Exhibit 99.1
BlackRock TCP Capital Corp.
Pro Forma Consolidated Statements of Assets and Liabilities (Unaudited)
|
| June 30, 2026 |
|
| Pro Forma Adjustments (1) |
|
|
| Pro Forma |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
| ||||
Investments, at fair value |
| $ | 1,290,523,348 |
|
| $ | (511,904,274 | ) |
| (2 | ) | $ | 778,619,074 |
|
Cash and cash equivalents |
|
| 157,546,660 |
|
|
| (135,203,837 | ) |
| (3 | ) |
| 22,342,823 |
|
Interest, dividends and fees receivable |
|
| 23,607,858 |
|
|
| (4,397,900 | ) |
|
|
| 19,209,958 |
| |
Deferred debt issuance costs |
|
| 2,588,305 |
|
|
| (1,240,222 | ) |
|
|
| 1,348,083 |
| |
Prepaid expenses and other assets |
|
| 2,197,356 |
|
|
| (90,969 | ) |
|
|
| 2,106,387 |
| |
Total assets |
|
| 1,476,463,527 |
|
|
| (652,837,202 | ) |
|
|
| 823,626,325 |
| |
|
|
|
|
|
|
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|
|
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| ||||
Liabilities |
|
|
|
|
|
|
|
|
|
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Debt, net of deferred issuance costs |
|
| 910,581,937 |
|
|
| (591,632,840 | ) |
|
|
| 318,949,097 |
| |
Interest and debt related payables |
|
| 4,375,009 |
|
|
| (4,050,402 | ) |
|
|
| 324,607 |
| |
Management fees payable |
|
| 4,124,508 |
|
|
| — |
|
|
|
| 4,124,508 |
| |
Reimbursements due to the Advisor |
|
| 169,320 |
|
|
| — |
|
|
|
| 169,320 |
| |
Accrued expenses and other liabilities |
|
| 5,205,926 |
|
|
| (9,000 | ) |
|
|
| 5,196,926 |
| |
Total liabilities |
|
| 924,456,700 |
|
|
| (595,692,242 | ) |
|
|
| 328,764,458 |
| |
|
|
|
|
|
|
|
|
|
|
| ||||
Net assets |
| $ | 552,006,827 |
|
| $ | (57,144,960 | ) |
|
| $ | 494,861,867 |
| |
|
|
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|
|
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Composition of net assets applicable to common shareholders |
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Common stock |
| $ | 83,902 |
|
| $ | — |
|
|
| $ | 83,902 |
| |
Paid-in capital in excess of par |
|
| 1,727,427,570 |
|
|
| — |
|
|
|
| 1,727,427,570 |
| |
Distributable earnings (loss) |
|
| (1,175,504,645 | ) |
|
| (57,144,960 | ) |
|
|
| (1,232,649,605 | ) | |
Total net assets |
|
| 552,006,827 |
|
|
| (57,144,960 | ) |
|
|
| 494,861,867 |
| |
Total liabilities and net assets |
| $ | 1,476,463,527 |
|
| $ | (652,837,202 | ) |
|
| $ | 823,626,325 |
| |
(1) Pro forma adjustments represent the impact of the Transaction
(2) June 30, 2026 fair market value of assets sold, net of TCPC 5% equity investment in Blackrock DLF-C 2026, LLC
(3) Includes estimated seller and transaction expenses
Exhibit 99.1
BlackRock TCP Capital Corp.
Consolidated Statements of Operations (Unaudited)
|
| Six Months Ended |
|
| Pro Forma Adjustments (1) |
|
| Six Months Ended |
| |||
Investment income |
|
|
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Interest income (excluding PIK): |
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|
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Non-controlled, non-affiliated investments |
| $ | 67,540,767 |
|
| $ | — |
|
| $ | 67,540,767 |
|
Non-controlled, affiliated investments |
|
| 905,445 |
|
|
| — |
|
|
| 905,445 |
|
Controlled investments |
|
| 3,906,047 |
|
|
| — |
|
|
| 3,906,047 |
|
PIK interest income: |
|
|
|
|
|
|
|
| — |
| ||
Non-controlled, non-affiliated investments |
|
| 5,465,634 |
|
|
| — |
|
|
| 5,465,634 |
|
Non-controlled, affiliated investments |
|
| 748,701 |
|
|
| — |
|
|
| 748,701 |
|
Controlled investments |
|
| 415,331 |
|
|
| — |
|
|
| 415,331 |
|
Dividend income: |
|
|
|
|
|
|
|
| — |
| ||
Non-controlled, non-affiliated investments |
|
| 1,003,276 |
|
|
| — |
|
|
| 1,003,276 |
|
Non-controlled, affiliated investments |
|
| — |
|
|
| — |
|
|
| — |
|
Controlled investments |
|
| 2,614,290 |
|
|
| — |
|
|
| 2,614,290 |
|
Other income: |
|
|
|
|
|
|
|
| — |
| ||
Non-controlled, non-affiliated investments |
|
| 5,877 |
|
|
| — |
|
|
| 5,877 |
|
Total investment income |
|
| 82,605,368 |
|
|
| — |
|
|
| 82,605,368 |
|
|
|
|
|
|
|
|
|
|
| |||
Operating expenses |
|
|
|
|
|
|
|
|
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Interest and other debt expenses |
|
| 31,044,015 |
|
|
| — |
|
|
| 31,044,015 |
|
Management fees |
|
| 8,891,551 |
|
|
| — |
|
|
| 8,891,551 |
|
Professional fees |
|
| 2,243,187 |
|
|
| — |
|
|
| 2,243,187 |
|
Administrative expenses |
|
| 909,733 |
|
|
| — |
|
|
| 909,733 |
|
Insurance expense |
|
| 421,383 |
|
|
| — |
|
|
| 421,383 |
|
Director fees |
|
| 375,000 |
|
|
| — |
|
|
| 375,000 |
|
Custody fees |
|
| 166,199 |
|
|
| — |
|
|
| 166,199 |
|
Other operating expenses |
|
| 1,935,027 |
|
|
| — |
|
|
| 1,935,027 |
|
Total operating expenses |
|
| 45,986,095 |
|
|
| — |
|
|
| 45,986,095 |
|
Net investment income |
|
| 36,619,273 |
|
|
| — |
|
|
| 36,619,273 |
|
|
|
|
|
|
|
|
|
|
| |||
Realized and unrealized gain (loss) on investments and foreign currency |
|
| (48,274,018 | ) |
|
| (57,144,960 | ) |
|
| (105,418,978 | ) |
Realized loss on extinguishment of debt |
|
| (2,897,355 | ) |
|
| — |
|
|
| (2,897,355 | ) |
|
|
|
|
|
|
|
|
|
| |||
Net increase (decrease) in net assets resulting |
| $ | (14,552,100 | ) |
| $ | (57,144,960 | ) |
| $ | (71,697,060 | ) |
(1) Pro forma adjustments represent the impact of the Transaction