Blackrock Tcp Capital Corp. · NASDAQ:TCPC
Blackrock Tcp Capital — Q2 2025 Earnings Presentation
23 slides from Blackrock Tcp Capital's earnings presentation, Aug 7, 2025
Slide 1: BlackRock TCP Capital Corp. Investor presentation Q2 2025
BlackRock TCP Capital Corp. Investor presentation Q2 2025
Slide 2: Experienced and tenured investment team
Experienced and tenured investment team Senior Leadership & Executive Team Philip Tseng (26) * Chairman, Chief Executive Officer and Co-CIO Senior Leadership & Executive Team Erik Cuellar (28) Diana Huffman (15) Jason Mehring (31) CFO General Counsel and Secretary President Patrick Wolfe (18) Charle
Slide 3: Second Quarter 2025 Financial Highlights and Portfolio Overview
Second Quarter 2025 Financial Highlights and Portfolio Overview ▪ Adjusted NII1 of $0.31 per share, exceeded the regular first quarter dividend per share of $0.25 paid on June 30; Annualized adjusted NII ROE of 13.6% for the second quarter ▪ Declared a second quarter regular dividend of $0.25 per sh
Slide 4: 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 5: Track record of attractive shareholder returns
Track record of attractive shareholder returns Book value per share Annualized return on Annualized cash Annualized total invested assets:1 return:2 return on equity:3 and dividends paid 9.4% 9.7% 6.3% $35.00 As of 6/30/2025: $27.59 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Q1-14 Q4-17 Q3-20 Q2
Slide 6: Long history of ample dividend coverage
Long history of ample dividend coverage Adjusted net investment income of $0.31 Declared Q3 2025 regular dividend of $0.25 per share per share in Q2 20251. and special dividend of $0.04 per share Out-earned quarterly regular dividend of $0.25 per Payable on September 30, 2025, to stockholders of rec
Slide 7: Strategically-positioned, diverse portfolio
Strategically-positioned, diverse portfolio Composition by Industry1 13.6% Internet Software and Services 13.0% Software 11.7% Diversified Financial Services 153 companies 7.9% Diversified Consumer Services Invested across 20+ industry sectors 7.7% Professional Services 3.8% Health Care Technology 3
Slide 8: 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 9: Investment strategy & focus
Investment strategy & focus Top of capital structure positioning centered on first lien, floating rate loans primarily to middle market borrowers with $25 million to $75 million of EBITDA Seek to be lender of influence in structuring transactions and terms with attractive risk adjusted returns and d
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 TCPC is investment grade rated by Fitch Capacity Drawn Amount Available Source Pricing % Maturity (in millions) (in millions) (in millions) Operating Facility1 $ 300.0 $ 202.0 $ 98.0 S+2.00%2 August-29 3 4 Funding Facility II $ 200.0 $ 100.0 $ 100.0 S+2.05
Slide 12: Strategically positioned balance sheet
Strategically positioned balance sheet Predominantly first lien, Diverse capital structure3 floating rate asset portfolio: 6/30/20251 First lien 82.4% 6/30/2025 Second lien 7.0% Junior 0.0% 6% 13% Equity 10.6% 43% 6/30/20252 Floating rate 93.8% 38% Fixed rate 6.2% Loans on non-accrual: 6/30/2025 % o
Slide 13: Summary of NAV progression (QoQ)
Summary of NAV progression (QoQ) $12.00 $11.50 $11.00 $10.50 $10.20 $10.11 $10.00 $0.31 $9.50 $9.23 $9.18 $0.34 $9.00 $- $8.71 $8.50 $(0.83) $(0.29) $8.00 $7.50 $7.00 6/30/2024 9/30/2024 12/31/2024 3/31/2025 Adjusted net Adjusted net Adjusted net Distribution Repurchases 6/30/2025 NAV NAV NAV NAV in
Slide 14: Continued progress in repositioning our portfolio
Continued progress in repositioning our portfolio Non-accruals declined to 3.7% of the portfolio at fair value in Q2 2025, down from peak of 5.6% in Q4 2024, following successful removal of four non-accrual loans In Q2 2025, the portfolio invested $111.5 million, comprised of 11 new and 2 existing p
Slide 15: Strong shareholder alignment
Strong shareholder alignment BlackRock TCP Capital Corp. 1 Typical externally managed BDC2 1.25% on assets up to 200% of the net 1.00%-1.75% on gross assets (up to 1.0x Base asset value of TCPC; 1.0% on assets that debt to equity; 1.0% above 1.0x debt to management exceed 200% of the net asset value
Slide 16: Appendix
Appendix
Slide 17: Quarterly operating results
Quarterly operating results 2024 2025 Unaudited ($ in thousands, except per share amounts) Q2 Q3 Q4 Q1 Q2 Investment income Interest and PIK interest income $ 69,032 $ 69,225 $ 58,452 $ 52,574 $ 50,062 Dividend income 2,491 1,580 2,785 3,314 1,402 Other income 3 127 12 1 1 Total investment income 71
Slide 18: Financial highlights
Financial highlights 2024 2025 Unaudited Audited Unaudited ($ per share) Q2 Q3 Q4 Q1 Q2 Net investment income 0.42 0.40 0.40 0.38 0.32 Adjusted net investment income 1 0.38 0.36 0.36 0.36 0.31 Net realized and unrealized gain (loss) (1.02) (0.14) (0.85) (0.13) (0.51) Adjusted net realized and unreal
Slide 19: Portfolio highlights
Portfolio highlights 2024 2025 Asset mix of the investment portfolio Q2 Q3 Q4 Q1 Q2 (in thousands) Senior secured debt $1,804,749 $1,729,172 $1,637,557 $1,591,927 $ 1,602,047 Junior debt 13,918 5,946 5,016 2,353 128 Equity 1 162,243 173,971 152,185 174,994 190,160 Total investments $1,980,910 $1,909
Slide 20: Quarterly balance sheets
Quarterly balance sheets 2024 2025 (in thousands, except per share data) Unaudited Audited Unaudited Assets Q2 Q3 Q4 Q1 Q2 Investments at fair value $ 1,980,909 $ 1,909,089 $ 1,794,758 $ 1,769,274 $ 1,792,335 Cash and cash equivalents 194,669 104,182 91,590 99,115 107,318 Accrued interest income 33,
Slide 21: Endnotes – Non-GAAP Financial Measures
Endnotes – Non-GAAP Financial Measures On March 18, 2024, BlackRock TCP Capital Corp. (“the Company”) completed its previously announced Merger with BlackRock Capital Investment Corporation (“BCIC”) . The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with
Slide 22: 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 23: 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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