Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — Q4 2025 Earnings Presentation
22 slides from Blackrock Tcp Capital's earnings presentation, Feb 27, 2026
Slide 1: BlackRock TCP Capital Corp. Investor presentation Q4 2025
BlackRock TCP Capital Corp. Investor presentation Q4 2025
Slide 2: Experienced and tenured investment team
Experienced and tenured investment team Senior Leadership & Executive Team Philip Tseng (27) * Chairman, Chief Executive Officer and Co-CIO Senior Leadership & Executive Team Jason Mehring (31) Erik Cuellar (28) Diana Huffman (15) President CFO General Counsel and Secretary Dan Worrell (34) * Patric
Slide 3: Key investment highlights
Key investment highlights Established platform with decades of experience lending 1 throughout market cycles Strategically-positioned, diverse portfolio with access to the core 2 middle market Extensive network and channel-agnostic approach to deal 3 sourcing 4 Diversified, flexible funding sources
Slide 4: Track record of attractive shareholder returns
Track record of attractive shareholder returns 1 Book value per share Annualized return on Annualized cash Annualized total invested assets:2 return:3 return on equity:4 and dividends paid 8.7% 9.4% 5.0% $35.00 As of 12/31/2025: $26.20 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Q1-18 Q2-21 Q3-25
Slide 5: Long history of ample dividend coverage
Long history of ample dividend coverage Adjusted net investment income of $0.25 Declared Q1 2026 dividend of $0.17 per share per share in Q4 20251. Covered quarterly regular dividend of $0.25 per Payable on March 31, 2026, to stockholders of record as of the share paid on December 31, 2025. close of
Slide 6: Strategically-positioned, diverse portfolio
Strategically-positioned, diverse portfolio Composition by Industry1 14.4% Software 12.7% Internet Software and Services 10.2% Diversified Financial Services 141 companies 8.6% Professional Services Invested across 20+ industry sectors 5.2% Diversified Consumer Services 4.7% Health Care Technology 3
Slide 7: Investments include access to core middle market
Investments include access to core middle market Considerable addressable market for middle market lenders1 ~200,000 U.S. Represents Employs middle market 1/3rd private ~48 million businesses sector GDP people • Offers attractive spread opportunities • Large, differentiated opportunity set compared
Slide 8: Investment strategy & focus
Investment strategy & focus Currently seeking to invest in top of the capital structure, positioning centered on first lien, floating rate loans primarily to middle market borrowers with $25 million to $75 million of EBITDA Seek to be lender of influence in structuring transactions and terms with at
Slide 9: Disciplined investment process
Disciplined investment process Industry deal teams are involved in every phase of a transaction, providing specialized resources as needed Rigorous due Investment Portfolio Realizations / diligence & committee management liquidity structuring ▪ Experienced credit ▪ Thorough review of due ▪ Holistic
Slide 10: Diversified and flexible sources of funding
Diversified and flexible sources of funding Capacity Drawn Amount Available Source Pricing % Maturity (in millions) (in millions) (in millions) Operating Facility 1 $ 300.0 $ 146.2 $ 153.8 S+2.00%2 August-29 3 Funding Facility II $ 200.0 $ 100.0 $ 100.0 S+2.00% July-29 4 5 Merger Sub Facility $ 265.
Slide 11: Strategically positioned balance sheet
Strategically positioned balance sheet Predominantly first lien, Diverse capital structure3 floating rate asset portfolio: 12/31/20251 First lien 87.4% 12/31/2025 Second lien 5.1% Junior 0.0% 7% Equity 7.5% 17% 36% 12/31/20251 Floating rate 94.2% Fixed rate 5.8% 40% Loans on non-accrual: 12/31/20251
Slide 12: Summary of NAV progression (QoQ)
Summary of NAV progression (QoQ) $12.00 $11.00 $10.00 $9.23 $9.18 $0.25 $9.00 $8.71 $8.71 $8.00 $7.07 $(0.96) $- $7.00 ($0.68) $(0.25) $6.00 12/31/2024 3/31/2025 6/30/2025 9/30/2025 Adjusted net Adjusted net Adjusted net Distribution Repurchases 12/31/2025 NAV NAV NAV NAV investment realized gain un
Slide 13: Continued progress in repositioning our portfolio
Continued progress in repositioning our portfolio Non-accruals represented 4.0% of the portfolio at fair value in Q4 2025, down from peak of 5.6% in Q4 2024 In Q4 2025, the portfolio invested $35.5 million, comprised of 5 new and 3 existing portfolio companies, at a weighted average yield of 9.7% Av
Slide 14: Strong shareholder alignment
Strong shareholder alignment BlackRock TCP Capital Corp. 1 Typical externally managed BDC2 1.25% on assets up to 200% of the net 1.00%-1.75% on gross assets (up to 1.0x Base asset value of TCPC; 1.0% on assets that debt to equity; 1.0% above 1.0x debt to management exceed 200% of the net asset value
Slide 15: Appendix
Appendix
Slide 16: Quarterly operating results
Quarterly operating results 2024 2025 Unaudited ($ in thousands, except per share amounts) Q4 Q1 Q2 Q3 Q4 Investment income Interest and PIK interest income $ 58,452 $ 52,574 $ 50,062 $ 48,915 $ 42,473 Dividend income 2,785 3,314 1,402 1,599 1,430 Other income 12 1 1 2 13 Total investment income 61,
Slide 17: Financial highlights
Financial highlights 2024 2025 Audited Unaudited Audited ($ per share) Q4 Q1 Q2 Q3 Q4 Net investment income 0.40 0.38 0.32 0.32 0.26 Adjusted net investment income 1 0.36 0.36 0.31 0.30 0.25 Net realized and unrealized gain (loss) (0.85) (0.13) (0.51) (0.03) (1.66) Adjusted net realized and unrealiz
Slide 18: Portfolio highlights
Portfolio highlights 1 Includes equity interests in diversified portfolios of debt and lease assets. 18
Slide 19: Quarterly balance sheets
Quarterly balance sheets (in thousands, except per share data) Investments at fair value Cash and cash equivalents Accrued interest income Receivable for investments sold Other assets Total assets 2024 2025 Audited Unaudited Audited $ 1,794,758 $1,769,274 $ 1,792,335 $1,716,691 $ 1,533,302 91,590 99
Slide 20: Endnotes – Non-GAAP Financial Measures
Endnotes – Non-GAAP Financial Measures On March 18, 2024, BlackRock TCP Capital Corp. (“the Company”) completed its previously announced Merger with BlackRock Capital Investment Corporation (“BCIC”) . The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with
Slide 21: Important notes
Important notes Prospective investors considering an investment in BlackRock TCP Capital Corp. (“we”, “us”, “our”, “TCPC” or the “Company”) should consider the investment objectives, risks and expenses of the Company carefully before investing. This information and other information about the Compan
Slide 22: Corporate information
Corporate information Securities listing Transfer agent NASDAQ: TCPC Computershare Inc. (866) 333-6433 (from U.S.) Research coverage (201) 680-6578 (from outside U.S.) wwww.computershare.com/investor • Keefe, Bruyette & Woods • Oppenheimer Corporate headquarters • Raymond James • Wells Fargo 2951 28
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