BlackRock TCP Capital Corp.

RECENT DEVELOPMENTS

On July 1, 2025, BlackRock, Inc. completed its previously announced acquisition of 100% of the business and assets of HPS

Investment Partners (“HPS”), a leading global credit investment manager (the “Acquisition”). In connection with the Acquisition,

certain senior personnel of HPS joined the Adviser’s investment committee for the Company’s portfolio as voting members. As of July 1, 2025, the voting members of the Adviser’s investment committee for the Company are Philip Tseng, Jason Mehring, Dan Worrell, Rob DiPaolo, Vikas Keswani, Michael Fenstermacher, and Grishma Parekh.

On July 21, 2025, the Company caused notices to be issued to the holders of the 2025 Notes regarding the Company’s exercise

of its option to prepay $35,000,000 in aggregate principal amount of issued and outstanding 6.85% Series 2022A Senior Notes,

Tranche A, due December 9, 2025 (the “Tranche A Notes”) and $57,000,000 in aggregate principal amount of issued and outstanding

Floating Rate Series 2022A Senior Notes, Tranche B due December 9, 2025 (the “Tranche B Notes”), which represent the entire

amount of the 2025 Notes outstanding, pursuant to the terms of the Master Note Purchase Agreement, dated as of April 21, 2022,

among BCIC and certain institutional investors (as amended, supplemented or otherwise modified from time to time, the “Note

Purchase Agreement”). The Company prepaid all $35,000,000 in aggregate principal amount of the Tranche A Notes and $57,000,000

in aggregate principal amount of the Tranche B Notes on July 31, 2025, at 100% of their principal amount, plus the accrued and

unpaid interest thereon in accordance with the terms of the Note Purchase Agreement.

On July 31, 2025, TCPC Funding II entered into a Sixth Amendment to the Loan and Servicing Agreement (the “Sixth

Amendment”) among TCPC Funding II, as borrower, SVCP, as servicer, Morgan Stanley Asset Funding Inc., as administrative agent

and Morgan Stanley Bank, N.A. and City National Bank, as lenders. The Sixth Amendment amends Funding Facility II to extend the

revolving period from August 4, 2025, to July 31, 2027, and incorporates certain other changes set forth in the Sixth Amendment.

On August 7, 2025, our Board of Directors declared a third quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on September 30, 2025 to stockholders of record as of the close of business on September 16, 2025.