BlackRock Capital Investment : May 2023 Investor Presentation

BLACKROCK CAPITAL INVESTMENT CORPORATION

Investor Presentation

May 2023

Important Notice

These materials and any presentation of which they form a part are neither an offer to sell, nor a solicitation of an offer to purchase, any securities of BlackRock Capital Investment Corporation ("BKCC," the "Company", "we", "us" or "our"). The summary descriptions and other information included herein, and any other materials provided to you by the Company or its representatives, are unaudited (to be read in conjunction with the Company's public filings and most recently audited Form 10-K) and are intended only for informational purposes and convenient reference. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

This report accompanies the BlackRock Capital Investment Corporation First Quarter 2023 earnings call and should not be repurposed for any other use. Recipients may not reproduce these materials or transmit them to third parties. These materials are not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulations.

This presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. Actual outcomes and results could differ materially from those suggested by this presentation due to the impact of many factors beyond the control of the Company, including those listed in the "Risk Factors" section of our annual filings with the Securities and Exchange Commission ("SEC"). Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and BlackRock Capital Investment Corporation assumes no obligation to update or revise any such forward-looking statements.

Certain information discussed in this presentation was derived from third party sources and has not been independently verified and, accordingly, the Company makes no representation or warranty in respect of this information.

The following slides contain summaries of certain financial and statistical information about the Company. The information contained in this presentation is summary information that is intended to be considered in the context of our SEC filings and other public announcements that we may make, by press release or otherwise, from time to time. In addition, information related to past performance, while helpful as an evaluative tool, is not necessarily indicative of future results, the achievement of which cannot be assured. You should not view the past performance of the Company, or information about the market, as indicative of the Company's future results.

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BlackRock Capital Investment Corporation Overview

BlackRock Capital Investment Corporation (NASDAQ: BKCC) is a publicly traded and externally-managed BDC (business development company).

• Provides middle-market companies with flexible financing solutions across the capital structure, but with a focus on senior secured debt with an emphasis on first lien loans. Seeks and invests in opportunities which offer an attractive risk-adjusted return, while creating long-term partnerships with growing middle-market companies.
• Managed by a wholly owned indirect subsidiary13 of BlackRock, Inc. ("BlackRock") since March 6, 2015. BlackRock is the largest asset manager globally with approximately $9.1 trillion under management, as of March 31, 2023.
• Positioned for long-term strength and stable earnings; the below milestones represent significant progress towards the Company's portfolio targets (page 9):
• 1. First lien debt increased to 82% at March 31, 2023, an increase from 79% at December 31, 2022 and 74% at December 31, 2021; and
  2. Number of portfolio companies increased to 121 at March 31, 2023, from 116 at December 31, 2022 and 86 at December 31, 2021.
• Modest leverage of 0.81x at March 31, 2023 provides flexibility to grow the portfolio and increase Net Investment Income.
• BlackRock's scope and scale enhances sourcing channels and provides informational advantage via company, sector and macro level insights and integration of Tennenbaum Capital Partners into BlackRock in 2018 helped adding value for stockholders through increased deal flow.
• Under BlackRock's management, from March 6, 2015 to March 31, 2023, we have deployed capital of approximately $1.9 billion, of which approximately $1.1 billion has been exited with a gross IRR of 9.9%.
• Evaluated over 6,900 investment opportunities and completed investments in 332 portfolio companies since inception.
• Has provided in excess of $5.8 billion in capital to middle-market companies since inception.

	Key Metrics as of March 31, 2023
Investment Portfolio6:	Dividend Yield9:	Net Assets:
$587.8 million	11.6%	$319.8 million or $4.41 per share4
Share Price:	Quarterly Dividend Coverage10:	Market Capitalization:
$3.45	122%	$250.4 million

Please see Notes to the Investor Presentation on page 14.

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Select Historical Financial Information

Items above may not foot or cross-foot due to rounding. Please see Notes to the Investor Presentation on page 14.

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Portfolio Activity

Note: Items above may differ from public filings due to rounding. Please see Notes to the Investor Presentation on page 14.

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