Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — TCP Capital — Q4 2013 Earnings Presentation
15 slides from Blackrock Tcp Capital's earnings presentation, Mar 6, 2014
Slide 1: TCP Capital Corp. Investor Presentation Quarter Ended December 31, 2013
TCP Capital Corp. Investor Presentation Quarter Ended December 31, 2013
Slide 2: Forward Looking Statements
Forward Looking Statements Prospective investors considering an investment in TCP Capital Corp. should consider the investment objectives, risks and expenses of the Company carefully before investing. This information and other information about the Company are available in the Company's filings wit
Slide 3: TCP Capital Corp.
TCP Capital Corp. Business development company (BDC) Trades on NASDAQ: “TCPC” TCPC Expects to distribute most of its earnings as dividends(1) 8.3% current dividend yield(2) Investment We seek to generate high total returns through current income and Objective capital appreciation, with an em
Slide 4: Summary of Annual Results
Summary of Annual Results (Dollar amounts in thousands, except per share data) 2013 2012 Total investments $ 766,263 $ 517,683 Net investment income(1) 52,836 38,718 Net investment income per share(1) 2.04 1.80 Earnings per share 1.91 1.21 Net assets per share 15.18 14.71 Ending stock price 16.78 14
Slide 5: Accretive Offerings
Accretive Offerings $17.00 12/31/13 at $16.78(1) $16.50 $16.00 $16.00 $15.76 $15.63 Price Per Share $15.50 $15.18 $15.00 IPO at $14.75 $15.18 $15.13 $15.05 $14.76 $14.50 $14.00 $13.50 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Offering Price NAV (1) Reflects closing
Slide 6: 2013 TCPC Performance
2013 TCPC Performance Indexed Performance 130.00% 125.00% TCPC 24.8% 120.00% Wells Fargo Business 115.00% Development Company Index 14.1% 110.00% 105.00% 100.00% 95.00% 90.00% Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 2013 TCPC Total Return Breakdown Total r
Slide 7: Q4 2013 Highlights
Q4 2013 Highlights Net investment income(1) of $0.40 per share – Quarterly dividend of $0.36 per share paid on December 31, 2013 – Special dividend of $0.05 per share paid on December 31, 2013 Declared Q1 2014 regular quarterly dividend of $0.36 per share – Payable on March 31, 2014 to holders o
Slide 8: Portfolio Highlights as of December 31, 2013
Portfolio Highlights as of December 31, 2013 Investment by Industry Data Processing & Hosting Services 1.1% Beverage Mfg 1.1% Computer Equipment Mfg 1.2% Accounting, Tax & Payroll Services 1.1% Petroleum & Coal Products Mfg 1.0% Merchant Wholesalers 1.2% Nonresidential Building Construction 1.3% Oth
Slide 9: Financial Highlights
Financial Highlights ($ per share) Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 (1) Net investment income before taxes $ 0.50 $ 0.50 $ 0.47 $ 0.64 $ 0.64 Excise taxes (0.03) - - - (0.05) Net investment income(1) 0.47 0.50 0.47 0.64 0.59 Net realized & unrealized gains (losses) 0.10 0.11 0.03 0.11 (0.27)
Slide 10: Portfolio Highlights
Portfolio Highlights Asset Mix of the Investment Portfolio (in thousands) Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Senior secured debt $ 708,726 $ 646,708 $ 515,778 $ 453,895 $ 463,394 Senior unsecured debt 7,632 7,629 7,591 7,553 7,167 Mezzanine/subordinated debt 10,157 11,090 10,859 12,151 12,241 E
Slide 11: Quarterly Balance Sheets
Quarterly Balance Sheets 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 (Dollar amounts in thousands, except per share data) (audited) (audited) (unaudited) (unaudited) (audited) ASSETS Investments at fair value $ 766,263 $ 704,095 $ 571,762 $ 509,995 $ 517,683 Cash and cash equivalents 22,984
Slide 12: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Unaudited; dollar amounts in thousands, except per share data) 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 Investment Income Interest income $ 20,226 $ 16,490 $ 13,762 $ 16,464 $ 16,666 Dividend income - - - - - Other income 761 798 707
Slide 13: Attractive Leverage Program
Attractive Leverage Program Facility Pricing Range Maturity Date $116m Operating Company Credit Facility L + 0.44%1 Jul-16 $150m TCPC Funding I Credit Facility2 L + 2.50%3 May-17 TCP Capital Corp. $134m Preferred Interests L + 0.85% Jul-16 (1) Interest rate increases to L + 2.50% effective Aug
Slide 14: Best-In-Class Advisory Fee Structure
Best-In-Class Advisory Fee Structure Select Externally Managed BDCs TCP Capital Corp. 1.5% - 2.0% on gross assets 1.5% on gross assets (less cash and cash Base Management Fee equivalents) 1.75% - 2.00% quarterly return on NAV 2.00% quarterly return on NAV Incentive Fee Hurdle (on Ordinary In
Slide 15: Contact Information
Contact Information Investor Relations 2951 28th Street, Suite 1000 Santa Monica, CA 90405 (310) 566-1094 investor.relations@tcpcapital.com www.tcpcapital.com Transfer Agent Wells Fargo Shareholder Services (800) 468-9716 (from U.S.) (651) 450-4064 (from outside U.S.) www.shareowneronline.com 15