BlackRock TCP Capital : Q3 2020 TCPC Investor Presentation

BlackRock TCP Capital Corp. Investor Presentation

September 30, 2020

Forward Looking Statements

Prospective investors considering an investment in BlackRock 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 with the Securities and Exchange Commission ("SEC"). Copies are available on the SEC's website at www.sec.gov and the Company's website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing.

This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Securities Exchange Act. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the "Risks" section of the Company's prospectus dated August 16, 2019 and its prospectus supplement dated September 29, 2020, and the "Risk Factors" section of the Company's Form 10-K for the year ended December 31, 2019, and the Company's subsequent periodic filings with the SEC. Copies are available on the SEC's website at www.sec.gov and the Company's website at www.tcpcapital.com. Forward-looking statements are made as of the date of this presentation, or as of the prior date referenced in this presentation, and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise.

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BlackRock TCP Capital Corp - Response to COVID-19

As of September 30, 2020

Our Team

Leveraging our team's more than 20 years' experience investing across

market cycles , as well as our special

situations expertise

Additional resources, including

technology and benefits, committed across BlackRock for the safety and well-being of employees

Our Portfolio		Our Firm
Thorough and ongoing analysis of		Business continuity procedures
	continue to be fully operational -
every company in our portfolio to
	employees have access to BlackRock
proactively address COVID-19
	tools, technology and connectivity
impacts
	from home
Working alongside management		Utilizing resources throughout the
	BlackRock platform, including
teams and sponsors to identify issues
	expertise across asset classes, broad
quickly and help borrowers navigate
	market access and corporate
the current environment
	relationships

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Third Quarter 2020 Highlights

As of September 30, 2020, unless otherwise noted

Strong Portfolio	▪	4.1% increase in NAV, 1.8% net market value gain on investments
Performance	▪	Strong credit quality; non-accruals limited to 0.6% of the portfolio at fair value
	▪ On August 4, successfully replaced the Funding Facility I with a new facility on better terms,
		including a 2-year maturity extension, a $50 million accordion feature, and no change to the
Enhanced		L+2.00% rate
Capital & Liquidity	▪	On July 31, added a $100 million accordion commitment to the Operating Facility

Board of Directors

Dividend

• On October 2, issued an additional $50 million of 3.9% notes due 2024, bringing total issuance of the 2024 Notes to $250 million
• Andrea Petro appointed to the Board, effective August 4; her appointment furthers our long- term commitment to diversity as half of our independent directors are now women
• Continuous coverage of the dividend with net investment income each quarter as a public company; dividend coverage ratio of 117% in the third quarter
• Board declared a fourth quarter dividend of $0.30 per share payable on December 31 to shareholders of record as of December 17

Past performance does not guarantee future returns.

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