Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — Investor Presentation (September 2025)
26 slides from Blackrock Tcp Capital's investor presentation, Sep 29, 2025
Slide 1: BlackRock TCP Capital Corp. Investor Presentation
BlackRock Private Markets BlackRock TCP Capital Corp. Investor Presentation September 2025 NO FURTHER DISTRIBUTION
Slide 2: Experienced and tenured TCPC investment team
Experienced and tenured TCPC investment team Senior Leadership & Executive Team Philip Tseng (27) * Chairman, Chief Executive Officer and Co-CIO Jason Mehring (31) Erik Cuellar (28) Diana Huffman (15) President CFO General Counsel and Secretary Dan Worrell (34) * Patrick Wolfe (19) Charles Park (17)
Slide 3: Key investment highlights
Key investment highlights Established platform with decades of experience lending 1 throughout market cycles 2 Continued progress in portfolio repositioning 3 Strategically-positioned, with access to the core middle market 4 Diversified, flexible funding sources 5 Strong shareholder alignment Access
Slide 4: Continued progress in portfolio repositioning
Continued progress in portfolio repositioning Non-accruals declined to 3.7% of the portfolio at fair value in Q2 2025, down from peak of 5.6% in Q4 2024 In Q2 2025, the portfolio invested $111.5 million, comprised of 11 new and 2 existing portfolio companies, at a weighted average yield of 10.8% Ave
Slide 5: Track record of attractive shareholder returns
Track record of attractive shareholder returns Book value per share Annualized return on Annualized cash Annualized total invested assets:1 return:2 return on equity:3 and dividends paid 9.4% 9.7% 6.3% $35.00 As of 6/30/2025: $27.59 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Q1-14 Q4-17 Q3-20 Q2
Slide 6: Long history of ample dividend coverage
Long history of ample dividend coverage Adjusted net investment income of $0.31 Declared Q3 2025 regular dividend of $0.25 per share per share in Q2 20251. and special dividend of $0.04 per share Out-earned quarterly regular dividend of $0.25 per Payable on September 30, 2025, to stockholders of rec
Slide 7: Strategically-positioned, diverse portfolio
Strategically-positioned, diverse portfolio Composition by Industry1 13.6% Internet Software and Services 13.0% Software 11.7% Diversified Financial Services 153 companies 7.9% Diversified Consumer Services Invested across 20+ industry sectors 7.7% Professional Services 3.8% Health Care Technology 3
Slide 8: 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 9: Investment strategy & focus
Investment strategy & focus Top of 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 attractive risk adjusted returns and d
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 Facility1 $ 300.0 $ 202.0 $ 98.0 S+2.00%2 August-29 3 4 Funding Facility II $ 200.0 $ 100.0 $ 100.0 S+2.05% August-27 5 6 Merger Sub Facility $ 26
Slide 11: Strategically positioned balance sheet
Strategically positioned balance sheet Predominantly first lien, Diverse capital structure3 floating rate asset portfolio: 6/30/20251 First lien 82.4% 6/30/2025 Second lien 7.0% Junior 0.0% 6% 13% Equity 10.6% 43% 6/30/20252 Floating rate 93.8% 38% Fixed rate 6.2% Loans on non-accrual: 6/30/2025 % o
Slide 12: 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; 1.00% thereafter. debt to equity; 1.0% above 1.0x debt to management Based on gross assets (less cash and
Slide 13: BlackRock's Private Financing Solutions (PFS) Platform
BlackRock’s Private Financing Solutions (PFS) Platform
Slide 14: We are a leading provider of Private Financing Solutions
We are a leading provider of Private Financing Solutions… ⬤ GP / LP Solutions6 $34B • A market leader in private credit ⬤ Multi-Strategy Debt • Comprehensive solutions across the $6B capital structure and life cycle needs • Global presence with local insights and sourcing capabilities • Scaled, flex
Slide 15: An array of capabilities across the capital continuum
…with an array of capabilities across the capital continuum Direct Asset-Based Liquid GP / LP Lending Junior Capital Solutions Financing Credit Solutions $122B $39B $30B $49B $34B Private High $12B Strategic $30B Private High $13B CLO & Loan $39B Private Equity $29B Grade Corporate- Investment Grade
Slide 16: Extensive network and origination capabilities drive new investment flow
Our extensive network and origination capabilities drive a robust flow of new investment opportunities Sponsor relationships 575+ 12,000+ Platform incumbency From core middle Capitalizing on full life cycle Active relationships Companies invested market to large scale investment relationships across
Slide 17: We offer a compelling value proposition for investors
We offer a compelling value proposition for investors Scale and Reach Global Insights & Perspective Scale to originate and hold loans of $1B+ Combination of global capabilities and local across the capital structure and insight allows for optimization of risk- geographies adjusted return potential a
Slide 18: Appendix
Appendix
Slide 19: First Half 2025 Financial Highlights and Portfolio Overview
First Half 2025 Financial Highlights and Portfolio Overview ▪ Adjusted net investment income (NII)1 of $0.31 per share, exceeded the regular first quarter regular dividend per share of $0.25 and a special dividend of $0.04 per share, both payable on March 31, 2025 to shareholders of record as of the
Slide 20: Quarterly operating results
Quarterly operating results 2024 2025 Unaudited ($ in thousands, except per share amounts) Q2 Q3 Q4 Q1 Q2 Investment income Interest and PIK interest income $ 69,032 $ 69,225 $ 58,452 $ 52,574 $ 50,062 Dividend income 2,491 1,580 2,785 3,314 1,402 Other income 3 127 12 1 1 Total investment income 71
Slide 21: Financial highlights
Financial highlights 2024 2025 Unaudited Audited Unaudited ($ per share) Q2 Q3 Q4 Q1 Q2 Net investment income 0.42 0.40 0.40 0.38 0.32 Adjusted net investment income 1 0.38 0.36 0.36 0.36 0.31 Net realized and unrealized gain (loss) (1.02) (0.14) (0.85) (0.13) (0.51) Adjusted net realized and unreal
Slide 22: Portfolio highlights
Portfolio highlights 2024 2025 Asset mix of the investment portfolio Q2 Q3 Q4 Q1 Q2 (in thousands) Senior secured debt $1,804,749 $1,729,172 $1,637,557 $1,591,927 $ 1,602,047 Junior debt 13,918 5,946 5,016 2,353 128 Equity 1 162,243 173,971 152,185 174,994 190,160 Total investments $1,980,910 $1,909
Slide 23: Quarterly balance sheets
Quarterly balance sheets 2024 2025 (in thousands, except per share data) Unaudited Audited Unaudited Assets Q2 Q3 Q4 Q1 Q2 Investments at fair value $ 1,980,909 $ 1,909,089 $ 1,794,758 $ 1,769,274 $ 1,792,335 Cash and cash equivalents 194,669 104,182 91,590 99,115 107,318 Accrued interest income 33,
Slide 24: 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 25: 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 26: 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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