BlackRock Capital Investment Corporation entered into a first amendment (the First Amendment) to the Master Note Purchase Agreement, dated April 21, 2022 (as amended, supplemented or otherwise modified from time to time, the Note Purchase Agreement), pursuant to which the company has previously issued (a) $35,000,000 aggregate principal amount of its 5.82% Series 2022A Senior Notes, Tranche A, due December 9, 2025 (the Tranche A Notes), and (b) $57,000,000 aggregate principal amount of its Floating Rate Series 2022A Senior Notes, Tranche B due December 9, 2025 (collectively with the Tranche A Notes, the Notes), with the holders of all of the outstanding Notes (the Noteholders). The company sought and obtained Noteholder approval for the First Amendment in connection with the previously announced merger of the Company with and into BCIC Merger Sub, LLC (the Successor Company) and BlackRock TCP Capital Corp. (TCPC), which will result in the cessation of the separate existence of the Company and the continuation of the Successor Company as the surviving entity (the Merger), pursuant to the terms of that certain Amended and Restated Agreement and Plan of Merger, dated as of January 10, 2024, by and among the Company, TCPC, the Successor Company and, solely with respect to certain sections, BlackRock Capital Investment Advisors, LLC, investment advisor to the Company, and Tennenbaum Capital Partners, LLC, investment advisor to TCPC.

Upon consummation of the Merger, the Successor company will assume all of the rights, duties, liabilities and obligations of the company under the Note Purchase Agreement and the Notes. The First Amendment, among other things, (i) amends certain terms of the Note Purchase Agreement to reflect the structure of the Successor Company following the Merger and (ii) increases the interest rate on the outstanding Tranche A Notes from 5.82% to 6.85% effective as of, and following, the effective date of the Merger.