# EDGAR Filing Document

**Accession Number:** 0001370755
**File Stem:** 0001133228-25-009958
**Filing Date:** 2025-9
**Character Count:** 893531
**Document Hash:** 7a45f864e91f36a029657038577897dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009958.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0001133228-25-009958

**CONFORMED SUBMISSION TYPE**: N-2ASR

**PUBLIC DOCUMENT COUNT**: 42

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250923

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock TCP Capital Corp.
- **CENTRAL INDEX KEY:** 0001370755

**ORGANIZATION NAME:**
- **EIN:** 562594706
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2ASR
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290459
- **FILM NUMBER:** 251331328

**BUSINESS ADDRESS:**
- **STREET 1:** 2951 28TH STREET
- **STREET 2:** SUITE 1000
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90405
- **BUSINESS PHONE:** 310-566-1000

**MAIL ADDRESS:**
- **STREET 1:** 2951 28TH STREET
- **STREET 2:** SUITE 1000
- **CITY:** SANTA MONICA
- **STATE:** CA
- **ZIP:** 90405

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TCP Capital Corp.
- **DATE OF NAME CHANGE:** 20120402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Special Value Continuation Fund, LLC
- **DATE OF NAME CHANGE:** 20060728

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on September 22, 2025**

Securities Act File No. 333-

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-2**

**Check appropriate box or boxes**

☒ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

☐ Pre-Effective Amendment No. ____

☐ Post-Effective Amendment No. ____

---

| |
|:---|
| **BlackRock TCP Capital Corp.** |
| Registrant Exact Name as Specified in Charter |
| 2951 28th Street, Suite 1000<br> Santa Monica, California 90405 |
| Address of Principal Executive Offices (Number, Street, City, State, Zip Code) |
| (310) 566-1000 |
| Registrant's Telephone Number, including Area Code |
| Philip Tseng<br> BlackRock TCP Capital Corp.<br> 2951 28th Street, Suite 1000<br> Santa Monica, California 90405 |
| Name and Address (Number, Street, City, State, Zip Code) of Agent for Service |

---

*Copies to*:

---

| | | |
|:---|:---|:---|
| Diana Huffman | Michael K. Hoffman, Esq. | Kevin T. Hardy, Esq. |
| BlackRock TCP Capital Corp. | Skadden, Arps, Meagher & Flom LLP | Skadden, Arps, Meagher & Flom LLP |
| 2951 28th Street, Suite 1000 | One Manhattan West | 320 South Canal Street |
| Santa Monica, California 90405 | New York, NY 10001 | Chicago, IL 60606 |

---

From time to time after the effective date of this Registration Statement.

Approximate Date of Commencement of Proposed Public Offering

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☒ Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☒ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

**It is proposed that this filing will become effective (check appropriate box)**

☐ when declared effective pursuant to Section 8(c) of the Securities Act

**If appropriate, check the following box:**

☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ________.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ________.

**Check each box that appropriately characterizes the Registrant:**

☐ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

☒ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

☒ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

☒ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act")).

☐ 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 7(a)(2)(B) of Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

#### PROSPECTUS

#### Common Stock

#### Preferred Stock

#### Debt Securities

#### Subscription Rights

#### Warrants
We (the "Company") are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the "1940 Act"). Our investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve our investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. While we intend to primarily focus on privately negotiated investments in debt of middle-market companies, we may make investments of all kinds and at all levels of the capital structure, including in equity interests such as preferred or common stock and warrants or options received in connection with our debt investments. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies. We expect to generate returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

**Our common stock, preferred stock, debt securities, subscription rights to purchase our securities or warrants representing rights to purchase our securities (collectively, the "Securities") may be offered at prices and on terms to be disclosed in one or more supplements to this prospectus. You should read this prospectus and the applicable prospectus supplement carefully before you invest in our Securities.** 

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

This prospectus contains important information you should know before investing in our Securities. Please read it carefully before you invest and keep it for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the "SEC"). We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. You may also obtain free copies of our annual and quarterly reports and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28th Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. The SEC maintains a website at http://www.sec.gov where such information is available without charge upon request. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider information contained on our website to be part of this prospectus.

**The debt securities in which we typically invest are either rated below investment grade by independent rating agencies or would be rated below investment grade if such securities were rated by rating agencies. Below investment grade securities, which are often referred to as "hybrid securities," "junk bonds" or "leveraged loans" are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal prior to maturity, which potentially heightens the risk that we may lose all or part of our investment. In addition, a substantial majority of the Company's debt investments include interest reset provisions that may make it more difficult for the borrowers to make debt repayments to the Company if the reset provision has the effect of increasing the applicable interest rate.** 

**Shares of closed-end investment companies, including business development companies, frequently trade at a discount from their net asset value. If our shares trade at a discount to our net asset value, it will likely increase the risk of loss for purchasers in the offerings. Investing in our securities involves a high degree of risk, including credit risk and the risk of the use of leverage. Before buying any securities, you should read the discussion of the material risks of investing in our securities in "Risks" beginning on page 9 of this prospectus.** 

------

#### This prospectus may not be used to consummate sales of shares of our securities unless accompanied by a prospectus supplement.
The date of this prospectus is September 22, 2025.

Our Securities may be offered directly to one or more purchasers, or through agents designated from time to time by us, or to or through underwriters or dealers. The prospectus supplement relating to the offering will identify any agents, underwriters or dealers involved in the sale of our Securities, and will disclose any applicable purchase price, fee, commission or discount arrangement between us and our agents, underwriters or dealers, or the basis upon which such amount may be calculated. We may not sell any of our Securities through agents, underwriters or dealers without delivery of the prospectus and a prospectus supplement describing the method and terms of the offering of such Securities. Our common stock is traded on The NASDAQ Global Select Market under the symbol "TCPC." As of September 19, 2025, the last reported sales price for our common stock was $6.58. Our net asset value per share of our common stock at June 30, 2025 was $8.71.

Tennenbaum Capital Partners, LLC (the "Advisor") serves as our investment advisor. Our Advisor is an indirect subsidiary of BlackRock, Inc. (together with its subsidiaries, "BlackRock"). BlackRock is a leading publicly traded investment management firm (NYSE:BLK), with approximately $12.5 trillion of assets under management as of June 30, 2025. Series H of SVOF/MM, LLC, an affiliate of our Advisor, provides the administrative services necessary for us to operate.

We may offer shares of common stock, subscription rights, warrants, options or rights to acquire shares of common stock, at a discount to net asset value per share in certain circumstances. Sales of common stock at prices below net asset value per share dilute the interests of existing stockholders, have the effect of reducing our net asset value per share and may reduce our market price per share. At our 2025 annual meeting of stockholders, initially held on May 22, 2025, and adjourned to June 18, 2025, our stockholders approved our ability to sell shares of the Company's common stock at a price or prices below its then current net asset value per share in one or more offerings (for a 12 month period expiring on the anniversary of the date of stockholder approval), subject to certain limitations set forth in our definitive proxy statement dated April 2, 2025, as revised (including, without limitation, that the number of shares sold on any given date does not exceed 25% of the Company's then outstanding common stock immediately prior to such sale). We intend to seek stockholder approval at our 2026 annual meeting to continue for an additional year our ability to issue shares of common stock below net asset value, subject to the condition that the maximum number of shares salable below net asset value pursuant to this authority in any particular offering that could result in such dilution is limited to 25% of our then outstanding common stock immediately prior to each such offering.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [INCORPORATION BY REFERENCE](#ta1) | [ii](#ta1) |
| [ABOUT THIS PROSPECTUS](#ta2) | [iii](#ta2) |
| [PROSPECTUS SUMMARY](#ta3) | [1](#ta3) |
| [THE OFFERING](#ta4) | [4](#ta4) |
| [PRICE RANGE OF COMMON SHARES](#ta5) | [8](#ta5) |
| [RISKS](#ta6) | [9](#ta6) |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#ta7) | [13](#ta7) |
| [USE OF PROCEEDS](#ta8) | [14](#ta8) |
| [THE COMPANY](#ta9) | [15](#ta9) |
| [MANAGEMENT OF THE COMPANY](#ta10) | [36](#ta10) |
| [CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS](#ta11) | [52](#ta11) |
| [DIVIDEND REINVESTMENT PLAN](#ta12) | [54](#ta12) |
| [DESCRIPTION OF OUR CAPITAL STOCK](#ta13) | [56](#ta13) |
| [DESCRIPTION OF OUR PREFERRED STOCK](#ta14) | [59](#ta14) |
| [DESCRIPTION OF OUR DEBT SECURITIES](#ta15) | [60](#ta15) |
| [DESCRIPTION OF OUR SUBSCRIPTION RIGHTS](#ta16) | [73](#ta16) |
| [DESCRIPTION OF OUR WARRANTS](#ta17) | [74](#ta17) |
| [U.S. FEDERAL INCOME TAX MATTERS](#ta18) | [75](#ta18) |
| [PLAN OF DISTRIBUTION](#ta19) | [81](#ta19) |
| [CONFLICTS OF INTEREST](#ta20) | [82](#ta20) |
| [CUSTODIAN](#ta21) | [91](#ta21) |
| [TRANSFER AGENT](#ta22) | [91](#ta22) |
| [LEGAL MATTERS](#ta23) | [91](#ta23) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#ta24) | [91](#ta24) |
| [ADDITIONAL INFORMATION](#ta25) | [91](#ta25) |
| [PRIVACY PRINCIPLES](#ta26) | [92](#ta26) |

---

Statistical and market data used in this prospectus has been obtained from governmental and independent industry sources and publications. We have not independently verified the data obtained from these sources. Forward-looking information obtained from these sources is subject to the same qualifications and the additional uncertainties regarding the other forward-looking statements contained in this prospectus, for which the safe harbor provided in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934 is not available.

You should rely only on the information contained, or incorporated by reference, in this prospectus and any accompanying prospectus supplement. We have not, and the underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not, and no underwriters are, making offers to sell these securities in any jurisdiction where such offer or sale is not permitted. You should assume that the information in this prospectus is accurate only as of the date on the front of this prospectus and the information in any accompanying prospectus supplement is accurate only as of the date on the front of the accompanying prospectus supplement. Our business, financial condition and prospects may have changed since that date. To the extent required by applicable law, we will update this prospectus during the offering period to reflect material changes to the disclosure herein. See also "Incorporation by Reference" and "Additional Information."

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#### INCORPORATION BY REFERENCE
This prospectus is part of a registration statement that we have filed with the SEC. We are allowed to "incorporate by reference" the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents. We incorporate by reference into this prospectus the documents listed below and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including any filings on or after the date of this prospectus from the date of filings (excluding any information furnished, rather than filed), until we have sold all of the offered securities to which this prospectus and any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is an important part of this prospectus. Any statement in a document incorporated by reference into this prospectus will be deemed to be automatically modified or superseded to the extent a statement contained in (1) this prospectus or (2) any other subsequently filed document that is incorporated by reference into this prospectus modifies or supersedes such statement. The documents incorporated by reference herein include:

&nbsp;&nbsp;&nbsp;&nbsp;• [our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 27, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000095017025028389/tcpc-20241231.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [The Financial Highlights in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 26, 2020;](https://www.sec.gov/Archives/edgar/data/1370755/000137075520000007/tcpc1231201910-k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on August 7, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000095017025104590/tcpc-20250630.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC on May 8, 2025;](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000095017025066415/tcpc-20250331.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• our Current Reports on
 Form 8-K filed with the SEC on each of [May 19, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000114036125019797/ef20049263_8k.htm) , [May 22, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000114036125020199/ef20049532_8k.htm) , [June 20, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000113322825006476/btcc-efp16460_8k.htm) , [July 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000113322825006942/tcpc-efp16563_8k.htm) , [July 16, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000113322825007257/tcpc-efp16740_8k.htm) , and [August 1, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/1370755/000113322825007947/btcc-efp17209_8k.htm) ;

&nbsp;&nbsp;&nbsp;&nbsp;• [our definitive Proxy Statement on Schedule 14A filed with the SEC on April 2, 2025, as revised by Amendment No. 1 to the Proxy Statement on Schedule 14A, filed with the SEC on April 10, 2025; and](https://www.sec.gov/Archives/edgar/data/1370755/000113322825003709/btcc-efp15451_defr14a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;• [the description of our common stock contained in our Registration Statement on Form 8-A (File No. 001-35494) filed with the SEC on April 3, 2012, including any amendment or report filed for the purpose of updating such description prior to the termination of the offering registered hereby.](https://www.sec.gov/Archives/edgar/data/1370755/999999999712005073/9999999997-12-005073.txt)

To obtain copies of these filings, see "Additional Information." We will also provide without charge to each person, including any beneficial owner, to whom this prospectus is delivered, upon written or oral request, a copy of any and all of the documents that have been or may be incorporated by reference in this prospectus. You should direct requests for documents by writing to:

Investor Relations

Tennenbaum Capital Partners, LLC

2951 28th Street, Suite 1000

Santa Monica, California 90405

Phone number: (310) 566-1094

This prospectus is also available on our website at http://www.tcpcapital.com. Information contained on our website is not incorporated by reference into this prospectus and should not be considered to be part of this prospectus.

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#### **TABLE OF CONTENTS**

#### ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have filed with the SEC, using the "shelf" registration process as a "well-known seasoned issuer," as defined in Rule 405 under the Securities Act. Under the shelf registration process, we may offer, from time to time on a delayed basis over a three year period, shares of our common stock, shares of our preferred stock, debt securities, subscription rights to purchase shares of our securities or warrants representing rights to purchase our securities. The Securities may be offered at prices and on terms described in one or more supplements to this prospectus. This prospectus provides you with a general description of the Securities that we may offer. Each time we use this prospectus to offer Securities, we will provide an accompanying prospectus supplement that will contain specific information about the terms of that offering. This prospectus and any accompanying prospectus supplement will together constitute the prospectus for an offering of our Securities. The accompanying prospectus supplement may also add, update or change information contained in this prospectus. Please carefully read this prospectus and any accompanying prospectus supplement together with any exhibits and the additional information described under the headings "Incorporation by Reference" and "Additional Information" and the section under the heading "Risks" before you make an investment decision. You should rely only on the information contained, or incorporated by reference, collectively, in this prospectus and any accompanying prospectus supplement.

iii<br>

------

#### **TABLE OF CONTENTS**
**PROSPECTUS SUMMARY** 

This summary highlights some of the information in this prospectus. This summary is not complete and may not contain all of the information that you may want to consider before investing in our Securities. You should read the entire prospectus, including "Risks."

Throughout this prospectus, unless the context otherwise requires, a reference to:

"Company," "we," "us" and "our" refer to Special Value Continuation Fund, LLC, a Delaware limited liability company, for the periods prior to the consummation of the Conversion (as defined below) described elsewhere in this prospectus and to BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., for the periods after the consummation of the Conversion;

"SVCP" refers to Special Value Continuation Partners LLC, a Delaware limited liability company;

"TCPC Funding" refers to TCPC Funding I, LLC, a Delaware limited liability company;

"TCPC Funding II" refers to TCPC Funding II, LLC, a Delaware limited liability company;

The "SBIC" refers to TCPC SBIC, LP, a Delaware limited partnership;

"Merger Sub" refers to BCIC Merger Sub, LLC a Delaware limited liability company;

The "Advisor" refers to Tennenbaum Capital Partners, LLC, a Delaware limited liability company and the investment manager; and

"Administrator" refers to Series H of SVOF/MM, LLC, a series of a Delaware limited liability company, an affiliate of the Advisor and administrator of the Company.

For simplicity, references in this prospectus to the "Company," "we," "us" and "our" includes, where appropriate in the context, SVCP, TCPC Funding, TCPC Funding II and the SBIC on a consolidated basis.

**The Company** 

The Company is a Delaware corporation formed on April 2, 2012 in connection with the conversion of the Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, from a limited liability company to a corporation. At the time of the conversion, all limited liability company interests of Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, were exchanged for 15,725,635 shares of common stock in the Company. As a result of the conversion, the books and records of SVCF became the books and records of the Company. In this prospectus, we refer to such transactions as the "Conversion." Unless otherwise indicated, the disclosure in this prospectus gives effect to the Conversion.

The Company is an externally managed, closed-end, non-diversified management investment company.

On April 3, 2012, the Company priced its initial public offering (the "Offering"), selling 5,750,000 shares of its common stock at a public offering price of $14.75 per share.

We have 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 achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve our investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. While we intend to primarily focus on privately negotiated investments in debt of middle-market companies, we may make investments of all kinds and at all levels of the capital structure, including in equity interests such as preferred or common stock and warrants or options received in connection with our debt investments. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies. We expect to generate returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

Investment operations are conducted through the Company's wholly-owned subsidiaries, SVCP, TCPC Funding, TCPC Funding II, the SBIC and 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

1<br>

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Section 12(g) of the Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability 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, the SBIC and Merger Sub. The Advisor is an indirect subsidiary of BlackRock, Inc., which, along with its subsidiaries, is referred to herein as "BlackRock".

The Company has elected to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018, and upon its conversion to a limited liability company on August 2, 2018 and thereafter has been treated as a disregarded entity.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders 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 stockholders provided that we satisfy those requirements.

On March 18, 2024, the Company completed its acquisition of BlackRock Capital Investment Corporation, a Delaware corporation ("BCIC"), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "2024 Merger"). As a result of, and as of the effective time of, the 2024 Merger, BCIC's separate corporate existence ceased.

An organizational structure diagram showing our organizational structure is set forth below:

![](efp17822_chart.jpg)

The Company's management consists of our Advisor and board of directors. The Company has entered into an investment management agreement with our Advisor, under which our Advisor, subject to the overall supervision of our board of directors, manages the day-to-day operations of, and provides investment advisory services to, the Company.

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Our board of directors has overall responsibility for the management of the Company, including deciding upon matters of general policy and reviewing the actions of our Advisor. The majority of the members of the board of directors of the Company are independent of our Advisor. Our Advisor serves as the investment advisor of each of the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub.

**Company Information** 

Our administrative and executive offices are located at 2951 28th Street, Suite 1000, Santa Monica, CA 90405, and our telephone number is (310) 566-1094. We maintain a website at http://www.tcpcapital.com. Information contained on this website is not incorporated by reference into this prospectus, and you should not consider information contained on our website to be part of this prospectus.

**Risks** 

**Investing in the Company and the Securities offered by this prospectus involves a high degree of risk. See "Risks" beginning on page 9 of this prospectus for a discussion of certain material risks you should carefully consider before deciding to invest in our Securities.** 

3<br>

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#### THE OFFERING
We may offer, from time to time, in one or more offerings or series, together or separately, our Securities, which we expect to use to repay amounts outstanding under the revolving, multi-currency credit facility issued by SVCP (the "SVCP Credit Facility"), the senior secured revolving credit facility issued by TCPC Funding II (the "TCPC Funding Facility II") and, the senior secured revolving credit facility originally issued by BCIC and assumed by Merger Sub ("Merger Sub Facility") if any, (which will increase the funds under the SVCP Credit Facility, the TCPC Funding Facility II, and the Merger Sub Facility available to us to make additional investments in portfolio companies) and to make investments in portfolio companies in accordance with our investment objective and for other general corporate purposes, including payment of operating expenses.

Our Securities may be offered directly to one or more purchasers, through agents designated from time to time by us, or to or through underwriters or dealers. The prospectus supplement relating to a particular offering will disclose the terms of that offering, including the name or names of any agents, underwriters or dealers involved in the sale of our Securities, the purchase price, and any fee, commission or discount arrangement between us and our agents, underwriters or dealers, or the basis upon which such amount may be calculated. We may not sell our Securities through agents, underwriters or dealers without delivery of a prospectus supplement describing the method and terms of the offering of such Securities.

Set forth below is additional information regarding the offering of our Securities:

#### The Nasdaq Global Select Market Symbol
"TCPC"

#### Use of Proceeds
Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds to reduce our borrowings outstanding under the SVCP Credit Facility, TCPC Funding Facility II, and the Merger Sub Facility, if any, and to make investments in portfolio companies in accordance with our investment objective and for other general corporate purposes, including payment of operating expenses. Pending investment, we may invest the net proceeds of an offering primarily in cash, cash equivalents, U.S. Government securities and other high-quality debt investments that mature in one year or less. These securities may have lower yields than our other investments and accordingly may result in lower distributions, if any, during such period. See "Use of Proceeds."

#### Investment Management Arrangements
The Company has entered into an investment management agreement with our Advisor, under which our Advisor, subject to the overall supervision of our board of directors, manages the day-to-day operations of and provides investment advisory services to the Company. For providing these services, the Advisor receives a base management fee and may receive incentive compensation. Prior to August 1, 2018, SVCP was regulated as a BDC and was also party to an investment management agreement with the Advisor. On January 29, 2018, SVCP amended and restated its limited partnership agreement (the "LPA"), effective as of January 1, 2018, to convert its then existing incentive compensation structure from a profit allocation and distribution to its general partner into a fee payable to the Advisor pursuant to such investment management agreement. The amendment had no impact on the amount of the incentive compensation paid or services received by the Company. Accordingly, prior to January 1, 2018, incentive compensation was allocated to SVCP's general partner as a distribution. Under the then-existing investment management agreements and the limited partnership agreement of SVCP (pursuant to which incentive compensation was distributed to SVCP's general partner prior to January 1, 2018), no incentive compensation was incurred until after January 1, 2013.

Under the then-existing investment management agreements and limited partnership agreement of SVCP (pursuant to which incentive compensation was distributed to SVCP's general partner prior to January 1, 2018), no incentive compensation was incurred until after January 1, 2013.

*Incentive Compensation pursuant to investment management agreements prior to February 9, 2019* 

The incentive compensation had two components, ordinary income and capital gains. Each component was payable or distributable quarterly in arrears (or upon termination of the Advisor as the investment manager or SVCP's general partner as its general partner, as of the termination date) beginning January 1, 2013 and calculated as follows:

Each of the two components of incentive compensation was separately subject to a total return limitation. Thus, notwithstanding the following provisions, we were not obligated to pay or distribute any ordinary income incentive

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compensation or any capital gains incentive compensation if our cumulative total return did not exceed an 8% annual return on daily weighted average contributed common equity. If our cumulative annual total return was above 8%, the total cumulative incentive compensation we paid was not more than 20% of our cumulative total return, or, if lower, the amount of our cumulative total return that exceeded the 8% annual rate.

Subject to the above limitation, the ordinary income component was the amount, if positive, equal to 20% of the cumulative ordinary income before incentive compensation, less cumulative ordinary income incentive compensation previously paid or distributed.

Subject to the above limitation, the capital gains component was the amount, if positive, equal to 20% of the cumulative realized capital gains (computed net of cumulative realized losses and cumulative net unrealized capital depreciation), less cumulative capital gains incentive compensation previously paid or distributed. For assets held on January 1, 2013, capital gain, loss and depreciation are measured on an asset by asset basis against the value thereof as of December 31, 2012. The capital gains component was paid or distributed in full prior to payment or distribution of the ordinary income component.

*Incentive Compensation pursuant to the current investment management agreement* 

Under the current investment management agreement, dated September 6, 2023, 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 incentive compensation is payable quarterly in arrears (or upon termination of the Advisor as the investment manager, as of the termination date).

#### Distributions
We intend to make quarterly distributions to our stockholders out of assets legally available for distribution. The timing and amount of our quarterly distributions, if any, are determined by our board of directors. Any distributions to our stockholders are declared out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in, or incorporated by reference into, this filing. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. While it is intended that we will have sufficient assets to enable us to pay quarterly distributions to our stockholders and maintain our status as a RIC, there can be no assurances that we will be able pay distributions to our stockholders in the future.

#### Taxation
The Company currently is a RIC for U.S. federal income tax purposes and intends to continue to qualify each year as a RIC. In order to qualify as a RIC, the Company generally must satisfy certain income, asset diversification and distribution requirements. As long as it so qualifies, the Company will generally not be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gain on a timely basis. See "Distributions" and "U.S. Federal Income Tax Matters."

#### Custodian
Wells Fargo Bank, National Association, or the Custodian, serves as our custodian. See "Custodian."

#### Transfer and Dividend Paying Agent
Computershare, Inc. serves as our Transfer and Dividend Paying Agent. See "Transfer Agent."

#### Borrowings
We expect to use leverage, including through the SVCP Credit Facility, TCPC Funding Facility II and Merger Sub Facility, to make investments. We are exposed to the risks of leverage, which include that leverage may be considered a speculative investment technique. The use of leverage magnifies the potential for gain and loss on amounts invested

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by us and therefore increases the risks associated with investing in our Securities. The Company will comply with the asset coverage and other requirements relating to the issuance of senior securities under the 1940 Act. Because the base investment advisory fee we pay our Advisor is calculated by reference to our total assets, our Advisor may have an incentive to increase our leverage in order to increase its fees. See "Risks."

#### Trading at a Discount
Shares of closed-end investment companies, including business development companies, frequently trade at a discount from their net asset value. We are not generally able to issue and sell our common stock at a price below our net asset value per share unless we have stockholder approval. At our 2025 annual meeting of stockholders, initially held on May 22, 2025, and adjourned to June 18, 2025, our stockholders approved our ability to sell shares of the Company's common stock at a price or prices below its then current net asset value per share in one or more offerings (for a 12 month period expiring on the anniversary of the date of stockholder approval), subject to certain limitations set froth in our definitive proxy statement dated April 2, 2025, as revised (including, without limitation, that the number of shares sold on any given date does not exceed 25% of the Company's then outstanding common stock immediately prior to such sale). The possibility that our shares may trade at a discount to our net asset value is separate and distinct from the risk that our net asset value per share may decline. Our net asset value immediately following an offering will reflect reductions resulting from the sales load and the amount of such offering expenses paid by us. This risk may have a greater effect on investors expecting to sell their shares soon after completion of such offering, and our shares may be more appropriate for long-term investors than for investors with shorter investment horizons. We cannot predict whether our shares will trade above, at or below net asset value. See "Risks."

#### Anti-Takeover Provisions
The Delaware General Corporation Law, our amended certificate of incorporation and our amended and restated bylaws contain provisions that may have the effect of discouraging a third party from making an acquisition proposal for us. These anti-takeover provisions may inhibit a change in control in circumstances that could give the holders of our common stock the opportunity to realize a premium over the market price of our common stock. Our amended certificate of incorporation and bylaws provide that special meetings of the stockholders may only be called by our Board of Directors, Chairman, Chief Executive Officer or Secretary. These provisions, as well as other provisions of our amended certificate of incorporation and our amended and restated bylaws, may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of our stockholders. See "Description of Our Capital Stock."

#### Administrator
Our Administrator oversees our financial records, prepares reports to our stockholders and reports filed with the SEC, leases office space to us, provides us with equipment and office services and generally monitors the payment of our expenses and provides or supervises the performance of administrative and professional services used by us. We reimburse the Administrator for its costs in providing these services without paying any separate administration fee, markup or other profit in excess of fully allocated costs. There is no predetermined limit on such expenses, however, reimbursement for any such expenses are subject to the review and approval of our board of directors.

#### License Agreement
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."

#### Available Information
We have filed with the SEC a registration statement on Form N-2 under the Securities Act of 1933, as amended, or the Securities Act, which contains additional information about us and our Securities being offered by this prospectus. We are obligated to file annual, quarterly and current reports, proxy statements and other information with the SEC. This information is available on the SEC's website at http://www.sec.gov.

We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. You may also

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obtain such information by contacting us at 2951 28th Street, Suite 1000, Santa Monica, CA 90405, or by calling us collect at (310) 566-1094. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider information contained on our website to be part of this prospectus.

We incorporate by reference into this prospectus the documents listed in "Incorporation by Reference" in this prospectus and any future filings we make with the SEC under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, including any filings on or after the date of this prospectus from the date of filing (excluding any information furnished, rather than filed), until we have sold all of the offered securities to which this prospectus relates or the offering is otherwise terminated. The information incorporated by reference is an important part of this prospectus. Any statement in a document incorporated by reference into this prospectus will be deemed to be automatically modified or superseded to the extent a statement contained in (1) this prospectus or (2) any other subsequently filed document that is incorporated by reference into this prospectus modifies or supersedes such statement.

We will provide without charge to each person, including any beneficial owner, to whom this prospectus is delivered, upon written or oral request, a copy of any and all of the documents that have been or may be incorporated by reference in this prospectus. Please refer to "Incorporation by Reference" and "Additional Information"

See "Incorporation by Reference" and "Additional Information" in this prospectus for further information on where to access, or how to request, copies of documents or further information in connection with the Company, this prospectus or an offering of Securities to which this prospectus relates.

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#### PRICE RANGE OF COMMON SHARES
The information contained under the heading "Item 5. Other Information—Price Range of Common Stock" in the Company's Quarterly Report on Form 10-Q as of June 30, 2025 is incorporated herein by reference.

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#### RISKS
Before you invest in our Securities, you should be aware of various risks, including those described in our Annual Report on Form 10-K for the year ended December 31, 2024, the risk factors described under the caption "Risks" in any applicable prospectus supplement, any risk factors set forth in our other filings with the SEC, pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, and those described below. You should carefully consider such risk factors, together with all of the other information included or incorporated by reference in this prospectus, including our consolidated financial statements and the related notes thereto, before you decide whether to make an investment in our Securities. Such risks are not the only risks we face, but they are the principal risks associated with an investment in the Company as well as generally associated with investment in a company with investment objectives, investment policies, capital structure or trading markets similar to the Company's. Such risk factors also describe the special risks of investing in a business development company, including the risks associated with investing in a portfolio of small and developing or financially troubled businesses. Additional risks and uncertainties not currently known to us or that are currently immaterial also may materially adversely affect our business, financial condition and/or operating results. If any of the events described in any such risks occur, our business, financial condition and results of operations could be materially adversely affected. In such case, our net asset value and the trading price of our common stock could decline, or the value of our preferred stock, debt securities and warrants, if any are outstanding, may decline, and you may lose all or part of your investment. You should also carefully review the cautionary statement in this prospectus referred to under "Special Note Regarding Forward-Looking Statements" below. See also "Incorporation by Reference" and "Additional Information" in this prospectus.

#### Risks relating to the offerings pursuant to this prospectus

#### We may use proceeds of future offerings in a way with which you may not agree.
We will have significant flexibility in applying the proceeds of the offerings and may use the net proceeds from the offerings in ways with which you may not agree, or for purposes other than those contemplated at the time of such offerings. We will also pay operating expenses, and may pay other expenses such as due diligence expenses of potential new investments, from the net proceeds of future offerings. Our ability to achieve our investment objective may be limited to the extent that net proceeds of such offerings, pending full investment, are used to pay expenses rather than to make investments.

#### We cannot assure you that we will be able to successfully deploy the proceeds of offerings within the timeframe we have contemplated.
We currently anticipate that a portion of the net proceeds of future offerings will be invested in accordance with our investment objective within six to twelve months following completion of any such offering. We cannot assure you, however, that we will be able to locate a sufficient number of suitable investment opportunities to allow us to successfully deploy in that timeframe that portion of net proceeds of such future offerings. To the extent we are unable to invest within our contemplated timeframe after the completion of an offering, our investment income, and in turn our results of operations, will likely be adversely affected.

***Our most recent NAV was calculated as of June 30, 2025 and our NAV when calculated as of any date thereafter may be higher or lower.***

Our most recent NAV per share is $8.71 determined by us as of June 30, 2025. NAV per share as of any subsequent date, may be higher or lower than $8.71 based on potential changes in valuations, issuances of securities and earnings for the quarter then ended. Our board of directors has not yet approved the fair value of portfolio investments as of any date subsequent to June 30, 2025. The fair value of our portfolio investments is determined using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our board of directors, who also approve in good faith the valuation of such securities on a quarterly basis in connection with the preparation of quarterly financial statements and based on input from independent valuation firms, our Advisor, the Administrator and the audit committee of our board of directors.

#### Risks related to our common stock
***Senior securities, including debt, expose us to additional risks, including the typical risks associated with leverage and could adversely affect our business, financial condition and results of operations.***

We currently use our SVCP Credit Facility, TCPC Funding Facility II and Merger Sub Facility to leverage our portfolio and we expect in the future to borrow from and issue senior debt securities to banks and other lenders.

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With certain limited exceptions, as a BDC, we are only allowed to borrow amounts or otherwise issue senior securities such that our asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing or other issuance. The amount of leverage that we employ will depend on our Advisor's and our board of directors' assessment of market conditions and other factors at the time of any proposed borrowing. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for stockholders, any of which could adversely affect our business, financial condition and results of operations, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;• A likelihood of greater
 volatility in the net asset value and market price of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• Diminished operating
 flexibility as a result of asset coverage or investment portfolio composition requirements required by lenders or investors that are more
 stringent than those imposed by the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;• The possibility that
 investments will have to be liquidated at less than full value or at inopportune times to comply with debt covenants or to pay interest
 or dividends on the leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• Increased operating expenses
 due to the cost of leverage, including issuance and servicing costs;

&nbsp;&nbsp;&nbsp;&nbsp;• Convertible or exchangeable
 securities may have rights, preferences and privileges more favorable than those of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• Subordination to lenders'
 superior claims on our assets as a result of which lenders will be able to receive proceeds available in the case of our liquidation before
 any proceeds will be distributed to our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;• Increased difficulty for
 us to meet our payment and other obligations under our outstanding debt;

&nbsp;&nbsp;&nbsp;&nbsp;• The occurrence of an
 event of default if we fail to comply with the financial and/or other restrictive covenants contained in our debt agreements, including
 the credit agreements relating to the SVCP Credit Facility, the TCPC Funding Facility II and, the Merger Sub Facility, which event of
 default could result in all or some of our debt becoming immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;• Reduced availability
 of our cash flow to fund investments, acquisitions and other general corporate purposes, and limiting our ability to obtain additional
 financing for these purposes;

&nbsp;&nbsp;&nbsp;&nbsp;• The risk of increased
 sensitivity to interest rate increases on our indebtedness with variable interest rates, including the borrowings described under "Description
 of our Capital Stock-Leverage Program" (the "Leverage Program"); and

&nbsp;&nbsp;&nbsp;&nbsp;• Reduced flexibility in
 planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general
 economy.

For example, the amount we may borrow under our SVCP Credit Facility, TCPC Funding Facility II and Merger Sub Facility is determined, in part, by the fair value of our investments. If the fair value of our investments declines, we may be forced to sell investments at a loss to maintain compliance with our borrowing limits. Other debt facilities we may enter into in the future may contain similar provisions. Any such forced sales would reduce our net asset value and also make it difficult for the net asset value to recover. Our Advisor and our board of directors in their best judgment nevertheless may determine to use leverage if they expect that the benefits to our stockholders of maintaining the leveraged position will outweigh the risks.

In addition, our ability to meet our payment and other obligations of the Leverage Program depends on our ability to generate significant cash flow in the future. This, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that future borrowings will be available to us under our existing credit facilities or otherwise, in an amount sufficient to enable us to meet our payment obligations any debt we may issue and to fund other liquidity needs. If we are not able to generate sufficient cash flow to service our debt obligations, we may need to refinance or restructure our debt, including sell assets, reduce or delay capital investments, or seek to raise additional capital. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under any debt we may issue.

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#### Investing in our Securities may involve an above average degree of risk.
The investments we make in accordance with our investment objective may result in a higher amount of risk than alternative investment options and a higher risk of volatility or loss of principal. Our investments in portfolio companies involve higher levels of risk, and therefore, an investment in our Securities may not be suitable for someone with lower risk tolerance.

#### Our stockholders may receive shares of our common stock as dividends, which could result in adverse tax consequences to stockholders.
To satisfy the annual distribution requirement applicable to RICs, we have the ability to declare a large portion of a dividend in shares of our common stock instead of in cash. As long as 20% of such dividend is paid in cash and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a stockholder would be taxed on 100% of the dividend in the same manner as a cash dividend, even though most of the dividend was paid in shares of our common stock.

***Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock.***

Sales of substantial amounts of our common stock, or the availability of such common stock for sale, could adversely affect the prevailing market prices for our common stock. If this occurs and continues, it could impair our ability to raise additional capital through the sale of securities should we desire to do so.

#### Future transactions and these offerings may limit our ability to use our capital loss carryforwards.
We have capital loss carryforwards for U.S. federal income tax purposes. Subject to certain limitations, capital loss carryforwards may be used to offset future recognized capital gains. Section 382 of the Code imposes an annual limitation on the ability of a corporation, including a RIC, that undergoes an "ownership change" to use its capital loss carryforwards. Generally, an ownership change occurs if certain five percent stockholders and public groups collectively increase their ownership in us by 50 percent points or more during a three-year period. We do not expect that the offerings will result in an ownership change for Section 382 purposes. However, even if the offerings do not result in an ownership change, they will make it more likely that future transactions involving our common stock, including transfers by existing stockholders, could result in such an ownership change. Accordingly, there can be no assurance that an ownership change limiting our ability to use our capital loss carryforwards (and built-in, unrecognized losses, if any) will not occur in the future. Such a limitation would, for any given year, have the effect of potentially increasing the amount of our U.S. federal net capital gains for such year and, hence, the amount of dividends we would need to distribute to remain a RIC and to avoid U.S. income and excise tax liability.

***We may initially invest a portion of the net proceeds of offerings pursuant to this prospectus primarily in high-quality short-term investments, which will generate lower rates of return than those expected from the interest generated on first and second lien senior secured loans and mezzanine debt.***

We may initially invest a portion of the net proceeds of offerings pursuant to this prospectus primarily in cash, cash equivalents, U.S. government securities and other high-quality short-term investments. These securities generally earn yields substantially lower than the income that we anticipate receiving once we are fully invested in accordance with our investment objective. As a result, we may not, for a time, be able to achieve our investment objective and/or we may need to, for a time, decrease the amount of any dividend that we may pay to our stockholders to a level that is substantially lower than the level that we expect to pay when the net proceeds of offerings are fully invested in accordance with our investment objective. If we do not realize yields in excess of our expenses, we may incur operating losses and the market price of our shares may decline.

#### Certain proposed changes in tax law may have adverse tax consequences to certain non-U.S. holders of the our common stock.
On May 22, 2025, the United States House of Representatives passed a bill that, if enacted into law, may affect the U.S. federal income tax considerations applicable to certain non-U.S. holders of our common stock. In particular, the bill proposes to increase the current U.S. tax rates, including reduced rates provided under an applicable income tax treaty, on dividends payable on common stock to certain individuals and entities resident in, or owned by residents of, countries ("applicable persons") that have enacted any unfair foreign tax, as defined in the bill. Among other things, the bill provides for escalating rates of tax on payments to applicable persons, including applicable persons that claim a reduced rate of withholding tax under an applicable income tax treaty, up to 20% above the current statutory rates of tax

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(determined without regard to any rate provided under an applicable income tax treaty in lieu of such statutory rate). The likelihood of the bill or other similar legislation being enacted is uncertain, and the provisions of the bill or other similar legislation may change prior to enactment. Prospective investors in our common stock should consult their legal advisors regarding the likelihood of the bill becoming law and the potential effects of the bill to them of investing in the our stock.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
In addition to factors previously identified elsewhere in this prospectus, including the "Risks" section of this prospectus, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

&nbsp;&nbsp;&nbsp;&nbsp;• our, or our portfolio companies',
 future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of
 current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted
 decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of fluctuations
 in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes
 in laws or regulations governing our operations or the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements
 and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;• the general economy and
 its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition
 of and ability of our current and prospective portfolio companies to achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings
 and investments;

&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing
 resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our investment
 advisor to locate suitable investments for us and to monitor and administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows,
 if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount
 of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain
 our qualification as a regulated investment company and as a business development company;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability to realize benefits
 anticipated by the 2024 Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information
 technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks.

This prospectus contains, and other statements that we may make may contain, forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve" and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Exchange Act. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

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#### USE OF PROCEEDS
Unless otherwise specified in a prospectus supplement, we intend to use the net proceeds from any offering to repay amounts outstanding under the SVCP Credit Facility, TCPC Funding Facility II and Merger Sub Facility, if any, (which will increase the funds under the SVCP Credit Facility, TCPC Funding Facility II and Merger Sub Facility available to us to make additional investments in portfolio companies) and to make investments in portfolio companies in accordance with our investment objective and for other general corporate purposes, including payment of operating expenses. We anticipate that substantially all of the net proceeds of an offering, not used to repay borrowings or for general corporate purposes, will be invested in accordance with our investment objective within six to twelve months following completion of such offering, depending on the availability of appropriate investment opportunities consistent with our investment objective and market conditions. We cannot assure you that we will achieve our targeted investment pace.

As of September 19, 2025, we had $131.9 million outstanding under the SVCP Credit Facility, $129.0 million of the outstanding amount bore interest at SOFR plus 2.00% per annum and $2.9 million of the outstanding amount bore interest at EURIBOR plus 2.00% per annum, subject to certain limitations. The SVCP Credit Facility matures August 1, 2029, subject to extension by the lenders at our request.

As of September 19, 2025, we had $100.0 million outstanding under the TCPC Funding Facility II, with advances generally bearing interest at SOFR plus 2.00% per annum, subject to certain limitations. The TCPC Funding Facility II matures on July 31, 2029, subject to extension by the lender at our request.

As of September 19, 2025, we had $68.0 million outstanding under the Merger Sub Facility, with advances generally bearing interest at SOFR plus 2.00% per annum, subject to certain limitations. The Merger Sub Facility matures on September 6, 2028, subject to extension by the lender at our request.

Pending investments in portfolio companies by the Company, the Company will invest the net proceeds of an offering primarily in cash, cash equivalents, U.S. Government securities and other high-quality debt investments that mature in one year or less. These securities may have lower yields than our other investments and accordingly may result in lower distributions, if any, during such period.

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#### THE COMPANY

#### Competition
Our primary competitors to provide financing to middle-market companies include public and private funds, commercial and investment banks, commercial finance companies and private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial and marketing resources than we do. For example, some competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or to the distribution and other requirements we must satisfy to maintain our favorable RIC tax status.

#### Properties
We do not own any real estate or other physical properties materially important to our operation. Our executive offices are located at 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, CA 90405, and are provided by the Advisor in accordance with the terms of the administration agreement. We believe that our office facilities are adequate for our business as it is conducted.

#### Legal Proceedings
From time to time, we and the Advisor may be parties to certain legal proceedings incidental to the normal course of our business, including with respect to our investments in our portfolio companies. On September 13, 2023, we were named as a defendant, together with the Advisor and certain other funds managed by the Advisor, as well as certain other defendants, in a lawsuit filed in the United States Bankruptcy Court for the Southern District of New York. The suit relates to a third-party sponsored collateralized loan obligation in which we and certain other defendants invested. The suit alleges that we and the other defendants knew or should have known of certain fraudulent activities of the third-party manager relating to its management of the collateralized loan obligation that caused the plaintiffs to suffer investment losses. The suit seeks to recover from us approximately $15 million, plus interest, additional amounts from the other defendants, and attorneys' fees and costs from all defendants. We, the affiliated funds and the Advisor intend to vigorously defend against these claims and filed a motion to dismiss the lawsuit on November 6, 2023, which was argued in court on March 6, 2024. On November 8, 2024, the court issued a decision, granting in part and denying in part the motion to dismiss. As a result, on December 6, 2024, the plaintiffs filed an amended complaint containing substantially similar allegations but without the claims dismissed by the court. On January 23, 2025, we, the Advisor and the funds managed by it, along with other defendants, filed a motion to dismiss one of the counts in the amended complaint, which was granted on September 11, 2025. At this time, we and the Advisor cannot predict with a reasonable degree of certainty the likelihood of an unfavorable outcome, including any potential losses that could result.

#### Distributions
We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. The timing and amount of our quarterly distributions, if any, are determined by our board of directors. Any distributions to our stockholders are declared out of assets legally available for distribution. We intend to pay quarterly distributions to our stockholders in an amount, and on a timely basis, sufficient to maintain our status as a RIC. There can be no assurances that the Company will have sufficient funds to pay distributions to our stockholders in the future to maintain our status as a RIC.

We are a RIC under the Code. To continue to obtain RIC tax benefits, we generally must distribute at least 90% of our ordinary income and net short-term capital gain in excess of net long-term capital loss, if any, out of the assets legally available for distribution. In order to avoid certain excise taxes imposed on RICs, we currently intend to distribute during each calendar year an amount at least equal to the sum of (1) 98% of our ordinary income (not taking into account any capital gains or losses) for the calendar year, (2) 98.2% of the amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for the one-year period generally ending on October 31 of the calendar year and (3) certain undistributed amounts from previous years on which we paid no U.S. federal income tax. In addition, although we currently intend to distribute net capital gain (i.e., net long-term capital gain in excess of net short-term capital loss), if any, at least annually, out of the assets legally available for such distributions, we may in the future decide to retain such capital gain for investment. In such event, the consequences of our retention of net capital gain are as described under "U.S. Federal Income Tax Matters." We can offer no assurance that the Company will

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achieve results that will permit the payment of any cash distributions to our stockholders. In addition, the Leverage Program prohibits us from making distributions if doing so would cause us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or the Leverage Program. See "Risks," "U.S. Federal Income Tax Matters" and "Senior Securities" in the prospectus.

#### Regulation
*Exemptive Order* 

Our Advisor and we believe that, in certain circumstances, it may be in our best interests to be able to co-invest with registered funds, unregistered funds and business development companies managed now or in the future by our Advisor and its affiliates, along with certain affiliates of the Advisor acting in a principal capacity, in order to be able to participate in a wider range of transactions. Currently, SEC regulations and interpretations would permit us to co-invest with registered and unregistered funds that are managed by the Advisor and/or its affiliates, along with certain affiliates of the Advisor acting in a principal capacity, in publicly traded securities and also in private placements where (i) our Advisor negotiates only the price, interest rate and similar price-related terms of the securities and not matters such as covenants, collateral or management rights and (ii) each relevant account acquires and sells the securities at the same time in pro rata amounts (subject to exceptions approved by compliance personnel after considering the reasons for the requested exception). Such regulations and interpretations also permit us to co-invest in other private placements with registered investment funds affiliated with our Advisor in certain circumstances, some of which would require certain findings by our independent directors and the independent directors of each other eligible registered fund. Under current SEC regulations, in the absence of an exemption or other guidance from the SEC, we may be prohibited from co-investing in certain private placements where terms in addition to price are negotiated, with any unregistered fund or account managed now or in the future by our Advisor or its affiliates, as well as with certain affiliates of the Advisor acting in a principal capacity.

To the extent permitted by the 1940 Act and interpretations of the staff of the SEC, and subject to the allocation policies of our Advisor, our Advisor may deem it appropriate for us and certain funds and accounts managed and controlled by our Advisor to participate in an investment opportunity alongside certain affiliated funds and accounts. In an order dated May 6, 2025, the SEC granted exemptive relief to our Advisor and us permitting us, subject to satisfaction of certain conditions, to co-invest in certain privately negotiated investment transactions with certain affiliates of our Advisor and us (the "Order"). Any of these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among us and the other participating funds and/or accounts. To mitigate these conflicts, our Advisor and its affiliates managing other funds and accounts participating in transactions under the Order will seek to allocate such transactions for all of the participating investment accounts, including us, on a fair and equitable basis and in accordance with their respective allocation policies. The Board has reviewed, and may from time to time in the future, review the allocation policies of our Advisor. In addition, pursuant to such order, the Board is required to maintain oversight of our participation in the co-investment program permitted by such order in the exercise of the Board's reasonable business judgment, and under certain circumstances, such as in the case of non-*pro rata* acquisitions and dispositions, or in the case of pre-existing investments in an issuer by certain affiliated funds or accounts, approve certain co-investment transactions.

Our Advisor and its affiliates may spend substantial time on other business activities, including investment management and advisory activities for entities with the same or overlapping investment objectives, investing for their own account with us or any investor us, financial advisory services (including services for entities in which we invest), and acting as directors, officers, creditor committee members or in similar capacities. Subject to the requirements of the 1940 Act, our Advisor and its affiliates and associates intend to engage in such activities and may receive compensation from third parties for their services. Subject to the same requirements, such compensation may be payable by entities in which we invest in connection with actual or contemplated investments, and our Advisor may receive fees and other compensation in connection with structuring investments which they will share.

Our Advisor and its partners, officers, directors, stockholders, members, managers, employees, affiliates and agents may be subject to certain potential or actual conflicts of interest in connection with the activities of, and investments by, us. Affiliates and employees of our Advisor are equity investors in us.

*Relief from Registration as a Commodity Pool Operator* 

We may engage in "commodity interest" transactions (generally, transactions in futures, certain options, certain currency transactions and certain types of swaps) only for bona fide hedging, yield enhancement and risk management

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purposes, in each case in accordance with the rules and regulations of the Commodity Futures Trading Commission ("CFTC"). With respect to the Company, our Advisor relies on an exclusion from the definition of "commodity pool operator" pursuant to CFTC Rule 4.5 which imposes certain commodity interest trading restrictions on the Company. These trading restrictions permit the Company to engage in commodity interest transactions that include (i) "bona fide hedging" transactions, as that term is defined and interpreted by the CFTC and its staff, without regard to the percentage of the Company's assets committed to margin and option premiums and (ii) non-bona fide hedging transactions, provided that the Company does not enter into such non-bona fide hedging transactions if, immediately thereafter, (a) the sum of the amount of initial margin and premiums required to establish the Company's commodity interest positions would exceed 5% of the Company's liquidation value, after taking into account unrealized profits and unrealized losses on any such transactions, and (b) the aggregate net notional value of the Company's commodity interest positions would exceed 100% of the Company's liquidation value, after taking into account unrealized profits and unrealized losses on any such positions. In addition to meeting one of the foregoing trading limitations, interests in the Company may not be marketed as or in a commodity pool or otherwise as a vehicle for trading in the futures, options or swaps markets. If our Advisor was required to register as a commodity pool operator with respect to the Company, compliance with additional registration and regulatory requirements would increase the Company expenses. Other potentially adverse regulatory initiatives could also develop.

*Other* 

We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of our board of directors who are not interested persons and, in some cases, prior approval by the SEC.

We are subject to periodic examination by the SEC for compliance with the 1940 Act.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

#### Brokerage Allocations and other Practices
Subject to the supervision of the board of directors, decisions to buy and sell securities and bank debt for the Company and decisions regarding brokerage commission rates are made by our Advisor. Transactions on stock exchanges involve the payment by the Company of brokerage commissions. In certain instances the Company may make purchases of underwritten issues at prices which include underwriting fees.

In selecting a broker to execute each particular transaction, our Advisor will take the following into consideration: the best net price available; the reliability, integrity and financial condition of the broker; the size and difficulty in executing the order, and the value of the expected contribution of the broker to the investment performance of the Company on a continuing basis. Accordingly, the cost of the brokerage commissions to the Company in any transaction may be greater than that available from other brokers if the difference is reasonably justified by other aspects of the portfolio execution services offered. The aggregate amount of brokerage commission paid by the Company over the previous three fiscal years was $0. The extent to which our Advisor makes use of statistical, research and other services furnished by brokers may be considered by our Advisor in the allocation of brokerage business, but there is not a formula by which such business is allocated. Our Advisor does so in accordance with its judgment of the best interests of the Company and its stockholders.

One or more of the other investment funds or accounts which our Advisor manages may own from time to time some of the same investments as the Company. When two or more companies or accounts seek to purchase or sell the same securities, the securities actually purchased or sold and any transaction costs will be allocated among the companies and accounts on a good faith equitable basis by our Advisor in its discretion in accordance with the accounts' various investment objectives, subject to the allocation procedures adopted by the board of directors related to privately placed securities (including an implementation of any co-investment exemptive relief obtained by the Company and our Advisor). In some cases, this system may adversely affect the price or size of the position obtainable for the Company. In other cases, however, the ability of the Company to participate in volume transactions may produce better execution for the Company. It is the opinion of the board of directors that this advantage, when combined with the other benefits available due to our Advisor's organization, outweighs any disadvantages that may be said to exist from exposure to simultaneous transactions.

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**PORTFOLIO COMPANIES** 

The following is a listing of each portfolio company investment, together referred to as our investment portfolio, as of June 30, 2025. Percentages shown for class of securities held by us represent percentage of the class owned and do not necessarily represent voting ownership or economic ownership. Percentages shown for equity securities other than warrants or options represent the actual percentage of the class of security held before dilution. Percentages shown for warrants and options held represent the percentage of class of security we may own on a fully diluted basis assuming we exercise our warrants or options. Each variable rate debt investment that is determined by a reference to LIBOR resets either monthly, quarterly, semi-annually or annually.

Our board of directors approved the valuation of our investment portfolio, as of June 30, 2025, at fair value as determined in good faith using a consistently applied valuation process in accordance with our documented valuation policy that has been reviewed and approved by our board of directors, who also approve in good faith the valuation of such securities as of the end of each quarter. For more information relating to our investments, see our schedules of investments included in our financial statements incorporated by reference in this prospectus.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** | **<u>Debt Investments(A)</u>** |  |
| **Aerospace & Defense**<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Skydio, Inc | 3000 Clearview Way, Building E, San Mateo, CA 94402 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 2.50% | 2.75% Cash + <br>2.75% PIK | 9.82% | 12/4/2029 | $13306506  | $13193280  | $13173441  | 0.69% | N  |
| Skydio, Inc | 3000 Clearview Way, Building E, San Mateo, CA 94402 | First Lien Delayed Draw Term Loan B | SOFR(M) | &nbsp;&nbsp; 2.50% | 2.75% Cash + <br>2.75% PIK | 9.82% | 12/4/2029 | $—  | (58133) | (65625) | 0.00% | K/N  |
| Skydio, Inc | 3000 Clearview Way, Building E, San Mateo, CA 94402 | First Lien Delayed Draw Term Loan A | SOFR(M) | &nbsp;&nbsp; 2.50% | 2.75% Cash + <br>2.75% PIK | 9.82% | 12/4/2029 | $—  | (58133) | (65625) | 0.00% | K/N  |
|  |  |  |  |  |  |  |  |  | 13077014  | 13042191  | 0.69% |  |
| **Automobiles** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| ALCV Purchaser, Inc. (AutoLenders) | 101 Woodcrest Rd, Suite 141, Cherry Hill, NJ 08003 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.86% | 11.19% | 2/25/2026 | $7577113  | 7524404  | 7577113  | 0.40% | G/N  |
| ALCV Purchaser, Inc. (AutoLenders) | 101 Woodcrest Rd, Suite 141, Cherry Hill, NJ 08003 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.86% | 11.19% | 2/25/2026 | $448202  | 442520  | 448202  | 0.02% | G/N  |
| AutoAlert, LLC | 114 W. 11th Street, Suite 700, Kansas City, MO 64105 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.40% | 9.70% | 3/31/2028 | $18812631  | 18812631  | 18812631  | 0.99% | F/N  |
| AutoAlert, LLC | 114 W. 11th Street, Suite 700, Kansas City, MO 64105 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 9.40% PIK | 13.70% | 3/31/2029 | $11482833  | 11482833  | 11482833  | 0.60% | F/N  |
|  |  |  |  |  |  |  |  |  | 38262388  | 38320779  | 2.01% |  |
| **Building Products** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Air Distribution Technologies Inc | 605 Shiloh Rd, Plano, TX 75074 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.00% | 10.30% | 8/1/2030 | $1990394  | 1955049  | 1998356  | 0.11% | N  |
| Porcelain Acquisition Corporation <br>(Paramount) | 18000 NE 5th Avenue, Miami, FL 33162 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.10% | 10.40% | 4/30/2027 | $9403496  | 9218016  | 8115217  | 0.43% | N  |
| Trulite Holding Corp. | 403 Westpark Court, Peachtree City, GA 30269 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.00% | 10.29% | 3/1/2030 | $1614583  | 1559543  | 1574219  | 0.08% | N  |
|  |  |  |  |  |  |  |  |  | 12732608  | 11687792  | 0.62% |  |
| **Capital Markets** <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| Pico Quantitative Trading, LLC | 32 Old Slip, 16th Floor, <br>New York, NY 10005 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.50% | 7.51% | 11.75% | 2/8/2027 | $22291007  | 22229894  | 22402462  | 1.18% | N  |
| Pico Quantitative Trading, LLC | 32 Old Slip, 16th Floor, <br>New York, NY 10005 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.50% | 7.51% | 11.79% | 2/8/2027 | $17285388  | 17204048  | 17285388  | 0.91% | N  |
| PMA Parent Holdings, <br>LLC | 380 Sentry Parkway, Blue Bell, PA 19422 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.50% | 9.80% | 1/31/2031 | $5223783  | 4973565  | 5276021  | 0.28% | N  |
| PMA Parent Holdings, <br>LLC | 380 Sentry Parkway, Blue Bell, PA 19422 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.50% | 9.80% | 1/31/2031 | $—  | (13344) | —  | 0.00% | K/N  |
|  |  |  |  |  |  |  |  |  | 44394163  | 44963871  | 2.37% |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Apollo Group Holdco, LLC (Topsail) | 6950 NW 77th Court, Doral, FL 33166 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.00% | 10.30% | 12/26/2030 | $487500  | 478706  | 475800  | 0.03% | N  |
| Kellermeyer Bergensons Services, LLC | 3605 Ocean Ranch Blvd, Suite 200, Oceanside, CA 92056 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 1.90% Cash +<br>3.50% PIK | 9.68% | 11/6/2028 | $1394427  | 1364989  | 1394427  | 0.07% | N  |
| Kellermeyer Bergensons Services, LLC | 3605 Ocean Ranch Blvd, Suite 200, Oceanside, CA 92056 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 1.15% Cash +<br>7.00% PIK | 12.43% | 11/6/2028 | $626038  | 428878  | 626038  | 0.03% | N  |
| Modigent, LLC <br>(Pueblo) | 410 N 44TH St, Suite 650, Phoenix, AZ 85008 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.30% | 8/23/2028 | $1684490  | 1625770  | 1664540  | 0.09% | N  |
| Modigent, LLC <br>(Pueblo) | 410 N 44TH St, Suite 650, Phoenix, AZ 85008 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.30% | 8/23/2028 | $1168435  | 1131321  | 1154597  | 0.06% | N  |
| Modigent, LLC <br>(Pueblo) | 410 N 44TH St, Suite 650, Phoenix, AZ 85008 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.30% | 8/23/2028 | $1573051  | 1520524  | 1546527  | 0.08% | N  |
| Modigent, LLC <br>(Pueblo) | 410 N 44TH St, Suite 650, Phoenix, AZ 85008 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.30% | 8/23/2027 | $168631  | 158693  | 163628  | 0.01% | N  |
| Thermostat Purchaser III, Inc. (Reedy Industries) | 10 Parkway North, Suite #100, Deerfield, IL 60015 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 7.40% | 11.73% | 8/31/2029 | $10383054  | 10170605  | 10383054  | 0.55% | N  |
|  |  |  |  |  |  |  |  |  | 16879486  | 17408611  | 0.92% |  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |
| **Construction and Engineering**  | **Construction and Engineering**  | **Construction and Engineering**  |  |  |  |  |  |  |  |  |  |  |
| Brown & Settle, Inc. | 9400 Innovation Dr, Manassas, VA 20110 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.50% | 10.82% | 5/16/2030 | $468293  | $444377  | $440000  | 0.02% | N  |
| Brown & Settle, Inc. | 9400 Innovation Dr, Manassas, VA 20110 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.50% | 10.83% | 5/16/2030 | $9024390  | 8802147  | 8762683  | 0.46% | N  |
| Homerenew Buyer, Inc. <br>(Renovo) | 4519 Sigma Rd., Suite 100, Dallas, TX 75244 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 0.00% | 9.65% | 13.97% | 4/14/2030 | $1641996  | 1095615  | 1641996  | 0.09% | N  |
| Homerenew Buyer, Inc. <br>(Renovo) | 4519 Sigma Rd., Suite 100, Dallas, TX 75244 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 6.65% | 10.96% | 4/14/2030 | $2898055  | 2898055  | 2898055  | 0.15% | N  |
| Homerenew Buyer, Inc. <br>(Renovo) | 4519 Sigma Rd., Suite 100, Dallas, TX 75244 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 8.15% | 12.46% | 4/14/2030 | $1253783  | 1253783  | 1253783  | 0.07% | N  |
| Homerenew Buyer, Inc. <br>(Renovo) | 4519 Sigma Rd., Suite 100, Dallas, TX 75244 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 9.65% | 13.96% | 4/14/2030 | $5452570  | 5452570  | 5452570  | 0.29% | N  |
| JF Acquisition, LLC <br>(JF Petroleum) | 100 Perimeter Park Dr, #H, Morrisville, NC 27560 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.06% | 6/18/2030 | $—  | (35612) | (17806) | 0.00% | K/N  |
| JF Acquisition, LLC <br>(JF Petroleum) | 100 Perimeter Park Dr, #H, Morrisville, NC 27560 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.06% | 6/18/2030 | $—  | (13355) | (6677) | 0.00% | K/N  |
| JF Acquisition, LLC <br>(JF Petroleum) | 100 Perimeter Park Dr, #H, Morrisville, NC 27560 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.06% | 6/18/2030 | $5119237  | 5016852  | 5068045  | 0.27% | N  |
| Vortex Companies, <br>LLC | 18150 Imperial Valley Dr, Houston, TX 77060 | First Lien Delayed Draw Term Loan  | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.00% | 9.33% | 9/4/2029 | $—  | (4750) | (1963) | 0.00% | K/N  |
| Vortex Companies, <br>LLC | 18150 Imperial Valley Dr, Houston, TX 77060 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.00% | 9.33% | 9/4/2029 | $1088018  | 1072126  | 1084754  | 0.06% | N  |
| Hylan Intermediate Holding II, LLC | 101 Crawfords Corner Road, Building 2, Suite 2308, Holmdel, NJ 07733 | First Lien Term Loan | SOFR(S) | &nbsp;&nbsp; 2.00% | 6.25% | 10.33% | 4/5/2029 | $11563401  | 11430987  | 10888098  | 0.57% | B/N  |
| LJ Avalon Holdings, LLC <br>(Ardurra) | 1000 NW 57th Ct., Suite 800, Miami, FL 33126 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 4.75% | 9.07% | 2/1/2030 | $2768081  | 2733651  | 2781921  | 0.15% | N  |
| LJ Avalon Holdings, LLC <br>(Ardurra) | 1000 NW 57th Ct., Suite 800, Miami, FL 33126 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 4.75% | 9.07% | 2/1/2030 | $6761737  | 6579390  | 6795546  | 0.36% | N  |
| PlayPower, Inc | 11515 Vanstory Drive, Suite 100, Huntersville, NC 28078 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.55% | 8/28/2030 | $8621717  | 8507768  | 8578609  | 0.45% | N  |
| PlayPower, Inc | 11515 Vanstory Drive, Suite 100, Huntersville, NC 28078 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.55% | 8/28/2030 | $1265776  | 1253826  | 1259447  | 0.07% | N  |
| PlayPower, Inc | 11515 Vanstory Drive, Suite 100, Huntersville, NC 28078 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.55% | 8/28/2030 | $—  | (16968) | (17333) | 0.00% | K/N  |
| Titan Home Improvement, LLC (Renuity) | 1447 S Tryon St, Charlotte, NC 28203 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.08% | 5/31/2030 | $1846512  | 1800349  | 1864977  | 0.10% | N  |
| Titan Home Improvement, LLC (Renuity) | 1447 S Tryon St, Charlotte, NC 28203 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.08% | 5/31/2030 | $—  | —  | 3488  | 0.00% | N  |
| Vortex Companies, <br>LLC | 18150 Imperial Valley Dr, Houston, TX 77060 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.00% | 9.33% | 9/4/2029 | $879752  | 846271  | 877113  | 0.05% | N  |
| Vortex Companies, <br>LLC | 18150 Imperial Valley Dr, Houston, TX 77060 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.00% | 9.33% | 9/4/2029 | $652441  | 633768  | 650484  | 0.03% | N  |
| Vortex Companies, <br>LLC | 18150 Imperial Valley Dr, Houston, TX 77060 | First Lien Delayed Draw Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.00% | 9.33% | 9/4/2029 | $851880  | 840650  | 849324  | 0.04% | N  |
| Vortex Companies, <br>LLC | 18150 Imperial Valley Dr, Houston, TX 77060 | First Lien Delayed Draw Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.00% | 9.33% | 9/4/2029 | $422856  | 434258  | 421588  | 0.02% | N  |
| Vortex Companies, <br>LLC | 18150 Imperial Valley Dr, Houston, TX 77060 | Sr Secured Revolver | Prime | &nbsp;&nbsp; 1.00% | 4.00% | 11.50% | 9/4/2029 | $28804  | 28315  | 28335  | 0.00% | N  |
|  |  |  |  |  |  |  |  |  | 61054073  | 61557037  | 3.25% |  |
| **Consumer Finance**  | **Consumer Finance**  | **Consumer Finance**  |  |  |  |  |  |  |  |  |  |  |
| Freedom Financial Network Funding, LLC | 1875 S. Grant Street, Suite 400, San Mateo, CA 94402 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 9.10% | 13.42% | 9/21/2027 | $12058668  | 11735374  | 11938081  | 0.63% | N  |
| Freedom Financial Network Funding, LLC | 1875 S. Grant Street, Suite 400, San Mateo, CA 94402 | First Lien Delayed Draw Term Loan | SOFR(S) | &nbsp;&nbsp; 1.00% | 9.25% | 13.43% | 9/21/2027 | $4019556  | 3915237  | 3979360  | 0.21% | N  |
| Lucky US BuyerCo, LLC (Global Payments) | 3550 Lenox Road, Atlanta, GA 30326 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.50% | 11.80% | 3/30/2029 | $411316  | 402247  | 401486  | 0.02% | N  |
| Lucky US BuyerCo, LLC (Global Payments) | 3550 Lenox Road, Atlanta, GA 30326 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.50% | 11.80% | 3/30/2029 | $4254251  | 4118624  | 4179011  | 0.22% | N  |
| Money Transfer Acquisition Inc. | 10777 Westheimer Rd, Houston, TX 77042 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 8.35% | 12.68% | 12/14/2027 | $8146037  | 8009232  | 7958678  | 0.42% | N  |
|  |  |  |  |  |  |  |  |  | 28180714  | 28456616  | 1.50% |  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |
| **Containers & Packaging** | **Containers & Packaging** | **Containers & Packaging** |  |  |  |  |  |  |  |  |  |  |
| BW Holding, Inc. (Brook & Whittle) | 20 Carter Drive, Guilford, CT 06437 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 7.65% | 11.98% | 12/14/2029 | $17639207  | $16906920  | $7038043  | 0.37% | C/N  |
| PVHC Holding Corp. | 5711 Old Buncombe Rd, Greenville, SC 29609 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.50% | 5.65% Cash + 0.75% PIK | 10.70% | 2/17/2027 | $5031260  | 4927630  | 5094151  | 0.27% | N  |
|  |  |  |  |  |  |  |  |  | 21834550  | 12132194  | 0.64% |  |
| **Diversified Consumer Services**  | **Diversified Consumer Services**  | **Diversified Consumer Services**  |  |  |  |  |  |  |  |  |  |  |
| Express Wash Acquisition Company, LLC <br>(Whistle) | 5821 Fairview Road, Suite 400, Charlotte, NC, 28209 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.25% | 10.59% | 4/10/2031 | $—  | (16045) | (8333) | 0.00% | K/N  |
| Express Wash Acquisition Company, LLC <br>(Whistle) | 5821 Fairview Road, Suite 400, Charlotte, NC, 28209 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.25% | 10.46% | 4/10/2031 | $28333385  | 28062368  | 28191718  | 1.48% | N  |
| Fusion Holding Corp. (Finalsite) | 655 Winding Brook Drive, Glastonbury, CT 06033 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.25% | 10.55% | 9/14/2029 | $3571608  | 3449005  | 3485878  | 0.18% | N  |
| Fusion Holding Corp. (Finalsite) | 655 Winding Brook Drive, Glastonbury, CT 06033 | Sr Secured Revolver | Prime | &nbsp;&nbsp; 0.75% | 5.25% | 12.75% | 9/15/2027 | $276607  | 274674  | 271705  | 0.01% | N  |
| Razor Group Holdings II, Inc. (Germany) | Ritterstrasse 16-18, 10969 Berlin, Germany | First Lien A Term Loan | Fixed | &nbsp;&nbsp; 0.00% | 2.50% Cash + 5.00% PIK | 7.50% | 9/30/2028 | $63345275  | 59486911  | 12922436  | 0.68% | C/H/N  |
| Razor Group Holdings II, Inc. (Germany) | Ritterstrasse 16-18, 10969 Berlin, Germany | First Lien C Term Loan | Fixed | &nbsp;&nbsp; 0.00% | 3.50% Cash + 3.50% PIK | 7.00% | 9/30/2028 | $6864777  | 6114187  | —  | 0.00% | C/H/N  |
| Razor Group Holdings II, Inc. (Germany) | Ritterstrasse 16-18, 10969 Berlin, Germany | First Out Delayed Draw Term Loan | Fixed | &nbsp;&nbsp; 0.00% | 15.00% | 15.00% | 9/15/2027 | $1461580  | 1461580  | 2239140  | 0.12% | H/N  |
| SellerX Germany GmbH <br>(Germany) | Chausseestraße 19, 10115 Berlin, Germany | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.00% | 5.00% | 9.26% | 10/28/2026 | $807613  | 798614  | 807613  | 0.04% | H/N  |
| SellerX Germany GMBH & Co. KG (Germany) | Chausseestraße 19, 10115 Berlin, Germany | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.00% | 5.00% | 9.31% | 6/18/2029 | $7909228  | 8328327  | 7909228  | 0.42% | H/N  |
| SellerX Germany GMBH & Co. KG (Germany) | Chausseestraße 19, 10115 Berlin, Germany | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 9.00% | 13.31% | 12/31/2028 | $7072231  | 7072231  | 7072231  | 0.37% | H/N  |
| SellerX Germany GMBH & Co. KG (Germany) | Chausseestraße 19, 10115 Berlin, Germany | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 9.00% | 13.31% | 12/31/2028 | $8114159  | 8114159  | 8114159  | 0.43% | H/N  |
| Thras.io, LLC | 85 West Street, Suite 4, Walpole, MA 02081 | First Out Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 10.11% PIK | 14.44% | 6/18/2029 | $6297579  | 6167831  | 6297579  | 0.33% | N  |
| Thras.io, LLC | 85 West Street, Suite 4, Walpole, MA 02081 | Second Out Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 10.11% PIK | 14.44% | 6/18/2029 | $18268660  | 15397713  | 13935334  | 0.73% | C/N  |
|  |  |  |  |  |  |  |  |  | 144711555  | 91238688  | 4.79% |  |
| **Diversified Financial Services**  | **Diversified Financial Services**  | **Diversified Financial Services**  |  |  |  |  |  |  |  |  |  |  |
| 36th Street Capital Partners Holdings, <br>LLC | 161 Headquarters Plaza East Tower, 5th Floor, Morristown, NJ 07960 | Senior Note | Fixed | &nbsp;&nbsp; 0.00% | 12.00% | 12.00% | 11/30/2025 | $59756438  | 59756438  | 59756438  | 3.15% | E/F/N  |
| Accordion Partners <br>LLC | One Vanderbilt Ave, 24th Floor, New York, NY 10017 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.55% | 11/15/2031 | $—  | (2907) | (2625) | 0.00% | K/N  |
| Accordion Partners <br>LLC | One Vanderbilt Ave, 24th Floor, New York, NY 10017 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.56% | 11/15/2031 | $157485  | 153081  | 153549  | 0.01% | N  |
| Accordion Partners <br>LLC | One Vanderbilt Ave, 24th Floor, New York, NY 10017 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.55% | 11/15/2031 | $5890954  | 5864424  | 5867391  | 0.31% | N  |
| Accuserve Solutions, <br>Inc. | 5611 Hudson Dr, Suite 300, Hudson, OH 44236 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.25% | 9.59% | 3/15/2030 | $2330930  | 2317512  | 2288973  | 0.12% | N  |
| Accuserve Solutions, <br>Inc. | 5611 Hudson Dr, Suite 300, Hudson, OH 44236 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.25% | 9.59% | 3/15/2030 | $—  | (11674) | (35460) | 0.00% | K/N  |
| Beekeeper Buyer Inc. (Archway) | 8888 Keystone Crossing, Suite 1400, Indianapolis, IN 46240 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.55% | 6/30/2031 | $—  | (1999) | (2000) | 0.00% | K/N  |
| Beekeeper Buyer Inc. (Archway) | 8888 Keystone Crossing, Suite 1400, Indianapolis, IN 46240 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.55% | 6/30/2031 | $800000  | 792001  | 792000  | 0.04% | N  |
| Callodine Commercial Finance, LLC | Two International Place, Suite 1830, Boston, MA 02110 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 11.26% | 15.56% | 11/3/2025 | $19115226  | 18976757  | 19115226  | 1.01% | N  |
| GC Champion Acquisition LLC (Numerix) | 100 Park Avenue, 15th Floor, New York, NY 10017 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.27% | 8/21/2028 | $7683981  | 7393618  | 7615044  | 0.40% | N  |
| GC Champion Acquisition LLC (Numerix) | 100 Park Avenue, 15th Floor, New York, NY 10017 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.27% | 8/21/2028 | $2134439  | 2053770  | 2115290  | 0.11% | N  |
| Gordon Brothers Finance <br>Company | 101 Huntington Ave, Suite 1100, Boston, MA 02199 | Unsecured Debt | LIBOR(M) | &nbsp;&nbsp; 1.00% | 11.00% | 15.30% | 6/8/2029 | $34644008  | 10575543  | 128183  | 0.01% | C/F/N  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |
| **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** |
| Libra Solutions Intermediate Holdco, LLC et al (fka Oasis Financial, <br>LLC) | 9525 West Bryn Mawr Avenue, Suite 900, Rosemont, IL 60018 | Second Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 8.62% | 12.94% | 7/5/2026 | $22633544  | $22420455  | $22588277  | 1.19% | N  |
| Rialto Management Group, LLC | 872 Madison Avenue, Suite 2A, New York, NY 10021 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 0.75% | 5.00% | 9.33% | 12/5/2030 | $—  | (1562) | —  | 0.00% | I/K/N  |
| Rialto Management Group, LLC | 872 Madison Avenue, Suite 2A, New York, NY 10021 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 0.75% | 5.00% | 9.33% | 12/5/2030 | $4772414  | 4729361  | 4801048  | 0.25% | I/N  |
| SitusAMC Holdings Corporation | Tower 49, 12 East 49th Street, 34th Floor, New York, NY 10017 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.50% | 9.80% | 5/14/2031 | $18227001  | 18143725  | 18172320  | 0.96% | N  |
|  |  |  |  |  |  |  |  |  | 153158543  | 143353654  | 7.56% |  |
| **Electrical Equipment** | **Electrical Equipment** | **Electrical Equipment** |  |  |  |  |  |  |  |  |  |  |
| Spark Buyer, LLC (Sparkstone) | 133 N Swift Road, Addison, IL 60101 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.57% | 10/15/2031 | $—  | (60492) | (237586) | -0.01% | K/N  |
| Spark Buyer, LLC (Sparkstone) | 133 N Swift Road, Addison, IL 60101 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.58% | 10/15/2031 | $224138  | 224138  | 105345  | 0.01% | N  |
| Spark Buyer, LLC (Sparkstone) | 133 N Swift Road, Addison, IL 60101 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.25% | 9.57% | 10/15/2031 | $11150862  | 10996404  | 10559866  | 0.56% | N  |
|  |  |  |  |  |  |  |  |  | 11160050  | 10427625  | 0.56% |  |
| **Electric Utilities**  | **Electric Utilities**  | **Electric Utilities**  |  |  |  |  |  |  |  |  |  |  |
| Conergy Asia & ME Pte. Ltd. (Singapore) | 3 Anson Road #07-01, Springleaf Tower, Singapore 079909 | First Lien Term Loan | Fixed | &nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 9/2/2025 | $2110141  | 2110141  | —  | 0.00% | D/F/H/N  |
| Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | 3 Anson Road #07-01, Springleaf Tower, Singapore 079909 | Bank Guarantee Credit Facility | Fixed | &nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 12/31/2025 | $6578877  | 6578877  | 40789  | 0.00% | D/F/H/N  |
| Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | 3 Anson Road #07-01, Springleaf Tower, Singapore 079909 | Revolving Credit Facility | Fixed | &nbsp;&nbsp; 0.00% | 0.00% | 0.00% | 12/31/2025 | $5535517  | 5535517  | 1022410  | 0.05% | D/F/H/N  |
|  |  |  |  |  |  |  |  |  | 14224535  | 1063199  | 0.05% |  |
| **Health Care Technology**  | **Health Care Technology**  | **Health Care Technology**  |  |  |  |  |  |  |  |  |  |  |
| Appriss Health, LLC <br>(PatientPing) | 9901 Linn Station Rd, Suite 500, Louisville, KY 40223 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 4.90% | 9.22% | 5/6/2027 | $5382416  | 5310117  | 5382416  | 0.28% | N  |
| Appriss Health, LLC <br>(PatientPing) | 9901 Linn Station Rd, Suite 500, Louisville, KY 40223 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 4.90% | 9.22% | 5/6/2027 | $—  | (5672) | —  | 0.00% | K/N  |
| CareATC, Inc. | 4500 S. 129th Ave, Tulsa, OK 74134 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.35% | 11.66% | 3/14/2026 | $21081367  | 20865522  | 20849472  | 1.10% | N  |
| CareATC, Inc. | 4500 S. 129th Ave, Tulsa, OK 74134 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.35% | 11.66% | 3/14/2026 | $—  | (3500) | (10399) | 0.00% | K/N  |
| ESO Solutions, Inc. | 2803 Manor Road, Austin, TX 78722 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.75% | 11.09% | 5/3/2027 | $32182664  | 31679030  | 32021751  | 1.69% | N  |
| ESO Solutions, Inc. | 2803 Manor Road, Austin, TX 78722 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.75% | 11.09% | 5/3/2027 | $2366541  | 2338974  | 2354709  | 0.12% | N  |
| Gainwell Acquisition <br>Corp. | 1775 Tysons Blvd, Suite 900, Tysons, VA 22102 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 8.10% | 12.38% | 10/2/2028 | $7744557  | 7614550  | 7380563  | 0.39% | N  |
| MRO Parent <br>Corporation | 1000 Madison Avenue, Suite 100, Norristown, PA 19403 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 0.75% | 4.75% | 9.08% | 6/9/2032 | $—  | (551) | (1111) | 0.00% | K/N  |
| MRO Parent <br>Corporation | 1000 Madison Avenue, Suite 100, Norristown, PA 19403 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 4.75% | 9.08% | 6/9/2032 | $—  | (1102) | (1111) | 0.00% | K/N  |
| MRO Parent <br>Corporation | 1000 Madison Avenue, Suite 100, Norristown, PA 19403 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 4.75% | 9.08% | 6/9/2032 | $851852  | 839116  | 839074  | 0.04% | N  |
|  |  |  |  |  |  |  |  |  | 68636484  | 68815364  | 3.62% |  |
| **Healthcare Providers and Services** | **Healthcare Providers and Services** | **Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |  |
| INH Buyer, Inc. | 6675 Westwood Blvd, Suite 475, Orlando, FL 32821 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 0.00% | 8.50% | 12.90% | 3/2/2026 | $—  | —  | (4239) | 0.00% | K/N  |
| INH Buyer, Inc. | 6675 Westwood Blvd, Suite 475, Orlando, FL 32821 | First Lien Amendment No. 8 Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 8.50% PIK | 12.90% | 3/2/2026 | $269321  | 269321  | 265281  | 0.01% | N  |
| INH Buyer, Inc. | 6675 Westwood Blvd, Suite 475, Orlando, FL 32821 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 7.00% | 11.40% | 6/28/2028 | $8313711  | 6584206  | 1646115  | 0.09% | C/N  |
| PHC Buyer, LLC (Patriot Home Care) | 5700 N Broad St, 3rd Floor, Philadelphia, PA 19141 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.00% | 10.33% | 5/4/2028 | $13784079  | 13470159  | 13555520  | 0.71% | N  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  | **Healthcare Providers and Services - Continued**  |
| PHC Buyer, LLC (Patriot Home Care) | 5700 N Broad St, 3rd Floor, Philadelphia, PA 19141 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.00% | 10.33% | 5/4/2028 | $3205352  | $3187274  | $3152203  | 0.17% | N  |
| RecordXTechnologies, LLC (Ontellus) | 910 Louisiana Street, Suite 4500, Houston, TX 77002 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.25% | 9.58% | 12/23/2027 | $2468750  | 2444063  | 2468750  | 0.13% | N  |
| Team Services Group, <br>LLC | 3131 Camino del Rio North, Suite 650, San Diego, CA 92108 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 9.26% | 13.54% | 11/13/2028 | $34410390  | 33565598  | 34410390  | 1.81% | G/N  |
|  |  |  |  |  |  |  |  |  | 59520621  | 55494020  | 2.92% |  |
| **Hotels, Restaurants and Leisure**  | **Hotels, Restaurants and Leisure**  | **Hotels, Restaurants and Leisure**  |  |  |  |  |  |  |  |  |  |  |
| Stonebridge Companies, LLC | 4949 South Niagara Street, Suite 300, Denver, CO 80237 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.34% | 5/16/2031 | $—  | (1421) | (2903) | 0.00% | K/N  |
| Stonebridge Companies, LLC | 4949 South Niagara Street, Suite 300, Denver, CO 80237 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.34% | 5/16/2030 | $—  | (1890) | (1935) | 0.00% | K/N  |
| Stonebridge Companies, LLC | 4949 South Niagara Street, Suite 300, Denver, CO 80237 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 0.75% | 5.00% | 9.33% | 5/16/2031 | $677419  | 667409  | 667258  | 0.04% | N  |
| OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) | 6900 S. Decatur Blvd., Suite 100, Las Vegas, NV 89118 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.00% | 6.25% | 10.57% | 6/3/2027 | $5328407  | 5163504  | 5302054  | 0.28% | H/N  |
| OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) | 6900 S. Decatur Blvd., Suite 100, Las Vegas, NV 89118 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.00% | 6.25% | 10.57% | 6/3/2027 | $3326779  | 3166885  | 3310326  | 0.17% | H/N  |
| OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia) | 6900 S. Decatur Blvd., Suite 100, Las Vegas, NV 89118 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 2.00% | 6.25% | 10.57% | 6/3/2027 | $438327  | 434796  | 436159  | 0.02% | H/N  |
|  |  |  |  |  |  |  |  |  | 9429283  | 9710959  | 0.51% |  |
| **Household Durables** | **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |  |  |  |
| Bad Boy Mowers JV Acquisition, LLC | 102 Industrial Drive, Batesville, AR 72501 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.25% | 9.56% | 11/9/2029 | $5271841  | 5078454  | 5324559  | 0.28% | N  |
| **Insurance**  | **Insurance**  | **Insurance**  |  |  |  |  |  |  |  |  |  |  |
| AmeriLife Holdings, <br>LLC | 2650 McCormick Drive, Clearwater, FL 33759 | First Lien Term Loan | SOFR(S) | &nbsp;&nbsp; 0.75% | 4.75% | 9.01% | 8/31/2029 | $7244778  | 6995569  | 7244778  | 0.38% | N  |
| AmeriLife Holdings, <br>LLC | 2650 McCormick Drive, Clearwater, FL 33759 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 4.75% | 9.08% | 8/31/2028 | $61875  | 54901  | 61874  | 0.00% | N  |
| EBS Parent Holdings Inc. (TDC Acquisition Sub Inc.) (The Difference Card) | 200 Business Park, Suite 311, Armonk, NY 10504 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.34% | 7/1/2032 | $—  | (3880) | (7764) | 0.00% | K/N  |
| EBS Parent Holdings Inc. (TDC Acquisition Sub Inc.) (The Difference Card) | 200 Business Park, Suite 311, Armonk, NY 10504 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.34% | 7/1/2032 | $—  | (2587) | (2588) | 0.00% | K/N  |
| EBS Parent Holdings Inc. (TDC Acquisition Sub Inc.) (The Difference Card) | 200 Business Park, Suite 311, Armonk, NY 10504 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.29% | 7/1/2032 | $3105469  | 3074417  | 3074414  | 0.16% | N  |
| Integrity Marketing Acquisition, LLC | 1445 Ross Avenue, 40th Floor, Dallas, TX 75202 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.32% | 8/25/2028 | $2366127  | 2347939  | 2366127  | 0.12% | N  |
| Integrity Marketing Acquisition, LLC | 1445 Ross Avenue, 40th Floor, Dallas, TX 75202 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.32% | 8/25/2028 | $—  | (300869) | —  | 0.00% | K/N  |
| IT Parent, LLC | 2 South Cascade Avenue, Suite 200, Colorado Springs, CO 80903 | First Lien Term Loan | SOFR(A) | &nbsp;&nbsp; 1.00% | 6.35% | 10.60% | 10/1/2026 | $745755  | 734441  | 745755  | 0.04% | N  |
| IT Parent, LLC | 2 South Cascade Avenue, Suite 200, Colorado Springs, CO 80903 | First Lien Term Loan | SOFR(A) | &nbsp;&nbsp; 1.00% | 6.35% | 10.60% | 10/1/2026 | $5849375  | 5761587  | 5849375  | 0.31% | N  |
| IT Parent, LLC | 2 South Cascade Avenue, Suite 200, Colorado Springs, CO 80903 | Sr Secured Revolver | SOFR(A) | &nbsp;&nbsp; 1.00% | 6.35% | 10.32% | 10/1/2026 | $875000  | 862422  | 875000  | 0.05% | N  |
| IT Parent, LLC | 2 South Cascade Avenue, Suite 200, Colorado Springs, CO 80903 | First Lien Term Loan | SOFR(A) | &nbsp;&nbsp; 1.00% | 6.35% | 10.67% | 10/1/2026 | $3098802  | 3068390  | 3098802  | 0.16% | N  |
|  |  |  |  |  |  |  |  |  | 22592330  | 23305773  | 1.22% |  |
| **Internet and Catalog Retail** | **Internet and Catalog Retail** | **Internet and Catalog Retail** |  |  |  |  |  |  |  |  |  |  |
| Syndigo, LLC | 141 W Jackson Blvd, Suite 1375, Chicago, IL 60604 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 8.26% | 12.54% | 12/14/2028 | $16815342  | 16380536  | 16689227  | 0.88% | G/N  |

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23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |
| **Internet Software and Services**  | **Internet Software and Services**  | **Internet Software and Services**  |  |  |  |  |  |  |  |  |  |  |
| Acquia, Inc. | 53 State Street, 10th Floor, Boston, MA 02109 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.15% | 11.43% | 11/1/2026 | $1891323  | $1889024  | $1891323  | 0.10% | N  |
| Acquia, Inc. | 53 State Street, 10th Floor, Boston, MA 02109 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.15% | 11.41% | 11/1/2026 | $25299736  | 25257421  | 25299736  | 1.33% | N  |
| Astra Acquisition Corp. <br>(Anthology) | 5201 Congress Ave, Boca Raton, FL 33487 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 10.14% | 14.44% | 10/25/2029 | $27879880  | 20344734  | —  | 0.00% | C/N  |
| Bynder Bidco, Inc. (Netherlands) | Overtoom 16 1054 HJ, Amsterdam, Netherlands | Sr Secured Revolver A | SOFR(S) | &nbsp;&nbsp; 1.00% | 6.00% | 10.14% | 1/26/2029 | $—  | (5606) | —  | 0.00% | H/K/N  |
| Bynder Bidco, Inc. (Netherlands) | Overtoom 16 1054 HJ, Amsterdam, Netherlands | First Lien Term Loan A | SOFR(S) | &nbsp;&nbsp; 1.00% | 6.00% | 10.14% | 1/26/2029 | $4283754  | 4171329  | 4289513  | 0.23% | H/N  |
| Bynder Bidco B.V. (Netherlands) | Overtoom 16 1054 HJ, Amsterdam, Netherlands | Sr Secured Revolver B | SOFR(S) | &nbsp;&nbsp; 1.00% | 6.00% | 10.14% | 1/26/2029 | $—  | (20348) | —  | 0.00% | H/K/N  |
| Bynder Bidco B.V. (Netherlands) | Overtoom 16 1054 HJ, Amsterdam, Netherlands | First Lien Term Loan B | SOFR(S) | &nbsp;&nbsp; 1.00% | 6.00% | 10.14% | 1/26/2029 | $15528609  | 15121692  | 15549484  | 0.82% | H/N  |
| Domo, Inc. | 802 East 1050 South, American Fork, UT 84003 | First Lien Delayed Draw Term Loan (7.0% Exit Fee) | SOFR(Q) | &nbsp;&nbsp; 1.50% | 3.00% Cash + 5.00% PIK | 12.32% | 8/19/2028 | $61461590  | 61461590  | 61461590  | 3.24% | L/N  |
| Domo, Inc. | 802 East 1050 South, American Fork, UT 84003 | First Lien PIK Term Loan | Fixed | &nbsp;&nbsp; 0.00% | 9.50% PIK | 9.50% | 8/19/2028 | $3954447  | 1464569  | 3744861  | 0.20% | N  |
| e-Discovery Acquireco, LLC (Reveal) | 145 S. Wells Street, Suite 600, Chicago, IL 60606 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.08% | 8/29/2029 | $249357  | 239851  | 249357  | 0.01% | N  |
| e-Discovery Acquireco, LLC (Reveal) | 145 S. Wells Street, Suite 600, Chicago, IL 60606 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.08% | 8/29/2029 | $5500000  | 5278428  | 5596861  | 0.29% | N  |
| Fishbowl, Inc. | 2000 Duke Street, Suite 300, Alexandria, VA, 22314 | First Lien Term Loan (7.5% Exit Fee) | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.26% PIK | 9.56% | 5/27/2027 | $13015243  | 13224044  | 7744069  | 0.41% | C/F/L/N  |
| Gympass US, LLC | 30 Irving Pl, New York, NY 10003 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 3.25% Cash + 3.25% PIK | 10.94% | 8/29/2029 | $2678467  | 2624120  | 2705251  | 0.14% | N  |
| Gympass US, LLC | 30 Irving Pl, New York, NY 10003 | First Lien Delayed Draw Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 3.25% Cash + 3.25% PIK | 10.94% | 8/29/2029 | $4920713  | 4939023  | 4969920  | 0.26% | N  |
| Magenta Buyer, LLC (McAfee) | 6000 Headquarters Drive, Suite 600, Plano, TX 75024 | First Lien First Out Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 7.01% | 11.29% | 7/27/2028 | $2318424  | 2041177  | 1948125  | 0.10% | N  |
| Magenta Buyer, LLC (McAfee) | 6000 Headquarters Drive, Suite 600, Plano, TX 75024 | Second Lien Second Out Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 7.26% | 11.54% | 7/27/2028 | $5578386  | 4563797  | 2641366  | 0.14% | N  |
| Magenta Buyer, LLC (McAfee) | 6000 Headquarters Drive, Suite 600, Plano, TX 75024 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.25% | 10.53% | 7/27/2028 | $873530  | 864461  | 885541  | 0.05% | N  |
| Oranje Holdco, Inc. (KnowBe4) | 33 N Garden Ave, Ste 1200, Clearwater, FL 33755 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.75% | 12.03% | 2/1/2029 | $13175394  | 12967099  | 13305184  | 0.70% | N  |
| Oranje Holdco, Inc. (KnowBe4) | 33 N Garden Ave, Ste 1200, Clearwater, FL 33755 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.25% | 11.53% | 2/1/2029 | $10178938  | 9975359  | 10208533  | 0.54% | N  |
| Oranje Holdco, Inc. (KnowBe4) | 33 N Garden Ave, Ste 1200, Clearwater, FL 33755 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.75% | 12.03% | 2/1/2029 | $—  | (18543) | —  | 0.00% | K/N  |
| Persado, Inc. | 11 East 26th St., New York, NY 10010 | First Lien Delayed Draw Term Loan (6.575% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.80% | 7.50% | 11.82% | 6/10/2027 | $6035121  | 5958545  | 5848032  | 0.31% | L/N  |
| Persado, Inc. | 11 East 26th St., New York, NY 10010 | First Lien Term Loan (6.575% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.80% | 7.50% | 11.82% | 6/10/2027 | $8758983  | 8477339  | 8487455  | 0.45% | L/N  |
| Pluralsight, Inc. | 1500 Solana Blvd, Building <br>6 - Floor 4, Suite 6400, Westlake, TX 76262 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 3.00% Cash + 1.50% PIK | 8.83% | 8/22/2029 | $5797988  | 5556726  | 5797988  | 0.31% | N  |
| Pluralsight, Inc. | 1500 Solana Blvd, Building <br>6 - Floor 4, Suite 6400, Westlake, TX 76262 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.50% PIK | 11.83% | 8/22/2029 | $9429356  | 9064821  | 9429356  | 0.50% | N  |
| Pluralsight, Inc. | 1500 Solana Blvd, Building <br>6 - Floor 4, Suite 6400, Westlake, TX 76262 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 3.00% Cash + 1.50% PIK | 8.83% | 8/22/2029 | $3055448  | 3055448  | 3055448  | 0.16% | N  |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | 660 Spencer St, West Melbourne, Victoria 3003, Australia | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.65% | 10.93% | 1/24/2028 | $9686006  | 9540471  | 9649367  | 0.51% | H/N  |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | 660 Spencer St, West Melbourne, Victoria 3003, Australia | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.65% | 10.93% | 1/24/2028 | $5012679  | 4868489  | 4993718  | 0.26% | H/N  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  |
| Spartan Bidco Pty Ltd (StarRez) (Australia) | 660 Spencer St, West Melbourne, Victoria 3003, Australia | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.65% | 10.93% | 1/24/2028 | $—  | $(12327) | $(3037) | 0.00% | H/K/N  |
| Suited Connector, LLC | 8123 Interport Blvd, Englewood, CO 80112 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.20% Cash + 1.00% PIK | 11.51% | 12/1/2027 | $909258  | 851517  | 592836  | 0.03% | N  |
| Suited Connector, LLC | 8123 Interport Blvd, Englewood, CO 80112 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.20% Cash + 1.00% PIK | 11.51% | 12/1/2027 | $5889558  | 5526969  | 3839992  | 0.20% | N  |
|  |  |  |  |  |  |  |  |  | 239271219  | 214181869  | 11.29% |  |
| **IT Services**  | **IT Services**  | **IT Services**  |  |  |  |  |  |  |  |  |  |  |
| Crewline Buyer, Inc. (New Relic) | 188 Spear St., Suite 1000, San Francisco, CA 94105 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.75% | 11.08% | 11/8/2030 | $—  | (1699) | (2126) | 0.00% | K/N  |
| Crewline Buyer, Inc. (New Relic) | 188 Spear St., Suite 1000, San Francisco, CA 94105 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.75% | 11.08% | 11/8/2030 | $1569811  | 1528254  | 1549404  | 0.08% | N  |
| Intercept Bidco, Inc. | Two Center Plaza, Suite 500, Boston, MA 02108 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.00% | 10.32% | 6/3/2030 | $1805556  | 1759722  | 1776667  | 0.09% | N  |
| Intercept Bidco, Inc. | Two Center Plaza, Suite 500, Boston, MA 02108 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.00% | 10.32% | 6/3/2030 | $—  | —  | (6667) | 0.00% | K/N  |
| Intercept Bidco, Inc. | Two Center Plaza, Suite 500, Boston, MA 02108 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.00% | 10.32% | 6/3/2030 | $—  | —  | (4444) | 0.00% | K/N  |
| Idera, Inc. | 4001 W. Parmer Lane, Suite 125, Austin, TX 78727 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.75% | 11.18% | 2/4/2029 | $1923186  | 1832680  | 1706828  | 0.09% | G  |
| Madison Logic Holdings, Inc. | 780 3rd Avenue, 20th Floor, New York, NY, 10017 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 4.73% Cash + 2.37% PIK | 11.33% | 12/30/2027 | $—  | (12646) | (41378) | 0.00% | K/N  |
| Madison Logic Holdings, Inc. | 780 3rd Avenue, 20th Floor, New York, NY, 10017 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 4.73% Cash + 2.37% PIK | 11.33% | 12/29/2028 | $19808107  | 19197358  | 18718661  | 0.99% | N  |
| Serrano Parent, LLC (Sumo Logic) | 855 Main St., Suite 100, Redwood City, CA 94063 | Sr Secured Revolver | SOFR(S) | &nbsp;&nbsp; 1.00% | 6.50% | 10.71% | 5/13/2030 | $—  | (2499) | (16751) | 0.00% | K/N  |
| Serrano Parent, LLC (Sumo Logic) | 855 Main St., Suite 100, Redwood City, CA 94063 | First Lien Term Loan | SOFR(S) | &nbsp;&nbsp; 1.00% | 6.50% | 10.71% | 5/13/2030 | $6979701  | 6764936  | 6812188  | 0.36% | N  |
| Xactly Corporation | 221 Saratoga-Los Gatos Rd, Los Gatos, CA 95030 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.35% | 10.68% | 7/31/2027 | $14671682  | 14671682  | 14671682  | 0.77% | N  |
|  |  |  |  |  |  |  |  |  | 45737788  | 45164064  | 2.38% |  |
| **Life Sciences Tools & Services** | **Life Sciences Tools & Services** | **Life Sciences Tools & Services** |  |  |  |  |  |  |  |  |  |  |
| Alcami Corporation | 2320 Scientific Park Dr, Wilmington, NC 28405 | First Lien Delayed Draw Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.10% | 11.41% | 12/21/2028 | $628423  | 616390  | 634708  | 0.03% | N  |
| Alcami Corporation | 2320 Scientific Park Dr, Wilmington, NC 28405 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.15% | 11.48% | 12/21/2028 | $—  | (17968) | —  | 0.00% | K/N  |
| Alcami Corporation | 2320 Scientific Park Dr, Wilmington, NC 28405 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.15% | 11.48% | 12/21/2028 | $8538559  | 8369880  | 8623945  | 0.45% | N  |
| DNAnexus, Inc | 1975 W El Camino, Suite 101, Mountain View, CA 94040 | First Lien Delayed Draw Term Loan | SOFR(M) | &nbsp;&nbsp; 3.00% | 5.25% | 9.57% | 12/18/2029 | $1312500  | 1136137  | 1115625  | 0.06% | N  |
| DNAnexus, Inc | 1975 W El Camino, Suite 101, Mountain View, CA 94040 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 3.00% | 5.25% | 9.57% | 12/20/2029 | $6562500  | 6502410  | 6496875  | 0.34% | N  |
|  |  |  |  |  |  |  |  |  | 16606849  | 16871153  | 0.88% |  |
| **Machinery** | **Machinery** | **Machinery** |  |  |  |  |  |  |  |  |  |  |
| Sonny's Enterprises, <br>LLC | 5870 Hiatus Road, Tamarac, FL 33321 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.65% | 9.95% | 8/5/2028 | $19456167  | 19150715  | 18444447  | 0.97% | N  |
| Sonny's Enterprises, <br>LLC | 5870 Hiatus Road, Tamarac, FL 33321 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.65% | 9.96% | 8/5/2028 | $202130  | 200285  | 191619  | 0.01% | N  |
| Sonny's Enterprises, <br>LLC | 5870 Hiatus Road, Tamarac, FL 33321 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.65% | 9.95% | 8/5/2027 | $89879  | 89880  | 80663  | 0.00% | N  |
|  |  |  |  |  |  |  |  |  | 19440880  | 18716729  | 0.98% |  |
| **Media**  | **Media**  | **Media**  |  |  |  |  |  |  |  |  |  |  |
| Khoros, LLC (Lithium) | 7300 Ranch Road 2222, Building 3, Suite 150, Austin, TX 78730 | First Lien Term Loan | Fixed | &nbsp;&nbsp; 0.00% | 10.00% | 10.00% | 5/23/2030 | $5978250  | 5978250  | 5978250  | 0.31% | N  |
| NEP Group, Inc. et al | 2 Beta Drive, Pittsburg, PA 15238 | Second Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 7.26% | 11.59% | 10/19/2026 | $17631760  | 17090751  | 9521150  | 0.50% | G/N  |
| Streamland Media Midco LLC | 3900 W Alameda Ave, 10th Floor, Burbank, CA 91505 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.00% | 1.00% Cash + 5.50% PIK | 10.07% | 3/31/2029 | $16818  | 16818  | 16818  | 0.00% | N  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  | **Media - Continued**  |
| Streamland Media Midco LLC | 3900 W Alameda Ave, 10th Floor, Burbank, CA 91505 | First Out Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 1.00% Cash + 5.50% PIK | 10.06% | 3/31/2029 | $288098  | $288098  | $288098  | 0.02% | N  |
| Streamland Media Midco LLC | 3900 W Alameda Ave, 10th Floor, Burbank, CA 91505 | Last Out Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.00% | 1.00% Cash + 6.50% PIK | 11.06% | 3/31/2029 | $269999  | 269999  | 269999  | 0.01% | N  |
| Streamland Media Midco LLC | 3900 W Alameda Ave, 10th Floor, Burbank, CA 91505 | First Lien Rollup Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 1.00% Cash + 5.50% PIK | 10.06% | 3/31/2029 | $10033  | 10033  | 10033  | 0.00% | N  |
| Terraboost Media Operating <br>Company, LLC | 2232 Dell Range Blvd, Suite 202, Cheyenne, WY 82009 | First Lien Term Loan | Fixed | &nbsp;&nbsp; 0.00% | 4.00% Cash + 6.00% PIK | 10.00% | 8/23/2026 | $13585251  | 13346941  | 13340716  | 0.70% | N  |
| TL Voltron Purchaser, LLC (GES) | 7000 S Lindell Road, Suite 4702, Las Vegas, NV 89118 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.25% | 9.58% | 12/31/2030 | $12082143  | 11859392  | 11792171  | 0.62% | N  |
|  |  |  |  |  |  |  |  |  | 48860282  | 41217235  | 2.16% |  |
| **Oil, Gas and Consumable Fuels**  | **Oil, Gas and Consumable Fuels**  | **Oil, Gas and Consumable Fuels**  |  |  |  |  |  |  |  |  |  |  |
| Iracore International Holdings, Inc. | 3516 East 13th Avenue, Hibbing, MN 55746 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 9.15% | 13.45% | 4/12/2026 | $842642  | 842642  | 842642  | 0.04% | B/N  |
| Palmdale Oil Company, LLC | 7111 Fairway Drive, Suite #450, Palm Beach Gardens, FL 33418 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.75% | 11.06% | 10/2/2029 | $3276545  | 3138552  | 3273269  | 0.17% | N  |
|  |  |  |  |  |  |  |  |  | 3981194  | 4115911  | 0.21% |  |
| **Paper and Forest Products** | **Paper and Forest Products** | **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |  |
| Alpine Acquisition Corp II (48Forty) | 3650 Mansell Rd, Suite 100, Alpharetta, GA 30022 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.15% | 10.48% | 11/30/2029 | $1334039  | 1278024  | 913778  | 0.05% | C/N  |
| Alpine Acquisition Corp II (48Forty) | 3650 Mansell Rd, Suite 100, Alpharetta, GA 30022 | First Lien Participation Tranche 1 Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.15% | 10.48% | 11/30/2029 | $15163075  | 14866462  | 10386268  | 0.55% | C/N  |
| Alpine Acquisition Corp II (48Forty) | 3650 Mansell Rd, Suite 100, Alpharetta, GA 30022 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.15% | 10.48% | 11/30/2029 | $11409966  | 11252132  | 7815498  | 0.41% | C/N  |
| Alpine Acquisition Corp II (48Forty) | 3650 Mansell Rd, Suite 100, Alpharetta, GA 30022 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.15% | 10.48% | 11/30/2029 | $4285044  | 4117752  | 2935131  | 0.15% | C/N  |
| Alpine Acquisition Corp II (48Forty) | 3650 Mansell Rd, Suite 100, Alpharetta, GA 30022 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.10% | 10.43% | 11/30/2029 | $678014  | 655496  | 410513  | 0.02% | C/N  |
| FSK Pallet Holding Corp. <br>(Kamps) | 2900 Peach Ridge Ave NW, Walker, MI, 49534 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.25% | 6.65% | 10.86% | 12/23/2026 | $13133737  | 12866137  | 13119741  | 0.69% | N  |
|  |  |  |  |  |  |  |  |  | 45036003  | 35580929  | 1.87% |  |
| **Professional Services**  | **Professional Services**  | **Professional Services**  |  |  |  |  |  |  |  |  |  |  |
| Applause App Quality, Inc. | 100 Pennsylvania Ave, Suite 500, Framingham, MA 01701 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.50% | 6.00% | 10.21% | 10/24/2029 | $261544  | 238930  | 247159  | 0.01% | N  |
| Applause App Quality, <br>Inc.  | 100 Pennsylvania Ave, Suite 500, Framingham, MA 01701 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.50% | 6.00% | 10.30% | 10/24/2029 | $13077192  | 12847078  | 12933343  | 0.68% | N  |
| Chronicle Parent LLC (Lexitas) | 4424 W Sam Houston Pkwy N Westway II, Suite 420, Houston, TX 77041 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.34% | 4/15/2031 | $—  | (20845) | (21605) | 0.00% | K/N  |
| Chronicle Parent LLC (Lexitas) | 4424 W Sam Houston Pkwy N Westway II, Suite 420, Houston, TX 77041 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.34% | 4/15/2031 | $—  | (13902) | (7202) | 0.00% | K/N  |
| Chronicle Parent LLC (Lexitas) | 4424 W Sam Houston Pkwy N Westway II, Suite 420, Houston, TX 77041 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.26% | 4/15/2031 | $13683128  | 13550697  | 13614712  | 0.72% | N  |
| Lighthouse Parent Holdings, <br>Inc (Aperture) | 2000 E Lamar Blvd, Suite 550, Arlington, TX 76006 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.26% | 12/20/2031 | $—  | (33637) | (134015) | -0.01% | K/N  |
| Lighthouse Parent Holdings, <br>Inc (Aperture) | 2000 E Lamar Blvd, Suite 550, Arlington, TX 76006 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.26% | 12/20/2031 | $—  | (26954) | (53606) | 0.00% | K/N  |
| Lighthouse Parent Holdings, <br>Inc (Aperture) | 2000 E Lamar Blvd, Suite 550, Arlington, TX 76006 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.26% | 12/20/2031 | $12011837  | 11876626  | 11735565  | 0.62% | N  |
| Huckabee Acquisition, LLC (MOREgroup) | 801 Cherry Street, Suite 500, Fort Worth, TX 76102 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.25% | 9.57% | 1/16/2030 | $1465323  | 1408689  | 1465323  | 0.08% | N  |
| Huckabee Acquisition, LLC (MOREgroup) | 801 Cherry Street, Suite 500, Fort Worth, TX 76102 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.25% | 9.57% | 1/16/2030 | $—  | (2643) | —  | 0.00% | K/N  |
| Huckabee Acquisition, LLC (MOREgroup) | 801 Cherry Street, Suite 500, Fort Worth, TX 76102 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.25% | 9.57% | 1/16/2030 | $—  | (1586) | —  | 0.00% | K/N  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  | **Professional Services - Continued**  |
| ICIMS, Inc. | 101 Crawfords Corner Road, Suite 3-100, Holmdel, NJ 07733 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.75% | 10.03% | 8/18/2028 | $16380862  | $15971222  | $15977893  | 0.84% | N  |
| ICIMS, Inc. | 101 Crawfords Corner Road, Suite 3-100, Holmdel, NJ 07733 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 6.25% | 10.53% | 8/18/2028 | $4449002  | 4400524  | 4399173  | 0.23% | N  |
| ICIMS, Inc. | 101 Crawfords Corner Road, Suite 3-100, Holmdel, NJ 07733 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.75% | 10.03% | 8/18/2028 | $217524  | 207419  | 181850  | 0.01% | N  |
| JobandTalent USA, Inc. (United Kingdom) | 199 Bishopgate, Spitalfields, London EC2M 3TY, United Kingdom | First Lien Incremental Term Loan (5.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.00% PIK | 11.33% | 8/17/2025 | $5111117  | 5096033  | 4968517  | 0.26% | H/L/N  |
| JobandTalent USA, Inc. (United Kingdom) | 199 Bishopgate, Spitalfields, London EC2M 3TY, United Kingdom | First Lien Term Loan (5.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.00% PIK | 11.33% | 8/17/2025 | $30621884  | 30577593  | 29767533  | 1.57% | H/L/N  |
| JobandTalent USA, Inc. (United Kingdom) | 199 Bishopgate, Spitalfields, London EC2M 3TY, United Kingdom | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.00% PIK | 11.33% | 8/17/2025 | $10207294  | 10192334  | 9922511  | 0.52% | H/L/N  |
| JobandTalent USA, Inc. (United Kingdom) | 199 Bishopgate, Spitalfields, London EC2M 3TY, United Kingdom | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.00% PIK | 11.33% | 8/17/2025 | $4436297  | 4431336  | 4312525  | 0.23% | H/L/N  |
| JobandTalent USA, Inc. (United Kingdom) | 199 Bishopgate, Spitalfields, London EC2M 3TY, United Kingdom | First Lien Delayed Draw Term Loan (5.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.00% PIK | 11.33% | 8/17/2025 | $8872595  | 8860727  | 8625049  | 0.45% | H/L/N  |
| TLE Holdings, LLC | 210 Hillsboro Technology Drive, Deerfield Beach, FL 33441 | First Lien Delayed Draw Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.60% | 9.93% | 6/28/2026 | $952690  | 930104  | 955072  | 0.05% | N  |
| TLE Holdings, LLC | 210 Hillsboro Technology Drive, Deerfield Beach, FL 33441 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.60% | 9.93% | 6/28/2026 | $3720359  | 3632095  | 3729659  | 0.20% | N  |
|  |  |  |  |  |  |  |  |  | 124121840  | 122619456  | 6.46% |  |
| **Real Estate Management and Development**  | **Real Estate Management and Development**  | **Real Estate Management and Development**  |  |  |  |  |  |  |  |  |  |  |
| Community Merger Sub Debt LLC (CINC Systems) | 3055 Breckinridge Blvd, Suite 310, Duluth, GA 30096 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 0.75% | 5.25% | 9.58% | 1/18/2030 | $1571429  | 1502844  | 1569673  | 0.08% | N  |
| Community Merger Sub Debt LLC (CINC Systems) | 3055 Breckinridge Blvd, Suite 310, Duluth, GA 30096 | First Lien 2025 Incremental Term Loan | SOFR(M) | &nbsp;&nbsp; 0.75% | 5.25% | 9.58% | 1/18/2030 | $599435  | 594189  | 598765  | 0.03% | N  |
| Community Merger Sub Debt LLC (CINC Systems) | 3055 Breckinridge Blvd, Suite 310, Duluth, GA 30096 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 0.75% | 5.25% | 9.58% | 1/18/2030 | $—  | (4137) | (479) | 0.00% | K/N  |
| Greystone Affordable Housing Initiatives, <br>LLC | 152 W. 57th St, New York, NY 10019 | First Lien Delayed Draw Term Loan | SOFR(S) | &nbsp;&nbsp; 1.25% | 6.43% | 10.69% | 3/2/2026 | $6533333  | 6464091  | 6500667  | 0.34% | I/N  |
| Greystone Select Company II, LLC (Passco) | 2050 Main Street, Suite 650, Irvine, CA 92614 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.50% | 6.61% | 10.94% | 3/21/2027 | $12843151  | 12644515  | 12758095  | 0.67% | N  |
|  |  |  |  |  |  |  |  |  | 21201502  | 21426721  | 1.12% |  |
| **Road and Rail**  | **Road and Rail**  | **Road and Rail**  |  |  |  |  |  |  |  |  |  |  |
| Motive Technologies, Inc. (Keep Trucking) | 55 Hawthorne Street, Suite #500, San Francisco, CA 94105 | First Lien Incremental Term Loan 2 (1.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.36% | 11.69% | 4/8/2027 | $10119063  | 10074697  | 10038110  | 0.53% | L/N  |
| Motive Technologies, Inc. (Keep Trucking) | 55 Hawthorne Street, Suite #500, San Francisco, CA 94105 | First Lien Incremental Term Loan 1 (1.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.36% | 11.69% | 4/8/2027 | $13280937  | 13167074  | 13174690  | 0.69% | L/N  |
| Motive Technologies, Inc. (Keep Trucking) | 55 Hawthorne Street, Suite #500, San Francisco, CA 94105 | First Lien Term Loan (1.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.36% | 11.69% | 4/8/2027 | $29600000  | 29272894  | 29363200  | 1.55% | L/N  |
| Motive Technologies, Inc. (Keep Trucking) | 55 Hawthorne Street, Suite #500, San Francisco, CA 94105 | First Lien Incremental Term Loan 3 (1.0% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.36% | 11.69% | 4/8/2027 | $2000000  | 1952412  | 1984000  | 0.10% | L/N  |
|  |  |  |  |  |  |  |  |  | 54467077  | 54560000  | 2.87% |  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |
| **Semiconductors and Semiconductor Equipment**  | **Semiconductors and Semiconductor Equipment**  | **Semiconductors and Semiconductor Equipment**  |  |  |  |  |  |  |  |  |  |  |
| Emerald Technologies (U.S.) AcquisitionCo, <br>Inc. | 2243 Lundy Ave, San Jose, CA 95131 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.40% | 10.73% | 12/29/2027 | $6923001  | $6720605  | $4846100  | 0.26% | G/N  |
| Emerald Technologies (U.S.) AcquisitionCo, <br>Inc. | 2243 Lundy Ave, San Jose, CA 95131 | Sr Secured Revolver | Prime | &nbsp;&nbsp; 1.00% | 5.00% | 12.50% | 12/29/2026 | $2625746  | 2473341  | 1817259  | 0.10% | G/N  |
|  |  |  |  |  |  |  |  |  | 9193946  | 6663359  | 0.36% |  |
| **Software** | **Software** | **Software** |  |  |  |  |  |  |  |  |  |  |
| AlphaSense, Inc. | 441 Ninth Avenue, New York, NY 10001 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.00% | 6.25% | 10.55% | 6/27/2029 | $23208319  | 23015317  | 23012437  | 1.21% | N  |
| AlphaSense, Inc. | 441 Ninth Avenue, New York, NY 10001 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.00% | 6.25% | 10.55% | 6/27/2029 | $—  | (46417) | (39176) | 0.00% | K/N  |
| Aras Corporation | 100 Brickstone Square, Andover, MA 01810 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.50% | 9.80% | 4/13/2029 | $452133  | 448541  | 452133  | 0.02% | N  |
| Aras Corporation | 100 Brickstone Square, Andover, MA 01810 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.50% | 9.80% | 4/13/2029 | $17816279  | 17517745  | 17834095  | 0.94% | N  |
| Bluefin Holding, LLC (Allvue) | 396 Alhambra Circle, 11th Floor, Coral Gables, FL 33134 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.25% | 10.57% | 9/12/2029 | $—  | (8560) | —  | 0.00% | K/N  |
| Bluefin Holding, LLC (Allvue) | 396 Alhambra Circle, 11th Floor, Coral Gables, FL 33134 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.25% | 10.57% | 9/12/2029 | $11307053  | 10962975  | 11420124  | 0.60% | N  |
| Cart.Com, Inc. | 1334 Brittmoore Rd., Suite 225, Houston, TX 77043 | First Lien Term Loan (2.5% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 1.50% | 7.75% | 12.08% | 5/30/2029 | $26250000  | 25987500  | 25987500  | 1.37% | L/N  |
| Clever Devices Ltd. | 300 Crossways Park Drive, Woodbury, NY 11797 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.00% | 10.33% | 6/12/2030 | $98039  | 79657  | 97304  | 0.01% | N  |
| Clever Devices Ltd. | 300 Crossways Park Drive, Woodbury, NY 11797 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.00% | 10.32% | 6/12/2030 | $1747059  | 1703382  | 1745312  | 0.09% | N  |
| Deepl Se (Germany) | Maarweg 165 Cologne, North Rhine-Westphalia 50825, Germany | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 2.50% | 5.00% | 9.30% | 6/26/2030 | $—  | (10305) | (10311) | 0.00% | H/K/N  |
| Deepl Se (Germany) | Maarweg 165 Cologne, North Rhine-Westphalia 50825, Germany | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.50% | 5.00% | 9.30% | 6/26/2030 | $2356713  | 2322850  | 2322847  | 0.12% | H/N  |
| Disco Parent, Inc. (Duck Creek Technologies) | 100 Summer St, 8th Floor, Suite 801, Boston, MA 02110 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.00% | 11.33% | 3/30/2029 | $—  | (3652) | —  | 0.00% | K/N  |
| Disco Parent, Inc. (Duck Creek Technologies) | 100 Summer St, 8th Floor, Suite 801, Boston, MA 02110 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.00% | 11.33% | 3/30/2029 | $7217706  | 7008054  | 7217706  | 0.38% | N  |
| Douglas Holdings, Inc (Docupace) | 101 Crawfords Corner Road, Suite 1324, Holmdel, NJ 07733 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% Cash + 0.38% PIK | 10.42% | 8/27/2030 | $15259318  | 15057488  | 15045688  | 0.79% | N  |
| Douglas Holdings, Inc (Docupace) | 101 Crawfords Corner Road, Suite 1324, Holmdel, NJ 07733 | First Lien Delayed Draw Term Loan B | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% Cash + 0.38% PIK | 10.42% | 8/27/2030 | $398069  | 373818  | 351628  | 0.02% | N  |
| Douglas Holdings, Inc (Docupace) | 101 Crawfords Corner Road, Suite 1324, Holmdel, NJ 07733 | First Lien PIK Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% Cash + 0.38% PIK | 10.42% | 8/27/2030 | $719248  | 719248  | 692869  | 0.04% | N  |
| Douglas Holdings, Inc (Docupace) | 101 Crawfords Corner Road, Suite 1324, Holmdel, NJ 07733 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.75% | 10.42% | 8/27/2030 | $—  | (17137) | (18577) | 0.00% | K/N  |
| Dragos, Inc. | 1745 Dorsey Road, Hanover, MD 21076 | First Lien Delayed Draw Term Loan  | SOFR(S) | &nbsp;&nbsp; 1.00% | 5.25% | 9.42% | 6/30/2030 | $—  | (23987) | (24000) | 0.00% | K/N  |
| Dragos, Inc. | 1745 Dorsey Road, Hanover, MD 21076 | First Lien Term Loan | SOFR(S) | &nbsp;&nbsp; 1.00% | 5.25% | 9.42% | 6/30/2030 | $3600000  | 3564008  | 3564000  | 0.19% | N  |
| Elastic Path Software, Inc. <br>(Canada) | 408-55 Water Street, Office #8412, Vancouver, BC V6B 1A1, Canada | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.76% | 12.09% | 1/6/2026 | $3719435  | 3701252  | 3719435  | 0.20% | H/L/N  |
| Elastic Path Software, Inc. <br>(Canada) | 408-55 Water Street, Office #8412, Vancouver, BC V6B 1A1, Canada | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 7.76% | 12.02% | 1/6/2026 | $7326537  | 7289151  | 7326537  | 0.39% | H/L/N  |
| FirstUp, Inc | 123 Mission Street, 25th Floor, San Francisco, CA 94105 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.75% | 11.05% | 7/13/2027 | $418269  | 414697  | 415759  | 0.02% | N  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  |
| FirstUp, Inc | 123 Mission Street, 25th Floor, San Francisco, CA 94105 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.75% | 11.05% | 7/13/2027 | $43005  | $42638  | $42747  | 0.00% | N  |
| FirstUp, Inc | 123 Mission Street, 25th Floor, San Francisco, CA 94105 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.75% | 11.05% | 7/13/2027 | $—  | (329) | (232) | 0.00% | K/N  |
| Flexport Capital, LLC | 760 Market Street, 8th Floor, San Francisco, CA 94102 | First Lien Delayed Draw Term Loan  | SOFR(Q) | &nbsp;&nbsp; 2.00% | 5.50% | 9.84% | 6/30/2029 | $—  | —  | (43333) | 0.00% | K/N  |
| Flexport Capital, LLC | 760 Market Street, 8th Floor, San Francisco, CA 94102 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.00% | 5.50% | 9.84% | 6/30/2029 | $5666667  | 5610011  | 5610000  | 0.30% | N  |
| Fusion Risk Management, Inc. | 2 North Riverside Plaza, Suite 1000, Chicago, IL 60606 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 6.00% | 10.32% | 5/22/2029 | $128571  | 119320  | 123429  | 0.01% | N  |
| Fusion Risk Management, Inc. | 2 North Riverside Plaza, Suite 1000, Chicago, IL 60606 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.00% | 10.33% | 5/22/2029 | $5670157  | 5452782  | 5624795  | 0.30% | N  |
| G-3 Apollo Acquisition Corp (Appriss Retail) | 220 Progress, Suite 175, Irvine, CA 92618 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.31% | 3/10/2031 | $6666667  | 6579307  | 6586667  | 0.35% | N  |
| G-3 Apollo Acquisition Corp (Appriss Retail) | 220 Progress, Suite 175, Irvine, CA 92618 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.31% | 3/10/2031 | $—  | (20388) | (17143) | 0.00% | K/N  |
| G-3 Apollo Acquisition Corp (Appriss Retail) | 220 Progress, Suite 175, Irvine, CA 92618 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.00% | 9.31% | 3/10/2031 | $152381  | 130952  | 135238  | 0.01% | N  |
| GTY Technology Holdings Inc. | 1155 Perimeter Center West, Suite 500, Sandy Springs, GA 30338 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 2.50% Cash + 4.125% PIK | 10.92% | 7/9/2029 | $2470421  | 2356424  | 2435482  | 0.13% | N  |
| GTY Technology Holdings Inc. | 1155 Perimeter Center West, Suite 500, Sandy Springs, GA 30338 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 2.50% Cash + 4.125% PIK | 10.92% | 7/9/2029 | $3024815  | 2982611  | 2982035  | 0.16% | N  |
| GTY Technology Holdings Inc. | 1155 Perimeter Center West, Suite 500, Sandy Springs, GA 30338 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 2.50% Cash + 4.125% PIK | 10.92% | 7/9/2029 | $1910735  | 1826116  | 1883712  | 0.10% | N  |
| GTY Technology Holdings Inc. | 1155 Perimeter Center West, Suite 500, Sandy Springs, GA 30338 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 2.50% Cash + 4.125% PIK | 10.92% | 7/9/2029 | $1466277  | 1413598  | 1445540  | 0.08% | N  |
| GTY Technology Holdings Inc. | 1155 Perimeter Center West, Suite 500, Sandy Springs, GA 30338 | Sr Secured Revolver | Prime | &nbsp;&nbsp; 1.00% | 5.00% | 12.50% | 7/9/2029 | $616705  | 591316  | 594899  | 0.03% | N  |
| Honey Intermediate, Inc. (iLobby) (Canada) | 5255 Yonge Street, Suite 1500, North York, ON M2N 6P4, Canada | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 2.88% Cash + 3.38% PIK | 10.58% | 9/26/2030 | $18103884  | 17864475  | 17832326  | 0.94% | H/N  |
| Honey Intermediate, Inc. (iLobby) (Canada) | 5255 Yonge Street, Suite 1500, North York, ON M2N 6P4, Canada | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 2.88% Cash + 3.38% PIK | 10.58% | 9/26/2030 | $—  | (30909) | (35294) | 0.00% | H/K/N  |
| Integrate.com, Inc. | 2345 E Thomas Rd., Ste. 100 #955, Phoenix, AZ 85016 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 4.65% Cash + 2.25% PIK | 11.20% | 12/17/2027 | $5656962  | 5545784  | 5444926  | 0.29% | N  |
| Integrate.com, Inc. | 2345 E Thomas Rd., Ste. 100 #955, Phoenix, AZ 85016 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 4.65% Cash + 2.25% PIK | 11.20% | 12/17/2027 | $359565  | 352608  | 346088  | 0.02% | N  |
| Integrate.com, Inc. | 2345 E Thomas Rd., Ste. 100 #955, Phoenix, AZ 85016 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 4.65% Cash + 2.25% PIK | 11.22% | 12/17/2027 | $300813  | 287411  | 289538  | 0.02% | N  |
| Integrate.com, Inc. | 2345 E Thomas Rd., Ste. 100 #955, Phoenix, AZ 85016 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 4.65% Cash + 2.25% PIK | 11.22% | 12/17/2027 | $465802  | 460900  | 447818  | 0.02% | N  |
| JOBVITE, Inc. (Employ, Inc.) | 1730 Blake Street, Suite #445, Denver, CO, 80202 | First Lien Last Out Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 7.50% | 11.80% | 8/5/2028 | $8017052  | 7727971  | 7895254  | 0.42% | N  |
| Logicmonitor, Inc | 98 San Jacinto Blvd, Suite 1300, Austin, TX 78701 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.50% | 9.78% | 11/19/2031 | $—  | (579) | (603) | 0.00% | K/N  |
| Logicmonitor, Inc | 98 San Jacinto Blvd, Suite 1300, Austin, TX 78701 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.50% | 9.78% | 11/19/2031 | $405983  | 401489  | 401160  | 0.02% | N  |
| Thunder Purchaser, Inc. (Vector Solutions) | 4890 W Kennedy Blvd, Suite 300, Tampa, FL 33609 | First Lien Incremental Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.40% | 9.70% | 6/30/2028 | $4037070  | 3995924  | 3954673  | 0.21% | N  |
| Thunder Purchaser, Inc. (Vector Solutions) | 4890 W Kennedy Blvd, Suite 300, Tampa, FL 33609 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 5.40% | 9.70% | 6/30/2028 | $2260760  | 2242395  | 2226196  | 0.12% | N  |

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**[**TABLE OF CONTENTS**](#TOC)**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  | **Software - Continued**  |
| Nvest, Inc. (SigFig) | 2443 Fillmore Street, Suite 380-1512, San Francisco, CA 94115 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 7.50% | 11.93% | 9/15/2026 | $7318167  | $7267699  | $7246574  | 0.38% | N  |
| SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | Place Bel Air 8, 1260 Nyon, Switzerland | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 3.00% Cash + 3.50% PIK | 10.80% | 5/9/2028 | $25974061  | 25614973  | 25896520  | 1.36% | H/N  |
| SEP Eiger BidCo Ltd. (Beqom) (Switzerland) | Place Bel Air 8, 1260 Nyon, Switzerland | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.50% | 10.80% | 5/9/2028 | $—  | (17356) | (6538) | 0.00% | H/K/N  |
| Trintech, Inc. | 5600 Granite Parkway, Suite 10000, Plano, TX 75024 | Sr Secured Revolver | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.50% | 9.83% | 7/25/2029 | $60857  | 55197  | 57637  | 0.00% | N  |
| Trintech, Inc. | 5600 Granite Parkway, Suite 10000, Plano, TX 75024 | First Lien Term Loan | SOFR(M) | &nbsp;&nbsp; 1.00% | 5.50% | 9.83% | 7/25/2029 | $2727465  | 2610445  | 2686231  | 0.14% | N  |
| Zendesk Inc. | 181 Fremont St., San Francisco, CA 94105 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.32% | 11/22/2028 | $5675728  | 5537395  | 5675728  | 0.30% | N  |
| Zendesk Inc. | 181 Fremont St., San Francisco, CA 94105 | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.32% | 11/22/2028 | $436068  | 441912  | 436069  | 0.02% | N  |
| Zendesk Inc. | 181 Fremont St., San Francisco, CA 94105 | Sr Secured Revolver | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.00% | 9.32% | 11/22/2028 | $—  | (572) | —  | 0.00% | K/N  |
| Zilliant Incorporated | 720 Brazos Street, Suite 600, Austin, TX 78701 | First Lien Term Loan (0.5% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 0.75% | 2.10% Cash + 5.00% PIK | 11.43% | 12/21/2027 | $3504768  | 3391648  | 3361072  | 0.18% | L/N  |
| Zilliant Incorporated | 720 Brazos Street, Suite 600, Austin, TX 78701 | First Lien Delayed Draw Term Loan (0.5% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 0.75% | 2.10% Cash + 5.00% PIK | 11.43% | 12/21/2027 | $641724  | 626290  | 615414  | 0.03% | L/N  |
| Zilliant Incorporated | 720 Brazos Street, Suite 600, Austin, TX 78701 | Sr Secured Revolver (0.5% Exit Fee) | SOFR(M) | &nbsp;&nbsp; 0.75% | 2.10% Cash + 5.00% PIK | 11.43% | 12/21/2027 | $—  | (2246) | (12148) | 0.00% | K/L/N  |
|  |  |  |  |  |  |  |  |  | 231512837  | 233275787  | 12.33% |  |
| **Specialty Retail**  | **Specialty Retail**  | **Specialty Retail**  |  |  |  |  |  |  |  |  |  |  |
| Calceus Acquisition, Inc. (Cole Haan) | 150 Ocean Road, Greenland, NH 03840 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 2.00% | 6.50% | 10.80% | 8/15/2028 | $24462736  | 23913337  | 24560586  | 1.29% | G/N  |
| Hanna Andersson, <br>LLC | 608 NE 19th Avenue, Portland, OR 97232 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.35% | 10.63% | 7/2/2026 | $10413407  | 10228506  | 10413407  | 0.55% | N  |
|  |  |  |  |  |  |  |  |  | 34141843  | 34973993  | 1.84% |  |
| **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** | **Technology Hardware, Storage & Peripherals** |  |  |  |  |  |  |  |  |  |  |
| SumUp Holdings Luxembourg S.A.R.L. (Luxembourg) | 32-34 Great Marlborough St, London, W1F 7JB, United Kingdom | First Lien Delayed Draw Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.50% | 10.83% | 4/25/2031 | $34673627  | 34375175  | 35020364  | 1.84% | H/N  |
| **Textiles, Apparel and Luxury Goods**  | **Textiles, Apparel and Luxury Goods**  | **Textiles, Apparel and Luxury Goods**  |  |  |  |  |  |  |  |  |  |  |
| James Perse Enterprises, <br>Inc. | 7373 Flores Street, Downey CA 90242 | First Lien Term Loan | SOFR(A) | &nbsp;&nbsp; 1.00% | 6.25% | 10.31% | 9/8/2027 | $22222222  | 21955252  | 22222222  | 1.17% | N  |
| James Perse Enterprises, <br>Inc. | 7373 Flores Street, Downey CA 90242 | First Lien Term Loan | SOFR(A) | &nbsp;&nbsp; 1.00% | 6.25% | 10.31% | 9/8/2027 | $3195681  | 3116406  | 3195681  | 0.17% | N  |
| James Perse Enterprises, <br>Inc. | 7373 Flores Street, Downey CA 90242 | Sr Secured Revolver | SOFR(A) | &nbsp;&nbsp; 1.00% | 6.25% | 10.20% | 9/8/2027 | $1184530  | 1203067  | 1184530  | 0.06% | N  |
| PSEB, LLC (Eddie <br>Bauer) | 2200 1st Ave South, Suite 400 & 500, Seattle, WA, 98134 | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.65% | 10.98% | 12/30/2026 | $17404360  | 17308930  | 17247721  | 0.91% | N  |
| PSEB, LLC (Eddie <br>Bauer) | 2200 1st Ave South, Suite 400 & 500, Seattle, WA, 98134 | First Lien Incremental Term Loan | SOFR(Q) | &nbsp;&nbsp; 1.00% | 6.65% | 10.98% | 12/30/2026 | $6783140  | 6763635  | 6722092  | 0.35% | N  |
|  |  |  |  |  |  |  |  |  | 50347290  | 50572246  | 2.66% |  |
| **Wireless Telecommunication Services** | **Wireless Telecommunication Services** | **Wireless Telecommunication Services** |  |  |  |  |  |  |  |  |  |  |
| OpenMarket, Inc. (Infobip) (United Kingdom) | 35 - 38 New Bridge Street, London EC4V 6BW, United Kingdom | First Lien Term Loan | SOFR(Q) | &nbsp;&nbsp; 0.75% | 5.75% | 10.05% | 6/11/2029 | $14438813  | 14181669  | 14223018  | 0.75% | H/N  |
| **Total Debt Investments - 216.4% of Net Assets** | **Total Debt Investments - 216.4% of Net Assets** | **Total Debt Investments - 216.4% of Net Assets** |  |  |  |  |  |  | 1733784781  | 1602174993  | 84.34% |  |
| **Automobiles** | **Automobiles** | **Automobiles** |  |  |  |  |  |  |  |  |  |  |
| AA Acquisition Aggregator, LLC (AutoAlert) | 114 W. 11th Street, Suite 700, Kansas City, MO 64105 | Common Stock |  |  |  |  |  | $540248  | 9085917  | 5190624  | 0.27% | D/E/F/N  |
| **Capital Markets** | **Capital Markets** | **Capital Markets** |  |  |  |  |  |  |  |  |  |  |
| Pico Quantitative Trading Holdings, LLC | 32 Old Slip, 16th Floor, New York, NY 10005 | Warrants to Purchase Membership Units |  |  |  |  | 2/7/2030 | $7191  | 673788  | 1307905  | 0.07% | D/E/N  |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |
| **Chemicals**  | **Chemicals**  | **Chemicals**  |  |  |  |  |  |  |  |  |  |  |
| AGY Equity, LLC | 2556 Wagener Road, Aiken, SC 29801 | Class A Preferred Stock |  |  |  |  |  | $5982385  | $485322  | $—  | 0.00% | D/E/N  |
| AGY Equity, LLC | 2556 Wagener Road, Aiken, SC 29801 | Class B Preferred Stock |  |  |  |  |  | $4187669  | —  | —  | 0.00% | D/E/N  |
| AGY Equity, LLC | 2556 Wagener Road, Aiken, SC 29801 | Class C Common Stock |  |  |  |  |  | $3290312  | —  | —  | 0.00% | D/E/N  |
|  |  |  |  |  |  |  |  |  | 485322  | —  | 0.00% |  |
| **Commercial Services & Supplies** | **Commercial Services & Supplies** | **Commercial Services & Supplies** |  |  |  |  |  |  |  |  |  |  |
| Kellermeyer Bergensons Services, LLC | 3605 Ocean Ranch Blvd, Suite 200, Oceanside, CA 92056 | Preferred Stock |  |  |  |  |  | $171813  | 285933  | 5378  | 0.00% | D/E/N  |
| Kellermeyer Bergensons Services, LLC | 3605 Ocean Ranch Blvd, Suite 200, Oceanside, CA 92056 | Common Stock |  |  |  |  |  | $171813  | —  | —  | 0.00% | D/E/N  |
|  |  |  |  |  |  |  |  |  | 285933  | 5378  | 0.00% |  |
| **Construction & Engineering** | **Construction & Engineering** | **Construction & Engineering** |  |  |  |  |  |  |  |  |  |  |
| Homerenew Buyer, Inc. <br>(Renovo) | 4519 Sigma Rd., Suite 100, Dallas, TX 75244 | Class A Preferred Units |  |  |  |  |  | $6165  | 2203054  | 1305582  | 0.07% | D/E/N  |
| Homerenew Buyer, Inc. <br>(Renovo) | 4519 Sigma Rd., Suite 100, Dallas, TX 75244 | Class B-1 Preferred Units |  |  |  |  |  | $9908  | —  | —  | 0.00% | D/E/N  |
| Homerenew Buyer, Inc. <br>(Renovo) | 4519 Sigma Rd., Suite 100, Dallas, TX 75244 | Class C-1 Common Units |  |  |  |  |  | $15501  | —  | —  | 0.00% | D/E/N  |
| Hylan Global LLC | 101 Crawfords Corner Road, Building 2, Suite 2308, Holmdel, NJ 07733 | Common Stock |  |  |  |  |  | $738447  | 738447  | —  | 0.00% | B/D/E/N  |
|  |  |  |  |  |  |  |  |  | 2941501  | 1305582  | 0.07% |  |
| **Diversified Consumer Services**  | **Diversified Consumer Services**  | **Diversified Consumer Services**  |  |  |  |  |  |  |  |  |  |  |
| Razor US LP | Ritterstrasse 16-18, 10969 Berlin, Germany | Common Units |  |  |  |  |  | $263206  | —  | —  | 0.00% | D/E/N  |
| Razor US LP | Ritterstrasse 16-18, 10969 Berlin, Germany | Class A Preferred Units | Fixed |  |  | 3.00% |  | $26320670  | 22711306  | —  | 0.00% | D/E/N  |
| Razor Group GmbH (Germany) | Ritterstrasse 16-18, 10969 Berlin, Germany | Warrants to Purchase Preferred Series A1 Shares |  |  |  |  | 4/28/2028 | $698  | 13654  | —  | 0.00% | D/E/H/N  |
| Razor Group GmbH (Germany) | Ritterstrasse 16-18, 10969 Berlin, Germany | Warrants to Purchase Series C Shares |  |  |  |  | 12/23/2029 | $213  | 20680  | —  | 0.00% | D/E/H/N  |
| SellerX Germany GMBH & Co. KG (Germany) | Chausseestraße 19, 10115 Berlin, Germany | Common Shares |  |  |  |  |  | $706179  | 8197  | —  | 0.00% | D/E/H/N  |
| SellerX Germany GMBH & Co. KG (Germany) | Chausseestraße 19, 10115 Berlin, Germany | Preferred Units |  |  |  |  |  | $48576519  | 15107298  | 15108710  | 0.80% | D/E/H/N  |
| TVG-Edmentum Holdings, LLC | 5600 W 83rd St, Suite 300, 8200 Tower, Bloomington, MN 55437 | Series B-1 Common Units |  |  |  |  |  | $17858122  | 24166714  | 13900952  | 0.73% | B/D/E/N  |
| TVG-Edmentum Holdings, LLC | 5600 W 83rd St, Suite 300, 8200 Tower, Bloomington, MN 55437 | Series B-2 Common Units |  |  |  |  |  | $17858122  | 13421162  | 13900952  | 0.73% | B/D/E/N  |
| TVG-Edmentum Holdings, LLC | 5600 W 83rd St, Suite 300, 8200 Tower, Bloomington, MN 55437 | Series C-2 Preferred Units | Fixed |  |  | 15.00% |  | $2542  | 5906656  | 8198047  | 0.43% | B/E/N  |
| Thras.io, LLC | 85 West Street, Suite 4, Walpole, MA 02081 | Common Units |  |  |  |  |  | $291605  | —  | —  | 0.00% | D/E/N  |
|  |  |  |  |  |  |  |  |  | 81355667  | 51108661  | 2.69% |  |
| **Diversified Financial Services**  | **Diversified Financial Services**  | **Diversified Financial Services**  |  |  |  |  |  |  |  |  |  |  |
| 36th Street Capital Partners Holdings, <br>LLC | 161 Headquarters Plaza East Tower, 5th Floor, Morristown, NJ 07960 | Membership Units |  |  |  |  |  | $28277397  | 32955166  | 51054000  | 2.69% | E/F/N  |
| Conventional Lending TCP Holdings, LLC | 2951 28th Street, Suite 1000, Santa Monica, CA 90405 | Membership Units |  |  |  |  |  | $17885591  | 17760790  | 14952354  | 0.79% | E/F/I/N  |
| Gordon Brothers Finance <br>Company | 101 Huntington Ave, Suite 1100, Boston, MA 02199 | Common Stock |  |  |  |  |  | $10612  | —  | —  | 0.00% | D/F/N  |
| Gordon Brothers Finance <br>Company | 101 Huntington Ave, Suite 1100, Boston, MA 02199 | Preferred Stock | Fixed |  |  | 13.50% |  | $34285  | —  | —  | 0.00% | D/F/N  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** | **<u>Debt Investments - Continued</u>** |
| **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** | **Diversified Financial Services - Continued** |
| Worldremit Group Limited (United Kingdom) | 62 Buckingham Gate, London, SW1E 6AJ, United Kingdom  | Series X Shares |  |  |  |  |  | $3721  | $373524  | $415173  | 0.02% | D/E/H/N  |
| Worldremit Group Limited (United Kingdom) | 62 Buckingham Gate, London, SW1E 6AJ, United Kingdom  | Warrants to Purchase Series D Stock |  |  |  |  | 2/11/2031 | $42482  | 28022  | 35876  | 0.00% | D/E/H/N  |
| Worldremit Group Limited (United Kingdom) | 62 Buckingham Gate, London, SW1E 6AJ, United Kingdom  | Warrants to Purchase Series E Stock |  |  |  |  | 8/17/2031 | $508  | 61  | 16  | 0.00% | D/E/H/N  |
|  |  |  |  |  |  |  |  |  | 51117563  | 66457419  | 3.50% |  |
| **Electric Utilities**  | **Electric Utilities**  | **Electric Utilities**  |  |  |  |  |  |  |  |  |  |  |
| Conergy Asia Holdings <br>Limited (United Kingdom) | 3 Anson Road #07-01, Springleaf Tower, Singapore 079909 | Class B Shares |  |  |  |  |  | $1000000  | 1000000  | —  | 0.00% | D/E/F/H/N  |
| Conergy Asia Holdings <br>Limited (United Kingdom) | 3 Anson Road #07-01, Springleaf Tower, Singapore 079909 | Ordinary Shares |  |  |  |  |  | $5318860  | 7833333  | —  | 0.00% | D/E/F/H/N  |
| Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | 3 Anson Road #07-01, Springleaf Tower, Singapore 079909 | Ordinary Shares |  |  |  |  |  | $2332594  | —  | —  | 0.00% | D/E/F/H/N  |
| Kawa Solar Holdings Limited (Conergy) (Cayman Islands) | 3 Anson Road #07-01, Springleaf Tower, Singapore 079909 | Series B Preferred Shares |  |  |  |  |  | $93023  | 1395349  | —  | 0.00% | D/E/F/H/N  |
| Utilidata, Inc. | 225 Dyer Street, CIC - 2nd Floor, Providence, RI 02903 | Common Stock |  |  |  |  |  | $29593  | 216336  | 13440  | 0.00% | D/E/N  |
| Utilidata, Inc. | 225 Dyer Street, CIC - 2nd Floor, Providence, RI 02903 | Series A-2 Preferred Stock |  |  |  |  |  | $257369  | 153398  | 138152  | 0.01% | D/E/N  |
| Utilidata, Inc. | 225 Dyer Street, CIC - 2nd Floor, Providence, RI 02903 | Series A-1 Preferred Stock |  |  |  |  |  | $500000  | 500000  | 230665  | 0.01% | D/E/N  |
|  |  |  |  |  |  |  |  |  | 11098416  | 382257  | 0.02% |  |
| **Energy Equipment and Services**  | **Energy Equipment and Services**  | **Energy Equipment and Services**  |  |  |  |  |  |  |  |  |  |  |
| GlassPoint, Inc. | 165 Broadway, 23rd Floor, New York, NY 10006 | Warrants to Purchase Common Stock |  |  |  |  | 9/12/2029 | $2088152  | 275200  | 2175938  | 0.11% | D/E/N  |
| **Healthcare Providers and Services** | **Healthcare Providers and Services** | **Healthcare Providers and Services** |  |  |  |  |  |  |  |  |  |  |
| INH Buyer, Inc. (IMA Health) | 6675 Westwood Blvd, Suite 475, Orlando, FL 32821 | A1 Preferred Stock |  |  |  |  |  | $3977966  | —  | —  | 0.00% | D/E/N  |
| INH Buyer, Inc. (IMA Health) | 6675 Westwood Blvd, Suite 475, Orlando, FL 32821 | Preferred Stock |  |  |  |  |  | $4  | —  | —  | 0.00% | D/E/N  |
| **Household Durables** | **Household Durables** | **Household Durables** |  |  |  |  |  |  |  |  |  |  |
| Stitch Holdings, L.P. | 1714 Heil Quaker Boulevard, Suite 130, La Vergne, TN 37086 | Limited Partnership/Limited Liability Company Interests |  |  |  |  |  | $5910  | —  | —  | 0.00% | D/E/N  |
| **Internet Software and Services**  | **Internet Software and Services**  | **Internet Software and Services**  |  |  |  |  |  |  |  |  |  |  |
| Domo, Inc. | 802 East 1050 South, American Fork, UT 84003 | Common Stock |  |  |  |  |  | $49792  | 1543054  | 695594  | 0.04% | D  |
| Domo, Inc. | 802 East 1050 South, American Fork, UT 84003 | Warrants to Purchase Class B Common Stock |  |  |  |  | 2/17/2028 | $94136  | —  | 1143862  | 0.06% | D/N  |
| Domo, Inc. | 802 East 1050 South, American Fork, UT 84003 | Warrants to Purchase Class B Common Stock |  |  |  |  | 2/17/2028 | $482404  | —  | 5861771  | 0.31% | D/N  |
| Fishbowl, Inc. | 2000 Duke Street, Suite 300, Alexandria, VA, 22314 | Common Membership Units |  |  |  |  |  | $604479  | 787032  | —  | 0.00% | D/E/F/N  |
| Foursquare Labs, Inc. | 50 West 23rd Street, 8th Floor, New York, NY 10010 | Warrants to Purchase Series E Preferred Stock |  |  |  |  | 5/4/2027 | $2187500  | 508805  | 123301  | 0.01% | D/E/N  |
| Igloo Parent Holdings LLC (InMoment) | 10619 S. Jordan Gateway, Suite 350, South Jordan, UT 84095 | Common Units |  |  |  |  |  | $97  | 7661666  | 7699406  | 0.41% | D/E/I/N  |
| InMobi, Inc. <br>(Singapore) | 18 Cross Street, #02-101, Unit S2001, Singapore 048423 | Warrants to Purchase Common Stock |  |  |  |  | 8/15/2027 | $1327869  | 212360  | 2924135  | 0.15% | D/E/H/N  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  | **Internet Software and Services - Continued**  |
| InMobi, Inc. <br>(Singapore) | 18 Cross Street, #02-101, Unit S2001, Singapore 048423 | Warrants to Purchase Series E Preferred Stock |  |  |  |  | 9/18/2025 | $1049996  | $276492  | $2343045  | 0.12% | D/E/H/N  |
| InMobi, Inc. <br>(Singapore) | 18 Cross Street, #02-101, Unit S2001, Singapore 048423 | Warrants to Purchase Series E Preferred Stock |  |  |  |  | 10/3/2028 | $1511002  | 93407  | 2199562  | 0.12% | D/E/H/N  |
| Pluralsight, Inc. | 1500 Solana Blvd, Building <br>6 - Floor 4, Suite 6400, Westlake, TX 76262 | Common Stock |  |  |  |  |  | $2865672  | 7995225  | 515821  | 0.03% | D/E/N  |
| ResearchGate Corporation (Germany) | Chausseestraße 20, 10115 Berlin, Germany | Warrants to Purchase Series D Preferred Stock |  |  |  |  | 10/30/2029 | $333370  | 202001  | 30003  | 0.00% | D/E/H/N/O  |
| SuCo Investors, LP (Suited Connector) | 8123 Interport Blvd, Englewood, CO 80112 | Warrants to Purchase Class A Units |  |  |  |  | 3/6/2033 | $44928  | —  | —  | 0.00% | D/E/N  |
| SnapLogic, Inc. | 1825 S. Grant St, 5th Floor, San Mateo, CA 94402 | Warrants to Purchase Series Preferred Stock |  |  |  |  | 3/19/2028 | $1860000  | 377722  | 5614076  | 0.30% | D/E/N  |
|  |  |  |  |  |  |  |  |  | 19657764  | 29150576  | 1.55% |  |
| **IT Services**  | **IT Services**  | **IT Services**  |  |  |  |  |  |  |  |  |  |  |
| Fidelis (SVC), LLC | 4500 East West Highway, Suite 400, Bethesda, MD 20814 | Preferred Unit-C |  |  |  |  |  | $657932  | 2001384  | —  | 0.00% | D/E/N  |
| **Media**  | **Media**  | **Media**  |  |  |  |  |  |  |  |  |  |  |
| Khoros, LLC (Lithium) | 7300 Ranch Road 2222, Building 3, Suite 150, Austin, TX 78730 | Preferred Units |  |  |  |  |  | $63768  | 1302031  | 1279996  | 0.07% | D/E/N  |
| MBS Parent, LLC | 101 Empty Saddle Trail, Hailey, ID 83333 | Limited Partnership/Limited Liability Company Interests |  |  |  |  |  | $546  | 21204  | 233966  | 0.01% | D/E/N  |
| Quora, Inc. | 650 Castro Street, Suite 450, Mountain View, CA 94041 | Warrants to Purchase Series D Preferred Stock |  |  |  |  | 4/11/2029 | $507704  | 65245  | 54093  | 0.00% | D/E/N  |
| Streamland Media Holdings LLC | 3900 W Alameda Ave, 10th Floor, Burbank, CA 91505 | Common Units |  |  |  |  |  | $2636  | 134515  | 126917  | 0.01% | D/E/N  |
|  |  |  |  |  |  |  |  |  | 1522995  | 1694972  | 0.09% |  |
| **Oil, Gas and Consumable Fuels**  | **Oil, Gas and Consumable Fuels**  | **Oil, Gas and Consumable Fuels**  |  |  |  |  |  |  |  |  |  |  |
| Iracore Investments Holdings, Inc. | 3516 East 13th Avenue, Hibbing, MN 55746 | Class A Common Stock |  |  |  |  |  | $16207  | 4177710  | 509594  | 0.03% | B/D/E/N  |
| **Paper and Forest Products** | **Paper and Forest Products** | **Paper and Forest Products** |  |  |  |  |  |  |  |  |  |  |
| 48forty Intermediate Holdings, Inc. | 3650 Mansell Rd, Suite 100, Alpharetta, GA 30022 | Common Stock |  |  |  |  |  | $4335  | —  | —  | 0.00% | D/E/N  |
| **Pharmaceuticals** | **Pharmaceuticals** | **Pharmaceuticals** |  |  |  |  |  |  |  |  |  |  |
| Inotiv, Inc. | 2701 Kent Ave., West Lafayette, IN 47906 | Common Stock |  |  |  |  |  | $14578  | —  | 26532  | 0.00% | D/E  |
| **Professional Services**  | **Professional Services**  | **Professional Services**  |  |  |  |  |  |  |  |  |  |  |
| Anacomp, Inc. | 14110 Sullyfield Circle, Suite E, Chantilly, VA 20151 | Class A Common Stock |  |  |  |  |  | $1255527  | 26711048  | 1155295  | 0.06% | D/E/F/N  |
| JobandTalent USA, Inc. (United Kingdom) | 199 Bishopgate, Spitalfields, London EC2M 3TY, United Kingdom | F1 Preferred Stock |  |  |  |  |  | $255112  | 3207662  | 13485570  | 0.71% | D/E/H/N  |
| JobandTalent USA, Inc. (United Kingdom) | 199 Bishopgate, Spitalfields, London EC2M 3TY, United Kingdom | F3 Preferred Stock |  |  |  |  |  | $17007  | —  | 780979  | 0.04% | D/E/H/N  |
|  |  |  |  |  |  |  |  |  | 29918710  | 15421844  | 0.81% |  |
| **Road and Rail** | **Road and Rail** | **Road and Rail** |  |  |  |  |  |  |  |  |  |  |
| Motive Technologies, Inc (Keep Trucking) | 55 Hawthorne Street, Suite #500, San Francisco, CA 94105 | Warrants to Purchase Common Stock |  |  |  |  |  | $825000  | 825000  | 751336  | 0.04% | D/E/N  |

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**[**TABLE OF CONTENTS**](#TOC)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Issuer** | **Company Address** | **Instrument** | **Ref** | **Floor** | **Spread** | **Total** <br>**Coupon** | **Maturity** | **Principal** | **Cost** | **Fair**<br>**Value** | **% of Total**<br>**Cash and**<br>**Investments** | **Notes**  |
| **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  | **<u>Debt Investments - Continued</u>**  |
| **Software**  | **Software**  | **Software**  |  |  |  |  |  |  |  |  |  |  |
| Grey Orange International Inc. | 3975 Lakefield Court, Suite 110, Suwanee, GA 30024 | Warrants to Purchase Common Stock |  |  |  |  | 5/6/2032 | $10538  | $546  | $2108  | 0.00% | D/E/N  |
| Tradeshift, Inc.  | 447 Sutter Street, Suite 405 #327, San Francisco, CA 94108 | Warrants to Purchase Series D Preferred Stock |  |  |  |  | 3/6/2027 | $1712930  | 577843  | —  | 0.00% | D/E/N  |
|  |  |  |  |  |  |  |  |  | 578389  | 2108  | 0.00% |  |
| **Trading Companies & Distributors** | **Trading Companies & Distributors** | **Trading Companies & Distributors** |  |  |  |  |  |  |  |  |  |  |
| Blackbird Holdco, Inc. (Ohio Transmission Corp.) | 3948 Townsfair Way, Suite 200, Columbus, OH 43219 | Preferred Stock | Fixed |  |  | 12.50% |  | $9586  | 14645230  | 14669124  | 0.77% | E/N  |
| **Total Equity Securities - 25.7% of Net Assets** |  |  |  |  |  |  |  |  | 230646489  | 190159850  | 10.01% |  |
| **Total Investments - 242.1% of Net Assets** |  |  |  |  |  |  |  |  | $1964431270  | $1792334843  | 94.35% |  |
| **Cash and Cash Equivalents - 14.5%** <br>**of Net Assets** |  |  |  |  |  |  |  |  |  | $107317578  | 5.65% |  |
| **Total Cash and Investments - 256.5%** <br>**of Net Assets** |  |  |  |  |  |  |  |  |  | $1899652421  | 100.00% | M |

---

Notes to Consolidated Schedule of Investments:

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Non-accruing debt investment.

&nbsp;&nbsp;&nbsp;&nbsp;(D) Other non-income producing investment.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Restricted security. (See Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Investment has been segregated to collateralize
 certain unfunded commitments.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(K) Negative balances relate to an unfunded commitment
 that was acquired and/or valued at a discount.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(N) Inputs in the valuation of this investment
 included certain unobservable inputs that were significant to the valuation as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;(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).

35<br>

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#### **TABLE OF CONTENTS**

#### MANAGEMENT OF THE COMPANY

#### Directors and Officers
Our business and affairs are managed under the direction of our Board of Directors. The Board of Directors currently consists of six members, five of whom are not "interested persons" of the Company or of the Advisor as defined in Section 2(a)(19) of the 1940 Act. We refer to these individuals as our independent directors. No independent director owns, beneficially or of record, any security of the Advisor or any person (other than a RIC or portfolio company) directly or indirectly controlling, controlled by or under common control with the Advisor. Our Board of Directors elects our officers, who serve at the discretion of the Board of Directors. Each director holds office until his or her successor is elected and qualified or until his or her term as a director is terminated as provided in our bylaws. The address for each director and officer is c/o BlackRock TCP Capital Corp., 2951 28th Street, Suite 1000, Santa Monica, California 90405.

#### Biographical Information

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Independent Director Nominees**  | **Independent Director Nominees**  | **Independent Director Nominees**  | **Independent Director Nominees**  | **Independent Director Nominees**  | **Independent Director Nominees**  |
| John R. Baron<br>2951 28th Street, <br>Suite 1000, <br>Santa Monica, <br>California 90405<br>Year of birth: 1957 | Director; Audit Committee Member, Governance and Compensation Committee Member and Joint Transactions Committee Member | 2025; 2024 to present | Until its merger with and into a wholly-owned indirect subsidiary of the Company on March 18, 2024, Mr. Baron was a Director of BlackRock Capital Investment Corporation. <br>Mr. Baron was the Managing Member of Crystal Ridge Partners, LP, a New Jersey based private equity firm. Prior to joining Crystal Ridge Partners, Mr. Baron was a Senior Partner of JP Morgan Partners, LP, a global private equity firm. Prior to joining the private equity unit in 1995, Mr. Baron previously held senior management positions in banking and investment banking with JP Morgan and its predecessors.<br>Mr. Baron is currently an owner and director of BI Aero LLC, a global aerospace parts business. In addition, he serves as an advisory board member to Compass Cryogenics, LLC, a gas testing service provider to hospitals and surgical centers. From 2000-2021, Mr. Baron was an owner and director of Big Rock Sports, a leading distributor and manufacturer of hunting and fishing equipment in North America. From 2008-2019, Mr. Baron was an owner and director of Bronco Manufacturing, a manufacturer of parts for oil and gas drilling rigs primarily in North America, Europe, and the Middle East.  | 1 BDC consisting of 1 Portfolio. | None.  |

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#### **TABLE OF CONTENTS**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  |
| Eric J. Draut<br>2951 28th Street, <br>Suite 1000, <br>Santa Monica, <br>California 90405<br>Year of birth: 1957 | Lead Independent Director, Audit Committee Member, Governance and Compensation Committee Member and Joint Transactions Committee Member | 2025; 2011 to present | From 2011 to present, Mr. Draut has been a Director, Chair or a Member of the Company's Audit Committee, a Member of the Governance and Compensation Committee and a Member of the Joint Transactions Committee. From 2021 to present, Mr. Draut has been a Director of BlackRock Direct Lending Corp., and from 2022 to present, Mr. Draut has been a Trustee of BlackRock Private Credit Fund. In 2021, Mr. Draut was appointed the Lead Independent Director. <br>Mr. Draut is the Chair of the Audit Committee of the Board of Thrivent Financial for Lutherans, a registered investment adviser and Fortune 500 Company. Since August 2022, Mr. Draut has served as a trustee of the ELCA Foundation. In February 2015, Mr. Draut was also appointed to the Board of Holy Family Ministries, operator of Holy Family School, where he served as the Interim Chief Executive Officer from 2017 to 2018 and currently serves as chair of the board. From 2008 to 2010 and again from 2014 to 2017, Mr. Draut was Chairman of the Board of Lutheran Social Services of Illinois. From 2012 to 2014, Mr. Draut was Executive Chairman and, in 2017, became chairman emeritus, of the Board of Lutheran Social Services of Illinois | 3 BDCs consisting of 3 Portfolios. | None.  |
| Karen L. Leets<br>2951 28th Street, <br>Suite 1000, <br>Santa Monica, California 90405<br>Year of birth: 1956 | Director, Audit Committee Member, Governance and Compensation Committee Member and Joint Transactions Committee Member | 2025; October 2022 to present | From October 2022 to present, Ms. Leets has been a Director and a Member of the Audit Committee, the Governance and Compensation Committee and the Joint Transactions Committee. From 2023 to present, Ms. Leets has been a Director of BlackRock Direct Lending Corp. From 2019 to present, she has served as a Senior Vice President and Treasurer of Baxter International Inc. Ms. Leets previously served as Assistant Treasurer of Google LLC from 2017 to 2018. From 2013 to 2017, Ms. Leets was a Vice President and Treasurer of Kimberly-Clark Corporation. Prior to joining Kimberly-Clark, Ms. Leets worked in treasury roles at McDonald's Corporation and USG Corporation. Ms. Leets began her career as a public accountant at Coopers & Lybrand (now PricewaterhouseCoopers LLP), where she worked for eight years. Ms. Leets is a Certified Public Accountant in Illinois and earned a B.S. in Accounting and an MBA from Indiana State University Scott School of Business. | 2 BDCs consisting of 2 Portfolios. | None.  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  |
| Andrea L. Petro<br>2951 28th Street, <br>Suite 1000, <br>Santa Monica, California 90405<br>Year of birth: 1952 | Director, Audit Committee Member, Governance and Compensation Committee Chair and Joint Transactions Committee Member | 2025; August 4, 2020 to present | From 2020 to present, Ms. Petro has been a Director and a Member of the Audit Committee, the Governance and Compensation Committee and the Joint Transactions Committee. From March 2024 to present, Ms. Petro has been Chair of the Governance and Compensation Committee. Ms. Petro also serves as a Trustee of BlackRock Private Credit Fund, Chair of its Governance and Compensation Committee and Member of its Audit Committee and its Joint Transactions Committee. From November 2024 to present, Ms. Petro has served as a Senior Advisor to Carob Financial, LLC, a private credit fund. From June 2020 to June 2024, Ms. Petro served as a Director of Ready Capital Corporation. From June 2018 to February 2020, Ms. Petro served as Managing Director and Group Head of the Specialty Commercial Finance Group of Waterfall Asset Management. Ms. Petro served as a consultant for Waterfall Asset Management from March 2020 through February 2023. <br>Ms. Petro previously worked at Wells Fargo Capital Finance from December 2000 to December 2017 as the Executive Vice President and Group Head of the Lender Finance Division and Supply Chain Finance Division. Ms. Petro currently serves as a member of the MS Finance Advisory Board of the McCombs School of Business at the University of Texas at Austin. She also served as the President of the Commercial Finance Association from 2016 to 2017 and previously served as a member of the Secured Finance Foundation board of directors from 2000 to 2022. | 2 BDCs consisting of 2 Portfolios. | None.  |
| Maureen K. Usifer<br>2951 28th Street, <br>Suite 1000, <br>Santa Monica, California 90405<br>Year of birth: 1960 | Director; Audit Committee Chair; Governance and Compensation Committee Member and Joint Transactions Committee Member | 2025; 2024 to present | From 2005 until its merger with and into a wholly-owned indirect subsidiary of the Company on March 18, 2024, Ms. Usifer was a Director of BlackRock Capital Investment Corporation. Ms. Usifer is also a Director and Chair of the Audit Committee of BlackRock Direct Lending Corp. and a Trustee and Chair of the Audit Committee of BlackRock Private Credit Fund.<br>From 2021 to present, Ms. Usifer has served as a Director for PC Construction. Ms. Usifer was a member of the Green Mountain Care Board, a regulatory board appointed by the Governor in Vermont | 3 BDCs consisting of 3 Portfolios. | Ms. Usifer currently serves as a Director of Liberty All Star Funds and serves as chair of the audit committee. Ms. Usifer also serves as a Director of Charlotte's Web and serves as chair of the audit committee.  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  | **Independent Director Nominees - (Continued)**  |
|  |  |  | responsible for approving hospital budgets, insurance rates and capital projects, from 2017 to 2021. Ms. Usifer served as CFO of Seventh Generation Inc., a distributor of its brand of household and personal care products, from 2012 to 2016. From 1996 to 2012, Ms. Usifer served in various roles with Church & Dwight Co., Inc. ("Church & Dwight"), a major producer of baking soda and consumer products. Ms. Usifer served as Vice President of Investor Relations, Senior Finance Director, Divisional CFO and controller during her tenure at Church & Dwight. Ms. Usifer received an undergraduate degree in business from St. Michael's College and an M.B.A. in Finance from Clarkson University. |  |  |
| **Interested Director Nominee**  | **Interested Director Nominee**  | **Interested Director Nominee**  | **Interested Director Nominee**  | **Interested Director Nominee**  | **Interested Director Nominee**  |
| Philip Tseng<br>2951 28th Street,<br>Suite 1000,<br>Santa Monica,<br>California 90405<br>Year of birth: 1976 | Chair of the Board of Directors, Chief Executive Officer and Co-Chief Investment Officer | 2025; 2021 to present (Director; Chair of the Board, Chief Executive Officer and Co-Chief Investment Officer since 2024); 2021 to 2024 (President) | Mr. Tseng is the Chair of the Board of Directors, Chief Executive Officer and Co-Chief Investment Officer of the Company. <br>Mr. Tseng is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, where he leads BlackRock's U.S. core middle market direct lending strategy. In this capacity, Mr. Tseng is responsible for oversight of the strategy's investment process and plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. Mr. Tseng also serves as the Chairman, CEO and co-CIO of BlackRock Private Credit Fund and BlackRock Direct Lending Corp., private BDCs managed by BlackRock. Prior to joining BlackRock, Mr. Tseng was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also a member of the Management Committee. Prior to joining TCP, Mr. Tseng was a member of the Credit Suisse First Boston technology investment banking group focusing on technology and business services. While at CSFB, he advised on and executed M&A, public and private equity and structured debt transactions for a broad range of small and large cap companies. He also spent time covering technology services companies as an equity research analyst. Prior to that, he spent time in investment banking at Deutsche Banc Alex Brown. Mr. Tseng holds an M.B.A. from Harvard | 3 BDCs consisting of 3 Portfolios. | None.  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Interested Director Nominee - (Continued)**  | **Interested Director Nominee - (Continued)**  | **Interested Director Nominee - (Continued)**  | **Interested Director Nominee - (Continued)**  | **Interested Director Nominee - (Continued)**  | **Interested Director Nominee - (Continued)**  |
|  |  |  | Business School and a B.A. (honors) in Economics from Harvard College. |  |  |
| **Officers Who Are Not Directors**  | **Officers Who Are Not Directors**  | **Officers Who Are Not Directors**  | **Officers Who Are Not Directors**  | **Officers Who Are Not Directors**  | **Officers Who Are Not Directors**  |
| Jason Mehring<br>2951 28th Street,<br>Suite 1000,<br>Santa Monica,<br>California 90405<br>Year of birth: 1971 | President | N/A; 2024 to present | Mr. Mehring is the President of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. Mr. Mehring is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform. Mr. Mehring plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. Jason has over 30 years' experience in middle market investing including his 19 years' experience with the BlackRock team, joining as a Managing Director at BlackRock Capital Investment Corporation's former advisor in 2005. Mr. Mehring previously spent more than ten years at Banc of America Capital Investors (BACI), an affiliate of Bank of America, Inc., in Chicago, where he held positions of increasing responsibility, becoming a Principal of the firm in 2000. At BACI, Mr. Mehring focused on mezzanine and private equity investing in middle market companies. Prior to joining BACI in 1994, he worked at Firstar Bank, a predecessor to U.S. Bank. Mr. Mehring holds an M.B.A from the Kellogg School of Management at Northwestern University and a B.B.A., summa cum laude, in Finance and Economics from the University of Wisconsin Eau Claire (graduating with University Honors). | N/A | N/A  |
| Erik L. Cuellar<br>2951 28th Street,<br>Suite 1000,<br>Santa Monica,<br>California 90405<br>Year of birth: 1971 | Chief Financial Officer, Treasurer | N/A; 2021 to present | Mr. Cuellar is the Chief Financial Officer of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. He is responsible for financial and regulatory reporting. Mr. Cuellar has been at BlackRock and its predecessor, TCP, since 2011. Prior to his current role, Mr. Cuellar served as Controller for Ares Capital Corporation. Prior to that, Mr. Cuellar was with Metropolitan West Asset Management where he served as the Assistant Treasurer and Principal Accounting Officer for the Metropolitan West Funds. Prior to that, Mr. Cuellar managed the Alternative Investments Group at Western Asset Management Company. Mr. Cuellar began his career with Deloitte & Touche LLP where he was a Senior Auditor in their Financial Services Group. Mr. Cuellar earned a B.S. in Accounting from | N/A | N/A  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  |
|  |  |  | California State University Northridge and is a Certified Public Accountant in California. |  |  |
| Charles C. S. Park<br>50 Hudson Yards,<br>New York, <br>New York 10018<br>Year of birth: 1967 | Chief Compliance Officer | N/A; July 2025 to present | Mr. Park is the Chief Compliance Officer of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund, and Chief Compliance Officer of the Advisor. He is also the Chief Compliance Officer of other BlackRock US-registered investment advisers since 2014; Principal of and Chief Compliance Officer for iShares<sup>®</sup> Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors ("BFA") since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012; Chief Compliance Officer of the Company from 2018 to February 2024; Chief Compliance Officer of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex from 2014 to 2023; Chief Compliance Officer for the BFA-advised iShares<sup>®</sup> exchange traded funds from 2006 to 2023. | N/A | N/A  |
| Diana Huffman<br>50 Hudson Yards, <br>New York, <br>New York, 10001<br>Year of birth: 1982 | General Counsel, Secretary and Authorized Person | N/A; 2022 to present | Ms. Huffman serves as General Counsel, Secretary and Authorized Person of the Company. She is also General Counsel and Secretary of BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. Ms. Huffman is Legal Counsel in the Legal & Compliance Department at BlackRock. She is responsible for supporting BlackRock's U.S. regulated funds business, with a focus on retail alternatives. Ms. Huffman advises on a broad array of legal and regulatory issues impacting U.S. regulated funds, including product development and corporate governance matters. Prior to joining BlackRock in 2022, Ms. Huffman served as Corporate Counsel at PGIM Investments LLC starting in 2015, where she served as Chief Legal Officer for its BDC and as the lead attorney for retail funds. From 2009 to 2015, Ms. Huffman was an associate in the Asset Management group at Willkie Farr & Gallagher LLP, where she focused on the organization and operation of private and regulated funds. Ms. Huffman has a B.A. (summa cum laude) from Boston University, and a J.D. (cum laude) from Fordham University School of Law. | N/A | N/A  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  |
| Patrick Wolfe <br>50 Hudson Yards <br>New York, <br>New York 10018<br>Year of birth: 1982 | Chief Operating Officer | N/A; 2024 to present | Patrick Wolfe is Chief Operating Officer of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. He is also a Senior Portfolio Manager within BlackRock's Private Financing Solutions (PFS) platform. He is Head of Portfolio Construction for U.S. Private Capital's U.S. Direct Lending funds which includes overseeing allocations, portfolio positioning, and liability management. Mr. Wolfe is also Senior Portfolio Manager on BlackRock Credit Strategies Fund, Senior Portfolio Manager for the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund, and Head of U.S. middle-market CLOs at BlackRock. Mr. Wolfe joined BlackRock through the acquisition of TCP. At TCP, Mr. Wolfe was a portfolio manager on the U.S. Direct Lending Funds and launched the middle-market CLO platform taking the business to over $1 billion of assets. He also co-led led the development of the firm's proprietary private credit software platform. He was one of the creators of the Direct Lending fund structure designed for insurance company clients. Before TCP, Mr. Wolfe was in structured credit at Deutsche Bank for six years focusing on the structuring, issuance, and management of CLOs and other credit strategies. He began his career in 2006 at KSJG LLP in the Advisory group focused on mortgage banking. Mr. Wolfe earned a B.S. in Accounting from San Diego State University in 2006. Mr. Wolfe volunteers his time as a member of the Board of Directors for the Southern California Golf Association ("SCGA") and Southern California Golf Association Junior Foundation. | N/A | N/A  |
| Dan Worrell<br>50 Hudson Yards <br>New York, <br>New York 10018<br>Year of birth: 1963 | Co-Chief Investment Officer | N/A; 2024 to present | Mr. Worrell serves as the Co-CIO of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. Mr. Worrell is a senior member of the investment team within BlackRock's Private Financing Solution (PFS) platform, where he is a leader in BlackRock's U.S. core middle market direct lending strategy. In this capacity, Mr. Worrell is responsible for oversight of the strategy's investment process and plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. Prior to joining BlackRock, Mr. Worrell was a Managing | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s) Held** <br>**with Company** | **Term of Office and Length of Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **No. of BlackRock Advised BDCs**<br>**Overseen** | **Other Public** <br>**or Investment Company Directorships Held by Director\***  |
| **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  | **Officers Who Are Not Directors - (Continued)**  |
|  |  |  | Director at Tennenbaum Capital Partners (TCP) where he led investment activity across several industry verticals, including Healthcare, Consumer Brands, Retail, and Consumer and Specialty Finance. Prior to TCP, Mr. Worrell was a High Yield Portfolio Manager with Mulholland Capital Advisors. Mr. Worrell holds an M.B.A. from Columbia University and a B.S. from California State University, Northridge. |  |  |

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\* Directorships disclosed under this column do not include directorships disclosed under the column "Principal Occupation(s) During Past Five Years."

&nbsp;&nbsp;&nbsp;&nbsp;† Mr. Tseng is an "interested
 person" (as defined in the 1940 Act) of the Company by virtue of his current position with the Advisor.

#### Interested Directors
*Philip Tseng: Mr. Tseng is the Chief Executive Officer, Co-Chief Investment Officer and Chair of the Board of the Company. Mr. Tseng is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, where he leads BlackRock's U.S. core middle market direct lending strategy. In this capacity, Mr. Tseng is responsible for oversight of the strategy's investment process and plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. Mr. Tseng also serves as the Chairman, CEO and co-CIO of BlackRock Private Credit Fund and BlackRock Direct Lending Corp. Prior to joining BlackRock, Mr. Tseng was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also a member of the Management Committee. Prior to joining TCP, Mr. Tseng was a member of the Credit Suisse First Boston technology investment banking group focusing on technology and business services. While at CSFB, he advised on and executed M&A, public and private equity and structured debt transactions for a broad range of small and large cap companies. He also spent time covering technology services companies as an equity research analyst. Prior to that, he spent time in investment banking at Deutsche Banc Alex Brown. Mr. Tseng holds an M.B.A. from Harvard Business School and a B.A. (honors) in Economics from Harvard College* 

#### Independent Directors
*John R. Baron: Mr. Baron is a Director of the Company and is a member of the Company's Audit Committee, Governance and Compensation Committee and Joint Transactions Committee. Until its merger with and into a wholly-owned subsidiary of the Company on March 18, 2024, Mr. Baron was a Director of BlackRock Capital Investment Corporation. Mr. Baron has served in several senior level management positions, including as the Managing Member of Crystal Ridge Partners, LP, a New Jersey based private equity firm focused on investments in middle market companies. Prior to joining Crystal Ridge Partners, Mr. Baron was a Senior Partner of JP Morgan Partners, LP, a global private equity firm, and its predecessors. Prior to joining the private equity unit in 1995, Mr. Baron previously held senior management positions in banking and investment banking with JP Morgan and its predecessors. Mr. Baron was a senior level banker responsible for managing middle market regional offices of Manufactures Hanover Trust Co. and Chemical Bank. Mr. Baron is currently an owner and director of BI Aero LLC, a global aerospace parts business. In addition, he serves as an advisory board member to Compass Cryogenics, LLC, a gas testing service provider to hospitals and surgical centers. From 2000-2021, Mr. Baron was an owner and director of Big Rock Sports, a leading distributor and manufacturer of hunting and fishing equipment in North America. From 2008-2019, Mr. Baron was an owner and director of Bronco Manufacturing, a manufacturer of parts for oil and gas drilling rigs primarily in North America, Europe, and the Middle East. Mr. Baron's expertise in the private equity, banking and investment banking industries provides the Company with an abundance of practical business experience and knowledge.* 

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#### **TABLE OF CONTENTS**
*Eric J. Draut: Mr. Draut is Lead Independent Director, a member of the Company's Audit Committee, Governance and Compensation Committee and Joint Transactions Committee. Mr. Draut also serves as a Trustee of BlackRock Private Credit Fund and as a Director of BlackRock Direct Lending Corp. The Company's Board of Directors benefits from Mr. Draut's nearly 30-year career in accounting and finance. Mr. Draut completed a 20-year career at Kemper Corporation (formerly Unitrin, Inc.) in 2010, serving the last nine years as Executive Vice President, Chief Financial Officer and a member of its board of directors. Mr. Draut also held positions at Kemper Corporation as Group Executive, Treasurer and Corporate Controller. Prior to joining Kemper Corporation, Mr. Draut was Assistant Corporate Controller at Duchossois Industries, Inc. and at AM International, Inc. Mr. Draut began his career at Coopers and Lybrand (now PricewaterhouseCoopers LLP). Mr. Draut is a Certified Public Accountant, received an M.B.A. in finance and operations from Kellogg Graduate School of Management at Northwestern University and a B.S. in accountancy from the University of Illinois at Urbana-Champaign, graduating with High Honors. Until September 2013, Mr. Draut served as a Director and Chairman of the audit committee of Intermec. Mr. Draut is the Chair of the Audit Committee of the Board of Thrivent Financial for Lutherans, a registered investment adviser and Fortune 500 Company. In February 2015 Mr. Draut was also appointed to the Board of Holy Family Ministries, operator of Holy Family School, where he served as the Interim Chief Executive Officer from 2017 to 2018 and currently serves as Chair of the Board. Since August 2022, Mr. Draut has served as a trustee of the ELCA Foundation, where he currently serves as Chair of the Finance Committee. Mr. Draut volunteers with Lutheran Social Services of Illinois where he currently serves as chairman emeritus of the Board of Directors and recently served as Executive Chairman of its Board of Directors. Mr. Draut is also a National Association of Corporate Directors Fellow. Mr. Draut's knowledge of financial and accounting matters, and his independence from the Company and the Advisor, qualifies him to serve as a member of the Company's Audit Committee.* 

*Karen L. Leets: Ms. Leets is a Director and member of the Company's Governance and Compensation Committee, Audit Committee and Joint Transactions Committee. Ms. Leets also serves as a Director of BlackRock Direct Lending Corp. From 2019 to present, Ms. Leets has served as a Senior Vice President and Treasurer of Baxter International Inc. Ms. Leets previously served as Assistant Treasurer of Google LLC from 2017 to 2018. From 2013 to 2017, Ms. Leets was a Vice President and Treasurer of Kimberly-Clark Corporation. Prior to joining Kimberly-Clark, Ms. Leets worked in treasury roles at McDonald's Corporation and USG Corporation. Ms. Leets began her career as a public accountant at Coopers & Lybrand (now PricewaterhouseCoopers LLP), where she worked for eight years. Ms. Leets is a Certified Public Accountant in Illinois and earned a B.S. in Accounting and an MBA from Indiana State University Scott School of Business. Ms. Leets' knowledge of financial and accounting matters qualifies her to serve as a member of the Company's Audit Committee.* 

*Andrea L. Petro: Ms. Petro is a Director and Chair of the Company's Governance and Compensation Committee, a member of the Audit Committee and Joint Transactions Committee. Ms. Petro also serves as a Trustee of BlackRock Private Credit Fund, Chair of its Governance and Compensation Committee, member of its Audit Committee and member of its Joint Transactions Committee. From June 2020 to June 2024, Ms. Petro served as a Director of Ready Capital Corporation. From June 2018 to February 2020, Ms. Petro served as Managing Director and Group Head of the Specialty Commercial Finance Group of Waterfall Asset Management. Ms. Petro served as a consultant for Waterfall Asset Management from March 2020 through February 2023. Ms. Petro previously worked at Wells Fargo Capital Finance from December 2000 to December 2017 as the Executive Vice President and Group Head of the Lender Finance Division and Supply Chain Finance Division. Ms. Petro currently serves as a member of the MS Finance Advisory Board of the McCombs School of Business at the University of Texas at Austin. She also served as the President of the Commercial Finance Association from 2016 to 2017 and previously served as a member of the Secured Finance Foundation board of directors from 2000 to 2022. Ms. Petro holds a Master of Business Administration degree in finance from the McCombs School of Business at the University of Texas and a Bachelor of Arts degree with a concentration in Russian and Soviet Studies from Kent State University. Ms. Petro's knowledge of financial and accounting matters qualifies her to serve as a member of the Company's Audit Committee.* 

*Maureen K. Usifer: Ms. Usifer is a Director of the Company, Chair of the Audit Committee, member of the Governance and Compensation Committee and Joint Transactions Committee. Ms. Usifer also serves as a Trustee and Chair of the Audit Committee of BlackRock Private Credit Fund, member of its Governance and Compensation Committee and Joint Transactions Committee, and a Director and Chair of the Audit Committee of BlackRock Direct Lending Corp. and member of its Joint Transactions Committee. From 2005 until its merger with and into a wholly-owned subsidiary of the Company on March 18, 2024, Ms. Usifer was a Director of BlackRock Capital Investment Corporation. Since 2021, Ms. Usifer has served as a Director for PC Construction. Ms. Usifer was a member of the Green Mountain Care Board, a regulatory board appointed by the Governor in Vermont responsible for approving* 

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hospital budgets, insurance rates and capital projects, from 2017 to 2021. Ms. Usifer served as CFO of Seventh Generation Inc., a distributor of its brand of household and personal care products, from 2012 to 2016. From 1996 to 2012, Ms. Usifer served in various roles with Church & Dwight, a major producer of baking soda and consumer products. Ms. Usifer served as Vice President of Investor Relations, Senior Finance Director, Divisional CFO and controller during her tenure at Church & Dwight. From 2024 to present, Ms. Usifer has served as a Director for Charlotte's Web. Since 2018 Ms. Usifer has been a Director of Liberty All Star Funds. Ms. Usifer received an undergraduate degree in business from St. Michael's College and an M.B.A. in Finance from Clarkson University. Ms. Usifer's prior board service, in addition to her roles as an Independent Director of the Company, an Independent Director of BlackRock Direct Lending Corp. and an Independent Trustee of BlackRock Private Credit Fund, provides her with specific understanding of the Company, its operations and the business and regulatory issues facing BDCs. Ms. Usifer's independence from the Company enhances her service as Chair of the Board's Audit Committee and member of other Board committees.

#### Officers Who Are Not Directors
*Erik L. Cuellar: Mr. Cuellar, Director of BlackRock, is the Chief Financial Officer of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. Mr. Cuellar has been at BlackRock and its predecessor, TCP, since 2011. Prior to his current role, Mr. Cuellar served as Controller for Ares Capital Corporation. Prior to that, Mr. Cuellar was with Metropolitan West Asset Management where he served as the Assistant Treasurer and Principal Accounting Officer for the Metropolitan West Funds. Prior to that, Mr. Cuellar managed the Alternative Investments Group at Western Asset Management Company. Mr. Cuellar began his career with Deloitte & Touche LLP where he was a Senior Auditor in their Financial Services Group. Mr. Cuellar earned a B.S. in Accounting from California State University Northridge and is a Certified Public Accountant in California.* 

*Jason Mehring: Mr. Mehring, Managing Director of BlackRock, is the President of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. He is also a voting member and a past Chairman of the investment committee for BlackRock's US Private Capital Group ("USPC"). Mr. Mehring focuses on the team's origination, underwriting and monitoring of middle market private investments, as well as its capital raising activities across public and private investment funds. Mr. Mehring has over 30 years' experience in middle market investing including his 19 years' experience with the USPC team, joining as a Managing Director at BlackRock Capital Investment Corporation's former advisor in 2005. Mr. Mehring previously spent more than ten years at Banc of America Capital Investors (BACI), an affiliate of Bank of America, Inc., in Chicago, where he held positions of increasing responsibility, becoming a Principal of the firm in 2000. At BACI, Mr. Mehring focused on mezzanine and private equity investing in middle market companies. Prior to joining BACI in 1994, he worked at Firstar Bank, a predecessor to U.S. Bank. Mr. Mehring has also served on a variety of private corporate boards. Mr. Mehring has earned an M.B.A from the Kellogg School of Management at Northwestern University, as well as a B.B.A., summa cum laude, in Finance and Economics from the University of Wisconsin Eau Claire (graduating with University Honors).* 

*Diana Huffman: Ms. Huffman, Executive Director of BlackRock, is General Counsel and Secretary of the Company, BlackRock Private Credit Fund and BlackRock Direct Lending Corp. Ms. Huffman was also previously General Counsel for BlackRock Capital Investment Corporation, a public BDC, prior to its merger with the Company in March 2024. As part of BlackRock's Legal & Compliance department, Ms. Huffman is responsible for supporting BlackRock's U.S. regulated funds business, with a focus on retail alternatives. Ms. Huffman advises on a broad array of legal and regulatory issues impacting U.S. regulated funds, including product development and corporate governance matters. Prior to joining BlackRock in 2022, Ms. Huffman served as Corporate Counsel at PGIM Investments LLC starting in 2015, where she served as Chief Legal Officer for its BDC and as the lead attorney for retail funds. From 2009 to 2015, Ms. Huffman was an associate in the Asset Management group at Willkie Farr & Gallagher LLP, where she focused on the organization and operation of private and regulated funds. Ms. Huffman has a J.D. (cum laude) from Fordham University School of Law and a B.A. (summa cum laude) in International Relations from Boston University.* 

*Charles C. S. Park: Mr. Park, Managing Director of BlackRock, is Chief Compliance Officer of the Company, BlackRock Private Credit Fund and BlackRock Direct Lending Corp., and Chief Compliance Officer of the Advisor. Mr. Park has served as Chief Compliance Officer of certain BlackRock US-registered investment advisers since 2014; Principal of and Chief Compliance Officer for iShares<sup>®</sup> Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors ("BFA") since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc.* 

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since 2012; Chief Compliance Officer of the Company from 2018 to February 2024; Chief Compliance Officer of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex from 2014 to 2023; Chief Compliance Officer for the BFA-advised iShares<sup>®</sup> exchange traded funds from 2006 to 2023.

*Patrick Wolfe: Mr. Wolfe, Managing Director of BlackRock, is the Chief Operating Officer of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. He is also a Senior Portfolio Manager within BlackRock's Private Financing Solutions (PFS) platform. Mr. Wolfe is Head of Portfolio Construction for U.S. Private Capital's U.S. Direct Lending funds which includes overseeing allocations, portfolio positioning, and liability management. Mr. Wolfe is also Senior Portfolio Manager on BlackRock Credit Strategies Fund, and Head of U.S. middle-market CLOs at BlackRock. Mr. Wolfe joined BlackRock through the acquisition of TCP. At TCP, Mr. Wolfe was a portfolio manager on the U.S. Direct Lending Funds and launched the middle-market CLO platform taking the business to over $1 billion of assets. He also co-led led the development of the firm's proprietary private credit software platform. He was one of the creators of the Direct Lending fund structure designed for insurance company clients. Before TCP, Mr. Wolfe was in structured credit at Deutsche Bank for six years focusing on the structuring, issuance, and management of CLOs and other credit strategies. He began his career in 2006 at KSJG LLP in the Advisory group focused on mortgage banking. Mr. Wolfe earned a B.S. in Accounting from San Diego State University in 2006. Mr. Wolfe volunteers his time as a member of the Board of Directors for the Southern California Golf Association ("SCGA") and Southern California Golf Association Junior Foundation.* 

*Dan Worrell: Mr. Worrell, Managing Director of BlackRock, is Co-Chief Investment Officer of the Company, BlackRock Direct Lending Corp. and BlackRock Private Credit Fund. Mr. Worrell is a senior member of the investment team within BlackRock's Private Financing Solution (PFS) platform, where he is a leader in BlackRock's U.S. core middle market direct lending strategy. In this capacity, Mr. Worrell is responsible for oversight of the strategy's investment process and plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. Prior to joining BlackRock, Mr. Worrell was a Managing Director at Tennenbaum Capital Partners (TCP) where he led investment activity across several industry verticals, including Healthcare, Consumer Brands, Retail, and Consumer and Specialty Finance. Prior to TCP, Mr. Worrell was a High Yield Portfolio Manager with Mulholland Capital Advisors. Mr. Worrell holds an M.B.A. from Columbia University and a B.S. from California State University, Northridge.* 

#### Compensation of Directors
The following table shows information regarding the compensation earned or actually received by the Company's directors, none of whom is an employee of the Company, for service as a director for the fiscal year ended December 31, 2024. No compensation is paid by the Company to Interested Directors.

---

| | | |
|:---|:---|:---|
|  | **Fees Earned or**<br>**Paid in Cash<sup>(1)(2)</sup>** | **Total**  |
| **Interested Directors:**<br>|  |  |
| Philip Tseng | &nbsp;&nbsp;&nbsp; — | —  |
| **Independent Directors:**<br>|  |  |
| Eric J. Draut | &nbsp;&nbsp;&nbsp; $183000 | $183000  |
| Karen L. Leets | &nbsp;&nbsp;&nbsp; $160000 | $160000  |
| Andrea L. Petro | &nbsp;&nbsp;&nbsp; $162000 | $162000  |
| John R. Baron | &nbsp;&nbsp;&nbsp; $80000 | $80000  |
| Maureen K. Usifer | &nbsp;&nbsp;&nbsp; $88000 | $88000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For a discussion of the Independent
 Directors' compensation, see below.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company does not maintain
 a stock or option plan, non-equity incentive plan or pension plan for its directors.

The Company is authorized to pay each Independent Director the following amounts for serving as a Director: (i) $110,000 a year; (ii) $5,000 for each meeting of the Board of Directors or a committee thereof attended physically, telephonically or virtually by videoconference by such Director; and (iii) $1,000 for each special meeting of the Board of Directors or a committee thereof with a limited agenda attended by such Independent Director (whether in person, telephonic or virtual). The Lead Independent Director receives $20,000 per year. The Chair of the Audit Committee

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receives $15,000 per year and the Chair of the Governance and Compensation Committee receives $5,000 per year. Each Independent Director is also entitled to reimbursement for all out-of-pocket expenses of such person in attending each meeting of the Board of Directors and any committee thereof.

#### Investment Committee
The Advisor's investment process is organized around the Investment Committee that provides for a centralized, repeatable decision process. With respect to each fund the Advisor advises, certain members of the Investment Committee are voting members. The voting members of the Investment Committee for the Company are currently Philip M. Tseng, Jason Mehring, Rob DiPaolo, Dan Worrell, Vikas Keswani, Michael Fenstermacher and Grishma Parekh. Approval by a simple majority vote of the voting members of the Investment Committee is required for the purchase or sale of any investment, with certain de-minimis exceptions. No voting member has veto power. The Advisor's investment process is designed to maximize risk-adjusted returns and preserve downside protection.

#### Voting Members
Phil Tseng, *Managing Director*, is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform, where he leads BlackRock's U.S. core middle market direct lending strategy. In this capacity, Mr. Tseng is responsible for oversight of the strategy's investment process and plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. In addition to his position with the Company, Mr. Tseng also serves as the Chairman, CEO and co-CIO of BlackRock Private Credit Fund (BDEBT), the non-traded BDC managed by BlackRock, and BlackRock Direct Lending Corp., a private BDC managed by BlackRock. Prior to joining BlackRock, Mr. Tseng was a Managing Partner at Tennenbaum Capital Partners (TCP), where he was also a member of the Management Committee. Prior to joining TCP, Mr. Tseng was a member of the Credit Suisse First Boston technology investment banking group focusing on technology and business services. While at CSFB, he advised on and executed M&A, public and private equity and structured debt transactions for a broad range of small and large cap companies. He also spent time covering technology services companies as an equity research analyst. Prior to that, he spent time in investment banking at Deutsche Banc Alex Brown. Mr. Tseng holds an M.B.A. from Harvard Business School and a B.A. (honors) in Economics from Harvard College.

Rob DiPaolo, *Managing Director*, is a senior member of the investment team within Blackrock's Private Financing Solutions (PFS) platform where he is a leader in BlackRock's U.S. core middle market direct lending strategy. Mr. DiPaolo is responsible for playing a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies with an industry focus on building products, transportation, industrial services, agriculture and engineering and construction. He has been at BlackRock and its predecessor, Tennenbaum Capital Partners, since 1999. Prior to his current role, Mr. DiPaolo was the firm's Chief Financial Officer and was responsible for building Tennenbaum's financial reporting, processes and controls and operating infrastructure. Preceding Tennenbaum, Mr. DiPaolo was Vice President at Trust Company of the West, spent seven years at Arthur Andersen as a Business Advisory and Consulting Manager and began his career in 1989, spending five years at May Department Stores as a profit improvement specialist and control division accountant. Mr. DiPaolo earned a B.S. from the University of California, Riverside and is a CPA in the State of California.

Jason Mehring, *Managing Director*, is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform. Mr. Mehring plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. In addition to his position with the Company, Mr. Mehring also serves as President of BlackRock Private Credit Fund (BDEBT), the non-traded BDC managed by BlackRock, and BlackRock Direct Lending Corp., a private BDC managed by BlackRock. Jason has over 30 years' experience in middle market investing including his 19 years' experience with the BlackRock team, joining as a Managing Director at BlackRock Capital Investment Corporation's former advisor in 2005. Mr. Mehring previously spent more than ten years at Banc of America Capital Investors (BACI), an affiliate of Bank of America, Inc., in Chicago, where he held positions of increasing responsibility, becoming a Principal of the firm in 2000. At BACI, Mr. Mehring focused on mezzanine and private equity investing in middle market companies. Prior to joining BACI in 1994, he worked at Firstar Bank, a predecessor to U.S. Bank. Mr. Mehring holds an M.B.A from the Kellogg School of Management at Northwestern University and a B.B.A., summa cum laude, in Finance and Economics from the University of Wisconsin Eau Claire (graduating with University Honors).

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Dan Worrell, *Managing Director*, Mr. Worrell is a senior member of the investment team within BlackRock's Private Financing Solution (PFS) platform, where he is a leader in BlackRock's U.S. core middle market direct lending strategy. In this capacity, Mr. Worrell is responsible for oversight of the strategy's investment process and plays a leadership role in the evaluation, structuring, and execution of private secured investments in U.S. core middle market companies. In addition to his position with the Company, Mr. Worrell also serves as co-CIO of BlackRock Private Credit Fund (BDEBT), the non-traded BDC managed by BlackRock, and BlackRock Direct Lending Corp., a private BDC managed by BlackRock. Prior to joining BlackRock, Mr. Worrell was a Managing Director at Tennenbaum Capital Partners (TCP) where he led investment activity across several industry verticals, including Healthcare, Consumer Brands, Retail, and Consumer and Specialty Finance. Prior to TCP, Mr. Worrell was a High Yield Portfolio Manager with Mulholland Capital Advisors. Mr. Worrell holds an M.B.A. from Columbia University and a B.S. from California State University, Northridge.

Vikas Keswani, *Managing Director*, is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform. He is also Head of North American Specialty Lending at HPS, a part of BlackRock. In this capacity, Mr. Keswani plays a leadership role in sourcing, evaluating, structuring, and executing private senior secured investments across a variety of industries. Prior to joining HPS in 2010, Mr. Keswani spent a majority of his career at BlackRock, where he was a part of the initial team that established, structured and capitalized BlackRock Capital Investment Corporation (NASDAQ: BKCC), a publicly traded private investment vehicle. Mr. Keswani is a CFA charterholder and holds a BSE, magna cum laude, from The Wharton School at the University of Pennsylvania.

Michael Fenstermacher, *Managing Director*, is a senior member of the investment team within BlackRock's Private Financing Solution (PFS) platform. He is also Co-Head of North American Core Senior Lending at HPS, a part of BlackRock. In this capacity, Mr. Fenstermacher plays a leadership role in sourcing, evaluating, structuring, and executing private senior secured investments across a variety of industries. Prior to joining HPS in 2008, Mr. Fenstermacher was an Associate at JPMorgan's Leveraged Finance Group, where he originated, underwrote and distributed high yield bonds and leveraged loans. During his four years with JPMorgan, Mr. Fenstermacher specialized in financial sponsor transactions. Prior to joining JPMorgan, Mr. Fenstermacher spent two years at Bank One as a Credit Analyst in the Automotive and Financial Institutions groups. Mr. Fenstermacher holds a BS from Indiana University.

Grishma Parekh, *Managing Director*, is a senior member of the investment team within BlackRock's Private Financing Solutions (PFS) platform. She is also Co-Head of North American Core Senior Lending at HPS, a part of BlackRock, as well as the President of HPS Corporate Lending Fund, a non-traded BDC managed by HPS. In this capacity, Ms. Parekh plays a leadership role in sourcing, evaluating, structuring, and executing private senior secured investments across a variety of industries. Prior to joining HPS in 2020, Ms. Parekh spent over twelve years as a Partner and Managing Director at The Carlyle Group. During her tenure at The Carlyle Group, Ms. Parekh was a founding member of the Direct Lending platform, served as Head of Origination for Illiquid Credit, and was a member of the Investment Committee for the Direct Lending business. Prior to joining The Carlyle Group in 2007, Ms. Parekh was an Investment Banking Associate at JPMorgan where she was responsible for originating, structuring and executing high yield bond and leveraged loan transactions. Ms. Parekh holds a BS in Finance and Information Systems from the Stern School of Business at New York University.

#### Voting Members' Potential Conflicts of Interest
Material conflicts of interest that may arise in connection with the Voting Members' management of the Company's investments, on the one hand, and the investments of the other advisor accounts, on the other. BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which voting members have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition, BlackRock, Inc., its affiliates and significant shareholders and any officer, director, shareholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, Inc. or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may

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refrain from rendering any advice or services concerning securities of companies of which any of BlackRock's (or its affiliates' or significant shareholders') officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Certain voting members also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a fund. It should also be noted that Messrs. Cucunato, and Patterson and Ms. Puri may be managing funds or accounts that are subject to incentive fees. Messrs. Cucunato and Patterson and Ms. Puri may therefore be entitled to receive a portion of any incentive fees earned on such funds or accounts.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base, as appropriate.

#### Voting Members' Compensation
The discussion below describes the Voting Members' compensation as of September 19, 2025.

BlackRock's financial arrangements with its Voting Members, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary and a performance-based discretionary bonus, and may also include participation in various benefits programs and/or one or more of the incentive compensation programs established by BlackRock.

*Base compensation. Generally, Voting Members receive base compensation based on their position with the firm.* 

*Discretionary Incentive Compensation. Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the Voting Member group within BlackRock, the investment performance, including risk-adjusted returns, of the firm's assets under management or supervision by that Voting Member, and the individual's performance and contribution to the overall performance of these portfolios and BlackRock.* 

Discretionary incentive compensation is generally distributed to Voting Member in a combination of cash, deferred BlackRock, Inc. stock awards, deferred cash and/or deferred cash awards that notionally track the return of certain BlackRock investment products.

Voting Members receive their annual discretionary incentive compensation in the form of cash. Certain Voting Members whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock awards annually as part of their discretionary incentive compensation. Paying a portion of discretionary incentive compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a Voting Member for a given year "at risk" based on BlackRock's ability to sustain and improve its performance over future periods. In some cases, additional deferred BlackRock, Inc. stock may be granted to certain key employees as part of a long-term incentive award to aid in retention, align interests with long-term stockholders and motivate performance. Deferred BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest pursuant to the terms of the applicable plan and, once vested, settle in BlackRock, Inc. common stock. Certain of the Voting Members of this Fund are eligible to receive deferred BlackRock, Inc. stock awards.

For certain Voting Members, a portion of the discretionary incentive compensation is also distributed in the form of deferred cash or deferred cash awards that notionally track the returns of select BlackRock investment products they manage, which provides direct alignment of Voting Member discretionary incentive compensation with investment product results. Deferred cash awards vest ratably over a number of years and, once vested, settle in the form of cash. Only Voting Members who manage specified products and whose total compensation is above a specified threshold are eligible to participate in the deferred cash award program.

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*Other Compensation Benefits. In addition to base salary and discretionary incentive compensation, certain Voting Members may be eligible to receive or participate in one or more of the following:* 

Incentive Savings Plans - BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock, Inc. employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP).

The dollar range of equity securities in the Company beneficially owned at December 31, 2024, or as otherwise noted, by each person who is a Voting Member is as follows:

---

| | |
|:---|:---|
| Rob DiPaolo | $1–$10000  |
| Jason Mehring | Over $100,000  |
| Philip M. Tseng | Over $100,000  |
| Dan Worrell | Over $100,000  |
| Vikas Keswani\* |  |
| Michael Fenstermacher\* |  |
| Grishma Parekh\* |  |

---

\* Added as a Voting Member of the Investment Committee after December 31, 2024. The dollar range of equity securities above reflects beneficial ownership as of September 19, 2025.

#### Other Accounts Managed
The information below lists the number of other accounts for which each Voting Member was primarily responsible for the day-to-day management as of the fiscal year ended December 31, 2024, or as otherwise noted.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Investment**<br>**Committee Voting**<br>**Member** | **Type of Accounts** | **Total No.** <br>**of Other** <br>**Assets** <br>**(in millions)** | **Total**<br>**Other Assets**<br>**(in millions)** | **No. of Other**<br>**Accounts**<br>**where**<br>**Advisory Fee**<br>**is Based on**<br>**Performance** | **Total Assets** <br>**in Other** <br>**Accounts**<br>**where** <br>**Advisory**<br>**Fee is Based**<br>**on Performance**<br>**(in millions)**  |
| Philip M. Tseng | Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; $3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; $3690  |
|  | Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; $14962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; $14767  |
|  | Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; $4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; $2452  |
| Rob DiPaolo | Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; $2785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; $2785  |
|  | Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; $6882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; $6686  |
|  | Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; $1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; $1000  |
| Jason Mehring | Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; $301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; $301  |
|  | Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; $13032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; $13032  |
|  | Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; $4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; $2452  |
| Dan Worrell | Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; $3690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; $3690  |
|  | Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; $14962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; $14767  |
|  | Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; $4700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; $2452  |
| Vikas Keswani\* | Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
|  | Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
|  | Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Michael Fenstermacher\* | Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
|  | Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
|  | Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
| Grishma Parekh\* | Registered Investment Companies: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
|  | Other Pooled Investment Vehicles: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0  |
|  | Other Accounts: | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; $0 |

---

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\* Added as a Voting Member of the Investment Committee after December 31, 2024. The information above reflects other accounts managed as of September 19, 2025.

#### Determination of Net Asset Value in Connection with Offerings
In connection with certain offerings of shares of our common stock, our board of directors or an authorized committee thereof may be required to make the determination that we are not selling shares of our common stock at a price below the then current net asset value of our common stock at the time at which the sale is made. Our board of directors or an authorized committee thereof will consider the following factors, among others, in making such determination:

&nbsp;&nbsp;&nbsp;&nbsp;• the net asset value of
 our common stock most recently disclosed by us in the most recent periodic report that we filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;• our Advisor's
 assessment of whether any material change in the net asset value of our common stock has occurred (including through the realization of
 gains on the sale of our portfolio securities) during the period beginning on the date of the most recently disclosed net asset value
 of our common stock and ending as of a time within 48 hours (excluding Sundays and holidays) of the sale of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;• the magnitude of the
 difference between (i) a value that our board of directors or an authorized committee thereof has determined reflects the current (as
 of a time within 48 hours, excluding Sundays and holidays) net asset value of our common stock, which is based upon the net asset value
 of our common stock disclosed in the most recent periodic report that we filed with the SEC, as adjusted to reflect our Advisor's
 assessment of any material change in the net asset value of our common stock since the date of the most recently disclosed net asset value
 of our common stock, and (ii) the offering price of the shares of our common stock in the proposed offering.

Moreover, if such a determination is required to be made and to the extent that there is even a remote possibility that we may issue shares of our common stock at a price below the then current net asset value of our common stock at the time at which the sale is made, our board of directors will elect either to postpone the offering until such time that there is no longer the possibility of the occurrence of such event or to undertake to determine the net asset value of our common stock within two days prior to any such sale to ensure that such sale will not be below our then current net asset value.

These processes and procedures are part of our compliance policies and procedures. Records will be made contemporaneously with all determinations described in this section and these records will be maintained with other records that we are required to maintain under the 1940 Act.

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#### **TABLE OF CONTENTS**

#### CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS
To our knowledge as of September 22, 2025, there were no persons that owned more than 25% of our outstanding voting securities, and no person would be presumed to control us, as such term is defined in the 1940 Act.

Our Directors are divided into two groups - interested directors and independent directors. Interested directors are those who are "interested persons" of the Company, as defined in the 1940 Act.

The following table sets forth, as of September 22, 2025, certain ownership information with respect to the Company's shares for those persons who may, insofar as is known to us, directly or indirectly own, control or hold with the power to vote, 5% or more of our outstanding common shares and the beneficial ownership of each current Director and executive officers, and the executive officers and Directors as a group. As of September 22, 2025, all Directors and officers as a group owned less than 1% of the Company's outstanding common shares.

Ownership information for those persons, if any, who own, control or hold the power to vote, 5% or more of our shares is based upon Schedule 13D or Schedule 13G filings by such persons with the SEC and other information obtained from such persons, if available. Such ownership information is as of the date of the applicable filing and may no longer be accurate.

Unless otherwise indicated, we believe that each person set forth in the table below has sole voting and investment power with respect to all shares of the Company he or she beneficially owns and has the same address as the Company. The Company's address is 2951 28th Street, Suite 1000, Santa Monica, California 90405.

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| | | |
|:---|:---|:---|
| **Title of Class** | **Name and Address of**<br>**Beneficial Owner** | **Amount and Nature of**<br>**Beneficial Ownership** |
| ***5% or more holders***<br>|  |  |
| ***Interested Directors***<br>|  |  |
| Common Stock | Philip Tseng | &nbsp;&nbsp;&nbsp;&nbsp; 38587.047<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| ***Independent Directors***<br>|  |  |
| Common Stock | John R. Baron | &nbsp;&nbsp;&nbsp;&nbsp; 8404<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| Common Stock | Eric J. Draut | &nbsp;&nbsp;&nbsp;&nbsp; 55532<br> \*  |
| Common Stock | Karen L. Leets | &nbsp;&nbsp;&nbsp;&nbsp; 8000<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| Common Stock | Andrea L. Petro | &nbsp;&nbsp;&nbsp;&nbsp; 11823<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| Common Stock | Maureen K. Usifer | &nbsp;&nbsp;&nbsp;&nbsp; 23502<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| ***Executive Officers***<br>|  |  |
| Common Stock | Jason Mehring | &nbsp;&nbsp;&nbsp;&nbsp; 22441.56<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| Common Stock | Erik Cuellar | &nbsp;&nbsp;&nbsp;&nbsp; 250<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| Common Stock | Charles C. S. Park | &nbsp;&nbsp;&nbsp;&nbsp; —<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*  |
| Common Stock | Diana Huffman | &nbsp;&nbsp;&nbsp;&nbsp;—<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Common Stock | Patrick Wolfe | &nbsp;&nbsp;&nbsp;&nbsp;8003<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Common Stock | Dan Worrell | &nbsp;&nbsp;&nbsp;&nbsp;33500<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |

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\* Represents less than 1%. 

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The following table sets out the dollar range of our equity securities beneficially owned by each of our Directors as of September 19, 2025. We are not part of a "family of investment companies," as that term is defined in the 1940 Act.

---

| | |
|:---|:---|
| **Name of Director** | **Dollar Range of Equity**<br>**Securities in the Company<sup>(1)</sup>**  |
| **Interested Directors**<br>|  |
| Philip Tseng | Over $100,000  |
| **Independent Directors**<br>|  |
| John R. Baron | $50001 - $100000  |
| Eric J. Draut | Over $100,000  |
| Karen L. Leets | $50001 - $100000  |
| Andrea L. Petro | $50001 - $100000  |
| Maureen K. Usifer | Over $100,000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Dollar ranges are as follows:
 none, $1 - $10,000, $10,001 - $50,000, $50,001 - $100,000, or over $100,000.

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#### DIVIDEND REINVESTMENT PLAN
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, stockholders 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 2024 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.

To "opt in" or "opt out" of the DRIP, as applicable, shareholders must notify Computershare Trust Company, N.A., the plan administrator, in writing at the address provided below so that notice is received by the plan administrator prior to the record date for a distribution. The plan administrator will then automatically reinvest any dividends in additional shares of our common stock. The plan administrator will set up an account for shares acquired through the plan for each stockholder who has elected to participate in the plan and may hold such shares in non-certificated form under the plan administrator's name or that of its nominee. The number of shares to be issued to a stockholder participating in the plan will be calculated by reference to all shares of common stock owned by such stockholder, whether held in such stockholder's plan account or elsewhere. The plan administrator will confirm to each participant each acquisition made for such participant pursuant to the plan as soon as practicable after the date thereof; provided all shares have been purchased. Upon request by a stockholder participating in the plan received in writing no later than the record date, the plan administrator will, instead of crediting shares to and/or carrying shares in the participant's account, issue, without charge to the participant, a Direct Registration Shares ("DRS") statement registered in the participant's name for the number of whole shares of our common stock payable to the participant and a check for any fractional shares less any applicable fees. Although each participant may from time to time have an undivided fractional interest (computed to six decimal places) in a share of our common stock, no certificates for a fractional share will be issued. However, dividends and distributions on fractional shares will be credited to each participant's account.

The plan administrator will acquire newly issued shares of our common stock on behalf of participants if, on the distribution payment date, the closing market price per share of our common stock on the Nasdaq Global Select Market (or if no sale is reported for such date, the midpoint of the reported bid and asked prices) plus estimated per share fees and brokerage commissions (for these purposes, the "market price"), is greater than the most recently published net asset value per share of our common stock. The number of newly issued shares of common stock to be credited to a participant's account will be determined by dividing the dollar amount of the distribution otherwise payable to the participant by the greater of (i) the net asset value per share or (ii) 95% of the market price on the distribution payment date. Unless otherwise instructed by the Company, the plan administrator will acquire common stock on behalf of participants through open-market purchases if, on the distribution payment date, the market price is less than the most recently published net asset value per share. In such event, the plan administrator will have until the earlier of the last business day before the next date on which our common stock trades on an "ex-distribution" basis or 30 days after the distribution payment date (such date, the "last purchase date"), to invest the distribution amount in common stock acquired in open-market purchases. If shares are purchased in the open market with respect to a distribution, the number of shares to be credited to a participant's account shall be determined by dividing the dollar amount of the cash distribution otherwise payable to the participant by the weighted average market price per share for all common stock purchased by the plan administrator in the open market. If the plan administrator is unable to invest the full distribution amount in open-market purchases, or if the market discount shifts to a market premium during the purchase period, the plan administrator may cease making open-market purchases and may use any uninvested portion to acquire newly-issued shares.

There will be no brokerage charges to stockholders with respect to shares of common stock issued directly by us. However, each participant will pay the brokerage commissions incurred in connection with open-market purchases. The plan administrator's fees and expenses under the plan will be paid by us. If a participant elects by written notice to the plan administrator to have the plan administrator sell part or all of the shares held by the plan administrator in the participant's account and remit the proceeds to the participant, the plan administrator is authorized to deduct a $2.50 transaction fee plus a $0.15 per share brokerage commissions from the proceeds. If you have shares held through a broker, you should contact your broker to participate in the plan.

Stockholders who receive dividends in the form of stock are subject to the same U.S. federal, state and local tax consequences as are stockholders who elect to receive their dividends in cash. A stockholder's basis for determining

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gain or loss upon the sale of stock received in a dividend from us will be equal to the total dollar amount of the dividend payable to the stockholder. Any stock received in a dividend will have a new holding period for U.S. federal income tax purposes commencing on the day following the day on which the shares are credited to the U.S. stockholder's account.

Participants may terminate their accounts under the plan by notifying the plan administrator via its website at www.computershare.com/investor, by filling out the transaction request form located at bottom of their statement and sending it to the plan administrator at Computershare Trust Company, N.A., P.O. Box 43006, Providence, RI 02940-3006 or by calling the plan administrator at (800) 699-1236. Such termination will be effective immediately if the participant's notice is received by the plan administrator prior to any distribution record date; otherwise, such termination will be effective only with respect to any subsequent distribution.

The plan may be terminated by us upon notice in writing mailed to each participant at least 30 days prior to any record date for the payment of any dividend by us. All correspondence concerning the plan should be directed to the plan administrator by mail at Wells Fargo Bank, National Association, P.O. Box 64856, St. Paul, MN 55164-0856 or by telephone at (800) 468-9716.

The plan administrator will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under the plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the plan administrator's negligence, bad faith, or willful misconduct or that of its employees or agents.

For the year ended December 31, 2024, approximately $2.3 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.

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#### DESCRIPTION OF OUR CAPITAL STOCK
The following description is based on relevant portions of the Delaware General Corporation Law, our charter and bylaws and the 1940 Act. This summary is not complete, and we refer you to the Delaware General Corporation Law, our charter and bylaws and the 1940 Act for a more detailed description of the provisions summarized below.

#### General
Under the terms of our certificate of incorporation, our authorized stock consists of 200,000,000 shares of common stock, par value $0.001 per share, and 100,000,000 shares of preferred stock, par value $0.001 per share. We will only offer shares of our common stock under this prospectus. When we offer shares of our common stock under this prospectus, we will issue an appropriate prospectus supplement. Our common stock is traded on The Nasdaq Global Select Market under the ticker symbol "TCPC." There are currently no outstanding options or warrants to purchase our stock. No stock has been authorized for issuance under any equity compensation plans. Under Delaware law, our stockholders generally are not personally liable for our debts or obligations.

The following are our outstanding classes of securities as of September 22, 2025:

---

| | | | |
|:---|:---|:---|:---|
| (1)<br>**Title of Class** | (2)<br>**Amount**<br>**Authorized** | (3)<br>**Amount Held**<br>**by us or**<br>**for Our Account** | (4)<br>**Amount Outstanding**<br>**Exclusive of Amounts**<br>**Shown Under<sup>(3)</sup>**  |
| Common Stock | 200000000 |  | 85031531 |
| Preferred Stock | 100000000 |  |  |

---

#### Common stock
Under the terms of our certificate of incorporation, holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative voting rights. Holders of a plurality of the votes of the shares present in person or represented by proxy at the meeting to elect directors and entitled to vote on the election of directors may elect all of the directors standing for election. Holders of common stock are entitled to receive proportionately any dividends declared by our board of directors, subject to any preferential dividend rights of outstanding preferred stock. Upon our liquidation, dissolution or winding up, the holders of common stock are entitled to receive ratably our net assets available after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any series of preferred stock which we may designate and issue in the future. In addition, holders of our common stock may participate in our dividend reinvestment plan. Our common stock is junior to our indebtedness and other liabilities.

#### Preferred stock
Under the terms of our certificate of incorporation, our board of directors is authorized to issue shares of preferred stock in one or more series without stockholder approval. The board has discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock. The 1940 Act limits our flexibility as to certain rights and preferences of the preferred stock that our certificate of incorporation may provide and requires, among other things, that immediately after issuance and before any distribution is made with respect to common stock, we meet a coverage ratio of total assets to total senior securities, which include all of our borrowings and our preferred stock, of at least 150%, and the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on the preferred stock are unpaid in an amount equal to two full years of dividends on the preferred stock until all arrears are cured. The features of the preferred stock will be further limited by the requirements applicable to regulated investment companies under the Code. The purpose of authorizing our board to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with providing leverage for our investment program, possible acquisitions and other corporate purposes, could make it more difficult for a third party to acquire, or could discourage a third party from acquiring, a majority of our outstanding voting stock.

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#### Long-Term Debt
We are permitted, under specified conditions, to issue multiple classes of indebtedness if our asset coverage ratio, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. In addition, while any publicly traded debt securities are outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes without regard to asset coverage.

#### Delaware law and certain charter and bylaw provisions; anti-takeover measures
Our certificate of incorporation and bylaws, together with the rules of The Nasdaq Global Select Market, provide that:

&nbsp;&nbsp;&nbsp;&nbsp;• the board of directors be
 organized in a single class with all directors standing for election each year

&nbsp;&nbsp;&nbsp;&nbsp;• directors may be removed
 by the affirmative vote of the holders of 75% of the then outstanding shares of our capital stock entitled to vote; and

&nbsp;&nbsp;&nbsp;&nbsp;• subject to the rights
 of any holders of preferred stock, any vacancy on the board of directors, however the vacancy occurs, including a vacancy due to an enlargement
 of the board, may only be filled by vote of a majority of the directors then in office.

Our certificate of incorporation also provides that special meetings of the stockholders may only be called by our board of directors, Chairman, Vice-Chairman (if any), Chief Executive Officer or President.

Delaware's corporation law provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation's certificate of incorporation or bylaws, unless a corporation's certificate of incorporation or bylaws requires a greater percentage. Our certificate of incorporation permits our board of directors to amend or repeal the by-laws or adopt new by-laws at any time. Stockholders may amend or repeal the by-laws or adopt new by-laws with the affirmative vote of 80% of the then outstanding shares.

#### Limitations of liability and indemnification
Under our certificate of incorporation, we fully indemnify any person who was or is involved in any actual or threatened action, suit or proceeding by reason of the fact that such person is or was one of our directors or officers; provided, however, that, except for proceedings to enforce rights to indemnification, we will not be obligated to indemnify any director or officer in connection with a proceeding initiated by such person unless such proceeding was authorized or consented to by our board of directors. So long as we are regulated under the 1940 Act, the above indemnification and limitation of liability is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any director or officer against liability to it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Delaware law also provides that indemnification permitted under the law shall not be deemed exclusive of any other rights to which the directors and officers may be entitled under the corporation's bylaws, any agreement, a vote of stockholders or otherwise.

We have obtained liability insurance for our officers and directors.

#### Anti-takeover provisions
Our certificate of incorporation includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of us or to change the composition of our board of directors. This could have the effect of depriving stockholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over us. Such attempts could have the effect of increasing our expenses and disrupting our normal operation. A director may be removed from office only for cause by a vote of the holders of at least 75% of the shares then entitled to vote for the election of the respective director.

In addition, our certificate of incorporation requires the favorable vote of a majority of our board of directors followed by the favorable vote of the holders of at least 80% of our outstanding shares of each affected class or series, voting separately as a class or series, to approve, adopt or authorize certain transactions with 10% or greater holders of a class or series of shares and their associates, unless the transaction has been approved by at least 80% of our directors,

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in which case "a majority of the outstanding voting securities" (as defined in the 1940 Act) will be required. For purposes of these provisions, a 10% or greater holder of a class or series of shares, or a principal stockholder, refers to any person who, whether directly or indirectly and whether alone or together with its affiliates and associates, beneficially owns 10% or more of the outstanding shares of our voting securities.

The 10% holder transactions subject to these special approval requirements are: the merger or consolidation of us or any subsidiary of ours with or into any principal stockholder; the issuance of any of our securities to any principal stockholder for cash, except pursuant to any automatic dividend reinvestment plan; the sale, lease or exchange of all or any substantial part of our assets to any principal stockholder, except assets having an aggregate fair market value of less than 5% of our total assets, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period; or the sale, lease or exchange to us or any subsidiary of ours, in exchange for our securities, of any assets of any principal stockholder, except assets having an aggregate fair market value of less than 5% of our total assets, aggregating for purposes of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period.

To convert us to a closed-end or open-end investment company, to merge or consolidate us with any entity or sell all or substantially all of our assets to any entity in a transaction as a result of which the governing documents of the surviving entity do not contain substantially the same anti-takeover provisions as are provided in our certificate of incorporation or to liquidate and dissolve us other than in connection with a qualifying merger, consolidation or sale of assets or to amend certain of the provisions relating to these matters, our certificate of incorporation requires either (i) the favorable vote of a majority of our continuing directors followed by the favorable vote of the holders of a majority of our then outstanding shares of each affected class or series of our shares, voting separately as a class or series or (ii) the favorable vote of at least 80% of the then outstanding shares of our capital stock, voting together as a single class. As part of any such conversion to an open-end investment company, substantially all of our investment policies and strategies and portfolio would have to be modified to assure the degree of portfolio liquidity required for open-end investment companies. In the event of our conversion to an open-end investment company, the common stock would cease to be listed on any national securities exchange or market system. Stockholders of an open-end investment company may require the company to redeem their shares at any time, except in certain circumstances as authorized by or under the 1940 Act, at their net asset value, less such redemption charge, if any, as might be in effect at the time of a redemption. You should assume that it is not likely that our board of directors would vote to convert us to an open-end fund.

The 1940 Act defines "a majority of the outstanding voting securities" as the lesser of a majority of the outstanding shares and 67% of a quorum of a majority of the outstanding shares. For the purposes of calculating "a majority of the outstanding voting securities" under our certificate of incorporation, each class and series of our shares will vote together as a single class, except to the extent required by the 1940 Act or our certificate of incorporation, with respect to any class or series of shares. If a separate class vote is required, the applicable proportion of shares of the class or series, voting as a separate class or series, also will be required.

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#### DESCRIPTION OF OUR PREFERRED STOCK
In addition to shares of common stock, our charter authorizes the issuance of preferred stock. If we offer preferred stock under this prospectus, we will issue an appropriate prospectus supplement. We may issue preferred stock from time to time in one or more series, without stockholder approval. Our board of directors is authorized to fix for any series of preferred stock the number of shares of such series and the designation, relative powers, preferences and rights, and the qualifications, limitations, or restrictions of such series; except that, such an issuance must adhere to the requirements of the 1940 Act, Delaware law and any other limitations imposed by law.

The 1940 Act requires, among other things, that (1) immediately after issuance and before any distribution is made with respect to common stock, the liquidation preference of the preferred stock, together with all other senior securities, must not exceed an amount equal to 66 2/3% of our total assets (taking into account such distribution) and (2) the holders of shares of preferred stock, if any are issued, must be entitled as a class to elect two directors at all times and to elect a majority of the directors if dividends on the preferred stock are in arrears by two years or more.

For any series of preferred stock that we may issue, our board of directors will determine and the prospectus supplement relating to such series will describe:

&nbsp;&nbsp;&nbsp;&nbsp;• the designation and number
 of shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 rate and time at which, and the preferences and conditions under which, any dividends will be paid on shares of such series, the cumulative
 nature of such dividends and whether such dividends have any participating feature;

&nbsp;&nbsp;&nbsp;&nbsp;• any provisions relating
 to convertibility or exchangeability of the shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 rights and preferences, if any, of holders of shares of such series upon our liquidation, dissolution or winding up of our affairs;

&nbsp;&nbsp;&nbsp;&nbsp;• the
 voting powers of the holders of shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;• any provisions relating
 to the redemption of the shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;• any
 limitations on our ability to pay dividends or make distributions on, or acquire or redeem, other securities while shares of such series
 are outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;• any
 conditions or restrictions on our ability to issue additional shares of such series or other securities;

&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, a discussion
 of certain U.S. Federal income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other relative power,
 preferences and participating, optional or special rights of shares of such series, and the qualifications, limitations or restrictions
 thereof.

All shares of preferred stock that we may issue will be identical and of equal rank except as to the particular terms thereof that may be fixed by our board of directors, and all shares of each series of preferred stock will be identical and of equal rank except as to the dates from which cumulative dividends thereon will be cumulative.

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#### DESCRIPTION OF OUR DEBT SECURITIES
We currently have $325.0 million in senior unsecured notes issued by the Company maturing in 2026, and $325.0 million in unsecured notes issued by the Company maturing in 2029. The specific terms of each series of debt securities will be described in the particular prospectus supplement relating to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, you should read both this prospectus and the prospectus supplement relating to that particular series. The description below is a summary with respect to future debt securities we may issue and not a summary of our existing debt securities.

We may issue additional debt securities in one or more series in the future which, if publicly offered, will be under an indenture to be entered into between us and a trustee. The specific terms of each series of debt securities we publicly offer will be described in the particular prospectus supplement relating to that series. The prospectus supplement may or may not modify the general terms found in this prospectus and will be filed with the SEC. For a complete description of the terms of a particular series of debt securities, you should read both this prospectus and the prospectus supplement relating to that particular series. The description below is a summary with respect to future debt securities we may issue.

As required by federal law for all bonds and notes of companies that are publicly offered, the debt securities are governed by a document called an "indenture." The indenture is subject to and governed by the Trust Indenture Act of 1939, as amended. The trustee has two main roles. First, the trustee can enforce your rights against us if we default. There are some limitations on the extent to which the trustee acts on your behalf, described in the second paragraph under "Events of Default - Remedies if an Event of Default Occurs." Second, the trustee performs certain administrative duties for us.

This section includes a description of the material terms and provisions of the indenture. Because this section is a summary, however, it does not describe every aspect of the debt securities and the indenture. We urge you to read the indenture because it, and not this description, defines your rights as a holder of debt securities. We will file a supplemental indenture with the SEC in connection with any debt offering, at which time the supplemental indenture would be publicly available and the applicable prospectus supplement for such debt offering will define the material terms and provisions of such supplemental indenture. We have filed the form of the indenture with the SEC. See "Incorporation by Reference" and "Additional Information" for information on how to obtain a copy of the indenture.

The prospectus supplement, which will accompany this prospectus, will describe the particular series of debt securities being offered by including:

&nbsp;&nbsp;&nbsp;&nbsp;• the designation or title
 of the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the total principal amount
 of the series of debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of the principal
 amount at which the series of debt securities will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which
 principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates (which
 may be either fixed or variable) and/or the method of determining such rate or rates of interest, if any;

&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates from
 which any interest will accrue, or the method of determining such date or dates, and the date or dates on which any interest will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;• the terms for redemption,
 extension or early repayment, if any;

&nbsp;&nbsp;&nbsp;&nbsp;• the currencies in which
 the series of debt securities are issued and payable;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the amount of
 payments of principal, premium or interest, if any, on a series of debt securities will be determined with reference to an index, formula
 or other method (which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will
 be determined;

&nbsp;&nbsp;&nbsp;&nbsp;• the place or places,
 if any, other than or in addition to The City of New York, of payment, transfer, conversion and/or exchange of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the denominations in which
 the offered debt securities will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;• the provision for any sinking
 fund;

&nbsp;&nbsp;&nbsp;&nbsp;• any restrictive covenants;

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&nbsp;&nbsp;&nbsp;&nbsp;• any events of default;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the series of debt
 securities are issuable in certificated form;

&nbsp;&nbsp;&nbsp;&nbsp;• any provisions for defeasance
 or covenant defeasance;

&nbsp;&nbsp;&nbsp;&nbsp;• any special federal income
 tax implications, including, if applicable, federal income tax considerations relating to original issue discount;

&nbsp;&nbsp;&nbsp;&nbsp;• whether and under what
 circumstances we will pay additional amounts in respect of any tax, assessment or governmental charge and, if so, whether we will have
 the option to redeem the debt securities rather than pay the additional amounts (and the terms of this option);

&nbsp;&nbsp;&nbsp;&nbsp;• any provisions for convertibility
 or exchangeability of the debt securities into or for any other securities;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities
 are subject to subordination and the terms of such subordination;

&nbsp;&nbsp;&nbsp;&nbsp;• the listing, if any, on
 a securities exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other terms.

The debt securities may be secured or unsecured obligations. Under the provisions of the 1940 Act, we are permitted, as a BDC, to issue debt only in amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after each issuance of debt. Unless the prospectus supplement states otherwise, principal (and premium, if any) and interest, if any, will be paid by us in immediately available funds.

#### General
The indenture provides that any debt securities proposed to be sold under this prospectus and the attached prospectus supplement ("offered debt securities") and any debt securities issuable upon the exercise of warrants or upon conversion or exchange of other offered securities ("underlying debt securities"), may be issued under the indenture in one or more series.

For purposes of this prospectus, any reference to the payment of principal of or premium or interest, if any, on debt securities will include additional amounts if required by the terms of the debt securities.

The indenture limits the amount of debt securities that may be issued thereunder from time to time. Debt securities issued under the indenture, when a single trustee is acting for all debt securities issued under the indenture, are called the "indenture securities." The indenture also provides that there may be more than one trustee thereunder, each with respect to one or more different series of indenture securities. See "Resignation of Trustee" below. At a time when two or more trustees are acting under the indenture, each with respect to only certain series, the term "indenture securities" means the one or more series of debt securities with respect to which each respective trustee is acting. In the event that there is more than one trustee under the indenture, the powers and trust obligations of each trustee described in this prospectus will extend only to the one or more series of indenture securities for which it is trustee. If two or more trustees are acting under the indenture, then the indenture securities for which each trustee is acting would be treated as if issued under separate indentures.

The indenture does not contain any provisions that give you protection in the event we issue a large amount of debt.

We refer you to the prospectus supplement for information with respect to any deletions from, modifications of or additions to the Events of Default or our covenants that are described below, including any addition of a covenant or other provision providing event risk or similar protection.

We have the ability to issue indenture securities with terms different from those of indenture securities previously issued and, without the consent of the holders thereof, to reopen a previous issue of a series of indenture securities and issue additional indenture securities of that series unless the reopening was restricted when that series was created.

#### Conversion and Exchange
If any debt securities are convertible into or exchangeable for other securities, the prospectus supplement will explain the terms and conditions of the conversion or exchange, including the conversion price or exchange ratio (or the calculation method), the conversion or exchange period (or how the period will be determined), if conversion or exchange will be mandatory or at the option of the holder or us, provisions for adjusting the conversion price or the exchange ratio and provisions affecting conversion or exchange in the event of the redemption of the underlying debt

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securities. These terms may also include provisions under which the number or amount of other securities to be received by the holders of the debt securities upon conversion or exchange would be calculated according to the market price of the other securities as of a time stated in the prospectus supplement.

#### Issuance of Securities in Registered Form
We may issue the debt securities in registered form, in which case we may issue them either in book-entry form only or in "certificated" form. Debt securities issued in book-entry form will be represented by global securities. We expect that we will usually issue debt securities in book-entry only form represented by global securities.

#### Book-Entry Holders
We will issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement. This means debt securities will be represented by one or more global securities registered in the name of a depositary that will hold them on behalf of financial institutions that participate in the depositary's book-entry system. These participating institutions, in turn, hold beneficial interests in the debt securities held by the depositary or its nominee. These institutions may hold these interests on behalf of themselves or customers.

Under the indenture, only the person in whose name a debt security is registered is recognized as the holder of that debt security. Consequently, for debt securities issued in book-entry form, we will recognize only the depositary as the holder of the debt securities and we will make all payments on the debt securities to the depositary. The depositary will then pass along the payments it receives to its participants, which in turn will pass the payments along to their customers who are the beneficial owners. The depositary and its participants do so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of the debt securities.

As a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that participates in the depositary's book-entry system or holds an interest through a participant. As long as the debt securities are represented by one or more global securities, investors will be indirect holders, and not holders, of the debt securities.

#### Street Name Holders
In the future, we may issue debt securities in certificated form or terminate a global security. In these cases, investors may choose to hold their debt securities in their own names or in "street name." Debt securities held in street name are registered in the name of a bank, broker or other financial institution chosen by the investor, and the investor would hold a beneficial interest in those debt securities through the account he or she maintains at that institution.

For debt securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the debt securities are registered as the holders of those debt securities and we will make all payments on those debt securities to them. These institutions will pass along the payments they receive to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because they are legally required to do so. Investors who hold debt securities in street name will be indirect holders, and not holders, of the debt securities.

#### Legal Holders
Our obligations, as well as the obligations of the applicable trustee and those of any third parties employed by us or the applicable trustee, run only to the legal holders of the debt securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the case whether an investor chooses to be an indirect holder of a debt security or has no choice because we are issuing the debt securities only in book-entry form.

For example, once we make a payment or give a notice to the holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain the approval of the holders for any purpose (for example, to amend an indenture or to relieve us of the consequences of a default or of our obligation to comply with a particular provision of an indenture), we would seek the approval only from the holders, and not the indirect holders, of the debt securities. Whether and how the holders contact the indirect holders is up to the holders.

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When we refer to you, we mean those who invest in the debt securities being offered by this prospectus, whether they are the holders or only indirect holders of those debt securities. When we refer to your debt securities, we mean the debt securities in which you hold a direct or indirect interest.

*Special Considerations for Indirect Holders* 

If you hold debt securities through a bank, broker or other financial institution, either in book-entry form or in street name, we urge you to check with that institution to find out:

&nbsp;&nbsp;&nbsp;&nbsp;• how it handles securities
 payments and notices,

&nbsp;&nbsp;&nbsp;&nbsp;• whether it imposes fees
 or charges,

&nbsp;&nbsp;&nbsp;&nbsp;• how it would handle a request
 for the holders' consent, if ever required,

&nbsp;&nbsp;&nbsp;&nbsp;• whether and how you can
 instruct it to send you debt securities registered in your own name so you can be a holder, if that is permitted in the future for a particular
 series of debt securities,

&nbsp;&nbsp;&nbsp;&nbsp;• how it would exercise
 rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests,
 and

&nbsp;&nbsp;&nbsp;&nbsp;• if the debt securities
 are in book-entry form, how the depositary's rules and procedures will affect these matters.

#### Global Securities
As noted above, we usually will issue debt securities as registered securities in book-entry form only. A global security represents one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will have the same terms.

Each debt security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the debt securities. The debt securities will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered certificate will be issued for the debt securities, in the aggregate principal amount of such issue, and will be deposited with DTC. If, however, the aggregate principal amount of any issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.

DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities through electronic computerized book-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC").

DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the SEC. More information about DTC can be found at www.dtcc.com.

Purchases of debt securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the debt securities on DTC's records. The ownership interest of each actual purchaser of each

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security ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the debt securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in debt securities, except in the event that use of the book-entry system for the debt securities is discontinued.

To facilitate subsequent transfers, all debt securities deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of debt securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the debt securities; DTC's records reflect only the identity of the Direct Participants to whose accounts such debt securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Redemption notices shall be sent to DTC. If less than all of the debt securities within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the debt securities unless authorized by a Direct Participant in accordance with DTC's Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to us as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the debt securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds, distributions, and dividend payments on the debt securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from us or the trustee on the payment date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC or its nominee, the trustee, or us, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of us or the trustee, but disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the debt securities at any time by giving reasonable notice to us or the trustee. Under such circumstances, in the event that a successor depository is not obtained, certificates are required to be printed and delivered. We may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC's book-entry system has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy thereof.

A global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those situations below under "Special Situations when a Global Security Will Be Terminated". As a result of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all debt securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary or with another institution that has an account with the depositary. Thus, an investor whose security is represented by a global security will not be a holder of the debt security, but only an indirect holder of a beneficial interest in the global security.

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*Special Considerations for Global Securities* 

As an indirect holder, an investor's rights relating to a global security will be governed by the account rules of the investor's financial institution and of the depositary, as well as general laws relating to securities transfers. The depositary that holds the global security will be considered the holder of the debt securities represented by the global security.

If debt securities are issued only in the form of a global security, an investor should be aware of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• An investor cannot cause
 the debt securities to be registered in his or her name, and cannot obtain certificates for his or her interest in the debt securities,
 except in the special situations we describe below.

&nbsp;&nbsp;&nbsp;&nbsp;• An investor will be an
 indirect holder and must look to his or her own bank or broker for payments on the debt securities and protection of his or her legal
 rights relating to the debt securities, as we describe under "Issuance of Securities in Registered Form" above.

&nbsp;&nbsp;&nbsp;&nbsp;• An investor may not be
 able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own their
 securities in non-book-entry form.

&nbsp;&nbsp;&nbsp;&nbsp;• An investor may not be
 able to pledge his or her interest in a global security in circumstances where certificates representing the debt securities must be delivered
 to the lender or other beneficiary of the pledge in order for the pledge to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;• The depositary's
 policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investor's
 interest in a global security. We and the trustee have no responsibility for any aspect of the depositary's actions or for its
 records of ownership interests in a global security. We and the trustee also do not supervise the depositary in any way.

&nbsp;&nbsp;&nbsp;&nbsp;• If we redeem less than
 all the debt securities of a particular series being redeemed, DTC's practice is to determine by lot the amount to be redeemed
 from each of its participants holding that series.

&nbsp;&nbsp;&nbsp;&nbsp;• An investor is required
 to give notice of exercise of any option to elect repayment of its debt securities, through its participant, to the applicable trustee
 and to deliver the related debt securities by causing its participant to transfer its interest in those debt securities, on DTC's
 records, to the applicable trustee.

&nbsp;&nbsp;&nbsp;&nbsp;• DTC requires that those
 who purchase and sell interests in a global security deposited in its book-entry system use immediately available funds. Your broker or
 bank may also require you to use immediately available funds when purchasing or selling interests in a global security.

&nbsp;&nbsp;&nbsp;&nbsp;• Financial institutions
 that participate in the depositary's book-entry system, and through which an investor holds its interest in a global security,
 may also have their own policies affecting payments, notices and other matters relating to the debt securities. There may be more than
 one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible for the actions of any
 of those intermediaries.

*Special Situations when a Global Security will be Terminated* 

In a few special situations described below, a global security will be terminated and interests in it will be exchanged for certificates in non-book-entry form (certificated securities). After that exchange, the choice of whether to hold the certificated debt securities directly or in street name will be up to the investor. Investors must consult their own banks or brokers to find out how to have their interests in a global security transferred on termination to their own names, so that they will be holders. We have described the rights of legal holders and street name investors under "Issuance of Securities in Registered Form" above.

The special situations for termination of a global security are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• if the depositary notifies
 us that it is unwilling, unable or no longer qualified to continue as depositary for that global security, and we do not appoint another
 institution to act as depositary within 60 days,

&nbsp;&nbsp;&nbsp;&nbsp;• if we notify the trustee
 that we wish to terminate that global security, or

&nbsp;&nbsp;&nbsp;&nbsp;• if an event of default
 has occurred with regard to the debt securities represented by that global security and has not been cured or waived; we discuss defaults
 later under "Events of Default."

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The prospectus supplement may list situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. If a global security is terminated, only the depositary, and not we or the applicable trustee, is responsible for deciding the names of the institutions in whose names the debt securities represented by the global security will be registered and, therefore, who will be the holders of those debt securities.

#### Payment and Paying Agents
We will pay interest to the person listed in the applicable trustee's records as the owner of the debt security at the close of business on a particular day in advance of each due date for interest, even if that person no longer owns the debt security on the interest due date. That day, usually about two weeks in advance of the interest due date, is called the "record date." Because we will pay all the interest for an interest period to the holders on the record date, holders buying and selling debt securities must work out between themselves the appropriate purchase price. The most common manner is to adjust the sales price of the debt securities to prorate interest fairly between buyer and seller based on their respective ownership periods within the particular interest period. This prorated interest amount is called "accrued interest."

*Payments on Global Securities* 

We will make payments on a global security in accordance with the applicable policies of the depositary as in effect from time to time. Under those policies, we will make payments directly to the depositary, or its nominee, and not to any indirect holders who own beneficial interests in the global security. An indirect holder's right to those payments will be governed by the rules and practices of the depositary and its participants, as described under "- Special Considerations for Global Securities."

*Payments on Certificated Securities* 

We will make payments on a certificated debt security as follows. We will pay interest that is due on an interest payment date by check mailed on the interest payment date to the holder at his or her address shown on the trustee's records as of the close of business on the regular record date. We will make all payments of principal and premium, if any, by check at the office of the applicable trustee in New York, NY and/or at other offices that may be specified in the prospectus supplement or in a notice to holders against surrender of the debt security.

Alternatively, if the holder asks us to do so, we will pay any amount that becomes due on the debt security by wire transfer of immediately available funds to an account at a bank in New York City, on the due date. To request payment by wire, the holder must give the applicable trustee or other paying agent appropriate transfer instructions at least 15 business days before the requested wire payment is due. In the case of any interest payment due on an interest payment date, the instructions must be given by the person who is the holder on the relevant regular record date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above.

*Payment When Offices Are Closed* 

If any payment is due on a debt security on a day that is not a business day, we will make the payment on the next day that is a business day. Payments made on the next business day in this situation will be treated under the indenture as if they were made on the original due date, except as otherwise indicated in the attached prospectus supplement. Such payment will not result in a default under any debt security or the indenture, and no interest will accrue on the payment amount from the original due date to the next day that is a business day.

#### Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt securities.

#### Events of Default
You will have rights if an Event of Default occurs in respect of the debt securities of your series and is not cured, as described later in this subsection.

The term "Event of Default" in respect of the debt securities of your series means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• We do not pay the principal
 of, or any premium on, a debt security of the series on its due date.

&nbsp;&nbsp;&nbsp;&nbsp;• We do not pay interest on
 a debt security of the series within 30 days of its due date.

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&nbsp;&nbsp;&nbsp;&nbsp;• We do not deposit any sinking
 fund payment in respect of debt securities of the series on its due date.

&nbsp;&nbsp;&nbsp;&nbsp;• We remain in breach of
 a covenant in respect of debt securities of the series for 90 days after we receive a written notice of default stating we are in breach.
 The notice must be sent by either the trustee or holders of at least 25% of the principal amount of debt securities of the series.

&nbsp;&nbsp;&nbsp;&nbsp;• We file for bankruptcy or
 certain other events of bankruptcy, insolvency or reorganization occur.

&nbsp;&nbsp;&nbsp;&nbsp;• Any other Event of Default
 in respect of debt securities of the series described in the prospectus supplement occurs.

An Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same or any other indenture. The trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal, premium or interest, if it considers the withholding of notice to be in the best interests of the holders.

*Remedies if an Event of Default Occurs* 

If an Event of Default has occurred and has not been cured, the trustee or the holders of at least 25% in principal amount of the debt securities of the affected series may declare the entire principal amount of all the debt securities of that series to be due and immediately payable. This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be canceled by the holders of a majority in principal amount of the debt securities of the affected series under certain circumstances.

Except in cases of default, where the trustee has some special duties, the trustee is not required to take any action under the indenture at the request of any holders unless the holders offer the trustee reasonable protection from expenses and liability (called an "indemnity"). (Section 315 of the Trust Indenture Act of 1939) If reasonable indemnity is provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conducting any lawsuit or other formal legal action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated as a waiver of that right, remedy or Event of Default.

Before you are allowed to bypass your trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to the debt securities, the following must occur:

&nbsp;&nbsp;&nbsp;&nbsp;• You must give your trustee
 written notice that an Event of Default has occurred and remains uncured.

&nbsp;&nbsp;&nbsp;&nbsp;• The holders of at least
 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action
 because of the default and must offer reasonable indemnity to the trustee against the cost and other liabilities of taking that action.

&nbsp;&nbsp;&nbsp;&nbsp;• The trustee must not have
 taken action for 60 days after receipt of the above notice and offer of indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;• The holders of a majority
 in principal amount of the debt securities must not have given the trustee a direction inconsistent with the above notice during that
 60-day period.

&nbsp;&nbsp;&nbsp;&nbsp;• However, you are entitled
 at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date.

&nbsp;&nbsp;&nbsp;&nbsp;• Holders of a majority
 in principal amount of the debt securities of the affected series may waive any past defaults other than:

&nbsp;&nbsp;&nbsp;&nbsp;• the payment of principal,
 any premium or interest or

&nbsp;&nbsp;&nbsp;&nbsp;• in respect of a covenant
 that cannot be modified or amended without the consent of each holder.

**Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of the trustee and how to declare or cancel an acceleration of maturity.** 

Each year, we will furnish to each trustee a written statement of certain of our officers certifying that to their knowledge we are in compliance with the indenture and the debt securities or else specifying any default.

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#### Merger or Consolidation
Under the terms of the indenture, we are generally permitted to consolidate or merge with another entity. We are also permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless all the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;• Where we merge out of
 existence or sell our assets, the resulting entity must agree to be legally responsible for our obligations under the debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;• The merger or sale of
 assets must not cause a default on the debt securities and we must not already be in default (unless the merger or sale would cure the
 default). For purposes of this no-default test, a default would include an Event of Default that has occurred and has not been cured,
 as described under "Events of Default" above. A default for this purpose would also include any event that would be an Event
 of Default if the requirements for giving us a notice of default or our default having to exist for a specific period of time were disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;• Under the indenture,
 no merger or sale of assets may be made if as a result any of our property or assets or any property or assets of one of our subsidiaries,
 if any, would become subject to any mortgage, lien or other encumbrance unless either (i) the mortgage, lien or other encumbrance could
 be created pursuant to the limitation on liens covenant in the indenture without equally and ratably securing the indenture securities
 or (ii) the indenture securities are secured equally and ratably with or prior to the debt secured by the mortgage, lien or other encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver certain
 certificates and documents to the trustee.

&nbsp;&nbsp;&nbsp;&nbsp;• We must satisfy any other
 requirements specified in the prospectus supplement relating to a particular series of debt securities.

#### Modification or Waiver
There are three types of changes we can make to the indenture and the debt securities issued thereunder.

*Changes Requiring Your Approval* 

First, there are changes that we cannot make to your debt securities without your specific approval. The following is a list of those types of changes:

&nbsp;&nbsp;&nbsp;&nbsp;• change the stated maturity
 of the principal of, or interest on, a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce any amounts due on
 a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the amount of principal
 payable upon acceleration of the maturity of a security following a default;

&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right
 of repayment at the holder's option;

&nbsp;&nbsp;&nbsp;&nbsp;• change the place (except
 as otherwise described in the prospectus or prospectus supplement) or currency of payment on a debt security;

&nbsp;&nbsp;&nbsp;&nbsp;• impair your right to sue
 for payment;

&nbsp;&nbsp;&nbsp;&nbsp;• adversely affect any right
 to convert or exchange a debt security in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;• modify the subordination
 provisions in the indenture in a manner that is adverse to holders of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage
 of holders of debt securities whose consent is needed to modify or amend the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage
 of holders of debt securities whose consent is needed to waive compliance with certain provisions of the indenture or to waive certain
 defaults;

&nbsp;&nbsp;&nbsp;&nbsp;• modify any other aspect
 of the provisions of the indenture dealing with supplemental indentures, modification and waiver of past defaults, changes to the quorum
 or voting requirements or the waiver of certain covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;• change any obligation we
 have to pay additional amounts.

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*Changes Not Requiring Approval* 

The second type of change does not require any vote by the holders of the debt securities. This type is limited to clarifications and certain other changes that would not adversely affect holders of the outstanding debt securities in any material respect. We also do not need any approval to make any change that affects only debt securities to be issued under the indenture after the change takes effect.

*Changes Requiring Majority Approval* 

Any other change to the indenture and the debt securities would require the following approval:

&nbsp;&nbsp;&nbsp;&nbsp;• If the change affects
 only one series of debt securities, it must be approved by the holders of a majority in principal amount of that series.

&nbsp;&nbsp;&nbsp;&nbsp;• If the change affects
 more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal
 amount of all of the series affected by the change, with all affected series voting together as one class for this purpose.

In each case, the required approval must be given by written consent.

The holders of a majority in principal amount of all of the series of debt securities issued under an indenture, voting together as one class for this purpose, may waive our compliance with some of our covenants in that indenture. However, we cannot obtain a waiver of a payment default or of any of the matters covered by the bullet points included above under "- Changes Requiring Your Approval."

*Further Details Concerning Voting* 

When taking a vote, we will use the following rules to decide how much principal to attribute to a debt security:

&nbsp;&nbsp;&nbsp;&nbsp;• For original issue discount
 securities, we will use the principal amount that would be due and payable on the voting date if the maturity of these debt securities
 were accelerated to that date because of a default.

&nbsp;&nbsp;&nbsp;&nbsp;• For debt securities whose
 principal amount is not known (for example, because it is based on an index), we will use a special rule for that debt security described
 in the prospectus supplement.

&nbsp;&nbsp;&nbsp;&nbsp;• For debt securities denominated
 in one or more foreign currencies, we will use the U.S. dollar equivalent.

Debt securities will not be considered outstanding, and therefore not eligible to vote, if we have deposited or set aside in trust money for their payment or redemption. Debt securities will also not be eligible to vote if they have been fully defeased as described later under "Defeasance - Full Defeasance."

We will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding indenture securities that are entitled to vote or take other action under the indenture. If we set a record date for a vote or other action to be taken by holders of one or more series, that vote or action may be taken only by persons who are holders of outstanding indenture securities of those series on the record date and must be taken within eleven months following the record date.

**Book-entry and other indirect holders should consult their banks or brokers for information on how approval may be granted or denied if we seek to change the indenture or the debt securities or request a waiver.** 

#### Defeasance
The following provisions will be applicable to each series of debt securities unless we state in the applicable prospectus supplement that the provisions of covenant defeasance and full defeasance will not be applicable to that series.

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*Covenant Defeasance* 

Under current United States federal tax law, we can make the deposit described below and be released from some of the restrictive covenants in the indenture under which the particular series was issued. This is called "covenant defeasance." In that event, you would lose the protection of those restrictive covenants but would gain the protection of having money and government securities set aside in trust to repay your debt securities. In order to achieve covenant defeasance, we must do the following:

&nbsp;&nbsp;&nbsp;&nbsp;• If the debt securities
 of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities
 a combination of money and United States government or United States government agency notes or bonds that will generate enough cash to
 make interest, principal and any other payments on the debt securities on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the
 trustee a legal opinion of our counsel confirming that, under current United States federal income tax law, we may make the above deposit
 without causing you to be taxed on the debt securities any differently than if we did not make the deposit and just repaid the debt securities
 ourselves at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the
 trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, as amended,
 and a legal opinion and officers' certificate stating that all conditions precedent to covenant defeasance have been complied with.

*Full Defeasance* 

If there is a change in United States federal tax law, as described below, we can legally release ourselves from all payment and other obligations on the debt securities of a particular series (called "full defeasance") if we put in place the following other arrangements for you to be repaid:

&nbsp;&nbsp;&nbsp;&nbsp;• If the debt securities
 of the particular series are denominated in U.S. dollars, we must deposit in trust for the benefit of all holders of such debt securities
 a combination of money and United States government or United States government agency notes or bonds that will generate enough cash to
 make interest, principal and any other payments on the debt securities on their various due dates.

&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the
 trustee a legal opinion confirming that there has been a change in current United States federal tax law or an IRS ruling that allows
 us to make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit
 and just repaid the debt securities ourselves at maturity. Under current United States federal tax law, the deposit and our legal release
 from the debt securities would be treated as though we paid you your share of the cash and notes or bonds at the time the cash and notes
 or bonds were deposited in trust in exchange for your debt securities and you would recognize gain or loss on the debt securities at the
 time of the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;• We must deliver to the
 trustee a legal opinion of our counsel stating that the above deposit does not require registration by us under the 1940 Act, as amended,
 and a legal opinion and officers' certificate stating that all conditions precedent to defeasance have been complied with.

#### Form, Exchange and Transfer of Certificated Registered Securities
If registered debt securities cease to be issued in book-entry form, they will be issued:

&nbsp;&nbsp;&nbsp;&nbsp;• only in fully registered
 certificated form, and

&nbsp;&nbsp;&nbsp;&nbsp;• unless we indicate otherwise
 in the prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000.

Holders may exchange their certificated securities for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total principal amount is not changed.

Holders may exchange or transfer their certificated securities at the office of their trustee. We have appointed the trustee to act as our agent for registering debt securities in the names of holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourselves.

Holders will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holder's proof of legal ownership.

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If we have designated additional transfer agents for your debt security, they will be named in your prospectus supplement. We may appoint additional transfer agents or cancel the appointment of any particular transfer agent. We may also approve a change in the office through which any transfer agent acts.

If any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt securities during the period beginning 15 days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security that will be partially redeemed.

If a registered debt security is issued in book-entry form, only the depositary will be entitled to transfer and exchange the debt security as described in this subsection, since it will be the sole holder of the debt security.

#### Resignation of Trustee
Each trustee may resign or be removed with respect to one or more series of indenture securities provided that a successor trustee is appointed to act with respect to these series. In the event that two or more persons are acting as trustee with respect to different series of indenture securities under the indenture, each of the trustees will be a trustee of a trust separate and apart from the trust administered by any other trustee.

#### Indenture Provisions - Subordination
Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of (and premium, if any) and interest, if any, on any indenture securities denominated as subordinated debt securities is to be subordinated to the extent provided in the indenture in right of payment to the prior payment in full of all Senior Indebtedness (as defined below), but our obligation to you to make payment of the principal of (and premium, if any) and interest, if any, on such subordinated debt securities will not otherwise be affected. In addition, no payment on account of principal (or premium, if any), sinking fund or interest, if any, may be made on such subordinated debt securities at any time unless full payment of all amounts due in respect of the principal (and premium, if any), sinking fund and interest on Senior Indebtedness has been made or duly provided for in money or money's worth.

In the event that, notwithstanding the foregoing, any payment or distribution of our assets by us is received by the trustee in respect of subordinated debt securities or by the holders of any of such subordinated debt securities before all Senior Indebtedness is paid in full, such payment or distribution (whether received by the trustee or any holders of subordinated debt securities) must be paid over, upon written notice to the Trustee, to the holders of the Senior Indebtedness or on their behalf for application to the payment of all the Senior Indebtedness remaining unpaid until all the Senior Indebtedness has been paid in full, after giving effect to any concurrent payment or distribution to the holders of the Senior Indebtedness. Subject to the payment in full of all Senior Indebtedness upon this distribution by us, the holders of such subordinated debt securities will be subrogated to the rights of the holders of the Senior Indebtedness to the extent of payments made to the holders of the Senior Indebtedness out of the distributive share of such subordinated debt securities.

By reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our senior creditors may recover more, ratably, than holders of any subordinated debt securities. The indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the indenture.

Senior Indebtedness is defined in the indenture as the principal of (and premium, if any) and unpaid interest on:

&nbsp;&nbsp;&nbsp;&nbsp;• our indebtedness (including
 indebtedness of others guaranteed by us), whenever created, incurred, assumed or guaranteed, for money borrowed (other than indenture
 securities issued under the indenture and denominated as subordinated debt securities), unless in the instrument creating or evidencing
 the same or under which the same is outstanding it is provided that this indebtedness is not senior or prior in right of payment to the
 subordinated debt securities, and

&nbsp;&nbsp;&nbsp;&nbsp;• renewals, extensions, modifications
 and refinancings of any of this indebtedness.

If this prospectus is being delivered in connection with the offering of a series of indenture securities denominated as subordinated debt securities, the accompanying prospectus supplement will set forth the approximate amount of our Senior Indebtedness outstanding as of a recent date. The debt securities of the Company, as applicable, will rank

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structurally junior to all existing and future indebtedness (including trade payables) and preferred interest of its subsidiaries, financing vehicles or similar entities. For example, the holders of unsecured indebtedness of SVCP would be entitled to payment of current interest and principal, if any, prior to even secured indebtedness of the Company being entitled to any payment out of the assets of SVCP.

#### The Trustee under the Indenture
U.S. Bank National Association has been approved by our board of directors to serve as trustee under the indenture.

#### Certain Considerations Relating to Foreign Currencies
Debt securities denominated or payable in foreign currencies may entail significant risks. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved and will be more fully described in the applicable prospectus supplement.

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#### DESCRIPTION OF OUR SUBSCRIPTION RIGHTS

#### General
We may issue subscription rights to the holders of the class of securities to whom the subscription rights are being distributed, or the holders to purchase our Securities. Subscription rights may be issued independently or together with any other offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with a subscription rights offering to the holders, we would distribute certificates evidencing the subscription rights and a prospectus supplement to the holders on the record date that we set for receiving subscription rights in such subscription rights offering.

The applicable prospectus supplement would describe the following terms of subscription rights in respect of which this prospectus is being delivered:

&nbsp;&nbsp;&nbsp;&nbsp;• the period of time the
 offering would remain open (which shall be open a minimum number of days such that all record holders would be eligible to participate
 in the offering and shall not be open longer than 120 days);

&nbsp;&nbsp;&nbsp;&nbsp;• the title of such subscription
 rights;

&nbsp;&nbsp;&nbsp;&nbsp;• the exercise price for such
 subscription rights (or method of calculation thereof);

&nbsp;&nbsp;&nbsp;&nbsp;• the ratio of the offering
 (which, in the case of transferable rights issued to holders of our common stock to acquire shares of common stock, will require a minimum
 of three shares to be held of record before a person is entitled to purchase an additional share);

&nbsp;&nbsp;&nbsp;&nbsp;• the number of such subscription
 rights issued to each holder;

&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which such
 subscription rights are transferable and the market on which they may be traded if they are transferable;

&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, a discussion
 of certain U.S. federal income tax considerations applicable to the issuance or exercise of such subscription rights;

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the
 right to exercise such subscription rights shall commence, and the date on which such right shall expire (subject to any extension);

&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which such
 subscription rights include an over-subscription privilege with respect to unsubscribed securities and the terms of such over-subscription
 privilege;

&nbsp;&nbsp;&nbsp;&nbsp;• any termination right we
 may have in connection with such subscription rights offering; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other terms of such
 subscription rights, including exercise, settlement and other procedures and limitations relating to the transfer and exercise of such
 subscription rights.

#### Exercise of Subscription Rights
Each subscription right would entitle the holder of the subscription right to purchase for cash such amount of our Securities at such exercise price as shall in each case be set forth in, or be determinable as set forth in, the prospectus supplement relating to the subscription rights offered thereby. Subscription rights may be exercised at any time up to the close of business on the expiration date for such subscription rights set forth in the prospectus supplement. After the close of business on the expiration date, all unexercised subscription rights would become void.

Subscription rights may be exercised as set forth in the prospectus supplement relating to the subscription rights offered thereby. Upon receipt of payment and the subscription rights certificate properly completed and duly executed at the corporate trust office of the subscription rights agent or any other office indicated in the prospectus supplement we will forward, as soon as practicable, the Securities purchasable upon such exercise. To the extent permissible under applicable law, we may determine to offer any unsubscribed offered securities directly to persons other than stockholders, to or through agents, underwriters or dealers or through a combination of such methods, as set forth in the applicable prospectus supplement.

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#### DESCRIPTION OF OUR WARRANTS
The following is a general description of the terms of the warrants we may issue from time to time. Particular terms of any warrants we offer will be described in the prospectus supplement relating to such warrants.

We may issue warrants to purchase shares of our common stock, preferred stock or debt securities from time to time. Such warrants may be issued independently or together with one of our Securities and may be attached or separate from such securities. We will issue each series of warrants under a separate warrant agreement to be entered into between us and a warrant agent. The warrant agent will act solely as our agent and will not assume any obligation or relationship of agency for or with holders or beneficial owners of warrants.

A prospectus supplement will describe the particular terms of any series of warrants we may issue, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;• the title of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate number of
 such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• the price or prices at which
 such warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;• the currency or currencies,
 including composite currencies, in which the price of such warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares
 of common stock, preferred stock or debt securities issuable upon exercise of such warrants;

&nbsp;&nbsp;&nbsp;&nbsp;• the price at which and
 the currency or currencies, including composite currencies, in which the shares of common stock, preferred stock or debt securities purchasable
 upon exercise of such warrants may be purchased;

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the
 right to exercise such warrants will commence and the date on which such right will expire;

&nbsp;&nbsp;&nbsp;&nbsp;• whether such warrants will
 be issued in registered form or bearer form;

&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the minimum
 or maximum amount of such warrants which may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the number
 of such warrants issued with each share of common stock, preferred stock or debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, the date
 on and after which such warrants and the related shares of common stock, preferred stock or debt securities will be separately transferable;

&nbsp;&nbsp;&nbsp;&nbsp;• information with respect
 to book-entry procedures, if any;

&nbsp;&nbsp;&nbsp;&nbsp;• if applicable, a discussion
 of certain U.S. federal income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;• any other terms of such
 warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants.

We and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially and adversely affect the interests of the holders of the warrants.

Under the 1940 Act, we may generally only offer warrants provided that (1) the warrants expire by their terms within ten years; (2) the exercise or conversion price is not less than the current market value at the date of issuance; (3) our stockholders authorize the proposal to issue such warrants, and our board of directors approves such issuance on the basis that the issuance is in our best interests and the best interest of our stockholders; and (4) if the warrants are accompanied by other securities, the warrants are not separately transferable unless no class of such warrants and the securities accompanying them has been publicly distributed. The 1940 Act also provides that the amount of our voting securities that would result from the exercise of all outstanding warrants at the time of issuance may not exceed 25% of our outstanding voting securities.

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#### U.S. FEDERAL INCOME TAX MATTERS
The following is a summary of U.S. federal income tax considerations generally applicable to a stockholder who purchases our common stock pursuant to a future offering under this prospectus. This summary is subject to change by legislative or administrative action, and any change may be retroactive. The discussion does not purport to deal with all of the U.S. federal income tax consequences applicable to us, or which may be important to particular stockholders in light of their individual investment circumstances or to some types of stockholders subject to special tax rules, such as stockholders subject to the alternative minimum tax, financial institutions, broker-dealers, insurance companies, tax-exempt organizations, partnerships or other pass-through entities, persons holding our common stock in connection with a hedging, straddle, conversion or other integrated transaction, persons subject to special rates of withholding or other U.S. taxation, persons that own (actually or constructively) more than 5% of any class of our stock, persons engaged in a trade or business in the United States or persons who have ceased to be U.S. citizens or to be taxed as resident aliens or stockholders who contribute assets to us in exchange for our shares. This discussion assumes that the stockholders hold their common stock as capital assets for U.S. federal income tax purposes (generally, assets held for investment). No attempt is made to present a detailed explanation of all U.S. federal income tax aspects affecting us and our stockholders, and the discussion set forth herein does not constitute tax advice. No ruling has been or will be sought from the Internal Revenue Service (the "IRS") regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of the tax aspects set forth below.

**The discussion set forth herein does not constitute tax advice and potential investors are urged to consult their tax advisers to determine the specific U.S. federal, state, local and foreign tax consequences to them of investing in us.** 

The discussion does not discuss the consequences of an investment in shares of preferred stock, debt securities, subscription rights to purchase our securities or warrants representing rights to purchase our securities. The tax consequences of such an investment will be discussed in a relevant prospectus supplement.

#### Taxation of the company
We have elected, and we intend to continue, to qualify to be taxed as a RIC under the Code. To continue to qualify as a RIC, we must, among other things, (a) derive in each taxable year at least 90% of our gross income from dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income (including but not limited to gain from options, futures and forward contracts) derived with respect to our business of investing in stock, securities or currencies, or net income derived from an interest in a "qualified publicly traded partnership" (a "QPTP"); and (b) diversify our holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the market value of our total assets is represented by cash and cash items, U.S. Government securities, the securities of other regulated investment companies and other securities, with other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of our total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii) not more than 25% of the market value of our total assets is invested in the securities (other than U.S. Government securities and the securities of other RICs) (A) of any issuer, (B) of any two or more issuers that we control and that are determined to be engaged in the same business or similar or related trades or businesses, or (C) of one or more QPTPs. We may generate certain income that might not qualify as good income for purposes of the 90% annual gross income requirement described above. We will monitor our transactions to endeavor to prevent our disqualification as a RIC.

For purposes of determining whether we satisfy the 90% gross income test described in clause (a) above, the character of our distributive share of items of income, gain and loss derived through any subsidiary or investment that is classified as a partnership for U.S. federal income tax purposes (other than a QPTP) generally will be determined as if we realized such tax items directly. Similarly, for purposes of determining whether we satisfy the asset diversification test described in clause (b) above, we generally intend to "look through" any subsidiary or investment that is classified as a partnership for U.S. federal income tax purposes (other than a QPTP).

If we fail to satisfy the 90% annual gross income requirement or the asset diversification requirements discussed above in any taxable year, we may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the asset diversification requirements where we correct

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the failure within a specified period. If the applicable relief provisions are not available or cannot be met, all of our income would be subject to corporate-level U.S. federal income tax as described below. We cannot provide assurance that we would qualify for any such relief should we fail the 90% annual gross income requirement or the asset diversification requirements discussed above.

As a RIC, in any taxable year with respect to which we timely distribute at least 90% of the sum of our (i) investment company taxable income (which includes, among other items, dividends, interest and the excess of any net short-term capital gain over net long-term capital loss and other taxable income (other than any net capital gain), reduced by deductible expenses) determined without regard to the deduction for dividends and distributions paid and (ii) net tax exempt interest income (which is the excess of our gross tax exempt interest income over certain disallowed deductions) (the "Annual Distribution Requirement"), we (but not our stockholders) generally will not be subject to U.S. federal income tax on investment company taxable income and net capital gain (generally, net long-term capital gain in excess of short-term capital loss) that we distribute to our stockholders. We intend to distribute annually all or substantially all of such income on a timely basis. To the extent that we retain our net capital gain for investment or any investment company taxable income, we will be subject to U.S. federal income tax at regular corporate income tax rates. We may choose to retain our net capital gains for investment or any investment company taxable income, and pay the associated U.S. federal corporate income tax, including the U.S. federal excise tax described below.

We will be dependent on SVCP, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub for cash distributions to enable us to meet the Annual Distribution Requirements. The SBIC may be limited by the Small Business Investment Act of 1958, and SBA regulations governing SBICs, from making certain distributions that may be necessary to maintain our status as a RIC. We may have to request a waiver of the SBA's restrictions for the SBIC to make certain distributions to maintain our RIC status. If the SBIC is unable to obtain a waiver, compliance with the SBA regulations may cause us to fail to meet the Annual Distribution Requirement, which would cause us to fail to qualify as a RIC and would subject us to tax at regular corporate rates, as discussed below.

Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax payable by us. To avoid this tax, we must distribute (or be deemed to have distributed) during each calendar year an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;(1) at least 98% of our ordinary
 income (not taking into account any capital gains or losses) for the calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;(2) at least 98.2% of the
 amount by which our capital gains exceed our capital losses (adjusted for certain ordinary losses) for a one-year period generally ending
 on October 31 of the calendar year (unless an election is made by us to use our taxable year); and

&nbsp;&nbsp;&nbsp;&nbsp;(3) certain undistributed amounts
 from previous years on which we paid no U.S. federal income tax.

While we intend to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, sufficient amounts of our taxable income and capital gains may not be distributed to avoid entirely the imposition of the tax. In that event, we will be liable for the tax only on the amount by which we do not meet the foregoing distribution requirement.

If, in any particular taxable year, we do not satisfy the Annual Distribution Requirement or otherwise were to fail to qualify as a RIC (for example, because we fail the 90% annual gross income requirement described above), and relief is not available as discussed above, all of our taxable income (including our net capital gains) will be subject to tax at regular corporate rates without any deduction for distributions to stockholders, and distributions generally will be taxable to the stockholders as ordinary dividends to the extent of our current and accumulated earnings and profits.

We may decide to be taxed as a regular corporation even if we would otherwise qualify as a RIC if we determine that treatment as a corporation for a particular year would be in our best interests. Except as otherwise expressly indicated, the remainder of this discussion assumes we will continue to qualify as a RIC.

As a RIC, we are permitted to carry forward a net capital loss realized in a taxable year to offset our capital gain, if any, realized in future years. If future capital gain is offset by carried forward capital losses, such future capital gain is not subject to corporate-level U.S. federal income tax, regardless of whether they are distributed to stockholders. Accordingly, we do not expect to distribute any such offsetting capital gain. A RIC cannot carry back or carry forward any net operating losses. Our capital losses may be (or may become) subject to limitations on deductibility.

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#### Company investments
Certain of our investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, including the dividends received deduction, (ii) convert lower taxed long-term capital gain and qualified dividend income into higher taxed short-term capital gain or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility of which is more limited), (iv) cause us to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not qualify as "good income" for purposes of the 90% annual gross income requirement described above. We will monitor our transactions and may make certain tax elections and may be required to borrow money or dispose of securities to mitigate the effect of these rules and prevent disqualification of us as a RIC.

Investments we make in securities issued at a discount or providing for deferred interest or PIK interest are subject to special tax rules that will affect the amount, timing and character of distributions to stockholders. For example, with respect to securities issued at a discount, we will generally be required to accrue daily as income a portion of the discount and to distribute such income on a timely basis each year to maintain our qualification as a RIC and to avoid U.S. federal income and excise taxes. Since in certain circumstances we may recognize income before or without receiving cash representing such income, we may have difficulty making distributions in the amounts necessary to satisfy the requirements for maintaining RIC status and for avoiding U.S. federal income and excise taxes. Accordingly, we may have to sell some of our investments at times we would not consider advantageous, raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain cash from other sources, we may fail to qualify as a RIC and thereby be subject to corporate-level income tax.

Furthermore, a portfolio company in which we invest may face financial difficulty that requires us to work-out, modify or otherwise restructure our investment in the portfolio company. Any such restructuring may result in unusable capital losses and future non-cash income. Any such restructuring may also result in our recognition of a substantial amount of non-qualifying income for purposes of the 90% gross income requirement or our receiving assets that would not count toward the asset diversification requirements.

Gain or loss recognized by us from warrants acquired by us as well as any loss attributable to the lapse of such warrants generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term, depending on how long we held a particular warrant.

In the event we invest in foreign securities, we may be subject to withholding and other foreign taxes with respect to those securities. Stockholders will generally not be entitled to claim a U.S. foreign tax credit or deduction with respect to foreign taxes paid by us.

If we purchase shares in a "passive foreign investment company" (a "PFIC"), we may be subject to U.S. federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by us to our stockholders. Additional charges in the nature of interest may be imposed on us in respect of deferred taxes arising from such distributions or gains. If we invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), in lieu of the foregoing requirements, we will be required to include in income each year a portion of the ordinary earnings and net capital gain of the QEF, even if such income is not distributed to us. Alternatively, we can elect to mark-to-market at the end of each taxable year our shares in a PFIC; in this case, we will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in income. Our ability to make either election will depend on factors beyond our control. Under either election, we may be required to recognize in a year income in excess of our distributions from PFICs and our proceeds from dispositions of PFIC stock during that year, and such income will nevertheless be subject to the Annual Distribution Requirement and will be taken into account for purposes of the 4% excise tax.

Our functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time we accrue income, expenses or other liabilities denominated in a foreign currency and the time we actually collect such income or pay such expenses or liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts and the disposition of debt denominated in a foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

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If we borrow money, we may be prevented by loan covenants from declaring and paying dividends in certain circumstances. Limits on our payment of dividends may prevent us from meeting the Annual Distribution Requirement, and may, therefore, jeopardize our qualification for taxation as a RIC, or subject us to the 4% excise tax.

Even if we are authorized to borrow funds and to sell assets in order to satisfy distribution requirements, under the Investment Company Act, we are not permitted to make distributions to our stockholders while our debt obligations and senior securities are outstanding unless certain "asset coverage" tests are met. This may also jeopardize our qualification for taxation as a RIC or subject us to the 4% excise tax.

Moreover, our ability to dispose of assets to meet our distribution requirements may be limited by (1) the illiquid nature of our portfolio and (2) other requirements relating to our status as a RIC, including the asset diversification requirements. If we dispose of assets to meet the Annual Distribution Requirement, the asset diversification requirements, or the 4% excise tax, we may make such dispositions at times that, from an investment standpoint, are not advantageous.

Some of the income that we might otherwise earn, such as lease income, management fees, or income recognized in a work-out or restructuring of a portfolio investment, may not satisfy the 90% gross income requirement. To manage the risk that such income might disqualify us as a RIC for a failure to satisfy the 90% gross income requirement, one or more of our subsidiaries treated as U.S. corporations for U.S. federal income tax purposes may be employed to earn such income. Such corporations will be required to pay U.S. corporate income tax on their earnings, which ultimately will reduce the yield to investors on such income and fees.

#### Taxation of U.S. stockholders
For purposes of this discussion, a "U.S. stockholder" (or in this section, a "stockholder") is a holder or a beneficial holder of shares which is for U.S. federal income tax purposes (1) an individual who is a citizen or resident of the United States, (2) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any State thereof, or the District of Columbia, (3) an estate whose income is subject to U.S. federal income tax regardless of its source, or (4) a trust if (a) a U.S. court is able to exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust or (b) the trust has in effect a valid election to be treated as a domestic trust for U.S. federal income tax purposes. If a partnership or other entity or arrangement classified as a partnership for U.S. tax purposes holds the shares, the tax treatment of the partnership and each partner generally will depend on the activities of the partnership and the activities of the partner. Partnerships acquiring shares, and partners in such partnerships, should consult their own tax advisors. **Prospective investors that are not U.S. stockholders should refer to the section "Non-U.S. Stockholders" below and are urged to consult their tax advisors with respect to the U.S. federal income tax consequences of an investment in our shares, including the potential application of U.S. withholding taxes.**

Distributions we pay to you from our ordinary income or from an excess of net short-term capital gain over net long-term capital loss (together referred to hereinafter as "ordinary income dividends") are generally taxable to you as ordinary income to the extent of our earnings and profits. Distributions made to you from an excess of net long-term capital gain over net short-term capital loss ("capital gain dividends"), including capital gain dividends credited to you but retained by us, are taxable to you as long-term capital gain if they have been properly reported by us, regardless of the length of time you have owned our shares. For non-corporate stockholders, long-term capital gains are currently taxed at preferential rates. Generally, following the end of each taxable year, you will be provided with a written notice of the amount of any ordinary income dividends and capital gain dividends or other distributions. Distributions in excess of our earnings and profits will first reduce the adjusted tax basis of your shares and, after the adjusted tax basis is reduced to zero, will constitute capital gain to you (assuming the shares are held as a capital asset).

In the event that we retain any net capital gain, we may designate the retained amounts as undistributed capital gain in a notice to our stockholders. If a designation is made, stockholders would include in income, as long-term capital gain, their proportionate share of the undistributed amounts, but would be allowed a credit or refund, as the case may be, for their proportionate share of the corporate tax paid by us. A stockholder that is not subject to U.S. federal income tax or otherwise is not required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In addition, the tax basis of shares owned by a stockholder would be increased by an amount equal to the difference between (i) the amount included in the stockholder's income as long-term capital gain and (ii) the stockholder's proportionate share of the corporate tax paid by us.

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Dividends and other taxable distributions are taxable to you even though they are reinvested in additional shares of our common stock. We have the ability to declare a large portion of a dividend in shares of our stock. Under current guidance, as long as 20% of such dividend is available to be paid in cash and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, our stockholders will be taxed on 100% of the dividend in the same manner as a cash dividend, even though most of the dividend was paid in shares of our stock.

If we pay you a dividend in January which was declared in the previous October, November or December to stockholders of record on a specified date in one of these months, then the dividend will be treated for tax purposes as being paid by us and received by you on December 31 of the year in which the dividend was declared.

A stockholder will recognize gain or loss on the sale or exchange of our common stock in an amount equal to the difference between the stockholder's adjusted basis in the shares sold or exchanged and the amount realized on their disposition. Generally, gain recognized by a stockholder on the sale or other disposition of our common stock will result in capital gain or loss to you, and will be a long-term capital gain or loss if the shares have been held for more than one year at the time of sale. Any loss upon the sale or exchange of our shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain dividend) by you. A loss realized on a sale or exchange of our shares will be disallowed if other substantially identical shares are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed of. In this case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary income.

Noncorporate stockholders with income in excess of certain thresholds are, in general, subject to an additional tax on their "net investment income," which ordinarily includes taxable distributions from us and taxable gain on the disposition of our common stock.

Under U.S. Treasury regulations, if a stockholder recognizes a loss with respect to shares of $2 million or more for a non-corporate stockholder or $10 million or more for a corporate stockholder in any single taxable year (or a greater loss over a combination of years), the stockholder must file with the IRS a disclosure statement on Form 8886. Direct stockholders of portfolio securities in many cases are excepted from this reporting requirement, but under current guidance, stockholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to stockholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. Stockholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

Stockholders should consult their tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in our shares.

#### Taxation of non-U.S. stockholders
The following discussion only applies to non-U.S. stockholders. A "non-U.S. stockholder" is a holder, other than a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes), that is not a U.S. stockholder for U.S. federal income tax purposes. Whether an investment in the shares is appropriate for a non-U.S. stockholder will depend upon that person's particular circumstances. An investment in the shares by a non-U.S. stockholder may have adverse tax consequences. Non-U.S. stockholders should consult their tax advisors before investing in our shares.

Distributions of ordinary income dividends to non-U.S. stockholders, subject to the discussion below, will generally be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of our current and accumulated earnings and profits. Different tax consequences may result if the non-U.S. stockholder is engaged in a trade or business in the United States (and, if an income tax treaty applies, if the distributions are attributable to a permanent establishment maintained by the non-U.S. stockholder in the United States). Special certification requirements apply to a non-U.S. stockholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisors.

Actual or deemed distributions of our net capital gain to a non-U.S. stockholder, and gain recognized by a non-U.S. stockholder upon the sale of our common stock, generally will not be subject to U.S. federal withholding tax and will

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not be subject to U.S. federal income tax unless the distributions or gain, as the case may be, are effectively connected with a U.S. trade or business of the non-U.S. stockholder (and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. stockholder in the United States) or, in the case of an individual, the individual is present in the United States for 183 days or more during a taxable year and certain other conditions are met.

Under certain legislation, no U.S. source withholding taxes will generally be imposed on dividends paid by RICs to non-U.S. stockholders to the extent the dividends are properly reported as "interest-related dividends" or "short-term capital gain dividends." Under this exemption, interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gain that would not have been subject to U.S. withholding tax at the source if they had been received directly by a non-U.S. stockholder, and that satisfy certain other requirements. No assurance can be given that we will distribute any interest-related or short-term capital gain dividends.

If we distribute our net capital gains in the form of deemed rather than actual distributions (which we may do in the future), a non-U.S. stockholder will be entitled to a U.S. federal income tax credit or tax refund equal to the stockholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the non-U.S. stockholder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the non-U.S. stockholder is not otherwise required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return. For a corporate non-U.S. stockholder, distributions (both actual and deemed) and gains realized upon the sale of our common stock that are effectively connected with a U.S. trade or business (or, where an applicable treaty applies, are attributable to a permanent establishment in the United States) may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable tax treaty). Accordingly, investment in the shares may not be appropriate for certain non-U.S. stockholders.

Certain provisions of the Code referred to as "FATCA" require withholding at a rate of 30% on dividends in respect of our common stock held by or through certain foreign financial institutions (including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution to the extent such interests or accounts are held by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly, the entity through which our common stock is held will affect the determination of whether such withholding is required. Similarly, dividends in respect of our common stock held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i) certifies to us that such entity does not have any "substantial United States owners" or (ii) provides certain information regarding the entity's "substantial United States owners," which we will in turn provide to the Secretary of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance, may modify these requirements. We will not pay any additional amounts to stockholders in respect of any amounts withheld. Stockholders are encouraged to consult their tax advisors regarding the possible implications of the legislation on their investment in our common stock.

#### Failure to Qualify as a RIC
If we were unable to qualify for treatment as a RIC, and relief is not available as discussed above, we would be subject to tax on all of our taxable income at regular corporate rates. We would not be able to deduct distributions to stockholders nor would we be required to make distributions for tax purposes. Distributions would generally be taxable to our stockholders as ordinary dividend income (eligible for reduced maximum rates in the case of individual stockholders, subject to certain holding period and other requirements) to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate U.S. stockholders would be eligible for the dividends received deduction. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the stockholder's tax basis, and any remaining distributions would be treated as a capital gain. If we were to fail to meet the RIC requirements for more than two consecutive years and then to seek to requalify as a RIC, we would be required to either recognize gain to the extent of any unrealized appreciation in our assets or pay corporate level tax on any such unrealized appreciation recognized during the succeeding five-year period.

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#### PLAN OF DISTRIBUTION
The Company may offer and sell from time to time, in one or more offerings or series, together or separately, our Securities under this Prospectus and any related Prospectus Supplement (1) directly to one or more purchases, including existing shareholders in a Rights offering; (2) through agents; (3) through underwriters; (4) through dealers; or (5) pursuant to the Trust's dividend reinvestment plan. Each Prospectus supplement relating to an offering of securities will state the terms of the offering, including:

&nbsp;&nbsp;&nbsp;&nbsp;• the names of any agents,
 underwriters or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;• the purchase price; and

&nbsp;&nbsp;&nbsp;&nbsp;• any fee, commission or discount
 arrangement between us and our agents, underwriters or dealers.

#### Direct Sales
The Company may sell Securities directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the Securities Act for any resales of the securities. In this case, no underwriters or agents would be involved. The Company may use electronic media, including the Internet, to sell offered securities directly. The Company will describe the terms of any of those sales in a prospectus supplement.

#### By Agents
The Company may offer Securities through agents that the Company may designate. The Company will name any agent involved in the offer and sale and describe any commissions payable by the Company in the prospectus supplement. Unless otherwise indicated in the prospectus supplement, the agents will be acting on a best efforts basis for the period of their appointment.

#### By Underwriters
The Company may offer and sell Securities from time to time to one or more underwriters who would purchase the Securities as principal for resale to the public, either on a firm commitment or best efforts basis. If the Company sells Securities to underwriters, the Company will execute an underwriting agreement with them at the time of the sale and will name them in the prospectus supplement. In connection with these sales, the underwriters may be deemed to have received compensation from the Company in the form of underwriting discounts and commissions. The underwriters also may receive commissions from purchasers of Securities for whom they may act as agent. Unless otherwise stated in the prospectus supplement, the underwriters will not be obligated to purchase the Securities unless the conditions set forth in the underwriting agreement are satisfied, and if the underwriters purchase any of the Securities, they will be required to purchase all of the offered Securities. The underwriters may sell the offered Securities to or through dealers, and those dealers may receive discounts, concessions or commissions from the underwriters as well as from the purchasers for whom they may act as agent. Any public offering price and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time.

#### By Dealers
The Company may offer and sell Securities from time to time to one or more dealers who would purchase the securities as principal. The dealers then may resell the offered Securities to the public at fixed or varying prices to be determined by those dealers at the time of resale. The Company will set forth the names of the dealers and the terms of the transaction in the prospectus supplement.

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#### CONFLICTS OF INTEREST
Certain activities of BlackRock, Inc., the Advisor and the other subsidiaries of BlackRock, Inc. (collectively referred to in this section as "BlackRock") and their respective directors, officers or employees, with respect to the Company and/or other accounts managed by BlackRock, may give rise to actual or perceived conflicts of interest such as those described below.

BlackRock is one of the world's largest asset management firms. BlackRock, its subsidiaries and their respective directors, officers and employees, including the business units or entities and personnel who may be involved in the investment activities and business operations of the Company, are engaged worldwide in businesses, including managing equities, fixed-income securities, cash and alternative investments, and other financial services, and have interests other than that of managing the Company. These are considerations of which investors in the Company should be aware, and which may cause conflicts of interest that could disadvantage the Company and its stockholders. These businesses and interests include potential multiple advisory, transactional, financial and other relationships with, or interests in companies and interests in securities or other instruments that may be purchased or sold by the Company.

BlackRock has proprietary interests in, and may manage or advise with respect to, accounts or funds (including separate accounts and other funds and collective investment vehicles) that have investment objectives similar to those of the Company and/or that engage in transactions in the same types of securities, currencies and instruments as the Company. BlackRock is also a major participant in the global currency, equities, swap and fixed-income markets, in each case, for the accounts of clients and, in some cases, on a proprietary basis. As such, BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which the Company invests.

Such activities could affect the prices and availability of the securities, currencies, and instruments in which the Company invests, which could have an adverse impact on the Company's performance. Such transactions, particularly in respect of most proprietary accounts or client accounts, will be executed independently of the Company's transactions and thus at prices or rates that may be more or less favorable than those obtained by the Company.

In addition, the portfolio holdings of certain BlackRock-advised investment vehicles managed in an identical or substantially similar manner as certain funds are made publicly available on a more timely basis than the applicable fund. In some cases, such portfolio holdings are made publicly available on a daily basis. While not expected, it is possible that a recipient of portfolio holdings information for such an investment vehicle could cause harm to the fund that is managed in an identical or substantially similar manner, including by trading ahead of or against such fund based on the information received.

When BlackRock seeks to purchase or sell the same assets for client accounts, including the Company, the assets actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for the Company. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Company, particularly, but not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with respect to BlackRock-advised accounts when investment decisions regarding the Company are based on research or other information that is also used to support decisions for other accounts. When BlackRock implements a portfolio decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or strategies for the Company, market impact, liquidity constraints, or other factors could result in the Company receiving less favorable trading results and the costs of implementing such decisions or strategies could be increased or the Company could otherwise be disadvantaged. BlackRock may, in certain cases, elect to implement internal policies and procedures designed to limit such consequences, which may cause the Company to be unable to engage in certain activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.

Conflicts may also arise because portfolio decisions regarding the Company may benefit other accounts managed by BlackRock. For example, the sale of a long position or establishment of a short position by the Company may impair the price of the same security sold short by (and therefore benefit) BlackRock or its other accounts or funds, and the purchase of a security or covering of a short position in a security by the Company may increase the price of the same security held by (and therefore benefit) BlackRock or its other accounts or funds.

BlackRock, on behalf of other client accounts, on the one hand, and the Company, on the other hand, may invest in or extend credit to different parts of the capital structure of a single issuer. BlackRock may pursue rights, provide advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on behalf of other clients with respect to an issuer in which the Company has invested, and such actions (or refraining from

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action) may have a material adverse effect on the Company. In situations in which clients of BlackRock (including the Company) hold positions in multiple parts of the capital structure of an issuer, BlackRock may not pursue certain actions or remedies that may be available to the Company, as a result of legal and regulatory requirements or otherwise. BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of particular situations. For example, BlackRock may determine to rely on information barriers between different business units or portfolio management teams. BlackRock may also determine to rely on the actions of similarly situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the Company.

In addition, to the extent permitted by applicable law, the Company may invest its assets in other funds advised by BlackRock, including funds that are managed by one or more of the same Voting Members of the Advisor's Investment Committee, which could result in conflicts of interest relating to asset allocation, timing of Company purchases and redemptions, and increased remuneration and profitability for BlackRock and/or its personnel, including Voting Members of the Advisor's Investment Committee.

Third parties, including service providers to BlackRock or the Company, may sponsor events (including, but not limited to, marketing and promotional activities and presentations, educational training programs and conferences) for registered representatives, other professionals and individual investors. There is a potential conflict of interest as such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock to retain such third parties to provide services to the Company.

In certain circumstances, BlackRock, on behalf of the Company, may seek to buy from or sell securities to another fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between BlackRock clients ("cross trades"), including the Company, if BlackRock believes such transactions are appropriate based on each party's investment objectives and guidelines, subject to applicable law and regulation. There may be potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock's decision to engage in these transactions for the Company. BlackRock may have a potentially conflicting division of loyalties and responsibilities to the parties in such transactions.

BlackRock and its clients may pursue or enforce rights with respect to an issuer in which the Company has invested, and those activities may have an adverse effect on the Company. As a result, prices, availability, liquidity and terms of the Company's investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the Company may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

The results of the Company's investment activities may differ significantly from the results achieved by BlackRock for its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other accounts will achieve investment results that are substantially more or less favorable than the results achieved by the Company. Moreover, it is possible that the Company will sustain losses during periods in which one or more proprietary or other accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.

From time to time, the Company may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which BlackRock is performing services or when position limits have been reached. For example, the investment activities of BlackRock for its proprietary accounts and accounts under its management may limit the investment opportunities for the Company in certain emerging and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual issuers, by affiliated foreign investors.

In connection with its management of the Company, BlackRock may have access to certain fundamental analysis and proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect transactions on behalf of the Company in accordance with such analysis and models. In addition, BlackRock will not have any obligation to make available any information regarding its proprietary activities or strategies, or the activities or strategies used for other accounts managed by them, for the benefit of the management of the Company and

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it is not anticipated that BlackRock will have access to such information for the purpose of managing the Company. The proprietary activities or portfolio strategies of BlackRock, or the activities or strategies used for accounts managed by BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in managing the Company.

The Company may be included in investment models developed by BlackRock for use by clients and financial advisors. To the extent clients invest in these investment models and increase the assets under management of the Company, the investment management fee amounts paid by the Company to BlackRock may also increase. The net asset value and liquidity of the Company may be impacted by redemptions of the Company by model-driven investment portfolios, as well as by BlackRock itself and by its advisory clients.

In addition, certain principals and certain employees of the Company's investment adviser are also principals or employees of other business units or entities within BlackRock. As a result, these principals and employees may have obligations to such other business units or entities or their clients and such obligations to other business units or entities or their clients may be a consideration of which investors in the Company should be aware.

BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of the Company in which clients of BlackRock, or, to the extent permitted by the SEC and applicable law, BlackRock, serves as the counterparty, principal or issuer. In such cases, such party's interests in the transaction will be adverse to the interests of the Company, and such party may have no incentive to assure that the Company obtains the best possible prices or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by the Company may enhance the profitability of BlackRock.

BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or instruments of which may be those in which the Company invests or which may be based on the performance of the Company. Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the performance of certain BlackRock-advised funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for underlying fixed-income indexes used by certain iShares ETFs, related to derivative fixed-income products that are based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets under management for BlackRock.

The Company may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other clients have interests adverse to those of the Company.

At times, these activities may cause business units or entities within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the Company. To the extent such transactions are permitted, the Company will deal with BlackRock on an arms-length basis.

To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in other commercial capacities for the Company. It is anticipated that the commissions, mark-ups, mark-downs, financial advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Company. Index based funds may use an index provider that is affiliated with another service provider of the Company or BlackRock that acts as a broker, dealer, agent, lender or in other commercial capacities for the Company or BlackRock.

Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and other amounts that they receive in connection with their service to the Company as broker, dealer, agent, lender, adviser or in other commercial capacities. No accounting to the Company or its stockholders will be required, and no fees or other compensation payable by the Company or its stockholders will be reduced by reason of receipt by BlackRock of any such fees or other amounts.

When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Company, BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Company. The Company will be required to establish business relationships with its counterparties based on the

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Company's own credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with the Company's establishment of its business relationships, nor is it expected that the Company's counterparties will rely on the credit of BlackRock in evaluating the Company's creditworthiness.

Purchases and sales of securities and other assets for the Company may be bunched or aggregated with orders for other BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they have different research payment arrangements. BlackRock, however, is not required to bunch or aggregate orders if portfolio management decisions for different accounts are made separately, or if they determine that bunching or aggregating is not practicable or required, or in cases involving client direction.

Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Company will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Company. In addition, under certain circumstances, the Company will not be charged the same commission or commission equivalent rates in connection with a bunched or aggregated order.

BlackRock, unless prohibited by applicable law, may cause the Company or account to pay a broker or dealer a commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for effecting the same transaction in recognition of the value of brokerage and research services provided by that broker or dealer.

Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Company, other BlackRock client accounts or personnel, directly or through correspondent relationships, with research or other appropriate services which provide, in BlackRock's view, appropriate assistance to BlackRock in the investment decision-making process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other services may include, to the extent permitted by law, research reports on companies, industries and securities; economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases; research-oriented software and other services and products.

Research or other services obtained in this manner may be used in servicing any or all of the Company and other BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay commissions to the broker relating to the research or other service arrangements. Such products and services may disproportionately benefit other BlackRock client accounts relative to the Company based on the amount of brokerage commissions paid by the Company and such other BlackRock client accounts. For example, research or other services that are paid for through one client's commissions may not be used in managing that client's account. In addition, other BlackRock client accounts may receive the benefit, including disproportionate benefits, of economies of scale or price discounts in connection with products and services that may be provided to the Company and to such other BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products and services itself.

BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant to such arrangements, provide research or other services in order to ensure the continued receipt of research or other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to time choose not to engage in the above-described arrangements to varying degrees. BlackRock, unless prohibited by applicable law, may also enter into commission sharing arrangements under which BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a portion of the commissions or commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.

BlackRock may utilize certain electronic crossing networks ("ECNs") (including, without limitation, ECNs in which BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client securities transactions for certain types of securities. These ECNs may charge fees for their services, including access fees and transaction fees. The transaction fees, which are similar to commissions or markups/markdowns, will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with executing transactions on behalf of clients, including the Company. In certain circumstances, ECNs may offer volume discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent with its obligation to seek to obtain best execution in client transactions.

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BlackRock owns a minority interest in, and is a member of, Members Exchange ("MEMX"), a newly created U.S. stock exchange. Transactions for a fund may be executed on MEMX if third party brokers select MEMX as the appropriate venue for execution of orders placed by BlackRock traders on behalf of client portfolios.

BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions that it makes on behalf of advisory clients, including the Company, and to help ensure that such decisions are made in accordance with BlackRock's fiduciary obligations to its clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes such voting decisions to be in accordance with its fiduciary obligations.

It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of the Company. Increasing the Company's assets may enhance investment flexibility and diversification and may contribute to economies of scale that tend to reduce the Company's expense ratio. BlackRock reserves the right, subject to compliance with applicable law, to redeem at any time some or all of the shares of the Company acquired for its own accounts. To the extent that BlackRock and/or its advisory clients have large investments in the Company, a large redemption of shares of the Company by BlackRock could significantly reduce the asset size of the Company, which might have an adverse effect on the Company's investment flexibility, portfolio diversification and expense ratio. BlackRock seeks to consider the effect of redemptions on the Company and other shareholders in deciding whether to redeem its shares but is not obligated to do so and may elect not to do so.

It is possible that the Company may invest in securities of, or engage in transactions with, companies in which BlackRock has significant debt or equity investments or other interests. The Company may also invest in issuances (such as structured notes) by entities for which BlackRock provides and is compensated for cash management services relating to the proceeds from the sale of such issuances. In making investment decisions for the Company, BlackRock is not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of these activities. In addition, from time to time, the activities of BlackRock may limit the Company's flexibility in purchases and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which BlackRock-advised funds or other clients of BlackRock have an investment.

BlackRock and its personnel and other financial service providers may have interests in promoting sales of the Company. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and sales of the Company or other products may be greater than remuneration and profitability relating to services to and sales of certain funds or other products that might be provided or offered. BlackRock and its sales personnel may directly or indirectly receive a portion of the fees and commissions charged to the Company or their shareholders. BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under management. Fees and commissions may also be higher than for other products or services, and the remuneration and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the Company may be greater than the remuneration and profitability resulting from other funds or products.

BlackRock may provide valuation assistance to certain clients with respect to certain securities or other investments and the valuation recommendations made for such clients' accounts may differ from the valuations for the same securities or investments assigned by the Company's pricing vendors, especially if such valuations are based on broker-dealer quotes or other data sources unavailable to the Company's pricing vendors. While BlackRock will generally communicate its valuation information or determinations to the Company's pricing vendors and/or fund accountants, there may be instances where the Company's pricing vendors or fund accountants assign a different valuation to a security or other investment than the valuation for such security or investment determined or recommended by BlackRock.

When market quotations are not readily available or are believed by BlackRock to be unreliable, the Company's investments are valued at fair value by BlackRock. BlackRock has been designated as the Company's valuation designee pursuant to Rule 2a-5 under the Investment Company Act and acts through BlackRock's Rule 2a-5 Committee (the "2a-5 Committee"), with assistance from other BlackRock pricing committees and in accordance with BlackRock's policies and procedures (the "Valuation Procedures"). When determining a "fair value price," the 2a-5 Committee seeks to determine the price that the Company might reasonably expect to receive from the current sale of that asset or liability in an arm's-length transaction. The price generally may not be determined based on what the Company might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or

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liability to maturity. While fair value determinations will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be based on analytical values determined by BlackRock using proprietary or third party valuation models, fair value represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the period in which the particular fair values were used in determining the Company's NAV. As a result, the Company's sale or repurchase of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value, may have the effect of diluting or increasing the economic interest of existing stockholders and may affect the amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.

To the extent permitted by applicable law, the Company may invest all or some of its short-term cash investments in any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any such investments, the Company, to the extent permitted by the Investment Company Act, may pay its share of expenses of a money market fund or other similarly-managed private fund in which it invests, which may result in the Company bearing some additional expenses.

BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their own accounts and may have conflicts of interest with respect to investments made on behalf of the Company. As a result of differing trading and investment strategies or constraints, positions may be taken by directors, officers and employees of BlackRock that are the same, different from or made at different times than positions taken for the Company. To lessen the possibility that the Company will be adversely affected by this personal trading, the Company and the Advisor each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that restricts securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the Company's portfolio transactions. Each Code of Ethics is also available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by e-mail at publicinfo@sec.gov.

BlackRock will not purchase securities or other property from, or sell securities or other property to, the Company, except that the Company may in accordance with rules or guidance adopted under the Investment Company Act engage in transactions with another fund or accounts that are affiliated with the Company as a result of common officers, directors, or investment advisers or pursuant to exemptive orders granted to the Company and/ or BlackRock by the SEC. These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate for the Company to purchase and another client of BlackRock to sell, or the Company to sell and another client of BlackRock to purchase, the same security or instrument on the same day. From time to time, the activities of the Company may be restricted because of regulatory requirements applicable to BlackRock and/or BlackRock's internal policies designed to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice in certain securities or instruments issued by or related to companies for which BlackRock is performing advisory or other services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf of the Company, particularly where such services result in BlackRock obtaining material non-public information about the company (e.g., in connection with participation in a creditors' committee). Similar situations could arise if personnel of BlackRock serve as directors of companies the securities of which the Company wishes to purchase or sell. However, if permitted by applicable law, and where consistent with BlackRock's policies and procedures (including the necessary implementation of appropriate information barriers), the Company may purchase securities or instruments that are issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers of the issuer.

BlackRock has adopted and implemented policies and procedures that are designed to address potential conflicts that arise in connection with the advisory services BlackRock provides to the Company and other clients. Certain BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or opposite those of other BlackRock advisory personnel. Certain portfolio management teams within BlackRock may make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than or adverse to the decisions made or the actions taken (or not taken) by the Company's portfolio management teams. The various portfolio management teams may not share information with each other, including as a result of certain information barriers and other policies, and will not have any obligation or other duty to do so.

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BlackRock has established certain information barriers and other policies to address the sharing of information between different businesses within BlackRock, including, effective on or about January 21, 2025, with respect to personnel responsible with managing portfolios and voting proxies with respect to certain index equity portfolios versus those responsible for managing portfolios and voting proxies with respect to all other portfolios. As a result of information barriers, certain units of BlackRock generally will not have access, or will have limited access, to certain information and personnel, including senior personnel, in other units of BlackRock, and generally will not manage the Company with the benefit of information possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Company with the benefit of information held by certain areas of BlackRock.

BlackRock may determine to move certain personnel, businesses, or business units from one side of an information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel, businesses, and business units that were moved will no longer have access to the information and personnel from the side of the information barrier from which they were moved. Information obtained in connection with such changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect transactions on behalf of the Company (including purchasing or selling securities that BlackRock may otherwise have purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not have their intended impact due to, for example, changes in applicable law or inadvertent crossings of the barriers, and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of a barrier.

Although the information barriers are intended to allow for independent portfolio management decision-making and proxy voting among certain BlackRock businesses, the investment activities of BlackRock for BlackRock clients, as well as BlackRock's proprietary accounts, may nonetheless limit the investment strategies and rights of other clients (including the Company). As BlackRock's assets under management increases, BlackRock clients may face greater negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or issuers. For example, in certain circumstances where a BlackRock client invests in securities issued by companies that operate in certain industries (e.g., banking, insurance, and utilities) or in certain emerging or international markets, or are subject to regulatory or corporate ownership restrictions (e.g., with mechanisms such as poison pills in place to prevent takeovers), or where a BlackRock client invest in certain futures and derivatives, there may be limits on the aggregate amount invested by BlackRock for its clients and BlackRock's proprietary accounts that may not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions, disgorgement of share ownership or profits, regulatory restrictions, complex compliance reporting, increased compliance costs or suffer disadvantages or business restrictions. In light of certain restrictions, BlackRock may also seek to make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to certain securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose such clients to additional costs and additional risks, including any risks associated with investing in derivatives. There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock clients can be subject to more than one ownership limitation depending on each client's holdings, and each ownership limitation can impact multiple securities held by the client. Certain clients or shareholders may have their own overlapping obligations to monitor their compliance with ownership limitations across their investments.

If certain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or dispose of investments, or exercise rights (including voting) or undertake business transactions, may be restricted by law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of an ownership limitation or restriction, a client may be unable to purchase or directly hold a security the client would otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of restrictions could negatively impact a client's performance or ability to meet its investment objective.

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When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain from taking certain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it otherwise would take. In those circumstances where ownership thresholds or limitations must be observed, BlackRock seeks to allocate limited investment opportunities equitably among clients, taking into consideration benchmark weight and investment strategy. BlackRock may adopt certain controls designed to prevent the occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in certain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the fund in connection with purchases of Creation Units of such fund. If client holdings of an issuer exceed an applicable threshold and BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.

Ownership limitations are highly complex. It is possible that, despite BlackRock's intent to either comply with or be granted permission to exceed ownership limitations, it may inadvertently breach a limit or violate the corporate or regulatory approval, order, consent, relief or non-disapproval that was obtained.

In addition to the foregoing, other ownership thresholds may trigger reporting requirements to governmental and regulatory authorities, and such reports may entail the disclosure of the identity of a client or BlackRock's intended strategy with respect to such security or asset.

BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Company may seek to license and use such indices as part of their investment strategy. Index based funds that seek to track the performance of securities indices also may use the name of the index or index provider in the fund name. Index providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a financial incentive to use a BlackRock index that is less costly to BlackRock than a third party index. BlackRock may benefit from the fund using BlackRock indices by creating increasing acceptance in the marketplace for such indices. BlackRock is not obligated to license its indices to the Company and the Company is under no obligation to use BlackRock indices. Any fund that enters into a license for a BlackRock index cannot be assured that the terms of any index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.

BlackRock may enter into contractual arrangements with third-party service providers to the Company (e.g., custodians, administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in recognition of BlackRock's overall relationship with such service providers. BlackRock may also enter into contractual arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service provider's services are terminated with respect to the Company. To the extent that BlackRock is responsible for paying service providers out of its fees that it receives from the Company, the benefits of lower fees, including any fee discounts or concessions, or any additional savings, may accrue, in whole or in part, to BlackRock, which could result in conflicts of interest relating to the use or termination of service providers to the Company. In addition, conflicts of interest may arise with respect to contractual arrangements with third-party service providers to the Company, or the selection of such providers, particularly in circumstances where BlackRock is negotiating on behalf of both funds that have a unitary management fee and those that do not or different service providers have different fee structures.

Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts by the BlackRock's investment professionals. For example, differences in the advisory fee structure may create the appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for BlackRock to favor one client account over another.

BlackRock owns or has an ownership interest in certain trading, portfolio management, operations and/or information systems used by Company service providers. These systems are, or will be, used by the Company service provider in connection with the provision of services to accounts managed by BlackRock and funds managed and

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sponsored by BlackRock, including the Company, that engage the service provider (typically the custodian). The Company's service provider remunerates BlackRock for the use of the systems. The Company service provider's payments to BlackRock for the use of these systems may enhance the profitability of BlackRock.

BlackRock's receipt of fees from a service provider in connection with the use of systems provided by BlackRock may create an incentive for BlackRock to recommend that the Company enter into or renew an arrangement with the service provider.

In recognition of a BlackRock client's overall relationship with BlackRock, BlackRock may offer special pricing arrangements for certain services provided by BlackRock. Any such special pricing arrangements will not affect Company fees and expenses applicable to such client's investment in the Company.

Present and future activities of BlackRock and its directors, officers and employees, in addition to those described in this section, may give rise to additional conflicts of interest.

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#### CUSTODIAN
Wells Fargo Bank, National Association provides custodian services to us pursuant to a custodian services agreement. For the services provided to us by the Custodian, the Custodian is entitled to fees as agreed upon from time to time. The address of Wells Fargo Bank, National Association is 101 North Phillips Avenue, Sioux Falls, South Dakota 57104.

#### TRANSFER AGENT
Computershare Inc. provides transfer agency support to us and serves as our dividend paying agent under a transfer agency agreement. The address of Computershare Inc., 150 Royall St, Canton, MA 02021 United States.

#### LEGAL MATTERS
Certain legal matters in connection with the Securities will be passed upon for us by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The consolidated financial statements of the Company and its subsidiaries, incorporated in this prospectus by reference from the Company's Annual Report on Form 10-K as of December 31, 2024, and the effectiveness of the Company's internal control over financial reporting, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their reports incorporated by reference, and included elsewhere in this Registration Statement.

The address of Deloitte & Touche LLP is 555 West 5th Street, Suite 2700, Los Angeles, California 90013.

#### ADDITIONAL INFORMATION
We have filed a registration statement with the SEC on Form N-2, including amendments, relating to the shares we are offering. This prospectus does not contain all of the information set forth in the registration statement, including any exhibits and schedules it may contain. For further information concerning us or the shares we are offering, please refer to the registration statement. Statements contained in this prospectus as to the contents of any contract or other document referred to describe the material terms thereof but are not necessarily complete and in each instance reference is made to the copy of any contract or other document filed as an exhibit to the registration statement. Each statement is qualified in all respects by this reference.

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Exchange Act. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. In addition, the SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at http://www.sec.gov.

We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. Information contained on our website is not incorporated by reference into this prospectus and should not be considered to be part of this prospectus.

No person is authorized to give any information or represent anything not contained in this prospectus, any accompanying prospectus supplement and any applicable pricing supplement. We are only offering the securities in places where sales of those securities are permitted. The information contained in this prospectus, any accompanying prospectus supplement and any applicable pricing supplement, as well as information incorporated by reference, is current only as of the date of that information. Our business, financial condition, results of operations and prospects may have changed since that date.

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#### **TABLE OF CONTENTS**

#### PRIVACY PRINCIPLES
We are committed to maintaining the privacy of our stockholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.

Generally, we do not receive any non-public personal information relating to our stockholders, although certain non-public personal information of our stockholders may become available to us. We do not disclose any non-public personal information about our stockholders or former stockholders to anyone, except as permitted by law or as is necessary in order to service stockholder accounts (for example, to a transfer agent or third-party administrator).

We restrict access to non-public personal information about our stockholders to employees of the Advisor and its affiliates with a legitimate business need for the information. We maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of our stockholders.

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**PART C - OTHER INFORMATION**

ITEM 25. FINANCIAL STATEMENTS AND EXHIBITS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements

The consolidated statements of assets and liabilities, including the consolidated schedules of investments, as of June 30, 2025, March 31, 2025, December 31, 2024 and December 31, 2023, the related consolidated statements of operations, cash flows, and changes in net assets for each of the three years in the period ended December 31, 2024 and the three months ended June 30, 2025, March 31, 2025, June 30, 2024, and March 31, 2024, and the related notes, and management's assessment of the effectiveness of internal control over financial reporting (which is included in Management's Discussion and Analysis of Financial Condition and Results of Operations) as of December 31, 2024 have been incorporated by reference in this registration statement in "Part A—Information Required in a Prospectus."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | &nbsp;&nbsp; **Description** |
| (a)(1) | &nbsp;&nbsp;[Certificate of Incorporation of the Registrant(1)](https://www.sec.gov/Archives/edgar/data/1370755/000114420411028724/v220614_ex99-a2.htm) |
| (a)(2) | &nbsp;&nbsp;[Certificate of Amendment to the Certificate of Incorporation of the Registrant(2)](https://www.sec.gov/Archives/edgar/data/1370755/000114036118035118/ex99_2.htm) |
| (b) | &nbsp;&nbsp;[Second Amended and Restated Bylaws of the Registrant(3)](https://www.sec.gov/Archives/edgar/data/1370755/000113322824007258/btcc-html8207_ex991.htm) |
| (c) | &nbsp;&nbsp;Not Applicable |
| (d)(1) | &nbsp;&nbsp;[Statement of Eligibility of Trustee on Form T-1\*](btcc-efp17822_ex99d1.htm) |
| (d)(2) | &nbsp;&nbsp;[Form of Certificate of Designation for Preferred Stock(4)](https://www.sec.gov/Archives/edgar/data/1370755/000110465914046569/a14-14490_3ex4d1.htm) |
| (d)(3) | &nbsp;&nbsp;[Indenture, dated as of August 11, 2017, by and between the Registrant and U.S. Bank National Association, as the Trustee(5)](https://www.sec.gov/Archives/edgar/data/1370755/000156761917001674/s001797x9_exd-1.htm) |
| (d)(4) | &nbsp;&nbsp;[First Supplemental Indenture, dated as of August 11, 2017, by and between the Registrant and U.S. Bank National Association, as the Trustee(5)](https://www.sec.gov/Archives/edgar/data/1370755/000156761917001674/s001797x9_exd-4.htm) |
| (d)(7) | &nbsp;&nbsp;[Second Supplemental Indenture, dated as of August 23, 2019, by and between the Registrant and U.S. Bank National Association, as the Trustee(6)](https://www.sec.gov/Archives/edgar/data/1370755/000114036119015540/nc10004248x1_ex4-1.htm) |
| (d)(8) | &nbsp;&nbsp;[Third Supplemental Indenture, dated as of February 9, 2021, by and between the Registrant and U.S. Bank National Association, as the Trustee(7)](https://www.sec.gov/Archives/edgar/data/1370755/000114036121003953/nc10019530x9_ex4-1.htm) |
| (d)(9) | &nbsp;&nbsp;[Fourth Supplemental Indenture, dated as of May 30, 2024, between the Registrant and U.S. Bank Trust Company, National Association, as the Trustee(8)](https://www.sec.gov/Archives/edgar/data/1370755/000113322824005794/btcpcc-html7996_ex9941.htm) |
| (e) | &nbsp;&nbsp;[Dividend Reinvestment Plan of Registrant(20)](https://www.sec.gov/Archives/edgar/data/1370755/000114036124013943/ef20024232_ex10-6.htm) |
| (f) | &nbsp;&nbsp;Not Applicable |
| (g)(i) | &nbsp;&nbsp;[Second Amended and Restated Investment Management Agreement By and Between Registrant and Tennenbaum Capital Partners, LLC(18)](https://www.sec.gov/Archives/edgar/data/1370755/000114036123042949/brhc20058304_ex10-1.htm) |
| (g)(ii) | &nbsp;&nbsp;[Fee Waiver Agreement between Registrant and Tennenbaum Capital Partners, LLC(19)](https://www.sec.gov/Archives/edgar/data/1370755/000114036123042949/brhc20058304_ex10-2.htm) |
| (h) | &nbsp;&nbsp;Form of Underwriting Agreement(+) |
| (i) | &nbsp;&nbsp;Not Applicable |
| (j) | &nbsp;&nbsp;[Custodial Agreement dated as of July 31, 2006(10)](https://www.sec.gov/Archives/edgar/data/1370754/000114420411026907/v221168_ex10-2.htm) |
| (k)(1) | &nbsp;&nbsp;[Form of Administration Agreement of the Registrant (11)](https://www.sec.gov/Archives/edgar/data/1370755/000114420411028724/v220614_ex99-k1.htm) |
| (k)(2) | &nbsp;&nbsp;[Form of Transfer Agency and Registrar Services Agreement(9)](https://www.sec.gov/Archives/edgar/data/1370755/000104746912002117/a2204183zex-99_k2.htm) |
| (k)(3) | &nbsp;&nbsp;[Form of License Agreement(9)](https://www.sec.gov/Archives/edgar/data/1370755/000137075520000007/exhibit1019.htm) |

---

---

| | |
|:---|:---|
| **Exhibit No.** | &nbsp;&nbsp; **Description** |
| (k)(4) | &nbsp;&nbsp;[Indenture, dated as of June 17, 2014, by and between the Registrant and U.S. Bank National Association, as the Trustee(12)](https://www.sec.gov/Archives/edgar/data/1370755/000110465914046569/a14-14490_3ex4d1.htm) |
| (k)(6) | &nbsp;&nbsp;[Indenture, dated as of September 6, 2016, by and between the Registrant and U.S. Bank National Association, as the Trustee(13)](https://www.sec.gov/Archives/edgar/data/1370755/000110465914046569/a14-14490_3ex4d1.htm) |
| (k)(8) | &nbsp;&nbsp;[TCPC Funding Loan Financing and Servicing Agreement dated as of May 7, 2019(14)](https://www.sec.gov/Archives/edgar/data/1370755/000137075519000020/exhibit101.htm) |
| (k)(9) | &nbsp;&nbsp;[Amended and Restated Senior Secured Revolving Credit Agreement dated as of May 6, 2019(15)](https://www.sec.gov/Archives/edgar/data/1370755/000137075519000020/exhibit103.htm) |
| (k)(10) | &nbsp;&nbsp;[Amended and Restated Guaranty, Pledge and Security Agreement dated as of May 6, 2019(15)](https://www.sec.gov/Archives/edgar/data/1370755/000137075519000020/exhibit103.htm) |
| (k)(11) | &nbsp;&nbsp;[Loan and Servicing Agreement dated as of August 4, 2020(16)](https://www.sec.gov/Archives/edgar/data/1370755/000137075520000036/exhibit101loanandservi.htm) |
| (k)(12) | &nbsp;&nbsp;[Form of Global Note of 2.850% Notes due 2026(6)](https://www.sec.gov/Archives/edgar/data/1370755/000114036121003953/nc10019530x9_ex4-1.htm) |
| (k)(13) | &nbsp;&nbsp;[Form of Global Note of 6.95% Notes due 2029(21)](https://www.sec.gov/Archives/edgar/data/1370755/000113322824005794/btcpcc-html7996_ex9941.htm) |
| (k)(14) | &nbsp;&nbsp;[Ninth Amendment, dated as of May 16, 2025, by and among BCIC Merger Sub, LLC, the Subsidiary Guarantors party thereto, the Lenders party thereto and Citibank, N.A., as administrative agent(22)](https://www.sec.gov/Archives/edgar/data/1370755/000114036125019797/ef20049263_ex10-1.htm) |
| (l) | &nbsp;&nbsp;[Opinion and Consent of Skadden, Arps, Slate, Meagher & Flom LLP, counsel for the Registrant(\*)](btcc-efp17822_ex99l.htm) |
| (m) | &nbsp;&nbsp;Not Applicable |
| (n)(1) | &nbsp;&nbsp;[Consent of Deloitte & Touche LLP(\*)](btcc-efp17822_ex99n1.htm) |
| (n)(2) | &nbsp;&nbsp;[Power of Attorney(\*)](btcc-efp17822_ex99n2.htm) |
| (o) | &nbsp;&nbsp;Not Applicable |
| (p) | &nbsp;&nbsp;Not Applicable |
| (q) | &nbsp;&nbsp;Not Applicable |
| (r) | &nbsp;&nbsp;[Consolidated Code of Ethics of the Registrant and our Advisor(\*)](btcc-efp17822_ex99r.htm) |
| (s) | &nbsp;&nbsp;[Calculation of Filing Fee Table(\*)](btcc-efp17822_ex99s.htm) |
| 99.1 | &nbsp;&nbsp;[Form of Preliminary Prospectus Supplement For Common Stock Offerings(\*)](btcc-efp17822_ex991.htm) |
| 99.2 | &nbsp;&nbsp;[Form of Preliminary Prospectus Supplement For Preferred Stock Offerings(\*)](btcc-efp17822_ex992.htm) |
| 99.3 | &nbsp;&nbsp;[Form of Preliminary Prospectus Supplement For Debt Offerings(\*)](btcc-efp17822_ex993.htm) |
| 99.4 | &nbsp;&nbsp;[Form of Preliminary Prospectus Supplement For Subscription Rights Offerings(\*)](btcc-efp17822_ex994.htm) |
| 99.5 | &nbsp;&nbsp;[Form of Preliminary Prospectus Supplement For Warrant Offerings(\*)](btcc-efp17822_ex995.htm) |

---

\* Filed herewith.

<sup>+</sup> To be filed by amendment.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement under the Securities
 Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Incorporated by reference to Exhibit 99.2 to the Registrant's Form 8-K, filed on August 2, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Incorporated by reference to Exhibit 99.1 to the Registrant's Form 8-K, filed on August 2, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Incorporated by reference to Exhibit 4.1 of the Registrant's Form 8-K filed on June 17, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Incorporated by reference to the corresponding exhibit number to Post-Effective Amendment No. 3 to the Registrant's
 Registration Statement under the Securities Act of 1933 (File No. 333-216716) on Form N-2, filed on November 28, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on February 9, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Incorporated by reference to Exhibit 14.1 to the Registrant's Form 10-K, filed on February 25, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on June 17, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Incorporated by reference to the corresponding exhibit number to the Registrant's Registration Statement
 under the Securities Act of 1933 (File No. 333-194669), on Form N-2, filed on June 5, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Incorporated by reference to the corresponding exhibit number to the Registrant's Registration Statement
 under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on May 13, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(11) Incorporated by reference to the corresponding exhibit number to the Registrant's Registration Statement
 under the Securities Act of 1933 (File No. 333-172669), on Form N-2, filed on March 5, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;(12) Incorporated by reference to the corresponding exhibit number to the Registrant's Registration Statement
 under the Securities Act of 1933 (File No. 333-204571), on Form N-2, filed on May 29, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;(13) Incorporated by reference to the corresponding exhibit number to Post-Effective Amendment No. 1 to the Registrant's
 Registration Statement under the Securities Act of 1933 (File No. 333-216716), on Form N-2, filed on August 11, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;(14) Incorporated by reference to Exhibit 10.2 of the Registrant's Form 8-K filed on May 8, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(15) Incorporated by reference to Exhibit 10.3 of the Registrant's Form 8-K filed on May 8, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(16) Incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on August 6, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;(17) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;(18) Incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on September 6, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(19) Incorporated by reference to Exhibit 10.2 to the Registrant's Form 8-K filed on September 6, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(20) Incorporated by reference to Exhibit 10.6 to the Registrant's Form 8-K filed on March 18, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(21) Incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed on May 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(22) Incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed on May 19, 2025.

ITEM 26. MARKETING ARRANGEMENTS

Any information concerning any underwriters (and related marketing arrangements) will be contained in the accompanying prospectus supplement, if any.

ITEM 27. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION\*\*

---

| | |
|:---|:---|
| &nbsp;&nbsp;Commission registration fee | &nbsp;&nbsp;\* |
| &nbsp;&nbsp;Nasdaq Global Select Additional Listing Fees | &nbsp;&nbsp;\*\* |
| &nbsp;&nbsp;FINRA filing fee | &nbsp;&nbsp;\*\* |
| &nbsp;&nbsp;Accounting fees and expenses | &nbsp;&nbsp;\*\* |
| &nbsp;&nbsp;Legal fees and expenses | &nbsp;&nbsp;\*\* |
| &nbsp;&nbsp;Printing and engraving | &nbsp;&nbsp;\*\* |
| &nbsp;&nbsp;Miscellaneous fees and expenses | &nbsp;&nbsp;\*\* |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;\*\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Deferred in reliance on Rule 456(b) and 457(r)

\*\* These fees and expenses are calculated based on the number of issuances and amount of securities offered and accordingly cannot be estimated at this time.

All of the expenses set forth above shall be borne by the Company.

ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL

As of September 22, 2025, the following list sets forth entities in which the Registrant owns a controlling interest, the state under whose laws the entity is organized, and the percentage of voting securities or membership interests owned by the Registrant in such entity.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Name of Entity and Place of Jurisdiction** | &nbsp;&nbsp; **% of Voting Securities Owned** |
| &nbsp;&nbsp;Special Value Continuation Partners, LLC (Delaware) | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;TCPC Funding I LLC (Delaware) | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;TCPC Funding II LLC (Delaware) | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;TCPC SBIC, LP (Delaware) | &nbsp;&nbsp;100.0% |
| &nbsp;&nbsp;BCIC Merger Sub, LLC (Delaware)\* | &nbsp;&nbsp;100.0% |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Special Value Continues Partners, LLC owns 100% of the equity of BCIC Merger Sub, LLC.

ITEM 29. NUMBER OF HOLDERS OF SECURITIES

The following table sets forth the number of record holders of our common stock at June 30, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Title of Class** | &nbsp;&nbsp; **Number of Record Holders** |
| &nbsp;&nbsp;Common Stock, par value $.001 per share | &nbsp;&nbsp;161 |

---

ITEM 30. INDEMNIFICATION

The information contained under the heading "Description of Our Capital Stock" is incorporated herein by reference.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person in the successful defense of an action suit or proceeding) is asserted by a director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is again public policy as expressed in the Act and will be governed by the final adjudication of such issue.

The Registrant carries liability insurance for the benefit of its directors and officers (other than with respect to claims resulting from the willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office) on a claims-made basis.

The Registrant has agreed to indemnify the underwriters against specified liabilities for actions taken in their capacities as such, including liabilities under the Securities Act.

ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISOR

For information as to the business, profession, vocation or employment of a substantial nature of each of the officers and directors of our Advisor, reference is made to our Advisor's Form ADV, filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940, and incorporated herein by reference upon filing.

ITEM 32. LOCATION OF ACCOUNTS AND RECORDS

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the offices of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Registrant, 2951 28th Street, Suite 1000, Santa Monica, CA 90405;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Transfer Agent, Computershare, Inc., 150 Royall St., Canton, MA 02021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Custodian, Wells Fargo Bank, National Association, 101 North Phillips Avenue, Sioux Falls, South Dakota
 57104; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) our Advisor, 2951 28th Street, Suite 1000, Santa Monica, CA 90405. Our Advisor's telephone number is
 (310) 566-1094, and its facsimile number is (310) 566-1010.

ITEM 33. MANAGEMENT SERVICES

Not Applicable.

ITEM 34. UNDERTAKINGS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not applicable.

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration
 statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or
 the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
 set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the
 total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
 estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b), or other applicable
 SEC rule under the Securities Act, if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum
 aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to include any material information with respect to the plan of distribution not previously disclosed in the
 registration statement or any material change to such information in the registration statement;

*provided, however*, that paragraphs 3(a)(i), (ii), and (iii) of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to section 13, section 14 or section 15(d) of the Exchange Act that are incorporated by reference into this Registration Statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the Securities Act, each such post-effective amendment
 shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at
 that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to remove from registration by means of a post-effective amendment any of the securities being registered
 which remain unsold at the termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the Securities Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if the Registrant is relying on Rule 430B:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration
 statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration
 statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) for the purpose of providing
 the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement
 as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract

of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the Registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) under the Securities
 Act, as applicable, as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B
 or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as
 of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus
 that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
 statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
 first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
 statement or made in any such document immediately prior to such date of first use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser
 in the initial distribution of securities: The undersigned Registrant undertakes that in a primary offering of securities of the undersigned
 Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
 if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will
 be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser: (1) any preliminary prospectus
 or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act;
 (2) free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by
 the undersigned Registrant; (3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities
 Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf
 of the undersigned Registrant; and (4) any other communication that is an offer in the offering made by the undersigned Registrant to
 the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant undertakes that, for purposes of determining any liability under the Securities Act, each filing
 of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference
 into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the
 offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
 officers and controlling persons of the Registrant, the Registrant has been advised that in the opinion of the SEC such indemnification
 is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
 against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
 person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
 person in connection with the securities being registered, the Registrant will, unless in the opinion of its

counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. to send by first class mail or other means designed to ensure equally prompt delivery, within two business
 days of receipt of a written or oral request, any prospectus or statement of additional information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, in the City of Santa Monica, and State of New York, thereunto duly authorized, on the 22<sup>nd</sup> day of September, 2025.

---

| | |
|:---|:---|
| **BLACKROCK TCP CAPITAL CORP.** | **BLACKROCK TCP CAPITAL CORP.** |
| By: | /s/ Philip Tseng |
|  | Philip Tseng |
|  | Chief Executive Officer, Chairman of the Board and Director |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form N-2 has been signed by the following persons in the capacities indicated on the 22<sup>nd</sup> day of September 2025. This document may be executed by the signatories hereto on any number of counterparts, all of which constitute one and the same instrument.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Philip Tseng | Chief Executive Officer, Chairman of the Board and Director |
| Philip Tseng | (principal executive officer) |
| /s/ Erik L. Cuellar | Chief Financial Officer |
| Erik L. Cuellar | (principal financial and accounting officer) |
| \* | Director |
| John R. Baron |  |
| \* | Director |
| Eric J. Draut |  |
| \* | Director |
| Karen L. Leets |  |
| \* | Director |
| Andrea L. Petro |  |
| \* | Director |
| Maureen K. Usifer |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Diana Huffman |
|  | Diana Huffman |
|  | as Attorney-in-Fact |

---

**INDEX TO EXHIBITS**

*Exhibits*

 

---

| | |
|:---|:---|
| (d)(1) | [Statement of Eligibility of Trustee on Form T-1.\*](btcc-efp17822_ex99d1.htm) |
| (l) | [Opinion and Consent of Counsel to the Company.\*](btcc-efp17822_ex99l.htm) |
| (n)(1) | [Consent of Deloitte & Touche LLP.\*](btcc-efp17822_ex99n1.htm) |
| (n)(2) | [Power of Attorney.\*](btcc-efp17822_ex99n2.htm) |
| (r) | [Consolidated Code of Ethics of the Registrant and our Advisor\*](btcc-efp17822_ex99r.htm) |
| (s) | [Calculation of Filing Fee Table\*](btcc-efp17822_ex99s.htm) |
| 99.1 | [Form of Preliminary Prospectus Supplement For Common Stock Offerings.\*](btcc-efp17822_ex991.htm) |
| 99.2 | [Form of Preliminary Prospectus Supplement For Preferred Stock Offerings.\*](btcc-efp17822_ex992.htm) |
| 99.3 | [Form of Preliminary Prospectus Supplement For Debt Offerings.\*](btcc-efp17822_ex993.htm) |
| 99.4 | [Form of Preliminary Prospectus Supplement For Subscription Rights Offerings.\*](btcc-efp17822_ex994.htm) |
| 99.5 | [Form of Preliminary Prospectus Supplement For Warrant Offerings.\*](btcc-efp17822_ex995.htm) |

---

 

\* Filed herewith

## Ex-99.(D)(1)

**Exhibit 99(d)(1)**

**securities and exchange commission**

**Washington, D.C. 20549**

**FORM T-1**

**Statement of Eligibility Under**

**The Trust Indenture Act of 1939 of a**

**Corporation Designated to Act as Trustee**

Check if an Application to Determine Eligibility of

a Trustee Pursuant to Section 305(b)(2) ☐

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**

(Exact name of Trustee as specified in its charter)

**91-1821036**

I.R.S. Employer Identification No.

800 Nicollet Mall Minneapolis, Minnesota <u> 55402</u> <br> <u>(Address of principal executive offices)</u> <u>(Zip Code)</u>

Christopher J. Grell

U.S. Bank Trust Company, National Association

100 Wall Street, Suite 600

New York, NY 10005

(212) 951-6990

(Name, address and telephone number of agent for service)

**BLACKROCK TCP CAPITAL CORP.**

(Issuer with respect to the Securities)

Delaware <u>56-2594706</u> <br> <u>(State or other jurisdiction of incorporation or organization)</u> <u>(I.R.S. Employer Identification No.)</u> <br>    

2951 28<sup>th</sup> Street, Suite 1000 Santa Monica, CA <u> 90405</u> <br> <u>(Address of Principal Executive Offices)</u> <u>(Zip Code)</u>

**2.85% Notes Due 2026**

**6.95% Notes due 2029**

**(Title of the Indenture Securities)**

**<u>FORM T-1</u>**

**Item 1.** **GENERAL INFORMATION*.*** Furnish the following information as to the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) *Name and address of each examining or supervising authority to which it is subject.*

Comptroller of the Currency

Washington, D.C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) *Whether it is authorized to exercise corporate trust powers.*

Yes

**Item 2.** **AFFILIATIONS WITH THE OBLIGOR.** *If the obligor is an affiliate of the Trustee, describe each such affiliation.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

---

| | |
|:---|:---|
| **Items 3-15** | *Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.* |

---

**Item 16.** **LIST OF EXHIBITS:** *List below all exhibits filed as a part of this statement of eligibility and qualification.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Articles of Association of the Trustee, attached as Exhibit 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit
2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of the authorization of the Trustee to exercise corporate trust powers, included as
Exhibit 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 copy of the existing bylaws of the Trustee, attached as Exhibit 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 copy of each Indenture referred to in Item 4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached
 as Exhibit 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Report
 of Condition of the Trustee as of June 30, 2025, published pursuant to law or the requirements
 of its supervising or examining authority, attached as Exhibit 7.

**SIGNATURE**

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York, State of New York on the 19<sup>th</sup> of September, 2025.

---

| | |
|:---|:---|
| By: | /s/ Christopher J. Grell |
|  | Christopher J. Grell |
|  | Vice President |

---

**<u>Exhibit 1</u>**

**ARTICLES OF ASSOCIATION**

**OF**

**U. S. BANK TRUST COMPANY, NATIONAL ASSOCIATION**

For the purpose of organizing an association (the "Association") to perform any lawful activities of national banks, the undersigned enter into the following Articles of Association:

**FIRST.** The title of this Association shall be U. S. Bank Trust Company, National Association.

**SECOND.** The main office of the Association shall be in the city of Portland, county of Multnomah, state of Oregon. The business of the Association will be limited to fiduciary powers and the support of activities incidental to the exercise of those powers. The Association may not expand or alter its business beyond that stated in this article without the prior approval of the Comptroller of the Currency.

**THIRD.** The board of directors of the Association shall consist of not less than five nor more than twenty-five persons, the exact number to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the Association or of a holding company owning the Association, with an aggregate par, fair market, or equity value of not less than $1,000, as of either (i) the date of purchase, (ii) the date the person became a director, or (iii) the date of that person's most recent election to the board of directors, whichever is more recent. Any combination of common or preferred stock of the Association or holding company may be used.

Any vacancy in the board of directors may be filled by action of a majority of the remaining directors between meetings of shareholders. The board of directors may increase the number of directors up to the maximum permitted by law. Terms of directors, including directors selected to fill vacancies, shall expire at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualified or until there is a decrease in the number of directors and his or her position is eliminated.

Honorary or advisory members of the board of directors, without voting power or power of final decision in matters concerning the business of the Association, may be appointed by resolution of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory directors shall not be counted to determined the number of directors of the Association or the presence of a quorum in connection with any board action, and shall not be required to own qualifying shares.

**FOURTH.** There shall be an annual meeting of the shareholders to elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other convenient place the board of directors may designate, on the day of each year specified therefor in the Bylaws, or if that day falls on a legal holiday in the state in which the

- 1 - 80000-383/060297/XBB02E85

Association is located, on the next following banking day. If no election is held on the day fixed or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds of the shares issued and outstanding. In all cases, at least 10 days' advance notice of the meeting shall be given to the shareholders by first-class mail.

In all elections of directors, the number of votes each common shareholder may cast will be determined by multiplying the number of shares he or she owns by the number of directors to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the manner selected by the shareholder. On all other questions, each common shareholder shall be entitled to one vote for each share of stock held by him or her.

A director may resign at any time by delivering written notice to the board of directors, its chairperson, or to the Association, which resignation shall be effective when the notice is delivered unless the notice specifies a later effective date.

A director may be removed by the shareholders at a meeting called to remove him or her, when notice of the meeting stating that the purpose or one of the purposes is to remove him or her is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided, however, that a director may not be removed if the number of votes sufficient to elect him or her under cumulative voting is voted against his or her removal.

**FIFTH.** The authorized amount of capital stock of the Association shall be 1,000,000 shares of common stock of the par value of ten dollars ($10) each; but said capital stock may be increased or decreased from time to time, according to the provisions of the laws of the United States. The Association shall have only one class of capital stock.

No holder of shares of the capital stock of any class of the Association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the Association, whether now or hereafter authorized, or to any obligations convertible into stock of the Association, issued, or sold, nor any right of subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and at such price as the board of directors may from time to time fix.

Transfers of the Association's stock are subject to the prior written approval of a federal depository institution regulatory agency. If no other agency approval is required, the approval of the Comptroller of the Currency must be obtained prior to any such transfers.

Unless otherwise specified in the Articles of Association or required by law, (1) all matters requiring shareholder action, including amendments to the Articles of Association must be approved by shareholders owning a majority voting interest in the outstanding voting stock, and

(2) each shareholder shall be entitled to one vote per share.

- 2 - 80000-383/060297/XBB02B85

Unless otherwise specified in the Articles of Association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval.

Unless otherwise provided in the Bylaws, the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before the meeting.

The Association, at any time and from time to time, may authorize and issue debt obligations, whether subordinated, without the approval of the shareholders. Obligations classified as debt, whether subordinated, which may be issued by the Association without the approval of shareholders, do not carry voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification of all or part of securities into securities of another class or series.

**SIXTH.** The board of directors shall appoint one of its members president of this Association and one of its members chairperson of the board and shall have the power to appoint one or more vice presidents, a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating the records of the Association, and such other officers and employees as may be required to transact the business of this Association. A duly appointed officer may appoint one or more officers or assistant officers if authorized by the board of directors in accordance with the Bylaws.

The board of directors shall have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Define
 the duties of the officers, employees, and agents of the Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Delegate
 the performance of its duties, but not the responsibility for its duties, to the officers,
 employees, and agents of the Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Fix
 the compensation and enter employment contracts with its officers and employees upon reasonable
 terms and conditions consistent with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Dismiss
 officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Require
 bonds from officers and employees and to fix the penalty thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Ratify
 written policies authorized by the Association's management or committees of the board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Regulate
 the manner any increase or decrease of the capital of the Association shall be made; provided
 that nothing herein shall restrict the power of shareholders to increase or decrease the
 capital of the Association in accordance with law, and nothing shall raise or lower from
 two-thirds the percentage required for shareholder approval to increase or reduce the capital.

- 3 - 80000-383/060297/XBB02E85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Manage
 and administer the business and affairs of the Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Adopt
 initial Bylaws, not inconsistent with law or the Articles of Association, for managing the
 business and regulating the affairs of the Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Amend
 or repeal Bylaws, except to the extent that the Articles of Association reserve this power
 in whole or in part to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Make
 contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Generally
 perform all acts that are legal for a board of directors to perform.

**SEVENTH.** The board of directors shall have the power to change the location of the main office to any authorized branch within the limits of the city of Portland, Oregon, without the approval of the shareholders, or with a vote of shareholders owning two-thirds of the stock of the Association for a location outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of the city of Portland, Oregon, but not more than thirty miles beyond such limits. The board of directors shall have the power to establish or change the location of any office or offices of the Association to any other location permitted under applicable law, without approval of shareholders, subject to approval by the Comptroller of the Currency.

**EIGHTH.** The corporate existence of this Association shall continue until termination according to the laws of the United States.

**NINTH.** The board of directors of the Association, or any shareholder owning, in the aggregate, not less than 25 percent of the stock of the Association, may call a special meeting of shareholders at any time. Unless otherwise provided by the Bylaws or the laws of the United States, or waived by shareholders, a notice of the time, place, and purpose of every annual and special meeting of the shareholders shall be given by first-class mail, postage prepaid, mailed at least 10, and no more than 60, days prior to the date of the meeting to each shareholder of record at his/her address as shown upon the books of the Association. Unless otherwise provided by the Bylaws, any action requiring approval of shareholders must be effected at a duly called annual or special meeting.

**TENTH.** These Articles of Association may be amended at any regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of the Association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders of such greater amount; provided, that the scope of the Association's activities and services may not be expanded without the prior written approval of the Comptroller of the Currency. The Association's board of directors may propose one or more amendments to the Articles of Association for submission to the shareholders.

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In witness whereof, we have hereunto set our hands this <u>11<sup>th</sup></u> of June, 1997.

---

| |
|:---|
| /s/ Jeffrey T. Grubb |
| Jeffrey T. Grubb |
| /s/ Robert D. Sznewajs |
| Robert D. Sznewajs |
| /s/ Dwight V. Board |
| Dwight V. Board |
| /s/ P. K. Chatterjee |
| P. K. Chatterjee |
| /s/ Robert Lane |
| Robert Lane |

---

**<u>Exhibit 2</u>**

---

| | |
|:---|:---|
| ![](img003.jpg) | Office of the Comptroller of the Currency |
| ![](img003.jpg) | Washington, DC 20219 |

---

CERTIFICATE OF CORPORATE EXISTENCE AND FIDUCIARY POWERS

I, Rodney E. Hood, Acting Comptroller of the Currency, do hereby certify that:

1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession, custody, and control of all records pertaining to the chartering, regulation, and supervision of all national banking associations.

2. "U.S. Bank Trust Company National Association," Portland, Oregon (Charter No. 23412), is a national banking association formed under the laws of the United States and is authorized thereunder to transact the business of banking and exercise fiduciary powers on the date of this certificate.

IN TESTIMONY WHEREOF, today, July 1, 2025, I have hereunto subscribed my name and caused my seal of office to be affixed to these presents at the U.S. Department of the Treasury, in the City of Washington, District of Columbia.

---

| |
|:---|
| /s/ Rodney E. Hood |
| Acting Comptroller of the Currency |

---

![](img004.jpg)

2025-01116-C

**<u>Exhibit 4</u>**

**U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION <br> <u>AMENDED AND RESTATED BYLAWS</u>**

<u>ARTICLE I</u>

<u>Meetings of Shareholders</u>

Section 1.1. <u>Annual Meeting</u>. The annual meeting of the shareholders, for the election of directors and the transaction of any other proper business, shall be held at a time and place as the Chairman or President may designate. Notice of such meeting shall be given not less than ten (10) days or more than sixty (60) days prior to the date thereof, to each shareholder of the Association, unless the Office of the Comptroller of the Currency (the "OCC") determines that an emergency circumstance exists. In accordance with applicable law, the sole shareholder of the Association is permitted to waive notice of the meeting. If, for any reason, an election of directors is not made on the designated day, the election shall be held on some subsequent day, as soon thereafter as practicable, with prior notice thereof. Failure to hold an annual meeting as required by these Bylaws shall not affect the validity of any corporate action or work a forfeiture or dissolution of the Association.

Section 1.2. <u>Special Meetings</u>. Except as otherwise specially provided by law, special meetings of the shareholders may be called for any purpose, at any time by a majority of the board of directors (the "Board"), or by any shareholder or group of shareholders owning at least ten percent of the outstanding stock. Every such special meeting, unless otherwise provided by law, shall be called upon not less than ten (10) days nor more than sixty (60) days prior notice stating the purpose of the meeting.

Section 1.3. <u>Nominations for Directors</u>. Nominations for election to the Board may be made by the Board or by any shareholder.

Section 1.4. <u>Proxies</u>. Shareholders may vote at any meeting of the shareholders by proxies duly authorized in writing. Proxies shall be valid only for one meeting and any adjournments of such meeting and shall be filed with the records of the meeting.

Section 1.5. <u>Record Date</u>. The record date for determining shareholders entitled to notice and to vote at any meeting will be thirty days before the date of such meeting, unless otherwise determined by the Board.

Section 1.6. <u>Quorum and Voting</u>. A majority of the outstanding capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law, but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held as adjourned without further notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided by law or by the Articles of Association.

Section 1.7. <u>Inspectors</u>. The Board may, and in the event of its failure so to do, the Chairman of the Board may appoint Inspectors of Election who shall determine the presence of quorum, the validity of proxies, and the results of all elections and all other matters voted upon by shareholders at all annual and special meetings of shareholders.

Section 1.8. <u>Waiver and Consent</u>. The shareholders may act without notice or a meeting by a unanimous written consent by all shareholders.

Section 1.9. <u>Remote Meetings</u>. The Board shall have the right to determine that a shareholder meeting not be held at a place, but instead be held solely by means of remote communication in the manner and to the extent permitted by the General Corporation Law of the State of Delaware.

<u>ARTICLE II</u>

<u>Directors</u>

Section 2.1. <u>Board of Directors</u>. The Board shall have the power to manage and administer the business and affairs of the Association. Except as expressly limited by law, all corporate powers of the Association shall be vested in and may be exercised by the Board.

Section 2.2. <u>Term of Office</u>. The directors of this Association shall hold office for one year and until their successors are duly elected and qualified, or until their earlier resignation or removal.

Section 2.3. <u>Powers</u>. In addition to the foregoing, the Board shall have and may exercise all of the powers granted to or conferred upon it by the Articles of Association, the Bylaws and by law.

Section 2.4. <u>Number</u>. As provided in the Articles of Association, the Board of this Association shall consist of no less than five nor more than twenty-five members, unless the OCC has exempted the Association from the twenty-five- member limit. The Board shall consist of a number of members to be fixed and determined from time to time by resolution of the Board or the shareholders at any meeting thereof, in accordance with the Articles of Association. Between meetings of the shareholders held for the purpose of electing directors, the Board

by a majority vote of the full Board may increase the size of the Board but not to more than a total of twenty-five directors, and fill any vacancy so created in the Board; provided that the Board may increase the number of directors only by up to two directors, when the number of directors last elected by shareholders was fifteen or fewer, and by up to four directors, when the number of directors last elected by shareholders was sixteen or more. Each director shall own a qualifying equity interest in the Association or a company that has control of the Association in each case as required by applicable law. Each director shall own such qualifying equity interest in his or her own right and meet any minimum threshold ownership required by applicable law.

Section 2.5. <u>Organization Meeting</u>. The newly elected Board shall meet for the purpose of organizing the new Board and electing and appointing such officers of the Association as may be appropriate. Such meeting shall be held on the day of the election or as soon thereafter as practicable, and, in any event, within thirty days thereafter, at such time and place as the Chairman or President may designate. If, at the time fixed for such meeting, there shall not be a quorum present, the directors present may adjourn the meeting until a quorum is obtained.

Section 2.6. <u>Regular Meetings</u>. The regular meetings of the Board shall be held, without notice, as the Chairman or President may designate and deem suitable.

Section 2.7. <u>Special Meetings</u>. Special meetings of the Board may be called at any time, at any place and for any purpose by the Chairman of the Board or the President of the Association, or upon the request of a majority of the entire Board. Notice of every special meeting of the Board shall be given to the directors at their usual places of business, or at such other addresses as shall have been furnished by them for the purpose. Such notice shall be given at least twelve hours (three hours if meeting is to be conducted by conference telephone) before the meeting by telephone or by being personally delivered, mailed, or electronically delivered. Such notice need not include a statement of the business to be transacted at, or the purpose of, any such meeting.

Section 2.8. <u>Quorum and Necessary Vote</u>. A majority of the directors shall constitute a quorum at any meeting of the Board, except when otherwise provided by law; but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held as adjourned without further notice. Unless otherwise provided by law or the Articles or Bylaws of this Association, once a quorum is established, any act by a majority of those directors present and voting shall be the act of the Board.

Section 2.9. <u>Written Consent</u>. Except as otherwise required by applicable laws and regulations, the Board may act without a meeting by a unanimous written consent by all directors, to be filed with the Secretary of the Association as part of the corporate records.

Section 2.10. <u>Remote Meetings</u>. Members of the Board, or of any committee thereof, may participate in a meeting of such Board or committee by means of conference telephone, video or similar communications equipment by means of which all persons participating in the meeting can hear each other and such participation shall constitute presence in person at such meeting.

Section 2.11. <u>Vacancies</u>. When any vacancy occurs among the directors, the remaining members of the Board may appoint a director to fill such vacancy at any regular meeting of the Board, or at a special meeting called for that purpose.

<u>ARTICLE III</u>

<u>Committees</u>

Section 3.1. <u>Advisory Board of Directors</u>. The Board may appoint persons, who need not be directors, to serve as advisory directors on an advisory board of directors established with respect to the business affairs of either this Association alone or the business affairs of a group of affiliated organizations of which this Association is one. Advisory directors shall have such powers and duties as may be determined by the Board, provided, that the Board's responsibility for the business and affairs of this Association shall in no respect be delegated or diminished.

Section 3.2. <u>Trust Audit Committee</u>. At least once during each calendar year, the Association shall arrange for a suitable audit (by internal or external auditors) of all significant fiduciary activities under the direction of its trust audit committee, a function that will be fulfilled by the Audit Committee of the financial holding company that is the ultimate parent of this Association. The Association shall note the results of the audit (including significant actions taken as a result of the audit) in the minutes of the Board. In lieu of annual audits, the Association may adopt a continuous audit system in accordance with 12 C.F.R. § 9.9(b).

The Audit Committee of the financial holding company that is the ultimate parent of this Association, fulfilling the function of the trust audit committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Must not include any officers of the Association or an affiliate who participate significantly in the administration of the Association's fiduciary activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Must consist of a majority of members who are not also members of any committee to which the Board has delegated power to manage and control the fiduciary activities of the Association.

Section 3.3. <u>Executive Committee</u>. The Board may appoint an Executive Committee which shall consist of at least three directors and which shall have, and may exercise, to the extent permitted by applicable law, all the powers of the Board between meetings of the Board or otherwise when the Board is not meeting.

Section 3.4. <u>Trust Management Committee</u>. The Board of this Association shall appoint a Trust Management Committee to provide oversight of the fiduciary activities of the Association. The Trust Management Committee shall determine policies governing fiduciary activities. The Trust Management Committee or such sub-committees, officers or others as may be duly designated by the Trust Management Committee shall oversee the processes related to fiduciary activities to assure conformity with fiduciary policies it establishes, including ratifying the acceptance and the closing out or relinquishment of all trusts. The Trust Management Committee will provide regular reports of its activities to the Board.

Section 3.5. <u>Other Committees</u>. The Board may appoint, from time to time, committees of one or more persons who need not be directors, for such purposes and with such powers as the Board may determine; however, the Board will not delegate to any committee any powers or responsibilities that it is prohibited from delegating under any law or regulation. In addition, either the Chairman or the President may appoint, from time to time, committees of one or more officers, employees, agents or other persons, for such purposes and with such powers as either the Chairman or the President deems appropriate and proper. Whether appointed by the Board, the Chairman, or the President, any such committee shall at all times be subject to the direction and control of the Board.

Section 3.6. <u>Meetings, Minutes and Rules</u>. An advisory board of directors and/or committee shall meet as necessary in consideration of the purpose of the advisory board of directors or committee, and shall maintain minutes in sufficient detail to indicate actions taken or recommendations made; unless required by the members, discussions, votes or other specific details need not be reported. An advisory board of directors or a committee may, in consideration of its purpose, adopt its own rules for the exercise of any of its functions or authority.

<u>ARTICLE IV</u>

<u>Officers</u>

Section 4.1. <u>Chairman of the Board</u>. The Board may appoint one of its members to be Chairman of the Board to serve at the pleasure of the Board. The Chairman shall supervise the carrying out of the policies adopted or approved by the Board; shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such powers and duties as from time to time may be conferred upon or assigned by the Board.

Section 4.2. <u>President</u>. The Board may appoint one of its members to be President of the Association. In the absence of the Chairman, the President shall preside at any meeting of the Board. The President shall have general executive powers, and shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, to the office of President, or imposed by these Bylaws. The President shall also have and may exercise such powers and duties as from time to time may be conferred or assigned by the Board.

Section 4.3. <u>Vice President</u>. The Board may appoint one or more Vice Presidents who shall have such powers and duties as may be assigned by the Board and to perform the duties of the President on those occasions when the President is absent, including presiding at any meeting of the Board in the absence of both the Chairman and President.

Section 4.4. <u>Secretary</u>. The Board shall appoint a Secretary, or other designated officer who shall be Secretary of the Board and of the Association, and shall keep accurate minutes of all meetings. The Secretary shall attend to the giving of all notices required by these Bylaws to be given; shall be custodian of the corporate seal, records, documents and papers of the Association; shall provide for the keeping of proper records of all transactions of the Association; shall, upon request, authenticate any records of the Association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, to the Secretary, or imposed by these Bylaws; and shall also perform such other duties as may be assigned from time to time by the Board. The Board may appoint one or more Assistant Secretaries with such powers and duties as the Board, the President or the Secretary shall from time to time determine.

Section 4.5. <u>Other Officers</u>. The Board may appoint, and may authorize the Chairman, the President or any other officer to appoint, any officer as from time to time may appear to the Board, the Chairman, the President or such other officer to be required or desirable to transact the business of the Association. Such officers shall exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon or assigned to them by these Bylaws, the Board, the Chairman, the President or such other authorized officer. Any person may hold two offices.

Section 4.6. <u>Tenure of Office</u>. The Chairman or the President and all other officers shall hold office until their respective successors are elected and qualified or until their earlier death, resignation, retirement, disqualification or removal from office, subject to the right of the Board or authorized officer to discharge any officer at any time.

<u>ARTICLE V</u>

<u>Stock</u>

Section 5.1. The Board may authorize the issuance of stock either in certificated or in uncertificated form. Certificates for shares of stock shall be in such form as the Board may from time to time prescribe. If the Board issues certificated stock, the certificate shall be signed by the President, Secretary or any other such officer as the Board so determines. Shares of stock shall be transferable on the books of the Association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming a shareholder by such transfer shall, in proportion to such person's shares, succeed to all rights of the prior holder of such shares. Each certificate of stock shall recite on its face that the stock represented thereby is transferable only upon the books of the Association properly endorsed. The Board may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the Association for stock transfers, voting at shareholder meetings, and related matters, and to protect it against fraudulent transfers.

<u>ARTICLE VI</u>

<u>Corporate Seal</u>

Section 6.1. The Association shall have no corporate seal; provided, however, that if the use of a seal is required by, or is otherwise convenient or advisable pursuant to, the laws or regulations of any jurisdiction, the following seal may be used, and the Chairman, the President, the Secretary and any Assistant Secretary shall have the authority to affix such seal:

<u>ARTICLE VII</u>

<u>Miscellaneous Provisions</u>

Section 7.1. <u>Execution of Instruments</u>. All agreements, checks, drafts, orders, indentures, notes, mortgages, deeds, conveyances, transfers, endorsements, assignments, certificates, declarations, receipts, discharges, releases, satisfactions, settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, guarantees, proxies and other instruments or documents may be signed, countersigned, executed, acknowledged, endorsed, verified, delivered or accepted on behalf of the Association, whether in a fiduciary capacity or otherwise, by any officer of the Association, or such employee or agent as may be designated from time to time by the Board by resolution, or by the Chairman or the President by written instrument, which resolution or instrument shall be certified as in effect by the Secretary or an Assistant Secretary of the Association. The provisions of this section are supplementary to any other provision of the Articles of Association or Bylaws.

Section 7.2. <u>Records</u>. The Articles of Association, the Bylaws as revised or amended from time to time and the proceedings of all meetings of the shareholders, the Board, and standing committees of the Board, shall be recorded in appropriate minute books provided for the purpose. The minutes of each meeting shall be signed by the Secretary, or other officer appointed to act as Secretary of the meeting.

Section 7.3. <u>Trust Files</u>. There shall be maintained in the Association files all fiduciary records necessary to assure that its fiduciary responsibilities have been properly undertaken and discharged.

Section 7.4. <u>Trust Investments</u>. Funds held in a fiduciary capacity shall be invested according to the instrument establishing the fiduciary relationship and according to law. Where such instrument does not specify the character and class of investments to be made and does not vest in the Association a discretion in the matter, funds held pursuant to such instrument shall be invested in investments in which corporate fiduciaries may invest under law.

Section 7.5. <u>Notice</u>. Whenever notice is required by the Articles of Association, the Bylaws or law, such notice shall be by mail, postage prepaid, e- mail, in person, or by any other means by which such notice can reasonably be expected to be received, using the address of the person to receive such notice, or such other personal data, as may appear on the records of the Association.

Except where specified otherwise in these Bylaws, prior notice shall be proper if given not more than 30 days nor less than 10 days prior to the event for which notice is given.

<u>ARTICLE VIII</u>

<u>Indemnification</u>

Section 8.1. The Association shall indemnify such persons for such liabilities in such manner under such circumstances and to such extent as permitted by Section 145 of the Delaware General Corporation Law, as now enacted or hereafter amended. The Board may authorize the purchase and maintenance of insurance and/or the execution of individual agreements for the purpose of such indemnification, and the Association shall advance all reasonable costs and expenses (including attorneys' fees) incurred in defending any action, suit or proceeding to all persons entitled to indemnification under this Section 8.1. Such insurance shall be consistent with the requirements of 12 C.F.R. § 7.2014 and shall exclude coverage of liability for a formal order assessing civil money penalties against an institution-affiliated party, as defined at 12

U.S.C. § 1813(u).

Section 8.2. Notwithstanding Section 8.1, however, (a) any indemnification payments to an institution-affiliated party, as defined at 12 U.S.C. § 1813(u), for an administrative proceeding or civil action initiated by a federal banking agency, shall be reasonable and consistent with the requirements of 12 U.S.C. § 1828(k) and the implementing regulations thereunder; and (b) any indemnification payments and advancement of costs and expenses to an institution-affiliated party, as defined at 12 U.S.C. § 1813(u), in cases involving an administrative proceeding or civil action not initiated by a federal banking agency, shall be in accordance with Delaware General Corporation Law and consistent with safe and sound banking practices.

<u>ARTICLE IX</u>

<u>Bylaws: Interpretation and Amendment</u>

Section 9.1. These Bylaws shall be interpreted in accordance with and subject to appropriate provisions of law, and may be added to, altered, amended, or repealed, at any regular or special meeting of the Board.

Section 9.2. A copy of the Bylaws and all amendments shall at all times be kept in a convenient place at the principal office of the Association, and shall be open for inspection to all shareholders during Association hours.

<u>ARTICLE X</u>

<u>Miscellaneous Provisions</u>

Section 10.1. <u>Fiscal Year</u>. The fiscal year of the Association shall begin on the first day of January in each year and shall end on the thirty-first day of December following.

Section 10.2. <u>Governing Law</u>. This Association designates the Delaware General Corporation Law, as amended from time to time, as the governing law for its corporate governance procedures, to the extent not inconsistent with Federal banking statutes and regulations or bank safety and soundness.

\*\*\*

(February 8, 2021)

**<u>Exhibit 6</u>**

**CONSENT**

In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

Dated: September 19, 2025

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| | |
|:---|:---|
| By: | /s/ Christopher J. Grell |
|  | Christopher J. Grell |
|  | Vice President |

---

**<u>Exhibit 7</u>**

**U.S. Bank Trust Company, National Association**

**Statement of Financial Condition**

**as of 6/30/2025**

**($000's)**

---

| | |
|:---|:---|
|  | **6/30/2025** |
| **Assets** | |
| &nbsp;&nbsp;&nbsp;Cash and Balances Due From Depository Institutions | $1823165 |
| &nbsp;&nbsp;&nbsp;Securities | 4619 |
| &nbsp;&nbsp;&nbsp;Federal Funds | 0 |
| &nbsp;&nbsp;&nbsp;Loans & Lease Financing Receivables | 0 |
| &nbsp;&nbsp;&nbsp;Fixed Assets | 804 |
| &nbsp;&nbsp;&nbsp;Intangible Assets | 575138 |
| &nbsp;&nbsp;&nbsp;Other Assets | 172200 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | $**2575926** |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Deposits | $0 |
| &nbsp;&nbsp;&nbsp;Fed Funds | 0 |
| &nbsp;&nbsp;&nbsp;Treasury Demand Notes | 0 |
| &nbsp;&nbsp;&nbsp;Trading Liabilities | 0 |
| &nbsp;&nbsp;&nbsp;Other Borrowed Money | 0 |
| &nbsp;&nbsp;&nbsp;Acceptances | 0 |
| &nbsp;&nbsp;&nbsp;Subordinated Notes and Debentures | 0 |
| &nbsp;&nbsp;&nbsp;Other Liabilities | 213000 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | $**213000** |
| **Equity** |  |
| &nbsp;&nbsp;&nbsp;Common and Preferred Stock | 200 |
| &nbsp;&nbsp;&nbsp;Surplus | 1171635 |
| &nbsp;&nbsp;&nbsp;Undivided Profits | 1191091 |
| &nbsp;&nbsp;&nbsp;Minority Interest in Subsidiaries | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity Capital** | $**2362926** |
| **Total Liabilities and Equity Capital** | $**2575926** |

---

## Ex-99.(L)

**Exhibit (l)**

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| | |
|:---|:---|
| Skadden, Arps, Slate, Meagher & Flom llp | Skadden, Arps, Slate, Meagher & Flom llp |
| &nbsp;&nbsp;320 S. Canal Street<br> Chicago, Illinois 60606<br> ________<br>TEL: (312) 407-0700<br> FAX: (312) 407-0411<br> www.skadden.com<br>September 22, 2025<br>BlackRock TCP Capital Corp.<br> 2951 28th Street, Suite 1000<br> Santa Monica, California 90405 | &nbsp;&nbsp;FIRM/AFFILIATE OFFICES<br> -----------<br> BOSTON<br> HOUSTON<br> LOS ANGELES<br> NEW YORK<br> PALO ALTO<br> WASHINGTON, D.C.<br> WILMINGTON<br> -----------<br> ABU DHABI<br> BEIJING<br> BRUSSELS<br> FRANKFURT<br> HONG KONG<br> LONDON<br> MUNICH<br> PARIS<br> SÃO PAULO<br> SEOUL<br> SINGAPORE<br> TOKYO<br> TORONTO |

---

Re: BlackRock TCP Capital Corp. <br> <u>Registration Statement on Form N-2</u>

Ladies and Gentlemen:

We have acted as special United States counsel to BlackRock TCP Capital Corp., a Delaware corporation (the "Company"), in connection with the registration statement on Form N-2 (the "Registration Statement") to be filed on the date hereof by the Company with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933 (the "Securities Act"). The Registration Statement relates to the issuance and sale by the Company from time to time, pursuant to Rule 415 of the General Rules and Regulations of the Commission promulgated under the Securities Act (the "Rules and Regulations"), of (i) shares of common stock, par value $0.001 per share, of the Company ("Common Stock"), (ii) shares of preferred stock, par value $0.001 per share, of the Company ("Preferred Stock"), which may be issued in one or more series, (iii) debt securities of the Company ("Debt Securities"), which may be issued in one or more series under the Indenture, dated as of August 11, 2017 (the "Indenture"), between the Company and U.S. Bank National Association, as trustee, which has been incorporated by reference as an exhibit to the Registration Statement, (iv) warrants to purchase shares of Common Stock, shares of Preferred Stock or Debt Securities ("Warrants"), which may be issued pursuant to one or more warrant agreements (each, a "Warrant Agreement") proposed to be entered into by the Company and one or more warrant agents to be named therein, (v) subscription rights to purchase shares of Common Stock, shares of Preferred Stock or Debt Securities ("Subscription Rights"), which may be issued under one or more subscription rights certificates (each, a "Subscription Rights Certificate") and/or pursuant to one or more subscription rights agreements (each, a "Subscription Rights Agreement") proposed to be entered into by the Company and one or more subscription agents to be named therein, and (vi) such indeterminate number of shares of Common Stock or Preferred Stock and indeterminate amount of Debt Securities as may be issued upon conversion, exchange or exercise, as applicable, of any Preferred Stock, Debt Securities, Warrants or Subscription Rights, including such shares of Common Stock or Preferred Stock as may be issued pursuant to anti-dilution adjustments determined at the time of offering (collectively, "Indeterminate Securities"). The Common Stock, Preferred Stock, Debt Securities, Warrants, Subscription Rights and Indeterminate Securities offered pursuant to the Registration Statement are collectively referred to herein as the "Securities."

BlackRock TCP Capital Corp.<br> September 22, 2025<br> Page 2

This opinion is being furnished in accordance with the requirements of sub paragraph (l) of item 25.2 of part C of Form N-2 under the Securities Act.

In rendering the opinions stated herein, we have examined and relied upon the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an executed copy of the Indenture, incorporated by reference as an exhibit to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an executed copy of a certificate of Diana Huffman, Secretary of the Company, dated the date hereof (the "Secretary's Certificate");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the Company's Certificate of Incorporation certified by the Secretary of State of the State of Delaware as of September 22, 2025, and certified pursuant to the Secretary's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Company's bylaws, as amended and in effect as of the date hereof and certified pursuant to the Secretary's Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a copy of certain resolutions of the Board of Directors of the Company, adopted on September 17, 2025, certified pursuant to the Secretary's Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a copy of a certificate, dated September 22, 2025, from the Secretary of State of the State of Delaware with respect to the Company's existence and good standing in the State of Delaware.

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and such other documents as we have deemed necessary or appropriate as a basis for the opinions stated below.

In our examination, we have assumed the genuineness of all signatures, including electronic signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified or photocopied copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied upon statements and representations of officers and other representatives of the Company and others and of public officials, including the facts and conclusions set forth in the Secretary's Certificate.

BlackRock TCP Capital Corp.<br> September 22, 2025<br> Page 3

We do not express any opinion with respect to the laws of any jurisdiction other than (i) the laws of the State of New York, and (ii) the General Corporation Law of the State of Delaware (the "DGCL") (all of the foregoing being referred to as "Opined-on Law"). The Securities may be issued from time to time on a delayed or continuous basis, and this opinion is limited to the laws, including the rules and regulations, as in effect on the date hereof, which laws are subject to change with possible retroactive effect.

As used herein, "Transaction Documents" means the Indenture and the supplemental indentures and officer's certificates establishing the terms of the Debt Securities pursuant thereto, the Warrant Agreements, the Subscription Rights Agreements and any applicable underwriting or purchase agreement.

The opinions stated in paragraphs 1 through 5 below presume that all of the following (collectively, the "general conditions") shall have occurred prior to the issuance of the Securities referred to therein: (i) the Registration Statement, as finally amended (including all necessary post-effective amendments), has become effective under the Securities Act; (ii) an appropriate prospectus supplement or term sheet with respect to such Securities has been prepared, delivered and filed in compliance with the Securities Act and the applicable Rules and Regulations; (iii) the applicable Transaction Documents shall have been duly authorized, executed and delivered by the Company and the other parties thereto, including, if such Securities are to be sold or otherwise distributed pursuant to a firm commitment underwritten offering, the underwriting agreement or purchase agreement with respect thereto; (iv) the Board of Directors of the Company, including any duly authorized committee thereof, shall have taken all necessary corporate action to approve the issuance and sale of such Securities and related matters and appropriate officers of the Company have taken all related action as directed by or under the direction of the Board of Directors of the Company; and (v) the terms of the applicable Transaction Documents and the issuance and sale of such Securities have been duly established in conformity with the certificate of incorporation of the Company so as not to violate any applicable law, the certificate of incorporation of the Company or the bylaws of the Company, or result in a default under or breach of any agreement or instrument binding upon the Company or its properties, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company or its properties.

Based upon the foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any shares of Common Stock offered by the Company, including any Indeterminate Securities constituting Common Stock (the "Offered Common Stock"), when (a) the general conditions shall have been satisfied, (b) if the Offered Common Stock is to be certificated, certificates in the form required under the DGCL representing the shares of Offered Common Stock are duly executed and countersigned and (c) the shares of Offered Common Stock are registered in the Company's share registry and delivered upon payment of the agreed-upon consideration therefor, the shares of Offered Common Stock, when issued and sold or otherwise distributed in accordance with the provisions of the applicable Transaction Document, will be duly authorized by all requisite corporate action on the part of the Company under the DGCL and validly issued, fully paid and nonassessable, provided that the consideration therefor is not less than $0.001 per share of Offered Common Stock.

BlackRock TCP Capital Corp.<br> September 22, 2025<br> Page 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to the shares of any series of Preferred Stock offered by the Company, including any Indeterminate Securities constituting Preferred Stock of such series (the "Offered Preferred Stock"), when (a) the general conditions shall have been satisfied, (b) the Board of Directors of the Company, or a duly authorized committee thereof, has duly adopted a Certificate of Designations for the Offered Preferred Stock in accordance with the DGCL (the "Certificate"), (c) the filing of the Certificate with the Secretary of State of the State of Delaware has duly occurred, (d) if the Offered Preferred Stock is to be certificated, certificates in the form required under the DGCL representing the shares of Offered Preferred Stock are duly executed and countersigned and (e) the shares of Offered Preferred Stock are registered in the Company's share registry and delivered upon payment of the agreed-upon consideration therefor, the shares of Offered Preferred Stock, when issued and sold or otherwise distributed in accordance with the provisions of the applicable Transaction Document, will be duly authorized by all requisite corporate action on the part of the Company under the DGCL and validly issued, fully paid and nonassessable, provided that the consideration therefor is not less than $0.001 per share of Offered Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to any series of Debt Securities offered by the Company, including any Indeterminate Securities constituting Debt Securities of such series (the "Offered Debt Securities"), when (a) the general conditions shall have been satisfied, (b) the issuance, sale and terms of the Offered Debt Securities and related matters have been approved and established in conformity with the applicable Transaction Documents and (c) the certificates evidencing the Offered Debt Securities have been issued in a form that complies with the provisions of the applicable Transaction Documents and have been duly executed and authenticated in accordance with the provisions of the Indenture and any other applicable Transaction Documents and issued and sold or otherwise distributed in accordance with the provisions of the applicable Transaction Document upon payment of the agreed-upon consideration therefor, the Offered Debt Securities will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to any Warrants offered by the Company (the "Offered Warrants"), when (a) the general conditions shall have been satisfied, (b) the Common Stock, Preferred Stock and/or Debt Securities for which the Offered Warrants are exercisable have been duly authorized for issuance by the Company and (c) certificates evidencing the Offered Warrants have been duly executed, delivered and countersigned in accordance with the provisions of the applicable Warrant Agreement, the Offered Warrants, when issued and sold or otherwise distributed in accordance with the provisions of the applicable Transaction Document upon payment of the agreed-upon consideration therefor, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York.

BlackRock TCP Capital Corp.<br> September 22, 2025<br> Page 5

5. With respect to any Subscription Rights offered by the Company (the "Offered Subscription Rights"), when (a) the general conditions shall have been satisfied, (b) the Common Stock, Preferred Stock and/or Debt Securities relating to such Offered Subscription Rights have been duly authorized for issuance by the Company and (c) the Subscription Rights Certificates have been duly executed, delivered and countersigned in accordance with the provisions of the applicable Subscription Rights Agreement, the Offered Subscription Rights, when issued and sold or otherwise distributed in accordance with the provisions of the applicable Transaction Document upon payment of the agreed-upon consideration therefor, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York.

The opinions stated herein are subject to the following assumptions and qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) we do not express any opinion with respect to the effect on the opinions stated herein of any bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference and other similar laws or governmental orders affecting creditors' rights generally, and the opinions stated herein are limited by such laws and governmental orders and by general principles of equity (regardless of whether enforcement is sought in equity or at law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the Transaction Documents or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such party or such affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except to the extent expressly stated in the opinions contained herein, we have assumed that each of the Transaction Documents constitutes the valid and binding obligation of each party to such Transaction Document, enforceable against such party in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Document relating to any indemnification, contribution, non-reliance, exculpation, release, limitation or exclusion of remedies, waiver or other provisions having similar effect that may be contrary to public policy or violative of federal or state securities laws, rules or regulations, or to the extent any such provision purports to, or has the effect of, waiving or altering any statute of limitations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) we do not express any opinion with respect to the enforceability of any provision of any Transaction Document to the extent that such section purports to bind the Company to the exclusive jurisdiction of any particular federal court or courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) we call to your attention that irrespective of the agreement of the parties to any Transaction Document, a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of the federal courts of the United States of America in any action arising out of or relating to any Transaction Document;

BlackRock TCP Capital Corp.<br> September 22, 2025<br> Page 6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the opinions stated herein are limited to the agreements and documents specifically identified in the opinions contained herein (the "Specified Documents") without regard to any agreement or other document referenced in any Specified Document (including agreements or other documents incorporated by reference or attached or annexed thereto) and without regard to any other agreement or document relating to any Specified Document that is not a Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) we have assumed that any agent of service will have accepted appointment as agent to receive service of process and call to your attention that we do not express any opinion if and to the extent such agent shall resign such appointment. Further, we do not express any opinion with respect to the irrevocability of the designation of such agent to receive service of process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) we have assumed that New York law will be chosen to govern any Transaction Documents and that such choice is and will be a valid and legal provision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions contained in any Transaction Document, the opinions stated herein are subject to the qualification that such enforceability may be subject to, in each case, (i) the exceptions and limitations in New York General Obligations Law sections 5-1401 and 5-1402 and (ii) principles of comity and constitutionality.

In addition, in rendering the foregoing opinions we have also assumed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) neither the execution and delivery by the Company of the Transaction Documents nor the performance by the Company of its obligations thereunder, including the issuance and sale of the applicable Securities: (i) conflicts or will conflict with the certificate of incorporation of the Company, (ii) constitutes or will constitute a violation of, or a default under, any lease, indenture, agreement or other instrument to which the Company or its property is subject, (iii) contravenes or will contravene any order or decree of any governmental authority to which the Company or its property is subject, or (iv) violates or will violate any law, rule or regulation to which the Company or its property is subject (except that we do not make the assumption set forth in this clause (iv) with respect to the Opined-on Law); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) neither the execution and delivery by the Company of the Transaction Documents nor the performance by the Company of its obligations thereunder, including the issuance and sale of the applicable Securities, requires or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any governmental authority under any law, rule or regulation of any jurisdiction.

We hereby consent to the reference to our firm under the heading "Legal Matters" in the prospectus forming part of the Registration Statement. We also hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we disclaim any

BlackRock TCP Capital Corp.<br> September 22, 2025<br> Page 7

undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

Very truly yours,

/s/ Skadden, Arps, Slate,

Meagher & Flom LLP

KTH

## Ex-99.(N)(1)

**Exhibit (n)(1)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form N-2 of our reports dated February 27, 2025, relating to the consolidated financial statements and financial highlights (in Note 10) of BlackRock TCP Capital Corp. and subsidiaries (the "Company") and the effectiveness of the Company's internal control over financial reporting appearing in the Annual Report on Form 10-K of BlackRock TCP Capital Corp. and subsidiaries for the year ended December 31, 2024.

We also consent to the references to us under the heading "Independent Registered Public Accounting Firm" in such Registration Statement.

/s/ Deloitte & Touche LLP

Los Angeles, California

September 22, 2025

## Ex-99.(N)(2)

**Exhibit (n)(2)**

**POWER OF ATTORNEY**

The undersigned officers and/or directors of BlackRock TCP Capital Corp., a Delaware corporation (the "Company"), do hereby constitute and appoint Erik L. Cuellar, Chief Financial Officer of the Company, and Diana Huffman, General Counsel and Secretary of the Company, as his or her true and lawful attorneys and agents, with full power and authority (acting separately and without the other) to execute in the name and on behalf of the undersigned as such officers and/or directors, a Registration Statement on Form N-2 of the Company, including any pre-effective amendments and/or any post-effective amendments thereto and any subsequent Registration Statement of the Company pursuant to Rule 462(b) of the Securities Act of 1933, as amended (the "1933 Act"), and any other filings in connection therewith, and to file the same under the 1933 Act or the Investment Company Act of 1940, as amended, or otherwise, with respect to the registration of the Company or the registration or offering of the Company's common stock, preferred stock, debt securities, warrants and subscription rights, granting to such attorneys and agents and each of them, full power of substitution and revocation in the premises, and ratifying and confirming all that such attorneys and agents, or any of them, may do or cause to be done by virtue of these presents.

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original, but which taken together shall constitute one instrument.

IN WITNESS WHEREOF, each of the undersigned has executed this Power of Attorney as of this 22<sup>nd</sup> day of September, 2025.

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| | |
|:---|:---|
| /s/ John R. Baron | /s/ Eric J. Draut |
| John R. Baron<br> Director | Eric J. Draut<br> Director |
| /s/ Karen L. Leets | /s/ Andrea L. Petro |
| Karen L. Leets<br> Director | Andrea L. Petro<br> Director |
| /s/ Philip Tseng | /s/ Maureen K. Usifer |
| Philip Tseng<br> Chief Executive Officer, Co-Chief Investment Officer, Chairman of the Board and Director<br> (principal executive officer) | Maureen K. Usifer<br> Director |
| /s/ Erik L. Cuellar |  |
| Erik L. Cuellar<br> Chief Financial Officer<br> (principal financial and accounting officer) |  |

---

The undersigned hereby accepts appointment as attorney-in-fact as of this 22<sup>nd</sup> day of September, 2025.

---

| | |
|:---|:---|
| /s/ Diana Huffman | /s/ Erik L. Cuellar |
| Diana Huffman<br> General Counsel and Secretary<br>| Erik L. Cuellar<br> Chief Financial Officer<br> (principal financial and accounting officer) |

---

## Ex-99.(R)

**Exhibit (r)**

Code of Ethics for Fund Access Persons

April 1, 2021

![](exr1.jpg)

&nbsp;&nbsp;**Code of Ethics for Fund Access Persons**

Effective Date: April 1, 2021

Date Last Reviewed: March 4, 2025

**Applies to the following types of Funds registered under the 1940 Act:**

☒ Open-End Mutual Funds (excluding money market funds)

☒ Money Market Funds

☒ ETFs

☒ Closed-End Funds

☒ Business Development Companies

------

**Objective and Scope**

The purpose of this Code of Ethics (the "Code") is to prevent Access Persons (as defined below) of BlackRock open- and closed-end funds, exchange traded funds and business development companies (each, a "Fund" and collectively, the "Funds") from engaging in any act, practice or course of business prohibited by paragraph (b) of Rule 17j-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"). This Code is required by paragraph (c) of the Rule. A copy of the Rule is attached to this Code as Appendix A.

**Executive Summary**

Access Persons of the Funds, in conducting their personal securities transactions, owe a fiduciary duty to the Funds. The fundamental standard to be followed in personal securities transactions is that Access Persons may not take inappropriate advantage of their positions. All personal securities transactions by Access Persons must be conducted in such a manner as to avoid any actual or potential conflict of interest between the Access Person's interest and the interests of the Funds, or any abuse of an Access Person's position of trust and responsibility.

**Policy / Document Requirements and Statements**

**1. Introduction**

Potential conflicts arising from personal investment activities could include buying or selling securities based on knowledge of a Fund's trading position or plans (sometimes referred to as front-running), and acceptance of personal favors that could influence trading judgments on behalf of the Fund. While this Code is designed to address identified conflicts and potential conflicts, it cannot possibly be written broadly enough to cover all potential situations and, in this regard, Access Persons are expected to adhere not only to the letter, but also the spirit, of the policies contained herein.

**2. Confidential Information**

In order to understand how this Code applies to particular persons and transactions, familiarity with the key terms and concepts used in this Code is necessary. Those key terms and concepts are:

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|:---|:---|:---|
| ![](exr2.jpg) |  |  |
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Code of Ethics for Fund Access Persons

April 1, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** "Access Person" with respect to a Fund means any Advisory Person of the Fund, BlackRock or a Subadviser. Those persons who may be considered Access Persons of the Funds include those listed on attached Appendix B to this Code and will be updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** "Advisory Person" means: (a) any director or advisory board<sup>1</sup> member, officer, general partner or employee of a Fund, BlackRock or a Subadviser or of any company in a control relationship to the Fund, BlackRock or a Subadviser, who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of a Covered Security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (b) any natural person in a control relationship to the Fund, BlackRock or a Subadviser who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** "Beneficial ownership" has the meaning set forth in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), a copy of which is included as Appendix C. The determination of direct or indirect beneficial ownership shall apply to all securities which an Access Person has or acquires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** "BRIL" means BlackRock Investments, LLC, each open-end Fund's principal underwriter and the principal underwriter of certain closed-end Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** "BlackRock" means persons controlling, controlled by or under common control with BlackRock, Inc. that act as investment adviser or subadviser to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.** "Board" means, collectively, the boards of directors or trustees of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8.** "PTP" means the Personal Trading Policy adopted by BlackRock and BRIL and approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9.** "control" has the meaning set forth in Section 2(a)(9) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10.** "Covered Security" has the meaning set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include: direct obligations of the U.S. Government; bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements; and shares issued by registered open-end investment companies. A high-quality short-term debt instrument is one with a maturity at issuance of less than 366 days and that is rated in one of the two highest rating categories by a nationally recognized statistical rating organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11.** "Independent Director" means a director or trustee of a Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act. All provisions of this Code applicable to Independent Directors will also be applicable to advisory board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12.** "Investment Personnel" of a Fund, BlackRock or a Subadviser means: (a) any employee of the Fund, BlackRock, or a Subadviser (or of any company in a control relationship to the Fund, BlackRock, or a Subadviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund and (b) any natural person who controls the Fund, BlackRock, or a Subadviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13.** "IPO" means an offering of securities registered under the Securities Act of 1933, as amended (the "1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14.** "Limited Offering" means an offering exempt from registration under the 1933 Act pursuant to Section 4(a)(2) or Section 4(a)(5), or pursuant to Rule 504 or 506 under the 1933 Act.

<sup>1</sup> As defined in Section 2(a)(1) of the 1940 Act.

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Code of Ethics for Fund Access Persons

April 1, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15.** "Purchase or sale of a Covered Security" includes, among other things, the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16.** "Subadviser" means any investment adviser to a Fund that does not control, is not controlled by, and is not under common control with, BlackRock and to whom BlackRock delegates certain investment management responsibilities.

**3. Applicability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** All Access Persons of BlackRock's investment advisory companies and BRIL shall be subject to the restrictions, limitations and reporting responsibilities set forth in the PTP, as if fully set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** Persons subject to this Section 3 shall not be subject to the restrictions, limitations and reporting responsibilities set forth in Sections 4 and 5 below. In particular, an Access Person of BlackRock's investment advisory companies need not make a separate report under this Code to the extent the information would duplicate information required to be recorded under Rule 204-2(a)(13) under the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** Any Access Person of a Subadviser shall not be subject to this Code, so long as such Access Person is subject to a code of ethics duly adopted by the Subadviser relating to personal securities transactions by such Access Person, provided that such code of ethics complies with the requirements of the Rule and has been approved by the Board.

**4. Pre-Approval of Investments in Initial Public Offerings or Limited Offerings**

With respect to purchases of securities (including, but not limited to, any Covered Security) issued in an IPO or a Limited Offering, all Access Persons of BlackRock's investment advisory companies are subject to the restrictions, limitations, and reporting responsibilities set forth in the PTP and in addition, with respect to Limited Offerings, the Global Employee Private Investment Policy.

No Investment Personnel shall directly or indirectly acquire beneficial ownership in any security (including, but not limited to, any Covered Security) issued in an IPO or a Limited Offering unless permitted by Legal & Compliance in advance. The Chief Compliance Officer ("CCO") of the Funds shall maintain a written record of any decisions to permit these transactions, along with the reasons supporting the decision.

**5. Reporting**

**5.1. Initial Holdings Reports**

No later than ten days after a person becomes an Access Person, he or she must report to Legal & Compliance the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial
ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the
direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the date that the report is submitted by the Access Person.

**5.2. Quarterly Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1.** Every Access Person shall either report to Legal & Compliance the information described in paragraphs 5.2.2 and 5.2.3 below with respect to transactions in any Covered Security in which the Access Person has, or by reason of the transaction acquires, any direct or indirect beneficial ownership or, in the alternative, make the representation in Section 5.2.4 below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2.** Every report shall be made not later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected and shall contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares, and the principal
amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the name of the broker, dealer, or bank with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) the date that the report is submitted by the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) a description of any factors potentially relevant to an analysis of whether the Access Person may have a conflict of interest with
respect to the transaction, including the existence of any substantial economic relationship between the transaction and securities held
or to be acquired by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3.** Upon establishing any account in which any securities are held for the direct or indirect benefit of the Access Person, an Access Person shall provide a report to Legal & Compliance containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4.** If no transactions were conducted by an Access Person during a calendar quarter that are subject to the reporting requirements described above, such Access Person shall, not later than 30 days after the end of that calendar quarter, provide a written representation to that effect to the Funds.

**5.3. Annual Reporting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.1.** Every Access Person shall report to each Fund the information described in Section 5.3.2 below with respect to transactions in any Covered Security in which the Access Person has, or by reason of the transaction acquires, any direct or indirect beneficial ownership in the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.2.** Annually, an Access Person shall provide a report to each Fund containing the following information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial
ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct
or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the date that the report is submitted by the Access Person.

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**5.4. Exceptions to Reporting Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.1.** An Access Person is not required to make a report otherwise required under Sections 5.1, 5.2 and 5.3 above with respect to any transaction effected for any account over which the Access Person does not have any direct or indirect influence or control; provided, however, that if the Access Person is relying upon the provisions of this Section 5.4.1 to avoid making such a report, the Access Person shall, not later than 30 days after the end of each calendar quarter, identify any such account in writing and certify in writing that he or she had no direct or indirect influence over any such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.2.** An Access Person is not required to make a report otherwise required under Section 5.2 above with respect to transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4.3.** An Independent Director of a Fund (which for purposes of this Section shall include an advisory board member) who would be required to make a report pursuant to Sections 5.1, 5.2 and 5.3 above, solely by reason of being a board member of the Fund, is not required to make an initial holdings report under Section 5.1 above and an annual report under Section 5.3 above, and is only required to make a quarterly report under Section 5.2 above, with respect to a transaction in a Covered Security, if the Independent Director knew or, in the ordinary course of fulfilling the Independent Director's official duties as a board member of the Fund, should have known that: (a) the Fund has engaged in a transaction in the same security within the last 15 days of such Independent Director's transaction in such Covered Security or is engaging or going to engage in a transaction in the same security within the next 15 days of such Independent Director's transaction in such Covered Security; or (b) the Fund or BlackRock has within the last 15 days of such Independent Director's transaction in such Covered Security considered a transaction in the same security or is considering a transaction in the same security or within the next 15 days of such Independent Director's transaction in such Covered Security is going to consider a transaction in the same security.

5.5. Annual Certification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.1.** All Access Persons are required to certify that they have read and understand this Code and recognize that they are subject to the provisions hereof and will comply with the policy and procedures stated herein. Further, all Access Persons are required to certify annually that they have complied with the requirements of this Code and that they have reported all personal securities transactions required to be disclosed or reported pursuant to the requirements of such policies. A copy of the certification form to be used in complying with this Section 5.5.1 is attached to this Code as Appendix D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5.2.** Each Fund, BlackRock and BRIL shall prepare an annual report to the Board to be presented to the Board each year and which shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) summarize existing procedures concerning personal investing, including preclearance policies and the monitoring of personal investment
activity after preclearance has been granted, and any material changes in the procedures during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) describe any issues arising under this Code or procedures since the last report to the Board including, but not limited to, information
about any material violations of this Code or procedures and the sanctions imposed during the past year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) identify any recommended changes in existing restrictions or procedures based upon experience under this Code, evolving industry practice
or developments in applicable laws and regulations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) contain such other information, observations and recommendations as deemed relevant by such Fund, BlackRock or BRIL; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) certify that such Fund, BlackRock and BRIL have adopted this Code with procedures reasonably necessary to prevent Access Persons from
violating the provisions of Rule 17j-1(b) or this Code.

**5.6. Notification of Reporting Obligation and Review of Reports**

Each Access Person shall receive a copy of this Code and be notified of his or her reporting obligations. All reports shall be promptly submitted upon completion to the Funds' CCO who shall review such reports.

**5.7. Miscellaneous**

Any report under this Code may contain a statement that the report shall not be construed as an admission by the person making the report that the person has any direct or indirect beneficial ownership in the securities to which the report relates.

**6. Recordkeeping Requirements**

Each Fund, BlackRock and BRIL, as applicable, shall maintain, at its principal place of business, records in the manner and to the extent set out below, which records shall be available for examination by representatives of the Securities and Exchange Commission (the "SEC").

**6.1.** As long as this Code is in effect, a copy of it (and any version thereof that was in effect within the past five years) shall be preserved in an easily accessible place.

**6.2.** The following records must be maintained in an easily accessible place for five years after the end of the fiscal year in which the event took place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) a record of any violation of this Code, and of any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a record of all persons, currently or within the past five years, who are or were required to make reports under Section 5, or who
are or were responsible for reviewing these reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a record of any decision, and the reasons supporting the decision, to approve the acquisition by Investment Personnel of securities
under Section 4.

**6.3.** The following records must be maintained for five years after the end of the fiscal year in which the event took place, the first two years in an easily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) a copy of each report made by an Access Person pursuant to this Code, including any information required by Section 5.4.1 in lieu
of such reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a copy of each annual report submitted by each Fund, BlackRock and BRIL to the Board.

**7. Confidentiality**

No Access Person shall reveal to any other person (except in the normal course of his or her duties on behalf of a Fund) any information regarding securities transactions by a Fund or consideration by a Fund or BlackRock of any such securities transaction.

All information obtained from any Access Person hereunder shall be kept in strict confidence, except that reports of securities transactions hereunder will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law or regulation.

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**8. Sanctions**

Upon discovering a violation of this Code, Legal & Compliance reviews the violation and imposes appropriate sanctions. In addition, the Board may impose any sanctions it deems appropriate, including a letter of censure, the suspension or termination of any officer or employee of a Fund , or the recommendation to the employer (including BlackRock) of the violator of the suspension or termination of the employment of the violator.

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I. DEFINITIONS

For purposes of this section:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Access Person means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any Advisory Person of a Fund or of a Fund's investment adviser. If an investment adviser's primary business is advising
Funds or other advisory clients, all of the investment adviser's directors, officers, and general partners are presumed to be Access
Persons of any Fund advised by the investment adviser. All of a Fund's directors, officers, and general partners are presumed to
be Access Persons of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any director, officer or general partner of a principal underwriter who, in the ordinary course of business, makes, participates in
or obtains information regarding, the purchase or sale of Covered Securities by the Fund for which the principal underwriter acts, or
whose functions or duties in the ordinary course of business relate to the making of any recommendation to the Fund regarding the purchase
or sale of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Advisory Person of a Fund or of a Fund's investment adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any director, officer, general partner or employee of the Fund or investment adviser (or of any company in a control relationship
to the Fund or investment adviser) who, in connection with his or her regular functions or duties, makes, participates in, or obtains
information regarding, the purchase or sale of Covered Securities by a Fund, or whose functions relate to the making of any recommendations
with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any natural person in a control relationship to the Fund or investment adviser who obtains information concerning recommendations
made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Control has the same meaning as in section 2(a)(9) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Covered Security means a security as defined in section 2(a)(36) of the Act, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including
repurchase agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Shares issued by open-end Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Fund means an investment company registered under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. An Initial Public Offering means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately
before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Investment Personnel of a Fund or of a Fund's investment adviser means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any employee of the Fund or investment adviser (or of any company in a control relationship to the Fund or investment adviser) who,
in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale
of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any natural person who controls the Fund or investment adviser and who obtains information concerning recommendations made to the
Fund regarding the purchase or sale of securities by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. A Limited Offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2)
or section 4(a)(5) or pursuant to rule 504, or rule 506 under the Securities Act of 1933.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Security Held or to be Acquired by a Fund means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Any Covered Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Is being or has been considered by the Fund or its investment adviser for purchase by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in paragraph (1)(10)(A)
of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from)
investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment
plan.

II. UNLAWFUL ACTIONS

It is unlawful for any affiliated person of or principal underwriter for a Fund, or any affiliated person of an investment adviser of or principal underwriter for a Fund, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements
made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to the Fund.

III. CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Adoption and Approval of Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Every Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and each investment adviser of and
principal underwriter for the Fund, must adopt a written code of ethics containing provisions reasonably necessary to prevent its Access
Persons from engaging in any conduct prohibited by paragraph (II) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The board of directors of a Fund, including a majority of directors who are not interested persons, must approve the code of ethics
of the Fund, the code of ethics of each investment adviser and principal underwriter of the Fund, and any material changes to these codes.
The board must base its approval of a code and any material changes to the code on a determination that the code contains provisions reasonably
necessary to prevent Access Persons from engaging in any conduct prohibited by paragraph (II) of this section. Before approving a code
of a Fund, investment adviser or principal underwriter or any amendment to the code, the board of directors must receive a certification
from the Fund, investment adviser or principal underwriter that it has adopted procedures reasonably necessary to prevent Access Persons
from violating the Fund's, investment adviser's, or principal underwriter's code of ethics. The Fund's board must
approve the code of an investment adviser or principal underwriter before initially retaining the services of the investment adviser or
principal underwriter. The Fund's board must approve a material change to a code no later than six months after adoption of the
material change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If a Fund is a unit investment trust, the Fund's principal underwriter or depositor must approve the Fund's code of ethics,
as required by paragraph (III)(1)(B) of this section. If the Fund has more than one principal underwriter or depositor, the principal
underwriters and depositors may designate, in writing, which principal underwriter or depositor must conduct the approval required by
paragraph (III)(1)(B) of this section, if they obtain written consent from the designated principal underwriter or depositor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Administration of Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund, investment adviser and principal underwriter must use reasonable diligence and institute procedures reasonably necessary
to prevent violations of its code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No less frequently than annually, every Fund (other than a unit investment trust) and its investment advisers and principal underwriters
must furnish to the Fund's board of directors, and the board of directors must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Describes any issues arising under the code of ethics or procedures since the last report to the board of directors, including, but
not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Certifies that the Fund, investment adviser or principal underwriter, as applicable, has adopted procedures reasonably necessary to
prevent Access Persons from violating the code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Exception for Principal Underwriters.** The requirements of paragraphs (III)(1) and (III)(2) of this section do not apply to
any principal underwriter unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The principal underwriter is an affiliated person of the Fund or of the Fund's investment adviser; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. An officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund
or of the Fund's investment adviser.

IV. REPORTING REQUIREMENTS OF ACCESS PERSONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Reports Required.** 

Unless excepted by paragraph (IV)(2) of this section, every Access Person of a Fund (other than a money market fund or a Fund that does not invest in Covered Securities) and every Access Person of an investment adviser of or principal underwriter for the Fund, must report to that Fund, investment adviser or principal underwriter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Holdings Reports. No later than 10 days after the person becomes an Access Person (which information must be current as of
a date no more than 45 days prior to the date the person becomes an Access Person):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial
ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the
direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

(3) The date that the report is submitted
by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. **Quarterly Transaction Reports.** 

No later than 30 days after the end of a calendar quarter, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The date that the report is submitted by the Access Person.

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Code of Ethics for Fund Access Persons

April 1, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **Annual Holdings Reports.** 

Annually, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Exceptions from Reporting Requirements.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A person need not make a report under paragraph (IV)(1) of this section with respect to transactions effected for, and Covered Securities
held in, any account over which the person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A director of a Fund who is not an "interested person" of the Fund within the meaning of section 2(a)(19) of the Act,
and who would be required to make a report solely by reason of being a Fund director, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) An initial holdings report under paragraph (IV)(1)(A) of this section and an annual holdings report under paragraph (IV)(1)(C) of
this section; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A quarterly transaction report under paragraph (IV)(1)(B) of this section, unless the director knew or, in the ordinary course of
fulfilling his or her official duties as a Fund director, should have known that during the 15-day period immediately before or after
the director's transaction in a Covered Security, the Fund purchased or sold the Covered Security, or the Fund or its investment
adviser considered purchasing or selling the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. An Access Person to a Fund's principal underwriter need not make a report to the principal underwriter under paragraph (IV)(1)
of this section if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The principal underwriter is not an affiliated person of the Fund (unless the Fund is a unit investment trust) or any investment adviser
of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The principal underwriter has no officer, director or general partner who serves as an officer, director or general partner of the
Fund or of any investment adviser of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. An Access Person to an investment adviser need not make a separate report to the investment adviser under paragraph (IV)(1) of this
section to the extent the information in the report would duplicate information required to be recorded under § 275.204-2(a)(13)
of this chapter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. An Access Person need not make a quarterly transaction report under paragraph (IV)(1)(B) of this section if the report would duplicate
information contained in broker trade confirmations or account statements received by the Fund, investment adviser or principal underwriter
with respect to the Access Person in the time period required by paragraph (IV)(1)(B), if all of the information required by that paragraph
is contained in the broker trade confirmations or account statements, or in the records of the Fund, investment adviser or principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. An Access Person need not make a quarterly transaction report under paragraph (IV)(1)(B) of this section with respect to transactions
effected pursuant to an Automatic Investment Plan.

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Code of Ethics for Fund Access Persons

April 1, 2021

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Review of Reports.** 

Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (IV)(1) of this section must institute procedures by which appropriate management or compliance personnel review these reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Notification of Reporting Obligation.** 

Each Fund, investment adviser and principal underwriter to which reports are required to be made by paragraph (IV)(1) of this section must identify all Access Persons who are required to make these reports and must inform those Access Persons of their reporting obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Beneficial Ownership.** 

For purposes of this section, beneficial ownership is interpreted in the same manner as it would be under Rule 16a-1(a)(2) of this chapter in determining whether a person is the beneficial owner of a security for purposes of section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder. Any report required by paragraph (IV) of this section may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

V. PRE-APPROVAL OF INVESTMENTS IN IPOS AND LIMITED OFFERINGS

Investment Personnel of a Fund or its investment adviser must obtain approval from the Fund or the Fund's investment adviser before directly or indirectly acquiring beneficial ownership in any securities in an Initial Public Offering or in a Limited Offering.

VI. RECORDKEEPING REQUIREMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each Fund, investment adviser and principal underwriter that is required to adopt a code of ethics or to which reports are required
to be made by Access Persons must, at its principal place of business, maintain records in the manner and to the extent set out in this
paragraph (VI), and must make these records available to the Commission or any representative of the Commission at any time and from time
to time for reasonable periodic, special or other examination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A copy of each code of ethics for the organization that is in effect, or at any time within the past five years was in effect, must
be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A record of any violation of the code of ethics, and of any action taken as a result of the violation, must be maintained in an easily
accessible place for at least five years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A copy of each report made by an Access Person as required by this section, including any information provided in lieu of the reports
under paragraph (IV)(2)(E) of this section, must be maintained for at least five years after the end of the fiscal year in which the report
is made or the information is provided, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of all persons, currently or within the past five years, who are or were required to make reports under paragraph (IV) of
this section, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A copy of each report required by paragraph (III)(2)(B) of this section must be maintained for at least five years after the end of
the fiscal year in which it is made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A Fund or investment adviser must maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition
by investment personnel of securities under paragraph (V), for at least five years after the end of the fiscal year in which the approval
is granted.

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The following are "Access Persons" for purposes of the foregoing Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Director/Trustee of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any advisory board member of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Officer of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Portfolio Managers of the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All employees of BlackRock, Inc. and its subsidiaries

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![](exr5.jpg)

Other than for purposes of determining whether a person is a beneficial owner of more than ten percent of any class of equity securities registered under Section 12 of the Act, the term beneficial owner shall mean any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the equity securities, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The term pecuniary interest in any class of equity securities shall mean the opportunity, directly or indirectly, to profit or share
in any profit derived from a transaction in the subject securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The term indirect pecuniary interest in any class of equity securities shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Securities held by members of a person's immediate family sharing the same household; provided, however, that the presumption
of such beneficial ownership may be rebutted; see also Rule 16a-1(a)(4);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. A general partner's proportionate interest in the portfolio securities held by a general or limited partnership. The general
partner's proportionate interest, as evidenced by the partnership agreement in effect at the time of the transaction and the partnership's
most recent financial statements, shall be the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The general partner's share of the partnership's profits, including profits attributed to any limited partnership interests
held by the general partner and any other interests in profits that arise from the purchase and sale of the partnership's portfolio
securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The general partner's share of the partnership capital account, including the share attributable to any limited partnership
interest held by the general partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. A performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company, investment company,
investment adviser, investment manager, trustee or person or entity performing a similar function; provided, however, that no pecuniary
interest shall be present where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The performance-related fee, regardless of when payable, is calculated based upon net capital gains and/or net capital appreciation
generated from the portfolio or from the fiduciary's overall performance over a period of one year or more; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Equity securities of the issuer do not account for more than ten percent of the market value of the portfolio. A right to a nonperformance-related
fee alone shall not represent a pecuniary interest in the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A person's right to dividends that is separated or separable from the underlying securities. Otherwise, a right to dividends
alone shall not represent a pecuniary interest in the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A person's interest in securities held by a trust, as specified in Rule 16a-8(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. A person's right to acquire equity securities through the exercise or conversion of any derivative security, whether or not
presently exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A shareholder shall not be deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity
in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment
control over the entity's portfolio.

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![](exr6.jpg)

**Code of Ethics for the Funds**

This is to certify that I have read and understand the Code of Ethics of the Funds and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of such Code of Ethics and that I have reported all personal securities transactions and accounts required to be disclosed or reported pursuant to the requirements of such Code of Ethics.

Please sign your name here:   <br> Please print your name here:   <br> Please date here:  

Please sign two copies of this Certification Form, return one copy to the Chief Compliance Officer, c/o BlackRock, 50 Hudson Yards, New York, NY 10001, and retain the other copy, together with a copy of the Code of Ethics, for your records.

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## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit (s)** 

**Calculation of Filing Fee Tables** 

**FORM N-2** 

(Form Type)

**BLACKROCK TCP CAPITAL CORP.** 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Security<br> Type** | **Security**<br> **Class**<br> **Title** | **Fee <br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered** | **Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit** | **Maximum<br> Aggregate<br> Offering Price** | **Fee<br> Rate** | **Amount of<br> Registration<br> Fee** | **Carry<br> Forward<br> Form<br> Type** | **Carry<br> Forward<br> File<br> Number** | **Carry<br> Forward<br> Initial<br> effective<br> date** | **Filing Fee<br> Previously<br> Paid In<br> Connection<br> with<br> Unsold<br> Securities<br> to be<br> Carried<br> Forward** |
| Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities | Newly Registered Securities |
| Fees to be paid | Equity | Common Stock | Rule 456(b) and Rule 457(r) | (1) | (1) | (1) | (2) | (2) |  |  |  |  |
| Fees to be paid | Equity | Preferred Stock | Rule 456(b) and Rule 457(r) | (1) | (1) | (1) | (2) | (2) |  |  |  |  |
| Fees to be paid | Debt | Debt Securities (3) | Rule 456(b) and Rule 457(r) | (1) | (1) | (1) | (2) | (2) |  |  |  |  |
| Fees to be paid | Other | Warrants | Rule 456(b) and Rule 457(r) | (1) | (1) | (1) | (2) | (2) |  |  |  |  |
| Fees to be paid | Other | Subscription Rights | Rule 456(b) and Rule 457(r) | (1) | (1) | (1) | (2) | (2) |  |  |  |  |
| Fees Previously Paid | N/A | N/A | N/A | N/A | N/A | N/A |  | N/A |  |  |  |  |
| Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities | Carry Forward Securities |
| Carry Forward Securities | N/A | N/A | N/A | N/A |  | N/A |  |  | N/A | N/A | N/A | N/A |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | N/A |  | N/A |  |  |  |  |
| Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  | N/A |  |  |  |  |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  |  | N/A |  |  |  |  |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | N/A |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) An
 indeterminate aggregate initial offering price or number of the securities of each identified class is being registered as may from
 time to time be offered hereunder by BlackRock TCP Capital Corp. (the "registrant") at indeterminate prices, and includes
 such indeterminate number of such securities as may, from time to time, be issued upon conversion, redemption, repurchase, exchange
 or exercise of other securities registered hereunder, to the extent any such other securities are, by their terms, convertible or
 exchangeable for such securities, including under any applicable anti-dilution provisions; warrants include an indeterminate number
 of warrants as may be sold, from time to time separately or in combination with other securities registered hereunder, representing
 rights to purchase common stock, preferred stock or debt securities.

(2) In
 accordance with Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended (the "Securities Act"),
 the registrant is deferring payment of all of the registration fees and will pay any registration fees subsequently in advance or
 on a pay-as-you-go basis.

(3) Debt
 securities may be issued at an original issue discount or at a premium.

## Exhibit 99.1

**Exhibit 99.1**

**The information in this [preliminary] prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This [preliminary] prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

SUBJECT TO COMPLETION, DATED , 202

[FORM OF [PRELIMINARY] PROSPECTUS SUPPLEMENT TO BE USED IN CONJUNCTION WITH FUTURE COMMON STOCK OFFERINGS]<sup>(1)</sup>

[PRELIMINARY] PROSPECTUS SUPPLEMENT<br> (To Prospectus dated , 202)

**Shares**

**Common Stock**

**$**

We are offering for sale shares of our common stock.

We (the "Company") are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the "1940 Act"). Our investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve this investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. Our primary investment focus is investing in and originating leveraged loans to performing middle-market companies as well as small businesses.

Tennenbaum Capital Partners, LLC (the "Advisor") serves as our investment advisor. Our Advisor is a wholly-owned, indirect subsidiary of BlackRock, Inc. (together with its subsidiaries, "BlackRock"). BlackRock is a leading publicly traded investment management firm (NYSE: BLK), with approximately $ of assets under management as of , 20__. Series H of SVOF/MM, LLC, an affiliate of our Advisor, provides the administrative services necessary for us to operate.

See "Underwriting" beginning on page S-12 of this prospectus supplement for more information regarding this offering. The net asset value of our common stock on , 20__ (the last date prior to the date of this prospectus supplement on which net asset value was determined) was $ per share. Our common stock is traded on The Nasdaq Global Select Market under the symbol "TCPC." The last reported closing price for our common stock on , 20__ was $ per share [($ on an as adjusted basis solely to give effect to our distribution with a record date of , 20__, our issuance of common stock on , 20__ in connection with our dividend reinvestment plan, and our sale of shares of common stock during the period from , 20__ through , 20__ (with settlement dates of , 20__ through , 20__)]. The offering price per share of our common stock sold in this offering less any underwriting commissions or discounts will not be less than the net asset value per share of our common stock at the time we make this offering.

**You should read this prospectus supplement and the accompanying prospectus carefully before you invest in our securities.** We may not sell any securities through agents, underwriters or dealers without delivery of the prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in our common stock. Please read it carefully before you invest and keep it for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the "SEC"). We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. You may also obtain free copies of our annual and quarterly reports and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. The SEC maintains a website at http://www.sec.gov where such information is available without charge upon request. Information contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

The debt securities in which we typically invest are either rated below investment grade by independent rating agencies or would be rated below investment grade if such securities were rated by rating agencies. Below investment grade securities, which are often referred to as "hybrid securities," "junk bonds" or "leveraged loans" are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal prior to maturity, which potentially heightens the risk that we may lose all or part of our investment. In addition, a majority of the Company's debt investments include interest reset provisions that may make it more difficult for the borrowers to make debt repayments to the Company if the reset provision has the effect of increasing the applicable interest rate.

Shares of closed-end investment companies, including business development companies, frequently trade at a discount from their net asset value. If our shares trade at a discount to our net asset value, it will likely increase the risk of loss for purchasers in the offerings. Investing in our common stock involves a high degree of risk, including credit risk and the risk of the use of leverage. Before buying any of our securities, you should read the discussion of the material risks of investing in the Company in "Risks" beginning on page S-8 of this prospectus supplement and on page S-1 of the accompanying prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
| | **Per Share** | **Total** |
| Public offering price | $| $|
| Sales Load (underwriting discounts and commissions) | $| $|
| Proceeds, before expenses, to the Company<sup>(1)</sup> | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) We
 estimate that we will incur expenses of approximately $($ per share) in connection
 with this offering. Such expenses will be borne by us. Stockholders will indirectly bear
 such expenses, which will reduce the net asset value per share of the shares purchased by
 investors in this offering. Net proceeds, after expenses and sales load, will be approximately
 $($ per share).

The underwriters expect to deliver the shares to purchasers on or about , 202 .

[We have granted the underwriters an option to purchase up to additional shares of our common stock at the public offering price, less the sales load, within days of the date of this prospectus [solely to cover overallotments, if any]. If the underwriters exercise this option in full, the total price to the public, sales load and net proceeds will be $, $, and $, respectively. See "Underwriting."]

Prospectus Supplement dated , 202 <sup>1</sup>

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

In addition to factors previously identified elsewhere in this prospectus supplement and the accompanying prospectus, including the "Risks" section of this prospectus supplement and the accompanying prospectus, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our,
 or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of changes in laws or regulations governing our operations or the operations of our
 portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our
 contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 financial condition of and ability of our current and prospective portfolio companies to
 achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our
 expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 adequacy of our financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 ability of our investment advisor to locate suitable investments for us and to monitor and
 administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our
 ability to maintain our qualification as a regulated investment company and as a business
 development company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 ability to realize benefits anticipated by the 2024 Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of information technology system failures, data security breaches, data privacy compliance,
 network disruptions, and cybersecurity attacks.

This prospectus supplement and the accompanying prospectus contain, and other statements that we may make may contain, forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve" and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Exchange Act. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

S-i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | S-i |
| PROSPECTUS SUMMARY | S-1 |
| THE OFFERING | S-4 |
| PRICE RANGE OF COMMON STOCK | S-5 |
| FEES AND EXPENSES | S-6 |
| RISK FACTORS | S-8 |
| USE OF PROCEEDS | S-9 |
| CAPITALIZATION | S-10 |
| SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS | S-11 |
| UNDERWRITING | S-12 |
| LEGAL MATTERS | S-15 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-15 |
| ADDITIONAL INFORMATION | S-15 |

---

S-ii

**PROSPECTUS SUMMARY**

This summary highlights some of the information in this prospectus supplement. This summary is not complete and may not contain all of the information that you may want to consider before investing in our common stock. You should read the entire prospectus supplement and the accompanying prospectus, including "Risks."

Throughout this prospectus supplement, unless the context otherwise requires, a reference to:

*"Company," "we," "us" and "our" refer to Special Value Continuation Fund, LLC, a Delaware limited liability company, for the periods prior to the consummation of the Conversion (as defined below) described elsewhere in this prospectus and to BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., for the periods after the consummation of the Conversion;*

*"SVCP" refers to Special Value Continuation Partners LLC, a Delaware limited liability company;*

*"TCPC Funding" refers to TCPC Funding I, LLC, a Delaware limited liability company;*

*"TCPC Funding II" refers to TCPC Funding II, LLC, a Delaware limited liability company;*

*The "SBIC" refers to TCPC SBIC, LP, a Delaware limited partnership;*

*"Merger Sub" refers to BCIC Merger Sub, LLC a Delaware limited liability company;*

*The "Advisor" refers to Tennenbaum Capital Partners, LLC, a Delaware limited liability company and the investment manager; and*

*"Administrator" refers to Series H of SVOF/MM, LLC, a series of a Delaware limited liability company, an affiliate of the Advisor and administrator of the Company.*

For simplicity, references in this prospectus supplement to the "Company," "we," "us" and "our" includes, where appropriate in the context, SVCP, TCPC Funding, TCPC Funding II and the SBIC on a consolidated basis.

**The Company**

The Company is a Delaware corporation formed on April 2, 2012 in connection with the conversion of the Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, from a limited liability company to a corporation. At the time of the conversion, all limited liability company interests of Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, were exchanged for 15,725,635 shares of common stock in the Company. As a result of the conversion, the books and records of SVCF became the books and records of the Company. In this prospectus supplement, we refer to such transactions as the "Conversion." Unless otherwise indicated, the disclosure in this prospectus supplement gives effect to the Conversion.

The Company is an externally managed, closed-end, non-diversified management investment company.

On April 3, 2012, the Company priced its initial public offering (the "Offering"), selling 5,750,000 shares of its common stock at a public offering price of $14.75 per share.

We have 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 achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve our investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. While we intend to primarily focus on privately negotiated investments in debt of middle-market companies, we may make investments of all kinds and at all levels of the capital structure, including in equity interests such as preferred or common stock and warrants or options received in connection with our debt investments. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies. We expect to generate returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

Investment operations are conducted through the Company's wholly-owned subsidiaries, SVCP, TCPC Funding, TCPC Funding II, the SBIC and 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 Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC, which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub. The Advisor is an indirect subsidiary of BlackRock, Inc., which, along with its subsidiaries, is referred to herein as "BlackRock".

The Company has elected to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018, and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders 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 stockholders provided that we satisfy those requirements.

On March 18, 2024, the Company completed its acquisition of BlackRock Capital Investment Corporation, a Delaware corporation ("BCIC"), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "2024 Merger"). As a result of, and as of the effective time of, the 2024 Merger, BCIC's separate corporate existence ceased.

An organizational structure diagram showing our organizational structure is set forth below:

![](img002.jpg)

The Company's management consists of our Advisor and board of directors. The Company has entered into an investment management agreement with our Advisor, under which our Advisor, subject to the overall supervision of our board of directors, manages the day-to-day operations of, and provides investment advisory services to, the Company. Our board of directors has overall responsibility for the management of the Company, including deciding upon matters of general policy and reviewing the actions of our Advisor. The majority of the members of the board of directors of the Company are independent of our Advisor. Our Advisor serves as the investment advisor of each of the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub.

**Recent Developments**

[Insert description of recent developments at time of offering.]

**Company Information**

Our administrative and executive offices are located at 2951 28th Street, Suite 1000, Santa Monica, CA 90405, and our telephone number is (310) 566-1094. We maintain a website at http://www.tcpcapital.com. Information contained on this website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

**For further information please see the "Prospectus Summary" in the accompanying prospectus.**

**THE OFFERING**

[Insert specific offering terms.]

**PRICE RANGE OF COMMON STOCK**

Our common stock began trading on April 5, 2012 and is currently traded on The Nasdaq Global Select Market under the symbol "TCPC." The following table lists the high and low closing sale price for our common stock, the closing sale price as a premium (discount) to net asset value, or NAV, and quarterly distributions per share for the last two completed fiscal years and each quarter since the beginning of the current fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **<br>Stock Price** | **Premium**<br> **(Discount) of**<br> **High Sales**<br> **Price to**<br> **NAV<sup>(3)</sup>** | **Premium**<br> **(Discount) of**<br> **Low Sales**<br> **Price to**<br> **NAV<sup>(3)</sup>** | **Declared**<br> **Distributions** |
|  | <br>**NAV<sup>(1)</sup>** | **High<sup>(2)</sup>** | **Premium**<br> **(Discount) of**<br> **High Sales**<br> **Price to**<br> **NAV<sup>(3)</sup>** | **Premium**<br> **(Discount) of**<br> **Low Sales**<br> **Price to**<br> **NAV<sup>(3)</sup>** | **Declared**<br> **Distributions** |
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $| $| $nan% |  | $|
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $| $| $nan% |  | $|
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) NAV
 per share is determined as of the last day in the relevant quarter and therefore may not
 reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are
 based on outstanding shares at the end of each period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 High/Low Stock Price is calculated as of the closing price on a given day in the applicable
 quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculated
 as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter
 end NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(4) NAV
 has not yet been determined.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Dividend
 has not yet been declared for this period.

**FEES AND EXPENSES**

The following table is intended to assist you in understanding the costs and expenses that an investor in this offering will bear directly or indirectly. The expenses shown in the table under "Annual Expenses" (excluding incentive compensation payable under the investment management agreement) are based on amounts assuming an offering size of approximately shares of our common stock at $ per share, which was the last reported closing price of our common stock on , 202 . If the offering decreases in size, all other things being equal, these expenses would increase as a percentage of net assets attributable to our shares of common stock. The following table and example should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. The following table and example represent our best estimate of the fees and expenses that we expect to incur during the next twelve months.

---

| |
|:---|
| **Stockholder Transaction Expenses:** |
| Sales Load (as a percentage of offering price)%<sup>(1)</sup> |
| Offering Expenses (as a percentage of offering price)%<sup>(2)</sup> |
| Dividend Reinvestment Plan Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> |
| **Total Stockholder Transaction Expenses (as a percentage of offering price)** |
| **Annual expenses (as a percentage of consolidated net assets attributable to common stock)<sup>(4)</sup>:** |
| Base Management Fees%<sup>(5)</sup> |
| Incentive Compensation Payable Under the Investment Management Agreement%<sup>(6)</sup> |
| Interest Payments on Borrowed Funds%<sup>(7)</sup> |
| Other Expenses (estimated)%<sup>(8)</sup> |
| **Total Annual Expenses**% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 underwriting discount and commission with respect to shares sold in this offering, which
 are one-time fees to the underwriters in connection with this offering, are the only sales
 load being paid in connection with this offering.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount
 reflects estimated offering expenses of approximately $ and an assumed offering
 size of approximately    shares of our common stock at $ per share,
 which is the last reported closing price of our stock on    , 20  and
 which assumes no exercise of the underwriters' over-allotment option.

&nbsp;&nbsp;&nbsp;&nbsp;(3) (The
 expenses of the dividend reinvestment plan are included in "other expenses."
 See "Dividend Reinvestment Plan".

&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 "consolidated net assets attributable to common stock" used to calculate the
 percentages in this table is our average assets of $ for the year ended December
 31, 20  .

&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 base management fee is calculated at an annual rate of 1.25% of our total assets (excluding
 cash and cash equivalents) up to an amount equal to 200% of the net asset value of the Company
 and 1.00% thereafter, payable quarterly in arrears, as provided in the amended and restated
 investment advisory agreement which was executed in connection with the Merger. The percentage
 shown in the table, which assumes all capital and leverage is invested at the maximum level,
 is calculated by determining the ratio that the aggregate base management fee bears to our
 net assets attributable to common stock and not total assets. We make this conversion because
 all of our interest is indirectly borne by our common stockholders. If we borrow money or
 issue preferred stock and invest the proceeds other than in cash and cash equivalents, our
 base management fees will increase. The base management fee for any partial quarter is appropriately
 prorated.

&nbsp;&nbsp;&nbsp;&nbsp;(6) 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 incentive compensation is payable quarterly in arrears (or upon termination of
 the Advisor as the investment manager, as of the termination date). For assets held on January
 1, 2013, capital gain, loss and depreciation are measured on an asset by asset basis against
 the value thereof as of December 31, 2012. The capital gains component is paid or distributed
 in full prior to payment or distribution of the ordinary income component.

&nbsp;&nbsp;&nbsp;&nbsp;(7) "Interest
 Payments on Borrowed Funds" represents interest and fees estimated to be accrued on
 the SVCP Credit Facility, TCPC Funding Facility II, and the Merger Sub Facility (the "Credit
 Facilities") and amortization of debt issuance costs, and assumes the Credit Facilities
 are fully drawn (subject to asset coverage limitations under the 1940 Act) and that the interest
 rate on the debt issued (i) under the Operating Facility, which was %, (ii) under the Funding
 Facility II which was % and (iii) under the Merger Sub Facility which was %. "Interest
 Payments on Borrowed Funds" additionally represents interest and fees estimated to
 be accrued on our $ million in aggregate principal amount of notes due 2025, which bear interest
 at an annual rate of 6.85% on the fixed tranche and 7.71% on the floating tranche, payable
 semi-annually and quarterly, respectively, $ million in aggregate principal amount of notes
 due 2026, which bear interest at an annual rate of 2.85%, payable semi-annually, our $ million
 in aggregate principal amount of notes due 2029, which bear interest at an annual rate of
 6.95%, payable semi-annually and our $141.5 million of committed leverage from the SBA, which
 SBA debentures, once drawn, bear an interim interest rate of LIBOR plus 30 basis points,
 are non-recourse and may be prepaid at any time without penalty, and assumes that the committed
 leverage from the SBA is fully drawn. When we borrow money or issue preferred stock, all
 of our interest and preferred stock dividend payments are indirectly borne by our common
 stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(8) "Other
 Expenses" includes our estimated overhead expenses, including expenses of the Advisor
 reimbursable under the investment management agreement and of the Administrator reimbursable
 under the administration agreement except for certain administration overhead costs which
 are not currently contemplated to be charged to us. Such expense estimate, other than the
 Administrator expenses, is based on actual other expenses for the period ended    ,
 202 .

**Example**

The following example demonstrates the projected dollar amount of total cumulative expenses (including stockholder transaction expenses and annual expenses) that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses remain at the levels set forth in the table above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1<br> Year** | **3<br> Years** | **5<br> Years** | **10<br> Years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income<sup>(1)</sup> |  |  |  |  |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains<sup>(2)</sup> |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) All
 incentive compensation (on both net investment income and net realized gains) is subject
 to a total return hurdle of 7%. Consequently, no incentive compensation would be incurred
 in this scenario.

&nbsp;&nbsp;&nbsp;&nbsp;(2) All
 incentive compensation (on both net investment income and net realized gains) is subject
 to a total return hurdle of 7%. Consequently, no incentive compensation would be incurred
 in this scenario. Assumes no unrealized capital depreciation.

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. [There is no incentive compensation either on income or on capital gains under our investment management agreement assuming a 5% annual return and therefore it is not included in the example.] If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive compensation of a material amount, our distributions to our common stockholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend or distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend. See "Dividend Reinvestment Plan" for additional information regarding our dividend reinvestment plan.

Except where the context suggests otherwise, whenever this prospectus supplement or the accompanying prospectus contains a reference to fees or expenses paid by "you," the "Company," or "us," our common stockholders will indirectly bear such fees or expenses.

**This example and the expenses in the table above should not be considered a representation of our future expenses. Actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.**

**RISK FACTORS**

[Insert risk factors applicable to preferred stock and any additional relevant risk factors not included in the base prospectus to the extent required to be disclosed by applicable law or regulation.]

**USE OF PROCEEDS**

The net proceeds of the offering are estimated to be approximately $ million (approximately $ million if the underwriters exercise their overallotment option to purchase additional shares in full), assuming an offering of shares of common stock in this offering at the assumed public offering price of $, which was the last reported closing price of our common stock on , 202 , and after deducting the underwriting discounts and commissions and estimated offering expenses of approximately $ payable by us.

[Describe use of proceeds and include any other relevant information to the extent required to be disclosed by applicable law or regulation.]

**CAPITALIZATION**

The following table sets forth (1) our actual capitalization at , 202 and (2) our capitalization on a pro forma basis giving effect to the sale of our common stock in this offering at the assumed public offering price of $ per share, which was the last reported closing price of our common stock on , 202 , after deducting the underwriting discounts and commissions and offering expenses payable by us and the application of the estimated net proceeds of this offering. You should read this table together with "Use of Proceeds" in this prospectus supplement and the accompanying prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of ____, 202** | **As of ____, 202** |
|  | **Actual** | **Pro forma** |
| **Assets:** |  |  |
| Cash and cash equivalents | $| $|
| Investments |  |  |
| Other assets |  |  |
| Total assets | $| $|
| **Liabilities:** |  |  |
| SVCP Credit Facility<sup>(1)</sup> |  |  |
| TCPC Funding Facility II<sup>(1)</sup> |  |  |
| Merger Sub Facility<sup>(1)</sup> |  |  |
| SBA Debentures |  |  |
| Unamortized debt issuance costs |  |  |
| Other liabilities |  |  |
| Total liabilities | $| $|
| **Stockholders' equity:** |  |  |
| Common stock, par value $0.001 per share; shares of common stock authorized; shares of common stock issued and outstanding, actual; shares of common stock issued and outstanding, pro forma |  |  |
| Paid-in capital in excess of par value |  |  |
| Accumulated net investment income |  |  |
| Accumulated net realized losses |  |  |
| Accumulated net unrealized depreciation |  |  |
| Non-controlling interest |  |  |
| Net assets applicable to common shareholders | $| $|
| **Total capitalization** | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As
 of     , 202 , our debt outstanding under the SVCP Credit Facility, the TCPC Funding Facility
 II and the Merger Sub Facility was $ million, $ million and $ million, respectively.

**SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS**

[Insert disclosure regarding federal income tax consequences of an investment in the shares of preferred stock to the extent required to be disclosed by applicable law or regulation.]

**UNDERWRITING**

[Underwriter Representatives] are acting as representatives of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us, the Advisor and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of shares of common stock set forth opposite its name below.

---

| | |
|:---|:---|
| **Underwriter** | **Number of**<br> **Shares** |
| [Underwriter] |  |
| [Underwriter] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |

---

Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the shares sold under the underwriting agreement if any of these shares are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be terminated.

[Upon written instructions from the Company, [Sales Agent] will use its commercially reasonable efforts consistent with its sales and trading practices to sell, as our sales agent, the common stock under the terms and subject to the conditions set forth in the sales manager's equity distribution agreement. We will instruct the sales manager as to the amount of common stock to be sold by the sales manager. We may instruct the sales manager not to sell common stock if the sales cannot be effected at or above the price designated by the Company in any instruction. We or the sales manager may suspend the offering of shares of common stock upon proper notice and subject to other conditions.

Sales of our common stock, if any, under this prospectus supplement and the accompanying prospectus may be made in negotiated transactions or transactions that are deemed to be "at the market" as defined in Rule 415 under the 1933 Act, including sales made directly on the NASDAQ Global Select Market or sales made to or through a market maker other than on an exchange.]<sup>(1)</sup>

We and the Advisor have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the shares, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the shares, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

Our common stock is listed on the NASDAQ Global Select Market under the symbol "TCPC."

**Commissions and Discounts**

The representatives have advised us that the underwriters propose initially to offer the shares to the public at the public offering price set forth on the cover page of this prospectus supplement and to dealers at that price less a concession not in excess of $ per share. After the initial offering, the public offering price, concession or any other term of the offering may be changed.

&nbsp;&nbsp;&nbsp;&nbsp;(1) In
 the alternative to the disclosure outlined in this Underwriting section, each prospectus
 supplement actually used in connection with an at-the-market offering conducted pursuant
 to the registration statement to which this form of prospectus supplement is attached will
 be updated to include plan of distribution information as may then be appropriate pursuant
 to applicable law, regulation or customary practice as in effect as of the date of each such
 prospectus supplement, including, without limitation, this bracketed information.

The following table shows the public offering price, underwriting discount and proceeds before expenses to us. The information assumes either no exercise or full exercise by the underwriters of their overallotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Without**<br> **Option** | **With**<br> **Option** |
| Public offering price | $| $| $|
| Sales load (underwriting discount and commissions) | $| $| $|
| Proceeds, before expenses, to the Company | $| $| $|

---

The expenses of the offering, not including the underwriting discount, are estimated at $ million and are payable by us, including up to $ of expenses that we have agreed to reimburse the underwriters for the Financial Industry Regulation Authority filing fees and reasonable legal fees and expenses incurred in connection with the review and approval by the Financial Industry Regulation Authority of the terms of the offer and sale of the common stock in this offering. Such expense will indirectly be borne by investors in this offering and will consequently lower their net asset value per share.

**[Overallotment Option**

We have granted an option to the underwriters, exercisable for days after the date of this prospectus supplement, to purchase up to additional shares at the public offering price, less the underwriting discount. [The underwriters may exercise this option solely to cover any overallotments.] If the underwriters exercise this option, each will be obligated, subject to conditions contained in the underwriting agreement, to purchase a number of additional shares proportionate to that underwriter's initial amount reflected in the above table.]

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the shares is completed, SEC rules may limit underwriters and selling group members from bidding for and purchasing our common stock. However, the representatives may engage in transactions that stabilize the price of the common stock, such as bids or purchases to peg, fix or maintain that price.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of our common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on The Nasdaq Global Select Market, in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our common stock. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

**Electronic Offer, Sale and Distribution of Shares**

In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, [Lead Underwriter] may facilitate Internet distribution for this offering to certain of its Internet subscription customers. [Lead Underwriter] may allocate a limited number of shares for sale to its online brokerage customers. An electronic prospectus is available on the Internet web site maintained by [Lead Underwriter]. Other than the prospectus in electronic format, the information on the [Lead Underwriter] web site is not part of this prospectus.

**Other Relationships**

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

[Describe any other specific transactions and compensation related thereto.]

[Describe if underwriters receiving proceeds of offering, if required by FINRA.]

[Insert principal business addresses of underwriters.]

[Insert applicable legends for jurisdictions in which offers and sales may be made.]

**LEGAL MATTERS**

Certain legal matters regarding the common stock offered hereby have been passed upon for the Company by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, and for the underwriters by [Underwriters' Counsel], [City, State].

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is the independent registered public accounting firm for the Company.

**ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the 1933 Act, with respect to our securities offered by this prospectus supplement. The registration statement contains additional information about us and the common stock being registered by this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus do not contain all of the information set forth in the registration statement, including any exhibits and schedules it may contain. For further information concerning us or the securities we are offering, please refer to the registration statement. Statements contained in this prospectus supplement and the accompanying prospectus as to the contents of any contract or other document referred to describe the material terms thereof but are not necessarily complete and in each instance reference is made to the copy of any contract or other document filed as an exhibit to the registration statement. Each statement is qualified in all respects by this reference.

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934. You may obtain free copies of this information and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. In addition, the SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at http://www.sec.gov.

No dealer, salesperson or other individual has been authorized to give any information or to make any representation other than those contained in this prospectus supplement and the accompanying prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by us or the underwriters. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation. Neither the delivery of this prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs or that information contained herein is correct as of any time subsequent to the date hereof.

See also "Additional Information" in the accompanying prospectus.

**Shares**

**Common Stock**

**PROSPECTUS SUPPLEMENT**

**[Underwriters]**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 202**

## Exhibit 99.2

**Exhibit 99.2**

**The information in this [preliminary] prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This [preliminary] prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

SUBJECT TO COMPLETION, DATED , 202

[FORM OF [PRELIMINARY] PROSPECTUS SUPPLEMENT TO BE USED IN CONJUNCTION WITH FUTURE PREFERRED STOCK OFFERINGS]<sup>(1)</sup>

[PRELIMINARY] PROSPECTUS SUPPLEMENT

(To Prospectus dated , 202)

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**

![](img001.jpg)

**Series Preferred Stock<br> Liquidation Preference $ per Share**

We (the "Company") are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the "1940 Act"). Our investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve this investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. Our primary investment focus is investing in and originating leveraged loans to performing middle-market companies as well as small businesses.

Tennenbaum Capital Partners, LLC (the "Advisor") serves as our investment advisor. Our Advisor is a wholly-owned, indirect subsidiary of BlackRock, Inc. (together with its subsidiaries, "BlackRock"). BlackRock is a leading publicly traded investment management firm (NYSE: BLK), with approximately $ of assets under management as of , 202 . Series H of SVOF/MM, LLC, an affiliate of our Advisor, provides the administrative services necessary for us to operate.

We are offering for sale shares of our Series preferred stock, or our "preferred stock," with a liquidation preference of $ per share. [Insert relevant information regarding ranking, conversion, redemption, dividends, etc. to the extent required to the extent required to be disclosed by applicable law or regulation.] [We have granted the underwriters a -day option to purchase up to additional shares of our preferred stock at the public offering price, less underwriting discounts and commissions, to cover over-allotments. See "Underwriting" beginning on page S-10 of this prospectus supplement for more information regarding this offering.]

[Add relevant disclosure depending on whether preferred shares are listed or not.]

**You should read this prospectus supplement and the accompanying prospectus carefully before you invest in our securities**. We may not sell any securities through agents, underwriters or dealers without delivery of the prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in our preferred stock. Please read it carefully before you invest and keep it for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the "SEC"). We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. You may also obtain free copies of our annual and quarterly reports and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28th Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. The SEC maintains a website at http://www.sec.gov where such information is available without charge upon request. Information contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

The debt securities in which we typically invest are either rated below investment grade by independent rating agencies or would be rated below investment grade if such securities were rated by rating agencies. Below investment grade securities, which are often referred to as "hybrid securities," "junk bonds" or "leveraged loans" are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal prior to

maturity, which potentially heightens the risk that we may lose all or part of our investment. In addition, a majority of the Company's debt investments include interest reset provisions that may make it more difficult for the borrowers to make debt repayments to the Company if the reset provision has the effect of increasing the applicable interest rate.

Shares of closed-end investment companies, including business development companies, frequently trade at a discount from their net asset value. If our shares trade at a discount to our net asset value, it will likely increase the risk of loss for purchasers in the offerings. Investing in our preferred stock involves a high degree of risk, including credit risk and the risk of the use of leverage. Before buying any of our securities, you should read the discussion of the material risks of investing in the Company in "Risks" beginning on page S-5 of this prospectus supplement and on page S-1 of the accompanying prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | **Number of Share**  | **Total**  |
| Public offering price | $— | $— |
| Underwriting Discounts | $— | $— |
| Proceeds, before expenses, to the Company<sup>(1)</sup> | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) We
 estimate that we will incur expenses of approximately $($ per share)
 in connection with this offering. Such expenses will be borne by us. Stockholders will indirectly
 bear such expenses, which will reduce the net asset value per share of the shares purchased
 by investors in this offering. Net proceeds, after expenses and sales load, will be approximately
 $($ per share).

The underwriters expect to deliver the shares to purchasers on or about , 202 .

[We have granted the underwriters an option to purchase up to additional shares of our common stock at the public offering price, less the sales load, within days of the date of this prospectus [solely to cover overallotments, if any]. If the underwriters exercise this option in full, the total price to the public, sales load and net proceeds will be $, $, and $, respectively. See "Underwriting."]

Prospectus Supplement dated , 202 <sup>1</sup>

<sup>1</sup> In addition to the sections outlined in this form of prospectus supplement, each prospectus supplement actually used in connection with an offering conducted pursuant to the registration statement to which this form of prospectus supplement is attached will be updated to include such other information as may then be required to be disclosed therein pursuant to applicable law or regulation as in effect as of the date of each such prospectus supplement, including, without limitation, information particular to the terms of each security offered thereby and any related risk factors or tax considerations pertaining thereto. This form of prospectus supplement is intended only to provide a rough approximation of the nature and type of disclosure that may appear in any actual prospectus supplement used for the purposes of offering securities pursuant to the registration statement to which this form of prospectus supplement is attached, and is not intended to and does not contain all of the information that would appear is any such actual prospectus supplement, and should not be used or relied upon in connection with any offer or sale of securities.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

In addition to factors previously identified elsewhere in this prospectus supplement and the accompanying prospectus, including the "Risks" section of this prospectus supplement and the accompanying prospectus, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our,
 or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of changes in laws or regulations governing our operations or the operations of our
 portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our
 contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 financial condition of and ability of our current and prospective portfolio companies to
 achieve their objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our
 expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 adequacy of our financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 ability of our investment advisor to locate suitable investments for us and to monitor and
 administer our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our
 ability to maintain our qualification as a regulated investment company and as a business
 development company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 ability to realize benefits anticipated by the 2024 Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the
 impact of information technology system failures, data security breaches, data privacy compliance,
 network disruptions, and cybersecurity attacks.

This prospectus supplement and the accompanying prospectus contain, and other statements that we may make may contain, forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve" and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Exchange Act. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

S-i

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | S-i |
| PROSPECTUS SUMMARY | S-1 |
| SPECIFIC TERMS OF THE PREFERRED STOCK AND THE OFFERING | S-4 |
| RISK FACTORS | S-5 |
| USE OF PROCEEDS | S-6 |
| DESCRIPTION OF OUR PREFERRED STOCK | S-7 |
| CAPITALIZATION | S-8 |
| SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS | S-9 |
| UNDERWRITING | S-10 |
| LEGAL MATTERS | S-13 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-13 |
| ADDITIONAL INFORMATION | S-13 |

---

S-ii

**PROSPECTUS SUMMARY**

*This summary highlights some of the information in this prospectus supplement. This summary is not complete and may not contain all of the information that you may want to consider before investing in our preferred stock. You should read the entire prospectus supplement and the accompanying prospectus, including "Risks."*

Throughout this prospectus supplement, unless the context otherwise requires, a reference to:

*"Company," "we," "us" and "our" refer to Special Value Continuation Fund, LLC, a Delaware limited liability company, for the periods prior to the consummation of the Conversion (as defined below) described elsewhere in this prospectus and to BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., for the periods after the consummation of the Conversion;*

*"SVCP" refers to Special Value Continuation Partners LLC, a Delaware limited liability company;*

*"TCPC Funding" refers to TCPC Funding I, LLC, a Delaware limited liability company;*

*"TCPC Funding II" refers to TCPC Funding II, LLC, a Delaware limited liability company;*

*The "SBIC" refers to TCPC SBIC, LP, a Delaware limited partnership;*

*"Merger Sub" refers to BCIC Merger Sub, LLC a Delaware limited liability company;*

*The "Advisor" refers to Tennenbaum Capital Partners, LLC, a Delaware limited liability company and the investment manager; and*

*"Administrator" refers to Series H of SVOF/MM, LLC, a series of a Delaware limited liability company, an affiliate of the Advisor and administrator of the Company.*

For simplicity, references in this prospectus supplement to the "Company," "we," "us" and "our" includes, where appropriate in the context, SVCP, TCPC Funding, TCPC Funding II and the SBIC on a consolidated basis.

**The Company**

The Company is a Delaware corporation formed on April 2, 2012 in connection with the conversion of the Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, from a limited liability company to a corporation. At the time of the conversion, all limited liability company interests of Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, were exchanged for 15,725,635 shares of common stock in the Company. As a result of the conversion, the books and records of SVCF became the books and records of the Company. In this prospectus supplement, we refer to such transactions as the "Conversion." Unless otherwise indicated, the disclosure in this prospectus supplement gives effect to the Conversion.

The Company is an externally managed, closed-end, non-diversified management investment company.

On April 3, 2012, the Company priced its initial public offering (the "Offering"), selling 5,750,000 shares of its common stock at a public offering price of $14.75 per share.

We have 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 achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve our investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. While we intend to primarily focus on privately negotiated investments in debt of middle-market companies, we may make investments of all kinds and at all levels of the capital structure, including in equity interests such as preferred or common stock and warrants or options received in connection with our debt investments. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies. We expect to generate returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

Investment operations are conducted through the Company's wholly-owned subsidiaries, SVCP, TCPC Funding, TCPC Funding II, the SBIC and 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 Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC, which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub. The Advisor is an indirect subsidiary of BlackRock, Inc., which, along with its subsidiaries, is referred to herein as "BlackRock".

The Company has elected to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018, and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders 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 stockholders provided that we satisfy those requirements.

On March 18, 2024, the Company completed its acquisition of BlackRock Capital Investment Corporation, a Delaware corporation ("BCIC"), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "2024 Merger"). As a result of, and as of the effective time of, the 2024 Merger, BCIC's separate corporate existence ceased.

An organizational structure diagram showing our organizational structure is set forth below:

The Company's management consists of our Advisor and board of directors. The Company has entered into an investment management agreement with our Advisor, under which our Advisor, subject to the overall supervision of our board of directors, manages the day-to-day operations of, and provides investment advisory services to, the Company. Our board of directors has overall responsibility for the management of the Company, including deciding upon matters of general policy and reviewing the actions of our Advisor. The majority of the members of the board of directors of the Company are independent of our Advisor. Our Advisor serves as the investment advisor of each of the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub.

**Recent Developments**

[Insert description of recent developments at time of offering.]

**Company Information**

Our administrative and executive offices are located at 2951 28th Street, Suite 1000, Santa Monica, CA 90405, and our telephone number is (310) 566-1094. We maintain a website at http://www.tcpcapital.com. Information contained on this website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

**For further information please see the "Prospectus Summary" in the accompanying prospectus.**

**SPECIFIC TERMS OF THE PREFERRED STOCK AND THE OFFERING**

This prospectus supplement sets forth certain terms of our preferred stock that we are offering pursuant to this prospectus supplement and supplements the accompanying prospectus that is attached to the back of this prospectus supplement. This section outlines the specific legal and financial terms of our preferred stock. You should read this section together with the more general description of our preferred stock in this prospectus supplement under the heading "Description of Our Preferred Stock" and in the accompanying prospectus under the headings "Description of Our Capital Stock-Preferred Stock" and "Description of Our Preferred Stock" before investing in our preferred stock. Capitalized terms used in this prospectus supplement and not otherwise defined shall have the meanings ascribed to them in the accompanying prospectus.

[Insert material terms of the preferred stock in tabular form to the extent required to be disclosed by applicable law or regulation.]

**RISK FACTORS**

[Insert risk factors applicable to preferred stock and any additional relevant risk factors not included in the base prospectus to the extent required to be disclosed by applicable law or regulation.]

**USE OF PROCEEDS**

The net proceeds of the offering are estimated to be approximately $ million [(approximately $ million if the underwriters exercise their overallotment option to purchase additional shares in full)], assuming an offering of shares of preferred stock in this offering at the assumed public offering price of $ per share and after deducting the underwriting discounts and commissions and estimated offering expenses of approximately $ payable by us.

[Describe use of proceeds and include any other relevant information to the extent required to be disclosed by applicable law or regulation.]

**DESCRIPTION OF OUR PREFERRED STOCK**

*This prospectus supplement sets forth certain terms of our preferred stock that we are offering pursuant to this prospectus supplement and the accompanying prospectus. This section outlines the specific legal and financial terms of our preferred stock. You should read this section together with the more general description of our preferred stock in this prospectus supplement under the heading "Description of Our Preferred Stock" and in the accompanying prospectus under the headings "Description of Our Capital Stock-Preferred Stock" and "Description of Our Preferred Stock" before investing in our preferred stock. This summary is not necessarily complete and is subject to and entirely qualified by reference to our charter and bylaws.*

[Insert material terms of the preferred stock to the extent required to be disclosed by applicable law or regulation.]

**CAPITALIZATION**

The following table sets forth (1) our actual capitalization at , 202 and (2) our capitalization on a pro forma basis giving effect to the sale of our preferred stock in this offering at the assumed public offering price of $ per share and after deducting the underwriting discounts and commissions and offering expenses payable by us and the application of the estimated net proceeds of this offering. You should read this table together with "Use of Proceeds" in this prospectus supplement and the accompanying prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of ____, 202** | **As of ____, 202** |
|  | **Actual** | **Pro forma** |
| **Assets:** |  |  |
| Cash and cash equivalents | $| $|
| Investments |  |  |
| Other assets |  |  |
| Total assets | $| $|
| **Liabilities:** |  |  |
| SVCP Credit Facility<sup>(1)</sup> |  |  |
| TCPC Funding Facility II<sup>(1)</sup> |  |  |
| Merger Sub Facility<sup>(1)</sup> |  |  |
| SBA Debentures |  |  |
| Unamortized debt issuance costs |  |  |
| Other liabilities |  |  |
| Total liabilities | $| $|
| **Stockholders' equity:** |  |  |
| Common stock, par value $0.001 per share; shares of common stock authorized; shares of common stock issued and outstanding, actual; shares of common stock issued and outstanding, pro forma |  |  |
| Paid-in capital in excess of par value |  |  |
| Accumulated net investment income |  |  |
| Accumulated net realized losses |  |  |
| Accumulated net unrealized depreciation |  |  |
| Non-controlling interest |  |  |
| Net assets applicable to common shareholders | $| $|
| **Total capitalization** | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As
 of    , 202 , our debt outstanding under the SVCP Credit Facility, the TCPC Funding Facility
 II and the Merger Sub Facility was $ million, $ million and $ million, respectively.

**SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS**

[Insert disclosure regarding federal income tax consequences of an investment in the shares of preferred stock to the extent required to be disclosed by applicable law or regulation.]

**UNDERWRITING**

[Underwriter Representatives] are acting as representatives of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us, the Advisor and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of shares of preferred stock set forth opposite its name below.

---

| | |
|:---|:---|
| **Underwriter** | **Number of**<br> **Shares** |
| [Underwriter] |  |
| [Underwriter] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |

---

The underwriting agreement provides that the obligations of the underwriters to purchase the shares included in this offering are subject to approval of legal matters by counsel and to other conditions. Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all the shares of our preferred stock [(other than those covered by the over-allotment option described below)] if they purchase any of the shares of our preferred stock. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be terminated.

We and the Advisor have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the shares of preferred stock, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the shares, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

**Commissions and Discounts**

The representatives have advised us that the underwriters propose initially to offer the shares to the public at the public offering price set forth on the cover page of this prospectus supplement and to dealers at that price less a concession not in excess of $ per share. After the initial offering, the public offering price, concession or any other term of the offering may be changed.

The following table shows the public offering price, underwriting discount and proceeds before expenses to us. The information assumes either no exercise or full exercise by the underwriters of their overallotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per Share** | **Without**<br> **Options** | **With**<br> **Options** |
| Public offering price | $| $| $|
| Sales load (underwriting discount and commissions) | $| $| $|
| Proceeds, before expenses, to the Company | $| $| $|

---

The expenses of the offering, not including the underwriting discount, are estimated at $ million and are payable by us, including up to $ of expenses that we have agreed to reimburse the underwriters for the Financial Industry Regulation Authority filing fees and reasonable legal fees and expenses incurred in connection with the review and approval by the Financial Industry Regulation Authority of the terms of the offer and sale of the preferred stock in this offering. Such expense will indirectly be borne by investors in this offering and will consequently lower their net asset value per share.

**[Overallotment Option**

If the underwriters sell more shares of preferred stock than the total number set forth in the table above, we have granted to the underwriters an option, exercisable for days from the date of this prospectus supplement, to purchase up to additional shares of preferred stock at the public offering price less the underwriting discount. The underwriters may exercise the option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional shares of preferred stock approximately proportionate to that underwriter's initial purchase commitment. Any shares of preferred stock issued or sold under the option will be issued and sold on the same terms and conditions as the other shares of preferred stock that are the subject of this offering.]

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the shares is completed, SEC rules may limit underwriters and selling group members from bidding for and purchasing our preferred stock. However, the representatives may engage in transactions that stabilize the price of the preferred stock, such as bids or purchases to peg, fix or maintain that price.

[The shares of preferred stock are a new issue of securities with no established trading market. We intend to list the shares of preferred stock on . We expect trading in the shares of preferred stock on to begin within days after the original issue date. Currently there is no public market for the shares of preferred stock.

We have been advised by the underwriters that they presently intend to make a market in the shares of preferred stock after completion of the offering as permitted by applicable laws and regulations. The underwriters are not obligated, however, to make a market in the shares of preferred stock and any such market-making may be discontinued at any time in the sole discretion of the underwriters without any notice. Accordingly, no assurance can be given as to the liquidity of, or development of a public trading market for, the shares of preferred stock. If any active public trading market for the shares of preferred stock does not develop, the market price and liquidity of the shares of preferred stock may be adversely affected.]

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our preferred stock or preventing or retarding a decline in the market price of our preferred stock. As a result, the price of our preferred stock may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on The Nasdaq Global Select Market, in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our preferred stock. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

In addition, in connection with this offering, some of the underwriters may engage in passive market making transactions in the shares on , prior to the pricing and completion of the offering. Passive market making consists of displaying bids on no higher than the bid prices of independent market makers and making purchases at prices no higher than those independent bids and effected in response to order flow. Net purchases by a passive market maker on each day are limited to a specified percentage of the passive market maker's average daily trading volume in the shares during a specified period and must be discontinued when that limit is reached. Passive market making may cause the price of the shares to be higher than the price that otherwise would exist in the open market in the absence of those transactions. If the underwriters commence passive market making transactions, they may discontinue them at any time.

**Electronic Offer, Sale and Distribution of Shares**

In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, [Lead Underwriter] may facilitate Internet distribution for this offering to certain of its Internet subscription customers. [Lead Underwriter] may allocate a limited number of shares for sale to its online brokerage customers. An electronic prospectus is available on the Internet web site maintained by [Lead Underwriter]. Other than the prospectus in electronic format, the information on the [Lead Underwriter] web site is not part of this prospectus.

**Other Relationships**

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

[Describe any other specific transactions and compensation related thereto to the extent required to be disclosed by applicable law or regulation.]

[Describe if underwriters receiving proceeds of offering, if required by FINRA.]

[Insert principal business addresses of underwriters.]

[Insert applicable legends for jurisdictions in which offers and sales may be made.]

**LEGAL MATTERS**

Certain legal matters regarding the preferred stock offered hereby have been passed upon for the Company by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, and for the underwriters by [Underwriters' Counsel], [City, State].

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

is the independent registered public accounting firm for the Company.

**ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the 1933 Act, with respect to our securities offered by this prospectus supplement. The registration statement contains additional information about us and the preferred stock being registered by this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus do not contain all of the information set forth in the registration statement, including any exhibits and schedules it may contain. For further information concerning us or the securities we are offering, please refer to the registration statement. Statements contained in this prospectus supplement and the accompanying prospectus as to the contents of any contract or other document referred to describe the material terms thereof but are not necessarily complete and in each instance reference is made to the copy of any contract or other document filed as an exhibit to the registration statement. Each statement is qualified in all respects by this reference.

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934. You may obtain free copies of this information and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. In addition, the SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at http://www.sec.gov.

No dealer, salesperson or other individual has been authorized to give any information or to make any representation other than those contained in this prospectus supplement and the accompanying prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by us or the underwriters. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation. Neither the delivery of this prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs or that information contained herein is correct as of any time subsequent to the date hereof.

See also "Additional Information" in the accompanying prospectus.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**

**Series Preferred Stock<br> Liquidation Preference $ per Share**

**PROSPECTUS SUPPLEMENT**

**[Underwriters]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 202**

## Exhibit 99.3

**Exhibit 99.3**

**The information in this [preliminary] prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This [preliminary] prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

SUBJECT TO COMPLETION, DATED , 202

[FORM OF [PRELIMINARY] PROSPECTUS SUPPLEMENT TO BE USED IN CONJUNCTION WITH FUTURE RETAIL DEBT SECURITIES OFFERINGS]<sup>(1)</sup>

[PRELIMINARY] PROSPECTUS SUPPLEMENT<br> (To Prospectus dated , 202)

![](img001.jpg)

 **% [Insert ranking] Notes due<br> $** 

We (the "Company") are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the "1940 Act"). Our investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve this investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. Our primary investment focus is investing in and originating leveraged loans to performing middle-market companies as well as small businesses.

Tennenbaum Capital Partners, LLC (the "Advisor") serves as our investment advisor. Our Advisor is a wholly-owned, indirect subsidiary of BlackRock, Inc. (together with its subsidiaries, "BlackRock"). BlackRock is a leading publicly traded investment management firm (NYSE: BLK), with approximately $ of assets under management as of , 202 . Series H of SVOF/MM, LLC, an affiliate of our Advisor, provides the administrative services necessary for us to operate.

We are offering $ in aggregate principal amount of % notes due , or the "Notes." The Notes will mature on . We will pay interest on the Notes on , , and of each year, beginning on . In our sole discretion, we may redeem the Notes in whole or in part at any time or from time to time on or after , at the redemption price set forth under "Specific Terms of the Notes and the Offering-Optional redemption" in this prospectus supplement. The Notes will be issued in minimum denominations of $25 and integral multiples of $25 in excess thereof. Under normal circumstances, no principal will be returned prior to [insert maturity date].

The Notes will be our direct unsecured obligations and rank *pari passu*, or equally in right of payment, with all outstanding and future unsecured unsubordinated indebtedness issued by the Company. The Notes will be subordinated to debt of any of the Company's subsidiaries.

We intend to list the Notes on the , and expect trading in the Notes on to begin within days of the original issue date under the symbol " ." The Notes are expected to trade "flat," which means that purchasers will not pay, and sellers will not receive, any accrued and unpaid interest on the Notes that is not reflected in the trading price. Currently, there is no public market for the Notes and it is not expected that a market for the Notes will develop unless and until the Notes are listed on .

You should read this prospectus supplement and the accompanying prospectus carefully before you invest in our securities. We may not sell any securities through agents, underwriters or dealers without delivery of the prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

S-i

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in our Notes. Please read it carefully before you invest and keep it for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the "SEC"). We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. You may also obtain free copies of our annual and quarterly reports and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. The SEC maintains a website at http://www.sec.gov where such information is available without charge upon request. Information contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

The debt securities in which we typically invest are either rated below investment grade by independent rating agencies or would be rated below investment grade if such securities were rated by rating agencies. Below investment grade securities, which are often referred to as "hybrid securities," "junk bonds" or "leveraged loans" are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal prior to maturity, which potentially heightens the risk that we may lose all or part of our investment. In addition, a majority of the Company's debt investments include interest reset provisions that may make it more difficult for the borrowers to make debt repayments to the Company if the reset provision has the effect of increasing the applicable interest rate.

Shares of closed-end investment companies, including business development companies, frequently trade at a discount from their net asset value. If our shares trade at a discount to our net asset value, it will likely increase the risk of loss for purchasers in the offerings. Investing in our securities involves a high degree of risk, including credit risk and the risk of the use of leverage. Before investing in our securities, you should read the discussion of the material risks of investing in the Company in "Risks" beginning on page S-5 of this prospectus supplement and on page S-1 of the accompanying prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | **Per Unit** | **Total** |
| Public offering price | $| $|
| Underwriting Discount | $| $|
| Proceeds, before expenses, to the Company<sup>(1)</sup> | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) We estimate that we will incur approximately $ of expenses relating to this offering, resulting
in net proceeds, after underwriting discount and expenses, to us of approximately $ million.

Delivery of the Notes in book-entry form only through The Depository Trust Company will be made on or about , 202 .

[We have granted the underwriters an option to purchase up to an additional $ total aggregate principal amount of Notes offered hereby, to cover overallotments, if any, within days of the date of this prospectus supplement. If the underwriters exercise this option in full, the total price to the public, sales load and net proceeds will be $, $, and $, respectively. See "Underwriting."]

**THE NOTES ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF A BANK AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.**

Prospectus Supplement dated , 202 <sup>1</sup>

<sup>1</sup> In addition to the sections outlined in this form of prospectus supplement, each prospectus supplement actually used in connection with an offering conducted pursuant to the registration statement to which this form of prospectus supplement is attached will be updated to include such other information as may then be required to be disclosed therein pursuant to applicable law or regulation as in effect as of the date of each such prospectus supplement, including, without limitation, information particular to the terms of each security offered thereby and any related risk factors or tax considerations pertaining thereto. This form of prospectus supplement is intended only to provide a rough approximation of the nature and type of disclosure that may appear in any actual prospectus supplement used for the purposes of offering securities pursuant to the registration statement to which this form of prospectus supplement is attached, and is not intended to and does not contain all of the information that would appear is any such actual prospectus supplement, and should not be used or relied upon in connection with any offer or sale of securities.

S-ii

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

In addition to factors previously identified elsewhere in this prospectus supplement and the accompanying prospectus, including the "Risks" section of this prospectus supplement and the accompanying prospectus, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes in laws or regulations governing our operations or the operations of our portfolio
companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition of and ability of our current and prospective portfolio companies to achieve their
objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our investment advisor to locate suitable investments for us and to monitor and administer
our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our qualification as a regulated investment company and as a business development
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to realize benefits anticipated by the 2024 Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance,
network disruptions, and cybersecurity attacks.

This prospectus supplement and the accompanying prospectus contain, and other statements that we may make may contain, forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve" and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Exchange Act. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

S-iii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | S-iii |
| PROSPECTUS SUMMARY | S-1 |
| SPECIFIC TERMS OF THE NOTES AND THE OFFERING | S-4 |
| RISK FACTORS | S-5 |
| USE OF PROCEEDS | S-8 |
| CAPITALIZATION | S-9 |
| SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS | S-10 |
| UNDERWRITING | S-11 |
| LEGAL MATTERS | S-14 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-14 |
| ADDITIONAL INFORMATION | S-14 |

---

S-iv

**PROSPECTUS SUMMARY**

This summary highlights some of the information in this prospectus supplement. This summary is not complete and may not contain all of the information that you may want to consider before investing in our Notes. You should read the entire prospectus supplement and the accompanying prospectus, including "Risks."

Throughout this prospectus supplement, unless the context otherwise requires, a reference to:

*"Company," "we," "us" and "our" refer to Special Value Continuation Fund, LLC, a Delaware limited liability company, for the periods prior to the consummation of the Conversion (as defined below) described elsewhere in this prospectus and to BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., for the periods after the consummation of the Conversion;*

*"SVCP" refers to Special Value Continuation Partners LLC, a Delaware limited liability company;*

*"TCPC Funding" refers to TCPC Funding I, LLC, a Delaware limited liability company;*

*"TCPC Funding II" refers to TCPC Funding II, LLC, a Delaware limited liability company;*

*The "SBIC" refers to TCPC SBIC, LP, a Delaware limited partnership;*

*"Merger Sub" refers to BCIC Merger Sub, LLC a Delaware limited liability company;*

*The "Advisor" refers to Tennenbaum Capital Partners, LLC, a Delaware limited liability company and the investment manager; and*

*"Administrator" refers to Series H of SVOF/MM, LLC, a series of a Delaware limited liability company, an affiliate of the Advisor and administrator of the Company.*

For simplicity, references in this prospectus supplement to the "Company," "we," "us" and "our" includes, where appropriate in the context, SVCP, TCPC Funding, TCPC Funding II and the SBIC on a consolidated basis.

**The Company**

The Company is a Delaware corporation formed on April 2, 2012 in connection with the conversion of the Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, from a limited liability company to a corporation. At the time of the conversion, all limited liability company interests of Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, were exchanged for 15,725,635 shares of common stock in the Company. As a result of the conversion, the books and records of SVCF became the books and records of the Company. In this prospectus supplement, we refer to such transactions as the "Conversion." Unless otherwise indicated, the disclosure in this prospectus supplement gives effect to the Conversion.

The Company is an externally managed, closed-end, non-diversified management investment company.

On April 3, 2012, the Company priced its initial public offering (the "Offering"), selling 5,750,000 shares of its common stock at a public offering price of $14.75 per share.

We have 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 achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve our investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. While we intend to primarily focus on privately negotiated investments in debt of middle-market companies, we may make investments of all kinds and at all levels of the capital structure, including in equity interests such as preferred or common stock and warrants or options received in connection with our debt investments. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies. We expect to generate returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

Investment operations are conducted through the Company's wholly-owned subsidiaries, SVCP, TCPC Funding, TCPC Funding II, the SBIC and 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 Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC, which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub. The Advisor is an indirect subsidiary of BlackRock, Inc., which, along with its subsidiaries, is referred to herein as "BlackRock".

The Company has elected to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018, and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders 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 stockholders provided that we satisfy those requirements.

On March 18, 2024, the Company completed its acquisition of BlackRock Capital Investment Corporation, a Delaware corporation ("BCIC"), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "2024 Merger"). As a result of, and as of the effective time of, the 2024 Merger, BCIC's separate corporate existence ceased.

An organizational structure diagram showing our organizational structure is set forth below:

![](img002.jpg)

The Company's management consists of our Advisor and board of directors. The Company has entered into an investment management agreement with our Advisor, under which our Advisor, subject to the overall supervision of our board of directors, manages the day-to-day operations of, and provides investment advisory services to, the Company. Our board of directors has overall responsibility for the management of the Company, including deciding upon matters of general policy and reviewing the actions of our Advisor. The majority of the members of the board of directors of the Company are independent of our Advisor. Our Advisor serves as the investment advisor of each of the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub.

**Recent Developments**

[Insert description of recent developments at time of offering.]

**Company Information**

Our administrative and executive offices are located at 2951 28th Street, Suite 1000, Santa Monica, CA 90405, and our telephone number is (310) 566-1094. We maintain a website at http://www.tcpcapital.com. Information contained on this website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

**For further information please see the "Prospectus Summary" in the accompanying prospectus.**

**SPECIFIC TERMS OF THE NOTES AND THE OFFERING**

This prospectus supplement sets forth certain terms of the Notes that we are offering pursuant to this prospectus supplement and supplements the accompanying prospectus that is attached to the back of this prospectus supplement. This section outlines the specific legal and financial terms of the Notes. You should read this section together with the more general description of the Notes in the accompanying prospectus under the heading "Description of Our Debt Securities" before investing in the Notes. Capitalized terms used in this prospectus supplement and not otherwise defined shall have the meanings ascribed to them in the accompanying prospectus.

[Insert material terms of the Notes in tabular form to the extent required to be disclosed by applicable law or regulation.]

**RISK FACTORS**

Investing in the Notes involves a high degree of risk. In addition to the other information contained in this prospectus supplement and the accompanying prospectus, you should carefully consider the following supplementary risk factors together with the risk factors set forth in the accompanying prospectus before making an investment in the Notes. The risks set out below and in the accompanying prospectus are not the only risks we face. Additional risks and uncertainties not presently known to us might also impair our operations and performance. If any of the events described herein or in the accompanying prospectus occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, our net asset value and the market price of the Notes could decline, and you may lose part or all of your investment.

**Risks Relating to the Notes**

The Notes will be unsecured and therefore will be effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future.

The Notes will not be secured by any of our assets or any of the assets of our subsidiaries. As a result, the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have currently incurred and may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes. As of , we had $ million of outstanding borrowings under our Leverage Program.

The Notes will be structurally subordinated to the indebtedness and other liabilities of our subsidiaries.

The Notes are obligations exclusively of the Company and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the Notes and the Notes are not required to be guaranteed by any subsidiaries we may acquire or create in the future. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors (including trade creditors) and holders of preferred stock, if any, of our subsidiaries will have priority over our equity interests in such subsidiaries (and therefore the claims of our creditors, including holders of the Notes) with respect to the assets of such subsidiaries. Even if we are recognized as a creditor of one or more of our subsidiaries, our claims would still be effectively subordinated to any security interests in the assets of any such subsidiary and to any indebtedness or other liabilities of any such subsidiary senior to our claims. Consequently, the Notes will be structurally subordinated to all indebtedness and other liabilities (including trade payables) of any of our subsidiaries and any subsidiaries that we may in the future acquire or establish as financing vehicles or otherwise. As of , we had $ million borrowings outstanding under our Leverage Program. All of such indebtedness would be structurally senior to the Notes. In addition, our subsidiaries may incur substantial additional indebtedness in the future, all of which would be structurally senior to the Notes.

The indenture under which the Notes will be issued will contain limited protection for holders of the Notes.

The indenture under which the Notes will be issued offers limited protection to holders of the Notes. The terms of the indenture and the Notes do not restrict our or any of our subsidiaries' ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the Notes. In particular, the terms of the indenture and the Notes will not place any restrictions on our or our subsidiaries' ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness
or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured
and therefore rank effectively senior in right of payment to the Notes to the extent of the values of the assets securing such debt, (3)
indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and
(4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our
subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than
an incurrence of indebtedness or

other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities
ranking junior in right of payment to the Notes, including subordinated indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all
or substantially all of our assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make investments; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create restrictions on the payment of dividends or other amounts to us from our subsidiaries.

Furthermore, the terms of the indenture and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

Certain of our current debt instruments include more protections for their holders than the indenture and the Notes. See "Risk Factors-Risks related to our business-The creditors under the SVCP Credit Facility, TCPC Funding Facility II and, the Merger Sub Facility have a first claim on all of the Company's assets included in the collateral for the respective facilities" in the accompanying prospectus. In addition, other debt we issue or incur in the future could contain more protections for its holders than the indenture and the Notes, including additional covenants and events of default.

There is no existing trading market for the Notes and, even if approves the listing of the Notes, an active trading market for the Notes may not develop, which could limit your ability to sell the Notes or affect the market price of the Notes.

The Notes will be a new issue of debt securities for which there initially will not be a trading market. We intend to list the Notes on the within days of the original issue date under the symbol " ." However, there is no assurance that the Notes will be approved for listing on . Moreover, even if the listing of the Notes is approved, we cannot provide any assurances that an active trading market will develop for the Notes or that you will be able to sell your Notes. If the Notes are traded after their initial issuance, they may trade at a discount from their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, if any, general economic conditions, our financial condition, performance and prospects and other factors. The underwriters have advised us that they may make a market in the Notes, but they are not obligated to do so. The underwriters may discontinue any market-making in the Notes at any time at their sole discretion. Accordingly, we cannot assure you that the Notes will be approved for listing on , that a liquid trading market will develop for the Notes, that you will be able to sell your Notes at a particular time or that the price you receive when you sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the Notes may be harmed. Accordingly, you may be required to bear the financial risk of an investment in the Notes for an indefinite period of time.

If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the Notes.

Any default under the agreements governing our indebtedness, including a default under the SVCP Credit Facility, TCPC Funding Facility II or, the Merger Sub Facility or other indebtedness to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our

indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the SVCP Credit Facility, TCPC Funding Facility II or, the Merger Sub Facility or other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If our operating performance declines, we may in the future need to seek to obtain waivers from the required lenders under the SVCP Credit Facility, TCPC Funding Facility II or, the Merger Sub Facility or other debt that we may incur in the future to avoid being in default. If we breach our covenants under the SVCP Credit Facility, TCPC Funding Facility II or, the Merger Sub Facility or other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders. If this occurs, we would be in default and our lenders or debt holders could exercise their rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations, including the lenders under the SVCP Credit Facility, TCPC Funding Facility II and, the Merger Sub Facility, could proceed against the collateral securing the debt. Because SVCP Credit Facility, TCPC Funding Facility II and, the Merger Sub Facility have, and any future credit facilities will likely have, customary cross-default provisions, if the indebtedness thereunder or under any future credit facility is accelerated, we may be unable to repay or finance the amounts due. See "Description of Our Debt Securities" in the accompanying prospectus.

[Insert additional risk factors applicable to the Notes and any additional relevant risk factors not included in the base prospectus to the extent required to be disclosed by applicable law or regulation.]

**USE OF PROCEEDS**

We estimate that the net proceeds from the sale of the $ million aggregate principal amount of Notes in this offering, after deducting estimated expenses of this offering payable by us, will be approximately $ million [(or $ million, if the over-allotment is exercised in full)] based on a public offering price of 100% of par.

We intend to use the net proceeds from this offering to reduce our borrowings outstanding under the SVCP Credit Facility, TCPC Funding Facility II and, the Merger Sub Facility, if any, and to make investments in portfolio companies in accordance with our investment objective and for other general corporate purposes, including payment of operating expenses. Pending investment, we may invest the remaining net proceeds of this offering primarily in cash, cash equivalents, U.S. Government securities and other high-quality debt investments that mature in one year or less. These securities may have lower yields than our other investments and accordingly may result in lower distributions, if any, during such period.

[Describe further use of proceeds and include any other relevant information to the extent required to be disclosed by applicable law or regulation.]

**CAPITALIZATION**

The following table sets forth (1) our actual capitalization at , 202 and (2) our capitalization on a pro forma basis giving effect to the sale of $ aggregate principal amount of Notes in this offering at the assumed offering price of 100% of par. You should read this table together with "Use of Proceeds" in this prospectus supplement and the accompanying prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of<u> </u>, 202**  | **As of<u> </u>, 202**  |
|  | **Actual** | **Pro forma** |
| **Assets:** |  |  |
| Cash and cash equivalents | $| $|
| Investments |  |  |
| Other assets |  |  |
| Total assets | $| $|
| **Liabilities:** |  |  |
| SVCP Credit Facility<sup>(1)</sup> |  |  |
| TCPC Funding Facility II<sup>(1)</sup> |  |  |
| Merger Sub Facility<sup>(1)</sup> |  |  |
| SBA Debentures |  |  |
| Unamortized debt issuance costs |  |  |
| Other liabilities |  |  |
| Total liabilities | $| $|
| **Stockholders' equity:** |  |  |
| Common stock, par value $0.001 per share; shares of common stock authorized; shares of common stock issued and outstanding, actual; shares of common stock issued and outstanding, pro forma |  |  |
| Paid-in capital in excess of par value |  |  |
| Accumulated net investment income |  |  |
| Accumulated net realized losses |  |  |
| Accumulated net unrealized depreciation |  |  |
| Non-controlling interest |  |  |
| Net assets applicable to common shareholders | $| $|
| **Total capitalization** | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of    , 202 , our debt outstanding under the SVCP Credit Facility, TCPC Funding Facility
II and, the Merger Sub Facility was $ million, $ million and $ million, respectively.

**SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS**

[Insert disclosure regarding material U.S. federal income tax considerations of the offering to the extent required to be disclosed by applicable law or regulation.]

**UNDERWRITING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and are acting as joint book-running managers of the offering and as representatives of the underwriters named below. Subject to the terms and conditions stated in the underwriting agreement dated , each underwriter named below severally agrees to purchase aggregate principal amount of Notes indicated in the following table:

---

| | |
|:---|:---|
| **Underwriters** | **Principal**<br> **Amount of Notes** |
| Total |  |

---

The underwriters are committed to take and pay for all of the Notes being offered, if any are purchased, other than the Notes covered by the option described below.

**[Overallotment Option**

If the underwriters sell more Notes than the total number set forth in the table above, the underwriters have an option to buy up to an additional $ aggregate principal amount of the Notes solely to cover overallotments, if any. They may exercise that option for days. If any Notes are purchased pursuant to this option, the underwriters will severally purchase such Notes in approximately the same proportion as set forth in the table above.]

**Commissions and Discounts**

The following table shows the per Note and total underwriting discounts and commissions to be paid by us to the underwriters. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase additional Notes.

---

| | | |
|:---|:---|:---|
| **Paid by the Company** | **No Exercise** | **Full Exercise** |
| Per Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |  |

---

Notes sold by the underwriters to the public will initially be offered at the public offering price set forth on the cover of this prospectus supplement and to certain dealers at a price less a concession not in excess of % of the aggregate principal amount of Notes. The underwriters may allow, and the dealers may reallow, a discount from the concession not in excess of % of the aggregate principal amount of the Notes to certain broker dealers. If all the Notes are not sold at the public offering price, the representative may change the offering price and the other selling terms. The offering of the Notes by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We estimate that our share of the total expenses of the offering, excluding underwriting discounts, will be approximately $.

We have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

**[Lock-up Agreement**

We have agreed not to directly or indirectly sell, offer to sell, enter into any agreement to sell, or otherwise dispose of, any debt securities issued by the Company which are substantially similar to the Notes or securities convertible into such debt securities which are substantially similar to the Notes for a period of days after the date of this prospectus supplement without first obtaining the prior written consent of and .

The -day restricted period described in the preceding paragraph will be automatically extended if: (1) during the last 17 days of the -day restricted period we issue an earnings release or announce material news or a material event; or (2) prior to the expiration of the -day restricted period, we announce that we will release earnings results during the 15-day period following the last day of the -day restricted period, in which case the restrictions described in the preceding paragraph will continue to apply until the expiration of the 18-day period beginning on the issuance of the earnings release of the announcement of the material news or material event.]

**Listing**

The Notes are a new issue of securities with no established trading market. We intend to list the Notes on the and expect trading in the Notes on to begin within days after the original issue date under the symbol " ." Currently there is no public market for the Notes and we can provide no assurance that the Notes will be approved for listing on or that an active trading market will develop for the Notes.

We have been advised by the underwriters that they presently intend to make a market in the Notes after completion of the offering as permitted by applicable laws and regulations. The underwriters are not obligated, however, to make a market in the Notes and any such market-making may be discontinued at any time in the sole discretion of the underwriters without any notice. Accordingly, no assurance can be given as to the liquidity of, or development of a public trading market for, the Notes. If an active public trading market for the Notes does not develop, the market price and liquidity of the Notes may be adversely affected.

**Price Stabilizations and Short Positions**

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representative has repurchased Notes sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of our Notes, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of our Notes. As a result, the price of the Notes may be higher than the price that otherwise might exist in the open market. If these activities are commenced, they may be discontinued at any time. These transactions may be effected on the , in the over-the-counter market or otherwise.

**Additional Underwriter Compensation**

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for the Company, for which they received or will receive customary fees and expenses, including acting as underwriters for our securities offerings.

In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the Company (directly, as collateral securing other obligations or otherwise) and/or

persons and entities with relationships with the Company. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

[Certain of the net proceeds from the sale of the Notes, not including underwriting compensation, may be paid to affiliates of and as lenders under the SVCP Credit Facility, TCPC Funding Facility II or, the Merger Sub Facility.]

**Settlement**

We expect that delivery of the Notes will be made against payment therefor on or about , which will be the [fifth] business day following the date of the pricing of the Notes (such settlement being herein referred to as "T+[5]"). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the date of delivery hereunder will be required, by virtue of the fact that the Notes initially will settle in T+[5] business days, to specify an alternate settlement arrangement at the time of any such trade to prevent a failed settlement.

**Electronic Delivery**

The underwriters may make this prospectus supplement and accompanying prospectus available in an electronic format. The prospectus supplement and accompanying prospectus in electronic format may be made available on a website maintained by any of the underwriters, and the underwriters may distribute such documents electronically. The underwriters may agree with us to allocate a limited number of securities for sale to their online brokerage customers. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations.

**Other Jurisdictions**

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the Notes offered by this prospectus supplement in any jurisdiction where action for that purpose is required. The Notes offered by this prospectus supplement may not be offered or sold, directly or indirectly, nor may this prospectus supplement or any other offering material or advertisements in connection with the offer and sale of any such Notes be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus supplement comes are advised to inform themselves about and to observe any restriction relating to the offering and the distribution of this prospectus supplement. This prospectus supplement and the accompanying prospectus do not constitute an offer to sell or a solicitation of an offer to buy the Notes offered by this prospectus supplement and the accompanying prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

The addresses of the underwriters are: .

**LEGAL MATTERS**

Certain legal matters in connection with the securities offered hereby have been passed upon for the Company by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, and for the underwriters by [Underwriters' Counsel], [City, State].

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

is the independent registered public accounting firm for the Company.

**ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the 1933 Act, with respect to our securities offered by this prospectus supplement. The registration statement contains additional information about us and the Notes being registered by this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus do not contain all of the information set forth in the registration statement, including any exhibits and schedules it may contain. For further information concerning us or the securities we are offering, please refer to the registration statement. Statements contained in this prospectus supplement and the accompanying prospectus as to the contents of any contract or other document referred to describe the material terms thereof but are not necessarily complete and in each instance reference is made to the copy of any contract or other document filed as an exhibit to the registration statement. Each statement is qualified in all respects by this reference.

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934. You may obtain free copies of this information and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. In addition, the SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at http://www.sec.gov.

No dealer, salesperson or other individual has been authorized to give any information or to make any representation other than those contained in this prospectus supplement and the accompanying prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by us or the underwriters. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation. Neither the delivery of this prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs or that information contained herein is correct as of any time subsequent to the date hereof.

See also "Additional Information" in the accompanying prospectus.

![](logo.jpg)

**% [Insert ranking/conversion information] Notes due**

**$** 

**PROSPECTUS SUPPLEMENT**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**[Underwriters]**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 202**

## Exhibit 99.4

**Exhibit 99.4**

**The information in this [preliminary] prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This [preliminary] prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

SUBJECT TO COMPLETION, DATED , 202

[FORM OF [PRELIMINARY] PROSPECTUS SUPPLEMENT TO BE USED IN CONJUNCTION WITH FUTURE RIGHTS OFFERINGS]<sup>(1)</sup>

[PRELIMINARY] PROSPECTUS SUPPLEMENT

(To Prospectus dated , 202)

![](img001.jpg)

**Up to Shares of**

**Common Stock**

**Issuable Upon**

**Exercise of Rights to Subscribe for Such Shares**

We (the "Company") are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the "1940 Act"). Our investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve this investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. Our primary investment focus is investing in and originating leveraged loans to performing middle-market companies as well as small businesses.

Tennenbaum Capital Partners, LLC (the "Advisor") serves as our investment advisor. Our Advisor is a wholly-owned, indirect subsidiary of BlackRock, Inc. (together with its subsidiaries, "BlackRock"). BlackRock is a leading publicly traded investment management firm (NYSE: BLK), with approximately $ of assets under management as of , 202 . Series H of SVOF/MM, LLC, an affiliate of our Advisor, provides the administrative services necessary for us to operate.

We are issuing [transferable/non-transferable] rights to our stockholders of record, or record date stockholders, as of 5:00 p.m., New York City time, on , 202 , or the record date. The rights entitle holders of rights, or rights holders, to subscribe for an aggregate of up to shares of our common stock. Record date stockholders will receive one right for each shares of common stock owned on the record date. The rights entitle the holder to purchase one new share of common stock for every right held, which we refer to as the basic subscription right[, and record date stockholders who fully exercise their rights will be entitled to subscribe, subject to certain limitations and pro rata allocation, for additional shares that remain unsubscribed as a result of any unexercised rights.][ In addition, any non-record date stockholder who exercises rights will be entitled to subscribe, subject to certain limitations and pro rata allocation, for any remaining shares that are not otherwise subscribed for by record date stockholders.]

See "Underwriting" beginning on page S- of this prospectus supplement for more information regarding this offering. The net asset value of our common stock on , 202 (the last date prior to the date of this prospectus supplement on which net asset value was determined) was $ per share. Our common stock is traded on The Nasdaq Global Select Market under the symbol "TCPC." [The rights are transferable and will be listed on under the symbol " "] The last reported closing price for our common stock on , 202 was $ per share [($ on an as adjusted basis solely to give effect to our distribution with a record date of , 202 , our issuance of common stock on , 202 in connection with our dividend reinvestment plan, and our sale of shares of common stock during the period from , 202 through , 202 (with settlement dates of , 202 through , 202))].

The subscription price per share will be [describe means of computing subscription price]. Because the subscription price will be determined on the expiration date, stockholders who elect to exercise their rights will not know the subscription price per share at the time they exercise such rights. The rights will expire if they are not exercised by 5:00 p.m., New York City time, on , 202 , the expiration date of this offering, unless extended. We, in our sole discretion, may extend the period for exercising the rights. You will have no right to rescind your subscription after receipt of your payment of the estimated subscription price or a notice of guaranteed delivery except as described in this prospectus supplement or accompanying prospectus.

This offering will dilute the ownership interest and voting power of the common stock owned by stockholders who do not fully exercise their subscription rights. Stockholders who do not fully exercise their subscription rights should expect, upon completion of the offering, to own a smaller proportional interest in us than before the offering. Further, if the net proceeds per share from the offering are at a discount to our net asset value per share, this offering will reduce our net asset value per share.

You should read this prospectus supplement and the accompanying prospectus carefully before you invest in our securities. We may not sell any securities through agents, underwriters or dealers without delivery of the prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in our exercisable rights. Please read it carefully before you invest and keep it for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and Exchange Commission (the "SEC"). We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. You may also obtain free copies of our annual and quarterly reports and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28th Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. The SEC maintains a website at http://www.sec.gov where such information is available without charge upon request. Information contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

The debt securities in which we typically invest are either rated below investment grade by independent rating agencies or would be rated below investment grade if such securities were rated by rating agencies. Below investment grade securities, which are often referred to as "hybrid securities," "junk bonds" or "leveraged loans" are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal prior to maturity, which potentially heightens the risk that we may lose all or part of our investment. In addition, a majority of the Company's debt investments include interest reset provisions that may make it more difficult for the borrowers to make debt repayments to the Company if the reset provision has the effect of increasing the applicable interest rate.

Shares of closed-end investment companies, including business development companies, frequently trade at a discount from their net asset value. If our shares trade at a discount to our net asset value, it will likely increase the risk of loss for purchasers in the offerings. Investing in our common stock involves a high degree of risk, including credit risk and the risk of the use of leverage. Before buying any of our securities, you should read the discussion of the material risks of investing in the Company in "Risks" beginning on page S-7 of this prospectus supplement and on page S-1 of the accompanying prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | **Per<br> Share** | **Total** |
| Estimated Subscription Price<sup>(1)</sup> | $| $|
| Underwriting Discount<sup>(2)</sup> | $| $|
| Proceeds, before expenses, to the Company<sup>(3)</sup> | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated on the basis of [describe means of computing subscription price].

&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with this offering,    , the dealer managers for this offering, will receive a fee for financial
advisory, marketing and soliciting services equal to    % of the estimated subscription price per share for each share issued pursuant to
the exercise of rights. We have also agreed to reimburse the dealer managers an aggregate of up to $ for their expenses incurred in
connection with the offering.

&nbsp;&nbsp;&nbsp;&nbsp;(3) We estimate that we will incur expenses of approximately $($ per share) in connection
with this offering. Such expenses will be borne by us. Stockholders will indirectly bear such expenses, which will reduce the net asset
value per share of the shares purchased by investors in this offering. Net proceeds, after expenses and sales load, will be approximately
$($ per share).

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

In addition to factors previously identified elsewhere in this prospectus supplement and the accompanying prospectus, including the "Risks" section of this prospectus supplement and the accompanying prospectus, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes in laws or regulations governing our operations or the operations of our portfolio
companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition of and ability of our current and prospective portfolio companies to achieve their
objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our investment advisor to locate suitable investments for us and to monitor and administer
our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our qualification as a regulated investment company and as a business development
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to realize benefits anticipated by the 2024 Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance,
network disruptions, and cybersecurity attacks.

This prospectus supplement and the accompanying prospectus contain, and other statements that we may make may contain, forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve" and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Exchange Act. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

S-i

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | S-i |
| PROSPECTUS SUMMARY | S-1 |
| PRICE RANGE OF COMMON STOCK | S-4 |
| FEES AND EXPENSES | S-5 |
| RISK FACTORS | S-7 |
| THE RIGHTS OFFERING | S-9 |
| MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF THE OFFERING | S-16 |
| ERISA CONSIDERATIONS | S-16 |
| DISTRIBUTION ARRANGEMENTS | S-16 |
| USE OF PROCEEDS | S-19 |
| CAPITALIZATION | S-20 |
| DILUTION | S-21 |
| SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS | S-22 |
| LEGAL MATTERS | S-23 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-23 |
| ADDITIONAL INFORMATION | S-23 |

---

S-ii

**PROSPECTUS SUMMARY**

This summary highlights some of the information in this prospectus supplement. This summary is not complete and may not contain all of the information that you may want to consider before investing in our common stock.

You should read the entire prospectus supplement and the accompanying prospectus, including "Risks."

Throughout this prospectus supplement, unless the context otherwise requires, a reference to:

*"Company," "we," "us" and "our" refer to Special Value Continuation Fund, LLC, a Delaware limited liability company, for the periods prior to the consummation of the Conversion (as defined below) described elsewhere in this prospectus and to BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., for the periods after the consummation of the Conversion;*

*"SVCP" refers to Special Value Continuation Partners LLC, a Delaware limited liability company;*

*"TCPC Funding" refers to TCPC Funding I, LLC, a Delaware limited liability company;*

*"TCPC Funding II" refers to TCPC Funding II, LLC, a Delaware limited liability company;*

*The "SBIC" refers to TCPC SBIC, LP, a Delaware limited partnership;*

*"Merger Sub" refers to BCIC Merger Sub, LLC a Delaware limited liability company;*

*The "Advisor" refers to Tennenbaum Capital Partners, LLC, a Delaware limited liability company and the investment manager; and*

*"Administrator" refers to Series H of SVOF/MM, LLC, a series of a Delaware limited liability company, an affiliate of the Advisor and administrator of the Company.*

For simplicity, references in this prospectus supplement to the "Company," "we," "us" and "our" includes, where appropriate in the context, SVCP, TCPC Funding, TCPC Funding II and the SBIC on a consolidated basis.

**The Company**

The Company is a Delaware corporation formed on April 2, 2012 in connection with the conversion of the Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, from a limited liability company to a corporation. At the time of the conversion, all limited liability company interests of Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, were exchanged for 15,725,635 shares of common stock in the Company. As a result of the conversion, the books and records of SVCF became the books and records of the Company. In this prospectus supplement, we refer to such transactions as the "Conversion." Unless otherwise indicated, the disclosure in this prospectus supplement gives effect to the Conversion.

The Company is an externally managed, closed-end, non-diversified management investment company.

On April 3, 2012, the Company priced its initial public offering (the "Offering"), selling 5,750,000 shares of its common stock at a public offering price of $14.75 per share.

We have 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 achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve our investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. While we intend to primarily focus on privately negotiated investments in debt of middle-market companies, we may make investments of all kinds and at all levels of the capital structure, including in equity interests such as preferred or common stock and warrants or options received in connection with our debt investments. Our investment activities will benefit from what we believe are the

competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies. We expect to generate returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

Investment operations are conducted through the Company's wholly-owned subsidiaries, SVCP, TCPC Funding, TCPC Funding II, the SBIC and 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 Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC, which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub. The Advisor is an indirect subsidiary of BlackRock, Inc., which, along with its subsidiaries, is referred to herein as "BlackRock".

The Company has elected to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018, and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders 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 stockholders provided that we satisfy those requirements.

On March 18, 2024, the Company completed its acquisition of BlackRock Capital Investment Corporation, a Delaware corporation ("BCIC"), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "2024 Merger"). As a result of, and as of the effective time of, the 2024 Merger, BCIC's separate corporate existence ceased.

An organizational structure diagram showing our organizational structure is set forth below:

![](img002.jpg)

The Company's management consists of our Advisor and board of directors. The Company has entered into an investment management agreement with our Advisor, under which our Advisor, subject to the overall supervision of our board of directors, manages the day-to-day operations of, and provides investment advisory services to, the Company. Our board of directors has overall responsibility for the management of the Company, including deciding upon matters of general policy and reviewing the actions of our Advisor. The majority of the members of the board of directors of the Company are independent of our Advisor. Our Advisor serves as the investment advisor of each of the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub.

**Recent Developments**

[Insert description of recent developments at time of offering.]

**Company Information**

Our administrative and executive offices are located at 2951 28th Street, Suite 1000, Santa Monica, CA 90405, and our telephone number is (310) 566-1094. We maintain a website at http://www.tcpcapital.com. Information contained on this website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

**For further information please see the "Prospectus Summary" in the accompanying prospectus.**

**PRICE RANGE OF COMMON STOCK**

Our common stock began trading on April 5, 2012 and is currently traded on The Nasdaq Global Select Market under the symbol "TCPC." The following table lists the high and low closing sale price for our common stock, the closing sale price as a premium (discount) to net asset value, or NAV, and quarterly distributions per share for the last two completed fiscal years and each quarter since the beginning of the current fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Stock Price** | | | |
|  | <br>**NAV<sup>(1)</sup>** | **High<sup>(2)</sup>** | **Premium (Discount) of High Sales Price to**<br>**NAV<sup>(3)</sup>** | **Premium (Discount) of Low Sales Price to**<br>**NAV<sup>(3)</sup>** | **Declared**<br>**Distributions** |
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $| $| $nan% |  | $|
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | $| $| $nan% |  | $|
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the
NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(4) NAV has not yet been determined.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Dividend has not yet been declared for this period.

**FEES AND EXPENSES**

The following table is intended to assist you in understanding the costs and expenses that an investor in this offering will bear directly or indirectly. The expenses shown in the table under "Annual Expenses" (excluding incentive compensation payable under the investment management agreement) are based on amounts assuming an offering size of approximately shares of our common stock at $ per share, which was the last reported closing price of our common stock on , 202 . If the offering decreases in size, all other things being equal, these expenses would increase as a percentage of net assets attributable to our shares of common stock. The following table and example should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. The following table and example represent our best estimate of the fees and expenses that we expect to incur during the next twelve months.

---

| | |
|:---|:---|
| Stockholder Transaction Expenses: |  |
| Sales Load (as a percentage of offering price) | <sub> %</sub>(1) |
| Offering Expenses (as a percentage of offering price) | <sub> —</sub>(2) |
| Dividend Reinvestment Plan Fees | <sub> %</sub>(3) |
| Total Stockholder Transaction Expenses (as a percentage of offering price) |  |
| Annual expenses (as a percentage of consolidated net assets attributable to common stock)<sup>(4)</sup>: |  |
| Base Management Fees | <sub> %</sub>(5) |
| Incentive Compensation Payable Under the Investment Management Agreement | <sub> %</sub>(6) |
| Interest Payments on Borrowed Funds | <sub> %</sub>(7) |
| Other Expenses (estimated) | <sub> %</sub>(8) |
| Total Annual Expenses | % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the estimated dealer manager fee with respect to the rights to be sold by us in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount reflects estimated offering expenses of approximately $ and based on the rights offered in this
offering at the public offering price of $ per right.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expenses of the dividend reinvestment plan are included in "other expenses." See "Dividend
Reinvestment Plan".

&nbsp;&nbsp;&nbsp;&nbsp;(4) The "consolidated net assets attributable to common stock" used to calculate the percentages
in this table is our average assets of $ for the year ended December 31, 202 .

&nbsp;&nbsp;&nbsp;&nbsp;(5) The base management fee is calculated at an annual rate of 1.25% of our total assets (excluding cash and
cash equivalents) up to an amount equal to 200% of the net asset value of the Company and 1.00% thereafter, payable quarterly in arrears,
as provided in the amended and restated investment advisory agreement which was executed in connection with the Merger. The percentage
shown in the table, which assumes all capital and leverage is invested at the maximum level, is calculated by determining the ratio that
the aggregate base management fee bears to our net assets attributable to common stock and not total assets. We make this conversion because
all of our interest is indirectly borne by our common stockholders. If we borrow money or issue preferred stock and invest the proceeds
other than in cash and cash equivalents, our base management fees will increase. The base management fee for any partial quarter is appropriately
prorated.

&nbsp;&nbsp;&nbsp;&nbsp;(6) 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 incentive compensation is payable quarterly in arrears (or upon termination of the Advisor as the investment manager,
as of the termination date). For assets held on January 1, 2013, capital gain, loss and depreciation are measured on an asset by asset
basis against the value thereof as of December 31, 2012. The capital gains component is paid or distributed in full prior to payment or
distribution of the ordinary income component.

&nbsp;&nbsp;&nbsp;&nbsp;(7) "Interest Payments on Borrowed Funds" represents interest and fees estimated to be accrued
on the SVCP Credit Facility, TCPC Funding Facility II, and the Merger Sub Facility (the "Credit Facilities") and amortization
of debt issuance costs, and assumes the Credit Facilities are fully drawn (subject to asset coverage limitations under the 1940 Act) and
that the interest rate on the debt issued (i) under the Operating Facility, which was    %, (ii) under the Funding Facility II which was
   % and (iii) under the Merger Sub Facility which was    %. "Interest Payments on Borrowed Funds" additionally represents interest
and fees estimated to be accrued on our $ million in aggregate principal amount of notes due 2025, which bear interest at an annual rate
of 6.85% on the fixed tranche and 7.71% on the floating tranche, payable semi-annually and quarterly, respectively, $ million in aggregate
principal amount of notes due 2026, which bear interest at an annual rate of 2.85%, payable semi-annually, our $ million in aggregate
principal amount of notes due 2029, which bear interest at an annual rate of 6.95%, payable semi-annually and our $141.5 million of committed
leverage from the SBA, which SBA debentures, once drawn, bear an interim interest rate of LIBOR plus 30 basis points, are non-recourse
and may be prepaid at any time without penalty, and assumes that the committed leverage from the SBA is fully drawn. When we borrow money
or issue preferred stock, all of our interest and preferred stock dividend payments are indirectly borne by our common stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(8) "Other Expenses" includes our estimated overhead expenses, including expenses of the Advisor
reimbursable under the investment management agreement and of the Administrator reimbursable under the administration agreement except
for certain administration overhead costs which are not currently contemplated to be charged to us. Such expense estimate, other than
the Administrator expenses, is based on actual other expenses for the period ended    , 202 .

**Example**

The following example demonstrates the projected dollar amount of total cumulative expenses (including stockholder transaction expenses and annual expenses) that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses remain at the levels set forth in the table above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1<br> Year** | **3<br> Years** | **5<br> Years** | **10 Years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income<sup>(1)</sup> |  |  |  |  |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains<sup>(2)</sup> |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) All incentive compensation (on both net investment income and net realized gains) is subject to a total
return hurdle of 7%. Consequently, no incentive compensation would be incurred in this scenario.

&nbsp;&nbsp;&nbsp;&nbsp;(2) All incentive compensation (on both net investment income and net realized gains) is subject to a total
return hurdle of 7%. Consequently, no incentive compensation would be incurred in this scenario. Assumes no unrealized capital depreciation.

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. [There is no incentive compensation either on income or on capital gains under our investment management agreement assuming a 5% annual return and therefore it is not included in the example.] If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive compensation of a material amount, our distributions to our common stockholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend or distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend. See "Dividend Reinvestment Plan" for additional information regarding our dividend reinvestment plan.

Except where the context suggests otherwise, whenever this prospectus supplement or the accompanying prospectus contains a reference to fees or expenses paid by "you," the "Company," or "us," our common stockholders will indirectly bear such fees or expenses.

**This example and the expenses in the table above should not be considered a representation of our future expenses. Actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.**

**RISK FACTORS**

**Risks Relating To The Offering**

**The market price of our common stock may decline following the offering and our shares of common stock may trade at discounts from net asset value.**

Shares of closed-end investment companies frequently trade at a market price that is less than the net asset value that is attributable to those shares. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. It is not possible to predict whether any shares of common stock or rights will trade at, above, or below net asset value. The risk of loss associated with this characteristic of closed-end investment companies may be greater for investors expecting to sell shares of common stock purchased in the offering soon after the offering.

**There is no established trading market for the rights, which could make it more difficult for you to sell rights and could adversely affect their price.**

There can be no assurances that an active public market for the rights will develop as a result of the offering of the rights by any selling holder or that, if such a market develops, it will be maintained. [The rights will be listed on under the symbol " "] Future trading prices of the rights will depend on many factors, including our operating results, the market for similar securities, the performance of our common stock (including the requirement that we suspend the offering under certain circumstances) and our ability to terminate the offering of the rights if the subscription price is less than % of the net asset value attributable to a share of common stock disclosed in the most recent periodic report we filed with the SEC.

**We may terminate the rights offering at any time prior to delivery of the shares of our common stock offered hereby, and neither we nor the subscription agent will have any obligation to you except to return your subscription payments, without interest.**

We may, in our sole discretion, terminate the rights offering at any time prior to delivery of the shares of our common stock offered hereby, if the subscription price is less than % of the net asset value attributable to a share of common stock disclosed in the most recent periodic report we filed with the SEC. If the rights offering is terminated, all rights will expire without value and the subscription agent will return as soon as practicable all exercise payments, without interest. [No amounts paid to acquire rights on [insert name of any applicable exchange on which rights are listed] or otherwise will be returned.]

**Your interest in us may be diluted if you do not fully exercise your subscription rights. In addition, if the subscription price is less than our net asset value per share, then you would experience an immediate dilution of the aggregate net asset value of your shares.**

Stockholders who do not fully exercise their subscription rights should expect that they will, at the completion of the offering, own a smaller proportional interest in us than would otherwise be the case if they fully exercised their rights. We cannot state precisely the amount of any such dilution in share ownership because we do not know at this time what proportion of the shares will be purchased as a result of the offering.

In addition, if the subscription price is less than our net asset value per share, then our stockholders would experience an immediate dilution of the aggregate net asset value of their shares as a result of the offering. The amount of any decrease in net asset value is not predictable because it is not known at this time what the subscription price and net asset value per share will be on the expiration date of the offering or what proportion of the shares will be purchased as a result of the offering. Such dilution could be substantial.

The fact that the rights are transferable may reduce the effects of any dilution as a result of the offering. Rights holders can transfer or sell their rights. The cash received from the sale of rights is partial compensation for any possible dilution. There can be no assurances, however, that a market for the rights will develop or the rights will have any value in that market.

[Insert any other risk factors applicable to the rights and any additional relevant risk factors not included in the base prospectus to the extent required to be disclosed by applicable law or regulation.]

**THE RIGHTS OFFERING**

**Purpose Of The Offering**

Our board of directors has determined in good faith that the offering would result in a net benefit to the existing stockholders because [describe reasons]. The offering gives existing stockholders the right to purchase additional shares at a price that is expected to be below the then-current trading price without paying any commission or sales charges (although, if you exercise your rights through a financial institution, you will be responsible for paying any fees that such institution may charge). In connection with the approval of the offering, our board of directors considered, among other things, the following factors:

[Describe factors]

**Terms Of The Offering**

We are issuing to record date stockholders transferable rights to subscribe for an aggregate of up to shares of our common stock. Each record date stockholder is being issued one transferable right for each shares of our common stock owned on the record date. The rights entitle each holder to acquire at the subscription price one share of our common stock for every right held, which we refer to as the basic subscription. Rights may be exercised at any time during the subscription period, which commences on , 202 , the record date, and ends at 5:00 p.m., New York City time, on , 202 , the expiration date, which may be extended by us in our sole discretion.

The rights will be evidenced by subscription certificates that will be mailed to stockholders, except as discussed below under "-Foreign Stockholders." We will not issue fractional rights.

[The rights are transferable and will be listed on under the symbol " "] Rights holders who are not record date stockholders may purchase shares as described above, which we refer to as the basic subscription[, and may be entitled to subscribe for shares pursuant to the over-subscription privilege (as described below)]. Non-record date rights holders who purchase shares in the basic subscription[ or pursuant to the over-subscription privilege], together with record date stockholders who purchase shares, are hereinafter referred to as participating rights holders.

[Shares for which there is no subscription during the basic subscription will be offered, by means of the over-subscription privilege, first to record date stockholders who fully exercise the rights issued to them pursuant to the offering and who wish to acquire more than the number of shares they are entitled to purchase pursuant to the exercise of their rights. In addition, any non-record date rights holder who exercises rights is entitled to subscribe for remaining shares that are not otherwise subscribed for by record date stockholders. Shares acquired pursuant to the over-subscription privilege are subject to certain limitations and pro rata allocations. See "-Over-Subscription Privilege" below.]

For purposes of determining the number of shares a record date stockholder may acquire pursuant to the offering, broker-dealers, trust companies, banks or others whose shares are held of record by Cede & Co. ("Cede") or by any other depository or nominee will be deemed to be the holders of the rights that are issued to Cede or the other depository or nominee on their behalf.

There is no minimum number of rights that must be exercised in order for the offering to close.

**[Over-Subscription Privilege**

Shares not subscribed for by rights holders, which we refer to as remaining shares, will be offered, by means of the over-subscription privilege, first to record date stockholders who have fully exercised the rights issued to them and who wish to acquire more than the number of shares they are entitled to purchase pursuant to the basic subscription. Rights holders should indicate on the subscription certificate that they submit with respect to the exercise of the rights issued to them how many additional shares they are willing to acquire pursuant to the over-subscription privilege. If there are sufficient remaining shares, all record date stockholders' over-subscription requests will be honored in full. If record date stockholder requests for shares pursuant to the over-subscription privilege exceed the remaining shares available, the available remaining shares will be allocated pro-rata among record date stockholders who over-subscribe based on the number of shares held on the record date. The percentage of remaining shares each

over-subscribing stockholder may acquire will be rounded down to result in delivery of whole shares. The allocation process may involve a series of allocations to assure that the total number of remaining shares available for over-subscriptions is distributed on a pro-rata basis. The formula to be used in allocating the remaining shares is as follows:

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| | | |
|:---|:---|:---|
| Stockholder's Record Date Position | x | Remaining Shares |
| Total Record Date Position of All Over-Subscribers | x | Remaining Shares |

---

Any rights holder other than a record date stockholder who exercises rights is entitled to subscribe for remaining shares that are not otherwise over-subscribed for by record date stockholders. These non-record date rights holders should indicate, in the subscription certificate submitted with respect to the exercise of any rights, how many shares they are willing to acquire pursuant to the over-subscription privilege. There can be no assurance that non-record date rights holders will receive shares pursuant to the over-subscription privilege.

If sufficient remaining shares are available after the over-subscription privileges for the record date stockholders have been allotted, then all over-subscriptions by non-record date rights holders will be honored in full. If the remaining shares are insufficient to permit such allocation, the remaining shares will be allocated pro-rata among the non-record date rights holders who wish to exercise their over-subscription privilege, based on the number of rights held by such rights holders on the expiration date; provided, however, that if this pro-rata allocation results in any holder being allocated a greater number of shares than the holder subscribed for pursuant to the exercise of the over-subscription privilege, then such holder will be allocated only such number of shares pursuant to the over-subscription privilege as such holder subscribed for. The formula to be used in allocating the shares available to non-record date rights holders exercising their over-subscription privilege is as follows:

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| | | |
|:---|:---|:---|
| Non-Record Date Rights Holder's Rights<br> Ownership as of the Expiration Date | x | Shares Available for Non-Record Date Rights Holders Exercising Their Over-Subscription Privilege |
| Total Rights Ownership as of the Expiration Date of Non-Record Date<br> Rights Holders Exercising Their Over-Subscription Privilege | x | Shares Available for Non-Record Date Rights Holders Exercising Their Over-Subscription Privilege |

---

Banks, brokers, trustees and other nominee holders of rights will be required to certify to the subscription agent, before any over-subscription privilege may be exercised with respect to any particular beneficial owner, as to the aggregate number of rights exercised pursuant to the basic subscription and the number of shares subscribed for pursuant to the over-subscription privilege by such beneficial owner.

We will not offer or sell in connection with the offering any shares that are not subscribed for pursuant to the basic subscription or the over-subscription privilege.]

**The Subscription Price**

The subscription price for the shares to be issued pursuant to the offering will be [describe means of computing subscription price]. Because the subscription price will be determined on the expiration date, rights holders will not know the subscription price at the time of exercise and will be required initially to pay for both the shares subscribed for pursuant to their basic subscription rights [and, if eligible, any additional shares subscribed for pursuant to the over-subscription privilege,] at the estimated subscription price of $ per share. Rights holders who exercise their rights will have no right to rescind a purchase after receipt of their completed subscription certificates together with payment for shares or a notice of guaranteed delivery by the subscription agent.

**Expiration Of The Offering**

The offering will expire at 5:00 p.m., New York City time, on , 202 , unless extended by us in our sole discretion. The rights will expire on the expiration date of the offering and may not be exercised thereafter.

Any extension of the offering will be followed as promptly as practicable by announcement thereof, and in no event later than 9:00 a.m., New York City time, on the next business day following the previously scheduled expiration date. Without limiting the manner in which we may choose to make such announcement, we will not, unless otherwise required by law, have any obligation to publish, advertise or otherwise communicate any such announcement other than by issuing a press release or such other means of announcement as we deem appropriate.

**Amendments And Waivers; Termination**

We reserve the right to amend the terms and conditions of the offering, whether the amended terms are more or less favorable to you. We will comply with all applicable laws, including the federal securities laws, in connection with any such amendment.

We will decide all questions as to the validity, form and eligibility (including times of receipt, beneficial ownership and compliance with other procedural matters) in our sole discretion, and our determination shall be final and binding. The acceptance of subscription certificates and the subscription price also will be determined by us. Alternative, conditional or contingent subscriptions will not be accepted. We reserve the right to reject any exercise if such exercise is not in accordance with the terms of the offering or not in proper form or if the acceptance thereof or the issuance of shares of our common stock thereto could be deemed unlawful. We, in our sole discretion, may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as we may determine, or reject the purported exercise of any right. Subscriptions will not be deemed to have been received or accepted until all irregularities have been waived or cured within such time as we determine in our sole discretion. We will not be under any duty to give notification of any defect or irregularity in connection with the submission of subscription certificates or incur any liability for failure to give such notification.

We may, in our sole discretion, terminate the rights offering at any time prior to delivery of the shares of our common stock offered hereby if the subscription price is less than % of the net asset value attributable to a share of common stock disclosed in the most recent periodic report we filed with the SEC by giving oral or written notice thereof to the subscription agent and making a public announcement thereof. If the offering is terminated, all rights will expire without value and we will promptly arrange for the refund, without interest, of all funds received from holders of rights. All monies received by the subscription agent in connection with the offering will be held by the subscription agent, on our behalf, in a segregated interest-bearing account at a negotiated rate. All such interest shall be payable to us even if we determine to terminate the offering and return your subscription payment. [In addition, no amounts paid to acquire rights on [insert name of any applicable exchange on which rights are listed] or otherwise will be returned.]

**Dilutive Effects**

Any stockholder who chooses not to participate in the offering should expect to own a smaller interest in us upon completion of the offering. The offering will dilute the ownership interest and voting power of stockholders who do not fully exercise their basic subscription rights. The amount of dilution that a stockholder will experience could be substantial. Further, because the net proceeds per share from the offering may be lower than our net asset value per share, the offering may reduce our net asset value per share. The amount of dilution that a stockholder will experience could be substantial.

Shares of closed-end investment companies have in the past frequently traded at discounts to their net asset values. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share may decline. We cannot predict whether our shares will trade above, at or below our net asset value.

[The transferable feature of the rights will afford non-participating stockholders the potential of receiving cash payment upon the sale of rights, receipt of which may be viewed as partial compensation for the dilution of their interests.]

**Information Agent**

will act as the information agent in connection with the offering. The information agent will receive for its services a fee estimated to be approximately $ plus reimbursement of all out-of-pocket expenses related to the offering. can be contacted at the below address:

[Information Agent Address]

**Subscription Agent**

will act as the subscription agent in connection with the offering. The subscription agent will receive for its administrative, processing, invoicing and other services a fee estimated to be approximately $, plus reimbursement of all out-of-pocket expenses related to the offering.

Completed subscription certificates must be sent together with full payment of the subscription price for all shares subscribed for in the basic subscription[ and pursuant to the over-subscription privilege] to the subscription agent by one of the methods described below. Alternatively, an Eligible Guarantor Institution may send notices of guaranteed delivery by facsimile to which must be received by the subscription agent at or prior to 5:00 p.m., New

York City time, on the expiration date of the offering. Facsimiles should be confirmed by telephone at . We will accept only properly completed and duly executed subscription certificates actually received at any of the addresses listed below, at or prior to 5:00 p.m., New York City time, on the expiration date of the offering or by the close of business on the third business day after the expiration date of the offering following timely receipt of a notice of guaranteed delivery. See "-Payment for Shares" below. In this prospectus supplement and the accompanying prospectus, close of business means 5:00 p.m., New York City time, on the relevant date.

---

| | |
|:---|:---|
| **Subscription Certificate Delivery Method** | **Address/Number** |
| By Notice of Guaranteed Delivery: | Contact an Eligible Guarantor Institution, which may include a commercial bank or trust company, a member firm of a domestic stock exchange or a savings bank or credit union, to notify us of your intent to exercise the rights. |
| By First Class Mail Only: (No Overnight/Express Mail) | BlackRock TCP Capital Corp. Rights Offering |
|  | [Subscription Agent Address] |
| By Overnight Delivery: |  |
|  | BlackRock TCP Capital Corp. Rights Offering |
|  | [Subscription Agent Address] |

---

**Delivery to an address other than one of the addresses listed above will not constitute valid delivery.**

Any questions or requests for assistance concerning the method of subscribing for shares or for additional copies of this prospectus or subscription certificates or notices of guaranteed delivery may be directed to the information agent at its telephone number and address listed below:

[Information Agent Address and Telephone Number]

Stockholders may also contact their broker-dealers or nominees for information with respect to the offering.

**Methods For Exercising Rights**

Rights are evidenced by subscription certificates that, except as described below under "-Foreign Stockholders," will be mailed to record date stockholders or, if a record date stockholder's shares are held by Cede or any other depository or nominee on their behalf, to Cede or such depository or nominee. Rights may be exercised by completing and signing the subscription certificate that accompanies this prospectus and mailing it in the envelope provided, or otherwise delivering the completed and duly executed subscription certificate to the subscription agent, together with payment in full for all shares subscribed for in the basic subscription and pursuant to the over-subscription privilege at the estimated subscription price by the expiration date of the offering. Rights may also be exercised by contacting your broker, trustee or other nominee, who can arrange, on your behalf, to guarantee delivery of payment and delivery of a properly completed and duly executed subscription certificate pursuant to a notice of guaranteed delivery by the close of business on the third business day after the expiration date. A fee may be charged for this service. Completed subscription certificates and related payments must be received by the subscription agent prior to 5:00 p.m., New York City time, on or before the expiration date (unless payment is effected by means of a notice of guaranteed delivery as described below under "-Payment for Shares") at the offices of the subscription agent at one of the addresses set forth above.

**[Exercise of the Over-Subscription Privilege**

Record date stockholders who fully exercise all rights issued to them and rights holders other than record date stockholders, may both participate in the over-subscription privilege by indicating on their subscription certificate the number of shares they are willing to acquire. If sufficient remaining shares are available after the initial subscription, all over-subscriptions will be honored in full; otherwise remaining shares will be allocated first to record date stockholders and then (if any remaining shares are still available) to non-record date rights holders, and the number of remaining shares issued to some or all exercising rights holders participating in the over-subscription privilege may be reduced as described under "-Over-Subscription Privilege" above.]

**Record Date Stockholders Whose Shares are Held by a Nominee**

Record date stockholders whose shares are held by a nominee, such as a bank, broker-dealer or trustee, must contact that nominee to exercise their rights. In that case, the nominee will complete the subscription certificate on behalf of the record date stockholder and arrange for proper payment by one of the methods set forth under "-Payment for Shares" below.

**Nominees**

Nominees, such as brokers, trustees or depositories for securities, who hold shares for the account of others should notify the respective beneficial owners of the shares as soon as possible to ascertain the beneficial owners' intentions and to obtain instructions with respect to the rights. If the beneficial owner so instructs, the nominee should complete the subscription certificate and submit it to the subscription agent with the proper payment as described under "-Payment for Shares" below.

All questions as to the validity, form, eligibility (including times of receipt and matters pertaining to beneficial ownership) and the acceptance of subscription forms and the subscription price will be determined by us, which determinations will be final and binding. No alternative, conditional or contingent subscriptions will be accepted. We reserve the right to reject any exercise if such exercise is not in accordance with the terms of the offering or not in proper form or if the acceptance thereof or the issuance of shares of our common stock thereto could be deemed unlawful.

**Foreign Stockholders**

Stockholders whose record addresses are outside the United States (for these purposes, the United States includes its territories and possessions and the District of Columbia) will receive written notice of the rights offering; however, subscription certificates will not be mailed to such stockholders. The subscription agent will hold the rights to which those subscription certificates relate for these stockholders' accounts until instructions are received to exercise the rights and such stockholders establish to the satisfaction of the subscription agent that they are permitted to exercise their subscription rights under applicable law. In addition, such stockholders must take all other steps that are necessary to exercise their subscription rights on or prior to the date required for participation in the rights offering. If no instructions have been received by 5:00 p.m., New York City time, on , 202 , three

business days prior to the expiration date (or, if the offering is extended, on or before three business days prior to the extended expiration date), the subscription agent will transfer the rights of these stockholders to the dealer managers, who will either purchase the rights or use their best efforts to sell them. The net proceeds, if any, from the sale of those rights will be remitted to these stockholders. If those rights are not purchased or sold prior to the expiration of the rights offering, they will expire.

**Payment For Shares**

Participating rights holders may choose between the following methods of payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A participating rights holder may send the subscription certificate together with payment for the shares acquired in the basic subscription [ and any additional shares subscribed for pursuant to the over-subscription privilege] to the subscription agent based on the estimated subscription price of $. To be accepted, the payment, together with a properly completed and executed subscription certificate, must be received by the subscription agent at one of the subscription agent's offices set forth above, at or prior to 5:00 p.m., New York City time, on the expiration date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A participating rights holder may request an Eligible Guarantor Institution as that term is defined in Rule 17Ad-15 under the Exchange Act of 1934, as amended, to send a notice of guaranteed delivery by facsimile or otherwise guaranteeing delivery of (i) payment of the full estimated subscription price of $ per share for the shares subscribed for in the basic subscription[ and any additional shares subscribed for pursuant to the over-subscription privilege] and (ii) a properly completed and duly executed subscription certificate. The subscription agent will not honor a notice of guaranteed delivery unless a properly completed and duly executed subscription certificate and full payment for the shares is received by the subscription agent at or prior to 5:00 p.m., New York City time, on , 202 (or, if the offering is extended, by the close of business three business days after the extended expiration date).

Participating rights holders will have no right to rescind their subscription after receipt of their payment for shares or a notice of guaranteed delivery by the subscription agent, except as provided above under "-Notice of Net Asset Value Decline."

All payments by a participating rights holder must be in U.S. dollars by money order or check or bank draft drawn on a bank or branch located in the United States and payable to . The subscription agent will hold all funds received by it pending distribution to us after consummation of the rights offering. If the offering is terminated, we will promptly arrange for the refund, without interest, of all funds received from holders of rights.

The method of delivery of subscription certificates and payment of the subscription price to us will be at the election and risk of the participating rights holders, but if sent by mail it is recommended that such certificates and payments be sent by registered mail, properly insured, with return receipt requested, and that a sufficient number of days be allowed to ensure delivery to the subscription agent and clearance of payment prior to 5:00 p.m., New York City time, on the expiration date or the date guaranteed payments are due under a notice of guaranteed delivery (as applicable). Because uncertified personal checks may take at least five business days to clear, you are strongly urged to pay, or arrange for payment, by means of certified or cashier's check or money order.

On a date within business days following the expiration date, the subscription agent will send to each participating rights holder (or, if rights are held by Cede or any other depository or nominee, to Cede or such other depository or nominee) a confirmation showing (i) the number of shares purchased pursuant to the basic subscription; [(ii) the number of shares, if any, acquired pursuant to the over-subscription privilege; ] (iii) the per share and total purchase price for such shares; and (iv) any additional amount payable to us by the participating rights holder or any excess to be refunded by us to the participating rights holder, in each case based on the subscription price as determined on the expiration date. If any participating rights holder, if eligible, exercises his or her right to acquire shares pursuant to the over-subscription privilege, any excess payment which would otherwise be refunded to him or her will be applied by us toward payment for shares acquired pursuant to the exercise of the over-subscription privilege. Any additional payment required from a participating rights holder must be received by the subscription agent within ten business days after the confirmation date. Any excess payment to be refunded by us to a participating rights holder will be mailed by the subscription agent to the rights holder as promptly as practicable. No interest will be paid on any amounts refunded.

Whichever of the two methods described above is used, issuance of the shares purchased is subject to collection of checks and actual payment. If a participating rights holder who subscribes for shares pursuant to the basic subscription or over-subscription privilege does not make payment of any amounts due by the expiration date, the date guaranteed payments are due under a notice of guaranteed delivery or within ten business days of the confirmation date, as applicable, the subscription agent reserves the right to take any or all of the following actions: (i) find other participating rights holders who wish to subscribe for such subscribed and unpaid for shares; (ii) apply any payment actually received by it from the participating rights holder toward the purchase of the greatest whole number of shares which could be acquired by such participating rights holder upon exercise of the basic subscription and/or the over-subscription privilege; and/or (iii) exercise any and all other rights or remedies to which it may be entitled, including, without limitation, the right to set off against payments actually received by it with respect to such subscribed for shares.

We will decide all questions as to the validity, form and eligibility (including times of receipt, beneficial ownership and compliance with other procedural matters) in our sole discretion, and our determination shall be final and binding. We, in our sole discretion, may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as we may determine, or reject the purported exercise of any right. Subscriptions will not be deemed to have been received or accepted until all irregularities have been waived or cured within such time as we determine in our sole discretion. We will not be under any duty to give notification of any defect or irregularity in connection with the submission of subscription certificates or incur any liability for failure to give such notification.

**[Sale Of Rights**

**The Rights are Transferable until the Trading Day Immediately Preceding the Expiration Date**

[The rights will be listed on under the symbol " ." While we and the dealer managers will use our and their best efforts to ensure that an adequate trading market for the rights will exist, no assurance can be given that a market for the rights will develop. Trading in the rights on is expected to be conducted beginning on or about , 202 . The rights are transferable and are expected to continue trading until and including , 202 (or if the offering is extended, until the trading day immediately prior to the extended expiration date). Rights holders are encouraged to contact their broker-dealer, bank, trustee or other nominees for more information about trading of the rights.]

**Sales through the Subscription Agent and the Dealer Managers**

Stockholders who do not wish to exercise any or all of their rights may instruct the subscription agent to sell any rights they do not intend to exercise themselves through or to a dealer manager. Subscription certificates representing the rights to be sold through or to a dealer manager must be received by the subscription agent on or before , 202 (or if the offering is extended, until two business days prior to the extended expiration date).

Upon the timely receipt by the subscription agent of appropriate instructions to sell rights, the subscription agent will ask the dealer managers either to purchase or to use their best efforts to complete the sale and the subscription agent will remit the proceeds of the sale to the selling stockholders. If the rights can be sold, sales of such rights will be deemed to have been effected at the weighted-average price received by the selling dealer manager on the day such rights are sold. The sale price of any rights sold to the dealer managers will be based upon the then current market price for the rights. The dealer managers will also attempt to sell all rights which remain unclaimed as a result of subscription certificates being returned by the postal authorities to the subscription agent as undeliverable as of the business day prior to the expiration date of the offering. The subscription agent will hold the proceeds from those sales for the benefit of such non-claiming stockholders until such proceeds are either claimed or revert to the state pursuant to applicable state law. There can be no assurance that the dealer managers will purchase or be able to complete the sale of any such rights, and neither we nor the dealer managers have guaranteed any minimum sales price for the rights. If a stockholder does not utilize the services of the subscription agent and chooses to use another broker-dealer or other financial institution to sell rights, then the other broker-dealer or financial institution may charge a fee to sell the rights.

**Other Transfers**

The rights evidenced by a subscription certificate may be transferred in whole by endorsing the subscription certificate for transfer in accordance with the accompanying instructions. A portion of the rights evidenced by a single subscription certificate may be transferred by delivering to the subscription agent a subscription certificate properly endorsed for transfer, with instructions to register such portion of the rights evidenced thereby in the name of the transferee and to issue a new subscription certificate to the transferee evidencing such transferred rights. In such event, a new subscription certificate evidencing the balance of the rights, if any, will be issued to the stockholder or, if the stockholder so instructs, to an additional transferee. The signature on the subscription certificate must correspond to the name as written upon the face of the subscription certificate, without alteration or enlargement, or any change. A signature guarantee must be provided by an Eligible Guarantor Institution as that term is defined in Rule 17Ad-15 under the Exchange Act, subject to the standards and procedures adopted by us.

Stockholders wishing to transfer all or a portion of their rights should allow at least five business days prior to the expiration date of the offering for (i) the transfer instructions to be received and processed by the subscription agent; (ii) a new subscription certificate to be issued and transmitted to the transferee or transferees with respect to

transferred rights, and to the transferor with respect to retained rights, if any; and (iii) the rights evidenced by such new subscription certificate to be exercised or sold by the recipients thereof. Neither we nor the subscription agent nor the dealer managers shall have any liability to a transferee or transferor of rights if subscription certificates are not received in time for exercise prior to the expiration date of the offering or sale prior to the day immediately preceding the expiration date of the offering (or, if the offering is extended, the extended expiration date).

Except for the fees charged by the subscription agent, information agent and dealer managers, which will be paid by us, all commissions, fees and other expenses (including brokerage commissions and transfer taxes) incurred or charged in connection with the purchase, sale or exercise of rights will be for the account of the transferor of the rights, and none of those commissions, fees or expenses will be paid by us, the subscription agent, information agent or the dealer managers.

We anticipate that the rights will be eligible for transfer through, and that the exercise of the basic subscription and the over-subscription privilege may be effected through, the facilities of the Depository Trust Company or DTC.]

**Delivery Of Stock Certificates**

Stock certificates will not be issued for shares of our common stock offered in the offering. Stockholders who are record owners will have the shares they acquire credited to their account with our transfer agent. All future dividends paid on such shares will be reinvested into additional shares or paid in cash if you have made such an election in connection with our dividend reinvestment plan. Stockholders whose common stock are held by a nominee will have the shares they acquire credited to the account of such nominee holder.

**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS OF THE OFFERING**

[Insert disclosure regarding material U.S. federal income tax considerations of the offering to the extent required to be disclosed by applicable law or regulation.]

**ERISA CONSIDERATIONS**

Stockholders who are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, which we refer to as ERISA (including corporate savings and 401(k) plans), Keogh or H.R. 10 plans of self-employed individuals and individual retirement accounts should be aware that additional contributions of cash to a retirement plan (other than rollover contributions or trustee-to-trustee transfers from other retirement plans) in order to exercise rights would be treated as contributions to the retirement plan and, when taken together with contributions previously made, may result in, among other things, excise taxes for excess or nondeductible contributions. In the case of retirement plans qualified under Section 401(a) of the Code and certain other retirement plans, additional cash contributions could cause the maximum contribution limitations of Section 415 of the Code or other qualification rules to be violated. It may also be a reportable distribution and there may be other adverse tax and ERISA consequences if rights are sold or transferred by a retirement plan.

Retirement plans and other tax exempt entities, including governmental plans, should also be aware that if they borrow in order to finance their exercise of rights, they may become subject to the tax on unrelated business taxable income under Section 511 of the Code. If any portion of an individual retirement account is used as security for a loan, the portion so used is also treated as distributed to the IRA depositor.

ERISA contains fiduciary responsibility requirements, and ERISA and the Code contain prohibited transaction rules that may impact the exercise of rights. Due to the complexity of these rules and the penalties for noncompliance, retirement plans should consult with their counsel and other advisers regarding the consequences of their exercise of rights under ERISA and the Code.

**DISTRIBUTION ARRANGEMENTS**

, each a broker-dealer and member of FINRA, will act as dealer managers for the offering. Under the terms and subject to the conditions contained in the dealer manager agreement, the dealer managers will provide financial advisory and marketing services in connection with the offering and will solicit the acquisition and/or exercise of rights by stockholders and others[ and participation in the over-subscription privilege]. The dealer managers may use

this prospectus for any or all of such activities. The offering is not contingent upon any number of rights being exercised. We have agreed to pay the dealer managers a fee for their financial advisory, marketing and soliciting services equal to % of the aggregate subscription price for shares issued pursuant to the offering. The dealer managers will reallow to other broker-dealers that have executed and delivered a soliciting dealer agreement and have solicited the exercise of rights, solicitation fees equal to % of the subscription price per share for each share issued pursuant to the exercise of rights [and the over-subscription privilege] as a result of their soliciting efforts.

In addition, we have agreed to reimburse the dealer managers an aggregate amount up to $ for their expenses incurred in connection with the offering. We have agreed to indemnify the dealer managers and the soliciting dealers for, or contribute to losses arising out of, certain liabilities, including liabilities under the Securities Act. The dealer manager agreement also provides that the dealer managers will not be subject to any liability to us in rendering the services contemplated by the dealer manager agreement except for any act of bad faith, willful misfeasance or gross negligence of such dealer manager or reckless disregard by such dealer manager of its obligations and duties under the dealer manager agreement.

[Insert principal business addresses of dealer managers.]

We have agreed, with certain exceptions, with the dealer managers that, for a period of days following the date of this prospectus, we will not offer, pledge, sell, contract to sell or otherwise dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exchangeable for shares of our common stock, or file any registration statement with respect thereto without the prior written consent of . In addition, our executive officers, directors, members of our investment committee, the Advisor and certain of its affiliates have agreed, with certain exceptions, with the dealer managers that, for a period of days following the date of this prospectus, that they will not offer, pledge, sell, contract to sell or otherwise dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exchangeable for shares of our common stock without the prior written consent of . However, those dealer managers may, in their sole discretion and at any time without notice, release all or any portion of the securities subject to these agreements.

The dealer managers and their affiliates have provided in the past and may provide from time to time in the future in the ordinary course of their business certain commercial banking, financial advisory, investment banking and other services to the Advisor and its affiliates and the Company or our portfolio companies for which they have received or will be entitled to receive separate fees. In particular, the dealer managers or their affiliates may execute transactions with the Company or on behalf of the Company, the Advisor or any of our or its portfolio companies, affiliates and/or managed funds. In addition, the dealer managers or their affiliates may act as arrangers, underwriters or placement agents for companies whose securities are sold to or whose loans are syndicated to the Advisor or the Company and their affiliates and managed funds.

The dealer managers or their affiliates may also trade in our securities, securities of our portfolio companies or other financial instruments related thereto for their own accounts or for the account of others and may extend loans or financing directly or through derivative transactions to the Advisor or the Company or any of the portfolio companies.

We may purchase securities of third parties from the dealer managers or their affiliates after the offering. However, we have not entered into any agreement or arrangement regarding the acquisition of any such securities, and we may not purchase any such securities. We would only purchase any such securities if-among other things-we identified securities that satisfied our investment needs and completed our due diligence review of such securities.

After the date of this prospectus supplement, the dealer managers and their affiliates may from time to time obtain information regarding specific portfolio companies or us that may not be available to the general public. Any such information is obtained by the dealer managers and their affiliates in the ordinary course of its business and not in connection with the offering. In addition, after the expiration of the offering, the dealer managers or their affiliates may develop analyses or opinions related to the Advisor or the Company or our portfolio companies and buy or sell interests in one or more of our portfolio companies on behalf of their proprietary or client accounts and may engage in competitive activities. There is no obligation on behalf of these parties to disclose their respective analyses, opinions or purchase and sale activities regarding any portfolio company or regarding the Company to our rightsholders or any other persons.

Prior to the expiration of the offering, the dealer managers may independently offer for sale shares, including shares acquired through purchasing and exercising the rights, at prices they set. The dealer managers may realize profits or losses independent of any fees described in this prospectus supplement and accompanying prospectus.

[Describe any other specific transactions and compensation related thereto to the extent required to be disclosed by applicable law or regulation.]

[Describe if dealer managers receiving proceeds of offering, if required by FINRA.]

**USE OF PROCEEDS**

Assuming shares of our common stock are sold at an estimated subscription price of $, the net proceeds from this offering will be approximately $ million, after deducting dealer manager fees and other expenses of $ related to the offering payable by us. There can be no assurance that all of the rights will be exercised in full, and the subscription price will not be determined until the close of business on the expiration date.

[Describe use of proceeds and include any other relevant information to the extent required to be disclosed by applicable law or regulation.]

**CAPITALIZATION**

The following table sets forth (1) our actual capitalization at , 202 and (2) our capitalization on a pro forma basis giving effect to the sale of shares of our common stock in this offering, assuming all rights are exercised at the estimated subscription price of $, after deducting dealer manager fees and other expenses related to this offering payable by us. You should read this table together with "Use of Proceeds" in this prospectus supplement and the accompanying prospectus.

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| | | |
|:---|:---|:---|
|  | **As of ___, 202__** | **As of ___, 202__** |
|  | **Actual** | **Pro forma** |
| **Assets:** |  |  |
| Cash and cash equivalents | $| $|
| Investments |  |  |
| Other assets |  |  |
| Total assets | $| $|
| **Liabilities:** |  |  |
| SVCP Credit Facility<sup>(1)</sup> |  |  |
| TCPC Funding Facility II<sup>(1)</sup> |  |  |
| Merger Sub Facility<sup>(1)</sup> |  |  |
| SBA Debentures |  |  |
| Unamortized debt issuance costs |  |  |
| Other liabilities |  |  |
| Total liabilities | $| $|
| **Stockholders' equity:** |  |  |
| Common stock, par value $0.001 per share; shares of common stock authorized; shares of common stock issued and outstanding, actual; shares of common stock issued and outstanding, pro forma |  |  |
| Paid-in capital in excess of par value |  |  |
| Accumulated net investment income |  |  |
| Accumulated net realized losses |  |  |
| Accumulated net unrealized depreciation |  |  |
| Non-controlling interest |  |  |
| Net assets applicable to common shareholders | $| $|
| **Total capitalization** | $| $|

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&nbsp;&nbsp;&nbsp;&nbsp;(1) As of    , 202 , our debt outstanding under the SVCP Credit Facility, the TCPC Funding Facility II and the
Merger Sub Facility was $ million, $ million and $ million, respectively.

**DILUTION**

As of , 202 , our net asset value was $ million, or approximately $ per share. After giving effect to the sale of shares of our common stock in this offering, assuming all rights are exercised at the estimated subscription price of $ per share, after deducting dealer manager fees and other expenses related to this offering payable by us, our pro forma net asset value would have been approximately $ million, or approximately $ per share, representing an immediate dilution of approximately $ per share to our existing stockholders.

The following table illustrates the dilutive effects of this offering on a per share basis, assuming all rights are exercised at the estimated subscription price of $ per share, after deducting dealer manager fees and other expenses related to this offering payable by us:

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| | | |
|:---|:---|:---|
|  | **As of , 202** | **As of , 202** |
|  | **Actual** | **Pro Forma** |
| Net asset value per common share | $| $|

---

---

| | | |
|:---|:---|:---|
|  | **Months Ended , 202** | **Months Ended , 202** |
|  | **Actual** | **Pro Forma** |
| Net increase in assets resulting from net investment income per common share | $| $|
| Net decrease in net assets resulting from operations per common share | $| $|
| Distributions per common share | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Basic and diluted, weighted average number of shares outstanding is .

&nbsp;&nbsp;&nbsp;&nbsp;(2) Assumes that on    , 202 , the beginning of the indicated period, (i) all rights were exercised at the
estimated subscription price of $ per share and (ii) shares of our common stock were issued upon the exercise of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Assumes actual cash distributions divided by adjusted shares, including shares issued upon exercise of
rights.

**SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS**

[Insert disclosure regarding federal income tax consequences of an investment in the rights to the extent required to be disclosed by applicable law or regulation.]

**LEGAL MATTERS**

Certain legal matters in connection with the securities offered hereby have been passed upon for the Company by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, and for the underwriters by [Underwriters' Counsel], [City, State].

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

is the independent registered public accounting firm for the Company.

**ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the 1933 Act, with respect to our securities offered by this prospectus supplement. The registration statement contains additional information about us and the exercisable rights being registered by this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus do not contain all of the information set forth in the registration statement, including any exhibits and schedules it may contain. For further information concerning us or the securities we are offering, please refer to the registration statement. Statements contained in this prospectus supplement and the accompanying prospectus as to the contents of any contract or other document referred to describe the material terms thereof but are not necessarily complete and in each instance reference is made to the copy of any contract or other document filed as an exhibit to the registration statement. Each statement is qualified in all respects by this reference.

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934. You may obtain free copies of this information and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. In addition, the SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at http://www.sec.gov.

No dealer, salesperson or other individual has been authorized to give any information or to make any representation other than those contained in this prospectus supplement and the accompanying prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by us or the underwriters. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation. Neither the delivery of this prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs or that information contained herein is correct as of any time subsequent to the date hereof.

See also "Additional Information" in the accompanying prospectus.

**Up to Shares of**

**Common Stock**

**Issuable Upon**

**Exercise of Rights to Subscribe for Such Shares**

**PROSPECTUS SUPPLEMENT**

**[Dealer Managers]**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 202**

## Exhibit 99.5

**Exhibit 99.5**

**The information in this [preliminary] prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This [preliminary] prospectus supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

SUBJECT TO COMPLETION, DATED , 202

[FORM OF [PRELIMINARY] PROSPECTUS SUPPLEMENT TO BE USED IN CONJUNCTION WITH FUTURE WARRANT OFFERINGS]<sup>(1)</sup>

[PRELIMINARY] PROSPECTUS SUPPLEMENT<br> (To Prospectus dated , 202)

![](img001.jpg)

**Warrants to Purchase up to [Type of Security]**

We (the "Company") are an externally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940 (the "1940 Act"). Our investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve this investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. Our primary investment focus is investing in and originating leveraged loans to performing middle-market companies as well as small businesses.

Tennenbaum Capital Partners, LLC (the "Advisor") serves as our investment advisor. Our Advisor is a wholly-owned, indirect subsidiary of BlackRock, Inc. (together with its subsidiaries, "BlackRock"). BlackRock is a leading publicly traded investment management firm (NYSE:BLK), with approximately $ of assets under management as of , 202 . Series H of SVOF/MM, LLC, an affiliate of our Advisor, provides the administrative services necessary for us to operate.

We are offering for sale warrants to purchase up to [type of security]. Each warrant entitles the holder to purchase [type of security]. [The underwriters may also purchase up to an additional warrants from us at the public offering price, less the underwriting discount, within days of the date of this prospectus supplement to cover overallotments. If the underwriters exercise this option in full, the total public offering price will be $, the total underwriting discount (sales load) paid by us will be $, and total proceeds, before expenses, will be $.]

The exercise price will be $ per warrant. The warrants will be exercisable beginning on , 202 , and will expire on , 202 , or earlier upon redemption.

[Our common stock is traded on The NASDAQ Global Select Market under the symbol "TCPC." The last reported closing price for our common stock on was $ per share. The net asset value per share of our common stock at (the last date prior to the date of this prospectus supplement on which we determined net asset value) was .]

**You should read this prospectus supplement and the accompanying prospectus carefully before you invest in our securities**. We may not sell any securities through agents, underwriters or dealers without delivery of the prospectus and a prospectus supplement describing the method and terms of the offering of such securities.

This prospectus supplement and the accompanying prospectus contain important information you should know before investing in our warrants. Please read it carefully before you invest and keep it for future reference. We file annual, quarterly and current reports, proxy statements and other information about us with the Securities and

S-i

Exchange Commission (the "SEC"). We maintain a website at http://www.tcpcapital.com and we make all of our annual, quarterly and current reports, proxy statements and other publicly filed information available, free of charge, on or through this website. You may also obtain free copies of our annual and quarterly reports and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28th Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. The SEC maintains a website at http://www.sec.gov where such information is available without charge upon request. Information contained on our website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

The debt securities in which we typically invest are either rated below investment grade by independent rating agencies or would be rated below investment grade if such securities were rated by rating agencies. Below investment grade securities, which are often referred to as "hybrid securities," "junk bonds" or "leveraged loans" are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may be illiquid and difficult to value and typically do not require repayment of principal prior to maturity, which potentially heightens the risk that we may lose all or part of our investment. In addition, a majority of the Company's debt investments include interest reset provisions that may make it more difficult for the borrowers to make debt repayments to the Company if the reset provision has the effect of increasing the applicable interest rate.

Investing in our securities involves a high degree of risk, including credit risk and the risk of the use of leverage. Before investing in our securities, you should read the discussion of the material risks of investing in the Company in "Risks" beginning on page S-8 of this prospectus supplement and on page S-1 of the accompanying prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | **Per Warrant** | **Total** |
| Public offering price | $| $|
| Underwriting Discount (sales load) | $| $|
| Proceeds, before expenses, to the Company<sup>(1)</sup> | $| $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) We estimate that we will incur expenses of approximately $ in connection with this offering. Such expenses
will be borne by us. Stockholders will indirectly bear such expenses. Net proceeds, after expenses and sales load, will be approximately
$.

The underwriters expect to deliver the warrants to purchasers on or about , 202 .

**Prospectus Supplement dated , 202 <sup>1</sup>**

<sup>1</sup> In addition to the sections outlined in this form of prospectus supplement, each prospectus supplement actually used in connection with an offering conducted pursuant to the registration statement to which this form of prospectus supplement is attached will be updated to include such other information as may then be required to be disclosed therein pursuant to applicable law or regulation as in effect as of the date of each such prospectus supplement, including, without limitation, information particular to the terms of each security offered thereby and any related risk factors or tax considerations pertaining thereto. This form of prospectus supplement is intended only to provide a rough approximation of the nature and type of disclosure that may appear in any actual prospectus supplement used for the purposes of offering securities pursuant to the registration statement to which this form of prospectus supplement is attached, and is not intended to and does not contain all of the information that would appear is any such actual prospectus supplement, and should not be used or relied upon in connection with any offer or sale of securities.

S-ii

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

In addition to factors previously identified elsewhere in this prospectus supplement and the accompanying prospectus, including the "Risks" section of this prospectus supplement and the accompanying prospectus, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our, or our portfolio companies', future business, operations, operating results or prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of a protracted decline in the liquidity of credit markets on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of fluctuations in interest rates on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes in laws or regulations governing our operations or the operations of our portfolio
companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general economy and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial condition of and ability of our current and prospective portfolio companies to achieve their
objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our financing resources and working capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our investment advisor to locate suitable investments for us and to monitor and administer
our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from the operations of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the timing, form and amount of any dividend distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our qualification as a regulated investment company and as a business development
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to realize benefits anticipated by the 2024 Merger; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance,
network disruptions, and cybersecurity attacks.

This prospectus supplement and the accompanying prospectus contain, and other statements that we may make may contain, forward-looking statements with respect to future financial or business performance, strategies or expectations. Forward-looking statements are typically identified by words or phrases such as "trend," "opportunity," "pipeline," "believe," "comfortable," "expect," "anticipate," "current," "intention," "estimate," "position," "assume," "potential," "outlook," "continue," "remain," "maintain," "sustain," "seek," "achieve" and similar expressions, or future or conditional verbs such as "will," "would," "should," "could," "may" or similar expressions.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made, and we assume no duty to and do not undertake to update forward-looking statements. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Exchange Act. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

S-iii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS | S-iii |
| PROSPECTUS SUMMARY | S-1 |
| SPECIFIC TERMS OF OUR WARRANTS AND THE OFFERING | S-4 |
| PRICE RANGE OF COMMON STOCK | S-5 |
| FEES AND EXPENSES | S-6 |
| RISK FACTORS | S-8 |
| USE OF PROCEEDS | S-9 |
| DESCRIPTION OF OUR WARRANTS | S-10 |
| CAPITALIZATION | S-11 |
| SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS | S-12 |
| UNDERWRITING | S-13 |
| LEGAL MATTERS | S-16 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | S-16 |
| ADDITIONAL INFORMATION | S-16 |

---

S-i

**PROSPECTUS SUMMARY**

This summary highlights some of the information in this prospectus supplement. This summary is not complete and may not contain all of the information that you may want to consider before investing in our warrants. You should read the entire prospectus supplement and the accompanying prospectus, including "Risks."

Throughout this prospectus supplement, unless the context otherwise requires, a reference to:

*"Company," "we," "us" and "our" refer to Special Value Continuation Fund, LLC, a Delaware limited liability company, for the periods prior to the consummation of the Conversion (as defined below) described elsewhere in this prospectus and to BlackRock TCP Capital Corp., formerly known as TCP Capital Corp., for the periods after the consummation of the Conversion;*

*"SVCP" refers to Special Value Continuation Partners LLC, a Delaware limited liability company;*

*"TCPC Funding" refers to TCPC Funding I, LLC, a Delaware limited liability company;*

*"TCPC Funding II" refers to TCPC Funding II, LLC, a Delaware limited liability company;*

*The "SBIC" refers to TCPC SBIC, LP, a Delaware limited partnership;*

*"Merger Sub" refers to BCIC Merger Sub, LLC a Delaware limited liability company;*

*The "Advisor" refers to Tennenbaum Capital Partners, LLC, a Delaware limited liability company and the investment manager; and*

*"Administrator" refers to Series H of SVOF/MM, LLC, a series of a Delaware limited liability company, an affiliate of the Advisor and administrator of the Company.*

For simplicity, references in this prospectus supplement to the "Company," "we," "us" and "our" includes, where appropriate in the context, SVCP, TCPC Funding, TCPC Funding II and the SBIC on a consolidated basis.

**The Company**

The Company is a Delaware corporation formed on April 2, 2012 in connection with the conversion of the Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, from a limited liability company to a corporation. At the time of the conversion, all limited liability company interests of Special Value Continuation Fund, LLC ("SVCF"), the predecessor to the Company, were exchanged for 15,725,635 shares of common stock in the Company. As a result of the conversion, the books and records of SVCF became the books and records of the Company. In this prospectus supplement, we refer to such transactions as the "Conversion." Unless otherwise indicated, the disclosure in this prospectus supplement gives effect to the Conversion.

The Company is an externally managed, closed-end, non-diversified management investment company.

On April 3, 2012, the Company priced its initial public offering (the "Offering"), selling 5,750,000 shares of its common stock at a public offering price of $14.75 per share.

We have 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 achieve high total returns through current income and capital appreciation, with an emphasis on principal protection. We seek to achieve our investment objective primarily through investments in debt securities of middle-market companies, which we typically define as those with enterprise values between $100 million and $1.5 billion. While we intend to primarily focus on privately negotiated investments in debt of middle-market companies, we may make investments of all kinds and at all levels of the capital structure, including in equity interests such as preferred or common stock and warrants or options received in connection with our debt investments. Our investment activities will benefit from what we believe are the competitive advantages of our Advisor, including its diverse in-house skills, proprietary deal flow, and consistent and rigorous investment process focused on established, middle-market companies. We expect to generate returns through a combination of the receipt of contractual interest payments on debt investments and origination and similar fees, and, to a lesser extent, equity appreciation through options, warrants, conversion rights or direct equity investments.

Investment operations are conducted through the Company's wholly-owned subsidiaries, SVCP, TCPC Funding, TCPC Funding II, the SBIC and 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 Securities Exchange Act of 1934 and, on August 2, 2018, terminated its general partner, Series H of SVOF/MM, LLC, and converted to a Delaware limited liability company. The managing member of SVOF/MM is Tennenbaum Capital Partners, LLC, which serves as the investment manager to the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub. The Advisor is an indirect subsidiary of BlackRock, Inc., which, along with its subsidiaries, is referred to herein as "BlackRock".

The Company has elected to be treated as a regulated investment company ("RIC") for U.S. federal income tax purposes. As a RIC, we will not be taxed on our income to the extent that we distribute such income each year and satisfy other applicable income tax requirements. SVCP was treated as a partnership for U.S. federal income tax purposes through August 1, 2018, and upon its conversion to a limited liability company on August 2, 2018 and thereafter is and will be treated as a disregarded entity.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our stockholders 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 stockholders provided that we satisfy those requirements.

On March 18, 2024, the Company completed its acquisition of BlackRock Capital Investment Corporation, a Delaware corporation ("BCIC"), pursuant to the Amended and Restated Agreement and Plan of Merger (the "Merger Agreement"), dated as of January 10, 2024, by and among the Company, BCIC, Merger Sub, and solely for the limited purposes set forth therein, BlackRock Capital Investment Advisors, LLC, a Delaware limited liability company and investment advisor to BCIC, and the Advisor. Pursuant to the Merger Agreement, BCIC merged with and into Merger Sub, with Merger Sub continuing as the surviving company and as a subsidiary of SVCP and an indirect wholly-owned subsidiary of the Company (the "2024 Merger"). As a result of, and as of the effective time of, the 2024 Merger, BCIC's separate corporate existence ceased.

An organizational structure diagram showing our organizational structure is set forth below:

![](img002.jpg)

The Company's management consists of our Advisor and board of directors. The Company has entered into an investment management agreement with our Advisor, under which our Advisor, subject to the overall supervision of our board of directors, manages the day-to-day operations of, and provides investment advisory services to, the Company. Our board of directors has overall responsibility for the management of the Company, including deciding upon matters of general policy and reviewing the actions of our Advisor. The majority of the members of the board of directors of the Company are independent of our Advisor. Our Advisor serves as the investment advisor of each of the Company, TCPC Funding, TCPC Funding II, the SBIC and Merger Sub.

**Recent Developments**

[Insert description of recent developments at time of offering.]

**Company Information**

Our administrative and executive offices are located at 2951 28th Street, Suite 1000, Santa Monica, CA 90405, and our telephone number is (310) 566-1094. We maintain a website at http://www.tcpcapital.com. Information contained on this website is not incorporated by reference into this prospectus supplement or the accompanying prospectus, and you should not consider information contained on our website to be part of this prospectus supplement or the accompanying prospectus.

**For further information please see the "Prospectus Summary" in the accompanying prospectus.**

**SPECIFIC TERMS OF OUR WARRANTS AND THE OFFERING**

This prospectus supplement sets forth certain terms of our warrants that we are offering pursuant to this prospectus supplement and supplements the accompanying prospectus that is attached to the back of this prospectus supplement. This section outlines the specific legal and financial terms of our warrants. You should read this section together with the more general description of our warrants in this prospectus supplement under the heading "Description of Our Warrants" and in the accompanying prospectus under the heading "Description of Our Warrants" before investing in our warrants. Capitalized terms used in this prospectus supplement and not otherwise defined shall have the meanings ascribed to them in the accompanying prospectus.

[Insert material terms of our warrants in tabular form to the extent required to be disclosed by applicable law or regulation.]

**PRICE RANGE OF COMMON STOCK**

Our common stock began trading on April 5, 2012 and is currently traded on The Nasdaq Global Select Market under the symbol "TCPC." The following table lists the high and low closing sale price for our common stock, the closing sale price as a premium (discount) to net asset value, or NAV, and quarterly distributions per share for the last two completed fiscal years and each quarter since the beginning of the current fiscal year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Stock Price** | | | |
|  | <br>**NAV<sup>(1)</sup>** | **High<sup>(2)</sup>** | **Premium<br> (Discount) of<br> High Sales<br> Price to**<br>**NAV<sup>(3)</sup>** | **Premium<br> (Discount) of<br> Low Sales<br> Price to**<br>**NAV<sup>(3)</sup>** | **Declared**<br>**Distributions** |
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Fourth Quarter | $| $| $nan% |  | $|
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Fourth Quarter | $| $| $nan% |  | $|
| **Fiscal year ended December 31, 202** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;First Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Second Quarter | $| $| $nan% |  | $|
| &nbsp;&nbsp;&nbsp;Third Quarter | $| $| $nan% |  | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) NAV per share is determined as of the last day in the relevant quarter and therefore may not reflect the
NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The High/Low Stock Price is calculated as of the closing price on a given day in the applicable quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Calculated as the respective High/Low Stock Price minus the quarter end NAV, divided by the quarter end
NAV.

&nbsp;&nbsp;&nbsp;&nbsp;(4) NAV has not yet been determined.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Dividend has not yet been declared for this period.

**FEES AND EXPENSES**

The following table is intended to assist you in understanding the costs and expenses that an investor in this offering will bear directly or indirectly. The expenses shown in the table under "Annual Expenses" (excluding incentive compensation payable under the investment management agreement) are based on amounts assuming an offering size of approximately shares of our common stock at $ per share, which was the last reported closing price of our common stock on , 202 . If the offering decreases in size, all other things being equal, these expenses would increase as a percentage of net assets attributable to our shares of common stock. **The following table and example should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown.** The following table and example represent our best estimate of the fees and expenses that we expect to incur during the next twelve months.

---

| |
|:---|
| **Stockholder Transaction Expenses:** |
| Sales Load (as a percentage of offering price)%<sup>(1)</sup> |
| Offering Expenses (as a percentage of offering price)%<sup>(2)</sup> |
| Dividend Reinvestment Plan Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> |
| **Total Stockholder Transaction Expenses (as a percentage of offering price)** |
| **Annual expenses (as a percentage of consolidated net assets attributable to common stock)<sup>(4)</sup>:** |
| Base Management Fees%<sup>(5)</sup> |
| Incentive Compensation Payable Under the Investment Management Agreement%<sup>(6)</sup> |
| Interest Payments on Borrowed Funds%<sup>(7)</sup> |
| Other Expenses (estimated)%<sup>(8)</sup> |
| **Total Annual Expenses**% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents the estimated underwriting discounts and commissions with respect to the warrants to be sold
by us in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Amount reflects estimated offering expenses of approximately $ and based on the warrants offered
in this offering at the public offering price of $ per warrant.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The expenses of the dividend reinvestment plan are included in "other expenses." See "Dividend
Reinvestment Plan".

&nbsp;&nbsp;&nbsp;&nbsp;(4) The "consolidated net assets attributable to common stock" used to calculate the percentages
in this table is our average assets of $ for the year ended December 31, 202 .

&nbsp;&nbsp;&nbsp;&nbsp;(5) The base management fee is calculated at an annual rate of 1.25% of our total assets (excluding cash and
cash equivalents) up to an amount equal to 200% of the net asset value of the Company and 1.00% thereafter, payable quarterly in arrears,
as provided in the amended and restated investment advisory agreement which was executed in connection with the Merger. The percentage
shown in the table, which assumes all capital and leverage is invested at the maximum level, is calculated by determining the ratio that
the aggregate base management fee bears to our net assets attributable to common stock and not total assets. We make this conversion because
all of our interest is indirectly borne by our common stockholders. If we borrow money or issue preferred stock and invest the proceeds
other than in cash and cash equivalents, our base management fees will increase. The base management fee for any partial quarter is appropriately
prorated.

&nbsp;&nbsp;&nbsp;&nbsp;(6) 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 incentive compensation is payable quarterly in arrears (or upon termination of the Advisor as the investment manager,
as of the termination date). For assets held on January 1, 2013, capital gain, loss and depreciation are measured on an asset by asset
basis against the value thereof as of December 31, 2012. The capital gains component is paid or distributed in full prior to payment or
distribution of the ordinary income component.

&nbsp;&nbsp;&nbsp;&nbsp;(7) "Interest Payments on Borrowed Funds" represents interest and fees estimated to be accrued
on the SVCP Credit Facility, TCPC Funding Facility II, and the Merger Sub Facility (the "Credit Facilities") and amortization
of debt issuance costs, and assumes the Credit Facilities are fully drawn (subject to asset coverage limitations under the 1940 Act) and
that the interest rate on the debt issued (i) under the Operating Facility, which was %, (ii) under the Funding Facility II which was
% and (iii) under the Merger Sub Facility which was %. "Interest Payments on Borrowed Funds" additionally represents interest
and fees estimated to be accrued on our $ million in aggregate principal amount of notes due 2025, which bear interest at an annual rate
of 6.85% on the fixed tranche and 7.71% on the floating tranche, payable semi-annually and quarterly, respectively, $ million in aggregate
principal amount of notes due 2026, which bear interest at an annual rate of 2.85%, payable semi-annually, our $ million in aggregate
principal amount of notes due 2029, which bear interest at an annual rate of 6.95%, payable semi-annually and our $141.5 million of committed
leverage from the SBA, which SBA debentures, once drawn, bear an interim interest rate of LIBOR plus 30 basis points, are non-recourse
and may be prepaid at any time without penalty, and assumes that the committed leverage from the SBA is fully drawn. When we borrow money
or issue preferred stock, all of our interest and preferred stock dividend payments are indirectly borne by our common stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(8) "Other Expenses" includes our estimated overhead expenses, including expenses of the Advisor
reimbursable under the investment management agreement and of the Administrator reimbursable under the administration agreement except
for certain administration overhead costs which are not currently contemplated to be charged to us. Such expense estimate, other than
the Administrator expenses, is based on actual other expenses for the period ended   , 202 .

**Example**

The following example demonstrates the projected dollar amount of total cumulative expenses (including stockholder transaction expenses and annual expenses) that would be incurred over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed that our annual operating expenses remain at the levels set forth in the table above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1<br> Year** | **3<br> Years** | **5<br> Years** | **10<br> Years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net investment income<sup>(1)</sup> |  |  |  |  |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return resulting entirely from net realized capital gains<sup>(2)</sup> |  |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) All incentive compensation (on both net investment income and net realized gains) is subject to a total
return hurdle of 7%. Consequently, no incentive compensation would be incurred in this scenario.

&nbsp;&nbsp;&nbsp;&nbsp;(2) All incentive compensation (on both net investment income and net realized gains) is subject to a total
return hurdle of 7%. Consequently, no incentive compensation would be incurred in this scenario. Assumes no unrealized capital depreciation.

While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%. [There is no incentive compensation either on income or on capital gains under our investment management agreement assuming a 5% annual return and therefore it is not included in the example.] If we achieve sufficient returns on our investments, including through the realization of capital gains, to trigger an incentive compensation of a material amount, our distributions to our common stockholders and our expenses would likely be higher. In addition, while the example assumes reinvestment of all dividends and distributions at net asset value, participants in our dividend reinvestment plan will receive a number of shares of our common stock, determined by dividing the total dollar amount of the dividend or distribution payable to a participant by the market price per share of our common stock at the close of trading on the valuation date for the dividend. See "Dividend Reinvestment Plan" for additional information regarding our dividend reinvestment plan.

Except where the context suggests otherwise, whenever this prospectus supplement or the accompanying prospectus contains a reference to fees or expenses paid by "you," the "Company," or "us," our common stockholders will indirectly bear such fees or expenses.

**This example and the expenses in the table above should not be considered a representation of our future expenses. Actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.**

**RISK FACTORS**

**[If you exercise your warrants, you may be unable to sell any [type of security] you purchase at a profit.**

The public trading market price of our [type of security] may decline after you elect to exercise your warrants. If that occurs, you will have committed to buy [type of security] at a price above the prevailing market price and you will have an immediate unrealized loss. Moreover, we cannot assure you that following the exercise of warrants you will be able to sell your [type of security] at a price equal to or greater than the exercise price.

**The exercise price is not necessarily an indication of our value.**

The exercise price of the warrants does not necessarily bear any relationship to any established criteria for valuation of business development companies. You should not consider the exercise price an indication of our value or any assurance of future value. After the date of this prospectus supplement, our [type of security] may trade at prices above or below the subscription price.]

[Insert any additional relevant risk factors not included in the base prospectus to the extent required to be disclosed by applicable law or regulation.]

**USE OF PROCEEDS**

We estimate that the net proceeds from the sale of warrants that we are offering, after deducting estimated expenses of this offering payable by us, will be approximately $ million [(or $ million, if the over-allotment is exercised in full)] based on a public offering price of $ per warrant.

[Describe use of proceeds and include any other relevant information to the extent required to be disclosed by applicable law or regulation.]

**DESCRIPTION OF OUR WARRANTS**

This prospectus supplement sets forth certain terms of our warrants that we are offering pursuant to this prospectus supplement and the accompanying prospectus. This section outlines the specific legal and financial terms of our warrants. You should read this section together with the more general description of our warrants in the accompanying prospectus under the heading "Description of Our Warrants" before investing in our warrants. This summary is not necessarily complete and is subject to and entirely qualified by reference to [insert relevant documents].

[Insert material terms of our warrants to the extent required to be disclosed by applicable law or regulation.]

**CAPITALIZATION<sup>(2)</sup>**

The following table sets forth (1) our actual capitalization at , 202 and (2) our capitalization on a pro forma basis giving effect to the sale of warrants in this offering at an offering price of $ per warrant. You should read this table together with "Use of Proceeds" in this prospectus supplement and the accompanying prospectus.

---

| | | |
|:---|:---|:---|
|  | **As of ____, 202** | **As of ____, 202** |
|  | **Actual** | **Pro forma** |
| **Assets:** |  |  |
| Cash and cash equivalents | $— | $|
| Investments |  |  |
| Other assets |  |  |
| Total assets | $— | $|
| **Liabilities:** |  |  |
| SVCP Credit Facility<sup>(1)</sup> |  |  |
| TCPC Funding Facility II<sup>(1)</sup> |  |  |
| Merger Sub Facility<sup>(1)</sup> |  |  |
| SBA Debentures |  |  |
| Unamortized debt issuance costs |  |  |
| Other liabilities |  |  |
| Total liabilities | $— | $|
| **Stockholders' equity:** |  |  |
| Common stock, par value $0.001 per share; shares of common stock authorized; shares of common stock issued and outstanding, actual; shares of common stock issued and outstanding, pro forma |  |  |
| Paid-in capital in excess of par value |  |  |
| Accumulated net investment income |  |  |
| Accumulated net realized losses |  |  |
| Accumulated net unrealized depreciation |  |  |
| Non-controlling interest |  |  |
| Net assets applicable to common shareholders | $— | $|
| **Total capitalization** | $— | $|

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of   , 202 , our debt outstanding under the SVCP Credit Facility, the TCPC Funding Facility II and the
Merger Sub Facility was $ million, $ million and $ million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(2) If necessary, add to Capitalization table for securities underlying our warrants.

**SUPPLEMENT TO MATERIAL U.S. FEDERAL TAX MATTERS**

[Insert disclosure regarding federal income tax consequences of an investment in the warrants to the extent required to be disclosed by applicable law or regulation.]

**UNDERWRITING**

[Underwriter Representatives] are acting as representatives of each of the underwriters named below. Subject to the terms and conditions set forth in an underwriting agreement among us, the Advisor and the underwriters, we have agreed to sell to the underwriters, and each of the underwriters has agreed, severally and not jointly, to purchase from us, the number of the warrants set forth opposite its name below.

---

| | |
|:---|:---|
| **Underwriter** | **Number of**<br> **Warrants** |
| [Underwriter] |  |
| [Underwriter] |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total |  |

---

The underwriting agreement provides that the obligations of the underwriters to purchase the warrants included in this offering are subject to approval of legal matters by counsel and to other conditions. Subject to the terms and conditions set forth in the underwriting agreement, the underwriters have agreed, severally and not jointly, to purchase all of the warrants sold under the underwriting agreement if any of these warrants are purchased. If an underwriter defaults, the underwriting agreement provides that the purchase commitments of the nondefaulting underwriters may be increased or the underwriting agreement may be terminated.

We and the Advisor have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

The underwriters are offering the warrants, subject to prior sale, when, as and if issued to and accepted by them, subject to approval of legal matters by their counsel, including the validity of the warrants, and other conditions contained in the underwriting agreement, such as the receipt by the underwriters of officer's certificates and legal opinions. The underwriters reserve the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

[Our warrants are a new issue of securities with no established trading market. We intend to list our warrants on . We expect trading in our warrants on to begin within days after the original issue date. Currently there is no public market for our warrants.]

[Our [type of security] is listed on the NASDAQ Global Select Market under the symbol " ."]

**Commissions and Discounts**

The representatives have advised us that the underwriters propose initially to offer the warrants to the public at the public offering price set forth on the cover page of this prospectus and to dealers at that price less a concession not in excess of $ per warrant. After the initial offering, the public offering price, concession or any other term of the offering may be changed. If all the warrants are not sold at the public offering price, the underwriters may change the offering price and the other selling terms.

The following table shows the public offering price, underwriting discount and proceeds before expenses to us. The information assumes either no exercise or full exercise by the underwriters of their overallotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per <br> Warrant** | **Without**<br> **Option** | **With**<br> **Option** |
| Public offering price | $| $| $|
| Underwriting Discount (sales load) | $| $| $|
| Proceeds, before expenses, to the Company | $| $| $|

---

The expenses of the offering, not including the underwriting discount, are estimated at $ million and are payable by us, including up to $ of expenses that we have agreed to reimburse the underwriters for the Financial Industry Regulation Authority filing fees and reasonable legal fees and expenses incurred in connection with the review and approval by the Financial Industry Regulation Authority of the terms of the offer and sale of the warrants in this offering. Such expense will indirectly be borne by investors in this offering.

**[Overallotment Option**

If the underwriters sell more warrants than the total number set forth in the table above, we have granted to the underwriters an option, exercisable for days from the date of this prospectus supplement, to purchase up to additional warrants at the public offering price less the underwriting discount. The underwriters may exercise the option solely for the purpose of covering over-allotments, if any, in connection with this offering. To the extent the option is exercised, each underwriter must purchase a number of additional warrants approximately proportionate to that underwriter's initial purchase commitment. Any warrants issued or sold under the option will be issued and sold on the same terms and conditions as the other warrants that are the subject of this offering.]

**Price Stabilization, Short Positions and Penalty Bids**

Until the distribution of the warrants is completed, SEC rules may limit underwriters and selling group members from bidding for and purchasing our warrants or [type of security]. However, the representatives may engage in transactions that stabilize the price of the warrants, such as bids or purchases to peg, fix or maintain that price.

[We have been advised by the underwriters that they presently intend to make a market in our warrants after completion of the offering as permitted by applicable laws and regulations. The underwriters are not obligated, however, to make a market in our warrants and any such market making may be discontinued at any time in the sole discretion of the underwriters without any notice. Accordingly, no assurance can be given as to the liquidity of, or development of a public trading market for, our warrants. If any active public trading market for our warrants does not develop, the market price and liquidity of our warrants may be adversely affected.]

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased warrants sold by or for the account of such underwriter in stabilizing or short covering transactions.

Similar to other purchase transactions, the underwriters' purchases to cover the syndicate short sales may have the effect of raising or maintaining the market price of our warrants or preventing or retarding a decline in the market price of our warrants. As a result, the price of our warrants may be higher than the price that might otherwise exist in the open market. The underwriters may conduct these transactions on , in the over-the-counter market or otherwise.

Neither we nor any of the underwriters make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of our warrants. In addition, neither we nor any of the underwriters make any representation that the representatives will engage in these transactions or that these transactions, once commenced, will not be discontinued without notice.

In connection with this offering, underwriters and selling group members may engage in passive market making transactions in the warrants on in accordance with Rule 103 of Regulation M under the Exchange Act during a period before the commencement of offers or sales of warrants and extending through the completion of distribution. A passive market maker must display its bid at a price not in excess of the highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, that bid must then be lowered when specified purchase limits are exceeded. Passive market making may cause the price of our warrants to be higher than the price that otherwise would exist in the open market in the absence of those transactions. The underwriters and dealers are not required to engage in passive market making and may end passive market making activities at any time.

**Electronic Offer, Sale and Distribution of Warrants**

In connection with the offering, certain of the underwriters or securities dealers may distribute prospectuses by electronic means, such as e-mail. In addition, [Lead Underwriter] may facilitate Internet distribution for this offering to certain of its Internet subscription customers. [Lead Underwriter] may allocate a limited number of warrants for sale to its online brokerage customers. An electronic prospectus is available on the Internet web site maintained by [Lead Underwriter]. Other than the prospectus in electronic format, the information on the [Lead Underwriter] web site is not part of this prospectus.

**Other Relationships**

Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with us or our affiliates. They have received, or may in the future receive, customary fees and commissions for these transactions.

In addition, in the ordinary course of their business activities, the underwriters and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriters and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

[Describe any other specific transactions and compensation related thereto to the extent required to be disclosed by applicable law or regulation.]

[Describe if underwriters receiving proceeds of offering, if required by FINRA.]

[Insert principal business addresses of underwriters.]

[Insert applicable legends for jurisdictions in which offers and sales may be made.]

**LEGAL MATTERS**

Certain legal matters in connection with the securities offered hereby have been passed upon for the Company by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, and for the underwriters by [Underwriters' Counsel], [City, State].

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;is the independent registered public accounting firm for the Company.

**ADDITIONAL INFORMATION**

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the 1933 Act, with respect to our securities offered by this prospectus supplement. The registration statement contains additional information about us and the common stock being registered by this prospectus supplement and the accompanying prospectus. This prospectus supplement and the accompanying prospectus do not contain all of the information set forth in the registration statement, including any exhibits and schedules it may contain. For further information concerning us or the securities we are offering, please refer to the registration statement. Statements contained in this prospectus supplement and the accompanying prospectus as to the contents of any contract or other document referred to describe the material terms thereof but are not necessarily complete and in each instance reference is made to the copy of any contract or other document filed as an exhibit to the registration statement. Each statement is qualified in all respects by this reference.

We file with or submit to the SEC annual, quarterly and current periodic reports, proxy statements and other information meeting the informational requirements of the Securities Exchange Act of 1934. You may obtain free copies of this information and make stockholder inquiries by contacting us at Tennenbaum Capital Partners, LLC, c/o Investor Relations, 2951 28<sup>th</sup> Street, Suite 1000, Santa Monica, California 90405 or by calling us collect at (310) 566-1094. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. In addition, the SEC maintains an Internet website that contains reports, proxy and information statements and other information filed electronically by us with the SEC at http://www.sec.gov.

No dealer, salesperson or other individual has been authorized to give any information or to make any representation other than those contained in this prospectus supplement and the accompanying prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by us or the underwriters. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so, or to any person to whom it is unlawful to make such offer or solicitation. Neither the delivery of this prospectus supplement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in our affairs or that information contained herein is correct as of any time subsequent to the date hereof.

See also "Additional Information" in the accompanying prospectus.

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**Warrants to Purchase up to [Type of Security]**

**PROSPECTUS SUPPLEMENT**

**[Underwriters]**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 202**