Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — TCP Capital — Q1 2014 Earnings Presentation
14 slides from Blackrock Tcp Capital's earnings presentation, May 8, 2014
Slide 1: TCP Capital Corp. Investor Presentation, Quarter Ended March 31, 2014
TCP Capital Corp. Investor Presentation Quarter Ended March 31, 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) 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 2014 Highlights
Q1 2014 Highlights Net investment income(1) of $0.39 per share – Quarterly dividend of $0.36 per share paid on March 31, 2014 Declared Q2 2014 regular quarterly dividend of $0.36 per share and a special dividend of $0.05 per share – Both payable on June 30, 2014 to holders of record as of June 1
Slide 5: Dividend History: $3.39 Declared Since IPO
Dividend History: $3.39 Declared Since IPO $3.50 $3.39 $2.98 $3.00 $2.62 $2.50 $2.21 $2.00 $1.85 $1.49 $1.50 $1.09 $1.00 $0.69 $0.50 $0.40 $0.40 $0.41 $0.41 $0.34 $0.34 $0.35 $0.36 $0.36 $0.36 $0.05 $0.05 $0.05 $0.05 $0.35 $0.35 $0.36 $0.36 $0.00 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14
Slide 6: Portfolio Growth Since IPO
Portfolio Growth Since IPO $850.0 $815.7 $800.0 $750.0 $700.0 Dollars in millions $650.0 $600.0 $550.0 $500.0 $450.0 $400.0 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 6
Slide 7: Portfolio Highlights as of March 31, 2014
Portfolio Highlights as of March 31, 2014 Investment by Industry Data Processing & Hosting Services 1.0% Computer Equipment Mfg 1.1% Beverage Mfg 1.0% Merchant Wholesalers 1.1% Accounting, Tax & Payroll Services 1.0% Specialty Hospitals 1.2% Other 4.2% Nonresidential Building Construction 1.2% Compu
Slide 8: Financial Highlights
Financial Highlights ($ per share) Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 (1) Net investment income before taxes 0.48 $ 0.50 $ 0.50 $ 0.47 $ 0.64 Excise taxes - (0.03) - - - Net investment income(1) 0.48 0.47 0.50 0.47 0.64 Net realized & unrealized gains (losses) 0.14 0.10 0.11 0.03 0.11 Incentive
Slide 9: Portfolio Highlights
Portfolio Highlights Asset Mix of the Investment Portfolio (in thousands) Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Senior secured debt $ 773,780 $ 708,726 $ 646,708 $ 515,778 $ 453,895 Senior unsecured debt 7,560 7,632 7,629 7,591 7,553 Mezzanine/subordinated debt 1,402 10,157 11,090 10,859 12,151 Eq
Slide 10: Quarterly Balance Sheets
Quarterly Balance Sheets 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 (Dollar amounts in thousands, except per share data) (unaudited) (audited) (audited) (unaudited) (unaudited) ASSETS Investments at fair value $ 815,658 $ 766,263 $ 704,095 $ 571,762 $ 509,995 Cash and cash equivalents 27,141
Slide 11: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Unaudited; dollar amounts in thousands, except per share data) 3/31/2014 12/31/2013 9/30/2013 6/30/2013 3/31/2013 Investment Income Interest income $ 19,735 $ 20,226 $ 16,490 $ 13,762 $ 16,464 Dividend income 1,969 - - - - Other income 965 761
Slide 12: 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 $150m TCPC SBIC, LP Credit Facility4 TBD 10 years (1
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 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 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