global Payments)	First Lien Term Loan	SOFR(Q)	1.00%	7.50%	11.22%	3/30/2029	$	4,232,490		4,111,173			4,165,551			0.26	%	N
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)	1.00%	8.35%	12.27%	12/14/2027	$	7,939,259		7,825,781			7,621,688			0.48	%	N
										12,433,550			12,283,145			0.77	%
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	First Lien Term Loan	SOFR(Q)	1.00%	9.25%	13.09%	3/14/2029	$	18,696,803		16,906,861			2,505,372			0.16	%	C/N
PVHC Holding Corp.	First Lien Term Loan	SOFR(Q)	2.50%	2.15% Cash + 9.25% PIK	15.12%	2/17/2027	$	5,037,856		4,962,523			4,785,963			0.30	%	N
										21,869,384			7,291,335			0.46	%
Diversified Consumer Services
Express Wash Acquisition Company, LLC (Whistle)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.18%	4/10/2031	$	—		(14,716	)		(109,997	)		-0.01	%	K/N
Express Wash Acquisition Company, LLC (Whistle)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.18%	4/10/2031	$	28,191,718		27,927,333			26,331,064			1.65	%	N
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)	0.75%	6.25%	9.92%	9/29/2028	$	3,553,292		3,447,707			3,294,180			0.21	%	N
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	Prime	0.75%	5.25%	12.00%	9/15/2027	$	164,469		162,978			152,570			0.01	%	N
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2A Term Loan	Fixed	0.00%	15.00% PIK	15.00%	12/20/2029	$	3,199,154		3,200,738			—			0.00	%	C/N
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2B Term Loan	Fixed	0.00%	15.00% PIK	15.00%	12/20/2029	$	1,407,935		1,408,811			—			0.00	%	C/N
Infinite Commerce Holdings LLC (Razor)	2nd Lien 3B Term Loan	Fixed	0.00%	15.00% PIK	15.00%	12/20/2029	$	21,292,564		15,762,324			2			0.00	%	C/N
SellerX Germany GMBH & Co. KG (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	8.90%	11/5/2026	$	1,346,022		1,340,030			1,346,022			0.08	%	B/H/N
SellerX Germany GMBH & Co. KG (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	8.69%	6/18/2029	$	12,582,986		12,809,193			12,582,986			0.79	%	B/H/N
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	3.00% Cash +6.00% PIK	12.69%	12/31/2028	$	7,446,379		7,446,379			5,138,001			0.32	%	B/H/N
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan	SOFR(Q)	0.00%	3.00% Cash +6.00% PIK	12.69%	12/31/2028	$	8,543,429		8,543,429			5,894,966			0.37	%	B/H/N
Thras.io, LLC	First Out Term Loan	SOFR(M)	1.00%	10.11% PIK	13.84%	6/18/2029	$	6,772,229		6,642,481			6,772,229			0.42	%	N
Thras.io, LLC	Second Out Term Loan	SOFR(M)	1.00%	8.11%	11.84%	6/18/2029	$	19,645,573		15,397,713			14,161,458			0.89	%	C/N
										104,074,400			75,563,481			4.73	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed	0.00%	12.00%	12.00%	11/30/2030	$	59,756,438		59,756,438			59,756,438			3.75	%	E/F/N
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	9.09%	3/15/2030	$	2,316,603		2,303,268			2,050,194			0.13	%	N
Beekeeper Buyer Inc. (Archway)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	8.92%	6/30/2031	$	—		(1,840	)		—			0.00	%	K/N
Beekeeper Buyer Inc. (Archway)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	8.92%	6/30/2031	$	800,000		792,369			800,800			0.05	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(S)	1.00%	5.00%	9.22%	8/21/2028	$	7,644,877		7,394,764			7,585,743			0.48	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(S)	1.00%	5.00%	9.22%	8/21/2028	$	2,123,577		2,054,372			2,107,151			0.13	%	N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
GC Waves Holdings, Inc. (Mercer)	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.22%	10/4/2030	$	254,363	$	242,338		$	304,356			0.02	%	N
Gordon Brothers Finance Company	Unsecured Debt	LIBOR (A)	1.00%	11.00%	14.60%	6/3/2026	$	34,644,008		10,575,543			127,490			0.01	%	C/F/N
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)	1.00%	8.62%	12.33%	9/7/2028	$	9,430,643		9,428,229			9,524,950			0.60	%	N
Oak Funding LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.50%	4.50%	8.29%	12/2/2032	$	—		(2,196	)		(4,394	)		0.00	%	K/N
Oak Funding LLC	First Lien Term Loan	SOFR(Q)	0.50%	4.50%	8.29%	12/2/2032	$	4,555,556		4,510,780			4,510,517			0.28	%	N
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.17%	5/14/2031	$	18,181,434		18,095,517			18,308,704			1.15	%	N
										115,149,582			105,071,949			6.60	%
Electrical Equipment
Griffon Bidco Inc. (Layerzero)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.67%	7/31/2031	$	—		(32,645	)		—			0.00	%	K/N
Griffon Bidco Inc. (Layerzero)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.67%	7/31/2031	$	—		(16,275	)		—			0.00	%	K/N
Griffon Bidco Inc. (Layerzero)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.67%	7/31/2031	$	19,250,000		19,061,700			19,250,000			1.21	%	N
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	8.94%	10/15/2031	$	—		(55,855	)		(833,793	)		-0.05	%	K/N
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	8.94%	10/15/2031	$	762,069		762,069			345,172			0.02	%	N
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.13%	10/15/2031	$	11,094,828		10,949,186			9,031,190			0.57	%	N
										30,668,180			27,792,569			1.75	%
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(M)	1.00%	4.85%	8.57%	5/6/2027	$	5,382,416		5,322,838			5,430,858			0.34	%	N
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(M)	1.00%	4.85%	8.57%	5/6/2027	$	—		(4,163	)		—			0.00	%	K/N
CareATC, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.35%	11.05%	3/14/2026	$	20,924,886		20,861,833			20,631,938			1.29	%	N
CareATC, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	7.35%	11.05%	3/14/2026	$	—		(1,007	)		(13,235	)		0.00	%	K/N
ESO Solutions, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.58%	5/3/2027	$	32,182,664		31,795,045			32,086,116			2.01	%	N
ESO Solutions, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.58%	5/3/2027	$	2,129,887		2,108,628			2,122,788			0.13	%	N
Gainwell Acquisition Corp.	Second Lien Term Loan	SOFR(Q)	1.00%	8.10%	12.04%	10/2/2028	$	7,744,557		7,631,515			7,552,933			0.47	%	N
Mpulse Mobile Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.42%	8/26/2032	$	—		(5,300	)		(5,360	)		0.00	%	K/N
Mpulse Mobile Inc.	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.42%	8/26/2032	$	3,895,997		3,858,752			3,858,544			0.24	%	N
Mpulse Mobile Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	3.25%	6.97%	8/26/2032	$	—		(3,674	)		(3,567	)		0.00	%	K/N
MRO Parent Corporation	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/9/2032	$	—		(513	)		(444	)		0.00	%	K/N
MRO Parent Corporation	Sr Secured Revolver	SOFR(M)	0.75%	4.50%	8.22%	6/9/2032	$	—		(1,024	)		(444	)		0.00	%	K/N
MRO Parent Corporation	First Lien Term Loan	SOFR(M)	0.75%	4.50%	8.22%	6/9/2032	$	849,722		837,579			844,624			0.05	%	N
										72,400,509			72,504,751			4.53	%
Healthcare Providers and Services
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	9.82%	5/4/2028	$	13,713,027		13,436,701			13,449,737			0.84	%	N
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	6.00%	9.82%	5/4/2028	$	3,189,345		3,179,932			3,128,110			0.20	%	N
Team Services Group, LLC	Second Lien Term Loan	SOFR(Q)	1.00%	9.26%	13.10%	10/1/2028	$	34,410,390		33,670,169			34,410,390			2.16	%	G/N
										50,286,802			50,988,237			3.20	%
Hotels, Restaurants and Leisure
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	First Lien Term Loan	SOFR(Q)	2.00%	6.25%	9.99%	6/3/2027	$	5,301,012		5,178,415			5,281,064			0.33	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Second Lien Term Loan	SOFR(Q)	2.00%	6.25%	9.99%	3/15/2029	$	3,309,892		3,150,809			3,297,437			0.21	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Sr Secured Revolver	SOFR(M)	2.00%	6.25%	9.98%	6/3/2027	$	438,327		435,475			436,677			0.03	%	H/N
Stonebridge Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	5.00%	8.72%	5/16/2031	$	—		(1,314	)		774			0.00	%	K/N
Stonebridge Companies, LLC	Sr Secured Revolver	SOFR(M)	0.75%	5.00%	8.72%	5/16/2030	$	—		(1,701	)		—			0.00	%	K/N
Stonebridge Companies, LLC	First Lien Term Loan	SOFR(M)	0.75%	5.00%	8.72%	5/16/2031	$	677,419		667,764			680,129			0.04	%	N
										9,429,448			9,696,081			0.61	%


Issuer	Instrument	Ref	Floor	Spread	Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Insurance
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.79%		8/31/2029	$	7,208,132	$	6,960,184		$	7,208,132			0.45	%	N
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.79%		8/31/2028	$	123,749		116,775			123,749			0.01	%	N
EBS Parent Holdings Inc. (The Difference Card)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	8.67%		7/1/2032	$	—		(3,608	)		(7,764	)		0.00	%	K/N
EBS Parent Holdings Inc. (The Difference Card)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.67%		7/1/2032	$	—		(2,406	)		(2,588	)		0.00	%	K/N
EBS Parent Holdings Inc. (The Difference Card)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.67%		7/1/2032	$	3,105,469		3,075,075			3,074,414			0.19	%	N
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.82%		8/25/2028	$	—		(237,409	)		(107,183	)		-0.01	%	K/N
IT Parent, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.60%	9.42%		10/2/2028	$	741,850		734,786			746,301			0.05	%	N
IT Parent, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.60%	9.42%		10/1/2026	$	5,818,750		5,763,924			5,853,663			0.37	%	N
IT Parent, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	5.60%	9.33%		10/2/2028	$	700,000		692,138			700,000			0.04	%	N
IT Parent, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.60%	9.45%		10/2/2028	$	3,083,191		3,064,305			3,101,690			0.19	%	N
											20,163,764			20,690,414			1.29	%
Internet and Catalog Retail
Syndigo, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	8.82%		9/2/2032	$	—		(3,390	)		(3,910	)		0.00	%	K/N
Syndigo, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	8.82%		9/2/2032	$	2,644,550		2,618,940			2,615,460			0.16	%	N
											2,615,550			2,611,550			0.16	%
Internet Software and Services
Acquia, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	5.65%	9.61%		10/30/2026	$	1,891,323		1,893,740			1,878,084			0.12	%	N
Acquia, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.65%	9.59%		10/30/2026	$	25,299,736		25,266,333			25,122,638			1.58	%	N
Bynder Bidco, Inc. (Netherlands)	Sr Secured Revolver A	SOFR(Q)	1.00%	6.00%	9.86%		1/26/2029	$	—		(4,836	)		—			0.00	%	H/K/N
Bynder Bidco, Inc. (Netherlands)	First Lien Term Loan A	SOFR(Q)	1.00%	6.00%	9.86%		1/26/2029	$	4,283,754		4,182,544			4,288,817			0.27	%	H/N
Bynder Bidco B.V. (Netherlands)	Sr Secured Revolver B	SOFR(Q)	1.00%	6.00%	9.86%		1/26/2029	$	—		(17,552	)		—			0.00	%	H/K/N
Bynder Bidco B.V. (Netherlands)	First Lien Term Loan B	SOFR(Q)	1.00%	6.00%	9.86%		1/26/2029	$	15,528,609		15,163,755			15,546,963			0.98	%	H/N
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	SOFR(Q)	1.50%	3.00% Cash +5.00% PIK	11.88%		8/19/2028	$	63,031,646		63,031,646			63,031,646			3.95	%	N
Domo, Inc.	First Lien PIK Term Loan	Fixed	0.00%	9.50% PIK		0.10	8/19/2028	$	4,148,209		1,658,331			3,994,725			0.25	%	N
e-Discovery Acquireco, LLC (Reveal)	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.07%		8/23/2029	$	398,971		390,261			398,971			0.03	%	N
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.07%		8/23/2029	$	5,500,000		5,297,701			5,555,000			0.35	%	N
Fishbowl, Inc.	Promissory Note	Fixed	0.00%	8.00% PIK	8.00%		11/4/2030	$	120,896		120,896			120,896			0.01	%	N
Fishbowl, Inc.	First Lien Term Loan (7.5% Exit Fee)	SOFR(Q)	1.00%	5.26% PIK	8.93%		5/27/2027	$	13,648,754		13,224,044			1,719,743			0.11	%	C/F/N
Gympass US, LLC	First Lien Term Loan	SOFR(M)	1.00%	3.25% Cash + 3.25% PIK	10.34%		8/29/2029	$	2,722,778		2,673,471			2,750,006			0.17	%	N
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	3.25% Cash + 3.25% PIK	10.34%		8/29/2029	$	5,002,119		5,020,429			5,052,140			0.32	%	N
Persado, Inc.	First Lien Delayed Draw Term Loan (6.575% Exit Fee)	SOFR(M)	1.80%	7.50%	11.37%		6/10/2027	$	5,122,246		5,069,810			5,030,045			0.32	%	L/N
Persado, Inc.	First Lien Term Loan (6.575% Exit Fee)	SOFR(M)	1.80%	7.50%	11.37%		6/10/2027	$	7,434,095		7,246,431			7,300,281			0.46	%	L/N
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	3.00% Cash +1.50% PIK	8.32%		8/22/2029	$	5,814,075		5,595,767			5,814,075			0.36	%	N
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.50% PIK	11.32%		8/22/2029	$	10,007,987		9,664,569			4,427,334			0.28	%	C/N
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	3.00% Cash +1.50% PIK	8.32%		8/22/2029	$	3,063,925		3,063,925			3,063,925			0.19	%	N
Spartan Bidco Pty Ltd (StarRez) (Australia)	First Lien Term Loan	SOFR(Q)	0.75%	6.65%	10.51%		1/24/2028	$	9,686,006		9,565,990			9,666,829			0.61	%	H/N
Spartan Bidco Pty Ltd (StarRez) (Australia)	First Lien Incremental Term Loan	SOFR(Q)	0.75%	6.65%	10.51%		1/24/2028	$	5,012,679		4,892,702			5,002,755			0.31	%	H/N
Spartan Bidco Pty Ltd (StarRez) (Australia)	Sr Secured Revolver	SOFR(S)	0.75%	6.50%	10.23%		1/24/2028	$	274,926		264,955			273,337			0.02	%	H/N
Suited Connector, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	7.20% PIK	10.94%		12/1/2027	$	947,438		895,190			299,390			0.02	%	C/N
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)	1.00%	7.20% PIK	10.94%		12/1/2027	$	6,161,415		5,842,486			1,947,007			0.12	%	C/N
											190,002,588			172,284,607			10.83	%


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
IT Services
Anthracite Buyer, Inc. (Coalfire)	Sr Secured Revolver	SOFR(Q)	0.75%	4.50%	8.34%	12/3/2032	$	—	$	(4,939	)	$	(5,000	)		0.00	%	K/N
Anthracite Buyer, Inc. (Coalfire)	First Lien Term Loan	SOFR(Q)	0.75%	4.50%	8.34%	12/3/2032	$	4,000,000		3,980,540			3,980,000			0.25	%	N
Crewline Buyer, Inc. (New Relic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	10.59%	11/8/2030	$	—		(1,547	)		(654	)		0.00	%	K/N
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	10.59%	11/8/2030	$	1,569,811		1,530,634			1,563,532			0.10	%	N
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.77%	6/3/2030	$	1,805,556		1,759,722			1,783,889			0.11	%	N
Intercept Bidco, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	6.00%	9.77%	6/3/2030	$	—		—			(5,000	)		0.00	%	K/N
Intercept Bidco, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	9.77%	6/3/2030	$	—		—			(3,333	)		0.00	%	K/N
Madison Logic Holdings, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	4.73% Cash + 2.37% PIK	10.72%	12/30/2027	$	—		(10,125	)		(98,554	)		-0.01	%	K/N
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(M)	1.00%	4.73% Cash + 2.37% PIK	10.72%	12/29/2028	$	19,941,306		19,401,608			17,328,995			1.09	%	N
Serrano Parent, LLC (Sumo Logic)	Sr Secured Revolver	SOFR(Q)	1.00%	6.50%	10.36%	5/12/2030	$	—		(2,261	)		(42,576	)		0.00	%	K/N
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	10.36%	5/12/2030	$	6,979,701		6,778,765			6,553,939			0.41	%	N
Xactly Corporation	First Lien Incremental Term Loan	SOFR(Q)	1.00%	6.35%	10.17%	7/31/2027	$	14,671,682		14,671,682			14,671,682			0.92	%	N
										48,104,079			45,726,920			2.87	%
Life Sciences Tools & Services
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	7.10%	10.83%	12/21/2028	$	625,241		614,453			625,241			0.04	%	N
Alcami Corporation	Sr Secured Revolver	SOFR(M)	1.00%	7.10%	10.83%	12/21/2028	$	248,129		232,704			248,129			0.02	%	N
Alcami Corporation	First Lien Term Loan	SOFR(Q)	1.00%	7.15%	10.97%	12/21/2028	$	8,494,771		8,349,476			8,494,771			0.53	%	N
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)	3.00%	5.25%	8.98%	12/18/2029	$	1,312,500		1,155,703			1,273,125			0.08	%	N
DNAnexus, Inc	First Lien Term Loan	SOFR(M)	3.00%	5.25%	8.98%	12/20/2029	$	6,562,500		6,507,916			6,549,375			0.41	%	N
										16,860,252			17,190,641			1.08	%
Machinery
Sonny’s Enterprises, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.65%	9.52%	8/5/2028	$	19,355,208		19,089,762			18,619,710			1.17	%	N
Sonny’s Enterprises, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.65%	9.49%	8/5/2028	$	201,107		199,516			193,465			0.01	%	N
Sonny’s Enterprises, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	5.65%	9.34%	8/5/2027	$	71,131		71,132			64,396			0.00	%	N
										19,360,410			18,877,571			1.18	%
Media
Khoros, LLC (Lithium)	First Lien Term Loan	Fixed	0.00%	10.00%	10.00%	5/23/2030	$	5,978,250		5,978,250			5,649,446			0.35	%	N
Streamland Media Midco LLC	Sr Secured Revolver	SOFR(Q)	0.00%	6.76% PIK	10.43%	3/31/2029	$	44,013		44,013			44,013			0.00	%	N
Streamland Media Midco LLC	First Out Term Loan	SOFR(Q)	1.00%	6.76% PIK	10.43%	3/31/2029	$	311,862		311,862			311,862			0.02	%	N
Streamland Media Midco LLC	Last Out Term Loan	SOFR(Q)	0.00%	6.76% PIK	10.43%	3/31/2029	$	283,848		269,291			206,641			0.01	%	C/N
Streamland Media Midco LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	6.76% PIK	10.43%	3/31/2029	$	25,043		25,043			25,043			0.00	%	N
Terraboost Media Operating Company, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.98% Cash + 0.67 PIK	10.32%	8/23/2026	$	13,358,872		13,218,389			13,091,695			0.82	%	N
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	9.09%	12/31/2030	$	12,021,429		11,814,147			11,853,129			0.74	%	N
										31,660,995			31,181,829			1.94	%
Oil, Gas and Consumable Fuels
Palmdale Oil Company, LLC	First Lien Term Loan	SOFR(Q)	0.00%	4.75%	8.38%	12/12/2031	$	434,783		432,626			432,609			0.03	%	N

Paper and Forest Products
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	1,330,735		1,274,860			571,952			0.04	%	C/N
Alpine Acquisition Corp II (48Forty)	First Lien Participation Tranche 1 Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	15,125,509		14,826,366			6,500,944			0.41	%	C/N
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	11,381,699		11,222,775			4,891,854			0.31	%	C/N
Alpine Acquisition Corp II (48Forty)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	4,275,376		4,106,480			1,837,556			0.12	%	C/N
Alpine Acquisition Corp II (48Forty)	Sr Secured Revolver	SOFR(Q)	1.00%	6.15%	9.94%	11/30/2029	$	678,014		640,719			193,851			0.01	%	C/N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)	1.25%	6.75%	10.83%	12/23/2026	$	12,824,505	$	12,652,127		$	12,741,097			0.80	%	N
										44,723,327			26,737,254			1.69	%
Professional Services
Applause App Quality, Inc.	Sr Secured Revolver	SOFR(Q)	1.50%	5.75%	9.69%	10/24/2029	$	261,544		241,314			255,005			0.02	%	N
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)	1.50%	5.75%	9.43%	10/24/2029	$	13,077,192		12,864,613			13,011,806			0.82	%	N
Chronicle Parent LLC (Lexitas)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.87%	4/15/2031	$	215,992		198,967			218,626			0.01	%	N
Chronicle Parent LLC (Lexitas)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.87%	4/15/2031	$	—		(7,770	)		—			0.00	%	K/N
Chronicle Parent LLC (Lexitas)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.90%	4/15/2031	$	8,299,453		8,222,023			8,307,752			0.52	%	N
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	8.94%	1/16/2030	$	1,457,903		1,401,556			1,457,903			0.09	%	N
Huckabee Acquisition, LLC (MOREgroup)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.25%	8.94%	1/16/2030	$	—		(2,643	)		—			0.00	%	K/N
Huckabee Acquisition, LLC (MOREgroup)	Sr Secured Revolver	SOFR(Q)	1.00%	5.25%	8.94%	1/16/2030	$	—		(1,586	)		—			0.00	%	K/N
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.75%	9.61%	8/18/2028	$	16,380,862		16,022,462			15,662,839			0.98	%	N
ICIMS, Inc.	First Lien Incremental Term Loan	SOFR(Q)	0.75%	6.25%	10.11%	8/18/2028	$	4,449,002		4,405,152			4,304,847			0.27	%	N
ICIMS, Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.75%	9.59%	8/18/2028	$	406,045		397,365			342,480			0.02	%	N
JobandTalent USA, Inc. (United Kingdom)	First Lien Incremental Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash +3.25% PIK	10.47%	10/13/2028	$	5,292,635		5,290,310			5,113,792			0.32	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash +3.25% PIK	10.47%	10/13/2028	$	31,709,400		31,706,528			30,637,908			1.92	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash +3.25% PIK	10.47%	10/13/2028	$	10,569,800		10,568,703			10,212,636			0.64	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash +3.25% PIK	10.47%	10/13/2028	$	4,593,850		4,592,242			4,438,619			0.28	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	3.50% Cash +3.25% PIK	10.47%	10/13/2028	$	9,187,699		9,186,203			8,877,238			0.56	%	H/L/N
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	8.51%	12/20/2031	$	2,164,441		2,120,670			2,129,547			0.13	%	N
Lighthouse Parent Holdings, Inc (Aperture)	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	8.51%	12/20/2031	$	—		(24,907	)		(13,984	)		0.00	%	K/N
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	8.65%	12/20/2031	$	11,951,627		11,826,985			11,879,917			0.75	%	N
										119,008,187			116,836,931			7.33	%
Real Estate Management and Development
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(M)	0.75%	5.25%	8.97%	1/18/2030	$	1,571,429		1,502,844			1,574,256			0.10	%	N
Community Merger Sub Debt LLC (CINC Systems)	First Lien 2025 Incremental Term Loan	SOFR(M)	0.75%	5.25%	8.97%	1/18/2030	$	599,435		594,405			600,513			0.04	%	N
Community Merger Sub Debt LLC (CINC Systems)	Sr Secured Revolver	SOFR(M)	0.75%	5.25%	8.97%	1/18/2030	$	—		(4,137	)		—			0.00	%	K/N
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)	1.25%	6.43%	10.63%	3/2/2026	$	6,533,333		6,464,091			6,396,133			0.40	%	I/N
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)	1.50%	6.61%	10.33%	3/21/2027	$	12,843,151		12,691,056			12,744,660			0.80	%	N
										21,248,259			21,315,562			1.34	%
Road and Rail
Motive Technologies, Inc. (Keep Truckin)	First Lien Incremental Term Loan 2 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	10,119,063		10,086,521			10,098,825			0.63	%	L/N
Motive Technologies, Inc. (Keep Truckin)	First Lien Incremental Term Loan 1 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	13,280,937		13,192,003			13,254,375			0.83	%	L/N
Motive Technologies, Inc. (Keep Truckin)	First Lien Term Loan (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	29,600,000		29,358,795			29,540,800			1.85	%	L/N
Motive Technologies, Inc. (Keep Truckin)	First Lien Incremental Term Loan 3 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.08%	4/8/2027	$	2,000,000		1,964,851			1,996,000			0.13	%	L/N
										54,602,170			54,890,000			3.44	%
Semiconductors and Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.40%	10.22%	12/29/2027	$	6,828,810		6,651,437			4,302,150			0.27	%	C/G/N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	Prime	1.00%	5.00%	11.75%	12/29/2026	$	2,625,746	$	2,477,189		$	1,633,213			0.10	%	C/G/N
										9,128,626			5,935,363			0.37	%
Software
AlphaSense, Inc.	First Lien Term Loan	SOFR(Q)	2.00%	6.25%	9.94%	6/27/2029	$	23,208,319		22,986,692			23,108,232			1.45	%	N
Aras Corporation	Sr Secured Revolver	SOFR(Q)	1.00%	5.25%	8.92%	4/13/2029	$	412,817		411,803			412,817			0.03	%	N
Aras Corporation	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	8.92%	4/13/2029	$	17,726,298		17,456,762			17,797,203			1.12	%	N
Bluefin Holding, LLC (Allvue)	Sr Secured Revolver	SOFR(Q)	1.00%	4.25%	7.98%	9/12/2029	$	—		(7,548	)		—			0.00	%	K/N
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)	1.00%	4.25%	7.98%	9/12/2029	$	11,307,053		10,995,949			11,374,896			0.71	%	N
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)	1.50%	7.75%	11.47%	5/30/2029	$	26,250,000		25,987,500			25,751,250			1.62	%	L/N
Clever Devices Ltd.	Sr Secured Revolver	SOFR(M)	1.00%	6.00%	9.72%	6/12/2030	$	392,157		373,775			381,863			0.02	%	N
Clever Devices Ltd.	First Lien Term Loan	SOFR(M)	1.00%	6.00%	9.72%	6/12/2030	$	1,738,235		1,694,779			1,713,900			0.11	%	N
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)	2.50%	5.00%	8.69%	6/26/2030	$	—		(9,273	)		(28,870	)		0.00	%	H/K/N
Deepl Se (Germany)	First Lien Term Loan	SOFR(Q)	2.50%	5.00%	8.69%	6/26/2030	$	2,356,713		2,335,893			2,323,719			0.15	%	H/N
Deepl Se (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)	2.50%	5.00%	8.69%	6/26/2030	$	—		—			2,906			0.00	%	H/N
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	15,259,318		15,067,099			15,045,688			0.94	%	N
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	398,069		375,882			351,628			0.02	%	N
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	1,381,560		1,381,560			1,355,181			0.08	%	N
Douglas Holdings, Inc (Docupace)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	9.44%	8/27/2030	$	—		(15,530	)		(18,577	)		0.00	%	K/N
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.25%	8.85%	6/30/2030	$	—		(21,598	)		(24,000	)		0.00	%	K/N
Dragos, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	8.85%	6/30/2030	$	3,600,000		3,566,904			3,564,000			0.22	%	N
Dragos, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.25%	8.85%	6/30/2030	$	—		—			(8,812	)		0.00	%	K/N
Elastic Path Software, Inc. (Canada)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	7.76%	11.58%	1/6/2027	$	3,559,403		3,558,978			3,307,397			0.21	%	H/L/N
Elastic Path Software, Inc. (Canada)	First Lien Term Loan	SOFR(Q)	1.00%	7.76%	11.70%	1/6/2027	$	7,326,537		7,312,800			6,807,818			0.43	%	H/L/N
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	9.92%	7/13/2027	$	417,336		414,491			414,831			0.03	%	N
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	9.92%	7/13/2027	$	42,902		42,609			42,644			0.00	%	N
FirstUp, Inc	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	9.92%	7/13/2027	$	—		(249	)		(232	)		0.00	%	K/N
Flexport Capital, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	2.00%	5.50%	9.25%	6/30/2029	$	—		—			(30,333	)		0.00	%	K/N
Flexport Capital, LLC	First Lien Term Loan	SOFR(M)	2.00%	5.50%	9.25%	6/30/2029	$	5,666,667		5,613,034			5,627,000			0.35	%	N
Fusion Risk Management, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.00%	9.72%	5/22/2029	$	171,428		163,235			171,429			0.01	%	N
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	9.82%	5/22/2029	$	5,670,157		5,472,958			5,692,837			0.36	%	N
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	8.74%	3/10/2031	$	6,633,333		6,552,496			6,626,700			0.42	%	N
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	8.69%	3/10/2031	$	—		(18,635	)		(1,429	)		0.00	%	K/N
G-3 Apollo Acquisition Corp (Appriss Retail)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	8.69%	3/10/2031	$	142,857		121,429			141,429			0.01	%	N
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)	1.00%	2.50% Cash +4.13% PIK	10.30%	7/9/2029	$	2,522,780		2,419,457			2,491,428			0.16	%	N
GTY Technology Holdings Inc.	First Lien Incremental Term Loan	SOFR(Q)	0.75%	2.50% Cash +4.13% PIK	10.30%	7/9/2029	$	3,088,574		3,050,175			3,050,190			0.19	%	N
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	2.50% Cash +4.13% PIK	10.30%	7/9/2029	$	1,915,941		1,839,275			1,892,131			0.12	%	N
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	2.50% Cash +4.13% PIK	10.30%	7/9/2029	$	1,497,235		1,444,556			1,478,628			0.09	%	N
GTY Technology Holdings Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	2.50% Cash +4.13% PIK	10.30%	7/9/2029	$	—		(22,580	)		(19,160	)		0.00	%	K/N
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)	1.00%	2.88% Cash +3.38% PIK	9.97%	9/30/2030	$	18,418,428		18,189,270			18,123,733			1.14	%	H/N


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity/ Expiration	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Honey Intermediate, Inc. (iLobby) (Canada)	Sr Secured Revolver	SOFR(M)	1.00%	2.88% Cash +3.38% PIK	9.97%	9/26/2030	$	—	$	(28,004	)	$	(37,647	)		0.00	%	H/K/N
Integrate.com, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	4.65% Cash +2.25% PIK	10.57%	12/17/2027	$	5,695,761		5,604,671			5,392,247			0.34	%	N
Integrate.com, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.65% Cash +2.25% PIK	10.57%	12/17/2027	$	361,957		356,258			342,669			0.02	%	N
Integrate.com, Inc.	First Lien Incremental Term Loan	SOFR(Q)	1.00%	4.65% Cash +2.25% PIK	10.57%	12/17/2027	$	302,832		292,028			286,695			0.02	%	N
Integrate.com, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	4.65% Cash +2.25% PIK	10.59%	12/17/2027	$	471,145		467,861			445,293			0.03	%	N
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)	0.75%	7.50%	11.37%	8/5/2028	$	8,017,052		7,767,052			7,479,673			0.47	%	N
Logicmonitor, Inc	Sr Secured Revolver	SOFR(Q)	0.75%	5.50%	9.34%	11/19/2031	$	—		(535	)		(609	)		0.00	%	K/N
Logicmonitor, Inc	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.34%	11/19/2031	$	405,983		401,755			401,111			0.03	%	N
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(S)	1.00%	7.50%	11.78%	9/15/2026	$	7,116,917		7,118,788			6,909,815			0.43	%	N
Pyramid Analytics BV (Netherlands)	First Lien Delayed Draw Term Loan	SOFR(Q)	4.25%	6.50%	10.75%	5/14/2029	$	560,275		553,422			597,893			0.04	%	H/N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	First Lien Term Loan	SOFR(Q)	1.00%	3.00% Cash +3.50% PIK	10.34%	5/9/2028	$	27,014,918		26,700,065			23,650,810			1.48	%	H/N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	9.69%	5/9/2028	$	730,053		715,675			457,318			0.03	%	H/N
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Delayed Draw Term Loan	CORRA (Q)	0.75%	4.50%	6.76%	11/5/2032		CAD —		(7,469	)		(15,407	)		0.00	%	H/K/N/O
Shackleton Bidco Inc. (Payworks) (Canada)	Sr Secured Revolver	CORRA (Q)	0.75%	4.50%	6.76%	11/5/2032		CAD —		(3,738	)		(3,852	)		0.00	%	H/K/N/O
Shackleton Bidco Inc. (Payworks) (Canada)	First Lien Term Loan	CORRA (Q)	0.75%	4.50%	6.76%	10/25/2032		CAD 4,306,400		3,030,745			3,119,501			0.20	%	H/N/O
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Delayed Draw Term Loan	SOFR(Q)	1.00%	5.40%	9.07%	6/30/2028	$	4,016,783		3,981,645			3,976,031			0.25	%	N
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	5.40%	9.07%	6/30/2028	$	2,249,399		2,233,556			2,232,326			0.14	%	N
Trintech, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	5.50%	9.22%	7/25/2029	$	60,857		55,816			60,773			0.00	%	N
Trintech, Inc.	First Lien Term Loan	SOFR(M)	1.00%	5.50%	9.22%	7/25/2029	$	2,713,620		2,607,745			2,712,551			0.17	%	N
Zilliant Incorporated	First Lien Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	6.10%	9.82%	12/21/2027	$	3,578,889		3,483,064			2,694,904			0.17	%	L/N
Zilliant Incorporated	First Lien Delayed Draw Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	6.10%	9.82%	12/21/2027	$	655,296		643,361			493,438			0.03	%	L/N
Zilliant Incorporated	Sr Secured Revolver (0.5% Exit Fee)	SOFR(M)	0.75%	6.10%	9.82%	12/21/2027	$	162,963		161,755			89,778			0.01	%	N
										224,869,464			220,205,376			13.85	%
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan	SOFR(Q)	2.00%	6.50%	10.17%	8/15/2028	$	24,142,961		23,677,869			23,491,101			1.47	%	G/N
Hanna Andersson, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.35%	10.19%	7/2/2026	$	10,258,676		10,160,384			9,950,915			0.62	%	N
										33,838,253			33,442,016			2.09	%
Technology Hardware, Storage & Peripherals
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	6.00%	9.82%	4/25/2031	$	34,673,628		34,400,028			34,881,669			2.19	%	H/N

Textiles, Apparel and Luxury Goods
James Perse Enterprises, Inc.	First Lien Term Loan	SOFR(A)	1.00%	6.25%	10.31%	9/8/2027	$	22,222,222		22,017,975			22,222,222			1.39	%	N
James Perse Enterprises, Inc.	First Lien Term Loan	SOFR(A)	1.00%	6.25%	10.31%	9/8/2027	$	3,195,681		3,134,488			3,195,681			0.20	%	N
James Perse Enterprises, Inc.	Sr Secured Revolver	SOFR(S)	1.00%	6.25%	10.08%	9/8/2027	$	2,095,707		2,116,620			2,095,707			0.13	%	N
PSEB, LLC (Eddie Bauer)	First Lien Term Loan	SOFR(Q)	1.00%	6.65%	10.47%	12/30/2026	$	17,314,415		17,251,788			17,314,415			1.09	%	N
PSEB, LLC (Eddie Bauer)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	6.65%	10.47%	12/30/2026	$	6,748,085		6,736,665			6,748,085			0.42	%	N
										51,257,536			51,576,110			3.23	%
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.17%	6/11/2029	$	14,366,438		14,138,181			14,224,875			0.89	%	H/N

Total Debt Investments - 237.2% of Net Assets										1,529,432,150			1,418,443,590			88.97	%


Issuer	Instrument	Ref	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities
Automobiles
AA Acquisition Aggregator, LLC (AutoAlert)	Common Stock					540,248	$	9,085,917	$	978,126		0.06	%	D/E/F/N

Capital Markets
Pico Quantitative Trading Holdings, LLC	Warrants to Purchase Membership Units			2/7/2030		7,191		673,788		1,314,511		0.08	%	D/E/N

Commercial Services & Supplies
Kellermeyer Bergensons Services, LLC	Preferred Stock					171,813		285,933		2		0.00	%	D/E/N
Kellermeyer Bergensons Services, LLC	Common Stock					171,813		—		2		0.00	%	D/E/N
								285,933		4		0.00	%
Construction & Engineering
Hylan Global LLC	Common Stock					738,447		738,447		7		0.00	%	B/D/E/N

Diversified Consumer Services
Infinite Commerce Holdings LLC (Razor)	Series A-3 Preferred Units					41,346,557		—		413		0.00	%	D/E/N
Infinite Commerce Holdings LLC (Razor)	Common Shares					196,805		—		2		0.00	%	D/E/N
Infinite Commerce Holdings LLC (Razor)	Series A Preferred Units					10,173,792		—		102		0.00	%	D/E/N
SellerX Germany GMBH & Co. KG (Germany)	Common Shares					706,179		8,197		7		0.00	%	B/D/E/H/N
Vingil Holdings 2 S.a r.l (Germany)	Preferred Units					48,576,519		15,107,298		486		0.00	%	B/D/E/H/N
Thras.io, LLC	Common Units					291,605		—		3		0.00	%	D/E/N
TVG-Edmentum Holdings, LLC	Series B-1 Common Units					17,858,122		24,166,714		2,569		0.00	%	B/D/E/N
TVG-Edmentum Holdings, LLC	Series B-2 Common Units					17,858,122		13,421,162		2,569		0.00	%	B/D/E/N
TVG-Edmentum Holdings, LLC	Series C-2 Preferred Units	Fixed	15.00%			2,542		6,128,156		4,029,848		0.25	%	B/D/E/N
								58,831,527		4,035,999		0.25	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Membership Units					28,277,397		33,992,650		51,042,935		3.20	%	E/F/N
Gordon Brothers Finance Company	Common Stock					10,612		—		—		0.00	%	D/F/N
Gordon Brothers Finance Company	Preferred Stock	Fixed	13.50%			34,285		—		—		0.00	%	D/F/N
Worldremit Group Limited (United Kingdom)	Series X Shares					3,721		373,524		438,700		0.03	%	D/E/H/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock			2/11/2031		42,482		28,022		38,002		0.00	%	D/E/H/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series E Stock			8/17/2031		508		61		17		0.00	%	D/E/H/N
								34,394,257		51,519,654		3.23	%
Electric Utilities
Utilidata, Inc.	Common Stock					29,593		216,336		13,338		0.00	%	D/E/N
Utilidata, Inc.	Series A-2 Preferred Stock					257,369		153,398		137,523		0.01	%	D/E/N
Utilidata, Inc.	Series A-1 Preferred Stock					500,000		500,000		228,985		0.01	%	D/E/N
								869,734		379,846		0.02	%
Energy Equipment and Services
GlassPoint, Inc.	Warrants to Purchase Common Stock			9/12/2029		2,088,152		275,200		1,898,419		0.12	%	D/E/N

Household Durables
Stitch Holdings, L.P.	Limited Partnership/Limited Liability Company Interests					5,910		—		—		0.00	%	D/E/N

Internet Software and Services
Domo, Inc.	Common Stock					49,792		1,543,054		419,747		0.03	%	D


Issuer	Instrument	Ref	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Domo, Inc.	Warrants to Purchase Class B Common Stock			2/17/2028		94,136	$	—	$	995,959		0.06	%	D/N
Domo, Inc.	Warrants to Purchase Class B Common Stock			2/17/2028		482,404		—		4,197,357		0.26	%	D/N
Fishbowl, Inc.	Common Membership Units					604,479		787,032		6		0.00	%	D/E/F/N
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock			5/4/2027		2,187,500		508,805		86,389		0.01	%	D/E/N
Igloo Parent Holdings LLC (InMoment)	Common Units					97		7,661,666		8,240,741		0.52	%	D/E/I/N
InMobi, Inc. (Singapore)	Warrants to Purchase Common Stock			3/31/2026		1,327,869		212,360		659,737		0.04	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock			3/31/2026		1,049,996		276,492		518,830		0.03	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock			3/31/2026		1,511,002		93,407		1,664,339		0.10	%	D/E/H/N
Pluralsight, Inc.	Common Stock					2,865,672		7,995,225		29		0.00	%	D/E/N
ResearchGate Corporation (Germany)	Warrants to Purchase Series D Preferred Stock			10/30/2029		333,370		202,001		30,604		0.00	%	D/E/H/N/O
SnapLogic, Inc.	Warrants to Purchase Series Preferred Stock			3/19/2028		1,860,000		377,722		5,653,353		0.35	%	D/E/N
SuCo Investors, LP (Suited Connector)	Warrants to Purchase Class A Units			3/6/2033		44,928		—		—		0.00	%	D/E/N
								19,657,764		22,467,091		1.40	%
IT Services
Fidelis (SVC), LLC	Preferred Unit-C					657,932		2,001,384		7		0.00	%	D/E/N

Media
Khoros, LLC (Lithium)	Preferred Units					63,768		1,302,031		368,774		0.02	%	D/E/N
MBS Parent, LLC	Limited Partnership/Limited Liability Company Interests					546		21,204		244,444		0.02	%	D/E/N
Quora, Inc.	Warrants to Purchase Series D Preferred Stock			4/11/2029		507,704		65,245		45,898		0.00	%	D/E/N
SoundCloud, Ltd. (United Kingdom)	Warrants to Purchase Preferred Stock			6/30/2026		946,498		79,082		572,593		0.04	%	D/E/H/N
Streamland Media Holdings LLC	Common Units					2,636		134,515		—		0.00	%	D/E/N
								1,602,077		1,231,709		0.08	%
Paper and Forest Products
48forty Intermediate Holdings, Inc.	Common Stock					2,347		—		—		0.00	%	D/E/N
Alpine Acquisition Corp II (48Forty)	Common Stock					1,988		—		—		0.00	%	D/E/N


Pharmaceuticals
Inotiv, Inc.	Common Stock					14,578		—		8,194		0.00	%	D

Professional Services
JobandTalent USA, Inc. (United Kingdom)	F1 Preferred Stock					255,112		3,207,662		13,755,828		0.86	%	D/E/H/N
JobandTalent USA, Inc. (United Kingdom)	F3 Preferred Stock					17,007		—		900,081		0.06	%	D/E/H/N
								3,207,662		14,655,909		0.92	%


Issuer	Instrument	Ref	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
Road and Rail
Motive Technologies, Inc. (Keep Truckin)	Warrants to Purchase Common Stock					825,000	$	825,000	$	805,165		0.05	%	D/E/N

Software
Grey Orange International Inc.	Warrants to Purchase Common Stock			5/6/2032		10,538		546		2,108		0.00	%	D/E/N
Tradeshift, Inc.	Warrants to Purchase Series D Preferred Stock			3/6/2027		1,712,930		577,843		17		0.00	%	D/E/N
								578,389		2,125		0.00	%
Trading Companies & Distributors
Blackbird Holdco, Inc. (Ohio Transmission Corp.)	Preferred Stock	Fixed	12.50%			9,586		15,586,967		15,562,116		0.98	%	E/N

Total Equity Securities - 19.2% of Net Assets								148,614,046		114,858,882		7.20	%

Total Investments - 256.4% of Net Assets							$	1,678,046,196	$	1,533,302,472		96.17	%

Cash and Cash Equivalents - 10.2% of Net Assets									$	61,075,494		3.83	%

Total Cash and Investments - 266.6% of Net Assets									$	1,594,377,966		100.00	%	M

Notes to Consolidated Schedule of Investments:

(A)

Debt investments include investments in bank debt that generally are bought and sold among institutional investors in transactions not subject to registration under the Securities Act of 1933 (the “Securities Act”). Such transactions are generally subject to contractual restrictions, such as approval of the agent or borrower.

(B)

Non-controlled affiliate – as defined under the Investment Company Act of 1940 (the "1940 Act") (ownership of between 5% and 25% of the outstanding voting securities of this issuer). See Consolidated Schedule of Changes in Investments in Affiliates.

(C)

Non-accruing debt investment.

(D)

Other non-income producing investment.

(E)

Restricted security. (See Note 2)

(F)

(G)

Investment has been segregated to collateralize certain unfunded commitments.

(H)

(I)

(J)

(K)

Negative balances relate to an unfunded commitment that was acquired and/or valued at a discount.

(L)

In addition to the stated coupon, investment has an exit fee payable upon repayment of the loan in an amount equal to the percentage of the original principal amount shown.

(M)

All cash and investments, except those referenced in Note G above, are pledged as collateral under certain debt as described in Note 4 to the Consolidated Financial Statements.

(N)

Inputs in the valuation of this investment included certain unobservable inputs that were significant to the valuation as a whole.

(O)

LIBOR/SOFR, EURIBOR or CORRA resets monthly (M), quarterly (Q), semiannually (S), or annually (A).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $276,107,311 and $352,700,346, respectively, for the year ended December 31, 2025. Aggregate acquisitions include investment assets received as payment in kind. Aggregate dispositions include principal paydowns on and maturities of debt investments. The total value of restricted securities and bank debt as of December 31, 2025 was $1,527,681,215 or 95.8% of total cash and investments of the Company. As of December 31, 2025, approximately 17.0% of the total assets of the Company were not qualifying assets under Section 55(a) of the 1940 Act.

See accompanying notes to the consolidated financial statements.

BlackRock TCP Capital Corp.

Notes to Consolidated Financial Statements (Unaudited)

September 30, 2026

1. Organization and Nature of Operations

BlackRock TCP Capital Corp. (the “Company”), formerly known as TCP Capital Corp., is a Delaware corporation formed on April 2, 2012 as an externally managed, closed-end, non-diversified management investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. The Company invests primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, the Company may make equity investments directly. The Company was formed through the conversion on April 2, 2012 of the Company’s predecessor, Special Value Continuation Fund, LLC, from a limited liability company to a corporation in a non-taxable transaction, leaving the Company as the surviving entity. On April 3, 2012, the Company completed its initial public offering.

Investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC, a Delaware limited liability company (“TCPC Funding”), TCPC Funding II, LLC, a Delaware limited liability company (“TCPC Funding II”), TCPC SPV, LP (formerly, TCPC SBIC, LP), a Delaware limited partnership (the “SBIC”), and BCIC Merger Sub, LLC, a Delaware limited liability company and wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the Securities Exchange Act of 1934 (the “Exchange Act”) and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The SBIC was organized in June 2013, and, on April 22, 2014, received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958. These consolidated financial statements include the accounts of the Company, SVCP (including effective from the closing (the “Closing”) of the Merger (as defined below) on March 18, 2024, the consolidated accounts of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC. All significant intercompany transactions and balances have been eliminated in the consolidation.

The Company has elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. All of the subsidiaries of the Company are treated as disregarded entities.

Series H of SVOF/MM, LLC serves as the administrator of the Company (the “Administrator”). The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, Merger Sub and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC, an indirect subsidiary of BlackRock, Inc., with the Advisor as the surviving entity.

Company management consists of the Advisor and the Company’s Board of Directors (the “Board of Directors”). The Advisor directs and executes the day-to-day operations of the Company, subject to oversight from the Board of Directors, which sets the broad policies of the Company. The Board of Directors of the Company has delegated investment management of SVCP’s assets to the Advisor. The Board of Directors consists of six persons, five of whom are independent.

On March 18, 2024, the Company completed its previously announced acquisition of BlackRock Capital Investment Corporation, a Delaware corporation (“BCIC”), pursuant to the Amended and Restated Agreement and Plan of Merger (the “Merger Agreement”), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC (“BCIA”), and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the “Merger”). As a result of, and as of the effective time of, the Merger, BCIC’s separate corporate existence ceased. See “Note 12 – Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.

1. Organization and Nature of Operations — (continued)

On May 27, 2026, the Company completed a collateralized loan obligation transaction through BlackRock DLF 2026-C CLO, LLC (the “CLO Issuer”) (the “CLO Transaction”). In connection with the CLO Transaction, the CLO Issuer issued multiple classes of senior secured floating rate notes maturing in 2034. Prior to the Continuation Vehicle Transaction (as defined below), SVCP owned 100% of the limited liability company interests in BlackRock DLF-C 2026, LLC (the “CLO Retention Holder”), which retained all interests in the CLO Issuer.

On August 4, 2026, SVCP sold 95% of the limited liability company interests in the CLO Retention Holder to a group of investment funds and accounts managed by Pantheon Ventures (US) LP, and retained the remaining 5% interest (the “Continuation Vehicle Transaction”). See Note 13, “CLO Transaction and Continuation Vehicle Transaction.”

On August 6, 2026, the Company announced that its Board of Directors had engaged Keefe, Bruyette & Woods, a Stifel company, to consider strategic alternatives to maximize shareholder value. These could include, but are not limited to, using newly available leverage capacity to reinvest in the portfolio and/or return capital to shareholders through share repurchases, pursuing potential strategic combinations in the public or private markets, completing an orderly realization of portfolio assets, or some combination thereof. There is no guarantee the Company will pursue any of the foregoing or, that if it seeks to do so, will be successful in achieving any desired outcome.

2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The Company has consolidated the results of its wholly owned subsidiaries in its consolidated financial statements in accordance with ASC Topic 946. The following is a summary of the significant accounting policies of the Company.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as the reported amounts of revenues and expenses during the reporting periods presented. Although management believes these estimates and assumptions to be reasonable, actual results could differ from those estimates and such differences could be material.

Investment Valuation

Pursuant to Rule 2a-5 (the “Rule”) under the 1940 Act, the Board of Directors designated the Advisor as the Company’s valuation designee (the “Valuation Designee”) to perform certain fair value functions, including performing fair value determinations and has approved policies and procedures adopted by the Advisor to seek to ensure compliance with the requirements of the Rule.

The Company’s investments are generally held by the Company’s subsidiaries. Investments are recorded at fair value in accordance with GAAP, based upon the principles and methods of valuation set forth in the policies adopted by the Valuation Designee and approved by the Board of Directors. Fair value is generally defined as the amount for which an investment would be sold in an orderly transaction between market participants at the measurement date.

All investments are valued at least quarterly based on quotations or other affirmative pricing from independent third-party sources, with the exception of investments priced directly by the Valuation Designee which in the aggregate comprise less than 5% of the assets of the Company, and investments valued using net asset value (“NAV”) per share (or its equivalent) as a practical expedient for fair value. Investments listed on a recognized exchange or market quotation system, whether U.S. or foreign, are valued using the closing price on the date of valuation. Investments not listed on a recognized exchange or market quotation system, but for which reliable market quotations are readily available are valued using prices provided by a nationally recognized pricing service or by using quotations from broker-dealers.

2. Summary of Significant Accounting Policies — (continued)

Investments for which market quotations are either not readily available or are determined to be unreliable are priced at fair value using affirmative valuations performed by independent valuation services approved by the Valuation Designee or, for investments aggregating less than 5% of the total assets of the Company, using valuations determined directly by the Valuation Designee. Such valuations are determined under documented valuation policies and procedures reviewed and approved by a committee established by the Valuation Designee (the “Valuation Committee”).

The Company's investment in the Continuation Vehicle is recorded at fair value and is based upon the Company’s percentage ownership of the net assets of the Continuation Vehicle, which is a practical expedient for valuation. The underlying investments of the Affiliated Entities are recorded at fair value.

Generally, to increase objectivity in valuing the investments, the Valuation Designee will utilize external measures of value, such as public markets or third-party transactions, whenever possible. The Valuation Designee’s valuation is not based on long-term work-out value, immediate liquidation value, nor incremental value for potential changes that may take place in the future. The values assigned to investments are based on available information as of the balance sheet date and do not necessarily represent amounts that might ultimately be realized, as these amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated. Such circumstances may include macroeconomic, geopolitical and other events and conditions that may significantly impact the profitability or viability of businesses in which the Company is invested, and therefore may significantly impact the return on the Company’s investments. The foregoing policies apply to all investments, including any in companies and groups of affiliated companies aggregating more than 5% of the Company’s assets.

Fair valuations of investments in each asset class are determined using one or more methodologies including market quotations, the market approach, income approach, or, in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. Such information may include observed multiples of earnings and/or revenues at which transactions in securities of comparable companies occur, with appropriate adjustments for differences in company size, operations or other factors affecting comparability.

The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. The discount rates used for such analyses reflect market yields for comparable investments, considering such factors as relative credit quality, capital structure, and other factors.

In following these approaches, the types of factors that may be taken into account also include, as relevant: available current market data, including relevant and applicable market trading and transaction comparables, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, comparable costs of capital, the principal market in which the investment trades and enterprise values, among other factors.

Investments may be categorized based on the types of inputs used in valuing such investments. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Transfers between levels are recognized as of the beginning of the reporting period.

2. Summary of Significant Accounting Policies — (continued)

At September 30, 2026, the Company’s investments were categorized as follows:


Level	Basis for Determining Fair Value	Bank Debt (1)		Other Corporate Debt (2)		Equity Securities		Equity Investment in Continuation Vehicle		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	165,807	$	—	$	165,807
2	Other direct and indirect observable market inputs (3)		991,961		—		—		—		991,961
3	Independent third-party valuation sources that employ significant unobservable inputs		380,293,873		51,089,279		99,434,757		—		530,817,909
3	Valuation Designee valuations with significant unobservable inputs		—		127,490		588,562		—		716,052
NAV(4) as Practical Expedient			—		—		—		10,842,711		10,842,711
Total		$	381,285,834	$	51,216,769	$	100,189,126	$	10,842,711	$	543,534,440

(1)

Includes senior secured loans

(2)

Includes senior secured notes, unsecured debt and subordinated debt

(3)

For example, quoted prices in inactive markets or quotes for comparable investments

(4)

As of September 30, 2026, the Company's investment in the Continuation Vehicle was valued using NAV per share (or its equivalent) as a practical expedient for fair value and has been excluded from the fair value hierarchy. The fair value amount presented in this table is intended to permit reconciliation of the amounts presented in the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

Unobservable inputs used in the fair value measurement of Level 3 investments as of September 30, 2026 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	267,062,898	Income approach	Discount rate	3.9% - 32.0% (13.0%)
		70,736,237	Market comparable companies	Revenue multiples	0.3x - 5.0x (0.8x)
		40,070,703	Market comparable companies	EBITDA multiples	2.8x - 8.0x (4.7x)
		2,424,035	Market quotations	Indicative bid/ask quotes	1 (1)
Other Corporate Debt		48,756,438	Market comparable companies	EBITDA multiples	8.0x (8.0x)
		2,332,841	Income approach	Discount rate	15.5% (15.5%)
		127,490	Asset approach (2)	N/A	N/A
Equity		70,019,340	Market comparable companies	EBITDA multiples	2.8x - 10.5x (8.4x)
		2,041,247	Market comparable companies	Revenue multiples	0.3x - 9.5x (5.8x)
		17,166,034	Income approach	Discount rate	13.2% - 18.5% (13.2%)
		8,509,791	Option Pricing Model	EBITDA/Revenue multiples	2.2x - 13.0x (6.7x)
				Implied volatility	45.0% - 60.0% (51.8%)
				Term	0.1 years - 3.0 years (1.1 years)
		2,286,907	Transaction approach (3)	N/A	N/A
	$	531,533,961

(1)

Weighted by fair value.

(2)

Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.

(3)

Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

2. Summary of Significant Accounting Policies — (continued)

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:


Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount rate	Decrease	Increase
Revenue multiples	Increase	Decrease
EBITDA multiples	Increase	Decrease
Book value multiples	Increase	Decrease
Implied volatility	Increase	Decrease
Term	Increase	Decrease
Yield	Increase	Decrease

During the nine months ended September 30, 2026, twelve senior debt positions with a fair value of $57.6 million transitioned from an income approach to an expected recovery valuation model, twelve senior debt positions with a fair value of $15.9 million transitioned from an expected recovery valuation model to an income approach, and four senior debt positions with an aggregate fair value of $1.0 million transitioned from a transaction price approach to an income approach. The changes in approach were driven by considerations given to the financial performance of each portfolio company.

Changes in investments categorized as Level 3 during the three months ended September 30, 2026 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,115,308,862		$	62,320,667		$	109,468,452		$	1,287,097,981
Net realized and unrealized gains (losses)		(9,064,100	)		(231,388	)		(4,784,582	)		(14,080,070	)
Acquisitions (1)		12,622,305			—			524,351			13,146,656
Dispositions		(738,573,194	)		(11,000,000	)		(5,773,464	)		(755,346,658	)
Ending balance	$	380,293,873		$	51,089,279		$	99,434,757		$	530,817,909

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(433,038	)	$	(231,388	)	$	(4,731,589	)	$	(5,396,015	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt		Equity Securities		Total
Beginning balance	$	—	$	127,490	$	574,725	$	702,215
Net realized and unrealized gains (losses)		—		—		13,837		13,837
Ending balance	$	—	$	127,490	$	588,562	$	716,052

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	—	$	13,837	$	13,837

Changes in investments categorized as Level 3 during the nine months ended September 30, 2026 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,358,559,662		$	59,756,438		$	113,856,216		$	1,532,172,316
Net realized and unrealized gains (losses)		(43,907,793	)		(216,215	)		(20,227,704	)		(64,351,712	)
Acquisitions (1)		41,437,883			2,549,056			22,025,627			66,012,566
Dispositions		(973,058,425	)		(11,000,000	)		(7,000,515	)		(991,058,940	)
Transfers out of Level 3 (2)		(2,737,454	)		—			(9,218,867	)		(11,956,321	)
Ending balance	$	380,293,873		$	51,089,279		$	99,434,757		$	530,817,909

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(26,673,169	)	$	(216,215	)	$	(19,793,029	)	$	(46,682,413	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred to Level 2 due to increased number of market quotes and two investments transferred to Valuation Designee Valuation.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt		Equity Securities			Total
Beginning balance	$	—	$	127,490	$	574,725		$	702,215
Net realized and unrealized gains (losses)		—		—		(961,737	)		(961,737	)
Dispositions		—		—		(8,243,293	)		(8,243,293	)
Transfers into Level 3 (1)		—		—		9,218,867			9,218,867
Ending balance	$	—	$	127,490	$	588,562		$	716,052

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	—	$	7,542,554		$	7,542,554

(1)

Comprised of two investments that were transferred from Independent Third-Party Valuation.

At December 31, 2025, the Company’s investments were categorized as follows:


Level	Basis for Determining Fair Value	Bank Debt (1)		Other Corporate Debt (2)		Equity Securities		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	427,941	$	427,941
2	Other direct and indirect observable market inputs (3)	—		—		—			—
3	Independent third-party valuation sources that employ significant unobservable inputs		1,358,559,662		59,756,438		113,856,216		1,532,172,316
3	Valuation Designee valuations with significant unobservable inputs	—			127,490		574,725		702,215
Total		$	1,358,559,662	$	59,883,928	$	114,858,882	$	1,533,302,472

(1)

Includes senior secured loans.

(2)

Includes senior secured notes, unsecured debt and subordinated debt.

(3)

For example, quoted prices in inactive markets or quotes for comparable investments.

2. Summary of Significant Accounting Policies — (continued)

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2025 included the following:


Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	1,165,504,450	Income approach	Discount rate	7.7% - 28.3% (11.3%)
		86,637,697	Market comparable companies	Revenue multiples	0.4x - 3.3x (1.7x)
		54,856,441	Market comparable companies	EBITDA multiples	4.5x - 10.0x (9.0x)
		47,153,463	Market quotations	Indicative bid/ask quotes	1 (1)
		4,407,611	Transaction approach (3)	N/A	N/A
Other Corporate Debt		59,756,438	Market comparable companies	Book value multiples	1.6x (1.6x)
		127,490	Asset approach (2)	N/A	N/A
Equity		19,318,718	Option Pricing Model	EBITDA/Revenue multiples	2.2x - 10.0x (6.3x)
				Implied volatility	45.0% - 75.0% (60.7%)
				Term	0.1 years - 3.0 years (1.8 years)
		51,042,935	Market comparable companies	Book value multiples	1.6x (1.6x)
		15,970,951	Market comparable companies	Revenue multiples	0.4x - 4.8x (0.8x)
		9,463,322	Market comparable companies	EBITDA multiples	4.5x - 19.3x (18.0x)
		16,736,055	Income approach	Discount rate	13.4% - 15.0% (13.5%)
		1,898,960	Transaction approach (3)	N/A	N/A
		1,532,874,531

(1)

Weighted by fair value.

(2)

Fair value was determined using an asset approach and is based on the remaining cash held, net of all liabilities.

(3)

Fair value was determined using the transaction price to acquire the position. There has been no change to the valuation based on the underlying assumptions used at the closing of such transaction.

Changes in investments categorized as Level 3 during the three months ended September 30, 2025 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,525,587,362		$	59,884,621		$	188,280,321		$	1,773,752,304
Net realized and unrealized gains (losses)		(2,181,394	)		—			310,516			(1,870,878	)
Acquisitions (1)		65,391,223			—			1,344,526			66,735,749
Dispositions		(124,583,402	)		—			(15,798,919	)		(140,382,321	)
Transfers into Level 3 (2)		11,227,978			—			—			11,227,978
Transfers out of Level 3 (3)		—			(128,183	)		—			(128,183	)
Ending balance	$	1,475,441,767		$	59,756,438		$	174,136,444		$	1,709,334,649

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(13,419,807	)	$	—		$	(57,536	)	$	(13,477,343	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes.

(3)

Comprised of one investment that was transferred to Valuation Designee Valuation.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt			Equity Securities		Total
Beginning balance	$	—	$	—		$	1,157,403	$	1,157,403
Net realized and unrealized gains (losses)		—		(693	)		246		(447	)
Transfers into Level 3 (1)		—		128,183			—		128,183
Ending balance	$	—	$	127,490		$	1,157,649	$	1,285,139

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	(693	)	$	246	$	(447	)

(1)

Comprised of one investment that was transferred from Independent Third-Party Valuation.

Changes in investments categorized as Level 3 during the nine months ended September 30, 2025 were as follows:


	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	1,549,242,872		$	64,772,456		$	150,615,054		$	1,764,630,382
Net realized and unrealized gains (losses)		(55,932,526	)		—			1,712,232			(54,220,294	)
Acquisitions (1)		186,991,361			—			39,355,031			226,346,392
Dispositions		(221,083,573	)		—			(17,545,873	)		(238,629,446	)
Transfers into Level 3 (2)		16,223,633			—			—			16,223,633
Transfers out of Level 3 (3)		—			(5,016,018	)		—			(5,016,018	)
Ending balance	$	1,475,441,767		$	59,756,438		$	174,136,444		$	1,709,334,649

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(32,537,735	)	$	—		$	1,076,567		$	(31,461,168	)

(1)

Includes payments received in kind and accretion of original issue and market discounts.

(2)

Comprised of two investments that were transferred from Level 2 due to reduced number of market quotes.

(3)

Comprised of one investment that was transferred to Valuation Designee Valuation.

2. Summary of Significant Accounting Policies — (continued)


	Valuation Designee Valuation
	Bank Debt		Other Corporate Debt			Equity Securities		Total
Beginning balance	$	—	$	—		$	1,157,403	$	1,157,403
Net realized and unrealized gains (losses)		—		(2,349,304	)		246		(2,349,058	)
Dispositions		—		(2,539,224	)		—		(2,539,224	)
Transfers into Level 3 (1)		—		5,016,018			—		5,016,018
Ending balance	$	—	$	127,490		$	1,157,649	$	1,285,139

Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	(2,349,828	)	$	246	$	(2,349,581	)

_____________________________

(1)

Comprised of one investment that was transferred from Independent Third-Party Valuation

Investment Transactions

Investment transactions are recorded on the trade date, except for private transactions that have conditions to closing, which are recorded on the closing date. The cost of investments purchased is based upon the purchase price plus those professional fees which are specifically identifiable to the investment transaction. Realized gains and losses on investments are recorded based on the specific identification method, which typically allocates the highest cost inventory to the basis of investments sold.

Cash and Cash Equivalents

Cash consists of amounts held in accounts with the custodian bank. Cash equivalents consist of highly liquid investments with an original maturity of generally 60 days or less and may not be insured by the FDIC or may exceed federally insured limits. Cash equivalents are classified as Level 1 in the GAAP valuation hierarchy. At September 30, 2026, included in cash and cash equivalents was $160.0 million (34.0% of net assets) held in the JPMorgan U.S. Government Money Market Fund with a 7-day yield of 3.79%, $0.9 million (0.2% of net assets) held in the Allspring Government Money Market Fund with a 7-day yield of 3.74% and $83.7 million (17.8% of net assets) held in the BlackRock Liquidity Funds: T-Fund with a 7-day yield of 3.78%. At December 31, 2025, included in cash and cash equivalents was $3.8 million (0.6% of net assets) held in the JPMorgan U.S. Government Money Market Fund with a 7-day yield of 3.66% and $47.6 million (8.0% of net assets) held in the Allspring Government Money Market Fund with a 7-day yield of 3.65%. There was no restricted cash at September 30, 2026 and December 31, 2025.

Restricted Investments

The Company may invest without limitation in instruments that are subject to legal or contractual restrictions on resale. These instruments generally may be resold to institutional investors in transactions exempt from registration or to the public if the securities are registered. Disposal of these investments may involve time-consuming negotiations and additional expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted investments is included at the end of the Consolidated Schedule of Investments. Restricted investments, including any restricted investments in affiliates, are valued in accordance with the investment valuation policies discussed above.

2. Summary of Significant Accounting Policies — (continued)

Foreign Currency Investments

The Company may invest in instruments traded in foreign countries and denominated in foreign currencies. Foreign currency denominated investments comprised approximately 1.1% and 0.4% of total investments at September 30, 2026 and December 31, 2025, respectively. Such positions were converted at the respective closing foreign exchange rates in effect at September 30, 2026 and December 31, 2025 and reported in U.S. dollars. Purchases and sales of investments and income and expense items denominated in foreign currencies, when they occur, are translated into U.S. dollars based on the foreign exchange rates in effect on the respective dates of such transactions. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.

Derivatives

In order to mitigate certain currency exchange and interest rate risks, the Company may enter into certain derivative transactions. All derivatives are subject to a master netting agreement and are reported at their gross amounts as either assets or liabilities in the Consolidated Statements of Assets and Liabilities. Transactions entered into are accounted for using the mark-to-market method with the resulting change in fair value recognized in earnings for the current period. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in interest rates and the value of foreign currencies relative to the U.S. dollar. Certain derivatives may also require the Company to pledge assets as collateral to secure its obligations.

Valuations of derivatives are determined using observable market inputs other than quoted prices in active markets for identical assets and, accordingly, are generally classified as Level 2 in the GAAP valuation hierarchy.

Merger Sub entered into a centrally-cleared interest rate swap (the “Interest Rate Swap”) to economically hedge the interest payable on the fixed rate tranche of Merger Sub’s 2025 Notes (as defined below) (see Note 4). The notional amount of the Interest Rate Swap is $35.0 million. Under the swap agreement, Merger Sub received a fixed interest rate of 2.633% and paid a floating interest rate of SOFR with payments due annually. The Interest Rate Swap matured on June 9, 2025.

Pursuant to the contract, Merger Sub was required to deposit initial margin with the broker in the form of cash and had agreed to receive from or pay to the broker daily variation margin. The amounts related to the right to claim or the obligation to return cash collateral may not have been used to offset amounts due under the Interest Rate Swap contract in the normal course of settlement. Both the initial margin and variation margin paid were included as assets within “Due from broker” on the Consolidated Statement of Assets and Liabilities prior to the maturity of the swap on June 9, 2025.

Since the swap contract has not been designated as a hedge accounting relationship pursuant to ASC 815, Derivatives and Hedging, changes in the fair value of the swap contract, net of any periodic interest accruals, were presented as part of change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

Interest rate swap agreements are valued utilizing quotes received from independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. The fair value of the Interest Rate Swap is classified as Level 2 with respect to the fair value hierarchy.

During the nine months ended September 30, 2026 and 2025, the Company did not enter into any additional derivative transactions.

2. Summary of Significant Accounting Policies — (continued)

Deferred Debt Issuance Costs

Certain costs incurred in connection with the issuance and/or extension of debt of the Company and its subsidiaries were capitalized and are being amortized on a straight-line basis over the estimated life of the respective instruments. The impact of utilizing the straight-line amortization method versus the effective-interest method is not material to the operations of the Company.

Revenue Recognition

Interest and dividend income, including income paid in kind, is recorded on an accrual basis, when such amounts are considered collectible. Origination, structuring, closing, commitment and other upfront fees, including original issue discounts, earned with respect to capital commitments are generally amortized or accreted into interest income over the life of the respective debt investment, as are end-of-term or exit fees receivable upon repayment of a debt investment. Other fees, including certain amendment fees, prepayment fees and commitment fees on broken deals, are recognized as earned. Prepayment fees and similar income due upon the early repayment of a loan or debt security are recognized when earned and are included in interest income.

Certain debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued payment-in-kind (“PIK”) interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may either be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company’s judgment, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

Significant Subsidiaries

In accordance with Rules 3-09 and 4-08(g) of Regulation S-X (“Rule 3-09” and “Rule 4-08(g),” respectively), the Company must determine which of its unconsolidated controlled portfolio companies are considered “significant subsidiaries,” if any. In evaluating these investments, Rule 1-02(w)(2) of Regulation S-X stipulates two tests to be utilized by a business development company to determine if any of its controlled investments are considered significant subsidiaries for financial reporting purposes: the investment test and the income test. Rule 3-09 requires separate audited financial statements of an unconsolidated majority owned subsidiary in an annual report if any of the tests exceed the thresholds noted in Rule 1-02(w)(2), whereas Rule 4-08(g) only requires summarized financial information in an annual/quarterly report if the thresholds are exceeded. No controlled investments were considered significant subsidiaries as of September 30, 2026 and December 31, 2025.

Income Taxes

The Company intends to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to RICs, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required. The income or loss of SVCP (including effective from the Closing, the consolidated income or loss of Merger Sub), TCPC Funding, TCPC Funding II and the SBIC is reported in the respective members’ or partners’ income tax returns, as applicable. In accordance with ASC Topic 740 - Income Taxes, the Company recognizes in its consolidated financial statements the

2. Summary of Significant Accounting Policies — (continued)

effect of a tax position when it is determined that such position is more likely than not, based on the technical merits, to be sustained upon examination. The tax returns of the Company, SVCP, TCPC Funding, TCPC Funding II and the SBIC remain open for examination by tax authorities for a period of three years from the date they are filed. No such examinations are currently pending. Management has analyzed tax laws and regulations and their application to the Company as of September 30, 2026, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the consolidated financial statements.

The final tax characterization of distributions is determined after the fiscal year and is reported on Form 1099 and in the Company’s annual report to shareholders. Distributions can be characterized as ordinary income, capital gains and/or return of capital.

As of December 31, 2025, the Company had non-expiring capital loss carryforwards in the amount of $825,454,996 available to offset future realized capital gains.

As of December 31, 2025, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:


	December 31, 2025
Tax Cost	$	1,860,387,305

Gross Unrealized Appreciation	$	116,913,526
Gross Unrealized Depreciation		(443,998,359	)
Net Unrealized Appreciation (Depreciation)	$	(327,084,833	)

On March 18, 2024, the Company completed its previously announced Merger with BCIC. Pursuant to the Merger Agreement, BCIC was merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP. The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes. As a result of the Merger, BCIC’s separate existence ceased.

Segment Reporting

The Company’s chief executive officer and chief financial officer act as the Company’s chief operating decision maker (“CODM”). The CODM is responsible for assessing performance, allocating resources and making operating decisions of the Company on a consolidated basis based on the net increase (decrease) in net assets resulting from operations (“net income”) of the Company in addition to other factors and metrics. The CODM has concluded that the Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt and equity investments. In addition to numerous other factors and metrics, the CODM utilizes net income as a key metric to make dividend recommendations to the Board of Directors. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”). ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and permits early adoption. The Company adopted the ASU 2023-09 for the annual reporting period beginning on January 1, 2025 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

2. Summary of Significant Accounting Policies — (continued)

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, in each relevant expense caption. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance, however, the Company does not expect a material impact on its consolidated financial statements.

3. Management Fees, Incentive Fees and Other Expenses

On February 8, 2019, the shareholders of the Company approved an amended investment management agreement to be effective on February 9, 2019 between the Company and the Advisor which (i) reduced the base management fee on total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company from 1.50% to 1.00%, (ii) reduced the incentive compensation on net investment income and net realized gains (reduced by any net unrealized losses) from 20% to 17.5% and (iii) reduced the cumulative total return hurdle from 8% to 7%.

Accordingly, the Company’s base management fee was calculated at an annual rate of 1.50% on total assets (excluding cash and cash equivalents) up to an amount equal to 200% of the net asset value of the Company, and 1.00% thereafter. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears.

In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”) that became effective at the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The base management fee is calculated on a consolidated basis as of the beginning of each quarter and is payable to the Advisor quarterly in arrears. On February 24, 2025, the Advisor voluntarily agreed to waive one third of its management fee for each of the first three quarters of 2025, starting on January 1, 2025 and ending on September 30, 2025. On January 22, 2026, the Advisor approved a one-time waiver to waive one third of its management fee for the fourth quarter of 2025. For the year ended December 31, 2025, the Advisor waived $7.3 million in management fees.

In connection with the Merger, the Company also entered into a fee waiver agreement with the Advisor (the “Fee Waiver Agreement”). The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter). No advisory fee waiver was required for the four (4) fiscal quarters following the Closing pursuant to the Fee Waiver Agreement. The Fee Waiver Agreement is not applicable to the periods after December 31, 2024.

In recognition of the reduction in assets resulting from the Continuation Vehicle Transaction during the three months ended September 30, 2026, the Advisor reduced its management fee to reflect the Company's revised asset base following the Continuation Vehicle Transaction, resulting in an approximately $1.2 million reduction in management fees for the quarter.

Incentive compensation is only incurred to the extent the Company’s cumulative total return (after incentive compensation) exceeds a 7% annual rate on daily weighted-average contributed common equity. Subject to that limitation, incentive compensation is calculated on ordinary income (before incentive compensation) and net realized gains (net of any unrealized depreciation) at rates of 17.5% on income since the fee reduction on February 8, 2019 and 20% previously. Incentive compensation is computed as the difference between incentive compensation earned and incentive compensation paid, subject to the total return hurdle, on a cumulative basis since January 1, 2013, and is payable quarterly in arrears. As of September 30, 2026, the Company’s cumulative total return did not exceed the total return hurdle and, as a result, no incentive compensation was accrued for the three and nine months ended September 30, 2026.

3. Management Fees, Incentive Fees and Other Expenses — (continued)

In connection with the Merger, the Company and the Advisor agreed that, for the purposes of calculating adjusted net investment income and for purposes of incentive fee calculations under the Amended and Restated Investment Advisory Agreement, any amortization of original issue discount to interest income or any gains and losses resulting solely from accounting adjustments to the cost basis of the BCIC assets acquired in the Merger as required under applicable accounting guidance under ASC 805 will be excluded.

A reserve for incentive compensation is accrued based on the amount of any additional incentive compensation that would have been payable to the Advisor assuming a hypothetical liquidation of the Company at net asset value on the balance sheet date. As of September 30, 2026 and December 31, 2025, no such reserve was accrued.

The Company bears all expenses incurred in connection with its business, including fees and expenses of outside contracted services, such as custodian, administrative, legal, audit and tax preparation fees, costs of valuing investments, insurance costs, brokers’ and finders’ fees relating to investments, and any other transaction costs associated with the purchase and sale of investments.

4. Debt

Debt is comprised of unsecured notes due May 2029 issued by the Company (the “2029 Notes”) and the amounts outstanding under a senior secured revolving credit facility originally entered into by BCIC and assumed by Merger Sub (“Merger Sub Facility”). Prior to being repaid or assumed, debt included $325.0 million in unsecured notes due February 2026 (the “2026 Notes”) which were repaid on February 9, 2026, $92.0 million in unsecured notes which were due December 2025 originally issued by BCIC and assumed by Merger Sub (the “2025 Notes”) which were repaid on July 31, 2025, $100.0 million under a Funding II senior secured revolving credit facility (“Funding Facility II”) which was paid off on May 27, 2026, $107.2 million in debentures guaranteed by the SBA (the “SBA Debentures”) which were paid off on June 17, 2026, $120.0 million under a senior secured revolving, multi-currency credit facility entered into by SVCP (the “Operating Facility”) which was paid off on August 3, 2026, and $405.4 million in notes offered in the CLO Transaction that closed on May 27, 2026 (the “Secured Notes”), which were assumed by the CLO Retention Holder on August 4, 2026.

Total debt outstanding and available at September 30, 2026 was as follows:


	Maturity	Rate		Carrying Value (1)			Available		Total Capacity
Merger Sub Facility(2)	2028	SOFR+2.00%	(3)	$	6,893,706		$	258,106,294	$	265,000,000	(4)
2029 Notes ($325 million par)	2029	6.95%			322,916,348			—		322,916,348
Total leverage					329,810,054		$	258,106,294	$	587,916,348
Unamortized issuance costs					(3,431,843	)
Debt, net of unamortized issuance costs				$	326,378,211

(1)

Except for the 2029 Notes, all carrying values are the same as the principal amounts outstanding.

(2)

Debt assumed by the Company as a result of the Merger with BCIC.

(3)

The applicable margin for SOFR-based borrowings, EURIBOR-based borrowings and CORRA-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness. As of September 30, 2026, $0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $2.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. $4.0 million of the outstanding amount bore interest at a rate of CORRA + 2.00% with a credit adjustment of 0.30%.

(4)

Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.

4. Debt — (continued)

Total debt outstanding and available at December 31, 2025 was as follows:


	Maturity	Rate		Carrying Value (1)			Available		Total Capacity
Operating Facility	2029	SOFR+2.00%	(2)	$	146,213,186		$	153,786,814	$	300,000,000	(3)
Funding Facility II	2029	SOFR+2.00%			100,000,000			100,000,000		200,000,000	(4)
Merger Sub Facility(5)	2028	SOFR+2.00%	(6)		36,000,000			229,000,000		265,000,000	(7)
SBA Debentures	2026−2031	2.41%	(8)		111,200,000			—		111,200,000
2026 Notes ($325 million par)	2026	2.85%			325,033,026			—		325,033,026
2029 Notes ($325 million par)	2029	6.95%			322,396,491			—		322,396,491
Total leverage					1,040,842,703			482,786,814		1,523,629,517
Unamortized issuance costs					(5,299,866	)
Debt, net of unamortized issuance costs				$	1,035,542,837

(1)

Except for the 2026 Notes and the 2029 Notes, all carrying values are the same as the principal amounts outstanding.

(2)

As of December 31, 2025, $140.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. $2.9 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00%. $3.3 million of the outstanding amount bore interest at a rate of CORRA + 2.00% with a credit adjustment of 0.30%.

(3)

Operating Facility includes a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions.

(4)

Funding Facility II includes a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions.

(5)

Debt assumed by the Company as a result of the Merger with BCIC.

(6)

The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness.

(7)

Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.

(8)

Weighted-average interest rate, excluding fees of 0.35% or 0.36%.

The combined weighted-average interest rates on total debt outstanding at September 30, 2026 and December 31, 2025 were 6.90% and 4.90%, respectively.

Total expenses related to debt included the following:


	Nine Months Ended September 30,
	2026		2025
Interest expense	$	37,158,645	$	45,679,648
Amortization of deferred debt issuance costs		2,426,425		3,994,405
Commitment fees		863,853		1,315,360
Total	$	40,448,923	$	50,989,413

Outstanding debt is carried at amortized cost in the Consolidated Statements of Assets and Liabilities. As of September 30, 2026, the estimated fair value of the Merger Sub Facility was $6.0 million, and the estimated fair value of the 2029 Notes was $320.9 million. As of December 31, 2025, the estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures approximated their carrying values and the estimated fair value of the Merger Sub Facility was $32.9 million. As of December 31, 2025, the 2026 Notes and the 2029 Notes had estimated fair values of $323.8 million and $326.1 million, respectively. The estimated fair values of the Operating Facility, Funding Facility II and the SBA Debentures were determined by discounting projected remaining payments using market interest rates for borrowings of the Company and entities with similar credit risks at the measurement date. The estimated fair value of the Merger Sub Facility was derived by taking the average of the high and low quotes as obtained from a broker. The estimated fair values of the 2026 Notes and 2029 Notes were determined using market quotations. The estimated fair values of the Operating Facility, Funding Facility II, Merger Sub Facility, 2026 Notes, 2029 Notes and SBA Debentures as prepared for disclosure purposes were deemed to be Level 3 in the GAAP valuation hierarchy.

4. Debt — (continued)

Unsecured Notes

On August 23, 2019, the Company issued $150.0 million of unsecured notes (the “2024 Notes”). On November 26, 2019, the Company issued an additional $50.0 million of the 2024 Notes and on October 2, 2020, the Company issued an additional $50.0 million of the 2024 Notes for a total outstanding aggregate principal amount of $250.0 million. The 2024 Notes were issued at a discount to the principal amount and bore interest at an annual rate of 3.900%, payable semi-annually. On August 23, 2024, the 2024 Notes matured and all principal was repaid.

On February 9, 2021, the Company issued $175.0 million of unsecured notes that were to mature on February 9, 2026, unless previously repurchased or redeemed in accordance with their terms. The 2026 Notes were issued at a discount to the principal amount. On August 27, 2021, the Company issued an additional $150.0 million of the 2026 Notes, at a premium to par, for a total outstanding aggregate principal amount of $325.0 million. The 2026 Notes bore interest at an annual rate of 2.850%, payable semi-annually, and all principal was due upon maturity. The 2026 Notes were redeemable in whole or part at the Company's option at a redemption price equal to par plus a “make whole” premium, as determined pursuant to the indenture governing the 2026 Notes, and any accrued and unpaid interest. On February 9, 2026, the 2026 Notes matured and the Company repaid $325.0 million of principal amount at par plus the accrued and unpaid interest.

On March 18, 2024, Merger Sub entered into an assumption agreement (the “Note Assumption Agreement”), effective as of the Closing. The Note Assumption Agreement related to Merger Sub’s assumption of (a) $35.0 million aggregate principal amount of BCIC’s 6.85% Series 2022A Senior Notes, Tranche A, due December 9, 2025 (the “Tranche A Notes”) and (b) $57.0 million aggregate principal amount of BCIC’s Floating Rate Series 2022A Senior Notes, Tranche B due December 9, 2025 (the “Tranche B Notes” and, collectively with the Tranche A Notes, the “2025 Notes”) and other obligations of BCIC under the Master Note Purchase Agreement, dated as of April 21, 2022 (as amended by the First Amendment to the Master Note Purchase Agreement, dated as of March 13, 2024 (the “First Amendment”), and as further amended, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”), among BCIC and certain institutional investors.

Pursuant to the Note Assumption Agreement, Merger Sub expressly assumed on behalf of BCIC the due and punctual payment of the principal of (and premium, if any) and interest on all the 2025 Notes outstanding, and the due and punctual performance and observance of every covenant and every condition of the Note Purchase Agreement and the 2025 Notes, to be performed or observed by BCIC.

The Tranche A Notes bore interest at a fixed rate equal to 6.85% per annum (which was increased from 5.82% per annum effective as of the Closing) that was payable semi-annually. The Tranche B Notes bore interest at a rate equal to the SOFR plus 3.14% that was payable quarterly. The 2025 Notes were due on December 9, 2025 unless redeemed, purchased or prepaid prior to such date by Merger Sub or its affiliates in accordance with their terms. Merger Sub could prepay the 2025 Notes at its option, subject to a prepayment premium, in an amount equal to 1% on or before June 9, 2024, 0.5% after June 9, 2024 but on or before June 9, 2025 and zero after June 9, 2025. In addition, Merger Sub would be obligated to offer to repay the 2025 Notes at par if certain change in control events occur.

On July 21, 2025, the Company caused notices to be issued to the holders of the 2025 Notes regarding the Company’s exercise of its option to prepay $35.0 million in aggregate principal amount of issued and outstanding Tranche A Notes and $57.0 million in aggregate principal amount of issued and outstanding Tranche B Notes, which represent the entire amount of the 2025 Notes outstanding, pursuant to the terms of the Note Assumption Agreement. The Company prepaid all $35.0 million in aggregate principal amount of the Tranche A Notes and $57.0 million in aggregate principal amount of the Tranche B Notes on July 31, 2025, at 100% of their principal amount, plus the accrued and unpaid interest thereon in accordance with the terms of the Note Assumption Agreement.

On May 30, 2024, the Company issued $325.0 million of unsecured notes that mature on May 30, 2029, unless previously repurchased or redeemed in accordance with their terms. The 2029 Notes were issued at a discount to the principal amount. The 2029 Notes bear interest at an annual rate of 6.95%, payable semi-annually, and all principal is due upon maturity. The 2029 Notes may be redeemed in whole or part at the Company's option at a redemption price equal to par plus a "make whole" premium, as determined pursuant to the indenture governing the 2029 Notes, and any accrued and unpaid interest.

4. Debt — (continued)

As of September 30, 2026 and December 31, 2025, the components of the carrying value of 2026 Notes and 2029 Notes were as follows:


	September 30, 2026				December 31, 2025
	2026 Notes	2029 Notes			2026 Notes		2029 Notes
Principal amount of debt	N/A	$	325,000,000		$	325,000,000	$	325,000,000
Original issue (discount)/ premium, net of accretion	N/A		(2,083,652	)		33,026		(2,603,509	)
Carrying value of debt	N/A	$	322,916,348		$	325,033,026	$	322,396,491

For the nine months ended September 30, 2026 and 2025, the components of interest expense for the 2025 Notes, 2026 Notes and 2029 Notes were as follows:


	Nine Months Ended September 30,
	2026						2025
	2025 Notes	2026 Notes			2029 Notes		2025 Notes		2026 Notes			2029 Notes
Stated interest expense	N/A	$	977,708		$	16,940,625	$	3,932,362	$	6,946,875		$	16,940,625
Amortization of original issue discount/ (premium)	N/A		(33,026	)		519,857		—		(287,157	)		484,267
Total interest expense	N/A	$	944,682		$	17,460,482	$	3,932,362	$	6,659,718		$	17,424,892

Secured Notes

On May 27, 2026, the Company, through its subsidiary, completed a $535,780,000 securitization of certain loans. In connection with the CLO Transaction, the CLO Issuer issued $270,600,000 of Class A-1 Notes (three-month SOFR + 1.55%), $54,100,000 of Class A-2 Notes (three-month SOFR + 1.80%), $54,100,000 of Class B Notes (three-month SOFR + 2.15%), and $27,100,000 of Class C Notes (three-month SOFR + 2.70%), each due 2034. As a result of the Continuation Vehicle Transaction on August 4, 2026, the Company ceased to consolidate the CLO Retention Holder and the CLO Issuer. Accordingly, following the closing of the Continuation Vehicle Transaction, the Secured Notes are no longer included in the Company's consolidated financial statements. See Note 13, “CLO Transaction and Continuation Vehicle Transaction.”

For the nine months ended September 30, 2026 and 2025, the components of interest expense for the Secured Notes were as follows:


	Nine Months Ended September 30,
	2026		2025
Stated interest expense	$	3,992,563	N/A
Amortization of original issue discount/ (premium)		10,636	N/A
Total interest expense	$	4,003,199	N/A

Operating Facility

The Operating Facility consisted of a revolving, multi-currency credit facility which provided for amounts to be drawn up to $300.0 million, subject to certain collateral and other restrictions. The Operating Facility included a $100.0 million accordion feature which allowed for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. Most of the cash and investments held directly by SVCP, as well as the assets of TCPC Funding and 36th Street Capital Partners Holdings, LLC, were included in the collateral for the facility.

On June 22, 2021, the Operating Facility was amended to (i) extend the maturity date by two years from May 6, 2024 to May 6, 2026, (ii) change the interest rate applicable to borrowings to (a) LIBOR plus an applicable margin equal to either 1.75% or 2.00%, or (b) in the case of ABR borrowings, generally the prime rate in effect plus an applicable margin of either 0.75% or 1.00% depending on a ratio of the borrowing base to the facility commitments in both cases, and (iii) reduce commitment fees on the undrawn portion of the Operating Facility above the minimum utilization amount from 0.50% per annum to 0.375% per annum. Undrawn portions of the

4. Debt — (continued)

Operating Facility below the minimum utilization amount continued to accrue commitment fees at a rate of 0.50% per annum until March 1, 2022, the date on which the March 2022 Convertible Notes (the "2022 Notes") were terminated in full, after which time they accrued at a rate of 2.00% per annum.

On June 15, 2023, the Operating Facility was amended to update the terms of the interest rate from LIBOR to SOFR plus a credit spread adjustment of 0.11%, plus a margin equal to either 1.75% or 2.00%, depending on a ratio of the borrowing base to the facility commitments.

On August 1, 2024, the Operating Facility was amended to (i) extend the expiration date of the Operating Facility and the maturity date with respect to loans made thereunder from May 6, 2025 and May 6, 2026 to August 1, 2028 and August 1, 2029, respectively, (ii) delete references to the 2022 Notes, (iii) remove certain borrowing base restrictions, (iv) lower the SOFR credit spread adjustment to 0.10% for one month contracts and 0.15% for three month contracts, respectively, (v) update the minimum amount of stockholder’s equity figure, (vi) update the “change in control” provisions to account for personnel changes and structuring variations and (vii) update certain mechanical/administrative provisions, including provisions for replacing CDOR and other reference rates.

On August 3, 2026, the Company paid off all the outstanding principal amounts plus the accrued and unpaid interest thereon of and terminated the Operating Facility.

Funding Facility II

Funding Facility II was a senior secured revolving credit facility which provided for amounts to be drawn up to $200.0 million, subject to certain collateral and other restrictions. The facility contained an accordion feature which allowed for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. The cash and investments of TCPC Funding II were included in the collateral for the facility.

Borrowings under Funding Facility II bore interest at a rate of LIBOR plus 2.00% per annum, subject to certain funding requirements, plus a 0.35% fee on drawn amounts and an agency fee of 0.15% per annum on the facility. The facility also accrued commitment fees of 0.35% per annum on the unused portion of the facility.

Beginning on February 28, 2023, borrowings under Funding Facility II bore interest at a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.00% per annum, which was subject to increase after the end of the revolving period or under other customary circumstances. The facility also accrued a 0.35% fee on drawn amounts and an agency fee of 0.15% per annum on the facility. The facility also accrued commitment fees of 0.35% per annum on the unused portion of the facility.

On August 4, 2023, the Funding Facility II was amended to extend the maturity date from August 4, 2025 to August 4, 2027, and updated interest to a rate of SOFR plus a credit spread adjustment of 0.15%, plus a margin of 2.05%. The facility may have been terminated, and any outstanding amounts thereunder may have become due and payable, should TCPC Funding II have failed to satisfy certain financial or other covenants. On July 31, 2025, the Funding Facility II was amended to extend the revolving period from August 4, 2025 to July 31, 2027 and the stated maturity date from August 4, 2027 to July 31, 2029 and updated the interest to a rate of SOFR plus a margin of 2.00%.

In connection with the CLO Transaction, on May 27, 2026, the proceeds from the issuance of all the Secured Notes and the LLC interests were used to prepay and terminate Funding Facility II.

4. Debt — (continued)

Merger Sub Facility

On March 18, 2024, Merger Sub entered into an assumption agreement (the “Credit Assumption Agreement”), effective as of the Closing. The Credit Assumption Agreement relates to Merger Sub’s assumption of that certain Second Amended and Restated Senior Secured Revolving Credit Agreement, originally entered into on February 19, 2016, as amended as of August 8, 2016, June 5, 2017, March 15, 2018, August 30, 2019, May 22, 2020, April 23, 2021, April 26, 2023 and September 6, 2023 (as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Merger Sub Facility”), by and among BCIC (the “Initial Borrower”), Citibank, N.A., as administrative agent and the other parties thereto. The Merger Sub Facility provides for amounts to be drawn up to $265.0 million, by which Merger Sub may seek an increase in the commitments to $325.0 million in the aggregate (subject to satisfaction of certain conditions, including obtaining commitments). The Merger Sub Facility matures on September 6, 2028. Amounts outstanding under the Merger Sub Facility bear interest at a rate based on, at Merger Sub’s election, (i) in the case of ABR loans, a base reference rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) the “Prime Rate” in effect on such day and (c) the adjusted term SOFR rate plus 1.00%, plus a margin ranging from 0.75% to 1.00% per annum, in the case of ABR loans, and 1.75% to 2.00% per annum, in the case of eurocurrency loans or SOFR loans, (ii) in the case of eurocurrency loans, a rate per annum equal to the adjusted CDOR rate or the adjusted EURIBOR rate, for loans denominated in Canadian dollars or in euros, respectively, plus, in either case, the Applicable Margin (as defined in the Merger Sub Facility) or (iii) in the case of SOFR loans, a rate per annum equal to the adjusted term SOFR rate plus the Applicable Margin. The Merger Sub Facility is secured by all of the assets held by Merger Sub as successor to BCIC.

SBA Debentures

On June 17, 2026, the Company paid off all the outstanding principal amounts plus the accrued and unpaid interest thereon of the SBA Debentures.

SBA Debentures outstanding as of December 31, 2025 were as follows:


Issuance Date	Maturity	Debenture Amount		Fixed Interest Rate				SBA Annual Charge
March 23, 2016	March 1, 2026	$	4,000,000		2.51	%			0.36	%
September 21, 2016	September 1, 2026		18,200,000		2.05	%			0.36	%
September 20, 2017	September 1, 2027		14,000,000		2.52	%			0.36	%
March 21, 2018	March 1, 2028		8,000,000		3.19	%			0.35	%
September 19, 2018	September 1, 2028		15,000,000		3.55	%			0.35	%
September 25, 2019	September 1, 2029		40,000,000		2.28	%			0.35	%
September 22, 2021	September 1, 2031		12,000,000		1.30	%			0.35	%
		$	111,200,000		2.41	%	*

* Weighted-average interest rate

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 September 30, 2026 and December 31, 2025 as follows:


		Unfunded Balances
Issuer	Maturity	September 30, 2026		December 31, 2025
Advanced Cooling Technologies Inc.	5/19/2033	$	163,636	$	-
Alcami Corporation	12/21/2029		316,406	NA
Alcami Corporation	12/21/2028	NA			919,537
ALCV Purchaser, Inc. (AutoLenders)	2/25/2026	NA			448,202
Alpine Acquisition Corp II (48Forty)	1/14/2031		278,658	NA
Alpine Acquisition Corp II (48Forty)	1/14/2031		1,114,630	NA
Alpine Acquisition Corp II (48Forty)	11/30/2029	NA			171,095
AmeriLife Holdings, LLC	8/31/2028		66,583		618,743
Anthracite Buyer, Inc. (Coalfire)	12/3/2032		100,000		1,000,000
Applause App Quality, Inc.	10/24/2029		113,311		1,046,175
Appriss Health, LLC (PatientPing)	5/6/2027	NA			736,257
Appriss Health, LLC (PatientPing)	5/6/2030		134,609	NA
Aras Corporation	4/13/2029		279,746		766,660
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	1/14/2033		83,155	NA
Aryeh Bidco Investment Ltd (DentalCorp) (Canada)	1/14/2033		46,574	NA
Beekeeper Buyer Inc. (Archway)	6/30/2031		200,000		200,000
Bluefin Holding, LLC (Allvue)	9/12/2029		130,817		762,821
Brown & Settle, Inc.	5/16/2030		55,885		243,902
Bynder Bidco B.V. (Netherlands)	1/26/2029		377,424		1,259,424
Bynder Bidco, Inc. (Netherlands)	1/26/2029		103,984		346,984
CareATC, Inc.	9/14/2027		664,393		945,362
Chronicle Parent LLC (Lexitas)	4/15/2031	NA			2,418,058
Chronicle Parent LLC (Lexitas)	4/15/2031	NA			878,017
Clever Devices Ltd.	6/12/2030	NA			343,137
Community Merger Sub Debt LLC (CINC Systems)	1/18/2030		171,429		428,571
Crewline Buyer, Inc. (New Relic)	11/8/2030		163,522		163,522
Deepl Se (Germany)	6/26/2030		1,031,062		2,062,124
Deepl Se (Germany)	6/26/2030		290,582		581,163
DNAnexus, Inc	12/18/2029	NA			18,375,000
Douglas Holdings, Inc (Docupace)	8/27/2030	NA			2,919,174
Douglas Holdings, Inc (Docupace)	8/27/2030	NA			502,634
Douglas Holdings, Inc (Docupace)	8/27/2030		413,377		1,326,897
Dragos, Inc.	6/30/2030	NA			2,400,000
Dragos, Inc.	6/30/2030	NA			881,172
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		163,965		776,367
EBS Parent Holdings Inc. (The Difference Card)	7/1/2032		71,289		258,789
e-Discovery Acquireco, LLC (Reveal)	8/23/2029		99,743		349,100
Emerald Technologies (U.S.) AcquisitionCo, Inc.	10/1/2029		5		3,479
ESO Solutions, Inc.	5/3/2027	NA			236,654
Express Wash Acquisition Company, LLC (Whistle)	4/10/2031		550,267		1,666,615
FirstUp, Inc	7/13/2027	NA			38,620
Fishbowl, Inc.	11/4/2030	NA			30,224
Flexport Capital, LLC	6/30/2029		2,166,667		4,333,333
Fusion Holding Corp. (Finalsite)	9/15/2028		144,173		134,566
Fusion Risk Management, Inc.	5/22/2029		80,223		471,429
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031	NA			1,428,571
G-3 Apollo Acquisition Corp (Appriss Retail)	3/10/2031		675,937		1,285,714
GC Waves Holdings, Inc. (Mercer)	10/4/2030		1,607		4,745,000

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)


		Unfunded Balances
Issuer	Maturity	September 30, 2026		December 31, 2025
Griffon Bidco Inc. (Layerzero)	7/31/2031	$	1,333,333	$	3,500,000
Griffon Bidco Inc. (Layerzero)	7/31/2031		1,333,333		3,500,000
GTY Technology Holdings Inc.	7/9/2029		617,268		1,541,761
Honey Intermediate, Inc. (iLobby) (Canada)	9/30/2030		1,220,160		2,352,941
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030	NA			322,581
Huckabee Acquisition, LLC (MOREgroup)	1/16/2030		96,774		193,548
ICIMS, Inc.	8/18/2028		260,613		1,044,116
Integrate.com, Inc.	12/17/2027	NA			14,000
Integrity Marketing Acquisition, LLC	8/25/2028		1,240,906		13,821,048
Intercept Bidco, Inc.	6/3/2030	NA			416,667
Intercept Bidco, Inc.	6/3/2030		277,778		277,778
IT Parent, LLC	10/1/2026	NA			175,000
James Perse Enterprises, Inc.	9/8/2027	NA			1,321,207
JF Acquisition, LLC (JF Petroleum)	6/18/2030		6,191		1,079,491
JF Acquisition, LLC (JF Petroleum)	6/18/2030		224,110		667,727
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		15,153		3,651,428
Lighthouse Parent Holdings, Inc (Aperture)	12/20/2031		591,215		2,330,698
LJ Avalon Holdings, LLC (Ardurra)	2/1/2029		328,276		1,121,737
Logicmonitor Inc.	11/19/2031		50,748		50,748
Lucky US BuyerCo, LLC (Global Payments)	3/30/2029		8,304		51,137
Madison Logic Holdings, Inc.	12/30/2027		752,321		752,321
MB2 Dental Solutions LLC	2/13/2031		717,973	NA
Modigent, LLC (Pueblo)	5/23/2028		93,702		505,893
Mpulse Mobile Inc.	8/26/2032		63,355		371,047
Mpulse Mobile Inc.	8/26/2032		95,033		556,571
MRO Parent Corporation	6/9/2032	NA			74,074
MRO Parent Corporation	6/9/2032		74,074		74,074
Oak Funding LLC	12/2/2032		36,667		444,444
Onward Acquireco Inc (Onestream Inc)	4/1/2033		111,133	NA
Onward Acquireco Inc (Onestream Inc)	4/1/2033		266,667	NA
Palmdale Oil Company, LLC	12/12/2031		434,783		434,783
Palmdale Oil Company, LLC	12/12/2031	NA			130,435
Pareto Health Intermediate Holdings Inc	6/1/2029		78,125	NA
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		122,257		750,000
Pyramid Analytics B.V.	3/31/2026	NA			240,118
RBS Buyer Inc.	7/31/2031		119,183		600,000
RBS Buyer Inc.	7/31/2031		198,638		1,000,000
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	5/9/2028		730,053		1,460,107
Serrano Parent, LLC (Sumo Logic)	5/12/2030		289,045		697,970
Shackleton Bidco Inc. (Payworks) (Canada)	11/5/2032		1,530,512		1,530,512
Shackleton Bidco Inc. (Payworks) (Canada)	11/5/2032		382,628		382,628
Skydio, Inc	12/4/2029	NA			6,562,500
Sonny’s Enterprises, LLC	8/5/2028		2,071		106,122
Spark Buyer, LLC (Sparkstone)	10/15/2031	NA			4,482,759
Spark Buyer, LLC (Sparkstone)	10/15/2031		103,145		1,479,310
Spartan Bidco Pty Ltd (StarRez) (Australia)	1/24/2028	NA			527,959
SRS Acquiom Holdings LLC	1/14/2032		130,435	NA
Stonebridge Companies, LLC	5/16/2031		193,548		193,548
Stonebridge Companies, LLC	5/16/2030		129,032		129,032

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)


		Unfunded Balances
Issuer	Maturity	September 30, 2026		December 31, 2025
Streamland Media Midco LLC	3/31/2029	$	-	$	12,191
Suited Connector, LLC	3/29/2030		917,767	NA
Syndigo, LLC	9/2/2032		99,526		355,450
Thunder Purchaser, Inc. (Vector Solutions)	6/30/2028		642,382		1,352,453
Titan Home Improvement, LLC (Renuity)	5/31/2030	NA			348,837
Titan Home Improvement, LLC (Renuity)	5/31/2030		238,372		290,698
Trintech, Inc.	7/25/2029	NA			152,143
Vortex Companies, LLC	9/4/2029	NA			554,971
Vortex Companies, LLC	9/4/2029		26,638		87,268
Xactly Corporation	2/3/2028		166,644		854,898
Zenith AcquisitionCo LLC	1/13/2033		220,364	NA
Zenith AcquisitionCo LLC	1/13/2033		86,227	NA
Zilliant Incorporated	12/21/2027	NA			133,333
Total Unfunded Balances		$	32,534,940	$	129,189,974

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. On June 10, 2026, the court entered an order appointing lead plaintiffs for the putative class and approving their selection of lead counsel. On August 24, 2026, the lead plaintiffs filed a consolidated amended complaint. The Company moved to dismiss the amended complaint on October 23, 2026. 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.

Between February 24, 2026 and May 27, 2026, three purported shareholder derivative actions were filed in the United States District Court for the Central District of California, captioned Daniel Terwilliger, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-01968; Bernstein & Company CPAs 401K Plan FBO Audrey Bernstein, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-05223; and Robert Urbani, derivatively on behalf of BlackRock TCP Capital Corp. v. Rajneesh Vig, et al., Case No. 2:26-cv-05700. Additionally, on July 28, 2026, two purported shareholder derivative actions were filed in the Superior Court of the State of California, County of Los Angeles, captioned Anders Vinther, derivatively on behalf of BlackRock TCP Capital Corp. v. Tennenbaum Capital Partners, LLC, et al., Case No. 26STCV23786, and Robert Graham, derivatively on behalf of BlackRock TCP Capital Corp. v. Tennenbaum Capital Partners, LLC,

5. Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk — (continued)

et al., Case No. 26STCV23804. The defendants in the actions are certain current and former officers and directors of the Company. Additionally, the Vinther and Graham actions name Tennenbaum Capital Partners, LLC as a defendant. The Company is named as a nominal defendant in the actions. The complaints variously assert claims on behalf of the Company for alleged violations of Sections 10(b), 14(a), and 20(a) of the Securities Exchange Act of 1934, contribution under Section 21D of the Securities Exchange Act of 1934, 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 plaintiffs seek 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. On June 29, 2026, the court consolidated the three derivative actions pending in federal court under the caption In re BlackRock TCP Capital Corp. Derivative Litigation, Case No. 2:26-cv-01968, and appointed lead counsel for the consolidated action. The derivative actions are in their early stages, and at this time the Company cannot reasonably estimate the possible loss or range of loss, if any, that may result from these matters.

On April 14, 2026, a putative class action complaint was filed in the Commonwealth of Massachusetts Superior Court, Middlesex County, captioned Curran, Comegna, Jones, and Inoa, on behalf of themselves and all others similarly situated v. BlackRock TCP Capital Corp., et al. The complaint names the Company, a former BlackRock portfolio manager, and John Does 1-5 as defendants. The complaint purports to be brought on behalf of a class of all individuals who worked for Newpro Operating, LLC (“Newpro”), a subsidiary of portfolio company Renovo Home Partners, LLC (“Renovo”), as of October 2025, when Newpro ceased operations and Renovo subsequently filed for chapter 7 bankruptcy. The complaint alleges that the defendants violated the Massachusetts Wage Act, M.G.L. c. 149, § 148, by failing to pay (1) their final wages, (2) amounts withheld from employees’ pay in so-called "forget me accounts" for that year, and (3) accrued paid vacation days upon their involuntary termination on or about October 28, 2025. The complaint alleges that the Company controlled, directed, or participated to a substantial degree in formulating and determining the policy of Newpro, including the decision to terminate Newpro’s employees without paying their earned but unpaid wages, and is therefore jointly and severally liable under Massachusetts law. The defendants removed the action to the U.S. District Court for the District of Massachusetts, which, on July 22, 2026, transferred it to the U.S. Bankruptcy Court for the District of Delaware, where Renovo’s chapter 7 case is pending. On September 9, 2026, the defendants moved to dismiss. On September 29, 2026, the plaintiffs filed an amended complaint that no longer names the Company as a defendant. The Company is therefore no longer a party to the action.

6. Other Related Party Transactions

The Company, SVCP, TCPC Funding, TCPC Funding II, SBIC, Merger Sub, CLO Retention Holder, CLO Issuer and the Advisor and their members and affiliates may be considered related parties. From time to time, SVCP advances payments to third parties on behalf of the Company which are reimbursable through deductions from distributions to the Company. At September 30, 2026 and December 31, 2025, no such amounts were outstanding. From time to time, the Advisor advances payments to third parties on behalf of the Company and SVCP and receives reimbursement from the Company. At September 30, 2026 and December 31, 2025, amounts reimbursable to the Advisor totaled $0.1 million and $1.3 million, respectively, as reflected in the Consolidated Statements of Assets and Liabilities.

Pursuant to an administration agreement between the Administrator and the Company (the “Administration Agreement”), the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to the Company, as well as costs and expenses incurred by the Administrator or its affiliates relating to any administrative, operating, or other non-investment advisory services provided by the Administrator or its affiliates to the Company. For the nine months ended September 30, 2026 and 2025, expenses allocated pursuant to the Administration Agreement totaled $1.5 million and $1.6 million, respectively.

7. Stockholders’ Equity and Dividends

In accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares (the “Exchange Ratio”) of common stock, par value $0.001 per share of the Company

7. Stockholders’ Equity and Dividends — (continued)

(with BCIC shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock on March 18, 2024 to former BCIC shareholders, after adjustment for BCIC shareholders receiving cash in lieu of fractional shares.

The Company’s dividends are recorded on the ex-dividend date. The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2026:


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount		Reinvested Amount(1)
February 27, 2026	March 17, 2026	March 31, 2026	Regular	$	0.17	$	14,318,949	$	368,016
May 7, 2026	June 16, 2026	June 30, 2026	Regular	$	0.17	$	14,263,472	$	642,132
August 6, 2026	September 16, 2026	September 30, 2026	Regular	$	0.17	$	14,263,472	$	317,557
				$	0.51	$	42,845,893	$	1,327,705

(1)

Dividends reinvested through purchase of shares in the open market.

The following table summarizes the Company’s dividends declared and paid for the nine months ended September 30, 2025:


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount		Reinvested Amount(1)
February 27, 2025	March 17, 2025	March 31, 2025	Regular	$	0.25	$	21,269,324	$	1,164,696
February 27, 2025	March 17, 2025	March 31, 2025	Special	$	0.04	$	3,403,092	$	186,351
May 8, 2025	June 16, 2025	June 30, 2025	Regular	$	0.25	$	21,259,430	$	399,000
May 8, 2025	June 16, 2025	June 30, 2025	Special	$	0.04	$	3,401,509	$	63,840
August 7, 2025	September 16, 2025	September 30, 2025	Regular	$	0.25	$	21,258,866	$	572,063
August 7, 2025	September 16, 2025	September 30, 2025	Special	$	0.04	$	3,401,419	$	91,530
				$	0.87	$	73,993,640	$	2,477,480

(1)

Dividends reinvested through purchase of shares in the open market.

Dividend Reinvestment Plan

On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP.

To “opt in”, a shareholder shall notify Computershare Trust Company, N.A., the DRIP plan administrator (the “Plan Administrator”), in writing so that such notice is received by the Plan Administrator no later than the record date fixed by the Board of Directors for the distribution involved. The Plan Administrator will set up an account for shares acquired pursuant to the DRIP for each shareholder who has elected to participate in the DRIP (each a “Participant”). The amount of common stock to be issued to Participants pursuant to the DRIP will be calculated by reference to all shares of common stock owned by the Participant, whether held in its DRIP account or elsewhere. Common stock will be acquired by the Plan Administrator for the Participants’ accounts,
through either (i) the receipt from the Company of additional unissued but authorized common stock (“newly issued common stock”) or (ii) the purchase of outstanding common stock in the open market (“open-market purchases”).

The Plan Administrator will acquire newly issued common stock on behalf of Participants if, on the distribution payment date, the closing market price per share of the Company’s common stock on the NASDAQ Global Select Market (or if no sale is reported

7. Stockholders’ Equity and Dividends — (continued)

for such day, the midpoint of the reported bid and asked prices) plus estimated per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) (the “Market Price”) is greater than the most recently published net asset value per common stock (“NAV”) (such condition referred to as a “market premium”). The number of shares of newly issued common stock to be credited to a Participant’s account will be determined by dividing the dollar amount of the distribution otherwise payable to the Participant by the greater of (i) the NAV or (ii) 95% of the Market Price on the distribution payment date.

Unless otherwise instructed by the Company at the direction of its Board of Directors, the Plan Administrator will acquire common stock on behalf of Participants through open-market purchases if, on the distribution payment date, the Market Price is less than the most recently published NAV (such condition referred to as a “market discount”). In the event of a market discount on the distribution payment date, the Plan Administrator will have until the last business day before the next date on which the common stock trades on an “ex-distribution” basis or 30 days after the distribution payment date, whichever is sooner (the “last purchase date”), to invest the distribution amount in common stock acquired in open-market purchases. If shares are purchased in the open market with respect to a distribution, the number of shares to be credited to a Participant’s account shall be determined by dividing the dollar amount of the cash distribution otherwise payable to the Participant by the weighted average Market Price per share for all common stock purchased by the Plan Administrator in the open market. If the Plan Administrator is unable to invest the full distribution amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may use any uninvested portion to acquire newly issued shares. Investments in newly
issued shares made in this manner would be made pursuant to the same process described above and the date of issue for such newly issued shares will substitute for the distribution payment date. If the Company instructs the Plan Administrator to purchase new shares of common stock when there is a market discount, the shares of common stock will be acquired in accordance with the same terms as outlined above when there is a market premium.

There will be no fees with respect to shares of common stock issued directly by the Company. However, each Participant will pay the per share fees (which include any applicable brokerage commissions the Plan Administrator is required to pay) incurred in connection with open-market purchases. If a shareholder has shares held by a broker, such shareholder should contact his/her broker to participate in the DRIP. For the nine months ended September 30, 2026, approximately $1.3 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP.

Share Repurchase Plan

On February 24, 2015, the Company’s Board of Directors approved a stock repurchase plan (the “Company Repurchase Plan”) to acquire up to $50.0 million in the aggregate of the Company’s common stock at prices at certain thresholds below the Company’s net asset value per share, in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Exchange Act. The Company Repurchase Plan is designed to allow the Company to repurchase its common stock at times when it otherwise might be prevented from doing so under insider trading laws. The Company Repurchase Plan requires an agent selected by the Company to repurchase shares of common stock on the Company’s behalf if and when the market price per share is at certain thresholds below the most recently reported net asset value per share. Under the plan, the agent will increase the volume of purchases made if the price of the Company’s common stock declines, subject to volume restrictions. The timing and amount of any stock repurchased depends on the terms and conditions of the Company Repurchase Plan, the market price of the common stock and trading volumes, and no assurance can be given that any particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on April 29, 2026, to be in effect through the earlier of April 30, 2027, unless further extended or terminated by the Company’s Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.

The following table summarizes the total shares repurchased and amounts paid by the Company under the Company Repurchase Plan, including broker fees, for the nine months ended September 30, 2026 and 2025:


	Nine Months Ended September 30,
	2026		2025
Shares Repurchased		661,803		69,446
Price Per Share *	$	4.34	$	6.68
Total Cost	$	2,871,849	$	464,080

* Weighted-average price per share

8. Earnings Per Share

In accordance with ASC 260, Earnings per Share, basic earnings per share is computed by dividing earnings available to common shareholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, if any, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following information sets forth the computation of the net increase (decrease) in net assets per share resulting from operations for three and nine months ended September 30, 2026 and 2025:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2026			2025		2026			2025
Net increase (decrease) in net assets from operations	$	(66,753,580	)	$	24,369,712	$	(81,305,680	)	$	29,357,716
Weighted average shares outstanding		83,902,775			85,034,351		84,049,474			85,051,475
Earnings (loss) per share	$	(0.80	)	$	0.29	$	(0.97	)	$	0.35

9. Subsequent Events

On November 5, 2026, the Company’s Board of Directors declared a fourth quarter dividend of $0.17 per share, payable on December 31, 2026 to shareholders of record as of the close of business on December 17, 2026.

10. Financial Highlights


	Nine Months Ended September 30,
	2026			2025
Per Common Share
Per share NAV at beginning of period	$	7.07		$	9.23

Investment operations:
Net investment income (1)		0.59			1.02
Net realized and unrealized gain (loss) (1)		(1.51	)		(0.67	)
Total from investment operations		(0.92	)		0.35

Repurchase of common stock		0.02		0.00
Loss on extinguishment of debt		(0.05	)		—

Dividends to common shareholders		(0.51	)		(0.87	)

Per share NAV at end of period	$	5.61		$	8.71

Per share market price at end of period	$	4.00		$	6.20

Total return based on market value (2) (3)		(17.6	)%		(18.8	)%
Total return based on net asset value (2) (4)		(13.4	)%		3.8	%

Shares outstanding at end of period		83,902,775			85,011,001

Ratios to average common equity: (5)
Net investment income		11.9	%		15.0	%
Expenses, before incentive fee, and management fee waiver		14.6	%		13.1	%
Expenses, net of incentive fee, before management fee waiver		14.6	%		13.1	%
Management fee waiver		—			(0.9	)%
Expenses, net of incentive fee, and management fee waiver		14.6	%		12.2	%

Ending common shareholder equity	$	470,989,775		$	740,023,663
Portfolio turnover rate		4.4	%		13.5	%
Weighted-average debt outstanding	$	829,939,871		$	1,138,084,449
Weighted-average interest rate on debt		6.0	%		5.4	%
Weighted-average number of common shares		84,049,474			85,051,475
Weighted-average debt per share	$	9.87		$	13.38

(1)

Amounts shown reflect the impact of the purchase discount recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024.

(2)

Not annualized.

(3)

Total return based on market value equals the change in ending market value per share during the period plus declared dividends per share during the period, divided by the market value per share at the beginning of the period.

(4)

Total return based on net asset value equals the change in net asset value per share during the period plus declared dividends per share during the period, divided by the beginning net asset value per share.

(5)

Annualized, except for incentive fee, if any.

11. Senior Securities

Information about the Company's senior securities is shown in the following table as of the end of each of the last ten fiscal years and the period ended September 30, 2026.


Class and Year	Total Amount Outstanding(1)		Asset Coverage Per Unit(2)		Involuntary Liquidating Preference Per Unit(3)		Average Market Value Per Unit(4)
Operating Facility
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	$	146,213	$	5,406		—	N/A
Fiscal Year 2024		120,671		6,932		—	N/A
Fiscal Year 2023		163,169		5,244		—	N/A
Fiscal Year 2022		123,890		6,906		—	N/A
Fiscal Year 2021		154,480		11,020		—	N/A
Fiscal Year 2020		120,454		9,508		—	N/A
Fiscal Year 2019		108,498		5,812		—	N/A
Fiscal Year 2018		82,000		5,221		—	N/A
Fiscal Year 2017		57,000		6,513		—	N/A
Funding Facility I
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	N/A		N/A			—	N/A
Fiscal Year 2024	N/A		N/A			—	N/A
Fiscal Year 2023	N/A		N/A			—	N/A
Fiscal Year 2022	N/A		N/A			—	N/A
Fiscal Year 2021	N/A		N/A			—	N/A
Fiscal Year 2020	N/A		N/A			—	N/A
Fiscal Year 2019	$	158,000	$	5,812		—	N/A
Fiscal Year 2018		212,000		5,221		—	N/A
Fiscal Year 2017		175,000		6,513		—	N/A
Funding Facility II
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025		100,000		5,406		—	N/A
Fiscal Year 2024		75,000		6,932		—	N/A
Fiscal Year 2023		100,000		5,244		—	N/A
Fiscal Year 2022		100,000		6,906		—	N/A
Fiscal Year 2021		—	N/A			—	N/A
Fiscal Year 2020		36,000		9,508		—	N/A
Merger Sub Facility
As of September 30, 2026 (Unaudited)	$	6,894	$	116,395		—	N/A
Fiscal Year 2025		36,000		5,406		—	N/A
Fiscal Year 2024		60,000		6,932		—	N/A
SBA Debentures
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025		111,200		5,406		—	N/A
Fiscal Year 2024		131,500		6,932		—	N/A
Fiscal Year 2023		150,000		5,244		—	N/A
Fiscal Year 2022		150,000		6,906		—	N/A
Fiscal Year 2021		150,000		11,020		—	N/A
Fiscal Year 2020		138,000		9,508		—	N/A
Fiscal Year 2019		138,000		5,812		—	N/A
Fiscal Year 2018		98,000		5,221		—	N/A
Fiscal Year 2017		83,000		6,513		—	N/A
2019 Convertible Notes
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	N/A		N/A			—	N/A
Fiscal Year 2024	N/A		N/A			—	N/A
Fiscal Year 2023	N/A		N/A			—	N/A
Fiscal Year 2022	N/A		N/A			—	N/A
Fiscal Year 2021	N/A		N/A			—	N/A
Fiscal Year 2020	N/A		N/A			—	N/A
Fiscal Year 2019	N/A		N/A			—	N/A
Fiscal Year 2018	$	108,000	$	2,157		—	N/A
Fiscal Year 2017		108,000		2,335		—	N/A
2022 Convertible Notes
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	N/A		N/A			—	N/A
Fiscal Year 2024	N/A		N/A			—	N/A
Fiscal Year 2023	N/A		N/A			—	N/A
Fiscal Year 2022	N/A		N/A			—	N/A
Fiscal Year 2021	$	140,000	$	1,948		—	N/A
Fiscal Year 2020		140,000		2,058		—	N/A
Fiscal Year 2019		140,000		1,992		—	N/A
Fiscal Year 2018		140,000		2,157		—	N/A
Fiscal Year 2017		140,000		2,335		—	N/A

11. Senior Securities — (continued)


Class and Year	Total Amount Outstanding(1)		Asset Coverage Per Unit(2)		Involuntary Liquidating Preference Per Unit(3)		Average Market Value Per Unit(4)
2022 Notes
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	N/A		N/A			—	N/A
Fiscal Year 2024	N/A		N/A			—	N/A
Fiscal Year 2023	N/A		N/A			—	N/A
Fiscal Year 2022	N/A		N/A			—	N/A
Fiscal Year 2021	N/A		N/A			—	N/A
Fiscal Year 2020	$	175,000	$	2,058		—	N/A
Fiscal Year 2019		175,000		1,992		—	N/A
Fiscal Year 2018		175,000		2,157		—	N/A
Fiscal Year 2017		175,000		2,335		—	N/A
2024 Notes
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	N/A		N/A			—	N/A
Fiscal Year 2024	N/A		N/A			—	N/A
Fiscal Year 2023	$	250,000	$	1,643		—	N/A
Fiscal Year 2022		250,000		1,929		—	N/A
Fiscal Year 2021		250,000		1,948		—	N/A
Fiscal Year 2020		250,000		2,058		—	N/A
Fiscal Year 2019		200,000		1,992		—	N/A
2025 Notes
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025	N/A		N/A			—	N/A
Fiscal Year 2024	$	92,000	$	1,789		—	N/A
2026 Notes
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A
Fiscal Year 2025		325,000		1,642		—	N/A
Fiscal Year 2024		325,000		1,789		—	N/A
Fiscal Year 2023		325,000		1,643		—	N/A
Fiscal Year 2022		325,000		1,929		—	N/A
Fiscal Year 2021		325,000		1,948		—	N/A
2029 Notes
As of September 30, 2026 (Unaudited)	$	325,000	$	2,410		—	N/A
Fiscal Year 2025		325,000		1,642		—	N/A
Fiscal Year 2024		325,000		1,789		—	N/A
Secured Notes
As of September 30, 2026 (Unaudited)	N/A		N/A			—	N/A

(1)

Total amount of each class of senior securities outstanding at the end of the period presented (in 1,000’s).

(2)

The asset coverage ratio for a class of senior securities representing indebtedness is calculated as our consolidated total assets, less all liabilities and indebtedness not represented by senior securities, divided by senior securities representing indebtedness. For the Operating Facility, Funding Facility I, Funding Facility II, Merger Sub Facility and Secured Notes, the asset coverage ratio with respect to indebtedness is multiplied by $1,000 to determine the Asset Coverage Per Unit.

(3)

The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” in this column indicates that the SEC expressly does not require this information to be disclosed for certain types of senior securities.

(4)

The Company's senior securities are not registered for public trading.

12. Merger with BlackRock Capital Investment Corporation

On March 18, 2024, the Company completed its previously announced acquisition of BCIC, pursuant to the Merger Agreement, dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BCIA, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company. As a result of, and as of the effective time of, the Merger, BCIC’s separate corporate existence ceased.

In connection with the Merger, the Company and the Advisor entered into the Amended and Restated Investment Advisory Agreement that became effective as of the Closing, pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of the calculation. Prior to the Closing, the Advisor's base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into the Fee Waiver Agreement with the Advisor. The Fee Waiver Agreement provides that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit. The waiver amount in a given quarter cannot exceed the total advisory fees for such quarter.

In accordance with the terms of the Merger Agreement, at the Closing, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares of common stock, par value $0.001 per share of the Company (with BCIC’s shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock to former BCIC shareholders, after adjustment for BCIC’s shareholders receiving cash in lieu of fractional shares.

The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 (“ASC 805”), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company’s common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

The Merger was considered a tax-free reorganization and the Company has elected to carry forward the historical cost basis of the acquired BCIC investments for tax purposes.

Pursuant to the Merger Agreement, the Advisor, in the case of the Company, and BCIA, in the case of BCIC, would each bear 50% of the aggregate reasonable out-of-pocket costs and expenses incurred by the Company or BCIC, as applicable, up to a combined aggregate amount equal to $6.0 million (the “Merger transaction costs”). Net of Merger transaction costs borne by the Advisor, the Company capitalized $2.4 million of Merger transaction costs as part of the total consideration paid to acquire the assets and liabilities of BCIC.

12. Merger with BlackRock Capital Investment Corporation — (continued)

The following table summarizes the allocation of the consideration paid to the assets acquired and liabilities assumed as a result of the Merger:


Common stock issued by the Company (1)	$	280,464,610
Transaction costs		2,366,408
Total purchase price	$	282,831,018
Assets acquired:
Investments(2)	$	586,983,708
Cash and cash equivalents		11,670,610
Interest, dividends and fees receivable		10,373,421
Due from broker		2,048,141
Other assets		3,731,006
Total assets acquired		614,806,886
Liabilities assumed:
Debt		315,296,749
Dividends payable (3)		7,257,191
Management fees payable		1,888,664
Interest rate swap, at fair value		1,674,309
Incentive fees payable		1,363,625
Other liabilities		4,495,330
Total liabilities assumed		331,975,868
Net assets acquired	$	282,831,018

(1)

Based on the Company's market price of $10.08 and 27,823,870 shares of common stock issued by the Company at closing.

(2)

Investments acquired were recorded at fair value at the date of the acquisition, which is also the Company's initial cost basis in the investments, and reflects the impact of a $21,886,848 purchase discount.

(3)

Declared on March 4, 2024 by the BCIC Board of Directors for the benefit of former BCIC shareholders of record as of March 15, 2024 and paid on March 29, 2024 out of BCIC cash and cash equivalents acquired by the Company.

13. CLO Transaction and Continuation Vehicle Transaction

On May 27, 2026, the Company, through the CLO Issuer, completed the CLO Transaction, an approximately $535.8 million securitization of middle-market loans previously held by certain of the Company's subsidiaries. The CLO Issuer issued Secured Notes due 2034 and LLC Interests. The CLO Issuer is a wholly-owned subsidiary of the CLO Retention Holder, which was an indirect wholly-owned subsidiary of the Company prior to the Continuation Vehicle Transaction.

In connection with the CLO Transaction and in preparation for the Continuation Vehicle Transaction described below, the Company's subsidiaries contributed portfolio investments to the CLO Retention Holder and the CLO Issuer. Both entities were wholly-owned, consolidated subsidiaries of the Company at the time. The contributions were therefore eliminated in consolidation and had no impact on the Company’s consolidated net assets.

On August 4, 2026, SVCP sold 95% of the limited liability company interests in the CLO Retention Holder (the “Continuation Vehicle”) to investment funds and accounts managed by Pantheon Ventures (US) LP (the “New Investors”) and retained the remaining 5% interest. At closing, the Continuation Vehicle, directly and through the CLO Issuer, held approximately $524 million of loans to 78 portfolio companies. The Advisor serves as investment manager to the Continuation Vehicle without compensation.

The purchase price for the 95% interest was approximately $152.3 million. It was based on 95% of the portfolio’s gross fair value as of December 31, 2025, adjusted for (i) cash collateral for unfunded commitments, (ii) net repayments and investment income after December 31, 2025, and (iii) the CLO Issuer’s outstanding leverage. The purchase price is subject to a customary post-closing dispute resolution process. In July 2026, the Board of Directors engaged Lincoln International LLC (“Lincoln”) as financial advisor to the Board of Directors in connection with the Continuation Vehicle Transaction. Among other services, Lincoln rendered an opinion to the Board of Directors as to the fairness, from a financial point of view, of the consideration to be received by the Company in the Continuation Vehicle Transaction. The Company incurred professional fees and other expenses associated with Lincoln’s engagement.

13. CLO Transaction and Continuation Vehicle Transaction — (continued)

The Company concluded that the Continuation Vehicle Transaction caused it to lose its controlling financial interest in the Continuation Vehicle under ASC 810, Consolidation. Accordingly, the Company deconsolidated the Continuation Vehicle and the CLO Issuer as of August 4, 2026. Because the Continuation Vehicle is not a business and its assets consist primarily of financial assets, the Company also evaluated the transfer under ASC 860, Transfers and Servicing. It concluded that the transfer meets the conditions for sale accounting, so the transaction was accounted for as a sale and not as a secured borrowing.

Upon deconsolidation, the Company (i) derecognized the assets and liabilities of the Continuation Vehicle and the CLO Issuer, including the Secured Notes, (ii) recognized the cash consideration received, (iii) recorded its retained 5% interest at fair value, and (iv) recognized a net loss of approximately $56.4 million, including transaction expenses and realized loss on extinguishment of debt, representing the net impact to net asset value from the transaction for the period. The net loss, excluding realized loss on extinguishment of debt, is included in net realized gain (loss) and net change in unrealized appreciation (depreciation) for both non-controlled, non-affiliated investments and non-controlled, affiliated investments in the Consolidated Statements of Operations. The loss is allocated between non-controlled, non-affiliated investments and non-controlled, affiliated investments in proportion to the fair value of each category within the deconsolidated portfolio. Realized loss on extinguishment of debt is presented as a separate line item in the Consolidated Statements of Operations.

As of September 30, 2026, the Company’s continuing involvement in the Continuation Vehicle includes the Company's retained 5% interest, which had a fair value of $10,842,711 and is included in investments at fair value (non-controlled, affiliated) on the Consolidated Statements of Assets and Liabilities. SVCP, as the direct holder of the retained interest, may not directly transfer all or any portion of its retained interest to a person other than BlackRock, Inc., BlackRock, Inc.’s subsidiaries, the Advisor or any of their respective affiliates without the prior consent of the New Investors, except as permitted in accordance with the Continuation Vehicle’s organizational documents (for example, for transfers in connection with certain regulatory reasons). The retained interest is subordinate to the Secured Notes and could incur losses from credit deterioration, defaults, or declines in the value of the Continuation Vehicle’s underlying investments, or from changes in market conditions, interest rates, or discount rates. The Company’s maximum exposure to loss is limited to the carrying amount of the retained interest. The Company has no unfunded commitments to the Continuation Vehicle and has not provided, and is not obligated to provide, financial support, guarantees, or other credit or liquidity support.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates(1) (Unaudited)

Nine Months Ended September 30, 2026


Security	Dividends or Interest (2)		Fair Value at December 31, 2025		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation			Acquisitions (3)		Dispositions (4)			Fair Value at September 30, 2026
BlackRock DLFC 2026 LLC, Common Units		—		—		—			(310,861	)		11,153,572		—			10,842,711
TVG-Edmentum Holdings, LLC, Series B-1 Common Units		—		2,569		—			(2,390	)		—		—			179
TVG-Edmentum Holdings, LLC, Series B-2 Common Units		—		2,569		—			(2,390	)		—		—			179
TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units		—		4,029,848		—			(3,276,382	)		—		—			753,466
Hylan Global LLC, Parent Common Units		—		—		—			7			—		—			7
Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29		1,676		5,824,453		(1,676	)		(3,096,074	)		1,676		—			2,728,379
Vingil Holding 2 S. à r.l. (SellerX) Common Shares		—		7		—			8,190			—		(8,197	)		—
SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 11/05/26		39,869		1,346,022		—			(5,992	)		5,992		(1,346,022	)		—
SellerX Preferred Non Convertible Shares Series Z		—		486		—			—			—		—			486
SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/29		743,358		12,582,986		(458,446	)		51,270			—		(2,747,106	)		9,428,704
SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28		693,132		5,138,001		(703,694	)		170,780			448,739		(1,170,246	)		3,883,580
SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28		795,248		5,894,966		(807,367	)		332,741			514,850		(1,479,456	)		4,455,734
Vingil Holding 2 S. à r.l. (SellerX) Class A Common Shares		—		—		—			(2,047	)		2,049		—			2
Vingil Holding 2 S. à r.l. (SellerX) Class B Common Shares		—		—		—			(2,047	)		2,049		—			2
Vingil Holding 2 S. à r.l. (SellerX) Class C Common Shares		—		—		—			(2,047	)		2,049		—			2
Vingil Holding 2 S. à r.l. (SellerX) Class D Common Shares		—		—		—			(2,047	)		2,049		—			2
Suited Connector, LLC Common units		—		—		—			—			68		—			68
Suited Connector, LLC Preferred Units		—		—		—			20,164			144,738		—			164,902
Suited Connector, LLC, Senior Secured First Lien Delayed Draw Term Loan, SOFR + 6%, 1% SOFR Floor, Due 3/29/30		8,064		—		—			—			165,942		(165,942	)		—
Suited Connector LLC, First Lien TakeBack Term Loan, SOFR + 6%,1% SOFR Floor, due 03/31/30		99,643		—		—			—			2,061,177		—			2,061,177
Total	$	2,380,990	$	34,821,907	$	(1,971,183	)	$	(6,119,125	)	$	14,504,950	$	(6,916,969	)	$	34,319,580

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)

The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities.

(2)

Also includes fee income as applicable.

(3)

Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger.

(4)

Dispositions include decreases in the cost basis from sales and paydowns.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Controlled Affiliates (1) (Unaudited)

Nine Months Ended September 30, 2026


Security	Dividends or Interest (2)		Fair Value at December 31, 2025		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation		Acquisitions (3)		Dispositions (4)			Fair Value at September 30, 2026
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/30	$	5,224,370	$	59,756,438	$	—		$	—	$	—	$	(11,000,000	)	$	48,756,438
36th Street Capital Partners Holdings, LLC, Membership Units		3,138,642		51,042,936		—			822,645		4,020,001		—			55,885,582
AA Acquisition Aggregator, LLC, Ordinary Shares		—		978,126		(9,178,939	)		8,107,796		93,022		—			5
AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28		287,231		11,757,894		—			—		—		(11,757,894	)		—
AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29		448,760		12,296,081		116,238			—		—		(12,412,319	)		—
Fishbowl INC., Common Membership Units		—		6		(787,032	)		787,026		—		—			—
Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/2027		—		1,719,743		(10,674,984	)		11,504,302		—		(2,549,061	)		—
Gordon Brothers Finance Company, Common Stock		—		—		—			—		—		—			—
Gordon Brothers Finance Company, Unsecured 1st Lien Term Loan, SOFR +11%, 1% SOFR Floor, due 6/3/26		—		127,489		—			—		—		—			127,489
Gordon Brothers Finance Company, Preferred Stock		—		—		—			—		—		—			—
Total	$	9,099,003	$	137,678,713	$	(20,524,717	)	$	21,221,769	$	4,113,023	$	(37,719,274	)	$	104,769,514

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)

The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities.

(2)

Also includes fee income as applicable.

(3)

Acquisitions include new purchases, PIK income and amortization of original issue and market discounts and investments acquired in connection with the Merger.

(4)

Dispositions include decreases in the cost basis from sales and paydowns.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates (1)

Year Ended December 31, 2025


Security	Dividends or Interest (2)		Fair Value at December 31, 2024		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation			Acquisitions (3)		Dispositions (4)			Fair Value at December 31, 2025
Hylan Intermediate Holdings II LLC, Senior Secured 1st Lien Incremental Term Loan, SOFR + 6.25%, 2% SOFR Floor, due 4/5/29	$	735,547	$	11,376,522	$	—		$	(5,552,069	)	$	—	$	—		$	5,824,453
Hylan Global LLC, Parent Common Units		—		298,333		—			(298,333	)		—		—			—
Iracore International Holdings, Inc., Senior Secured 1st Lien Term Loan, SOFR + 9%, 1% SOFR Floor, due 4/12/26		83,477		842,642		—			—			—		(842,642	)		—
Iracore Investments Holdings, Inc., Class A Common Stock		—		1,050,376		(4,097,709	)		3,127,334			—		(80,001	)		—
TVG-Edmentum Holdings, LLC, Series B-1 Common Units		803,280		14,458,626		—			(15,259,336	)		803,279		—			2,569
TVG-Edmentum Holdings, LLC, Series B-2 Common Units		—		14,458,626		—			(14,456,057	)		—		—			2,569
TVG-Edmentum Holdings, LLC, Series C-2 Preferred Units		640,770		6,959,570		—			(3,570,492	)		640,770		—			4,029,848
Vingil Holding 2 S. à r.l. (SellerX) Common Shares		—		—		—			(8,190	)		8,197		—			7
SellerX Germany GMBH & Co. KG, Senior Secured First Lien Revolver, SOFR + 5.00%, 0% SOFR Floor, due 11/05/26		94,971		—		—			(6,520	)		1,352,542		—			1,346,022
SellerX Preferred Non Convertible Shares Series Z		—		—		—			(15,106,812	)		15,107,298		—			486
SellerX Germany GMBH, Senior Secured First Lien Revolver, SOFR + 5%, 2% SOFR Floor, due 6/18/29		487,097		—		—			(226,207	)		12,809,193		—			12,582,986
SellerX Germany GMBH, Senior Secured First Lien Tranche A1 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28		563,006		—		—			(2,308,377	)		7,446,378		—			5,138,001
SellerX Germany GMBH, Senior Secured First Lien Tranche A2 Term Loan, SOFR + 9%, 2% SOFR Floor, due 12/31/28		645,952		—		—			(2,648,463	)		8,543,429		—			5,894,966
Homerenew Buyer, Inc. (Renovo), Class B-1 Preferred Units		—		—		—			—			—		—			—
HomeRenew Buyer, Inc., Senior Secured Super Priority Delayed Draw Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/30		73,033		—		(1,253,663	)		—			1,167,698		85,965			—
HomeRenew Buyer,INC, Senior Secured First Lien Term Loan, SOFR + 6.5%, 2.5% SOFR Floor, due 4/14/30		107,310		—		(2,979,209	)		—			2,979,209		—			—
HomeRenew Buyer,INC, Senior Secured Priority Term Loan, SOFR + 7.00%, 2.5% SOFR Floor, due 4/14/30		88,813		—		(1,293,699	)		—			1,293,699		—			—
HomeRenew Buyer,INC, Senior Secured Super Priority Term Loan, SOFR + 9.5%, 2.5% SOFR Floor, due 4/14/30		257,054		—		(5,647,061	)		—			5,647,061		—			—
Homerenew Buyer, Inc. (Renovo), Class C-1 Common Units		—		—		—			—			—		—			—
Homerenew Buyer, Inc. (Renovo), Class A Preferred Units		—		—		(2,203,054	)		—			2,203,054		—			—
Total	$	4,580,310	$	49,444,695	$	(17,474,395	)	$	(56,313,522	)	$	60,001,807	$	(836,678	)	$	34,821,907

Notes to Consolidated Schedule of Changes in Investments in Non-Controlled Affiliates:

(1)

The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’ voting securities.

(2)

Also includes fee income as applicable.

(3)

Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)

Dispositions include decreases in the cost basis from sales and paydowns.

BlackRock TCP Capital Corp.

Consolidated Schedule of Changes in Investments in Controlled Affiliates (1)

Year Ended December 31, 2025


Security	Dividends or Interest (2)		Fair Value at December 31, 2024		Net realized gain or loss			Net increase or decrease in unrealized appreciation or depreciation			Acquisitions (3)		Dispositions (4)			Fair Value at December 31, 2025
36th Street Capital Partners Holdings, LLC, Senior Note, 12%, due 11/30/30	$	7,118,413	$	59,756,438	$	—		$	—		$	—	$	—		$	59,756,438
36th Street Capital Partners Holdings, LLC, Membership Units		4,016,312		51,054,000		—			(5,726,318	)		5,337,172		378,082			51,042,936
Anacomp, Inc., Class A Common Stock		—		1,155,295		(24,827,757	)		25,555,753			—		(1,883,291	)		—
AutoAlert, LLC, Senior Secured 1st Lien Term Loan, SOFR + 5.4%, 1% SOFR Floor, PIK toggle, due 3/31/28		1,715,563		18,812,631		—			—			—		(7,054,737	)		11,757,894
AutoAlert, LLC, Senior Secured 2nd Lien Term Loan, SOFR + 9.4%, 1% SOFR Floor, PIK toggle, due 3/31/29		1,614,478		10,718,897		—			—			1,577,184		—			12,296,081
AA Acquisition Aggregator, LLC, Ordinary Shares		—		9,513,635		—			(8,535,509	)		—		—			978,126
Conventional Lending TCP Holdings, LLC, Membership Units		453,090		14,543,083		(2,050,143	)		3,132,707			85,000		(15,710,647	)		—
Conergy Asia & ME Pte. Ltd., 1st Lien Term Loan, 0%, due 12/31/21		—		—		(2,110,141	)		2,110,141			—		—			—
Conergy Asia Holdings Limited, Ordinary Shares		—		—		(7,833,333	)		7,833,333			—		—			—
Conergy Asia Holdings Limited, Class B Shares		—		—		(1,000,000	)		1,000,000			—		—			—
Fishbowl INC., Common Membership Units		—		—		—			6			—		—			6
Fishbowl, Inc., Senior Secured 1st Lien Term Loan, SOFR + 5%, 1% SOFR Floor, 7.50% EOT, due 05/27/2027		338,940		7,843,476		—			(6,937,214	)		297,556		515,925			1,719,743
Gordon Brothers Finance Company, Unsecured Term Loan, SOFR +11%, 1% SOFR Floor, due 10/31/2021		—		5,016,017		523			(2,349,828	)		—		(2,539,223	)		127,489
Gordon Brothers Finance Company, Preferred Stock		—		—		—			—			—		—			—
Gordon Brothers Finance Company, Common Stock		—		—		—			—			—		—			—
Kawa Solar Holdings Limited, Bank Guarantee Credit Facility, 0%, due 12/31/21		—		60,889		(6,578,877	)		6,517,988			—		—			—
Kawa Solar Holdings Limited, Revolving Credit Facility, 0%, due 12/31/21		—		1,235,527		(4,512,868	)		4,299,990			—		(1,022,649	)		—
Kawa Solar Holdings Limited, Ordinary Shares		—		—		34,353			—			—		(34,353	)		—
Kawa Solar Holdings Limited, Series B Preferred Shares		—		—		(1,395,349	)		1,395,349			—		—			—
Total	$	15,256,796	$	179,709,888	$	(50,273,592	)	$	28,296,398		$	7,296,912	$	(27,350,893	)	$	137,678,713

Notes to Consolidated Schedule of Changes in Investments in Controlled Affiliates:

(1)

The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities.

(2)

Also includes fee income as applicable.

(3)

Acquisitions include new purchases, PIK income and amortization of original issue and market discounts.

(4)

Dispositions include decreases in the cost basis from sales and paydowns.

BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers (Unaudited)

September 30, 2026


Investment	Acquisition Date
48forty Intermediate Holdings, Inc., Class A-1 Common Units	1/14/2026
48forty Intermediate Holdings, Inc., Preferred Units	1/14/2026
Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock	12/14/2021
Fidelis (SVC), LLC, Preferred Unit-C	12/31/2019
GlassPoint, Inc. ,Warrants to Purchase Common Stock	3/31/2021
GoTab, Inc. (Fishbowl), Warrants to Purchase Series A Preferred Stock	2/23/2026
Grey Orange International Inc. ,Warrants to Purchase Common Stock	5/5/2022
Igloo Parent Holdings LLC, Common Units	5/9/2025
Infinite Commerce Holdings LLC (Razor), Common Units	8/27/2025
Infinite Commerce Holdings LLC (Razor), Series A Prime, Preferred Units	8/27/2025
Infinite Commerce Holdings LLC (Razor), Series A-3, Preferred Units	8/27/2025
InMobi, Inc. (Singapore) ,Warrants to Purchase Series E Preferred Stock	10/1/2018
JobandTalent USA, Inc. (United Kingdom), F1 Preferred Stock	2/11/2025
JobandTalent USA, Inc. (United Kingdom), F3 Preferred Stock	2/12/2025
Kellermeyer Bergensons Services, LLC, Common Stock	3/18/2024
Kellermeyer Bergensons Services, LLC, Preferred Stock	3/18/2024
Khoros, LLC (f/k/a Lithium Technologies, LLC), Preferred Units	5/23/2025
MBS Parent, LLC, Limited Partnership/Limited Liability Company Interests	3/15/2024
Motive Technologies, Inc., Warrants to Purchase Common Stock	11/27/2024
Pico Quantitative Trading Holdings, LLC ,Warrants to Purchase Membership Units	2/7/2020
Pluralsight, Inc., Common Stock	8/22/2024
Purecars Technologies Holdings, LLC Preferred Equity Class A-2	4/8/2026
Purecars Technologies Holdings, LLC Preferred Equity Class AA-2	4/8/2026
Purecars Technologies Holdings, LLC Preferred Equity Class C-3	4/8/2026
Quora, Inc. ,Warrants to Purchase Series D Preferred Stock	4/12/2019
ResearchGate Corporation (Germany) ,Warrants to Purchase Series D Preferred Stock	11/7/2019
SnapLogic, Inc. ,Warrants to Purchase Series Preferred Stock	3/20/2018
SoundCloud, Ltd., Warrants to Purchase Preferred Stock	4/30/2015
Stitch Holdings, L.P., Limited Partnership/Limited Liability Company Interests	3/15/2024
Streamland Media Holdings LLC, Common Units	3/31/2025
Thras.io, LLC, Common Units	6/18/2024
Tradeshift, Inc.,Warrants to Purchase Series D Preferred Stock	3/9/2017
Utilidata, Inc., Common Stock	7/6/2020
Utilidata, Inc., Series A-1 Preferred Stock	7/6/2020
Utilidata, Inc., Series A-2 Preferred Stock	7/6/2020
Worldremit Group Limited (United Kingdom) ,Warrants to Purchase Series D Stock	2/11/2021
Worldremit Group Limited (United Kingdom) ,Warrants to Purchase Series E Stock	3/15/2024
Worldremit Group Limited (United Kingdom), Series X Shares	6/24/2024

BlackRock TCP Capital Corp.

Consolidated Schedule of Restricted Securities of Unaffiliated Issuers

December 31, 2025


Investment	Acquisition Date
48forty Intermediate Holdings, Inc. (Alpine Acquisition), Common Stock	11/5/2024
48forty Intermediate Holdings, Inc. (Alpine Acquisition), Common Stock – KKR Participation	12/1/2025
Blackbird Holdco, Inc. (Ohio Transmission Corp.), Preferred Stock	12/14/2021
Fidelis (SVC), LLC, Preferred Unit-C	12/31/2019
Foursquare Labs, Inc. ,Warrants to Purchase Series E Preferred Stock	5/4/2017
GlassPoint, Inc. ,Warrants to Purchase Common Stock	3/31/2021
Grey Orange International Inc. ,Warrants to Purchase Common Stock	5/5/2022
Igloo Parent Holdings LLC, Common Units	5/9/2025
Infinite Commerce Holdings LLC (Razor), Series A-3, Preferred Units	8/27/2025
Infinite Commerce Holdings LLC (Razor), Common Units	8/27/2025
Infinite Commerce Holdings LLC (Razor), Series A Prime, Preferred Units	8/27/2025
InMobi, Inc. (Singapore) ,Warrants to Purchase Common Stock	8/22/2017
InMobi, Inc. (Singapore) ,Warrants to Purchase Series E Preferred Stock	10/1/2018
InMobi, Inc. (Singapore) ,Warrants to Purchase Series E Preferred Stock	9/18/2015
JobandTalent USA, Inc. (United Kingdom), F1 Preferred Stock	2/11/2025
JobandTalent USA, Inc. (United Kingdom), F3 Preferred Stock	2/12/2025
Kellermeyer Bergensons Services, LLC, Common Stock	3/18/2024
Kellermeyer Bergensons Services, LLC, Preferred Stock	3/18/2024
Khoros, LLC (f/k/a Lithium Technologies, LLC), Preferred Units	5/23/2025
MBS Parent, LLC, Limited Partnership/Limited Liability Company Interests	3/15/2024
Motive Technologies, Inc., Warrants to Purchase Common Stock	11/27/2024
Pico Quantitative Trading Holdings, LLC ,Warrants to Purchase Membership Units	2/7/2020
Pluralsight, Inc., Common Stock	8/22/2024
Quora, Inc. ,Warrants to Purchase Series D Preferred Stock	4/12/2019
ResearchGate Corporation (Germany) ,Warrants to Purchase Series D Preferred Stock	11/7/2019
SnapLogic, Inc. ,Warrants to Purchase Series Preferred Stock	3/20/2018
SoundCloud, Ltd., Warrants to Purchase Preferred Stock	4/30/2015
Stitch Holdings, L.P., Limited Partnership/Limited Liability Company Interests	3/15/2024
Streamland Media Holdings LLC, Common Units	3/31/2025
SuCo Investors, LP (Suited Connector) ,Warrants to Purchase Class A Units	3/6/2023
Thras.io, LLC, Common Units	6/18/2024
Tradeshift, Inc.,Warrants to Purchase Series D Preferred Stock	3/9/2017
Utilidata, Inc., Common Stock	7/6/2020
Utilidata, Inc., Series A-1 Preferred Stock	7/6/2020
Utilidata, Inc., Series A-2 Preferred Stock	7/6/2020
Worldremit Group Limited (United Kingdom) ,Warrants to Purchase Series D Stock	2/11/2021
Worldremit Group Limited (United Kingdom) ,Warrants to Purchase Series E Stock	3/15/2024
Worldremit Group Limited (United Kingdom), Series X Shares	6/24/2024

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements, which relate to future events or the future performance or financial condition of BlackRock TCP Capital Corp. (the “Company,” “we,” “us” or “our”), formerly known as TCP Capital Corp. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

•

our, or our portfolio companies’, future business, operations, operating results or prospects;

•

the return or impact of current and future investments;

•

the impact of a protracted decline in the liquidity of credit markets on our business;

•

the impact of fluctuations in interest rates on our business;

•

the impact of changes in laws or regulations governing our operations or the operations of our portfolio companies;

•

our contractual arrangements and relationships with third parties;

•

the general economy and its impact on the industries in which we invest;

•

political, economic or industry conditions, or conditions affecting the financial and capital markets, including the effect of
trade policy;

•

the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts in the Middle East and Eastern Europe;

•

the financial condition of and ability of our current and prospective portfolio companies to achieve their objectives;

•

our expected financings and investments;

•

the adequacy of our financing resources and working capital;

•

the ability of Tennenbaum Capital Partners, LLC, our investment advisor (the “Advisor”), to locate suitable investments for us and to monitor and administer our investments;

•

the timing of cash flows, if any, from the operations of our portfolio companies;

•

the timing, form and amount of any dividend distributions;

•

our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development
company (“BDC”);

•

the ability to realize benefits anticipated by the Merger; and

•

the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks.

We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements. The forward-looking statements contained in this quarterly report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth as “Risk Factors” in this report.

We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, registration statements on Form N-2, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

The Company is a Delaware corporation formed on April 2, 2012 and is an externally managed, closed-end, non-diversified management investment company. The Company was formed through the conversion of a pre-existing closed-end investment company. The Company elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. Certain investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC (“TCPC Funding”), TCPC Funding II, LLC (“TCPC Funding II”), TCPC SPV, LP (formerly, TCPC SBIC, LP), a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the Exchange Act and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. Series H of SVOF/MM, LLC (“SVOF/MM”) serves as the administrator (the “Administrator”) of the Company. The managing member of SVOF/MM is the Advisor, which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC (“BCIA”), an indirect subsidiary of BlackRock, Inc. with the Advisor as the surviving entity. The SBIC was organized as a Delaware limited partnership in June 2013. On April 22, 2014, the SBIC received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958.

The Company has elected to be treated as a RIC for U.S. federal income tax purposes. As a RIC, the Company will not be taxed on its income to the extent that it distributes such income each year and satisfies other applicable income tax requirements. All of the subsidiaries of the Company are treated as disregarded entities.

Our leverage program is comprised of amounts outstanding under a senior secured revolving credit facility originally issued by BlackRock Capital Investment Corporation, a Delaware corporation (“BCIC”), and assumed by Merger Sub (“Merger Sub Facility”) and $325.0 million in senior unsecured notes issued by the Company maturing in 2029 (the “2029 Notes” and, together with the Merger Sub Facility, the “Leverage Program”). Prior to being repaid or assumed, debt included $92.0 million in unsecured notes which were due December 2025 and originally issued by BCIC and assumed by Merger Sub (the “2025 Notes”) which were repaid on July 31, 2025, $325.0 million in unsecured notes due February 2026 (the “2026 Notes”) which were repaid on February 9, 2026, $100.0 million under a senior secured revolving credit facility (“Funding Facility II”) which was paid off on May 27, 2026, $107.2 million in debentures guaranteed by the SBA (the “SBA Debentures”) which were paid off on June 17, 2026, $120.0 million under a senior secured revolving, multi-currency credit facility entered into by SVCP (the “Operating Facility”) which was paid off on August 3, 2026, and $405.4 million in notes offered in the CLO Transaction (as defined below) that closed on May 27, 2026 (the “Secured Notes”), which were assumed by the CLO Retention Holder (as defined below) on August 4, 2026.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders generally at least 90% of our investment company taxable income, as defined by the Internal Revenue Code of 1986, as amended (the “Code”), for each year. Pursuant to this election, we generally will not have to pay corporate level taxes on any income that we distribute to our shareholders provided that we satisfy those requirements.

On September 6, 2023, the Company entered into an agreement and plan of merger with BCIC, Merger Sub, and, solely for the limited purposes set forth therein, BCIA and the Advisor (such agreement, as amended, the “Merger Agreement”). On March 18, 2024, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the “Merger”). As a result of the Merger, BCIC’s separate existence ceased.

In accordance with the terms of the Merger Agreement, at the closing of the Merger, each outstanding share of BCIC’s common stock was converted into the right to receive 0.3834 shares (the “Exchange Ratio”) of common stock, par value $0.001 per share of the Company (with BCIC shareholders receiving cash in lieu of fractional shares of the Company’s common stock). As a result of the Merger, the Company issued 27,823,870 shares of its common stock to former BCIC shareholders, after adjustment for BCIC’s shareholders receiving cash in lieu of fractional shares.

See “Note 12 – Merger with BlackRock Capital Investment Corporation” for further information regarding the Merger Agreement and the Merger.

On July 1, 2025, BlackRock, Inc. completed its previously announced acquisition of 100% of the business and assets of HPS Investment Partners (“HPS”), a leading global credit investment manager (the “BlackRock/HPS Transaction”). In connection with the BlackRock/HPS Transaction, certain senior personnel of HPS joined the Advisor’s investment committee for the Company’s portfolio as voting members.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended, public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of September 30, 2026, 80.1% of our total assets were invested in qualifying assets.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from dividends on our equity interests, capital gains on the disposition of investments, and certain lease, fee, and other income. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, end-of-term or exit fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

Our primary operating expenses include the payment of a base management fee and, depending on our operating results, incentive compensation, expenses reimbursable under the management agreement, administration fees and the allocable portion of overhead under the administration agreement. The base management fee and incentive compensation remunerates the Advisor for work in identifying, evaluating, negotiating, closing and monitoring our investments. Our administration agreement with the Administrator provides that the Administrator may be reimbursed for costs and expenses incurred by the Administrator for office space rental, office equipment and utilities allocable to us under the administration agreement, as well as any costs and expenses incurred by the Administrator or its affiliates relating to any non-investment advisory, administrative or operating services provided by the Administrator or its affiliates to us. We also bear all other costs and expenses of our operations and transactions (and the Company’s common shareholders indirectly

bear all of the costs and expenses of the Company, SVCP, TCPC Funding II, the SBIC and Merger Sub), which may include those relating to:

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our organization;

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calculating our net asset value (including the cost and expenses of any independent valuation firms);

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interest payable on debt, if any, incurred to finance our investments;

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costs of future offerings of our common stock and other securities, if any;

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the base management fee and any incentive compensation;

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dividends and distributions on our preferred shares, if any, and common shares;

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administration fees payable under the administration agreement with the Administrator (the "Administration Agreement");

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fees payable to third parties relating to, or associated with, making investments;

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transfer agent and custodial fees;

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registration fees;

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listing fees;

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taxes;

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director fees and expenses;

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costs of preparing and filing reports or other documents with the SEC;

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costs of any reports, proxy statements or other notices to our shareholders, including printing costs;

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our fidelity bond;

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directors and officers/errors and omissions liability insurance, and any other insurance premiums;

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indemnification payments;

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direct costs and expenses of administration, including audit and legal costs; and

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all other expenses reasonably incurred by us and the Administrator in connection with administering our business, such as the allocable portion of overhead under the administration agreement, including rent and other allocable portions of the cost of certain of our officers and their respective staffs.

Prior to the Closing, the investment management agreement provided that the base management fee be calculated at an annual rate of 1.5% of our total assets (excluding cash and cash equivalents) payable quarterly in arrears; provided, however, that, effective as of February 9, 2019, the base management fee was calculated at an annual rate of 1.0% of our total assets (excluding cash and cash equivalents) that exceed an amount equal to 200% of the net asset value of the Company. For purposes of calculating the base management fee, “total assets” is determined without deduction for any borrowings or other liabilities. The base management fee is calculated based on the value of our total assets and net asset value (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter.

In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the “Amended and Restated Investment Advisory Agreement”), pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor’s base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into a fee waiver agreement with the Advisor (the “Fee Waiver Agreement”). The Fee Waiver Agreement provided that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter).

In recognition of the reductions in assets resulting from the Continuation Vehicle Transaction during the quarter, the Advisor reduced its management fee to reflect the Company's revised asset base following the Continuation Vehicle Transaction, resulting in an approximately $1.2 million reduction in management fees for the quarter.

Additionally, the previous investment management agreement dated February 9, 2019 and the Amended and Restated Investment Advisory Agreement each provide that the Advisor or its affiliates may be entitled to incentive compensation under certain circumstances. According to the terms of such agreements, no incentive compensation was incurred prior to January 1, 2013. Under the previous investment management agreement, dated February 9, 2019, and as continued under the Amended and Restated Investment Advisory Agreement, the incentive compensation equals the sum of (1) 20% of all ordinary income since January 1, 2013 through February 8, 2019 and 17.5% thereafter and (2) 20% of all net realized capital gains (net of any net unrealized capital depreciation) since January 1, 2013 through February 8, 2019 and 17.5% thereafter, less ordinary income incentive compensation and capital gains incentive compensation previously paid. However, incentive compensation will only be paid to the extent the cumulative total return of the Company after incentive compensation and including such payment would equal or exceed a 7% annual return on daily weighted-average contributed common equity. The determination of incentive compensation is subject to limitations under the 1940 Act and the Investment Advisers Act of 1940.

Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ. Management considers the following critical accounting policies important to understanding the financial statements. In addition to the discussion below, our critical accounting policies are further described in the notes to our financial statements.

Valuation of portfolio investments

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies and procedures reviewed and approved by a committee established by the Valuation Designee (the "Valuation Committee"). Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (i) are independent of us, (ii) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (iii) are able to transact for the asset, and (iv) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker-dealers or market makers. However, short term debt investments with original maturities of generally three months or less are valued at amortized cost, which approximates fair value. Debt and equity securities for which market quotations are not readily available, which is the case for many of our investments, or for which market quotations are deemed not to represent fair value, are valued at fair value using a consistently applied valuation process in accordance with our documented valuation policies and procedures reviewed and approved by the Valuation Committee. The policies were adopted by the Valuation Designee and approved by the Board. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security cause current market quotations to not reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid-ask spread.

The valuation process adopted by the Valuation Designee with respect to investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value is as follows:

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The investment professionals of the Valuation Designee provide recent portfolio company financial statements and other reporting materials to independent valuation firms approved by the Valuation Committee.

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Such firms evaluate this information along with relevant observable market data to conduct independent appraisals each quarter, and their preliminary valuation conclusions are documented and discussed with senior management of the Valuation Designee.

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The fair value of smaller investments comprising in the aggregate less than 5% of our total capitalization may be determined by the Valuation Designee in good faith in accordance with our valuation policy without the employment of an independent valuation firm.

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The Valuation Designee determines the fair value of the remainder of investments in our portfolio in good faith based on the input of the Valuation Committee and the respective independent valuation firms.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing one or more methodologies, including the market approach, the income approach, or in the case of recent investments, the cost approach, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that the Valuation Designee may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparable, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparable, our principal market (as the reporting entity) and enterprise values.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances.

Our investments may be categorized based on the types of inputs used in their valuation. The level in the GAAP valuation hierarchy in which an investment falls is based on the lowest level input that is significant to the valuation of the investment in its entirety. Investments are classified by GAAP into the three broad levels as follows:

Level 1 — Investments valued using unadjusted quoted prices in active markets for identical assets.

Level 2 — Investments valued using other unadjusted observable market inputs, e.g. quoted prices in markets that are not active or quotes for comparable instruments.

Level 3 — Investments that are valued using quotes and other observable market data to the extent available, but which also take into consideration one or more unobservable inputs that are significant to the valuation taken as a whole.

As of September 30, 2026, 0.0% of our investments were categorized as Level 1, 0.2% were categorized as Level 2, 97.7% were categorized as Level 3 investments valued based on valuations by independent third-party sources, 0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee, and 2.0% were valued using net asset value (“NAV”) per share (or its equivalent) as a practical expedient for fair value and have been excluded from the fair value hierarchy.

As of December 31, 2025, 0.0% of our investments were categorized as Level 1, 0.0% were categorized as Level 2, 99.9% were categorized as Level 3 investments valued based on valuations by independent third-party sources, and 0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee.

Determination of fair value involves subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements express the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the financial statements.

Revenue recognition

Certain of our debt investments are purchased at a discount to par as a result of the underlying credit risks and financial results of the issuer, as well as general market factors that influence the financial markets as a whole. Discounts on the acquisition of corporate bonds are generally amortized using the effective-interest or constant-yield method assuming there are no questions as to collectability. When principal payments on a loan are received in an amount in excess of the loan’s amortized cost, the excess principal payments are recorded as interest income.

Debt investments are generally placed on non-accrual status when it is probable that principal or interest will not be collected according to the contractual terms. When a debt investment is placed on non-accrual status, accrued and unpaid interest (including any accrued PIK interest) is generally reversed, and discount accretion or premium amortization is discontinued. The Company does not reverse previously capitalized PIK income. Payments received on non-accrual investments may either be recognized as income or applied to principal depending upon the Company’s judgment regarding collectability of the outstanding principal and interest. Non-accrual investments are restored to accrual status if past due principal and interest are paid or, in the Company’s judgment, the repayment of the remaining contractual principal and interest is expected. The Company may opt not to place a distressed debt investment on non-accrual status if principal and interest are secured through sufficient collateral value and are in the process of collection through legal actions or other efforts that are expected to result in repayment of principal and interest.

Net realized gains or losses and net change in unrealized appreciation or depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized. Realized gains and losses are computed using the specific identification method. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

Portfolio and investment activity

During the three months ended September 30, 2026, we invested approximately $6.2 million, comprised of new investments in 1 existing portfolio company, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $5.7 million, or 91.5% of total acquisitions, were in senior secured loans. The remaining $0.5 million, or 8.5% of total acquisitions, was comprised of equity investments. Additionally, we had approximately $681.4 million of investment dispositions from sales or repayments of investments, including $457.5 million of investments, net of losses, sold through the Continuation Vehicle Transaction during the three months ended September 30, 2026.

During the three months ended September 30, 2025, we invested approximately $63.1 million, comprised of new investments in 5 new and 2 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $61.8 million, or 97.9% of total acquisitions, were in senior secured loans. The remaining $1.3 million, or 2.1% of total acquisitions, was comprised of equity investments. Additionally, we received approximately $139.5 million in proceeds from sales or repayments of investments during the three months ended September 30, 2025.

During the nine months ended September 30, 2026, we invested approximately $53.7 million, comprised of new investments in 7 new and 4 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $48.2 million, or 89.7% of total acquisitions, were in senior secured loans. The remaining $5.5 million, or 10.3% of total acquisitions, was comprised of equity investments. Additionally, we had approximately $928.4 million of investment dispositions from sales or repayments of investments, including $457.5 million of investments, net of losses, sold through the Continuation Vehicle Transaction during the nine months ended September 30, 2026.

During the nine months ended September 30, 2025, we invested approximately $240.6 million, comprised of new investments in 18 new and 13 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $224.4 million, or 93.3% of total acquisitions, were in senior secured loans. The remaining $16.2 million, or 6.7% of total acquisitions, was comprised of equity investments. Additionally, we received approximately $272.1 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2025.

At September 30, 2026, our consolidated investment portfolio of $543.5 million (at fair value) consisted of 126 portfolio companies and was invested 79.6% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 70.6% in senior secured loans, 9.0% in senior secured notes, 0.0% in unsecured debt and 20.4% in equity investments. Our average portfolio company investment at fair value was approximately $4.3 million. Our largest portfolio company investment based on fair value was approximately 19.3% of our portfolio and our five largest portfolio company investments based on fair value comprised approximately 38.5% of our portfolio at September 30, 2026.

At December 31, 2025, our consolidated investment portfolio of $1,533.3 million (at fair value) consisted of 141 portfolio companies and was invested 92.5% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 88.6% in senior secured loans, 3.9% in senior secured notes, 0.0% in unsecured debt and 7.5% in equity investments. Our average portfolio company investment at fair value was approximately $10.9 million. Our largest portfolio company investment based on fair value was approximately 7.2% of our portfolio and our five largest portfolio company investments by value comprised approximately 23.1% of our portfolio at December 31, 2025.

The industry composition of our portfolio at fair value at September 30, 2026 was as follows:


Industry	Percent of Total Investments
Diversified Financial Services		21.4	%
Software		13.0	%
Professional Services		11.6	%
Internet Software and Services		7.9	%
Diversified Consumer Services		5.4	%
IT Services		4.8	%
Technology Hardware, Storage and Peripherals		3.6	%
Automobiles		3.5	%
Trading Companies and Distributors		3.2	%
Health Care Technology		3.0	%
Construction and Engineering		2.7	%
Paper and Forest Products		2.6	%
Capital Markets		2.5	%
Aerospace and Defense		2.3	%
Wireless Telecommunication Services		1.8	%
Electrical Equipment		1.5	%
Media		1.3	%
Real Estate Management and Development		1.3	%
Specialty Retail		1.2	%
Life Sciences Tools and Services		1.0	%
Machinery		1.0	%
Other		3.4	%
Total		100.0	%

The composition of our investment portfolio by level of control as of September 30, 2026 and December 31, 2025 was as follows:


	September 30, 2026				December 31, 2025
Level of Control	Cost		Fair Value		Cost		Fair Value
Non-controlled, non-affiliated investments	$	489,208,158	$	404,445,346	$	1,425,285,902	$	1,360,801,852
Non-controlled, affiliated investments		106,815,228		34,319,580		101,284,695		34,821,907
Controlled investments		97,344,630		104,769,514		151,475,599		137,678,713
Total investments	$	693,368,016	$	543,534,440	$	1,678,046,196	$	1,533,302,472

The investments that were on non-accrual as of September 30, 2026 were as follows:


Issuer	Instrument	Cost			Fair Value
BW Holding, Inc. (Brook & Whittle)	First Lien Term Loan	$	16,906,861		$	2
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan		(4,180	)		168,629
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver		(21,368	)		(9,660	)
Gordon Brothers Finance Company	Unsecured Debt		10,575,543			127,490
Gordon Brothers Finance Company	Preferred Stock		—			—
GoTab, Inc. (Fishbowl)	Promissory Note		2,549,056			2,332,841
Hylan Intermediate Holding II, LLC	First Lien Term Loan		11,575,692			2,728,379
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2A Term Loan		3,131,296			—
Infinite Commerce Holdings LLC (Razor)	2nd Lien 2B Term Loan		1,408,812			—
Infinite Commerce Holdings LLC (Razor)	2nd Lien 3B Term Loan		15,762,324			2
Pluralsight, Inc.	First Lien Term Loan		9,666,639			1
PVHC Holding Corp.	First Lien Term Loan		2,283,078			599,693
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan		5,947,289			3,883,580
SellerX Germany GMBH & Co. KG (Germany)	First Lien Term Loan		6,823,483			4,455,734
Streamland Media Midco LLC	Sr Secured Revolver		1,053			87
Streamland Media Midco LLC	First Lien First Out Term Loan		7,460			617
Streamland Media Midco LLC	First Lien Last Out Term Loan		(28	)		—
Terraboost Media Operating Company, LLC	First Lien Term Loan		5,772,482			3,498,281
TVG-Edmentum Holdings, LLC	Series C-2 Preferred Units		6,128,156			753,466
Total debt and preferred equity investments on non-accrual		$	98,513,648		$	18,539,142

The weighted average effective yield of our debt portfolio based on fair value was 11.1% at September 30, 2026 and 11.1% at December 31, 2025, excluding non-accrual and non-income producing loans. The weighted average effective yield of our total portfolio based on fair value was 9.4% at September 30, 2026 and 10.2% at December 31, 2025. At September 30, 2026, 88.0% of debt investments in our portfolio bore interest based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Euro Interbank Offered Rate (“EURIBOR”), Canadian Overnight Repo Rate Average (“CORRA”), the Federal Funds Rate or the Prime Rate, and 12.0% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 89.0% at September 30, 2026. Debt and preferred equity investments in twelve portfolio companies were on non-accrual status as of September 30, 2026, representing 3.4% of the portfolio at fair value and 14.2% at cost. At December 31, 2025, 94.2% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, CORRA, the Federal Funds Rate or the Prime Rate, and 5.8% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 98.1% at December 31, 2025. Debt and preferred equity investments in fourteen portfolio companies were on non-accrual status as of December 31, 2025, representing 4.0% of the portfolio at fair value and 9.7% at cost.

Results of operations

Investment income

Investment income totaled $28.5 million and $50.5 million, respectively, for the three months ended September 30, 2026 and 2025, of which $27.4 million and $48.9 million were attributable to interest and fees on our debt investments, $1.0 million and $1.6 million to dividend income primarily from our investments in 36th Street and Ohio Transmission Corp., and $0.1 million and $0.0 million to other income, respectively. Included in interest and fees on our debt investments were $6.5 million and $2.4 million of non-recurring income related to prepayments and $0.0 million and $0.1 million in amendment fees for the three months ended September 30, 2026 and 2025, respectively. The decrease in investment income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily reflects a decrease in portfolio size as a result of the sale of assets in the Continuation Vehicle Transaction and a decrease in interest income due to lower SOFR rates during the three months ended September 30, 2026.

Investment income totaled $111.1 million and $157.9 million, respectively, for the nine months ended September 30, 2026 and 2025, of which $106.4 million and $151.6 million were attributable to interest and fees on our debt investments, $4.7 million and $6.3 million to dividend income primarily from our investments in 36th Street and Ohio Transmission Corp., and $0.0 million and $0.0 million to other income, respectively. Included in interest and fees on our debt investments were $9.7 million and $5.3 million of non-recurring income related to prepayments and $3.3 million and $1.1 million in amendment fees for the nine months ended September 30, 2026 and 2025, respectively. The decrease in investment income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily reflects a decrease in portfolio size as a result of the sale of assets in the Continuation Vehicle Transaction and a decrease in interest income due to lower SOFR rates during the nine months ended September 30, 2026.

Expenses

Total operating expenses for the three months ended September 30, 2026 and 2025 were $15.1 million and $23.2 million, respectively, comprised of $9.4 million and $16.8 million in interest expense and related fees, $3.0 million and $5.5 million in base management fees, $1.1 million and $0.8 million in professional fees, $0.6 million and $0.4 million in administrative expenses, and $1.0 million and $1.5 million in other expenses, respectively, offset by $0.0 million and $1.8 million in management fee waivers. The decrease in operating expenses for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily reflects a decrease in interest expense as a result of lower debt outstanding and due to lower SOFR rates, and a decrease in management fees due to a decrease in the Company's management fee base during the three months ended September 30, 2026.

Total operating expenses for the nine months ended September 30, 2026 and 2025 were $61.1 million and $70.8 million, respectively, comprised of $40.4 million and $51.0 million in interest expense and related fees, $11.9 million and $16.5 million in base management fees, $3.3 million and $2.6 million in professional fees, $1.5 million and $1.6 million in administrative expenses, and $4.0 million and $4.6 million in other expenses, respectively, offset by $0.0 million and $5.5 million in management fee waivers. The decrease in operating expenses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily reflects a decrease in interest expense as a result of lower debt outstanding and due to lower SOFR rates, and a decrease in management fees as a result of a smaller average portfolio, partially offset by an absence of management fee waivers during the nine months ended September 30, 2026.

Net investment income

Net investment income was $13.4 million and $27.3 million, respectively, for the three months ended September 30, 2026 and 2025. The decrease in net investment income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily reflects the decrease in total investment income, partially offset by a decrease in expenses during the three months ended September 30, 2026.

Net investment income was $50.0 million and $87.1 million, respectively, for the nine months ended September 30, 2026 and 2025. The decrease in net investment income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily reflects the decrease in total investment income, partially offset by a decrease in expenses during the nine months ended September 30, 2026.

Net realized and unrealized gain or loss

Net realized gain (loss) on investments and foreign currency for the three months ended September 30, 2026 and 2025 was $(74.5) million and $(97.0) million, respectively. Net realized gain (loss) on investments and foreign currency for the three months ended September 30, 2026 includes $(73.4) million from non-controlled, non-affiliated investments, $(2.0) million from non-controlled, affiliated investments, and $0.9 million from controlled investments. Net realized gain (loss) on investments and foreign currency for the three months ended September 30, 2025 includes $(77.7) million from non-controlled, non-affiliated investments, $(4.1) million from non-controlled, affiliated investments, and $(15.2) million from controlled investments. Net realized loss on investments and foreign currency for the three months ended September 30, 2026 was comprised primarily of $63.7 million in losses from the Continuation Vehicle Transaction, and $4.2 million and $3.8 million in losses from the disposition of our investments in Paramount and Emerald, respectively, offset by $4.7 million in gains from the disposition of our investments in Domo. Net realized loss for the three months ended September 30, 2025 was comprised primarily of a $72.6 million loss from the restructuring of our investment in Razor and $13.2 million, $4.1 million, $3.9 million, and $2.0 million in losses from the disposition of our investments in Conergy, Iracore, INH Buyer, and Conventional Lending, respectively.

Net realized gain (loss) on investments and foreign currency for the nine months ended September 30, 2026 and 2025 was $(122.0) million and $(204.3) million, respectively. Net realized gain (loss) on investments and foreign currency for the nine months ended September 30, 2026 includes $(99.5) million from non-controlled, non-affiliated investments, $(2.0) million from non-controlled, affiliated investments, and $(20.5) million from controlled investments. Net realized gain (loss) on investments and foreign currency for the nine months ended September 30, 2025 includes $(185.0) million from non-controlled, non-affiliated investments, $(4.1) million from non-controlled, affiliated investments, and $(15.2) million from controlled investments. Net realized loss on investments and foreign currency for the nine months ended September 30, 2026 was comprised primarily of $63.7 million in losses from the Continuation Vehicle Transaction, $19.1 million, $11.5 million, $9.1 million, and $4.6 million in losses from the restructuring of our investments in Alpine, Fishbowl, AutoAlert, and Suited Connector, respectively, and $4.2 million and $3.8 million in losses from the disposition of our investments in Paramount and Emerald, respectively, offset by $4.7 million in gains from the disposition of our investments in Domo. Net realized loss for the nine months ended September 30, 2025 was comprised primarily of $72.6 million, $24.6 million, $22.5 million, $11.5 million and $10.7 million in losses from the restructuring of our investments in Razor, Seller X, Khoros, InMoment and Homerenew Buyer, and $24.5 million, $13.2 million and $11.5 million in losses from the disposition of our investments in Securus and Conergy, respectively.

For the three months ended September 30, 2026 and 2025, the change in net unrealized appreciation (depreciation) was $(4.3) million and $94.1 million, respectively. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2026 includes $(3.1) million from non-controlled, non-affiliated investments, $(2.0) million from non-controlled, affiliated investments, and $0.8 million from controlled investments. The change in net unrealized appreciation (depreciation) for the three months ended September 30, 2025 includes $79.4 million from non-controlled, non-affiliated investments, $0.9 million from non-controlled, affiliated investments, and $13.8 million from controlled investments. The change in net unrealized depreciation for the three months ended September 30, 2026 primarily reflects an $11.5 million unrealized loss on our investment in Job and Talent, a $6.9 million reversal of previously recognized unrealized gains from the disposition of our investment in Domo, and a $2.5 million reversal of previously recognized unrealized gains from the disposition of our investment in Thras.io, partially offset by an $8.3 million reversal of previously recognized unrealized losses from disposition of our investments in the Continuation Vehicle Transaction, and $5.7 million and $4.7 million reversals of previously recognized unrealized losses from the disposition of our investments in Paramount and Emerald, respectively. The change in net unrealized appreciation for the three months ended September 30, 2025 primarily reflects $74.6 million reversal of previously recognized unrealized loss from the restructuring of our investment in Razor, $13.2 million, $4.9 million, $3.7 million, and $2.8 million reversals of previously recognized unrealized losses from the disposition of our investments in Conergy, INH Buyer, Iracore and Conventional Lending, respectively, and $7.3 million and $2.3 million in gains on our investments in NEP and Domo, respectively, partially offset by a $6.9 million unrealized loss on our investment in Alpine, a $1.5 million unrealized loss on our investment in Fishbowl, a $1.4 million unrealized loss on our investment in Pluralsight, a $1.3 million unrealized loss on our investment in SellerX, and a $1.3 million unrealized loss on our investment in Paramount.

For the nine months ended September 30, 2026 and 2025, the change in net unrealized appreciation (depreciation) was $(5.1) million and $146.5 million, respectively. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2026 includes $(20.2) million from non-controlled, non-affiliated investments, $(6.1) million from non-controlled, affiliated investments, and $21.2 million from controlled investments. The change in net unrealized appreciation (depreciation) for the nine months ended September 30, 2025 includes $146.2 million from non-controlled, non-affiliated investments, $(1.4) million from non-controlled, affiliated investments, and $1.7 million from controlled investments. The change in net unrealized depreciation for the nine months ended September 30, 2026 primarily reflects a $19.6 million unrealized loss on our investment in Job and Talent, a $7.8 million reversal of previously recognized unrealized gains on disposition of our investment in Domo, a $7.6 million unrealized loss on our investment in Pluralsight, partially offset by $16.6 million, $12.1 million, $8.1 million, and $4.5 million reversals of previously recognized unrealized losses from the restructuring of our investments in Alpine, Fishbowl, AutoAlert and Suited Connector, respectively, an $8.3 million reversal of previously recognized unrealized losses on the Continuation Vehicle Transaction, and $5.1 million and $4.0 million reversals of previously recognized unrealized losses on disposition of our investments in Emerald and Paramount, respectively. The change in net unrealized appreciation for the nine months ended September 30, 2025 primarily reflects $64.5 million, $21.9 million, $17.5 million, $8.3 million and $6.7 million reversals of previously recognized unrealized losses from the restructuring of our investments in Razor, Khoros, SellerX, Homerenew Buyer and InMoment, respectively, $23.9 million, $12.9 million and $7.5 million reversals of previously recognized unrealized losses from the disposition of our investments in Securus, Conergy and CIBT, respectively, $10.8 million and $4.9 million in gains on our investments in Job and Talent and Domo, respectively, partially offset by a $13.3 million unrealized loss on our investment in Alpine, an $8.1 million unrealized loss on our investment in Brook & Whittle, a $5.4 million unrealized loss on our investment in 36th Street Capital, a $4.8 million unrealized loss on our investment in Pluralsight and a $4.3 million unrealized loss on our investment in AutoAlert.

Incentive compensation

No incentive fees were accrued for three and nine months ended September 30, 2026 and 2025 as a result of the Company's cumulative total return not exceeding the total return hurdle.

Income tax expense, including excise tax

The Company has elected to be treated as a RIC under Subchapter M of the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Company must, among other things, timely distribute to its shareholders generally at least 90% of its investment company taxable income, as defined by the Code, for each year. The Company has made and intends to continue to make the requisite distributions to its shareholders which will generally relieve the Company from U.S. federal income taxes.

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. No excise tax was incurred for the nine months ended September 30, 2026.

Net increase (decrease) in net assets resulting from operations

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $(66.8) million and $24.4 million for the three months ended September 30, 2026 and 2025, respectively. The decrease in net assets resulting from operations during the three months ended September 30, 2026 was primarily due to lower net investment income, higher net realized and unrealized losses, and the $1.3 million realized loss on extinguishment of debt compared to the three months ended September 30, 2025. Realized loss on extinguishment of debt primarily reflects the write-off of unamortized deferred debt issuance costs, unpaid contractual interest expenses, and legal fees associated with the termination of the Operating Facility in connection with the Continuation Vehicle Transaction.

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $(81.3) million and $29.4 million for the nine months ended September 30, 2026 and 2025, respectively. The decrease in net assets resulting from operations during the nine months ended September 30, 2026 was primarily due to lower net investment income, higher net realized and unrealized losses, and the $4.2 million realized loss on extinguishment of debt compared to the nine months ended September 30, 2025. Realized loss on extinguishment of debt primarily reflects the write-off of unamortized deferred debt issuance costs, unpaid contractual interest expenses, and legal fees associated with the terminations of the Operating Facility, Funding Facility II and the SBA Debentures.

Net investment income, net realized and unrealized gain (loss) and net increase (decrease) in net assets resulting from operations can vary from period to period as a result of various factors, including acquisitions, the level of new investment commitments, the recognition of realized gains and losses and changes in unrealized appreciation and depreciation on the investment portfolio.

Supplemental Non-GAAP information

On March 18, 2024, the Company completed its previously announced Merger with BCIC. The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 (“ASC 805”), Business Combinations-Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC shareholders pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC shareholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration paid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non-qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro-rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, the Company may recognize a realized gain with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired.

As a supplement to the Company’s reported GAAP financial measures, we have provided the following non-GAAP financial measures that we believe are useful:

•

“Adjusted net investment income” – excludes the amortization of purchase accounting discount from net investment income calculated in accordance with GAAP;

•

“Adjusted net realized and unrealized gain (loss)” – excludes the unrealized appreciation resulting from the purchase discount and the corresponding reversal of the unrealized appreciation from the amortization of the purchase discount from the determination of net realized and unrealized gain (loss) determined in accordance with GAAP; and

•

“Adjusted net increase (decrease) in net assets resulting from operations” – calculates net increase (decrease) in net assets resulting from operations based on Adjusted net investment income and Adjusted net realized and unrealized gain (loss).


	Three months ended September 30,												Nine months ended September 30,
	2026						2025						2026						2025
	Amount			Per Share			Amount			Per Share			Amount			Per Share			Amount			Per Share
Net investment income	$	13,365,582			0.16		$	27,281,273			0.32		$	49,984,855			0.60		$	87,078,617			1.02
Less: Purchase accounting discount amortization		836,279			0.01			1,645,031			0.02			2,376,818			0.03			4,440,925			0.05
Adjusted net investment income	$	12,529,303			0.15		$	25,636,242			0.30		$	47,608,037			0.57		$	82,637,692			0.97

Net realized and unrealized gain (loss)	$	(80,119,162	)		(0.96	)	$	(2,911,561	)		(0.03	)	$	(131,290,535	)		(1.57	)	$	(57,720,901	)		(0.68	)
Less: Realized gain (loss) due to the allocation of purchase discount		425,666			0.01			5,849,398			0.07			4,540,049			0.05			12,535,085			0.15
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount		(1,261,945	)		(0.02	)		(7,494,429	)		(0.09	)		(6,916,867	)		(0.08	)		(16,976,010	)		(0.20	)
Adjusted net realized and unrealized gain (loss)	$	(79,282,883	)		(0.95	)	$	(1,266,530	)		(0.01	)	$	(128,913,717	)		(1.54	)	$	(53,279,976	)		(0.63	)

Net increase (decrease) in net assets resulting from operations	$	(66,753,580	)		(0.80	)	$	24,369,712			0.29		$	(81,305,680	)		(0.97	)	$	29,357,716			0.35
Less: Purchase accounting discount amortization		836,279			0.01			1,645,031			0.02			2,376,818			0.03			4,440,925			0.05
Less: Realized gain (loss) due to the allocation of purchase discount		425,666			0.01			5,849,398			0.07			4,540,049			0.05			12,535,085			0.15
Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount		(1,261,945	)		(0.02	)		(7,494,429	)		(0.09	)		(6,916,867	)		(0.08	)		(16,976,010	)		(0.20	)
Adjusted net increase (decrease) in net assets resulting from operations	$	(66,753,580	)		(0.80	)	$	24,369,712			0.29		$	(81,305,680	)		(0.97	)	$	29,357,716			0.35

We believe that the adjustment to exclude the full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess our financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.

Liquidity and capital resources

Since our inception, our liquidity and capital resources have been generated primarily through the initial private placement of common shares of Special Value Continuation Fund, LLC (the predecessor entity) which were subsequently converted to common stock of the Company, the net proceeds from the initial and secondary public offerings of our common stock, amounts outstanding under our Leverage Program, and cash flows from operations, including investments sales and repayments and income earned from investments and cash equivalents. The primary uses of cash have been investments in portfolio companies, cash distributions to our equity holders, payments to service our Leverage Program and other general corporate purposes.

On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of March 18, 2024, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP. For the nine months ended September 30, 2026, approximately $1.3 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP.

particular amount of common stock will be repurchased. The Company Repurchase Plan was re-approved on April 29, 2026, to be in effect through the earlier of April 30, 2027, unless further extended or terminated by the Company's Board of Directors, or such time as the approved $50.0 million repurchase amount has been fully utilized, subject to certain conditions.


	Nine Months Ended September 30,
	2026		2025
Shares Repurchased		661,803		69,446
Price Per Share *	$	4.34	$	6.68
Total Cost	$	2,871,849	$	464,080

* Weighted-average price per share

Total leverage outstanding and available under the combined Leverage Program at September 30, 2026 were as follows:


	Maturity	Rate		Carrying Value (1)			Available		Total Capacity
Merger Sub Facility(2)	2028	SOFR+2.00%	(3)	$	6,893,706		$	258,106,294	$	265,000,000	(4)
2029 Notes ($325 million par)	2029	6.95%			322,916,348			—		322,916,348
Total leverage					329,810,054		$	258,106,294	$	587,916,348
Unamortized issuance costs					(3,431,843	)
Debt, net of unamortized issuance costs				$	326,378,211

(1)

Except for the 2029 Notes, all carrying values are the same as the principal amounts outstanding.

(2)

Debt assumed by the Company as a result of the Merger with BCIC.

(3)

(4)

Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions.

Under Section 61(a) of the 1940 Act, prior to March 23, 2018, a BDC was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act (“SBCAA”) was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. The reduced asset coverage requirement would permit a BDC to have a ratio of total outstanding indebtedness to common equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.

Effective November 7, 2018, the Company’s Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our Board of Directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier shareholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the shareholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of September 30, 2026, the Company’s asset coverage ratio was 241.0%.

On July 13, 2015, we obtained exemptive relief from the SEC to permit us to exclude debt outstanding under the SBA Debentures from our asset coverage test under the 1940 Act. The exemptive relief provides us with increased flexibility under the 150% asset coverage test by permitting the SBIC to borrow up to $107.2 million more than it would otherwise be able to absent the receipt of this exemptive relief. On June 17, 2026, the Company paid off all the outstanding principal amount plus the accrued and unpaid interest thereon on the SBA Debentures.

Net cash provided by operating activities during the nine months ended September 30, 2026 was $547.3 million, consisting primarily of the settlement of dispositions of investments (net of acquisitions) of $508.1 million and $39.2 million in net investment income (net of non-cash income and expenses).

Net cash used by financing activities was $355.2 million during the nine months ended September 30, 2026, consisting primarily of $387.2 million in net credit facility paydowns, $325.0 million in repayment of 2026 Notes, $42.8 million in dividends paid to common shareholders and $2.9 million in repurchases of shares.

At September 30, 2026, we had $253.1 million in cash and cash equivalents.

The Merger Sub Facility is secured by substantially all of the assets in our portfolio, including cash and cash equivalents, and is subject to compliance with customary affirmative and negative covenants, including the maintenance of a minimum stockholders’ equity, the maintenance of a ratio of not less than 150% of total assets (less total liabilities other than indebtedness) to total indebtedness, and restrictions on certain payments and issuance of debt. Unfavorable economic conditions may result in a decrease in the value of our investments, which would affect both the asset coverage ratios and the value of the collateral securing the Merger Sub Facility, and may therefore impact our ability to borrow under the Merger Sub Facility. In addition to regulatory restrictions that restrict our ability to raise capital, the Leverage Program contains various covenants which, if not complied with, could accelerate repayment of debt, thereby materially and adversely affecting our liquidity, financial condition and results of operations. At September 30, 2026, we were in compliance with all financial and operational covenants required by the Leverage Program.

Unfavorable economic conditions, while potentially creating attractive opportunities for us, may decrease liquidity and raise the cost of capital generally, which could limit our ability to renew, extend or replace the Leverage Program on terms as favorable as are currently included therein. If we are unable to renew, extend or replace the Leverage Program upon the various dates of maturity, we expect to have sufficient funds to repay the outstanding balances in full from our net investment income and sales of, and repayments of principal from, our portfolio company investments, as well as from anticipated debt and equity capital raises, among other sources. Unfavorable economic conditions may limit our ability to raise capital or the ability of the companies in which we invest to repay our loans or engage in a liquidity event, such as a sale, recapitalization or initial public offering. The Merger Sub Facility and the 2029 Notes mature in September 2028 and May 2029, respectively. Any inability to renew, extend or replace the Leverage Program could adversely impact our liquidity and ability to find new investments or maintain distributions to our shareholders.

Challenges in the market are intensified for us by certain regulatory limitations under the Code and the 1940 Act. To maintain our qualification as a RIC, we must satisfy, among other requirements, an annual distribution requirement to pay out at least 90% of our ordinary income and short-term capital gains to our shareholders. Because we are required to distribute our income in this manner, and because the illiquidity of many of our investments may make it difficult for us to finance new investments through the sale of current investments, our ability to make new investments is highly dependent upon external financing. While we anticipate being able to continue to satisfy all covenants and repay the outstanding balances under the Leverage Program when due, there can be no assurance that we will be able to do so, which could lead to an event of default.

Contractual obligations

In addition to obligations under our Leverage Program, we have entered into several contracts under which we have future commitments. Pursuant to an investment management agreement, the Advisor manages our day-to-day operations and provides investment advisory services to us. Payments under the investment management agreement are equal to a percentage of the value of our total assets (excluding cash and cash equivalents) and an incentive compensation, plus reimbursement of certain expenses incurred by the Advisor. Under the Administration Agreement, the Administrator provides us with administrative services, facilities and personnel. Payments under the Administration Agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Advisor for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Advisor is not responsible for any of the foregoing expenses and such services are not investment advisory services under the 1940 Act. Either party may terminate each of the Amended and Restated Investment Advisory Agreement and Administration Agreement without penalty upon not less than 60 days’ written notice to the other.

Distributions

Our quarterly dividends and distributions to common shareholders are recorded on the ex-dividend date. Distributions are declared considering our estimate of annual taxable income available for distribution to shareholders and the amount of taxable income carried over from the prior year for distribution in the current year. We do not have a policy to pay distributions at a specific level and expect to continue to distribute substantially all of our taxable income. We cannot assure shareholders that they will receive any distributions or distributions at a particular level.

The following tables summarize dividends declared for the nine months ended September 30, 2026 and 2025:


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount		Reinvested Amount(1)
February 27, 2026	March 17, 2026	March 31, 2026	Regular	$	0.17	$	14,318,949	$	368,016
May 7, 2026	June 16, 2026	June 30, 2026	Regular	$	0.17	$	14,263,472	$	642,132
August 6, 2026	September 16, 2026	September 30, 2026	Regular	$	0.17	$	14,263,472	$	317,557
				$	0.51	$	42,845,893	$	1,327,705

(1)

Dividends reinvested through purchase of shares in the open market.


Date Declared	Record Date	Payment Date	Type	Amount Per Share		Total Amount		Reinvested Amount(1)
February 27, 2025	March 17, 2025	March 31, 2025	Regular	$	0.25	$	21,269,324	$	1,164,696
February 27, 2025	March 17, 2025	March 31, 2025	Special	$	0.04	$	3,403,092	$	186,351
May 8, 2025	June 16, 2025	June 30, 2025	Regular	$	0.25	$	21,259,430	$	399,000
May 8, 2025	June 16, 2025	June 30, 2025	Special	$	0.04	$	3,401,509	$	63,840
August 7, 2025	September 16, 2025	September 30, 2025	Regular	$	0.25	$	21,258,866	$	572,063
August 7, 2025	September 16, 2025	September 30, 2025	Special	$	0.04	$	3,401,419	$	91,530
				$	0.87	$	73,993,640	$	2,477,480

(1)

Dividends reinvested through purchase of shares in the open market

We have elected to be taxed as a RIC under Subchapter M of the Code. In order to maintain favorable RIC tax treatment, we must distribute annually to our shareholders at least 90% of our ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we must distribute during each calendar year an amount at least equal to the sum of:

•

98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year;

•

98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year; and

•

certain undistributed amounts from previous years on which we paid no U.S. federal income tax.

We may, at our discretion, carry forward taxable income in excess of calendar year distributions and pay a 4% excise tax on this income. If we choose to do so, all other things being equal, this would increase expenses and reduce the amounts available to be distributed to our shareholders. We will accrue excise tax on estimated taxable income as required. In addition, although we currently intend to distribute realized net capital gains (i.e., net long-term capital gains in excess of short-term capital losses), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gains for investment.

We may not be able to achieve operating results that will allow us to make dividends and distributions at a specific level or to increase the amount of these dividends and distributions from time to time. Also, we may be limited in our ability to make dividends and distributions due to the asset coverage test applicable to us as a BDC under the 1940 Act and due to provisions in our existing and future credit facilities. If we do not distribute a certain percentage of our income annually, we will suffer adverse tax consequences, including possible loss of favorable RIC tax treatment. In addition, in accordance with U.S. generally accepted accounting principles and tax regulations, we include in income certain amounts that we have not yet received in cash, such as PIK interest, which represents contractual interest added to the loan balance that becomes due at the end of the loan term, or the accrual of original issue or market discount. Since we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our investment company taxable income to obtain tax benefits as a RIC and may be subject to an excise tax.

In order to satisfy the annual distribution requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as a portion of such dividend is paid in cash and certain requirements are met, the entire distribution would be treated as a dividend for U.S. federal income tax purposes.

Related Parties

We have entered into a number of business relationships with affiliated or related parties, including the following:

•

Each of the Company, TCPC Funding II, and the SBIC has entered into an investment management agreement with the Advisor.

•

The Company has entered into the Administration Agreement with the Administrator. The Administrator is an affiliate of the Advisor and certain other series and classes of SVOF/MM, LLC serve as the general partner or managing member of certain other funds managed by the Advisor.

•

The Company has entered into a royalty-free license agreement with BlackRock and the Advisor, pursuant to which each of BlackRock and the Advisor has agreed to grant us a non-exclusive, royalty-free license to use the name “BlackRock” and “TCP”.

The Advisor and its affiliates, employees and associates currently do and in the future may manage other funds and accounts. The Advisor and its affiliates may determine that an investment is appropriate for us and for one or more of those other funds or accounts. Accordingly, conflicts may arise regarding the allocation of investments or opportunities among us and those accounts. In general, the Advisor will allocate investment opportunities pro rata among us and the other funds and accounts (assuming the investment satisfies the objectives of each) based on the amount of committed capital each then has available. The allocation of certain investment opportunities in private placements is subject to independent director approval pursuant to the terms of the co-investment exemptive order applicable to us. In certain cases, investment opportunities may be made other than on a pro rata basis. For example, we may desire to retain an asset at the same time that one or more other funds or accounts desire to sell it or we may not have additional capital to invest at a time the other funds or accounts do. If the Advisor is unable to manage our investments effectively, we may be unable to achieve our investment objective. In addition, the Advisor may face conflicts in allocating investment opportunities between us and certain other entities that could impact our investment returns. While our ability to enter into transactions with our affiliates is restricted under the 1940 Act, we have received an exemptive order from the SEC permitting certain affiliated investments subject to certain conditions. As a result, we may face conflict of interests and investments made pursuant to the exemptive order conditions which could in certain circumstances affect adversely the price paid or received by us or the availability or size of the position purchased or sold by us.

Recent Developments

See “Note 9 – Subsequent Events” to the consolidated financial statements for a summary of recent developments.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. At September 30, 2026, 88.0% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, CORRA, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to six months. At December 31, 2025, the percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 98.1%. Floating rate investments subject to a floor generally reset by reference to the current market index after one to six months only if the index exceeds the floor.

Interest rate sensitivity refers to the change in earnings that may result from changes in the level of interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. We assess our portfolio companies periodically to determine whether such companies will be able to continue making interest payments in the event that interest rates increase. There can be no assurances that the portfolio companies will be able to meet their contractual obligations at any or all levels of increases in interest rates.

Based on our September 30, 2026 statement of assets and liabilities, the following table shows the annual impact on net investment income (excluding the related incentive compensation impact) of base rate changes in interest rates (considering interest rate floors for variable rate instruments and the fact that our assets and liabilities may not have the same base rate period as assumed in this table) assuming no changes in our investment and borrowing structure.


Basis Point Change	Net Investment Income			Net Investment Income Per Share
Up 300 basis points	$	12,928,457		$	0.15
Up 200 basis points		8,618,971			0.10
Up 100 basis points		4,309,486			0.05
Down 100 basis points		(4,306,861	)		(0.05	)
Down 200 basis points		(8,461,645	)		(0.10	)
Down 300 basis points		(12,263,338	)		(0.15	)

Item 4. Controls and Procedures

Disclosure Controls and Procedures

As of the end of the period covered by this report, we, including our chief executive officer and chief financial officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief financial officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

Internal Control Over Financial Reporting

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

PART II - Other Information.

Item 1. Legal Proceedings

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. Such current legal proceedings are described in, and incorporated by reference in, this "Item 1. Legal Proceedings" of this Quarterly Report on Form 10-Q from, "Note 5 - Commitments, Contingencies, Concentration of Credit Risk and Off-Balance Sheet Risk," in the notes to the consolidated financial statements.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed below and the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "Annual Report"), which could materially affect our business, financial condition and/or operating results. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Delays in reinvesting the proceeds from the Continuation Vehicle Transaction and/or re-levering our portfolio could reduce our investment income and distributions.

As a result of the Continuation Vehicle Transaction, the Company has significantly reduced the size of its investment portfolio and the amount of deployed leverage. If we do not timely redeploy into new investments and/or efficiently re-lever to long-term target levels, our investment income and, in turn, our results of operations will likely be materially adversely affected. Based on the magnitude of the reduction in our investment portfolio and leverage, it could take some time to reinvest due to market conditions, the ongoing strategic alternatives review, and the general time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies. During this period, we may invest proceeds in temporary investments which we expect will earn yields lower than we seek to receive in respect of privately originated investments and which may be subject to increased price volatility. As a result of the reduced investment portfolio and leverage, and until proceeds are redeployed and leverage returns to target levels, distributions paid may be substantially lower and/or may be funded from retained earnings or sources other than income (i.e., represent a return of capital).

Item 2: Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.


	Nine Months Ended September 30,
	2026		2025
Shares Repurchased		661,803		69,446
Price Per Share *	$	4.34	$	6.68
Total Cost	$	2,871,849	$	464,080

* Weighted-average price per share

Item 3: Default Upon Senior Securities.

Not Applicable

Item 4. Mine Safety Disclosures.

None

Item 5. Other Information.

During the three months ended September 30, 2026, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5–1 trading arrangement” or “non-Rule 10b5–1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

Price Range of Common Stock

Our common stock began trading on April 5, 2012 and is currently traded on The NASDAQ Global Select Market under the symbol “TCPC.” The following table lists the high and low closing sale price for our common stock, the closing sale price as a percentage of ending net asset value, or NAV, and quarterly distributions per share in each fiscal quarter for the first three quarters of the year ended December 31, 2026 and for each fiscal quarter in the years ended December 31, 2025 and December 31, 2024. On September 30, 2026, the reported closing price of our common stock was $4.00 per share.


							Premium/ (Discount)	Premium/ (Discount)
			Stock Price				of High Sales Price	of Low Sales Price
	NAV(1)		High(2)		Low(2)		to NAV (3)	to NAV (3)	Declared Distributions
Fiscal Year ended December 31, 2026
First Quarter	$	6.72	$	5.89	$	3.44	(12.4)%	(48.8)%	$	0.17
Second Quarter	$	6.58	$	4.39	$	3.14	(33.3)%	(52.3)%	$	0.17
Third Quarter	$	5.61	$	4.21	$	3.13	(25.0)%	(44.2)%	$	0.17
Fiscal Year ended December 31, 2025
First Quarter	$	9.18	$	9.45	$	7.72	2.9%	(15.9)%	$	0.29
Second Quarter	$	8.71	$	8.05	$	6.47	(7.6)%	(25.7)%	$	0.29
Third Quarter	$	8.71	$	7.90	$	6.12	(9.3)%	(29.7)%	$	0.29
Fourth Quarter	$	7.07	$	6.19	$	5.30	(12.4)%	(25.0)%	$	0.25
Fiscal Year ended December 31, 2024
First Quarter	$	11.14	$	11.99	$	9.90	7.6%	(11.1)%	$	0.34
Second Quarter	$	10.20	$	11.48	$	9.93	12.5%	(2.7)%	$	0.34
Third Quarter	$	10.11	$	11.02	$	8.08	9.0%	(20.1)%	$	0.34
Fourth Quarter	$	9.23	$	9.54	$	7.80	3.4%	(15.5)%	$	0.44

(1)

NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

(2)

The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter.

(3)

Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV.

Section 13(r) Disclosure

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures regarding activities at Malaysia Airports Holdings Berhad, in which certain funds and entities affiliated with Global Infrastructure Management, LLC, a consolidated subsidiary of BlackRock, Inc., obtained a minority non-controlling interest.


Delaware	56-2594706
(State or Other Jurisdiction of Incorporation)	(IRS Employer Identification No.)

2951 28th Street, Suite 1000
Santa Monica, California	90405
(Address of Principal Executive Offices)	(Zip Code)


Common Stock, par value $0.001 per share	TCPC	Nasdaq Global Select Market
(Title of each class)	(Trading Symbol(s) )	(Name of each exchange on which registered)


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐


	September 30, 2026			December 31, 2025
	(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $489,208,158 and $1,425,285,902, respectively)	$	404,445,346		$	1,360,801,852
Non-controlled, affiliated investments (cost of $106,815,228 and $101,284,695, respectively)		34,319,580			34,821,907
Controlled investments (cost of $97,344,630 and $151,475,599, respectively)		104,769,514			137,678,713
Total investments (cost of $693,368,016 and $1,678,046,196, respectively)		543,534,440			1,533,302,472

Cash and cash equivalents		253,136,577			61,075,494
Interest, dividends and fees receivable		7,030,615			21,495,630
Deferred debt issuance costs		1,192,859			5,123,425
Receivable for investments sold		—			26,313,406
Prepaid expenses and other assets		11,583,328			3,050,038
Total assets		816,477,819			1,650,360,465

Liabilities
Debt (net of deferred issuance costs of $3,431,843 and $5,299,866, respectively)		326,378,211			1,035,542,837
Interest and debt related payables		7,550,864			7,245,830
Management fees payable		3,018,684			3,393,322
Reimbursements due to the Advisor		119,546			1,272,082
Accrued expenses and other liabilities		8,420,739			4,893,197
Total liabilities		345,488,044			1,052,347,268

Commitments and contingencies (Note 5)

Net assets	$	470,989,775		$	598,013,197

Composition of net assets applicable to common shareholders
Common stock, $0.001 par value; 200,000,000 shares authorized, 83,902,775 and 84,564,578 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	$	83,902		$	84,564
Paid-in capital in excess of par		1,727,427,570			1,730,298,757
Distributable earnings (loss)		(1,256,521,697	)		(1,132,370,124	)
Total net assets		470,989,775			598,013,197
Total liabilities and net assets	$	816,477,819		$	1,650,360,465

Net assets per share	$	5.61		$	7.07


☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period From ____ to ____


Part I.	Financial Information

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2026 (unaudited) and December 31, 2025	2

	Consolidated Statements of Operations for the three and nine months ended September 30, 2026 (unaudited) and September 30, 2025 (unaudited)	3

	Consolidated Statements of Changes in Net Assets for the three and nine months ended September 30, 2026 (unaudited) and September 30, 2025 (unaudited)	4

	Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 (unaudited) and September 30, 2025 (unaudited)	5

	Consolidated Schedule of Investments as of September 30, 2026 (unaudited) and December 31, 2025	6

	Notes to Consolidated Financial Statements (unaudited)	28

	Consolidated Schedule of Changes in Investments in Affiliates for the nine months ended September 30, 2026 (unaudited) and year ended December 31, 2025	61

	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of September 30, 2026 (unaudited) and December 31, 2025	65

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	67

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	84

Item 4.	Controls and Procedures	84

Part II.	Other Information.	85

Item 1.	Legal Proceedings	85

Item 1A.	Risk Factors	85

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	85

Item 3.	Defaults upon Senior Securities	85

Item 4.	Mine Safety Disclosures	85

Item 5.	Other Information	86

Item 6.	Exhibits	87


Number		Description
2.1		Amended and Restated Agreement and Plan of Merger among BlackRock Capital Investment Corporation, BlackRock TCP Capital Corp., BCIC Merger Sub, LLC and, for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC and Tennenbaum Capital Partners, LLC, dated as of January 10, 2024 (1)
3.1		Certificate of Incorporation of the Registrant (2)
3.2		Certificate of Amendment to the Certificate of Incorporation of the Registrant (3)
3.3		Second Amended & Restated By-Laws of the Registrant (4)
31.1		Certification of Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
31.2		Certification of Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934*
32.1		Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U. S.C. 1350)*
99.1		Disclosure Pursuant to Section 13(r) of the Exchange Act*
101.INS		Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)


Date: November 5, 2026	By:	/s/ Jason Mehring
	Name:	Jason Mehring
	Title:	Chief Executive Officer
		(Principal Executive Officer)


Date: November 5, 2026	By:	/s/ Erik L. Cuellar
	Name:	Erik L. Cuellar
	Title:	Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)