Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — TCP Capital — Q1 2015 Earnings Presentation
14 slides from Blackrock Tcp Capital's earnings presentation, May 7, 2015
Slide 1: TCP Capital Corp. Investor Presentation Quarter Ended March 31, 2015
TCP Capital Corp. Investor Presentation Quarter Ended March 31, 2015
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) 9.1% current dividend yield(2) Investment We seek to generate high total returns through current income and Objective capital appreciation, with an em
Slide 4: Q1 2015 Highlights and Recent Achievements
Q1 2015 Highlights and Recent Achievements Deployed $107 million in 9 investments Net investment income(1) of $0.37 per share – Quarterly dividend of $0.36 per share paid on March 31, 2015 Declared Q2 2015 regular quarterly dividend of $0.36 per share – Payable on June 30, 2015 to holders of r
Slide 5: Strong Track Record of Positive Performance
Strong Track Record of Positive Performance Book Value per Share and Dividends Paid $20.00 $19.55 $19.18 $19.17 $19.00 $18.70 $18.30 $18.00 $17.80 $17.27 $3.75 $4.52 $17.00 $16.79 $3.39 $4.16 $2.98 $16.40 $2.62 $2.21 $16.00 $15.80 $1.85 $15.48 $1.49 $15.04 $1.09 $0.69 $15.00 $0.34 $15.32 $15.31 $15.
Slide 6: Portfolio Growth Since IPO
Portfolio Growth Since IPO $1,300 $1,203 mm $1,200 $1,100 $1,000 Dollars in millions $900 $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 Q4-14 Q1-15 6
Slide 7: Portfolio Highlights as of March 31, 2015
Portfolio Highlights as of March 31, 2015 Investment by Industry Other Telecom 1.1% Synthetic Fibers & Filaments Mfg 1.2% Broadcast Services 1.0% Advertising & PR Services 1.2% Other 6.5% Software Publishers 9.4% Cut & Sew Apparel Mfg 1.2% $1.2 billion portfolio fair value Restaurants 1.2% 10.9%
Slide 8: Financial Highlights
Financial Highlights ($ per share) Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Net investment income before taxes (1) $ 0.46 $ 0.50 $ 0.47 $ 0.50 $ 0.48 Excise taxes - (0.02) - - - Incentive compensation on NII (0.09) (0.10) (0.09) (0.10) (0.10) Net investment income, after incentive(1) 0.37 0.38 0.38 0
Slide 9: Portfolio Highlights
Portfolio Highlights Asset Mix of the Investment Portfolio (in thousands) Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Senior secured debt $ 1,168,613 $ 1,113,537 $ 1,041,130 $ 864,188 $ 773,780 Senior unsecured debt - - - - 7,560 Mezzanine/subordinated debt 57 56 15 1,007 1,402 Equity 34,675 32,943 33,6
Slide 10: Quarterly Balance Sheets
Quarterly Balance Sheets 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 (in thousands, except per share data) (unaudited) (audited) (unaudited) (unaudited) (unaudited) ASSETS Investments at fair value $ 1,203,345 $ 1,146,536 $ 1,074,797 $ 894,669 $ 815,658 Cash and cash equivalents 25,566 27,269
Slide 11: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Unaudited; dollar amounts in thousands, except per share data) 3/31/2015 12/31/2014 9/30/2014 6/30/2014 3/31/2014 Investment Income Interest income $ 31,556 $ 30,623 $ 26,643 $ 23,925 $ 19,735 Dividend income - - - - 1,969 Lease income 292 325
Slide 12: 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 13: 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 $300m TCPC Funding I Credit Facility L + 2.25%1 Mar 2019 $75m SBA Leverage Program2 2.846%3 2024/2025 $108m Convert
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