BlackRock TCP Capital Corp.

Previous wording

The information contained in this section should be read in conjunction with our unaudited consolidated financial statements and related notes thereto appearing elsewhere in this quarterly report on Form 10-Q. Some of the statements in this report (including in the following discussion) constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future events or the future performance or financial condition of BlackRock TCP Capital Corp. (the “Company,” “we,” “us” or “our”), formerly known as TCP Capital Corp. The forward-looking statements contained in this report involve a number of risks and uncertainties, including statements concerning:

Current wording

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

Previous wording

our ability to maintain our qualification as a RIC and as a BDC;

Current wording

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

Previous wording

The Company is a Delaware corporation formed on April 2, 2012 and is an externally managed, closed-end, non-diversified management investment company. The Company was formed through the conversion of a pre-existing closed-end investment company. The Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. Certain investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC (“TCPC Funding”), TCPC Funding II, LLC ("TCPC Funding II"), TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the 1934 Act and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. Series H of SVOF/MM, LLC (“SVOF/MM”) serves as the administrator (the “Administrator”) of the Company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC ("BCIA"), an indirect wholly owned subsidiary of BlackRock, Inc. with the Advisor as the surviving entity. The SBIC was organized as a Delaware limited partnership in June 2013. On April 22, 2014, the SBIC received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958.

Current wording

The Company is a Delaware corporation formed on April 2, 2012 and is an externally managed, closed-end, non-diversified management investment company. The Company was formed through the conversion of a pre-existing closed-end investment company. The Company elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Our investment objective is to seek to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We invest primarily in the debt of middle-market companies as well as small businesses, including senior secured loans, junior loans, mezzanine debt and bonds. Such investments may include an equity component, and, to a lesser extent, we may make equity investments directly. Certain investment operations are conducted through the Company’s wholly-owned subsidiaries, Special Value Continuation Partners LLC, a Delaware limited liability company (“SVCP”), TCPC Funding I, LLC (“TCPC Funding”), TCPC Funding II, LLC (“TCPC Funding II”), TCPC SBIC, LP, a Delaware limited partnership (the “SBIC”) and BCIC Merger Sub, LLC, a Delaware limited liability company and a wholly-owned subsidiary of SVCP (“Merger Sub”). SVCP was organized as a limited partnership and had elected to be regulated as a BDC under the 1940 Act through July 31, 2018. On August 1, 2018, SVCP withdrew its election to be regulated as a BDC under the 1940 Act and withdrew the registration of its common limited partner interests under Section 12(g) of the 1934 Act and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. Series H of SVOF/MM, LLC (“SVOF/MM”) serves as the administrator (the “Administrator”) of the Company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC (the “Advisor”), which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II and the SBIC. On August 1, 2018, the Advisor merged with and into a wholly owned subsidiary of BlackRock Capital Investment Advisors, LLC (“BCIA”), an indirect wholly owned subsidiary of BlackRock, Inc. with the Advisor as the surviving entity. The SBIC was organized as a Delaware limited partnership in June 2013. On April 22, 2014, the SBIC received a license from the United States Small Business Administration (the “SBA”) to operate as a small business investment company under the provisions of Section 301(c) of the Small Business Investment Act of 1958.

Previous wording

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

Current wording

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

Previous wording

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended, public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of June 30, 2025, 83.4% of our total assets were invested in qualifying assets.

Current wording

As a BDC, we are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of our total assets in “qualifying assets,” including securities and indebtedness of private U.S. companies, public U.S. operating companies whose securities are not listed on a national securities exchange or registered under the Securities Exchange Act of 1934, as amended, public domestic operating companies having a market capitalization of less than $250.0 million, cash, cash equivalents, U.S. government securities and high-quality debt investments that mature in one year or less. We are also permitted to make certain follow-on investments in companies that were eligible portfolio companies at the time of initial investment but that no longer meet the definition. As of September 30, 2025, 83.3% of our total assets were invested in qualifying assets.

Previous wording

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

Current wording

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

Previous wording

In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the "Amended and Restated Investment Advisory Agreement"), pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor’s base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into a fee waiver agreement with the Advisor (the "Fee Waiver Agreement"). The Fee Waiver Agreement provided that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter). On February 24, 2025, the Advisor voluntarily agreed to waive one third of its management fee for each of the first three quarters of 2025, starting on January 1, 2025 and ending on September 30, 2025. For the six months ended June 30, 2025, the Advisor waived $3.6 million in management fees.

Current wording

In connection with the Merger, the Company and the Advisor entered into an amended and restated investment advisory agreement (the "Amended and Restated Investment Advisory Agreement”), pursuant to which the Advisor reduced its base management fee rate for managing the Company from 1.50% to 1.25% on assets equal to or below 200% of the net asset value of the Company with no change to the basis of calculation. Prior to the Closing, the Advisor’s base management fee rate for managing the Company was 1.50% on assets equal to or below 200% of the net asset value of the Company. The base management fee rate on assets that exceed 200% of the net asset value of the Company remains 1.00%. The Company also entered into a fee waiver agreement with the Advisor (the "Fee Waiver Agreement"). The Fee Waiver Agreement provided that the Advisor will waive all or a portion of its advisory fees to the extent the adjusted net investment income of the Company on a per share basis (determined by dividing the adjusted net investment income of the Company by the weighted average outstanding shares of the Company during the relevant quarter) is less than $0.32 per share in any of the first four (4) fiscal quarters ending after the Closing (the first of which will be the quarter in which the Closing occurred) to the extent there are sufficient advisory fees to cover such deficit (the waiver amount in a given quarter cannot exceed the total advisory fees for such quarter). On February 24, 2025, the Advisor voluntarily agreed to waive one third of its management fee for each of the first three quarters of 2025, starting on January 1, 2025 and ending on September 30, 2025. For the nine months ended September 30, 2025, the Advisor waived $5.5 million in management fees.

Previous wording

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

Current wording

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

Previous wording

As of June 30, 2025, 0.0% of our investments were categorized as Level 1, 0.9% were categorized as Level 2, 99.0% were categorized as Level 3 investments valued based on valuations by independent third-party sources, and 0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee.

Current wording

As of September 30, 2025, 0.0% of our investments were categorized as Level 1, 0.3% were categorized as Level 2, 99.6% were categorized as Level 3 investments valued based on valuations by independent third-party sources, and 0.1% were categorized as Level 3 investments valued based on valuations by the Valuation Designee.

Previous wording

During the six months ended June 30, 2024, we invested approximately $736.7 million, of which $587.0 million of investments were acquired as a result of the Merger, which were comprised of 95.8% in senior secured loans, 3.1% in unsecured or subordinated debt securities and 1.1% in equity investments. The remaining $149.7 million of investments made by the Company during the six months ended June 30, 2024, included new investments in 8 new and 9 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $142.5 million, or 95.2% of total acquisitions, were in senior secured loans. The remaining $7.3 million or 4.8% of total acquisitions, was comprised of equity investments. Additionally, we received approximately $209.3 million in proceeds from sales or repayments of investments during the six months ended June 30, 2024.

Current wording

During the nine months ended September 30, 2024, we invested approximately $809.5 million, of which $587.0 million of investments were acquired as a result of the Merger, which were comprised of 95.8% in senior secured loans, 3.1% in unsecured or subordinated debt securities and 1.1% in equity investments. The remaining $222.5 million of investments made by the Company during the nine months ended September 30, 2024, included new investments in 15 new and 11 existing portfolio companies, as well as draws made on existing commitments and PIK received on prior investments. Of these investments, $205.2 million, or 92.2% of total acquisitions, were in senior secured loans, and $7.6 million, or 3.4% of total acquisitions, were in senior secured notes. The remaining $9.7 million or 4.4% of total acquisitions, was comprised of equity investments. Additionally, we received approximately $348.5 million in proceeds from sales or repayments of investments during the nine months ended September 30, 2024.

Previous wording

At June 30, 2025, our consolidated investment portfolio of $1,792.3 million (at fair value) consisted of 153 portfolio companies and was invested 89.4% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 86.0% in senior secured loans, 3.3% in senior secured notes, 0.1% in unsecured debt and 10.6% in equity investments. Our average portfolio company investment at fair value was approximately $11.7 million. Our largest portfolio company investment based on fair value was approximately 6.2% of our portfolio and our five largest portfolio company investments based on fair value comprised approximately 19.6% of our portfolio at June 30, 2025.

Current wording

At September 30, 2025, our consolidated investment portfolio of $1,716.7 million (at fair value) consisted of 149 portfolio companies and was invested 89.7% in debt investments, primarily in senior secured debt. In aggregate, our investment portfolio was invested 86.3% in senior secured loans, 3.4% in senior secured notes, 0.0% in unsecured debt and 10.3% in equity investments. Our average portfolio company investment at fair value was approximately $11.5 million. Our largest portfolio company investment based on fair value was approximately 6.5% of our portfolio and our five largest portfolio company investments based on fair value comprised approximately 20.8% of our portfolio at September 30, 2025.

Previous wording

The weighted average effective yield of our debt portfolio based on fair value was 12.0% at June 30, 2025 and 12.4% at December 31, 2024, excluding non-accrual and non-income producing loans. The weighted average effective yield of our total portfolio based on fair value was 10.6% at June 30, 2025 and 11.1% at December 31, 2024. At June 30, 2025, 93.8% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 6.2% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 96.9% at June 30, 2025. Debt and preferred equity investments in eight portfolio companies were on non-accrual status as of June 30, 2025, representing 3.7% of the portfolio at fair value and 10.4% at cost. At December 31, 2024, 94.5% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 5.5% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 97.5% at December 31, 2024. Debt and preferred equity investments in twelve portfolio companies were on non-accrual status as of December 31, 2024, representing 5.6% of the portfolio at fair value and 14.4% at cost.

Current wording

The weighted average effective yield of our debt portfolio based on fair value was 11.5% at September 30, 2025 and 12.4% at December 31, 2024, excluding non-accrual and non-income producing loans. The weighted average effective yield of our total portfolio based on fair value was 10.3% at September 30, 2025 and 11.1% at December 31, 2024. At September 30, 2025, 94.2% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 5.8% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 95.2% at September 30, 2025. Debt and preferred equity investments in nine portfolio companies were on non-accrual status as of September 30, 2025, representing 3.5% of the portfolio at fair value and 7.0% at cost. At December 31, 2024, 94.5% of debt investments in our portfolio bore interest based on floating rates, such as SOFR, EURIBOR, the Federal Funds Rate or the Prime Rate, and 5.5% bore interest at fixed rates. The percentage of floating rate debt investments in our portfolio that were subject to an interest rate floor was 97.5% at December 31, 2024. Debt and preferred equity investments in twelve portfolio companies were on non-accrual status as of December 31, 2024, representing 5.6% of the portfolio at fair value and 14.4% at cost.

Previous wording

Investment income totaled $51.5 million and $71.5 million, respectively, for the three months ended June 30, 2025 and 2024, of which $50.1 million and $69.0 million were attributable to interest and fees on our debt investments, $1.4 million and $2.5 million to dividend income and $0.0 million and $0.0 million to other income, respectively. Included in interest and fees on our debt investments were $0.5 million and $6.0 million of non-recurring income related to prepayments and $0.9 million and $0.2 million in amendment fees for the three months ended June 30, 2025 and 2024, respectively. The decrease in investment income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily reflects a decrease in portfolio size and a decrease in interest income due to lower SOFR rates during the three months ended June 30, 2025.

Current wording

Investment income totaled $50.5 million and $70.9 million, respectively, for the three months ended September 30, 2025 and 2024, of which $48.9 million and $69.2 million were attributable to interest and fees on our debt investments, $1.6 million and $1.6 million to dividend income and $0.0 million and $0.1 million to other income, respectively. Included in interest and fees on our debt investments were $2.4 million and $6.7 million of non-recurring income related to prepayments and $0.1 million and $0.5 million in amendment fees for the three months ended September 30, 2025 and 2024, respectively. The decrease in investment income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily reflects a decrease in portfolio size and a decrease in interest income due to lower SOFR rates during the three months ended September 30, 2025.

Previous wording

Investment income totaled $107.4 million and $127.3 million, respectively, for the six months ended June 30, 2025 and 2024, of which $102.6 million and $123.7 million were attributable to interest and fees on our debt investments, $4.7 million and $3.5 million to dividend income and $0.1 million and $0.1 million to other income, respectively. Included in interest and fees on our debt investments were $2.9 million and $6.4 million of non-recurring income related to prepayments and $1.1 million and $0.4 million in amendment fees for the six months ended June 30, 2025 and 2024, respectively. The decrease in investment income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily reflects a decrease in portfolio size and a decrease in interest income due to lower SOFR rates during the six months ended June 30, 2025.

Current wording

Investment income totaled $157.9 million and $198.2 million, respectively, for the nine months ended September 30, 2025 and 2024, of which $151.6 million and $193.0 million were attributable to interest and fees on our debt investments, $6.3 million and $5.1 million to dividend income and $0.0 million and $0.1 million to other income, respectively. Included in interest and fees on our debt investments were $5.3 million and $13.1 million of non-recurring income related to prepayments and $1.1 million and $0.9 million in amendment fees for the nine months ended September 30, 2025 and 2024, respectively. The decrease in investment income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily reflects a decrease in portfolio size and a decrease in interest income due to lower SOFR rates during the nine months ended September 30, 2025.

Previous wording

Total operating expenses for the three months ended June 30, 2025 and 2024 were $23.9 million and $35.7 million, respectively, comprised of $17.1 million and $19.7 million in interest expense and related fees, $5.5 million and $6.6 million in base management fees, $0.9 million and $0.7 million in professional fees, $0.5 million and $0.6 million in administrative expenses, $0.0 million and $6.8 million in incentive fee expense, and $1.7 million and $1.3 million in other expenses, respectively, offset by $1.8 million and $0.0 million in management fee waivers. The decrease in operating expenses for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily reflects a decrease in incentive fee expense due to the Company not accruing incentive fees in the three months ended June 30, 2025 as a result of the Company's cumulative total return not exceeding the total return hurdle, a decrease in interest expense due to lower SOFR rates during the three months ended June 30, 2025 and as a result of lower debt outstanding, and a decrease in management fees due to the application of a management fee waiver during the three months ended June 30, 2025.

Current wording

Total operating expenses for the three months ended September 30, 2025 and 2024 were $23.2 million and $37.1 million, respectively, comprised of $16.8 million and $21.2 million in interest expense and related fees, $5.5 million and $6.2 million in base management fees, $0.8 million and $0.8 million in professional fees, $0.4 million and $0.5 million in administrative expenses, $0.0 million and $6.5 million in incentive fee expense, and $1.6 million and $1.9 million in other expenses, respectively, offset by $1.8 million and $0.0 million in management fee waivers. The decrease in operating expenses for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily reflects a decrease in incentive fee expense due to the Company not accruing incentive fees in the three months ended September 30, 2025 as a result of the Company's cumulative total return not exceeding the total return hurdle, a decrease in interest expense due to lower SOFR rates during the three months ended September 30, 2025 and as a result of lower debt outstanding, and a decrease in management fees due to the application of a management fee waiver during the three months ended September 30, 2025.

Previous wording

Total operating expenses for the six months June 30, 2025 and 2024 were $47.6 million and $63.2 million, respectively, comprised of $34.2 million and $33.0 million in interest expense and related fees, $10.9 million and $12.4 million in base management fees, $1.8 million and $1.6 million in professional fees, $1.2 million and $1.2 million in administrative expenses, $0.0 million and $12.7 million in incentive fee expense, and $3.1 million and $2.3 million in other expenses, respectively, offset by $3.6 million and $0.0 million in management fee waivers. The decrease in operating expenses for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily reflects a decrease in incentive fee expense due to the Company not accruing incentive fees in the six months ended June 30, 2025 as a result of the Company's cumulative total return not exceeding the total return hurdle and a decrease in management fees due to the application of a management fee waiver during the six months ended June 30, 2025.

Current wording

Total operating expenses for the nine months September 30, 2025 and 2024 were $70.8 million and $100.2 million, respectively, comprised of $51.0 million and $54.1 million in interest expense and related fees, $16.5 million and $18.6 million in base management fees, $2.6 million and $2.4 million in professional fees, $1.6 million and $1.7 million in administrative expenses, $0.0 million and $19.2 million in incentive fee expense, and $4.6 million and $4.2 million in other expenses, respectively, offset by $5.5 million and $0.0 million in management fee waivers. The decrease in operating expenses for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily reflects a decrease in incentive fee expense due to the Company not accruing incentive fees in the nine months ended September 30, 2025 as a result of the Company's cumulative total return not exceeding the total return hurdle, a decrease in interest expense due to lower SOFR rates during the nine months ended September 30, 2025 and as a result of lower debt outstanding, and a decrease in management fees due to the application of a management fee waiver during the nine months ended September 30, 2025.

Previous wording

Net investment income was $27.6 million and $35.8 million, respectively, for the three months ended June 30, 2025 and 2024. The decrease in net investment income for the three months ended June 30, 2025 compared to the three months ended June 30, 2024 primarily reflects the decrease in total investment income, partially offset by a decrease in expenses during the three months ended June 30, 2025.

Current wording

Net investment income was $27.3 million and $33.9 million, respectively, for the three months ended September 30, 2025 and 2024. The decrease in net investment income for the three months ended September 30, 2025 compared to the three months ended September 30, 2024 primarily reflects the decrease in total investment income, partially offset by a decrease in expenses during the three months ended September 30, 2025.

Previous wording

Net investment income was $59.8 million and $64.1 million, respectively, for the six months ended June 30, 2025 and 2024. The decrease in net investment income for the six months ended June 30, 2025 compared to the six months ended June 30, 2024 primarily reflects the decrease in total investment income, partially offset by the decrease in expenses during the six months ended June 30, 2024.

Current wording

Net investment income was $87.1 million and $98.0 million, respectively, for the nine months ended September 30, 2025 and 2024. The decrease in net investment income for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 primarily reflects the decrease in total investment income, partially offset by the decrease in expenses during the nine months ended September 30, 2024.

Previous wording

Net realized gain (loss) for the three months ended June 30, 2025 and 2024 was $(66.3) million and $(35.5) million, respectively. Net realized loss for the three months ended June 30, 2025 was comprised primarily of $23.8 million, $22.5 million, $11.1 million, and $10.7 million in losses from the restructuring of our investments in SellerX, Khoros, InMoment, and Renovo, respectively. Net realized loss for the three months ended June 30, 2024 was comprised primarily of $22.8 million and $12.8 million in losses from the restructuring of our investments in Thras.io and Hylan, respectively.

Current wording

Net realized gain (loss) for the three months ended September 30, 2025 and 2024 was $(97.0) million and $(31.4) million, respectively. Net realized loss for the three months ended September 30, 2025 was comprised primarily of a $72.6 million loss from the restructuring of our investment in Razor and $13.2 million, $4.1 million, $3.9 million, and $2.0 million in losses from the disposition of our investments in Conergy, Iracore, INH Buyer, and Conventional Lending, respectively. Net realized loss for the three months ended September 30, 2024 was comprised primarily of $24.1 million and $7.4 million in losses from the restructuring of our investments in Pluralsight and McAfee, respectively.

Previous wording

Net realized gain (loss) for the six months ended June 30, 2025 and 2024 was $(107.2) million and $(35.7) million, respectively. Net realized loss for the six months ended June 30, 2025 was comprised primarily of a $24.5 million loss from the disposition of our investment in Securus and $23.8 million, $22.5 million, $11.5 million, and $10.7 million in losses from the restructuring of our investments in SellerX, Khoros, InMoment, and Renovo, respectively. Net realized loss for the six months ended June 30, 2024 was comprised primarily of $22.8 million and $12.8 million in losses from the restructuring of our investments in Thras.io and Hylan, respectively.

Current wording

Net realized gain (loss) for the nine months ended September 30, 2025 and 2024 was $(204.3) million and $(67.1) million, respectively. Net realized loss for the nine months ended September 30, 2025 was comprised primarily of $72.6 million, $24.6 million, $22.5 million, $11.5 million and $10.7 million in losses from the restructuring of our investments in Razor, Seller X, Khoros, InMoment and Homerenew Buyer, and $24.5 million, $13.2 million and $11.5 million in losses from the disposition of our investments in Securus and Conergy, respectively. Net realized loss for the nine months ended September 30, 2024 was comprised primarily of $24.1 million, $22.8 million, $12.6 million and $7.4 million in losses from the restructuring of our investments in Pluralsight, Thras.io, Hylan and McAfee, respectively.

Previous wording

For the three months ended June 30, 2025 and 2024, the change in net unrealized appreciation (depreciation) was $22.8 million and $(51.6) million, respectively. The change in net unrealized appreciation for the three months ended June 30, 2025 primarily reflects $23.1 million, $20.3 million, $9.5 million and $7.7 million reversals of previously recognized unrealized losses from the restructuring of our investments in Khoros, SellerX, Renovo and InMoment, respectively, partially offset by a $9.6 million unrealized loss on our investment in AutoAlert, a $5.9 million unrealized loss on our investment in Brook & Whittle, a $4.7 million unrealized loss on our investment in 36th Street Capital, a $4.1 million unrealized loss on our investment in NEP Group, and a $4.1 million unrealized loss on our investment in Alpine. The change in net unrealized depreciation for the three months ended June 30, 2024 primarily reflects a $31.2 million unrealized loss on our investment in SellerX, a $20.8 million unrealized loss on our investment in Pluralsight, an $11.3 million unrealized loss on our investment in Lithium, and a $4.0 million unrealized loss on our investment in Edmentum and other unrealized losses across the portfolio, partially offset by $18.9 million and $12.3 million reversals of previous unrealized losses from the restructuring of our investments in Thras.io and Hylan, respectively.

Current wording

For the three months ended September 30, 2025 and 2024, the change in net unrealized appreciation (depreciation) was $94.1 million and $19.2 million, respectively. The change in net unrealized appreciation for the three months ended September 30, 2025 primarily reflects a $74.6 million reversal of previously recognized unrealized loss from the restructuring of our investment in Razor, $13.2 million, $4.9 million, $3.7 million, and $2.8 million reversals of previously recognized unrealized losses from the disposition of our investments in Conergy, INH Buyer, Iracore and Conventional Lending, respectively, and $7.3 million and $2.3 million in gains on our investments in NEP and Domo, respectively, partially offset by a $6.9 million unrealized loss on our investment in Alpine, a $1.5 million unrealized loss on our investment in Fishbowl, a $1.4 million unrealized loss on our investment in Pluralsight, a $1.3 million unrealized loss on our investment in SellerX, and a $1.3 million unrealized loss on our investment in Paramount. The change in net unrealized depreciation for the three months ended September 30, 2024 primarily reflects $24.1 million and $7.6 million reversals of previous unrealized losses from the restructuring of our investments in Pluralsight and McAfee, respectively, a $4.2 million unrealized gain on our investment in Securus, a $3.6 million unrealized gain on our investment in Domo and other unrealized gains across the portfolio, partially offset by an $8.0 million unrealized loss on our investment in Gordon Brothers, a $4.0 million unrealized loss on our investment in SellerX, a $3.3 million unrealized loss on our investment in InMoment, a $2.8 million unrealized loss on our investment in Edmentum and a $2.2 million unrealized loss on our investment in Alpine.

Previous wording

For the six months June 30, 2025 and 2024, the change in net unrealized appreciation (depreciation) was $52.4 million and $(74.6) million, respectively. The change in net unrealized appreciation for the six months ended June 30, 2025 primarily reflects a $23.9 million reversal of previously recognized unrealized loss from the disposition of our investment in Securus, $21.7 million, $18.8 million and $8.7 million reversals of previously recognized unrealized losses from the restructuring of our investments in Khoros, SellerX and Renovo, respectively, and a $10.5 million unrealized gain on our investment in Job and Talent, partially offset by a $10.2 million unrealized loss on our investment in Razor, an $8.1 million unrealized loss on our investment in Brook & Whittle, a $6.4 million unrealized loss on our investment in Alpine, and a $5.0 million unrealized loss on our investment in NEP Group. The change in net unrealized depreciation for the six months ended June 30, 2024 of $(74.6) million is net of $21.3 million in unrealized appreciation resulting from a reduction of the cost basis of investments acquired as a result of the Merger from allocation of the purchase discount paid by the Company. The change in net unrealized depreciation for the six months ended June 30, 2024 primarily reflects a $31.5 million unrealized loss on our investment in Seller-X, a $23.0 million unrealized loss on our investment in Pluralsight, a $17.3 million unrealized loss on our investment in Edmentum, a $14.2 million unrealized loss on our investment in Razor, a $13.0 million unrealized loss on our investment in Lithium, an $8.4 million unrealized loss on our investment in Aventiv and a $7.6 million unrealized loss on our investment in Astra, partially offset by $17.0 million, $11.0 million, and $6.3 million reversals of previously recognized unrealized losses from the restructuring of our investments in Thras.io, Hylan and Perch, respectively.

Current wording

For the nine months September 30, 2025 and 2024, the change in net unrealized appreciation (depreciation) was $146.5 million and $(55.4) million, respectively. The change in net unrealized appreciation for the nine months ended September 30, 2025 primarily reflects $64.5 million, $21.9 million, $17.5 million, $8.3 million and $6.7 million reversals of previously recognized unrealized losses from the restructuring of our investments in Razor, Khoros, SellerX, Homerenew Buyer and InMoment, respectively, $23.9 million, $12.9 million and $7.5 million reversals of previously recognized unrealized losses from the disposition of our investments in Securus, Conergy and CIBT, respectively, $10.8 million and $4.9 million in gains on our investments in Job and Talent and Domo, respectively, partially offset by a $13.3 million unrealized loss on our investment in Alpine, an $8.1 million unrealized loss on our investment in Brook & Whittle, a $5.4 million unrealized loss on our investment in 36th Street Capital, a $4.8 million unrealized loss on our investment in Pluralsight and a $4.3 million unrealized loss on our investment in AutoAlert. The change in net unrealized depreciation for the nine months ended September 30, 2024 of $(55.4) million is net of $21.3 million in unrealized appreciation resulting from a reduction of the cost basis of investments acquired as a result of the Merger from allocation of the purchase discount paid by the Company. The change in net unrealized depreciation for the nine months ended September 30, 2024 primarily reflects a $35.4 million unrealized loss on our investment in SellerX, a $20.2 million unrealized loss on our investment in Edmentum, a $14.7 million unrealized loss on our investment in Lithium, a $13.3 million unrealized loss on our investment in Razor, and a $7.2 million unrealized loss on our investment in Gordon Brothers, partially offset by $17.0 million, $10.7 million, $6.3 million, and $5.2 million reversals of previous unrealized losses from the restructuring of our investments in Thras.io, Hylan, Perch and McAfee, respectively.

Previous wording

Incentive fees, included in operating expenses for the three months ended June 30, 2025 and 2024 were $0.0 million and $6.8 million, and for the six months ended June 30, 2025 and 2024 were $0.0 million and $12.7 million, respectively. The decrease in incentive fee expense for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 was due to the Company not accruing incentive fees for the three and six months ended June 30, 2025 as a result of the Company's cumulative total return not exceeding the total return hurdle.

Current wording

Incentive fees, included in operating expenses for the three months ended September 30, 2025 and 2024 were $0.0 million and $6.5 million, and for the nine months ended September 30, 2025 and 2024 were $0.0 million and $19.2 million, respectively. The decrease in incentive fee expense for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 was due to the Company not accruing incentive fees for the three and nine months ended September 30, 2025 as a result of the Company's cumulative total return not exceeding the total return hurdle.

Previous wording

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. No excise tax was incurred for the six months ended June 30, 2025.

Current wording

Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income. Any excise tax expense is recorded at year end as such amounts are known. No excise tax was incurred for the nine months ended September 30, 2025.

Previous wording

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $(15.9) million and $(51.3) million for the three months ended June 30, 2025 and 2024, respectively. The lower net decrease in net assets resulting from operations during the three months ended June 30, 2025 was primarily due to lower net realized and unrealized losses, partially offset by lower net investment income compared to the three months ended June 30, 2024.

Current wording

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $24.4 million and $21.6 million for the three months ended September 30, 2025 and 2024, respectively. The increase in net assets resulting from operations during the three months ended September 30, 2025 was primarily due to lower net realized and unrealized losses, partially offset by lower net investment income compared to the three months ended September 30, 2024.

Previous wording

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $5.0 million and $(46.2) million for the six months ended June 30, 2025 and 2024, respectively. The increase in net assets resulting from operations during the six months ended June 30, 2025 was primarily due to lower net realized and unrealized losses, partially offset by lower net investment income compared to the six months ended June 30, 2024.

Current wording

The net increase (decrease) in net assets applicable to common shareholders resulting from operations was $29.4 million and $(24.6) million for the nine months ended September 30, 2025 and 2024, respectively. The increase in net assets resulting from operations during the nine months ended September 30, 2025 was primarily due to lower net realized and unrealized losses, partially offset by lower net investment income compared to the nine months ended September 30, 2024.

Previous wording

On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP. For the six months ended June 30, 2025, approximately $1.8 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP.

Current wording

On February 27, 2024, the Board of Directors approved a new dividend reinvestment plan (the “DRIP”) for the Company. The DRIP was effective as of March 18, 2024, and will apply to the reinvestment of cash distributions with a record date after March 18, 2024. Under the DRIP, shareholders will automatically receive cash dividends and distributions unless they “opt in” to the DRIP and elect to have their dividends and distributions reinvested in additional shares of the Company’s common stock. Notwithstanding the foregoing, the former shareholders of BCIC that participated in the BCIC dividend reinvestment plan at the time of the Merger have been automatically enrolled in the Company’s DRIP and will have their shares reinvested in additional shares of the Company’s common stock on future distributions, unless they “opt out” of the DRIP. For the nine months ended September 30, 2025, approximately $2.5 million of cash distributions were reinvested for electing Participants through purchase of shares in the open market in accordance with the terms of the DRIP.

Previous wording

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

Current wording

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

Previous wording

No shares were repurchased by the Company under the Company Repurchase Plan for the six months ended June 30, 2024.

Current wording

No shares were repurchased by the Company under the Company Repurchase Plan for the nine months ended September 30, 2024.

Previous wording

Effective November 7, 2018, the Company’s Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our Board of Directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier shareholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the shareholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of June 30, 2025, the Company’s asset coverage ratio was 169.8%.

Current wording

Effective November 7, 2018, the Company’s Board of Directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of our Board of Directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the “Asset Coverage Ratio Election”), which would have resulted (had the Company not received earlier shareholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the shareholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%. As of September 30, 2025, the Company’s asset coverage ratio was 177.8%.

Previous wording

Net cash provided by operating activities during the six months ended June 30, 2025 was $10.6 million, consisting primarily of $40.5 million in net investment income (net of non-cash income and expenses) and the settlement of acquisitions of investments (net of dispositions) of $(29.9) million.

Current wording

Net cash provided by operating activities during the nine months ended September 30, 2025 was $114.4 million, consisting primarily of $59.5 million in net investment income (net of non-cash income and expenses) and the settlement of dispositions of investments (net of acquisitions) of $54.8 million.

Previous wording

Net cash provided by financing activities was $5.1 million during the six months ended June 30, 2025, consisting primarily of a $54.7 million in net credit facility draws, offset by $49.3 million in dividends paid to common shareholders and $0.3 million in repurchases of shares.

Current wording

Net cash used by financing activities was $145.0 million during the nine months ended September 30, 2025, consisting primarily of $92.0 million in repayment of 2025 Notes, $74.0 million in dividends paid to common shareholders, $1.4 million in payments of debt issuance costs and $0.5 million in repurchases of shares offset by $22.9 million in net credit facility draws.

Previous wording

At June 30, 2025, we had $107.3 million in cash and cash equivalents.

Current wording

At September 30, 2025, we had $61.0 million in cash and cash equivalents.

Previous wording

Unfavorable economic conditions, while potentially creating attractive opportunities for us, may decrease liquidity and raise the cost of capital generally, which could limit our ability to renew, extend or replace the Leverage Program on terms as favorable as are currently included therein. If we are unable to renew, extend or replace the Leverage Program upon the various dates of maturity, we expect to have sufficient funds to repay the outstanding balances in full from our net investment income and sales of, and repayments of principal from, our portfolio company investments, as well as from anticipated debt and equity capital raises, among other sources. Unfavorable economic conditions may limit our ability to raise capital or the ability of the companies in which we invest to repay our loans or engage in a liquidity event, such as a sale, recapitalization or initial public offering. The Operating Facility, Funding Facility II, Merger Sub Facility, the 2025 Notes, the 2026 Notes and the 2029 Notes, mature in August 2029, August 2027, September 2028, December 2025, February 2026 and May 2029, respectively. Any inability to renew, extend or replace the Leverage Program could adversely impact our liquidity and ability to find new investments or maintain distributions to our shareholders.

Current wording

Unfavorable economic conditions, while potentially creating attractive opportunities for us, may decrease liquidity and raise the cost of capital generally, which could limit our ability to renew, extend or replace the Leverage Program on terms as favorable as are currently included therein. If we are unable to renew, extend or replace the Leverage Program upon the various dates of maturity, we expect to have sufficient funds to repay the outstanding balances in full from our net investment income and sales of, and repayments of principal from, our portfolio company investments, as well as from anticipated debt and equity capital raises, among other sources. Unfavorable economic conditions may limit our ability to raise capital or the ability of the companies in which we invest to repay our loans or engage in a liquidity event, such as a sale, recapitalization or initial public offering. The Operating Facility, Funding Facility II, Merger Sub Facility, the 2026 Notes and the 2029 Notes, mature in August 2029, August 2027, September 2028, February 2026 and May 2029, respectively. Any inability to renew, extend or replace the Leverage Program could adversely impact our liquidity and ability to find new investments or maintain distributions to our shareholders.

Previous wording

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

Current wording

the Administrator (the “Administration Agreement”), the Administrator provides us with administrative services, facilities and personnel. Payments under the Administration Agreement are equal to an allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations to us and may include rent and our allocable portion of the cost of certain of our officers and their respective staffs. We are responsible for reimbursing the Advisor for due diligence and negotiation expenses, fees and expenses of custodians, administrators, transfer and distribution agents, counsel and directors, insurance, filings and registrations, proxy expenses, expenses of communications to investors, compliance expenses, interest, taxes, portfolio transaction expenses, costs of responding to regulatory inquiries and reporting to regulatory authorities, costs and expenses of preparing and maintaining our books and records, indemnification, litigation and other extraordinary expenses and such other expenses as are approved by the directors as being reasonably related to our organization, offering, capitalization, operation or administration and any portfolio investments, as applicable. The Advisor is not responsible for any of the foregoing expenses and such services are not investment advisory services under the 1940 Act. Either party may terminate each of the Amended and Restated Investment Advisory Agreement and Administration Agreement without penalty upon not less than 60 days’ written notice to the other.

Previous wording

The following tables summarize dividends declared for the six months ended June 30, 2025 and 2024:

Current wording

The following tables summarize dividends declared for the nine months ended September 30, 2025 and 2024:

Previous wording

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

Current wording

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

Previous wording

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

Current wording

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

Previous wording

On August 7, 2025, the Company’s 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 shareholders of record as of the close of business on September 16, 2025.

Current wording

On November 6, 2025, the Company’s Board of Directors declared a fourth quarter dividend of $0.25 per share, payable on December 31, 2025 to shareholders of record as of the close of business on December 17, 2025.