Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — Q1 2026 Earnings Presentation
22 slides from Blackrock Tcp Capital's earnings presentation, May 7, 2026
Slide 1: BlackRock TCP Capital Corp. Q1 2026 Investor Presentation
Q1 2026 BlackRock TCP Capital Corp. Investor Presentation 1
Slide 2: Experienced and tenured investment team
Experienced and tenured investment team Senior Leadership & Executive Team Philip Tseng (27) * Chairman, Chief Executive Officer and Co-CIO Senior Leadership & Executive Team Jason Mehring (31) Erik Cuellar (28) Diana Huffman (15) President CFO General Counsel and Secretary Dan Worrell (34) * Patric
Slide 3: Key investment highlights
Key investment highlights Established platform with decades of experience lending 1 throughout market cycles Strategically-positioned, diverse portfolio with access to the core 2 middle market Extensive network and channel-agnostic approach to deal 3 sourcing 4 Diversified, flexible funding sources
Slide 4: Continued progress in repositioning our portfolio
Continued progress in repositioning our portfolio Non-accruals represented 2.8% of the portfolio at fair value in Q1 2026, down from 4.4% in Q1 2025 PIK income was 8.5% of total investment income, down from 10.9% last quarter New loan investments YTD are all first lien, with 91.8% of the current por
Slide 5: First Quarter 2026 Financial Highlights
First Quarter 2026 Financial Highlights ▪ Adjusted NII1 of $0.21 per share, exceeded the regular first quarter dividend per share of $0.17 paid on March 31; Annualized adjusted NII ROE of 11.8% for the first quarter ▪ Continuous coverage of the dividend with net investment income each quarter as a p
Slide 6: 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% 9.5% 4.7% $35.00 As of 03/31/2026: $26.31 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 ITD Total Q2-13 Q
Slide 7: Long history of ample dividend coverage
Long history of ample dividend coverage Adjusted net investment income of $0.21 Declared Q2 2026 dividend of $0.17 per share per share in Q1 20261. Covered quarterly regular dividend of $0.17 per Payable on June 30, 2026, to stockholders of record as of the share paid on March 31, 2026. close of bus
Slide 8: Strategically-positioned, diverse portfolio
Strategically-positioned, diverse portfolio Composition by Industry1 13.8% Software 13.4% Internet Software and Services 11.6% Diversified Financial Services 139 companies 8.2% Professional Services Invested across 20+ industry sectors 5.6% Diversified Consumer Services 5.2% Health Care Technology 4
Slide 9: Investments include access to core middle market
Investments include access to core middle market Considerable addressable market for middle market lenders1 ~200,000 U.S. Represents Employs middle market 1/3rd private ~48 million businesses sector GDP people • Offers attractive spread opportunities • Large, differentiated opportunity set compared
Slide 10: 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 11: Diversified and flexible sources of funding
Diversified and flexible sources of funding Capacity Drawn Amount Available Source Pricing % Maturity (in millions) (in millions) (in millions) Operating Facility 1 $ 300.0 $ 226.9 $ 73.1 S+2.00%2 August-29 3 Funding Facility II $ 200.0 $ 108.0 $ 92.0 S+2.00% July-29 4 5 Merger Sub Facility $ 265.0
Slide 12: Strategically positioned balance sheet
Strategically positioned balance sheet Predominantly first lien, Diverse capital structure3 floating rate asset portfolio: 03/31/20261 First lien 88.7% 03/31/2026 Second lien 3.1% Junior 0.0% 7% Equity 8.2% 38% 17% 03/31/20261 Floating rate 94.4% Fixed rate 5.6% 22% Loans on non-accrual: 03/31/20261
Slide 13: Summary of NAV progression (QoQ)
Summary of NAV progression (QoQ) $11.00 $10.00 $9.23 $9.18 $9.00 $8.71 $8.71 $8.00 $0.21 $7.00 $0.01 $0.00 ($0.40) ($0.17) $6.00 $7.07 $6.72 $5.00 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Adjusted net Adjusted net Adjusted net Distribution Repurchases 03/31/2026 NAV NAV NAV NAV NAV invest
Slide 14: Strong shareholder alignment
Strong shareholder alignment BlackRock TCP Capital Corp. Typical externally managed BDC1 1.25% on assets up to 200% of the net 1.00%-1.75% on gross assets (up to 1.0x Base asset value of TCPC; 1.0% on assets that debt to equity; 1.0% above 1.0x debt to management exceed 200% of the net asset value o
Slide 15: Appendix
Appendix
Slide 16: Quarterly operating results
Quarterly operating results 2025 2026 Unaudited ($ in thousands, except per share amounts) Q1 Q2 Q3 Q4 Q1 Investment income Interest and PIK interest income $ 52,574 $ 50,062 $ 48,915 $ 42,473 $ 41,175 Dividend income 3,314 1,402 1,599 1,430 1,407 Other income 1 1 2 13 1 Total investment income 55,8
Slide 17: Financial highlights
Financial highlights 2025 2026 Unaudited Audited Unaudited ($ per share) Q1 Q2 Q3 Q4 Q1 Net investment income 0.38 0.32 0.32 0.26 0.22 Adjusted net investment income 1 0.36 0.31 0.30 0.25 0.21 Net realized and unrealized gain (loss) (0.13) (0.51) (0.03) (1.66) (0.41) Adjusted net realized and unreal
Slide 18: Portfolio highlights
Portfolio highlights 2025 2026 Asset mix of the investment portfolio Q1 Q2 Q3 Q4 Q1 (in thousands) Senior secured debt $ 1,591,927 $ 1,602,047 $ 1,540,460 $ 1,418,316 $ 1,274,331 Junior debt 2,353 128 127 127 127 1 Equity 174,994 190,160 176,104 114,859 114,210 Total investments $ 1,769,274 $ 1,792,
Slide 19: Quarterly balance sheets
Quarterly balance sheets 2025 2026 (in thousands, except per share data) Unaudited Audited Unaudited Assets Q1 Q2 Q3 Q4 Q1 Investments at fair value $ 1,769,274 $ 1,792,335 $ 1,716,691 $ 1,533,302 $ 1,388,669 Cash and cash equivalents 99,115 107,318 60,994 61,075 93,259 Accrued interest income 23,28
Slide 20: 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
Slide 21: 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 22: 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.) wwww.computershare.com/investor • Keefe, Bruyette & Woods • Oppenheimer Corporate headquarters • Raymond James • Wells Fargo 2951 28
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