BlackRock TCP Capital Corp.

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

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

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