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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.

As of 2026-06-30 · the latest schedule of investments read for this BDC

Fair value: $1.3B
Borrowers: 170
Mark on cost: 91.9¢
First lien: 84%

Schedule of investments (349)Quarter by quarter Sponsors

As of 2026-06-30 · the latest schedule of investments read for this BDC

What matters now

$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•••••• →
$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••• →
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
$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

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

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2026	$1.4B	170	92c	51	544 bp
Mar 31, 2026	$1.4B	170	93c	49	562 bp
Dec 31, 2025	$1.7B	178	93c	46	590 bp
Sep 30, 2025	$2.0B	187	96c	53	592 bp

All 16 quarters

Quarter	Fair value	Borrowers	On cost	PIK pos.	Avg spread
Jun 30, 2025	$2.0B	185	92c	55	601 bp
Mar 31, 2025	$9.4B	173	90c	68	604 bp
Dec 31, 2024	$9.7B	190	90c	76	634 bp
Sep 30, 2024	$9.9B	183	93c	53	643 bp
Jun 30, 2024	$8.3B	189	92c	48	659 bp
Mar 31, 2024	$8.7B	184	96c	47	657 bp
Dec 31, 2023	$8.7B	174	94c	49	666 bp
Sep 30, 2023	$6.7B	170	95c	43	666 bp
Jun 30, 2023	$6.9B	172	95c	38	671 bp
Mar 31, 2023	$6.6B	173	96c	37	694 bp
Dec 31, 2022	$7.1B	169	94c	32	672 bp
Dec 31, 2021	$405M	10	n/a	0	700 bp

Sponsors financed

No borrower on this schedule has a sponsor attribution yet.

What changed

Placed on non-accrualJun 30, 2026
••• Locked
New borrower on a BDC scheduleJun 30, 2026
••• Locked
New lender joined a facilityJun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Full timeline · 20 events

Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked
Marked down (one lender)Jun 30, 2026
••• Locked

Every position change, including routine ones

Largest facilities held, with co-lenders

D•••• I•• first lien delayed draw term loan
1 BDC hold it · matures Aug 19, 2028
$64.6M 100c
3••• S••••• C•••••• P••••••• H•••••••• L•• notes
1 BDC hold it · matures Nov 30, 2030
$59.8M 200c
M••••• T••••••••• I•• first lien term loan
3 BDCs hold it · matures Apr 8, 2027
$55.0M 100c
P••• Q••••••••• T••••••• L•• first lien term loan
1 BDC hold it · matures Feb 8, 2027
$39.6M 100c
J••••••••• U••• I•• first lien term loan
3 BDCs hold it · matures Oct 13, 2028
$37.7M 89c
S•••• H••••••• L••••••••• first lien delayed draw term loan
4 BDCs hold it · matures May 23, 2031
$34.7M 100c
G••••• B••••••• F•••••• C•••••• unsecured or subordinated subordinated debt
1 BDC hold it · matures Aug 3, 2026
$34.6M 1c
E•• S••••••••• I•• first lien term loan
4 BDCs hold it · matures May 3, 2027
$32.2M 99c
J••••••••• U••• I•• first lien delayed draw term loan
2 BDCs hold it · matures Oct 15, 2028
$29.8M 112c
E•••••• W••• A••••••••• C••••••• L•• first lien term loan
11 BDCs hold it · matures Apr 10, 2031
$28.1M 99c
S•• E•••• B•••• L•• first lien term loan
1 BDC hold it · matures May 9, 2028
$28.0M 91c
I••••••• C••••••• H••••••• L•• second lien term loan
2 BDCs hold it · matures Dec 20, 2029
$27.9M 0c

Schedule of investments at Mar 31, 2023

360 positions

Borrower	Instrument	Principal	Fair value	Rate	Maturity
S••••••• A••••••••• L••••• ••••• C•••••• S• S•••••• H•••••, R••••••••• and L••••••	revolver lien unstated	Not disclosed	-$37,668 -99c	S+750 bp	Aug 7, 2028
O••••• H•••••• I••• •••••••• S• S•••••• IT Services	revolver lien unstated	Not disclosed	-$41,816 -140c	S+775 bp	Feb 1, 2029
C•• B••••• I••• •••• S•••••• S• S•••••• C••••••••• and E•••••••••	revolver lien unstated	$0	-$52,581 -180c	S+600 bp	Mar 31, 2028
F•••••• F•••••••• N•••••• F••••••• L•• C••••••• Finance	delayed draw term loan first lien	$0	-$75,000 -133c	S+900 bp	Sep 21, 2027
E•• S••••••••• I••• S• S•••••• H••••• C••• T•••••••••	revolver lien unstated	$0	-$82,263 -344c	S+700 bp	May 3, 2027
P•• B••••• L•• ••••••• H••• C•••• H••••••••• P•••••••• and Services	delayed draw term loan first lien	$0	-$85,120 -126c	S+600 bp	May 4, 2028
L• A••••• H•••••••• L•• •••••••• C••••••••• and E•••••••••	delayed draw term loan first lien	$0	-$87,956 -143c	S+650 bp	Feb 1, 2030
T••••••••• P•••••••• I••• I••• ••••• I••••••••• C••••••••• Services & S•••••••	delayed draw term loan second lien	$0	-$93,047 -1163c	S+725 bp	Aug 31, 2029
B•••••••• P••••••••• I••• •••• T••••••••• C••••• T•••••• Companies & D•••••••••	delayed draw term loan second lien	Not disclosed	-$99,167 -193c	S+750 bp	Apr 8, 2027
C•• B••••• I••• •••• S•••••• C••••••••• and E•••••••••	delayed draw term loan first lien	$0	-$105,162 -180c	S+600 bp	Mar 31, 2028
G•••••••• S••••• C•••••• I•• L•• ••••••• Real Estate Management and D•••••••••	delayed draw term loan first lien	Not disclosed	-$112,273 -60c	S+650 bp	Mar 21, 2027
I•••••••• M•••••••• A••••••••• L•• S• S•••••• I••••••••	revolver lien unstated	Not disclosed	-$123,055 -17c	S+650 bp	Aug 27, 2025
3••• S••••• C•••••• P••••••• H•••••••• L••	equity equity	Not disclosed	Not disclosed
P•••• N•••• 1••••••• ••••••• •••••• K••••••• C••••••••• E••••••••	equity equity	Not disclosed	Not disclosed
S••••• I••• E••••••••• E••••••••, I••••••••• and C•••••••••	preferred equity equity	Not disclosed	Not disclosed n/a
C••••••••• L•••••• T•• H•••••••• L••	equity equity	Not disclosed	Not disclosed
A••••••• I•••	equity equity	Not disclosed	Not disclosed
F••••••• I•••• C•••••	equity equity	Not disclosed	Not disclosed
K••• S•••• H••••••• L••••••	preferred equity equity	Not disclosed	Not disclosed
I•••••• I••••••••• H•••••••• I•••	equity equity	Not disclosed	Not disclosed
C•••••• A••• H••••••• L•••••• •••••• K••••••• E••••••• U••••••••	equity equity	Not disclosed	Not disclosed n/a
A•• E•••••• L•• C••••••••	preferred equity equity	Not disclosed	Not disclosed
J••••••••• U••• I••• •••••• K••••••• P••••••••• Services	delayed draw term loan first lien	Not disclosed	Not disclosed	S+875 bp	Feb 17, 2025
N••••••••• A•••••••••	unstated lien unstated	Not disclosed	Not disclosed
F•••••••• I•••	term loan first lien	Not disclosed	Not disclosed	S+500 bp	May 27, 2027
A••••••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+750 bp	Dec 29, 2025
P••• Q••••••••• T••••••• L•• Capital M••••••	term loan first lien	Not disclosed	Not disclosed	S+725 bp	Feb 7, 2025
3••• S••••• C•••••• P••••••• H•••••••• L••	notes lien unstated	Not disclosed	Not disclosed	S+0 bp	Nov 1, 2025
K••• S•••• H••••••• L•••••• •••••••• •••••• I••••••• E••••••• U••••••••	preferred equity equity	Not disclosed	Not disclosed n/a
T••••••••• H•••••••• L••• S••••• B••	equity equity	Not disclosed	Not disclosed
C•••••• A••• H••••••• L••••••	equity equity	Not disclosed	Not disclosed
C•••••• A••• • M• P••• L•••	term loan first lien	Not disclosed	Not disclosed	S+0 bp	Dec 31, 2022
J•••• P•••• E••••••••• I••• S• S•••••• T•••••••, A•••••• and L••••• G••••	revolver lien unstated	Not disclosed	Not disclosed n/a	S+625 bp	Sep 8, 2027
E••••• S••••••••• C•••••••• C••••••••	unstated lien unstated	Not disclosed	Not disclosed n/a
K••• S•••• H••••••• L••••••	equity equity	Not disclosed	Not disclosed
G••• O••••• I••••••••• S•••••••	term loan first lien	Not disclosed	Not disclosed	S+725 bp	May 6, 2026
G••• O••••• I••••••••• S•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+725 bp	May 6, 2026
A••••••••• I••• S•••••••	term loan first lien	Not disclosed	Not disclosed	S+750 bp	Dec 29, 2025
K••• S•••• H••••••• L•••••• •••••••• •••••• I••••••• O••••••• S••••• E••••••• U••••••••	unstated lien unstated	Not disclosed	Not disclosed
T••••••••• H•••••••• L••	preferred equity equity	Not disclosed	Not disclosed
K••• S•••• H••••••• L••••••• B••• G•••••••• C••••• F•••••••• 0•	unstated lien unstated	Not disclosed	Not disclosed		Dec 31, 2022
A•• E•••••• L•• C••••••••	preferred equity equity	Not disclosed	Not disclosed n/a
A••••••••• L••	term loan first lien	Not disclosed	Not disclosed	S+540 bp	Mar 31, 2028
A••••••••• L••	equity equity	Not disclosed	Not disclosed
A••••••••• L••	preferred equity equity	Not disclosed	Not disclosed
A••••••••• I••• S•••••••	delayed draw term loan first lien	Not disclosed	Not disclosed	S+750 bp	Dec 29, 2025
S••• I••••••••• L• •••••• C••••••••• I••••••• S••••••• and Services	warrants equity	Not disclosed	Not disclosed
A•• E•••••• L•• C••••••••	preferred equity equity	Not disclosed	Not disclosed
T••••••••• H•••••••• L••• S••••• B••	equity equity	Not disclosed	Not disclosed
I•••••• I••••••••• H•••••••• I•••	term loan first lien	Not disclosed	Not disclosed	S+900 bp	Apr 12, 2026
R••••• I••• P••••••••• Services	delayed draw term loan first lien	Not disclosed	Not disclosed	S+700 bp	Mar 1, 2024
N•• P•••••• L•• •••• E••••••••• I••••	equity equity	Not disclosed	Not disclosed
C••• a•• C••• E•••••••••	unstated lien unstated	Not disclosed	Not disclosed
A••••••••• L••	term loan second lien	Not disclosed	Not disclosed	S+940 bp	Mar 31, 2029
N•• P•••••• L•• •••• E••••••••• I••••• C•••• A•	warrants equity	Not disclosed	Not disclosed
C•••••• A••• H••••••• L••••••	equity equity	Not disclosed	Not disclosed
K••• S•••• H••••••• L••••••	revolver lien unstated	Not disclosed	Not disclosed	S+0 bp	Dec 31, 2022
C•••••• A••• H••••••• L•••••• •••••• K••••••• O••••••• S••••• E••••••• U••••••••	unstated lien unstated	Not disclosed	Not disclosed n/a
N•• P•••••• L•• •••• E••••••••• I••••• C•••• B•	warrants equity	Not disclosed	Not disclosed
C••••••••• A•••••••••	unstated lien unstated	Not disclosed	Not disclosed

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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