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Published: 2025-05-08 00:00:00 ET

10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q


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

For the Quarterly Period Ended March 31, 2025


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

Commission File Number: 814-00899

BLACKROCK TCP CAPITAL CORP.

(Exact Name of Registrant as Specified in its Charter)


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)

(310) 566-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☐ No ☒

The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of May 8, 2025 was 85,037,797.

Table of Contents

BLACKROCK TCP CAPITAL CORP.

FORM 10-Q

FOR THE THREE MONTHS ENDED MARCH 31, 2025

TABLE OF CONTENTS


Part I.	Financial Information

Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 (unaudited) and December 31, 2024	2

	Consolidated Statements of Operations for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	3

	Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	4

	Consolidated Statements of Cash Flows for the three months ended March 31, 2025 (unaudited) and March 31, 2024 (unaudited)	5

	Consolidated Schedule of Investments as of March 31, 2025 (unaudited) and December 31, 2024	7

	Notes to Consolidated Financial Statements (unaudited)	32

	Consolidated Schedule of Changes in Investments in Affiliates for the three months ended March 31, 2025 (unaudited) and year ended December 31, 2024	59

	Consolidated Schedule of Restricted Securities of Unaffiliated Issuers as of March 31, 2025 (unaudited) and December 31, 2024	63

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	65

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	81

Item 4.	Controls and Procedures	82

Part II.	Other Information	83

Item 1.	Legal Proceedings	83

Item 1A.	Risk Factors	83

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	85

Item 6.	Exhibits	87

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Statements of Assets and Liabilities


	March 31, 2025			December 31, 2024
	(unaudited)
Assets
Investments, at fair value:
Non-controlled, non-affiliated investments (cost of $1,681,083,767 and $1,737,804,418, respectively)	$	1,535,379,600		$	1,565,603,753
Non-controlled, affiliated investments (cost of $60,615,529 and $59,606,472, respectively)		51,374,907			49,444,695
Controlled investments (cost of $222,488,210 and $221,803,172, respectively)		182,519,261			179,709,888
Total investments (cost of $1,964,187,506 and $2,019,214,062, respectively)		1,769,273,768			1,794,758,336

Cash and cash equivalents		99,114,852			91,589,702
Interest, dividends and fees receivable		23,283,768			22,784,825
Deferred debt issuance costs		5,604,687			6,235,009
Due from broker		785,840			817,969
Receivable for investments sold		—			4,487,697
Prepaid expenses and other assets		840,644			2,357,825
Total assets		1,898,903,559			1,923,031,363

Liabilities
Debt (net of deferred issuance costs of $7,299,104 and $7,974,601, respectively)		1,098,904,196			1,118,340,225
Interest and debt related payables		10,829,846			8,306,126
Management fees payable		3,487,137			5,750,971
Interest Rate Swap, at fair value		740,526			731,830
Reimbursements due to the Advisor		514,342			932,224
Payable for investments purchased		219,091			99,494
Accrued expenses and other liabilities		2,889,497			3,746,826
Total liabilities		1,117,584,635			1,137,907,696

Commitments and contingencies (Note 5)

Net assets	$	781,318,924		$	785,123,667

Composition of net assets applicable to common shareholders
Common stock, $0.001 par value; 200,000,000 shares authorized, 85,077,297 and 85,080,447 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	$	85,077		$	85,080
Paid-in capital in excess of par		1,731,030,547			1,731,057,459
Distributable earnings (loss)		(949,796,700	)		(946,018,872	)
Total net assets		781,318,924			785,123,667
Total liabilities and net assets	$	1,898,903,559		$	1,923,031,363

Net assets per share	$	9.18		$	9.23

See accompanying notes to the consolidated financial statements.

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Statements of Operations (Unaudited)


	Three Months Ended March 31,
	2025			2024
Investment income
Interest income (excluding PIK):
Non-controlled, non-affiliated investments	$	43,456,737		$	48,646,193
Non-controlled, affiliated investments		337,999			347,635
Controlled investments		2,309,269			2,859,080
PIK interest income:
Non-controlled, non-affiliated investments		5,788,915			2,405,677
Non-controlled, affiliated investments		—			92,675
Controlled investments		681,561			349,969
Dividend income:
Non-controlled, non-affiliated investments		435,951			312,324
Non-controlled, affiliated investments		1,009,057			713,703
Controlled investments		1,868,860			—
Other income:
Non-controlled, non-affiliated investments		566			2,053
Total investment income		55,888,915			55,729,309

Operating expenses
Interest and other debt expenses		17,084,633			13,230,224
Management fees		5,483,844			5,819,505
Professional fees		867,447			919,676
Administrative expenses		641,464			561,003
Insurance expense		218,463			145,113
Director fees		192,500			216,719
Custody fees		93,185			89,920
Incentive fees		—			5,880,378
Other operating expenses		932,658			605,498
Total operating expenses, before management fee waiver		25,514,194			27,468,036
Management fee waiver (Note 3)		(1,827,948	)		—
Total operating expenses, after management fee waiver		23,686,246			27,468,036

Net investment income		32,202,669			28,261,273

Realized and unrealized gain (loss) on investments and foreign currency
Net realized gain (loss):
Non-controlled, non-affiliated investments		(40,917,338	)		(168,077	)
Net realized gain (loss)		(40,917,338	)		(168,077	)

Net change in unrealized appreciation (depreciation) (1):
Non-controlled, non-affiliated investments		26,554,993			(6,152,059	)
Non-controlled, affiliated investments		921,158			(14,378,028	)
Controlled investments		2,124,335			(2,512,907	)
Interest Rate Swap		8,771			6,939
Net change in unrealized appreciation (depreciation)		29,609,257			(23,036,055	)

Net realized and unrealized gain (loss)		(11,308,081	)		(23,204,132	)

Net increase (decrease) in net assets resulting from operations	$	20,894,588		$	5,057,141

Basic and diluted earnings (loss) per share	$	0.25		$	0.08

Basic and diluted weighted average common shares outstanding		85,077,619			62,047,859

(1) Includes $21,347,357 change in unrealized appreciation from application of Merger accounting under ASC 805 for the three months ended March 31, 2024 (see Note 12).

See accompanying notes to the consolidated financial statements.

Table of Contents

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, 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


	Common Stock
	Shares		Par Amount		Paid in Capital in Excess of Par		Distributable earnings (loss)			Total Net Assets
Balance at December 31, 2023		57,767,264	$	57,767	$	967,643,255	$	(280,099,476	)	$	687,601,546

Issuance of common stock in connection with the Merger (Note 12)		27,823,870		27,824		280,436,786		—			280,464,610
Net investment income		—		—		—		28,261,273			28,261,273
Net realized and unrealized gain (loss)		—		—		—		(23,204,132	)		(23,204,132	)
Dividends paid to shareholders		—		—		—		(19,640,870	)		(19,640,870	)
Balance at March 31, 2024		85,591,134	$	85,591	$	1,248,080,041	$	(294,683,205	)	$	953,482,427

See accompanying notes to the consolidated financial statements.

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended March 31,
	2025			2024
Operating activities
Net increase (decrease) in net assets resulting from operations	$	20,894,588		$	5,057,141
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		40,917,338			168,077
Change in net unrealized (appreciation) depreciation of investments		(29,609,257	)		23,269,548
Net amortization of investment discounts and premiums		(4,462,943	)		(2,163,945	)
Amortization of original issue discount on debt		59,263			57,238
Interest and dividend income paid in kind		(6,470,476	)		(4,615,977	)
Amortization of deferred debt issuance costs		1,305,819			854,100
Cash acquired in the Merger		—			11,670,610
Merger costs capitalized into purchase price		—			(2,366,408	)
Changes in assets and liabilities (1):
Purchases of investments (2)		(58,472,499	)		(15,394,688	)
Proceeds from disposition of investments		84,703,889			24,318,666
Decrease (increase) in interest, dividends and fees receivable		(1,520,366	)		928,207
Decrease (increase) in due from broker		49,595			(25,605	)
Decrease (increase) in receivable for investments sold		4,487,697			(1,401,084	)
Decrease (increase) in prepaid expenses and other assets		1,517,181			1,208,428
Increase (decrease) in payable for investments purchased		119,597			(1,554,064	)
Increase (decrease) in incentive fees payable		—			(830,958	)
Increase (decrease) in interest and debt related payables		2,523,720			(5,610,615	)
Increase (decrease) in reimbursements due to the Advisor		(417,882	)		(800,491	)
Increase (decrease) in management fees payable		(2,263,834	)		(116,779	)
Increase (decrease) in accrued expenses and other liabilities		(857,329	)		761,197
Net cash provided by (used in) operating activities		52,504,101			33,412,598

Financing activities
Draws on credit facilities		55,000,000			45,891,453
Repayments of credit facility draws		(75,279,620	)		(44,075,226	)
Payments of debt issuance costs		—			—
Dividends paid to shareholders (3)		(24,672,416	)		(26,898,061	)
Repurchase of shares		(26,915	)		—
Repayment of convertible notes		—			—
Repayment of unsecured notes		—			—
Proceeds from issuance of unsecured notes		—			—
Proceeds from shares issued in connection with dividend reinvestment plan		—			—
Net cash provided by (used in) financing activities		(44,978,951	)		(25,081,834	)

Net increase (decrease) in cash and cash equivalents (including restricted cash)		7,525,150			8,330,764
Cash and cash equivalents (including restricted cash) at beginning of period		91,589,702			112,241,946
Cash and cash equivalents (including restricted cash) at end of period	$	99,114,852		$	120,572,710

Supplemental cash flow information
Interest payments	$	12,787,585		$	17,704,405
Excise tax payments	$	478,159		$	165,495

Non-cash operating and financing activities from the Merger
Acquisition of Merger Sub assets and liabilities (4)
Non-cash assets acquired:
Investments (5)	$	—		$	586,983,708
Interest, dividends and fees receivable		—			10,373,421
Due from broker		—			2,048,141
Other assets		—			3,731,006
Total non-cash assets acquired	$	—		$	603,136,276
Liabilities assumed:
Debt	$	—		$	315,296,749
Dividends payable		—			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
Issuance of shares in connection with the Merger	$	—		$	280,464,610
Merger costs capitalized into purchase price	$	—		$	2,366,408

Table of Contents

(1)

Adjusted for assets acquired and liabilities assumed as a result of the Merger (as defined in Note 1 “Organization and Nature of Operations”), as applicable for the three months ended March 31, 2024.

(2)

Excludes $586,983,708 of cost of investments acquired in connection with the Merger for the three months ended March 31, 2024.

(3)

Includes payment of dividends payable of $7,257,191 assumed in the Merger 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.

(4)

On March 18, 2024, in connection with the Merger, the Company acquired net assets in exchange for shares issued of the Company's common stock with a market value of $280,464,610 plus $2,366,408 in merger costs capitalized into the purchase price.

(5)

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 for the three months ended March 31, 2024.

See accompanying notes to the consolidated financial statements

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited)

March 31, 2025


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	9.82%	12/4/2029	$	13,215,441	$	13,096,089		$	13,083,287			0.70	%	N
Skydio, Inc	First Lien Delayed Draw Term Loan B	SOFR(M)	2.50%	2.75% Cash + 2.75% PIK	9.82%	12/4/2029	$	—		(61,365	)		(65,625	)		0.00	%	K/N
Skydio, Inc	First Lien Delayed Draw Term Loan A	SOFR(M)	2.50%	2.75% Cash + 2.75% PIK	9.82%	12/4/2029	$	—		(61,365	)		(65,625	)		0.00	%	K/N
										12,973,359			12,952,037			0.70	%
Automobiles
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(M)	1.00%	6.86%	11.19%	2/25/2026	$	7,656,042		7,585,304			7,625,418			0.41	%	G/N
ALCV Purchaser, Inc. (AutoLenders)	Sr Secured Revolver	SOFR(M)	1.00%	6.86%	11.19%	2/25/2026	$	448,202		440,457			444,616			0.02	%	G/N
AutoAlert, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.40%	9.71%	3/31/2028	$	18,812,631		18,812,631			18,812,631			1.01	%	F/N
AutoAlert, LLC	Second Lien Term Loan	SOFR(Q)	1.00%	9.40% PIK	13.71%	3/31/2029	$	11,106,379		11,106,379			11,106,379			0.59	%	F/N
										37,944,771			37,989,044			2.03	%
Building Products
Air Distribution Technologies Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	10.30%	8/1/2030	$	1,995,408		1,958,716			1,983,424			0.11	%	N
Porcelain Acquisition Corporation (Paramount)	First Lien Term Loan	SOFR(Q)	1.00%	6.10%	10.40%	4/30/2027	$	9,427,959		9,218,481			8,145,756			0.44	%	N
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	10.31%	2/22/2030	$	1,625,000		1,569,605			1,612,813			0.09	%	N
										12,746,802			11,741,993			0.64	%
Capital Markets
Pico Quantitative Trading, LLC	First Lien Term Loan	SOFR(Q)	1.50%	7.51%	11.80%	2/8/2027	$	22,291,007		22,217,122			22,335,589			1.20	%	N
Pico Quantitative Trading, LLC	First Lien Incremental Term Loan	SOFR(Q)	1.50%	7.51%	11.80%	2/8/2027	$	17,285,388		17,190,208			17,181,676			0.92	%	N
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.55%	1/31/2031	$	5,236,875		4,986,030			5,257,823			0.28	%	N
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.55%	1/31/2031	$	—		(13,344	)		—			0.00	%	K/N
										44,380,016			44,775,088			2.40	%
Commercial Services & Supplies
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	10.30%	12/26/2030	$	493,750		484,507			482,888			0.03	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	SOFR(Q)	1.00%	1.90% Cash + 3.50% PIK	9.69%	11/6/2028	$	1,364,830		1,333,273			1,364,830			0.07	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	SOFR(Q)	1.00%	1.15% Cash + 7.00% PIK	12.44%	11/6/2028	$	607,358		401,276			607,358			0.03	%	N
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)	0.75%	4.75%	9.05%	8/23/2028	$	1,688,821		1,626,204			1,667,508			0.09	%	N
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	9.05%	8/23/2028	$	1,171,422		1,131,855			1,156,638			0.06	%	N
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	4.75%	9.05%	8/23/2028	$	1,274,532		1,222,309			1,246,228			0.07	%	N
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)	0.75%	4.75%	9.05%	8/23/2027	$	—		(11,055	)		(5,524	)		0.00	%	K/N
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)	0.75%	7.40%	11.71%	8/31/2029	$	10,383,054		10,164,075			10,383,054			0.56	%	N
										16,352,444			16,902,980			0.91	%
Construction and Engineering
Homerenew Buyer, Inc. (Renovo)	First Lien Delayed Draw Term Loan (2.0% Exit Fee)	SOFR(M)	1.00%	8.60% PIK	12.92%	11/23/2027	$	3,154,517		2,724,116			993,988			0.05	%	C/L/N
Homerenew Buyer, Inc. (Renovo)	First Lien Incremental Delayed Draw Term Loan 1 (2.0% Exit Fee)	SOFR(M)	1.00%	8.60% PIK	12.92%	11/23/2027	$	883,730		782,703			278,198			0.01	%	C/L/N
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan (2.0% Exit Fee)	SOFR(M)	1.00%	8.60% PIK	12.92%	11/23/2027	$	5,146,760		4,447,118			1,620,200			0.09	%	C/L/N
Homerenew Buyer, Inc. (Renovo)	First Lien Super Priority Team Loan	SOFR(M)	2.50%	11.10%	15.42%	4/14/2025	$	2,409,614		2,131,409			2,409,614			0.13	%	N
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)	1.00%	9.10% PIK	13.42%	11/23/2027	$	850,512		835,034			850,512			0.05	%	N
Homerenew Buyer, Inc. (Renovo)	First Lien Incremental Delayed Draw Term Loan 2 (2.0% Exit Fee)	SOFR(M)	1.00%	8.60% PIK	12.92%	11/23/2027	$	6,684,738		5,948,389			2,106,361			0.11	%	C/L/N
Homerenew Buyer, Inc. (Renovo)	Sr Secured Revolver (2.0% Exit Fee)	SOFR(M)	1.00%	8.60% PIK	12.92%	11/23/2027	$	2,159,932		1,885,901			679,731			0.04	%	C/L/N
Homerenew Buyer, Inc. (Renovo)	First Lien Super Priority Team Loan	SOFR(M)	2.50%	11.10% PIK	15.42%	4/14/2025	$	1,873,264		1,873,264			1,873,264			0.10	%	N
Homerenew Buyer, Inc. (Renovo)	First Lien Priority Term Loan	SOFR(M)	2.50%	9.10% PIK	13.42%	4/14/2025	$	380,174		384,924			380,174			0.02	%	N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Homerenew Buyer, Inc. (Renovo)	First Lien Super Priority Team Loan	SOFR(M)	2.50%	11.10% PIK	15.42%	4/14/2025	$	1,048,213	$	1,046,755		$	1,048,213			0.06	%	N
Hylan Intermediate Holding II, LLC	First Lien Term Loan	SOFR(M)	2.00%	6.25%	10.57%	4/5/2029	$	11,709,782		11,575,692			11,352,400			0.61	%	B/N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.75%	9.07%	2/1/2030	$	2,775,092		2,739,318			2,775,092			0.15	%	N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)	1.00%	4.75%	9.07%	2/1/2030	$	6,779,031		6,587,484			6,779,031			0.36	%	N
PlayPower, Inc	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.30%	8/28/2030	$	8,643,434		8,525,284			8,600,217			0.46	%	N
PlayPower, Inc	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.30%	8/28/2030	$	1,268,973		1,256,593			1,262,628			0.07	%	N
PlayPower, Inc	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.30%	8/28/2030	$	—		(17,803	)		(17,333	)		0.00	%	K/N
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	10.06%	5/30/2030	$	1,851,163		1,804,884			1,858,567			0.10	%	N
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.75%	10.06%	5/31/2030	$	—		—			1,395			0.00	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	9.32%	9/4/2029	$	881,985		848,419			876,693			0.05	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.00%	9.32%	9/4/2029	$	654,102		634,433			650,177			0.03	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	9.32%	9/4/2029	$	854,027		842,769			848,903			0.05	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.00%	9.32%	9/4/2029	$	423,931		434,929			421,387			0.02	%	N

Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)	1.00%	5.00%	9.32%	9/4/2029	$	15,411		14,894			14,473			0.00	%	N
										57,306,509			47,663,885			2.56	%
Consumer Finance
Freedom Financial Network Funding, LLC	First Lien Term Loan	SOFR(S)	1.00%	9.25%	13.53%	9/21/2027	$	12,217,335		11,861,106			11,911,901			0.64	%	N
Freedom Financial Network Funding, LLC	First Lien Delayed Draw Term Loan	SOFR(S)	1.00%	9.25%	13.66%	9/21/2027	$	4,072,445		3,958,160			3,970,634			0.21	%	N
Lucky US BuyerCo, LLC (Global Payments)	Sr Secured Revolver	SOFR(Q)	1.00%	7.50%	11.80%	3/30/2029	$	411,316		401,806			401,045			0.02	%	N
Lucky US BuyerCo, LLC (Global Payments)	First Lien Term Loan	SOFR(Q)	1.00%	7.50%	11.80%	3/30/2029	$	4,265,131		4,121,192			4,186,312			0.22	%	N
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)	1.00%	8.35%	12.67%	12/14/2027	$	8,197,731		8,047,575			8,156,743			0.44	%	N
										28,389,839			28,626,635			1.53	%
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	Second Lien Term Loan	SOFR(Q)	0.75%	7.65%	11.96%	12/14/2029	$	17,639,207		16,890,429			12,876,621			0.69	%	N
PVHC Holding Corp.	First Lien Term Loan	SOFR(Q)	2.50%	6.15% Cash + 0.75% PIK	11.23%	2/17/2027	$	5,034,401		4,917,068			5,072,159			0.27	%	N
										21,807,497			17,948,780			0.96	%
Diversified Consumer Services
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)	0.75%	6.25%	10.55%	9/14/2029	$	3,580,766		3,452,463			3,522,113			0.19	%	N
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	Prime	0.75%	5.25%	12.75%	9/15/2027	$	149,517		147,414			145,744			0.01	%	N
Razor Group Holdings II, Inc. (Germany)	First Lien A Term Loan	Fixed	0.00%	2.50% Cash + 5.00% PIK	7.50%	9/30/2028	$	63,345,275		59,486,911			15,202,866			0.81	%	C/H/N
Razor Group Holdings II, Inc. (Germany)	First Lien C Term Loan	Fixed	0.00%	3.50% Cash + 3.50% PIK	7.00%	9/30/2028	$	6,864,777		6,114,187			—			0.00	%	C/H/N
Razor Group Holdings II, Inc. (Germany)	First Out Delayed Draw Term Loan	Fixed	0.00%	15.00%	15.00%	9/15/2027	$	1,353,054		1,353,054			2,010,638			0.11	%	H/N
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%	5.00%	9.30%	10/28/2026	$	807,613		796,848			807,613			0.04	%	H/N
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(S)	0.00%	9.00%	13.27%	11/22/2029	$	2,692,045		2,692,045			2,692,045			0.14	%	H/N
SellerX Germany GmbH (Germany)	First Lien A1 Term Loan	SOFR(Q)	2.00%	4.50% Cash + 4.50% PIK	13.49%	5/23/2026	$	25,602,703		24,990,837			15,515,238			0.83	%	C/H/N
SellerX Germany GmbH (Germany)	First Lien A2 Term Loan	SOFR(Q)	2.00%	4.50% Cash + 4.50% PIK	13.49%	5/23/2026	$	29,374,777		28,655,901			17,801,115			0.95	%	C/H/N
SellerX Germany GmbH (Germany)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	9.00%	13.30%	11/22/2029	$	2,692,045		2,692,045			2,692,045			0.14	%	H/N
Thras.io, LLC	First Out Term Loan	SOFR(Q)	1.00%	10.26% PIK	14.55%	6/18/2029	$	5,925,828		5,796,080			5,925,828			0.32	%	N
Thras.io, LLC	Second Out Term Loan	SOFR(Q)	1.00%	10.26% PIK	14.55%	6/18/2029	$	17,190,247		14,319,300			13,563,105			0.73	%	N
										150,497,085			79,878,350			4.27	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed	0.00%	12.00%	12.00%	11/30/2025	$	59,756,438		59,756,438			59,756,438			3.20	%	E/F/N
Accordion Partners LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.54%	11/15/2031	$	—		(3,027	)		(2,625	)		0.00	%	K/N
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	9.54%	11/15/2031	$	157,485		152,879			153,549			0.01	%	N
Accordion Partners LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.55%	11/15/2031	$	5,905,719		5,878,337			5,882,096			0.31	%	N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(S)	1.00%	5.25%	9.53%	3/15/2030	$	2,337,880	$	2,324,422		$	2,347,231			0.13	%	N
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	SOFR(S)	1.00%	5.25%	9.53%	3/15/2030	$	—		(11,674	)		7,880			0.00	%	K/N
Callodine Commercial Finance, LLC	First Lien Term Loan	SOFR(Q)	1.00%	11.26%	15.56%	11/3/2025	$	22,096,774		21,806,152			22,096,774			1.18	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	9.30%	8/21/2028	$	7,703,534		7,392,882			7,602,771			0.41	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	9.30%	8/21/2028	$	2,139,870		2,053,565			2,111,881			0.11	%	N
Gordon Brothers Finance Company	Unsecured Debt	LIBOR(M)	1.00%	11.00%	15.30%	6/8/2029	$	37,183,232		13,114,243			2,352,709			0.13	%	C/F/N
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)	1.00%	8.62%	12.94%	7/5/2026	$	22,633,544		22,370,770			22,543,010			1.21	%	N
Rialto Management Group, LLC	Sr Secured Revolver	SOFR(M)	0.75%	5.00%	9.32%	12/5/2030	$	—		(1,633	)		(2,414	)		0.00	%	I/K/N
Rialto Management Group, LLC	First Lien Term Loan	SOFR(M)	0.75%	5.00%	9.32%	12/5/2030	$	4,889,655		4,843,877			4,821,200			0.26	%	I/N
SitusAMC Holdings Corporation	First Lien Term Loan B	SOFR(Q)	0.75%	5.60%	9.90%	6/28/2025	$	796,371		795,036			801,946			0.04	%	N
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)	0.75%	5.60%	9.90%	11/30/2027	$	1,687,182		1,678,746			1,698,992			0.09	%	N
										142,151,013			132,171,438			7.08	%
Electrical Equipment
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.25%	9.57%	10/15/2031	$	—		(62,871	)		(49,310	)		0.00	%	K/N
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)	0.75%	5.25%	9.57%	10/15/2031	$	—		—			(24,655	)		0.00	%	K/N
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)	0.75%	5.25%	9.57%	10/15/2031	$	11,178,879		11,019,325			11,055,912			0.59	%	N
										10,956,454			10,981,947			0.59	%
Electric Utilities
Conergy Asia & ME Pte. Ltd. (Singapore)	First Lien Term Loan	Fixed	0.00%	0.00%	0.00%	7/2/2025	$	2,110,141		2,110,141			—			0.00	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed	0.00%	0.00%	0.00%	9/30/2025	$	6,578,877		6,578,877			50,657			0.00	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	Fixed	0.00%	0.00%	0.00%	9/30/2025	$	5,535,517		5,535,517			1,195,118			0.06	%	D/F/H/N
										14,224,535			1,245,775			0.06	%
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(Q)	1.00%	7.15%	11.48%	5/6/2027	$	10,753,959		10,590,535			10,753,959			0.58	%	N
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(Q)	1.00%	7.15%	11.48%	5/6/2027	$	—		(6,437	)		—			0.00	%	K/N
CareATC, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.35%	11.65%	3/14/2026	$	21,083,829		20,822,768			20,796,668			1.11	%	N
CareATC, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	7.35%	11.65%	3/14/2026	$	—		(4,709	)		(16,204	)		0.00	%	K/N
ESO Solutions, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	11.07%	5/3/2027	$	32,182,664		31,628,976			31,957,385			1.71	%	N
ESO Solutions, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	11.07%	5/3/2027	$	1,798,571		1,767,374			1,782,006			0.10	%	N
Gainwell Acquisition Corp.	Second Lien Term Loan	SOFR(Q)	1.00%	8.10%	12.39%	10/2/2028	$	7,744,557		7,609,085			6,660,319			0.36	%	N
										72,407,592			71,934,133			3.86	%

Healthcare Providers and Services
RecordXTechnologies, LLC (Ontellus)	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	9.55%	12/23/2027	$	2,475,000		2,450,250			2,475,000			0.13	%	N
INH Buyer, Inc. (IMA Health)	First Lien Term Loan (1.5% Exit Fee)	SOFR(Q)	1.00%	7.00%	11.40%	6/28/2028	$	8,313,711		6,584,206			2,918,113			0.16	%	C/L/N
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	10.31%	5/4/2028	$	13,819,605		13,489,237			13,574,722			0.73	%	N
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	6.00%	10.31%	5/4/2028	$	3,213,385		3,191,398			3,156,444			0.17	%	N
Team Services Group, LLC	Second Lien Term Loan	SOFR(Q)	1.00%	9.26%	13.55%	11/13/2028	$	34,410,390		33,503,694			34,066,286			1.82	%	G/N
										59,218,785			56,190,565			3.01	%
Hotels, Restaurants and Leisure
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	First Lien Term Loan	SOFR(Q)	2.00%	6.25%	10.55%	6/3/2027	$	5,342,105		5,159,099			5,312,723			0.28	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Second Lien Term Loan	SOFR(Q)	2.00%	6.25%	10.55%	6/3/2027	$	3,335,222		3,174,922			3,316,879			0.18	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Sr Secured Revolver	SOFR(M)	2.00%	6.25%	10.57%	6/3/2027	$	328,745		324,877			326,334			0.02	%	H/N
										8,658,898			8,955,936			0.48	%
Household Durables
Bad Boy Mowers JV Acquisition, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	10.29%	11/9/2029	$	5,285,221		5,082,725			5,331,467			0.29	%	N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


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(S)	0.75%	5.00%	9.26%	8/31/2029	$	7,263,101	$	7,013,262		$	7,263,101			0.39	%	N
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(S)	0.75%	5.00%	9.26%	8/31/2028	$	—		(6,973	)		—			0.00	%	K/N
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.31%	8/25/2028	$	10,546,151		10,386,116			10,588,336			0.57	%	N
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.31%	8/25/2028	$	—		(336,093	)		—			0.00	%	K/N
IT Parent, LLC	First Lien Term Loan	SOFR(A)	1.00%	6.35%	10.60%	10/1/2026	$	747,707		733,916			747,707			0.04	%	N
IT Parent, LLC	First Lien Term Loan	SOFR(A)	1.00%	6.35%	10.60%	10/1/2026	$	5,864,688		5,757,651			5,864,688			0.31	%	N
IT Parent, LLC	Sr Secured Revolver	Prime	1.00%	5.25%	12.75%	10/1/2026	$	875,000		860,132			875,000			0.05	%	N
IT Parent, LLC	First Lien Term Loan	SOFR(A)	1.00%	6.35%	10.67%	10/1/2026	$	3,106,608		3,069,956			3,106,608			0.17	%	N
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Delayed Draw Term Loan	SOFR(M)	0.75%	5.50%	9.82%	11/1/2028	$	4,170,690		4,091,726			4,158,178			0.22	%	N
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Term Loan	SOFR(M)	0.75%	5.50%	9.82%	11/1/2028	$	1,666,675		1,634,862			1,661,675			0.09	%	N
										33,204,555			34,265,293			1.84	%
Internet and Catalog Retail
Syndigo, LLC	Second Lien Term Loan	SOFR(Q)	0.75%	8.26%	12.55%	12/14/2028	$	16,815,342		16,349,071			16,563,112			0.89	%	G/N

Internet Software and Services
Acquia, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	7.15%	11.45%	11/1/2026	$	1,891,323		1,883,249			1,891,323			0.10	%	N
Acquia, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.15%	11.44%	11/1/2025	$	25,299,736		25,235,964			25,299,736			1.35	%	N
Astra Acquisition Corp. (Anthology)	Second Lien Term Loan	SOFR(Q)	0.75%	10.14%	14.44%	10/25/2029	$	27,879,880		20,344,734			334,559			0.02	%	C/N
Bynder Bidco, Inc. (Netherlands)	Sr Secured Revolver A	SOFR(Q)	1.00%	6.00%	10.30%	1/26/2029	$	—		(5,996	)		—			0.00	%	H/K/N
Bynder Bidco, Inc. (Netherlands)	First Lien Term Loan A	SOFR(Q)	1.00%	6.00%	10.30%	1/26/2029	$	4,283,754		4,164,086			4,289,837			0.23	%	H/N
Bynder Bidco B.V. (Netherlands)	Sr Secured Revolver B	SOFR(Q)	1.00%	6.00%	10.30%	1/26/2029	$	—		(21,762	)		—			0.00	%	H/K/N
Bynder Bidco B.V. (Netherlands)	First Lien Term Loan B	SOFR(Q)	1.00%	6.00%	10.30%	1/26/2029	$	15,528,609		15,095,504			15,550,660			0.83	%	H/N
Domo, Inc.	First Lien Delayed Draw Term Loan (7.0% Exit Fee)	SOFR(Q)	1.50%	3.00% Cash + 5.00% PIK	12.32%	8/19/2028	$	60,691,286		60,691,286			60,691,286			3.25	%	L/N
Domo, Inc.	First Lien PIK Term Loan	Fixed	0.00%	9.50% PIK	9.50%	8/19/2028	$	3,860,986		1,371,108			3,598,439			0.19	%	N
e-Discovery Acquireco, LLC (Reveal)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75%	10.08%	8/29/2029	$	149,614		139,535			149,614			0.01	%	N
e-Discovery Acquireco, LLC (Reveal)	First Lien Term Loan	SOFR(Q)	1.00%	5.75%	10.06%	8/29/2029	$	5,500,000		5,268,448			5,610,000			0.30	%	N
Fishbowl, Inc.	First Lien Term Loan (7.5% Exit Fee)	SOFR(Q)	1.00%	5.26% PIK	9.56%	5/27/2027	$	12,708,119		12,708,119			8,025,177			0.43	%	F/L/N
Gympass US, LLC	First Lien Term Loan	SOFR(M)	1.00%	3.25% Cash + 3.25% PIK	10.94%	8/29/2029	$	2,656,582		2,599,933			2,680,492			0.14	%	N
Gympass US, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	3.25% Cash + 3.25% PIK	10.94%	8/29/2029	$	4,880,508		4,898,819			4,924,433			0.26	%	N
InMoment, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.00% Cash + 2.50% PIK	11.32%	6/8/2028	$	19,751,393		18,956,184			12,093,778			0.65	%	C/N
InMoment, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	7.00%	11.32%	6/8/2028	$	509,411		499,565			(274,717	)		-0.01	%	C/K/N
Magenta Buyer, LLC (McAfee)	First Lien First Out Term Loan	SOFR(Q)	0.75%	7.01%	11.30%	7/27/2028	$	2,318,424		2,026,052			2,104,805			0.11	%	N
Magenta Buyer, LLC (McAfee)	Second Lien Second Out Term Loan	SOFR(Q)	0.75%	1.76% Cash + 6.25% PIK	12.30%	7/27/2028	$	5,567,754		4,516,153			2,889,664			0.15	%	N
Magenta Buyer, LLC (McAfee)	First Lien Term Loan	SOFR(Q)	0.75%	6.25%	10.54%	7/27/2028	$	873,530		863,917			888,598			0.05	%	N
Oranje Holdco, Inc. (KnowBe4)	First Lien Term Loan	SOFR(Q)	1.00%	7.75%	12.04%	2/1/2029	$	13,175,394		12,955,530			13,162,219			0.70	%	N
Oranje Holdco, Inc. (KnowBe4)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	7.25%	11.54%	2/1/2029	$	10,178,938		9,975,359			10,005,896			0.54	%	N
Oranje Holdco, Inc. (KnowBe4)	Sr Secured Revolver	SOFR(Q)	1.00%	7.75%	12.04%	2/1/2029	$	—		(19,821	)		(1,647	)		0.00	%	K/N
Persado, Inc.	First Lien Delayed Draw Term Loan (6.575% Exit Fee)	SOFR(M)	1.80%	7.50%	11.82%	6/10/2027	$	6,339,413		6,249,833			6,041,460			0.32	%	L/N
Persado, Inc.	First Lien Term Loan (6.575% Exit Fee)	SOFR(M)	1.80%	7.50%	11.82%	6/10/2027	$	9,200,612		8,871,893			8,768,184			0.47	%	L/N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	3.00% Cash + 1.50% PIK	8.83%	8/22/2029	$	5,775,847	$	5,521,781		$	5,775,847			0.31	%	N
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.50% PIK	11.83%	8/22/2029	$	9,152,683		8,769,022			9,152,683			0.49	%	N
Pluralsight, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	3.00% Cash + 1.50% PIK	8.83%	8/22/2029	$	3,043,780		3,043,780			3,043,780			0.16	%	N
Sailpoint Technologies Holdings, Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	6.25%	10.55%	8/16/2028	$	—		(425	)		—			0.00	%	K/N
Spartan Bidco Pty Ltd (StarRez) (Australia)	First Lien Term Loan	SOFR(Q)	0.75%	6.40%	10.70%	1/24/2028	$	9,686,006		9,524,524			9,654,527			0.52	%	H/N
Spartan Bidco Pty Ltd (StarRez) (Australia)	First Lien Incremental Term Loan	SOFR(Q)	0.75%	6.40%	10.70%	1/24/2028	$	5,012,679		4,857,898			4,956,688			0.27	%	H/N
Spartan Bidco Pty Ltd (StarRez) (Australia)	Sr Secured Revolver	SOFR(Q)	0.75%	6.40%	10.70%	1/24/2028	$	—		(13,521	)		(2,609	)		0.00	%	H/K/N
Suited Connector, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	6.20% Cash + 1.00% PIK	11.52%	12/1/2027	$	890,397		828,260			607,250			0.03	%	N
Suited Connector, LLC	First Lien Term Loan	SOFR(Q)	1.00%	6.20% Cash + 1.00% PIK	11.52%	12/1/2027	$	5,768,132		5,377,567			3,933,866			0.21	%	N
										257,176,578			225,845,828			12.08	%
IT Services
Crewline Buyer, Inc. (New Relic)	Sr Secured Revolver	SOFR(M)	1.00%	6.75%	11.07%	11/8/2030	$	—		(1,778	)		(1,635	)		0.00	%	K/N
Crewline Buyer, Inc. (New Relic)	First Lien Term Loan	SOFR(M)	1.00%	6.75%	11.07%	11/8/2030	$	1,569,811		1,526,736			1,554,113			0.08	%	N
Intercept Bidco, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	10.32%	6/3/2030	$	1,805,556		1,759,722			1,774,861			0.09	%	N
Intercept Bidco, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	6.00%	10.32%	6/3/2030	$	—		—			(7,083	)		0.00	%	K/N
Intercept Bidco, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	10.32%	6/3/2030	$	—		—			(4,722	)		0.00	%	K/N
Idera, Inc.	Second Lien Term Loan	SOFR(Q)	0.75%	6.75%	11.19%	2/4/2029	$	1,923,186		1,827,327			1,719,646			0.09	%	G
Madison Logic Holdings, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	7.00%	11.32%	12/30/2027	$	—		(13,887	)		(30,845	)		0.00	%	K/N
Madison Logic Holdings, Inc.	First Lien Term Loan	SOFR(M)	1.00%	5.63% Cash + 1.47% PIK	11.42%	12/29/2028	$	19,741,276		19,097,365			18,931,884			1.01	%	N
Serrano Parent, LLC (Sumo Logic)	Sr Secured Revolver	SOFR(S)	1.00%	6.50%	10.92%	5/13/2030	$	—		(2,632	)		(16,751	)		0.00	%	K/N
Serrano Parent, LLC (Sumo Logic)	First Lien Term Loan	SOFR(S)	1.00%	6.50%	10.92%	5/13/2030	$	6,979,701		6,756,884			6,812,188			0.36	%	N
Xactly Corporation	First Lien Incremental Term Loan	SOFR(Q)	1.00%	6.35%	10.66%	7/31/2027	$	14,671,682		14,671,682			14,818,399			0.79	%	N
										45,621,419			45,550,055			2.42	%
Life Sciences Tools & Services
Alcami Corporation	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	7.10%	11.42%	12/21/2028	$	630,014		617,180			636,314			0.03	%	N
Alcami Corporation	Sr Secured Revolver	SOFR(M)	1.00%	7.10%	11.42%	12/21/2028	$	87,575		68,366			87,575			0.00	%	N
Alcami Corporation	First Lien Term Loan	SOFR(Q)	1.00%	7.15%	11.46%	12/21/2028	$	8,560,453		8,380,540			8,646,057			0.46	%	N
DNAnexus, Inc	First Lien Delayed Draw Term Loan	SOFR(M)	3.00%	5.25%	9.57%	12/20/2029	$	1,312,500		1,126,921			1,115,625			0.06	%	N
DNAnexus, Inc	First Lien Term Loan	SOFR(M)	3.00%	5.25%	9.57%	12/20/2029	$	6,562,500		6,501,670			6,496,875			0.35	%	N
										16,694,677			16,982,446			0.90	%
Machinery
Sonny’s Enterprises, LLC	First Lien Term Loan	SOFR(Q)	1.00%	5.65%	9.95%	8/5/2028	$	19,506,647		19,186,256			18,492,301			0.99	%	N
Sonny’s Enterprises, LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.65%	9.97%	8/5/2028	$	202,641		200,638			192,104			0.01	%	N
Sonny’s Enterprises, LLC	Sr Secured Revolver	SOFR(Q)	1.00%	5.65%	9.95%	8/5/2027	$	102,807		102,807			93,590			0.01	%	N
										19,489,701			18,777,995			1.01	%
Media
NEP Group, Inc. et al	Second Lien Term Loan	SOFR(Q)	0.00%	7.26%	11.57%	10/19/2026	$	17,631,760		17,003,602			13,532,376			0.72	%	G/N
Khoros, LLC (Lithium)	First Lien Incremental Term Loan	SOFR(M)	1.00%	4.50% Cash + 4.50% PIK	13.30%	1/3/2026	$	34,680,495		29,766,996			6,623,975			0.35	%	C/N
Streamland Media Midco LLC	First Out Term Loan	SOFR(Q)	1.00%	1.00% Cash + 4.50% PIK	9.80%	3/31/2029	$	283,151		283,151			283,151			0.02	%	N
Streamland Media Midco LLC	Last Out Term Loan	SOFR(Q)	0.00%	1.00% Cash + 5.50% PIK	10.80%	3/31/2029	$	263,375		263,375			263,375			0.01	%	N
Streamland Media Midco LLC	First Lien Rollup Term Loan	SOFR(Q)	1.00%	1.00% Cash + 4.50% PIK	9.80%	3/31/2029	$	9,811		9,811			9,811			0.00	%	N
Terraboost Media Operating Company, LLC	First Lien Term Loan	Fixed	0.00%	4.00% Cash +6.00% PIK	10.00%	8/23/2026	$	13,685,047		13,392,390			13,411,347			0.72	%	N
TL Voltron Purchaser, LLC (GES)	First Lien Term Loan	SOFR(M)	1.00%	5.25%	9.57%	12/31/2030	$	12,112,500		11,881,946			11,858,138			0.63	%	N
										72,601,271			45,982,173			2.45	%

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Oil, Gas and Consumable Fuels
Iracore International Holdings, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	9.15%	13.45%	4/12/2026	$	842,642	$	842,642		$	842,642			0.05	%	B/N
Palmdale Oil Company, LLC	First Lien Term Loan	SOFR(M)	1.00%	6.75%	11.07%	10/2/2029	$	3,284,862		3,140,496			3,288,146			0.18	%	N
										3,983,138			4,130,788			0.23	%
Paper and Forest Products
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(M)	1.00%	2.50% Cash + 3.50% PIK	10.42%	11/30/2029	$	1,315,430		1,259,415			1,059,039			0.06	%	N
Alpine Acquisition Corp II (48Forty)	First Lien Participation Tranche 1 Term Loan	SOFR(M)	1.00%	2.50% Cash + 3.50% PIK	10.42%	11/30/2029	$	14,951,560		14,643,653			12,037,351			0.64	%	N
Alpine Acquisition Corp II (48Forty)	First Lien Term Loan	SOFR(M)	1.00%	2.50% Cash + 3.50% PIK	10.42%	11/30/2029	$	11,250,805		11,089,046			9,057,911			0.48	%	N
Alpine Acquisition Corp II (48Forty)	First Lien Incremental Term Loan	SOFR(M)	1.00%	2.50% Cash + 3.50% PIK	10.42%	11/30/2029	$	4,225,270		4,051,620			3,401,723			0.18	%	N
Alpine Acquisition Corp II (48Forty)	Sr Secured Revolver	SOFR(M)	1.00%	2.50% Cash + 3.50% PIK	10.42%	11/30/2029	$	322,662		298,789			157,162			0.01	%	N
FSK Pallet Holding Corp. (Kamps)	First Lien Term Loan	SOFR(Q)	1.25%	6.65%	10.94%	12/23/2026	$	13,736,656		13,418,073			13,736,656			0.74	%	N
										44,760,596			39,449,842			2.11	%
Professional Services
Applause App Quality, Inc.	Sr Secured Revolver	SOFR(Q)	1.50%	6.00%	10.29%	10/24/2029	$	261,544		237,654			244,543			0.01	%	N
Applause App Quality, Inc.	First Lien Term Loan	SOFR(Q)	1.50%	6.00%	10.30%	10/24/2029	$	13,077,192		12,835,845			12,907,188			0.69	%	N
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	9.30%	12/20/2031	$	—		(34,772	)		(93,228	)		0.00	%	K/N
Lighthouse Parent Holdings, Inc (Aperture)	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.30%	12/20/2031	$	—		(27,939	)		(37,291	)		0.00	%	K/N
Lighthouse Parent Holdings, Inc (Aperture)	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.30%	12/20/2031	$	12,041,942		11,899,379			11,849,271			0.63	%	N
Huckabee Acquisition, LLC (MOREgroup)	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	9.54%	1/16/2030	$	1,469,032		1,412,255			1,469,032			0.08	%	N
Huckabee Acquisition, LLC (MOREgroup)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.25%	9.54%	1/16/2030	$	—		(2,643	)		—			0.00	%	K/N
Huckabee Acquisition, LLC (MOREgroup)	Sr Secured Revolver	SOFR(Q)	1.00%	5.25%	9.54%	1/16/2030	$	—		(1,586	)		—			0.00	%	K/N
ICIMS, Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.75%	10.04%	8/18/2028	$	16,380,862		15,941,890			15,952,503			0.85	%	N
ICIMS, Inc.	First Lien Incremental Term Loan	SOFR(Q)	0.75%	6.25%	10.54%	8/18/2028	$	4,449,002		4,397,087			4,396,103			0.24	%	N
ICIMS, Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.75%	10.04%	8/18/2028	$	159,517		148,621			121,596			0.01	%	N
JobandTalent USA, Inc. (United Kingdom)	First Lien Incremental Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	7.00% PIK	11.32%	8/17/2025	$	5,020,508		4,978,530			4,884,954			0.26	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	7.00% PIK	11.32%	8/17/2025	$	30,079,020		29,936,345			29,266,886			1.57	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	7.00% PIK	11.32%	8/17/2025	$	10,026,340		9,986,231			9,755,629			0.52	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	7.00% PIK	11.32%	8/17/2025	$	4,357,651		4,343,365			4,239,994			0.23	%	H/L/N
JobandTalent USA, Inc. (United Kingdom)	First Lien Delayed Draw Term Loan (5.0% Exit Fee)	SOFR(M)	1.00%	7.00% PIK	11.32%	8/17/2025	$	8,715,302		8,677,160			8,479,989			0.45	%	H/L/N
TLE Holdings, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%	5.60%	9.92%	6/28/2026	$	955,214		927,226			955,214			0.05	%	N
TLE Holdings, LLC	First Lien Term Loan	SOFR(M)	1.00%	5.60%	9.92%	6/28/2026	$	3,730,360		3,620,985			3,730,360			0.20	%	N
										109,275,633			108,122,743			5.79	%
Real Estate Management and Development
Community Merger Sub Debt LLC (CINC Systems)	First Lien Term Loan	SOFR(M)	0.75%	5.25%	9.57%	1/18/2030	$	1,571,429		1,502,844			1,570,784			0.08	%	N
Community Merger Sub Debt LLC (CINC Systems)	First Lien 2025 Incremental Term Loan	SOFR(M)	0.75%	5.25%	9.57%	1/18/2030	$	599,435		593,909			599,189			0.03	%	N
Community Merger Sub Debt LLC (CINC Systems)	Sr Secured Revolver	SOFR(M)	0.75%	5.25%	9.57%	1/18/2030	$	—		(4,137	)		(176	)		0.00	%	K/N
Greystone Affordable Housing Initiatives, LLC	First Lien Delayed Draw Term Loan	SOFR(S)	1.25%	6.43%	10.69%	3/2/2026	$	6,533,333		6,464,091			6,513,733			0.35	%	I/N
Greystone Select Company II, LLC (Passco)	First Lien Term Loan	SOFR(M)	1.50%	6.61%	10.94%	3/21/2027	$	12,843,151		12,618,444			12,775,467			0.68	%	N
										21,175,151			21,458,997			1.14	%
Road and Rail
Motive Technologies, Inc. (Keep Trucking)	First Lien Incremental Term Loan 2 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.69%	4/8/2027	$	10,119,063		10,070,894			10,038,110			0.54	%	L/N
Motive Technologies, Inc. (Keep Trucking)	First Lien Incremental Term Loan 1 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.69%	4/8/2027	$	13,280,937		13,158,523			13,174,690			0.71	%	L/N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Motive Technologies, Inc. (Keep Trucking)	First Lien Term Loan (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.69%	4/8/2027	$	29,600,000	$	29,237,725		$	29,363,200			1.57	%	L/N
Motive Technologies, Inc. (Keep Trucking)	First Lien Incremental Term Loan 3 (1.0% Exit Fee)	SOFR(M)	1.00%	7.36%	11.69%	4/8/2027	$	2,000,000		1,946,924			1,984,000			0.11	%	L/N
										54,414,066			54,560,000			2.93	%
Semiconductors and Semiconductor Equipment
Emerald Technologies (U.S.) AcquisitionCo, Inc.	First Lien Term Loan	SOFR(M)	1.00%	6.35%	10.67%	12/29/2027	$	6,970,096		6,749,596			5,227,572			0.28	%	G/N
Emerald Technologies (U.S.) AcquisitionCo, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	6.10%	10.42%	12/29/2026	$	2,091,992		1,917,878			1,327,230			0.07	%	G/N
										8,667,474			6,554,802			0.35	%
Software
AlphaSense, Inc.	First Lien Term Loan	SOFR(Q)	2.00%	6.25%	10.55%	6/27/2029	$	23,208,319		23,010,838			23,002,925			1.23	%	N
AlphaSense, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	2.00%	6.25%	10.55%	6/27/2029	$	—		(46,417	)		(41,079	)		0.00	%	K/N
Aras Corporation	Sr Secured Revolver	SOFR(Q)	1.00%	6.25%	10.55%	4/13/2029	$	452,133		447,258			436,800			0.02	%	N
Aras Corporation	First Lien Term Loan	SOFR(Q)	1.00%	6.25%	10.55%	4/13/2029	$	17,861,269		17,545,237			17,629,073			0.94	%	N
Bluefin Holding, LLC (Allvue)	Sr Secured Revolver	SOFR(Q)	1.00%	6.50%	10.80%	9/12/2029	$	—		(9,048	)		—			0.00	%	K/N
Bluefin Holding, LLC (Allvue)	First Lien Term Loan	SOFR(Q)	1.00%	6.50%	10.80%	9/12/2029	$	11,307,053		10,949,735			11,397,510			0.61	%	N
Cart.Com, Inc.	First Lien Term Loan (2.5% Exit Fee)	SOFR(M)	1.50%	7.75%	12.07%	5/30/2029	$	26,250,000		25,987,500			25,961,250			1.39	%	L/N
Clever Devices Ltd.	Sr Secured Revolver	SOFR(M)	1.00%	6.00%	10.32%	6/12/2030	$	98,039		79,657			98,039			0.01	%	N
Clever Devices Ltd.	First Lien Term Loan	SOFR(M)	1.00%	6.00%	10.32%	6/12/2030	$	1,751,471		1,707,684			1,768,985			0.09	%	N
Disco Parent, Inc. (Duck Creek Technologies)	Sr Secured Revolver	SOFR(Q)	1.00%	7.50%	11.81%	3/30/2029	$	—		(3,883	)		—			0.00	%	K/N
Disco Parent, Inc. (Duck Creek Technologies)	First Lien Term Loan	SOFR(Q)	1.00%	7.50%	11.81%	3/30/2029	$	7,217,706		6,999,581			7,224,924			0.39	%	N
Douglas Holdings, Inc (Docupace)	First Lien Term Loan	SOFR(Q)	1.00%	5.75% Cash + 0.38% PIK	10.42%	8/27/2030	$	15,259,318		15,052,504			15,045,688			0.81	%	N
Douglas Holdings, Inc (Docupace)	First Lien Delayed Draw Term Loan B	SOFR(Q)	1.00%	5.75% Cash + 0.38% PIK	10.42%	8/27/2030	$	—		(22,467	)		(46,441	)		0.00	%	K/N
Douglas Holdings, Inc (Docupace)	First Lien PIK Delayed Draw Term Loan	SOFR(Q)	1.00%	5.75% Cash + 0.38% PIK	10.42%	8/27/2030	$	503,400		503,400			477,021			0.03	%	N
Douglas Holdings, Inc (Docupace)	Sr Secured Revolver	SOFR(Q)	1.00%	5.75% Cash + 0.38% PIK	10.42%	8/27/2030	$	—		(17,980	)		(18,577	)		0.00	%	K/N
Elastic Path Software, Inc. (Canada)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	7.76%	12.07%	1/6/2026	$	3,719,435		3,692,461			3,719,435			0.20	%	H/N
Elastic Path Software, Inc. (Canada)	First Lien Term Loan	SOFR(Q)	1.00%	7.76%	12.05%	1/6/2026	$	7,326,537		7,274,306			7,326,537			0.39	%	H/N
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	11.05%	7/13/2027	$	418,269		414,192			414,086			0.02	%	N
FirstUp, Inc	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	11.05%	7/13/2027	$	43,005		42,586			42,575			0.00	%	N
FirstUp, Inc	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	11.05%	7/13/2027	$	—		(369	)		(386	)		0.00	%	K/N
Fusion Risk Management, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	10.33%	5/22/2029	$	—		(9,807	)		(5,143	)		0.00	%	K/N
Fusion Risk Management, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.00%	10.33%	5/22/2029	$	5,670,157		5,440,124			5,624,795			0.30	%	N
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Term Loan	SOFR(Q)	1.00%	5.00%	9.29%	3/10/2031	$	6,666,667		6,577,754			6,566,667			0.35	%	N
G-3 Apollo Acquisition Corp (Appriss Retail)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	5.00%	9.29%	3/10/2031	$	—		(21,226	)		(21,429	)		0.00	%	K/N
G-3 Apollo Acquisition Corp (Appriss Retail)	Sr Secured Revolver	SOFR(Q)	1.00%	5.00%	9.29%	3/10/2031	$	152,381		130,952			130,952			0.01	%	N
GTY Technology Holdings Inc.	First Lien Term Loan	SOFR(Q)	1.00%	2.50% Cash + 4.125% PIK	10.92%	7/9/2029	$	2,444,928		2,325,455			2,408,987			0.13	%	N
GTY Technology Holdings Inc.	First Lien Incremental Term Loan	SOFR(Q)	0.75%	2.50% Cash + 4.125% PIK	10.92%	7/9/2029	$	2,993,261		2,949,053			2,949,260			0.16	%	N
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	2.50% Cash + 4.125% PIK	10.92%	7/9/2029	$	1,891,017		1,802,345			1,863,220			0.10	%	N
GTY Technology Holdings Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	2.50% Cash + 4.125% PIK	10.92%	7/9/2029	$	1,451,027		1,398,348			1,429,697			0.08	%	N
GTY Technology Holdings Inc.	Sr Secured Revolver	Prime	1.00%	5.00%	12.50%	7/9/2029	$	246,682		219,792			224,018			0.01	%	N
Honey Intermediate, Inc. (iLobby) (Canada)	First Lien Term Loan	SOFR(M)	1.00%	2.88% Cash + 3.38% PIK	10.57%	9/26/2030	$	17,950,310		17,704,323			17,699,005			0.95	%	H/N
Honey Intermediate, Inc. (iLobby) (Canada)	Sr Secured Revolver	SOFR(M)	1.00%	2.88% Cash + 3.38% PIK	10.57%	9/26/2030	$	—		(32,317	)		(32,941	)		0.00	%	H/K/N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity/ Expiration	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Integrate.com, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	11.20%	12/17/2027	$	5,638,078	$	5,518,237		$	5,432,965			0.29	%	N
Integrate.com, Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	11.20%	12/17/2027	$	358,402		350,902			345,363			0.02	%	N
Integrate.com, Inc.	First Lien Incremental Term Loan	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	11.20%	12/17/2027	$	299,821		285,297			288,914			0.02	%	N
Integrate.com, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	4.65% Cash + 2.25% PIK	11.20%	12/17/2027	$	463,139		457,564			445,781			0.02	%	N
JOBVITE, Inc. (Employ, Inc.)	First Lien Last Out Term Loan	SOFR(Q)	0.75%	7.50%	11.80%	8/5/2028	$	8,017,052		7,711,625			7,860,559			0.42	%	N
Logicmonitor, Inc	Sr Secured Revolver	SOFR(Q)	0.75%	5.50%	9.79%	11/19/2031	$	—		(602	)		(614	)		0.00	%	K/N
Logicmonitor, Inc	First Lien Term Loan	SOFR(Q)	0.75%	5.50%	9.79%	11/19/2031	$	405,983		401,268			401,075			0.02	%	N
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Delayed Draw Term Loan	SOFR(Q)	1.00%	5.40%	9.70%	6/30/2028	$	4,047,214		4,003,585			3,996,187			0.21	%	N
Thunder Purchaser, Inc. (Vector Solutions)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	5.40%	9.70%	6/30/2028	$	2,266,440		2,245,991			2,245,022			0.12	%	N
Nvest, Inc. (SigFig)	First Lien Term Loan	SOFR(Q)	1.00%	7.50%	12.06%	9/15/2026	$	7,318,167		7,260,506			7,232,983			0.39	%	N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	SOFR(S)	1.00%	5.50%	9.93%	3/31/2027	$	14,700,679		14,494,442			14,700,679			0.79	%	H/N
SEP Raptor Acquisition, Inc. (Loopio) (Canada)	First Lien Term Loan	SOFR(S)	1.00%	5.50%	9.93%	3/31/2027	$	1,572,860		1,551,292			1,572,860			0.08	%	H/N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	First Lien Term Loan	SOFR(Q)	1.00%	3.00% Cash + 3.50% PIK	10.81%	5/9/2028	$	25,481,762		25,091,677			25,400,221			1.36	%	H/N
SEP Eiger BidCo Ltd. (Beqom) (Switzerland)	Sr Secured Revolver	SOFR(Q)	1.00%	6.00%	10.30%	5/9/2028	$	730,053		711,034			723,045			0.04	%	H/N
Trintech, Inc.	Sr Secured Revolver	SOFR(M)	1.00%	5.50%	9.82%	7/25/2029	$	60,857		54,871			57,500			0.00	%	N
Trintech, Inc.	First Lien Term Loan	SOFR(M)	1.00%	5.50%	9.82%	7/25/2029	$	2,734,387		2,611,265			2,691,294			0.14	%	N
Zendesk Inc.	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.30%	11/22/2028	$	5,689,659		5,550,986			5,621,383			0.30	%	N
Zendesk Inc.	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.00%	9.30%	11/22/2028	$	—		10,220			(16,717	)		0.00	%	K/N
Zendesk Inc.	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.30%	11/22/2028	$	—		(572	)		(6,884	)		0.00	%	K/N
Zilliant Incorporated	First Lien Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	2.10% Cash + 5.00% PIK	11.42%	12/21/2027	$	3,460,842		3,339,216			3,312,026			0.18	%	L/N
Zilliant Incorporated	First Lien Delayed Draw Term Loan (0.5% Exit Fee)	SOFR(M)	0.75%	2.10% Cash + 5.00% PIK	11.42%	12/21/2027	$	633,682		616,532			606,433			0.03	%	L/N
Zilliant Incorporated	Sr Secured Revolver (0.5% Exit Fee)	SOFR(M)	0.75%	2.10% Cash + 5.00% PIK	11.42%	12/21/2027	$	—		(2,756	)		(12,741	)		0.00	%	K/L/N
										234,354,151			236,172,787			12.65	%
Specialty Retail
Calceus Acquisition, Inc. (Cole Haan)	First Lien Term Loan	SOFR(Q)	2.00%	6.75%	11.05%	8/15/2028	$	24,622,623		24,022,490			24,696,491			1.32	%	G/N
Hanna Andersson, LLC	First Lien Term Loan	SOFR(M)	1.00%	6.35%	10.67%	7/2/2026	$	10,490,772		10,261,576			10,490,772			0.56	%	N
										34,284,066			35,187,263			1.88	%
Technology Hardware, Storage & Peripherals
SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%	6.50%	10.83%	4/25/2031	$	34,673,627		34,356,792			34,977,022			1.87	%	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		21,941,154			22,222,222			1.19	%	N
James Perse Enterprises, Inc.	First Lien Term Loan	SOFR(A)	1.00%	6.25%	10.31%	9/8/2027	$	3,195,681		3,108,680			3,195,681			0.17	%	N
James Perse Enterprises, Inc.	Sr Secured Revolver	SOFR(A)	1.00%	6.25%	10.51%	9/8/2027	$	615,045		632,450			615,045			0.03	%	N
PSEB, LLC (Eddie Bauer)	First Lien Term Loan	SOFR(Q)	1.00%	6.65%	10.96%	12/30/2026	$	17,449,333		17,339,258			17,257,390			0.92	%	N
PSEB, LLC (Eddie Bauer)	First Lien Incremental Term Loan	SOFR(Q)	1.00%	6.65%	10.96%	12/30/2026	$	6,800,667		6,778,177			6,725,860			0.36	%	N
										49,799,719			50,016,198			2.67	%
Wireless Telecommunication Services
OpenMarket, Inc. (Infobip) (United Kingdom)	First Lien Term Loan	SOFR(Q)	0.00%	6.51%	10.81%	9/17/2026	$	14,475,000		14,261,691			14,392,203			0.77	%	H/N

Total Debt Investments - 204.0% of Net Assets										1,765,568,073			1,594,279,600			85.33	%

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


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	$	14,770,384		0.79	%	D/E/F/N

Capital Markets
Pico Quantitative Trading Holdings, LLC	Warrants to Purchase Membership Units			2/7/2030		7,191		673,788		1,214,163		0.06	%	D/E/N

Chemicals
AGY Equity, LLC	Class A Preferred Stock					5,982,385		485,322		—		0.00	%	D/E/N
AGY Equity, LLC	Class B Preferred Stock					4,187,669		—		—		0.00	%	D/E/N
AGY Equity, LLC	Class C Common Stock					3,290,312		—		—		0.00	%	D/E/N
								485,322		—		0.00	%
Commercial Services & Supplies
Kellermeyer Bergensons Services, LLC	Preferred Stock					171,813		285,933		17,181		0.00	%	D/E/N
Kellermeyer Bergensons Services, LLC	Common Stock					171,813		—		—		0.00	%	D/E/N
								285,933		17,181		0.00	%
Construction & Engineering
Hylan Global LLC	Common Stock					738,447		738,447		—		0.00	%	B/D/E/N

Diversified Consumer Services
SellerX Germany GMBH & Co. KG (Germany)	Warrants to Purchase Common Stock			7/25/2030		3,980		73,107		—		0.00	%	D/E/H/N
SellerX Germany GMBH & Co. KG (Germany)	Warrants to Purchase Preferred New Super Senior Shares			7/25/2030		15,793		287,104		—		0.00	%	D/E/H/N
MXP Prime Platform GmbH (SellerX) (Germany)	Warrants to Purchase Common Stock			7/25/2030		5,430		66,734		—		0.00	%	D/E/H/N
Razor US LP	Common Units					263,206		—		—		0.00	%	D/E/N
Razor US LP	Class A Preferred Units	Fixed	3.00%			26,320,670		22,711,306		—		0.00	%	D/E/N
Razor Group GmbH (Germany)	Warrants to Purchase Preferred Series A1 Shares			4/28/2028		698		13,654		—		0.00	%	D/E/H/N
Razor Group GmbH (Germany)	Warrants to Purchase Series C Shares			12/23/2029		213		20,680		—		0.00	%	D/E/H/N
TVG-Edmentum Holdings, LLC	Series B-1 Common Units	Fixed	12.00%			17,858,122		24,166,714		15,397,273		0.82	%	B/E/N
TVG-Edmentum Holdings, LLC	Series B-2 Common Units					17,858,122		13,421,162		15,397,273		0.82	%	B/D/E/N
TVG-Edmentum Holdings, LLC	Series C-2 Preferred Units	Fixed	15.00%			2,542		5,693,163		7,769,328		0.42	%	B/E/N
Thras.io, LLC	Common Units					291,605		—		—		0.00	%	D/E/N
								66,453,624		38,563,874		2.06	%
Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Membership Units					28,277,397		28,277,397		51,054,000		2.73	%	E/F/N
Conventional Lending TCP Holdings, LLC	Membership Units					17,800,591		17,675,790		14,240,473		0.76	%	E/F/I/N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
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		407,456		0.02	%	D/E/H/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series D Stock			2/11/2031		42,482		28,022		90,640		0.00	%	D/E/H/N
Worldremit Group Limited (United Kingdom)	Warrants to Purchase Series E Stock			8/17/2031		508		61		57		0.00	%	D/E/H/N
								46,354,794		65,792,626		3.51	%
Electric Utilities
Conergy Asia Holdings Limited (United Kingdom)	Class B Shares					1,000,000		1,000,000		—		0.00	%	D/E/F/H/N
Conergy Asia Holdings Limited (United Kingdom)	Ordinary Shares					5,318,860		7,833,333		—		0.00	%	D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Ordinary Shares					2,332,594		—		—		0.00	%	D/E/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Series B Preferred Shares					93,023		1,395,349		—		0.00	%	D/E/F/H/N
Utilidata, Inc.	Common Stock					29,593		216,336		13,483		0.00	%	D/E/N
Utilidata, Inc.	Series A-2 Preferred Stock					257,369		153,398		117,260		0.01	%	D/E/N
Utilidata, Inc.	Series A-1 Preferred Stock					500,000		500,000		239,410		0.01	%	D/E/N
								11,098,416		370,153		0.02	%
Energy Equipment and Services
GlassPoint, Inc.	Warrants to Purchase Common Stock			9/12/2029		2,088,152		275,200		1,634,835		0.09	%	D/E/N

Healthcare Providers and Services
INH Buyer, Inc. (IMA Health)	A1 Preferred Stock					3,977,966		—		—		0.00	%	D/E/N
INH Buyer, Inc. (IMA Health)	Preferred Stock					4		—		—		0.00	%	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		386,386		0.02	%	D
Domo, Inc.	Warrants to Purchase Class B Common Stock			2/17/2028		94,136		—		995,959		0.05	%	D/N
Domo, Inc.	Warrants to Purchase Class B Common Stock			2/17/2028		482,404		—		4,322,977		0.23	%	D/N
Fishbowl, Inc.	Common Membership Units					604,479		787,032		—		0.00	%	D/E/F/N
Foursquare Labs, Inc.	Warrants to Purchase Series E Preferred Stock			5/4/2027		2,187,500		508,805		132,081		0.01	%	D/E/N
InMobi, Inc. (Singapore)	Warrants to Purchase Common Stock			8/15/2027		1,327,869		212,360		3,067,377		0.16	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock			9/18/2025		1,049,996		276,492		2,393,991		0.13	%	D/E/H/N
InMobi, Inc. (Singapore)	Warrants to Purchase Series E Preferred Stock			10/3/2028		1,511,002		93,407		1,843,422		0.10	%	D/E/H/N
Pluralsight, Inc.	Common Stock					2,865,672		7,995,225		2,607,762		0.14	%	D/E/N
ResearchGate Corporation (Germany)	Warrants to Purchase Series D Preferred Stock			10/30/2029		333,370		202,001		30,500		0.00	%	D/E/H/N/O
SuCo Investors, LP (Suited Connector)	Warrants to Purchase Class A Units			3/6/2033		44,928		—		—		0.00	%	D/E/N
SnapLogic, Inc.	Warrants to Purchase Series Preferred Stock			3/19/2028		1,860,000		377,722		5,429,135		0.29	%	D/E/N
								11,996,098		21,209,590		1.13	%

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025


Issuer	Instrument	Ref	Total Coupon	Expiration	Shares		Cost		Fair Value		% of Total Cash and Investments			Notes
Equity Securities (continued)
IT Services
Fidelis (SVC), LLC	Preferred Unit-C					657,932	$	2,001,384		—		0.00	%	D/E/N

Media
MBS Parent, LLC	Limited Partnership/Limited Liability Company Interests					546		21,204		271,394		0.01	%	D/E/N
Quora, Inc.	Warrants to Purchase Series D Preferred Stock			4/11/2029		507,704		65,245		61,681		0.00	%	D/E/N
Streamland Media Holdings LLC	Common Units					2,636		134,515		134,515		0.01	%	D/E/N
SoundCloud, Ltd. (United Kingdom)	Warrants to Purchase Preferred Stock			4/29/2025		946,498		79,082		564,577		0.03	%	D/E/H/N
								300,046		1,032,167		0.05	%
Oil, Gas and Consumable Fuels
Iracore Investments Holdings, Inc.	Class A Common Stock					16,207		4,177,710		615,992		0.03	%	B/D/E/N

Paper and Forest Products
48forty Intermediate Holdings, Inc.	Common Stock					2,347		—		—		0.00	%	D/E/N

Pharmaceuticals
Inotiv, Inc.	Common Stock					14,578		—		32,217		0.00	%	D/E

Professional Services
Anacomp, Inc.	Class A Common Stock					1,255,527		26,711,048		1,155,295		0.06	%	D/E/F/N
JobandTalent USA, Inc. (United Kingdom)	F1 Preferred Stock					255,112		3,207,662		13,541,705		0.72	%	D/E/H/N
JobandTalent USA, Inc. (United Kingdom)	F3 Preferred Stock					17,007		—		826,245		0.04	%	D/E/H/N
								29,918,710		15,523,245		0.82	%
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		—		0.00	%	D/E/N
								578,389		2,108		0.00	%
Trading Companies & Distributors
Blackbird Holdco, Inc. (Ohio Transmission Corp.)	Preferred Stock	Fixed	12.50%			9,586		14,195,655		14,215,633		0.76	%	E/N

Total Equity Securities - 22.4% of Net Assets								198,619,433		174,994,168		9.37	%

Total Investments - 226.4% of Net Assets							$	1,964,187,506	$	1,769,273,768		94.70	%

Cash and Cash Equivalents - 12.7% of Net Assets									$	99,114,852		5.30	%

Total Cash and Investments - 239.1% of Net Assets									$	1,868,388,620		100.00	%	M

      
     Interest Rate Swap as of March 31, 2025

      
     Company Receives Fixed

     Company Pays Floating

     Counterparty

     Maturity Date

     Payment Frequency

     Notional Amount

     Derivative Liability at Fair Value

Interest rate swap

2.633%

1 Day SOFR

CME

6/9/2025

Annual

35,000,000

(740,526

)

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Unaudited) (Continued)

March 31, 2025

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)

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 or EURIBOR resets monthly (M), quarterly (Q), semiannually (S), or annually (A).

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $65,964,399 and 84,703,889, respectively, for the three months ended March 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 March 31, 2025 was $1,763,568,446 or 94.4% of total cash and investments of the Company. As of March 31, 2025, approximately 17.4% 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.

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments

December 31, 2024


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 Delayed Draw Term Loan B	SOFR(M)	2.50%		2.75% Cash + 2.75% PIK	10.02%	12/4/2029	$	—	$	(129,218	)	$	(131,250	)		-0.01	%	K/N
Skydio, Inc	First Lien Term Loan	SOFR(M)	2.50%		2.75% Cash + 2.75% PIK	10.02%	12/4/2029	$	13,125,000		12,995,270			12,993,750			0.69	%	N
											12,866,052			12,862,500			0.68	%
Automobiles
ALCV Purchaser, Inc. (AutoLenders)	First Lien Term Loan	SOFR(Q)	1.00%		7.01%	11.34%	2/25/2026	$	7,734,970		7,640,976			7,688,560			0.41	%	G/N
ALCV Purchaser, Inc. (AutoLenders)	Sr Secured Revolver	SOFR(Q)	1.00%		7.01%	11.34%	2/25/2026	$	896,404		886,220			891,025			0.05	%	G/N
AutoAlert, LLC	First Lien Incremental Term Loan	SOFR(Q)	1.00%		5.40%	9.99%	3/31/2028	$	18,812,631		18,812,631			18,812,631			1.00	%	F/N
AutoAlert, LLC	Second Lien Incremental Term Loan	SOFR(Q)	1.00%		9.40% PIK	13.99%	3/31/2029	$	10,718,897		10,718,897			10,718,897			0.57	%	F/N
											38,058,724			38,111,113			2.03	%
Building Products
Air Distribution Technologies Inc	First Lien Term Loan	SOFR(M)	1.00%		6.00%	10.55%	8/1/2030	$	2,000,421		1,961,606			1,976,416			0.10	%	N
Porcelain Acquisition Corporation (Paramount)	First Lien Term Loan	SOFR(Q)	1.00%		6.10%	10.43%	4/30/2027	$	9,452,421		9,215,178			8,422,107			0.45	%	N
Trulite Holding Corp.	First Lien Term Loan	SOFR(Q)	1.00%		6.00%	10.59%	2/22/2030	$	1,635,417		1,579,667			1,633,372			0.09	%	N
											12,756,451			12,031,895			0.64	%
Capital Markets
Pico Quantitative Trading, LLC	First Lien Term Loan	SOFR(Q)	1.50%		7.51%	12.17%	2/8/2027	$	22,291,007		22,198,712			22,268,716			1.18	%	N
Pico Quantitative Trading, LLC	First Lien Incremental Term Loan	SOFR(Q)	1.50%		7.51%	12.10%	2/8/2027	$	17,285,388		17,165,438			17,129,820			0.91	%	N
PMA Parent Holdings, LLC	First Lien Term Loan	SOFR(Q)	0.75%		5.25%	9.58%	1/31/2031	$	5,236,875		4,986,030			5,247,349			0.28	%	N
PMA Parent Holdings, LLC	Sr Secured Revolver	SOFR(Q)	0.75%		5.25%	9.58%	1/31/2031	$	—		(13,344	)		—			0.00	%	K/N
											44,336,836			44,645,885			2.37	%
Commercial Services & Supplies
Apollo Group Holdco, LLC (Topsail)	First Lien Term Loan	SOFR(Q)	1.00%		6.00%	10.33%	12/26/2030	$	500,000		490,006			490,000			0.03	%	N
Kellermeyer Bergensons Services, LLC	First Lien Term Loan	SOFR(Q)	1.00%		1.90% Cash + 3.50% PIK	9.99%	11/6/2028	$	1,333,891		1,299,716			1,333,891			0.07	%	N
Kellermeyer Bergensons Services, LLC	Subordinated Term Loan	SOFR(Q)	1.00%		1.15% Cash + 7.00% PIK	12.74%	11/6/2028	$	588,214		373,598			588,214			0.03	%	N
Modigent, LLC (Pueblo)	First Lien Term Loan	SOFR(Q)	0.75%		6.50%	10.83%	8/23/2028	$	1,693,151		1,625,755			1,671,292			0.09	%	N
Modigent, LLC (Pueblo)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%		6.50%	10.83%	8/23/2028	$	1,174,408		1,131,768			1,159,247			0.06	%	N
Modigent, LLC (Pueblo)	First Lien Incremental Delayed Draw Term Loan	SOFR(Q)	0.75%		6.50%	10.83%	8/23/2028	$	707,766		659,082			678,788			0.04	%	N
Modigent, LLC (Pueblo)	Sr Secured Revolver	SOFR(Q)	0.75%		6.50%	10.83%	8/23/2027	$	425,793		413,629			419,925			0.02	%	N
Thermostat Purchaser III, Inc. (Reedy Industries)	Second Lien Term Loan	SOFR(Q)	0.75%		7.10%	11.91%	8/31/2029	$	10,383,054		10,152,539			10,383,054			0.55	%	N
											16,146,093			16,724,411			0.89	%
Communications Equipment
Plate Newco 1 Limited (Avanti) (United Kingdom)	Subordinated E1 Term Loan	Fixed		—	12.50% PIK	12.50%	6/30/2025	$	88,455		58,350			—			0.00	%	C/H/N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024


Issuer	Instrument	Ref	Floor		Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Plate Newco 1 Limited (Avanti) (United Kingdom)	Subordinated E2 Term Loan	Fixed		—	12.50% PIK	12.50%	6/30/2025	$	265,368	$	174,283		$	-			0.00	%	C/H/N
Plate Newco 1 Limited (Avanti) (United Kingdom)	Subordinated F Term Loan	Fixed		—	12.50% PIK	12.50%	6/30/2025	$	1,071,041		650,880			—			0.00	%	C/H/N
Plate Newco 1 Limited (Avanti) (United Kingdom)	Subordinated G Term Loan	Fixed		—	12.50% PIK	12.50%	6/30/2025	$	315,185		198,154			—			0.00	%	C/H/N
											1,081,667			—			0.00	%
Construction and Engineering
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)	1.00%		8.60% PIK	12.96%	11/23/2027	$	8,894,358		7,953,937			3,193,859			0.17	%	C/N
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)	1.00%		9.10% PIK	13.44%	11/23/2027	$	822,292		806,814			822,292			0.04	%	N
Homerenew Buyer, Inc. (Renovo)	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%		8.60% PIK	12.96%	11/23/2027	$	6,471,731		5,948,389			2,323,466			0.12	%	C/N
Homerenew Buyer, Inc. (Renovo)	Sr Secured Revolver	SOFR(M)	1.00%		8.60% PIK	12.94%	11/23/2027	$	2,091,019		1,885,901			750,429			0.04	%	C/N
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)	2.50%		11.10% PIK	15.44%	3/13/2025	$	1,802,075		1,509,083			1,802,075			0.10	%	N
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)	2.50%		9.10% PIK	13.54%	3/13/2025	$	367,667		363,290			367,667			0.02	%	N
Homerenew Buyer, Inc. (Renovo)	First Lien Term Loan	SOFR(M)	2.50%		11.10% PIK	15.46%	3/13/2025	$	1,008,793		889,617			1,008,793			0.05	%	N
Hylan Intermediate Holding II, LLC	First Lien Term Loan	SOFR(M)	2.00%		6.25%	10.80%	4/5/2029	$	11,709,782		11,575,692			11,376,522			0.60	%	B/N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%		5.00%	9.51%	2/1/2030	$	2,782,103		2,743,656			2,793,231			0.15	%	N
LJ Avalon Holdings, LLC (Ardurra)	First Lien Term Loan	SOFR(Q)	1.00%		5.00%	9.53%	2/1/2030	$	6,796,324		6,593,218			6,823,509			0.36	%	N
PlayPower, Inc	First Lien Term Loan	SOFR(Q)	0.75%		5.25%	9.58%	8/28/2030	$	8,665,152		8,538,830			8,621,826			0.46	%	N
PlayPower, Inc	Sr Secured Revolver	SOFR(Q)	0.75%		5.25%	9.58%	8/28/2030	$	—		(18,610	)		(17,333	)		0.00	%	K/N
Titan Home Improvement, LLC (Renuity)	First Lien Term Loan	SOFR(Q)	1.00%		5.75%	10.26%	5/31/2030	$	1,855,814		1,809,419			1,857,670			0.10	%	N
Titan Home Improvement, LLC (Renuity)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%		5.75%	10.26%	5/31/2030	$	—		—			349			0.00	%	N
Vortex Companies, LLC	First Lien Term Loan	SOFR(M)	1.00%		5.00%	9.36%	9/4/2029	$	1,539,980		1,485,512			1,524,580			0.08	%	N
Vortex Companies, LLC	First Lien Delayed Draw Term Loan	SOFR(M)	1.00%		5.00%	9.36%	9/4/2029	$	1,281,179		1,280,384			1,268,367			0.07	%	N
Vortex Companies, LLC	Sr Secured Revolver	SOFR(M)	1.00%		5.00%	9.36%	9/4/2029	$	15,411		14,863			13,848			0.00	%	N
											53,379,995			44,531,150			2.36	%
Consumer Finance
Freedom Financial Network Funding, LLC	First Lien Term Loan	SOFR(S)	1.00%		9.25%	13.53%	9/21/2027	$	12,376,001		12,000,219			12,066,601			0.64	%	N
Freedom Financial Network Funding, LLC	First Lien Delayed Draw Term Loan	SOFR(S)	1.00%		9.25%	13.66%	9/21/2027	$	4,125,334		4,000,528			4,022,200			0.21	%	N
Lucky US BuyerCo, LLC (Global Payments)	Sr Secured Revolver	SOFR(Q)	1.00%		7.50%	11.83%	3/30/2029	$	333,500		323,357			322,806			0.02	%	N
Lucky US BuyerCo, LLC (Global Payments)	First Lien Term Loan	SOFR(Q)	1.00%		7.50%	11.83%	3/30/2029	$	4,276,012		4,125,110			4,193,741			0.22	%	N
Money Transfer Acquisition Inc.	First Lien Term Loan	SOFR(M)	1.00%		8.35%	12.92%	12/14/2027	$	8,249,426		8,083,104			8,166,931			0.43	%	N
											28,532,318			28,772,279			1.52	%
Containers & Packaging
BW Holding, Inc. (Brook & Whittle)	Second Lien Term Loan	SOFR(Q)	0.75%		7.65%	12.16%	12/14/2029	$	17,639,207		16,860,816			15,116,800			0.80	%	N
PVHC Holding Corp.	First Lien Term Loan	SOFR(Q)	2.50%		6.15% Cash + 0.75% PIK	11.18%	2/17/2027	$	5,037,221		4,902,190			5,075,000			0.27	%	N
											21,763,006			20,191,800			1.07	%
Diversified Consumer Services
Fusion Holding Corp. (Finalsite)	First Lien Term Loan	SOFR(Q)	0.75%		6.25%	10.58%	9/14/2029	$	3,589,924	$	3,456,341		$	3,528,788			0.19	%	N
Fusion Holding Corp. (Finalsite)	Sr Secured Revolver	SOFR(Q)	0.75%		6.25%	10.58%	9/15/2027	$	—		(2,326	)		(4,085	)		0.00	%	K/N
Razor Group Holdings II, Inc. (Germany)	First Lien A Term Loan	Fixed		—	2.50% Cash + 5.00% PIK	7.50%	9/30/2028	$	61,293,641		59,486,911			23,230,290			1.23	%	C/H/N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024


Issuer	Instrument	Ref	Floor		Spread		Total Coupon		Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Razor Group Holdings II, Inc. (Germany)	First Lien C Term Loan	Fixed		—	3.50% Cash + 3.50% PIK		7.00%		9/30/2028	$	6,669,599		6,114,187			—			0.00	%	C/H/N
Razor Group Holdings II, Inc. (Germany)	First Out Delayed Draw Term Loan	Fixed	0.00%		15.00%		15.00%		9/15/2027	$	1,353,054		1,353,054			2,018,756			0.11	%	H/N
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%		5.00%		9.57%		10/28/2026	$	807,613		795,100			807,613			0.04	%	H/N
SellerX Germany GmbH (Germany)	Sr Secured Revolver	SOFR(Q)	0.00%		9.00%		13.49%		11/22/2029	$	1,346,023		1,346,022			1,346,022			0.07	%	H/N
SellerX Germany GmbH (Germany)	First Lien A1 Term Loan	SOFR(Q)	2.00%		4.50% Cash + 4.50% PIK		14.33%		5/23/2026	$	25,602,703		24,990,837			16,206,511			0.86	%	C/H/N
SellerX Germany GmbH (Germany)	First Lien A2 Term Loan	SOFR(Q)	2.00%		4.50% Cash + 4.50% PIK		14.33%		5/23/2026	$	29,374,777		28,655,901			18,594,234			0.99	%	C/H/N
Thras.io, LLC	First Out Term Loan	SOFR(Q)	1.00%		10.26% PIK		14.55%		6/18/2029	$	5,701,730		5,571,982			5,701,730			0.30	%	N
Thras.io, LLC	Second Out Term Loan	SOFR(Q)	1.00%		10.26% PIK		14.55%		6/18/2029	$	16,540,161		13,669,214			14,092,217			0.75	%	N
													145,437,223			85,522,076			4.54	%

Diversified Financial Services
36th Street Capital Partners Holdings, LLC	Senior Note	Fixed (Q)		—	12.00%		12.00%		11/30/2025	$	59,756,438		59,756,438			59,756,438			3.17	%	E/F/N
Accordion Partners LLC	Sr Secured Revolver	SOFR(Q)	0.75%		5.25%		9.58%		11/15/2031	$	—		(3,220	)		(3,281	)		0.00	%	K/N
Accordion Partners LLC	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%		5.25%		9.58%		11/15/2031	$	—		(4,830	)		(4,921	)		0.00	%	K/N
Accordion Partners LLC	First Lien Term Loan	SOFR(Q)	0.75%		5.25%		9.58%		11/15/2031	$	5,905,719		5,876,190			5,876,190			0.31	%	N
Accuserve Solutions, Inc.	First Lien Term Loan	SOFR(S)	1.00%		5.25%		10.03%		3/15/2030	$	2,041,751		2,030,049			2,058,085			0.11	%	N
Accuserve Solutions, Inc.	First Lien Delayed Draw Term Loan	SOFR (Q)	1.00%		5.25%		10.03%		3/15/2030	$	—		(13,470	)		18,185			0.00	%	K/N
Callodine Commercial Finance, LLC	First Lien Term Loan	SOFR(Q)	1.00%		11.26%		15.59%		11/3/2025	$	22,096,774		21,673,656			22,096,774			1.17	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Term Loan	SOFR(Q)	1.00%		5.25%		9.87%		8/21/2028	$	7,723,086		7,388,545			7,616,430			0.40	%	N
GC Champion Acquisition LLC (Numerix)	First Lien Delayed Draw Term Loan	SOFR(Q)	1.00%		5.25%		9.87%		8/21/2028	$	2,145,302		2,052,359			2,115,675			0.11	%	N
Gordon Brothers Finance Company	Unsecured Debt	LIBOR(M)	1.00%		11.00%		15.36%		10/31/2025	$	37,183,232		13,114,243			5,016,017			0.27	%	C/F/N
Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, LLC)	Second Lien Term Loan	SOFR(M)	1.00%		8.62%		12.97%		7/5/2026	$	22,633,544		22,314,462			22,543,010			1.20	%	N
Rialto Management Group, LLC	Sr Secured Revolver	SOFR(M)	0.75%		5.00%		9.53%		12/5/2030	$	—		(1,703	)		(1,724	)		0.00	%	I/K/N
Rialto Management Group, LLC	First Lien Term Loan	SOFR(M)	0.75%		5.00%		9.53%		12/5/2030	$	5,000,000		4,950,000			4,950,000			0.26	%	I/N
SitusAMC Holdings Corporation	First Lien Term Loan B	SOFR(Q)	0.75%		5.60%		9.93%		6/28/2025	$	796,371		794,161			802,742			0.04	%	N
SitusAMC Holdings Corporation	First Lien Term Loan	SOFR(Q)	0.75%		5.60%		9.93%		11/30/2027	$	1,687,182		1,678,746			1,700,679			0.09	%	N
													141,605,626			134,540,299			7.13	%
Diversified Telecommunication Services
Aventiv Technologies, Inc. (Securus)	Second Lien Term Loan	SOFR(Q)	1.00%		1.26% Cash + 8.05% PIK		13.92%		10/31/2025	$	29,001,528		24,900,884			1,044,055			0.06	%	C/N

Electrical Equipment
Spark Buyer, LLC (Sparkstone)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%		5.25%		9.77%		10/15/2031	$	—		(65,281	)		(53,793	)		0.00	%	K/N
Spark Buyer, LLC (Sparkstone)	Sr Secured Revolver	SOFR(Q)	0.75%		5.25%		9.77%		10/15/2031	$	—		—			(26,897	)		0.00	%	K/N
Spark Buyer, LLC (Sparkstone)	First Lien Term Loan	SOFR(Q)	0.75%		5.25%		9.77%		10/15/2031	$	11,206,897		11,040,870			11,072,414			0.59	%	N
													10,975,589			10,991,724			0.59	%
Electric Utilities
Conergy Asia & ME Pte. Ltd. (Singapore)	First Lien Term Loan	Fixed		—		—		—	6/30/2025	$	2,110,141		2,110,141			—			0.00	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Bank Guarantee Credit Facility	Fixed		—		—		—	6/30/2025	$	6,578,877		6,578,877			60,889			0.00	%	D/F/H/N
Kawa Solar Holdings Limited (Conergy) (Cayman Islands)	Revolving Credit Facility	Fixed		—		—		—	6/30/2025	$	5,535,517		5,535,517			1,235,527			0.07	%	D/F/H/N
													14,224,535			1,296,416			0.07	%
Health Care Technology
Appriss Health, LLC (PatientPing)	First Lien Term Loan	SOFR(S)	1.00%		7.25%		12.08%		5/6/2027	$	10,795,373	$	10,605,638		$	10,795,373			0.57	%	N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024


Issuer	Instrument	Ref	Floor	Spread	Total Coupon	Maturity	Principal		Cost			Fair Value			% of Total Cash and Investments			Notes
Debt Investments (continued)
Appriss Health, LLC (PatientPing)	Sr Secured Revolver	SOFR(S)	1.00%	7.25%	12.08%	5/6/2027	$	—		(7,205	)		—			0.00	%	K/N
CareATC, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.35%	11.70%	3/14/2026	$	21,199,958		20,865,861			20,839,559			1.10	%	N
CareATC, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	7.35%	11.70%	3/14/2026	$	—		(5,947	)		(16,071	)		0.00	%	K/N
ESO Solutions, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	6.75%	11.27%	5/3/2027	$	32,182,664		31,560,852			31,860,837			1.69	%	N
ESO Solutions, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	6.75%	11.28%	5/3/2027	$	1,656,579		1,621,476			1,632,914			0.09	%	N
Gainwell Acquisition Corp.	Second Lien Term Loan	SOFR(Q)	1.00%	8.10%	12.68%	10/2/2028	$	7,744,557		7,598,405			6,815,210			0.36	%	N
										72,239,080			71,927,822			3.81	%

Healthcare Providers and Services
RecordXTechnologies, LLC (Ontellus)	First Lien Term Loan	SOFR(Q)	1.00%	5.25%	9.58%	5/20/2030	$	2,481,250		2,456,438			2,493,656			0.13	%	N
INH Buyer, Inc. (IMA Health)	First Lien Term Loan (1.5% Exit Fee)	SOFR(Q)	1.00%	7.00%	11.43%	6/28/2028	$	8,313,711		6,584,206			3,599,837			0.19	%	C/L/N
PHC Buyer, LLC (Patriot Home Care)	First Lien Term Loan	SOFR(Q)	0.75%	6.00%	10.51%	5/4/2028	$	13,855,131		13,498,203			13,547,409			0.72	%	N
PHC Buyer, LLC (Patriot Home Care)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	6.00%	10.51%	5/4/2028	$	3,221,439		3,193,277			3,149,891			0.17	%	N
Team Services Group, LLC	Second Lien Term Loan	Prime	1.00%	9.11%	13.47%	11/13/2028	$	34,410,390		33,434,554			34,066,286			1.81	%	G/N
										59,166,678			56,857,079			3.02	%
Hotels, Restaurants and Leisure
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	First Lien Term Loan	SOFR(Q)	2.00%	6.25%	10.69%	6/3/2027	$	5,355,802		5,155,794			5,312,260			0.28	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Second Lien Term Loan	SOFR(Q)	2.00%	6.25%	10.69%	6/3/2027	$	3,343,666		3,182,960			3,316,482			0.18	%	H/N
OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)	Sr Secured Revolver	SOFR(M)	2.00%	6.25%	10.78%	6/3/2027	$	109,582		105,198			106,018			0.01	%	H/N
										8,443,952			8,734,760			0.47	%
Household Durables
Bad Boy Mowers JV Acquisition, LLC	First Lien Term Loan	SOFR(M)	1.00%	6.00%	10.45%	11/9/2029	$	5,088,792		4,874,571			5,114,236			0.27	%	N

Insurance
AmeriLife Holdings, LLC	First Lien Term Loan	SOFR(S)	0.75%	5.00%	9.70%	8/31/2029	$	7,281,424		7,030,955			7,281,424			0.39	%	N
AmeriLife Holdings, LLC	Sr Secured Revolver	SOFR(S)	0.75%	5.00%	9.70%	8/31/2028	$	—		(6,973	)		—			0.00	%	K/N
Integrity Marketing Acquisition, LLC	First Lien Term Loan	SOFR(Q)	0.75%	5.00%	9.51%	8/25/2028	$	15,153,775		14,918,894			15,214,390			0.81	%	N
Integrity Marketing Acquisition, LLC	Sr Secured Revolver	SOFR(Q)	0.75%	5.00%	9.51%	8/25/2028	$	—		(374,357	)		—			0.00	%	K/N
IT Parent, LLC	First Lien Term Loan	SOFR(A)	1.00%	6.35%	10.60%	10/1/2026	$	6,629,659		6,490,358			6,629,659			0.35	%	N
IT Parent, LLC	Sr Secured Revolver	Prime	1.00%	5.25%	12.75%	10/1/2026	$	875,000		857,841			875,000			0.05	%	N
IT Parent, LLC	First Lien Term Loan	SOFR(A)	1.00%	6.35%	10.67%	10/1/2026	$	3,114,413		3,070,793			3,114,413			0.17	%	N
Peter C. Foy & Associates Insurance Services, LLC (PCF Insurance)	First Lien Delayed Draw Term Loan	SOFR(Q)	0.75%	5.50%	9.83%	11/1/2028	$	5,852,362		5,731,681			5,840,657			0.31	%	N
										37,719,192			38,955,543			2.08	%
Internet and Catalog Retail
Syndigo, LLC	Second Lien Term Loan	SOFR(Q)	0.75%	8.26%	12.89%	12/14/2028	$	16,815,342		16,347,562			16,584,131			0.88	%	G/N
										16,347,562			16,584,131			0.88	%
Internet Software and Services
Acquia, Inc.	Sr Secured Revolver	SOFR(Q)	1.00%	7.15%	11.75%	11/1/2025	$	1,059,141		1,053,670			1,059,141			0.06	%	N
Acquia, Inc.	First Lien Term Loan	SOFR(Q)	1.00%	7.15%	11.73%	11/1/2025	$	25,299,736		25,196,264			25,299,736			1.34	%	N
Astra Acquisition Corp. (Anthology)	Second Lien Term Loan	SOFR(Q)	0.75%	9.14%	13.47%	10/25/2029	$	27,879,880		20,344,734			390,318			0.02	%	C/N
Bynder Bidco, Inc. (Netherlands)	Sr Secured Revolver A	SOFR(Q)	1.00%	6.00%	10.62%	1/26/2029	$	—		(6,383	)		—			0.00	%	H/K/N
Bynder Bidco, Inc. (Netherlands)	First Lien Term Loan A	SOFR(Q)	1.00%	6.00%	10.62%	1/26/2029	$	4,283,754		4,157,095			4,290,094			0.23	%	H/N
Bynder Bidco B.V. (Netherlands)	Sr Secured Revolver B	SOFR(Q)	1.00%	6.00%	10.62%	1/26/2029	$	—		(23,167	)		—			0.00	%	H/K/N
Bynder Bidco B.V. (Netherlands)	First Lien Term Loan B	SOFR(Q)	1.00%	6.00%	10.62%	1/26/2029	$	15,528,609		15,069,469			15,551,592			0.82	%	H/N

Table of Contents

BlackRock TCP Capital Corp.

Consolidated Schedule of Investments (Continued)

December 31, 2024

     Issuer

      

     Instrument

      

     Ref

      

     Floor

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Important disclosures
Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

					Nothing on this website should be considered an offer, solicitation of an offer, 
					or advice to buy or sell securities.
Past performance is no guarantee of future results. 
					Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.

					All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". 
					Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. 
					GlobalCommodities and US Growth strategy currently assume no leverage.

					Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. 
					Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different 
					from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies 
					of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results 
					similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks 
					chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.

					Performance results were prepared by Enhanced Investments, and have not been compiled, 
					reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. 
					Investors should be aware that a loss of investment is possible. 
					Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; 
					and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.

					All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates 
					are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.

					Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. 
					The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, 
					including the potential loss of all amounts invested. Information provided by Enhanced Investments is 
					for informational and general educational purposes only and is not investment or financial advice.

				  
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