Wolfe Patrick 4

What Happened

• Patrick Wolfe, Chief Operating Officer of BlackRock TCP Capital (TCPC), reported derivative exercises and related share dispositions on January 30, 2026. The filing shows he surrendered 6,136.39 shares to the issuer at $5.18 per share for $31,787. Other derivative exercises/conversions totaling 6,136.39 shares (2,392.85 and 3,743.54) were also recorded as dispositions (no price reported). Separately, Wolfe was granted 2,779.92 phantom shares (derivative award) valued at $5.18 each, totaling $14,400.
• This activity is largely an exercise/conversion and settlement with the issuer (not an open-market purchase); the net effect reported was a cash disposition of $31,787 and a grant of cash-settled phantom shares worth $14,400.

Key Details

• Transaction date: January 30, 2026; Form 4 filed February 3, 2026 (timely).
• Reported prices/values: disposition to issuer at $5.18/share (6,136.39 shares = $31,787); grant of 2,779.92 phantom shares at $5.18 = $14,400. Other exercised derivative dispositions show N/A for price.
• Shares owned after the transactions: not specified in the transaction lines; footnote states beneficial ownership includes shares from the issuer’s dividend reinvestment plan.
• Footnotes: phantom shares are cash-settled equivalents of common stock (payable in cash upon vesting) and vest in equal installments over the first three anniversaries of the award (per filing).
• Transaction codes: M = exercise/conversion of derivative; D = disposition to the issuer; A = grant/award (phantom shares).

Context

• The filing indicates exercises/conversions and share surrender to the issuer (a form of internal settlement or withholding), rather than an open-market sale. Phantom-share awards are cash-settled upon vesting, so the 2,779.92-share grant does not represent immediately tradable stock but a future cash payout as those units vest.