BlackRock TCP Capital Corp 2025年度报告

Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the Year Ended December 31, 2025Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: YesNoIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YesNo 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 duringthe preceding 12 months and (2) has been subject to such filing requirements for the past 90 days: YesNo Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit andpost such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer andlarge accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with a new orrevised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YesNo If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filingreflect the correction of an error to previously issued financial statements. YesNo Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received byany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). YesNo The aggregate market value of the Registrant’s common stock held by non-affiliates of the Registrant at June 30, 2025 (the last business day of the Registrant’smost recently completed second quarter) was $654.8 million based upon the last sales price reported for such date on The NASDAQ Global Select Market. Forpurposes of this disclosure, shares of common stock beneficially owned by executive officers and directors of the Registrant and members of their families have beenexcluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily conclusive for other purposes. The Registrant hasno non-voting common stock. The number of shares of the Registrant’s common stock, $0.001 par value, outstanding as of February 27, 2026 was 84,331,037.Documents Incorporated by Reference: Portions of the Registrant’s Proxy Statement relating to the Registrant’s 2026 Annual Meeting of Shareholders to befiled not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K are incorporated by reference into Part III of this Report. BLACKROCK TCP CAPITAL CORP. FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2025 TABLE OF CONTENTS PagePART IItem 1.Business4Item 1A.Risk Factors27Item 1B.Unresolved Staff Comments67Item 1C.Cybersecurity67Item 2.Properties69Item 3.Legal Proceedings69Item 4.Mine Safety Disclosures.69PART IIItem 5.Market for Registrant’sCommon Equity, Related Shareholder Matters and Issuer Purchases ofEquity Securities70Item 6.[Reserved]74Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations75Item 7A.Quantitative and Qualitative Disclosures About Market Risk91Item 8.Financial Statements and Supplementary Data92Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure165Item 9A.Controls and Procedures165Item 9B.Other Information166Item 9C.Disclosure Regarding Foreign Jurisdictions That Prevent Inspections166PART IIIItem 10. Directors, Executive Officers and Corporate Governance167Item 11. Executive Compensation167Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 167Item 13. Certain Relationships and Related Transactions, and Director Independence167Item 14. Principal Accountant Fees and Services167PART IVItem 15. Exhibits and Financ