Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — Q2 2026 Earnings Presentation
30 slides from Blackrock Tcp Capital's earnings presentation, Aug 6, 2026
Slide 1: BlackRock TCP Capital Corp. Q2 2026 Investor Presentation
BlackRock TCP Capital Corp. Q2 2026 Investor Presentation
Slide 2: Portfolio Sale Transaction Overview
Portfolio Sale Transaction Overview
Slide 3: Overview of Portfolio Sale Transaction
Overview of Portfolio Sale Transaction The transferred assets span a broad cross section of TCPC’s debt portfolio with sector, lien and credit characteristics similar to those of the overall pre-transaction debt portfolio $523M 78 70% FMV of assets Portfolio companies Of TCPC debt portfolio companie
Slide 4: Key Benefits of the Portfolio Sale Transaction
Key Benefits of the Portfolio Sale Transaction Accelerates work underway, increasing financial, investment and operational flexibility and creating a stronger foundation from which to seek to deliver greater long-term shareholder value Engaged KBW to consider strategic alternatives Pro Forma, June 3
Slide 5: Pro Forma TCPC Portfolio Overview
Pro Forma TCPC Portfolio Overview The profile below is immediately pro forma for the portfolio sale and does not reflect the potential impact of ~$305M of available new investment capacity, assuming net leverage of 1.0x $671M 132 $5.1M FMV of assets Portfolio companies Average Position Size Composit
Slide 6: 2Q 2026 Results
2Q 2026 Results (Pre-Portfolio Sale Transaction)
Slide 7: Q2 continued progress against strategic initiatives
Q2 continued progress against strategic initiatives Apart from the Transaction, we continued to make progress toward our strategic priorities during the second quarter, including reducing non-accruals, strengthening the balance sheet and advancing our portfolio repositioning efforts. Non-accruals de
Slide 8: Second Quarter 2026 Financial Highlights
Second Quarter 2026 Financial Highlights For the quarter ending / As of June 30, 2026 ▪ Adjusted NII1 of $0.21 per share, exceeded the regular second quarter dividend per share of $0.17 paid on June 30 Second quarter ▪ Annualized adjusted NII ROE of 12.4% for the second quarter key financial metrics
Slide 9: Summary of 2Q 2026 NAV progression
Summary of 2Q 2026 NAV progression $0.21 $6.72 $0.06 $0.01 $6.58 ($0.25) $(0.17) 03/31/2026 NAV Adjusted net 1 Adjusted net 1 Adjusted net 1 Distribution Repurchases 06/30/2026 NAV investment income realized gain (loss) unrealized gain (loss) 1 Amounts are adjusted to remove the impact of purchase d
Slide 10: Strategically-positioned, diverse portfolio
Strategically-positioned, diverse portfolio As of June 30, 2026 Composition by Industry1 14.8% Software 11.8% Diversified Financial Services 11.5% Internet Software and Services 134 companies 9.6% Professional Services Invested across 35 industry sectors 5.5% Health Care Technology 4.6% Diversified
Slide 11: Balance sheet snapshot
Balance sheet snapshot As of June 30, 2026 Predominantly first lien, Diverse capital structure floating rate asset portfolio: 06/30/2026 06/30/2026 Total Assets $1,476M 13% Portfolio Value $1,291M First lien1 89.8% 38% 21% Floating rate2 93.9% Fixed rate2 6.1% 28% Credit facilities Unsecured debt Se
Slide 12: Diversified and flexible sources of funding
Diversified and flexible sources of funding As of June 30, 2026 Capacity Drawn Amount Available Source Pricing % Maturity (in millions) (in millions) (in millions) Operating Facility 1 $ 300.0 $ 134.8 $ 165.2 S+2.00%2 August-29 3 4 Merger Sub Facility $ 265.0 $ 54.0 $ 211.0 S+2.00% September-28 5 20
Slide 13: Investment Approach & Track Record
Investment Approach & Track Record
Slide 14: Experienced and tenured investment team
Experienced and tenured investment team Senior Leadership & Executive Team Senior Leadership & Executive Team Philip Tseng (27) Chairman, CEO, and Co-CIO Jason Mehring (31) Diana Huffman (15) Erik Cuellar (28) President General Counsel and Secretary CFO Dan Worrell (34) Charles Park (17) Patrick Wol
Slide 15: 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 16: 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 8.6% 9.4% 4.6% $35.00 As of 06/30/2026: $26.34 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Q4-20 Q1-23 Q2-25
Slide 17: Long history of ample dividend coverage
Long history of ample dividend coverage Adjusted net investment income of $0.21 Declared Q3 2026 dividend of $0.17 per share per share in Q2 20261. Covered quarterly regular dividend of $0.17 per Payable on September 30, 2026, to stockholders of record as of share paid on June 30, 2026. the close of
Slide 18: Strong shareholder alignment
Strong shareholder alignment BlackRock TCP Capital Corp. Typical externally managed BDC1 1.25% on assets up to 200% of the net 1.00%-1.75% on gross assets (up to 1.0x Base asset value of TCPC; 1.0% on assets that debt to equity; 1.0% above 1.0x debt to management exceed 200% of the net asset value o
Slide 19: Appendix
Appendix
Slide 20: Quarterly operating results
Quarterly operating results 2025 2026 Unaudited ($ in thousands, except per share amounts) Q2 Q3 Q4 Q1 Q2 Investment income Interest and PIK interest income $ 50,062 $ 48,915 $ 42,473 $ 41,175 $ 37,807 Dividend income 1,402 1,599 1,430 1,407 2,210 Other income 1 2 13 1 5 Total investment income 51,4
Slide 21: Financial highlights
Financial highlights 2025 2026 Unaudited Audited Unaudited ($ per share) Q2 Q3 Q4 Q1 Q2 Net investment income 0.32 0.32 0.26 0.22 0.22 Adjusted net investment income 1 0.31 0.30 0.25 0.21 0.21 Net realized and unrealized gain (loss) (0.51) (0.03) (1.66) (0.41) (0.20) Adjusted net realized and unreal
Slide 22: Portfolio highlights
Portfolio highlights 2025 2026 Asset mix of the investment portfolio Q2 Q3 Q4 Q1 Q2 (in thousands) Senior secured debt $ 1,602,047 $ 1,540,460 $ 1,418,316 $ 1,274,331 $ 1,180,197 Junior debt 128 127 127 127 127 Equity 1 190,160 176,104 114,859 114,210 110,199 Total investments $ 1,792,335 $ 1,716,69
Slide 23: Quarterly balance sheets
Quarterly balance sheets 2025 2026 (in thousands, except per share data) Unaudited Audited Unaudited Assets Q2 Q3 Q4 Q1 Q2 Investments at fair value $ 1,792,335 $ 1,716,691 $ 1,533,302 $ 1,388,669 $ 1,290,523 Cash and cash equivalents 107,318 60,994 61,075 93,259 157,547 Accrued interest income 22,9
Slide 24: Continuation Vehicle Portfolio Schedule
Continuation Vehicle Portfolio Schedule Fair Market Commitment Unfunded Funded Issuer Security Type Industry Value (Closing) (Closing) (Closing) (Closing) Acquia, Inc. First Lien Term Loan Internet Software and Services $ 10.6 $ - $ 10.6 $ 9.7 Acquia, Inc. Sr Secured Revolver Internet Software and S
Slide 25: Continuation Vehicle Portfolio Schedule (continued)
Continuation Vehicle Portfolio Schedule (continued) Fair Market Commitment Unfunded Funded Issuer Security Type Industry Value (Closing) (Closing) (Closing) (Closing) Dragos, Inc. First Lien Delayed Draw Term Loan Software $ 1.6 $ 0.4 $ 1.2 $ 1.2 Dragos, Inc. First Lien Term Loan Software 1.8 - 1.8
Slide 26: Continuation Vehicle Portfolio Schedule (continued)
Continuation Vehicle Portfolio Schedule (continued) Fair Market Commitment Unfunded Funded Issuer Security Type Industry Value (Closing) (Closing) (Closing) (Closing) ICIMS, Inc. First Lien Incremental Term Loan Professional Services $ 3.0 $ - $ 3.0 $ 2.8 ICIMS, Inc. First Lien Term Loan Professiona
Slide 27: Continuation Vehicle Portfolio Schedule (continued)
Continuation Vehicle Portfolio Schedule (continued) Fair Market Commitment Unfunded Funded Issuer Security Type Industry Value (Closing) (Closing) (Closing) (Closing) PMA Parent Holdings, LLC First Lien Term Loan Capital Markets $ 4.4 $ - $ 4.4 $ 4.3 PMA Parent Holdings, LLC Sr Secured Revolver Capi
Slide 28: Endnotes – Non-GAAP Financial Measures
Endnotes – Non-GAAP Financial Measures BlackRock Capital Investment Corporation ("BCIC") merged with and into a subsidiary of BlackRock TCP Capital Corp. (the "Company") on March 18, 2024 (the "Merger"). The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance w
Slide 29: 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 30: 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.) www.computershare.com/investor • Keefe, Bruyette & Woods • Oppenheimer Corporate headquarters • Raymond James • Wells Fargo 2951 28t
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