Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — TCP Capital — Q3 2014 Earnings Presentation
14 slides from Blackrock Tcp Capital's earnings presentation, Nov 6, 2014
Slide 1: TCP Capital Corp. Investor Presentation
TCP Capital Corp. Investor Presentation Quarter Ended September 30, 2014
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) 8.7% current dividend yield(2) Investment We seek to generate high total returns through current income and Objective capital appreciation, with an em
Slide 4: Q3 2014 Highlights and Recent Achievements
Q3 2014 Highlights and Recent Achievements Deployed $207 million in 14 investments Net investment income(1) of $0.38 per share – Quarterly dividend of $0.36 per share paid on September 30, 2014 Earnings per share $0.29; NAV increased to $15.43 from $15.31 per share Declared Q4 2014 regular q
Slide 5: Strong Track Record of Positive Performance
Strong Track Record of Positive Performance Book Value per Share and Dividends Paid $20.00 $19.18 $19.00 $18.70 $18.30 $18.00 $17.80 $17.27 $3.75 $17.00 $16.79 $3.39 $2.98 $16.40 $2.62 $15.80 $2.21 $16.00 $1.85 $15.48 $1.49 $15.04 $1.09 $0.69 $15.00 $0.34 $15.32 $15.31 $15.43 $15.06 $15.18 $14.76 $1
Slide 6: Portfolio Growth Since IPO
Portfolio Growth Since IPO $1,200 $1,100 $1,075 mm $1,000 $900 Dollars in millions $800 $700 $600 $500 $400 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 6
Slide 7: Portfolio Highlights as of September 30, 2014
Portfolio Highlights as of September 30, 2014 Investment by Industry Electric Power Generation & Distribution 1.1% Synthetic Fibers & Filaments Mfg 1.0% $1.1 billion portfolio fair value Plastics Products Mfg 1.2% Financial Investment Activities 1.0% Other 7.3% 10.7% average effective yield Less
Slide 8: Financial Highlights
Financial Highlights ($ per share) Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 (1) Net investment income before taxes 0.47 0.50 0.48 $ 0.50 $ 0.50 Excise taxes - - - (0.03) - Net investment income(1) 0.47 0.50 0.48 0.47 0.50 Net realized & unrealized gains (losses) (0.11) (0.09) 0.14 0.10 0.11 Incentive
Slide 9: Portfolio Highlights
Portfolio Highlights Asset Mix of the Investment Portfolio (in thousands) Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Senior secured debt $ 1,041,130 $ 864,188 $ 773,780 $ 708,726 $ 646,708 Senior unsecured debt - - 7,560 7,632 7,629 Mezzanine/subordinated debt 15 1,007 1,402 10,157 11,090 Equity 33,652
Slide 10: Quarterly Balance Sheets
Quarterly Balance Sheets 9/30/2014 6/30/2014 3/31/2014 12/31/2013 9/30/2013 (in thousands, except per share data) (unaudited) (unaudited) (unaudited) (audited) (unaudited) ASSETS Investments at fair value $ 1,074,797 $ 894,669 $ 815,658 $ 766,263 $ 704,095 Cash and cash equivalents 24,144 29,380 27,
Slide 11: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Unaudited; dollar amounts in thousands, except per share data) 9/30/2014 6/30/2014 3/31/2014 12/31/2013 9/30/2013 Investment Income Interest income $ 26,643 $ 23,925 $ 19,735 $ 20,226 $ 16,490 Dividend income - - 1,969 - - Other income 547 662
Slide 12: Diversified Sources of Funding
Diversified Sources of Funding Funding Sources Pricing Maturity $134m Preferred Interests L + 0.85% July 2016 $116m Operating Company Credit Facility L + 2.50% July 2016 TCPC $200m TCPC Funding I Credit Facility1 L + 2.50%2 May 2017 $75m SBA Leverage Program3 3.02% 10 years $108m Convertib
Slide 13: 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 equivalents) Base Management Fee 1.75% - 2.00% quarterly return on NAV 2.00% quarterly return on NAV Incentive Fee Hurdle (on Ordinary In
Slide 14: 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 14