Blackrock TCP Capital : Second Quarter 2022 Financial Results

BlackRock TCP Capital Corp. Investor Presentation

June 30, 2022

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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Second Quarter 2022 Financial Highlights and Portfolio Overview

As of June 30, 2022

Continued

Strong

Financial

Performance

Diversified

Portfolio with an

Emphasis on Less-Cyclical Businesses

Flexible Capital

With

Available Liquidity

• Net investment income of $0.37 per share, exceeded the second quarter dividend of 30 cents per share paid on June 30
• No new non-accruals;non-accrual loans limited to just 0.3% of total investments at fair value and 0.5% at cost
• Declared a third quarter dividend of $0.30 per share payable on September 30, 2022 to shareholders of record as of September 16, 2022
• Total portfolio fair value of $1.8 billion diversified across 122 portfolio companies
• 89% invested in senior secured debt; 74% of the total portfolio is 1st lien
• Weighted average yield of the portfolio is 9.8%(1)
• Total acquisitions of $103 million, net acquisitions of $21 million (net of dispositions)
• Diverse leverage program totaling $1.2 billion, with well laddered maturities
• 55% of outstanding leverage as of June 30 is unsecured
• $187 million of available credit facility capacity
• Net regulatory leverage ratio of 1.05x, well within our 2:1 regulatory leverage limitation

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 9.2% as of 6/30/2022.

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	Year-over-year revenue growth in	Middle Market loans have historically
companies representing over $10	the middle market outpaced the	experienced lower loss rates than
trillion in annual revenue (1)	S&P 500 in 7 of the last 10	broadly syndicated loans (2)
	quarters(1)

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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Diversified Portfolio: Emphasis on Less-Cyclical Businesses

Substantially all investments subject to independent 3rd party valuation process every quarter

As of June 30, 2022

Emphasis on Less-Cyclical Businesses

• Robust downside analysis performed at underwriting, with an emphasis on companies and industries that can withstand periods of economic stress
• Portfolio emphasis on less-cyclical companies with strong covenants; investments in cyclical companies typically structured with significant collateral protections
• Each portfolio company investment subject to rigorous quarterly review process to identify and address new risks if they arise, including future capital needs or potential covenant breaches

Industry Diversification(1)

	Other 9.4%
Paper and Forest Products 1.1%	Internet Software and Services 16.3%
Specialty Retail 1.2%
Tobacco Related 1.3%
Consumer Finance 1.4%
Aerospace and Defense 1.5%
IT Services 1.7%	Diversified Consumer Services 12.4%
Healthcare Providers and Services 1.7%
Insurance 1.9%
Diversified Telecommunication Services 2.0%

Textiles, Apparel and Luxury Goods 2.2%
Road and Rail 2.2%	Diversified Financial Services 10.0%
Construction and Engineering 2.4%
Capital Markets 2.7%
Automobiles 3.4%
Media 3.6%	Software 9.6%

Healthcare Technology 4.2%

Professional Services 7.8%

1. Industry classification system generally categorizes portfolio companies based on the primary end market served, rather than the product or service directed to those end markets.
   Past performance does not guarantee future returns.

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