Blackrock TCP Capital : Fourth Quarter 2021 Financial Results

BlackRock TCP Capital Corp. Investor Presentation

December 31, 2021

Forward Looking Statements

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 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 "Risk Factors" section of the Company's Form 10-K for the year ended December 31, 2021, 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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Fourth Quarter and Full Year 2021 Highlights

As of December 31, 2021

Portfolio

Performance

Capital & Liquidity

• 1.9% increase in NAV per share in the fourth quarter; Year-over-year NAV per share increased 8.5%
• FY2021 income ROE of 9.5%, and GAAP ROE (inclusive of gains and losses) of 17.5%
• The credit quality of TCPC's diversified portfolio remains strong, with non-accrual loans limited to just 0.9% of total investments at fair value
• On February 9, 2021, successfully issued $175 million of 2.85% unsecured notes due 2026; on August 27, issued an additional $150 million at a yield to maturity of 2.475%, bringing total outstanding principal to $325 million
• On June 22, the SVCP Credit Facility was amended, including extending the maturity 2 years to May 6, 2026 and reducing the stated interest rate to L+1.75% (from L+2.00%), subject to certain borrowing base requirements

	▪	Dividend coverage ratio in the fourth quarter was 102%; continuing TCPC's successful record
Dividend		of consistent dividend coverage every quarter since IPO in 2012
	Board declared a first quarter dividend of $0.30 per share payable on March 31, 2022 to
	▪

shareholders of record as of March 17, 2022

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Fourth Quarter 2021 Financial and Portfolio Overview

As of December 31, 2021

Diversified

Portfolio with an

Emphasis on Less-Cyclical Businesses

Flexible Capital

With

Available Liquidity

Well-Resourced

Platform

• Total portfolio fair value of $1.8 billion diversified across 115 portfolio companies
• 89% invested in senior secured debt; 75% of the total portfolio is 1st lien
• Weighted average yield of the portfolio is 9.2%(1)
• Acquisitions totaled $182 million and dispositions totaled $115 million, for net portfolio acquisitions of $67 million in the fourth quarter
• Diverse leverage program totaling $1.4 billion, with well laddered maturities
• 70% of outstanding leverage as of December 31 is unsecured
• $356 million of available credit facility capacity
• Net regulatory leverage ratio of 1.05x, well within our 2:1 regulatory leverage limitation
• Advisor has more than 2 decades of private credit experience across multiple market cycles
• BlackRock platform provides access to technology capabilities, knowledge and global resources across asset classes and sectors

1. Weighted average annual effective yield includes amortization of deferred debt origination and end-of-term fees and accretion of original issue discount, but excludes market

discount, any prepayment and make-whole fee income, and any debt investments that are distressed or on non-accrual status. Weighted average effective yield on the total portfolio (including debt investments that are distressed or on non-accrual status and equity investments) was 8.7% as of 12/31/2021.

Past performance does not guarantee future returns.

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Middle Market Lending - A Large and Growing Opportunity

Market Size	Historical Growth	Strong Credit Performance
~200,000 U.S. Middle Market	6.5% annual revenue growth since	Middle Market loans have historically
companies representing over $10	2010, outpacing large companies	experienced lower loss rates than
trillion in annual revenue (1)	by 300 bps(1)	broadly syndicated loans (2)

Both supply and demand factors are fueling middle market lending growth

1. • Ability for borrowers to obtain customized solutions
   • Ease, speed and certainty of execution
   • Increase in dedicated capital to the sector
   • Value in establishing long-term relationships between borrowers, lenders and private equity sponsors
2. Source: National Center for Middle Market at Ohio State University
3. Source: S&P, Fitch U.S. Leveraged Loan Default Insights

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