BlackRock TCP Capital Corp. filed a Form 8-K on August 6, 2026, disclosing that it closed a transaction on August 4, 2026, selling 95% of the limited liability company interests in BlackRock DLF-C 2026, LLC to investment funds and accounts managed by Pantheon Ventures (US) LP for approximately $152 million in gross proceeds, and separately announced Q2 2026 financial results and a third-quarter dividend.

Key Highlights

  • Transaction closed August 4, 2026: BlackRock TCP Capital Corp., through subsidiary Special Value Continuation Partners LLC, sold 95% of BlackRock DLF-C 2026, LLC to funds managed by Pantheon Ventures (US) LP, retaining a 5% interest.
  • Gross proceeds of approximately $152 million: The purchase price reflected a sale at approximately 95% of gross fair market value as of December 31, 2025, subject to certain adjustments.
  • Net leverage expected to decline sharply: According to the filing, net leverage is expected to decrease from 1.38x as of June 30, 2026 to approximately 0.4x pro forma, with an anticipated further reduction to less than 0.3x following a publicly announced portfolio company paydown.
  • Estimated NAV reduction of approximately $57 million ($0.68 per share): The company disclosed this estimate is preliminary and subject to final post-closing adjustments.
  • Unfunded commitments reduced: The transaction reduces unfunded investment commitments from approximately $90 million to approximately $36 million.
  • Q3 2026 dividend declared at $0.17 per share: Payable September 30, 2026 to stockholders of record as of the close of business on September 16, 2026.
  • Board engaged KBW to consider strategic alternatives: Options disclosed include reinvesting in the portfolio, share repurchases, strategic combinations, or an orderly realization of portfolio assets.

BlackRock TCP Capital Discloses Continuation Vehicle Sale and Strategic Review Details

According to the filing, the Continuation Vehicle holds, directly and through its wholly-owned subsidiary BlackRock DLF 2026-C CLO, LLC, a portfolio of approximately $523 million of loans to 78 portfolio companies. The company disclosed that, as part of the transaction, it transferred on average approximately two-thirds of its position in each included investment, with the transferred assets representing approximately 48% of the fair market value of the company's pre-transaction debt portfolio. The filing states the assets reflect "broadly similar sector, lien and credit characteristics" to the broader portfolio.

The filing notes the company intends to apply net proceeds initially to repayment of outstanding indebtedness, payment of transaction expenses, and for general corporate purposes. The purchase price is subject to a customary post-closing dispute resolution process. The filing also discloses that in July 2026, the Board engaged Lincoln International LLC as financial advisor, and Lincoln rendered a fairness opinion to the Board regarding the consideration to be received. The company disclosed it incurred professional fees and other expenses associated with that engagement.

Separately, the filing discloses under Item 7.01 that the Board has engaged Keefe, Bruyette and Woods, a Stifel company, to consider strategic alternatives. The filing states these could include reinvesting using newly available leverage capacity, returning capital to shareholders through share repurchases, pursuing potential strategic combinations in the public or private markets, or completing an orderly realization of portfolio assets. The company's filing includes a footnote noting that Domo, Inc. announced on June 23, 2026 an agreement to sell substantially all of its assets to Progress Software Corporation for $400 million in cash, which, if consummated, would result in approximately $69 million in repayment proceeds to the company. The common stock of BlackRock TCP Capital Corp. trades on the Nasdaq Global Select Market under the symbol TCPC.

What Was Disclosed

BlackRock TCP Capital Corp. disclosed the August 4, 2026 closing of a 95% interest sale in a continuation vehicle for approximately $152 million, an estimated NAV reduction of approximately $0.68 per share, a net leverage reduction, a Q3 2026 dividend of $0.17 per share, and the engagement of KBW to evaluate strategic alternatives.