Worrell August Daniel 4

What Happened
August Daniel Worrell, Co‑Chief Investment Officer of BlackRock TCP Capital (TCPC), recorded exercise/conversion of 11,983.2 derivative units on 2026-01-30 and a simultaneous disposition of 11,983.2 shares to the issuer at $5.18 per share, generating $62,073. The filing shows two derivative exercise/conversion entries and one disposition to the issuer for the same share amount; the derivative exercise shows no per‑share exercise price (N/A).

Key Details

• Transaction date: 2026-01-30. Disposition price: $5.18 per share; total reported proceeds $62,073.
• Transaction codes: M = exercise/conversion of a derivative; D = disposition to the issuer.
• Shares owned after the transaction: not specified in the filing. Beneficial ownership figures include shares from the issuer’s dividend reinvestment plan (Footnote F1).
• Footnotes: F2/F3 indicate these were "phantom shares" (economic equivalents payable in cash) granted Jan 31, 2024 under the Issuer’s Involuntary Deferred Compensation Plan and payable in equal installments on the first three anniversaries of the grant date.
• Filing timeliness: Report filed 2026-02-03 for a 2026-01-30 transaction — filed within the SEC’s two business‑day window (timely).

Context
The sequence (exercise/conversion of derivative followed by disposition to the issuer) and the footnotes indicate a cash‑settled/phantom‑share vesting event rather than an open‑market sale. Such transactions typically reflect plan vesting or cash settlement rather than a direct market trade and are not a straightforward buy/sell signal about the insider’s view of the stock.