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B•••••••• T•• C•••••• C••••

Business development companymanaged by T••••••••• C•••••• P•••••••• L••Listed: TCPC· SANTA MONICA, CA

A business development company traded as TCPC, managed by T••••••••• C•••••• P•••••••• L••, holding $1.3B across 170 borrowers at Jun 30, 2026.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.3B
Schedule of investments, 10-Q and 10-K
Borrowers
170
Schedule of investments, 10-Q and 10-K
Mark on cost
91.9¢
Schedule of investments, 10-Q and 10-K
First lien
84%
Schedule of investments, 10-Q and 10-K
Schedule of investments (349)Quarter by quarterSponsors
As of · the latest schedule of investments read for this BDC

What matters now

  1. $118M
    on non-accrual, 11 borrowers

    11 borrowers on non-accrual, $118M principal; the largest is G••••• B••••••• F•••••• C•••••• ($34.6M).

    Q2 2026 · Loans that have stopped paying interest; they set the book's credit losses.

    FactBDC schedules of investments, 30 Jun 2026For LPs and shareholders in these BDCs, co-lenders on the same namesOpen G••••• B••••••• F•••••• C•••••• →
  2. $5.47M
    newly on non-accrual

    1 borrower newly placed on non-accrual in Q2 2026, $5.47M principal: P••• H•••••• C••• ($5.47M).

    Q2 2026 · The newest credit problems in the book.

    FactBDC schedules of investments, 30 Jun 2026Open P••• H•••••• C••• →
  3. 24 below 80¢
    $153M principal

    24 positions across 19 borrowers marked below 80¢ on cost, $153M principal.

    Q2 2026 · Marks this low usually come before non-accrual or a restructuring.

    Derivedeach position's fair value over cost, 30 Jun 2026
  4. $2.0B → $1.4B
    fair value, 4 quarters

    Its portfolio shrank 29% at fair value over the last four quarters.

    Q2 2026 · The book is shrinking.

    Factthe schedule's fair value, a year apartQuarter by quarter →
Every headline figure, and the identifiersCIK 1370755 · file 814-00899Show
Fair value
$1.3B
as of Jun 30, 2026
Principal held
$1.3B
debt pieces, the filer's figure
Cost
$1.4B
92c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
349
170 borrowers
First lien
84%
91% debt by fair value
Quarters on the tape
16
since Dec 31, 2021
Facilities held
278
22 sponsors financed
Portfolio through time
Fair value by quarter end$1.4B as of Jun 30, 2026
Dec 31, 2021$405M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2026$1.4B17092c51544 bp
Mar 31, 2026$1.4B17093c49562 bp
Dec 31, 2025$1.7B17893c46590 bp
Sep 30, 2025$2.0B18796c53592 bp
All 16 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$2.0B18592c55601 bp
Mar 31, 2025$9.4B17390c68604 bp
Dec 31, 2024$9.7B19090c76634 bp
Sep 30, 2024$9.9B18393c53643 bp
Jun 30, 2024$8.3B18992c48659 bp
Mar 31, 2024$8.7B18496c47657 bp
Dec 31, 2023$8.7B17494c49666 bp
Sep 30, 2023$6.7B17095c43666 bp
Jun 30, 2023$6.9B17295c38671 bp
Mar 31, 2023$6.6B17396c37694 bp
Dec 31, 2022$7.1B16994c32672 bp
Dec 31, 2021$405M10n/a0700 bp
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Largest facilities held, with co-lenders
Schedule of investments at Dec 31, 2021
23 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
C••••••••• A•••••••••unstated lien unstatedNot disclosed$105M
N••••••••• A•••••••••unstated lien unstatedNot disclosed$97.2M
3••• S••••• C•••••• P••••••• H•••••••• L••notes lien unstatedNot disclosed$41.4MNov 1, 2025
T••••••••• H•••••••• L••• S••••• B••equity equityNot disclosed$36.7M
T••••••••• H•••••••• L••• S••••• B••equity equityNot disclosed$36.7M
3••• S••••• C•••••• P••••••• H•••••••• L••equity equityNot disclosed$34.1M
C••••••••• L•••••• T•• H•••••••• L••equity equityNot disclosed$26.9M
N•• P•••••• L•• •••• E••••••••• I••••equity equityNot disclosed$15.2M
I•••••• I••••••••• H•••••••• I•••equity equityNot disclosed$4.3M
K••• S•••• H••••••• L••••••revolver lien unstatedNot disclosed$2.0MDec 31, 2022
N•• P•••••• L•• •••• E••••••••• I••••• C•••• B•warrants equityNot disclosed$1.4M
N•• P•••••• L•• •••• E••••••••• I••••• C•••• A•warrants equityNot disclosed$1.4M
I•••••• I••••••••• H•••••••• I•••term loan first lienNot disclosed$1.3MS+900 bpApr 12, 2026
C•••••• A••• • M• P••• L•••term loan first lienNot disclosed$339,100Dec 31, 2022
A••••••• I•••equity equityNot disclosed$326,437
K••• S•••• H••••••• L••••••• B••• G•••••••• C••••• F•••••••• 0•unstated lien unstatedNot disclosed$101,315Dec 31, 2022
C•••••• A••• H••••••• L••••••equity equityNot disclosed$0
K••• S•••• H••••••• L••••••preferred equity equityNot disclosed$0
F••••••• I•••• C•••••equity equityNot disclosed$0
C•••••• A••• H••••••• L••••••equity equityNot disclosed$0
F•••••••• I•••term loan first lienNot disclosed$0S+500 bpMay 27, 2027
T••••••••• H•••••••• L••preferred equity equityNot disclosed$0
K••• S•••• H••••••• L••••••equity equityNot disclosed$0
Page 1 of 1
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2013 to 2026reported
Filings listed
19reported10-Q and 10-K since 2022
Former names
TCP Capital Corp.; Special Value Continuation Fund, LLCreported
Latest schedule
0001193125-26-336794reported