DFX Intelligence
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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 · 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, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
Schedule of investments, 10-Q and 10-K
As of · the latest schedule of investments read for this BDC
What matters now
- $118Mon 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•••••• → - $5.47Mnewly 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.
- 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 → $1.4Bfair value, 4 quarters
Its portfolio shrank 29% at fair value over the last four quarters.
Q2 2026 · The book is shrinking.
Every headline figure, and the identifiersCIK 1370755 · file 814-00899ShowHide
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
| 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 quartersShow fewer
| 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
- New borrower on a BDC scheduleJun 30, 2026
- New lender joined a facilityJun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Full timeline · 20 eventsShow fewer
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
- Marked down (one lender)Jun 30, 2026
Largest facilities held, with co-lenders
- D•••• I•• first lien delayed draw term loan1 BDC hold it · matures Aug 19, 2028$64.6M 100c
- 3••• S••••• C•••••• P••••••• H•••••••• L•• notes1 BDC hold it · matures Nov 30, 2030$59.8M 200c
- M••••• T••••••••• I•• first lien term loan3 BDCs hold it · matures Apr 8, 2027$55.0M 100c
- P••• Q••••••••• T••••••• L•• first lien term loan1 BDC hold it · matures Feb 8, 2027$39.6M 100c
- J••••••••• U••• I•• first lien term loan3 BDCs hold it · matures Oct 13, 2028$37.7M 89c
- S•••• H••••••• L••••••••• first lien delayed draw term loan4 BDCs hold it · matures May 23, 2031$34.7M 100c
- G••••• B••••••• F•••••• C•••••• unsecured or subordinated subordinated debt1 BDC hold it · matures Aug 3, 2026$34.6M 1c
- E•• S••••••••• I•• first lien term loan4 BDCs hold it · matures May 3, 2027$32.2M 99c
- J••••••••• U••• I•• first lien delayed draw term loan2 BDCs hold it · matures Oct 15, 2028$29.8M 112c
- E•••••• W••• A••••••••• C••••••• L•• first lien term loan11 BDCs hold it · matures Apr 10, 2031$28.1M 99c
- S•• E•••• B•••• L•• first lien term loan1 BDC hold it · matures May 9, 2028$28.0M 91c
- I••••••• C••••••• H••••••• L•• second lien term loan2 BDCs hold it · matures Dec 20, 2029$27.9M 0c
Schedule of investments at Mar 31, 2025
409 positions
| Borrower | Instrument | Principal | Fair value | Rate | Maturity |
|---|---|---|---|---|---|
| D•••••• H•••••••• I•• ••••••••• S••••••• | delayed draw term loan first lien | $0 | -$46,441 207c | SOFR+575 bp PIK 0.38% | Aug 27, 2030 |
| S•••• B••••• L•• ••••••••• E••••••••• E•••••••• | delayed draw term loan first lien | $0 | -$49,310 78c | SOFR+525 bp | Oct 15, 2031 |
| S•••••• I•• A•••••••• & D•••••• | delayed draw term loan first lien | $0 | -$65,625 107c | SOFR+275 bp PIK 2.75% | Dec 4, 2029 |
| S•••••• I•• A•••••••• & D•••••• | delayed draw term loan first lien | $0 | -$65,625 107c | SOFR+275 bp PIK 2.75% | Dec 4, 2029 |
| L••••••••• P••••• H•••••••• I•• ••••••••• P••••••••• Services | delayed draw term loan first lien | $0 | -$93,228 268c | SOFR+500 bp | Dec 20, 2031 |
| I•••••••• I••• I••••••• S••••••• and Services | delayed draw term loan first lien | $509,411 | -$274,717 -55c | SOFR+700 bp | Jun 8, 2028 |
| Z••••••• I••••••••• S• S•••••• S••••••••• and S••••••••• E•••••••• | revolver lien unstated | Not disclosed | Not disclosed | S+210 bp | Dec 21, 2027 |
| N••••••••• A••••••••• | unstated lien unstated | Not disclosed | Not disclosed | ||
| I••••••• R••• S••• C•••••• R••••••• F•••• 2••••• C•••••• P•• | unstated lien unstated | Not disclosed | Not disclosed | Jun 9, 2025 |
Page 5 of 5Previous
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