Slide 1: TCP Capital Corp. Investor Presentation
TCP Capital Corp. Investor Presentation Quarter Ended June 30, 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) 9.5% current dividend yield(2) Investment We seek to generate high total returns through current income and Objective capital appreciation, with an em
Slide 4: Q2 2015 Highlights and Recent Achievements
Q2 2015 Highlights and Recent Achievements Deployed $196 million in 18 investments Net investment income(1) of $0.44 per share – Quarterly dividend of $0.36 per share paid on June 30, 2015 Declared Q3 2015 regular quarterly dividend of $0.36 per share – Payable on September 30, 2015 to holders
Slide 5: Strong Track Record of Positive Performance
Strong Track Record of Positive Performance Book Value per Share and Dividends Paid $21.00 $19.98 $20.00 $19.55 $19.18 $19.17 $19.00 $18.70 $18.30 $18.00 $17.80 $17.27 $4.88 $3.75 $4.52 $16.79 $4.16 $17.00 $3.39 $2.98 $16.40 $2.62 $15.80 $2.21 $16.00 $1.85 $15.48 $1.49 $15.04 $1.09 $15.00 $0.69 $0.3
Slide 6: Portfolio Growth Since IPO
Portfolio Growth Since IPO $1,300 $1,212mm $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 Q2-15 6
Slide 7: Portfolio Highlights as of June 30, 2015
Portfolio Highlights as of June 30, 2015 Investment by Industry $1.2 billion portfolio fair value Electrical Equipment & Component Mfg 1.1% Other Telecom 1.1% Advertising & PR Services 1.1% Other 7.2% 10.9% average effective yield Structured Note Funds 1.2% Software Publishers 13.5% Restaurants
Slide 8: Financial Highlights
Financial Highlights ($ per share) Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Net investment income before taxes (1) $ 0.55 $ 0.46 $ 0.50 $ 0.47 $ 0.50 Excise taxes - - (0.02) - - Incentive compensation on NII (0.11) (0.09) (0.10) (0.09) (0.10) Net investment income, after incentive(1) 0.44 0.37 0.38 0
Slide 9: Portfolio Highlights
Portfolio Highlights Asset Mix of the Investment Portfolio (in thousands) Q2 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Senior secured debt $ 1,170,828 $ 1,168,613 $ 1,113,537 $ 1,041,130 $ 864,188 Senior unsecured debt - - - - - Mezzanine/subordinated debt 57 57 56 15 1,007 Equity 41,090 34,675 32,943 33
Slide 10: Quarterly Balance Sheets
Quarterly Balance Sheets 6/30/2015 3/31/2015 12/31/2014 9/30/2014 6/30/2014 (in thousands, except per share data) (unaudited) (unaudited) (audited) (unaudited) (unaudited) ASSETS Investments at fair value $ 1,211,975 $ 1,203,345 $ 1,146,536 $ 1,074,797 $ 894,669 Cash and cash equivalents 36,706 25,5
Slide 11: Quarterly Operating Results
Quarterly Operating Results For the Three Months Ended (Unaudited; dollar amounts in thousands, except per share data) 6/30/2015 3/31/2015 12/31/2014 9/30/2014 6/30/2014 Investment Income Interest income $ 37,485 $ 31,556 $ 30,623 $ 26,643 $ 23,925 Dividend income - - - - - Lease income 331 292 325
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 As of June 30, 2015 Source Capacity Drawn Amount Pricing Maturity Current leverage: TCPC Funding I Credit Facility $300mm1 $165mm L + 2.25% 2 Mar-19 Operating Company Credit Facility $116mm $112mm L + 2.50% Jul-16 Preferred Interests $101mm $101mm L + 0.85% Jul-1
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