BlackRock TCP Capital Corp. · NASDAQ:TCPC
BlackRock TCP Capital — Q3 2026 Earnings Presentation
21 slides from BlackRock TCP Capital's earnings presentation, November 2026
Slide 1: BlackRock TCP Capital Corp. Q3 2026 Investor Presentation
BlackRock TCP Capital Corp. Q3 2026 Investor Presentation
Slide 2: Portfolio Sale and Positioning Update
Portfolio Sale and Positioning Update Portfolio Sale & Investment Activity: • Completed the ~$524 million portfolio sale to a Pantheon-sponsored continuation vehicle. • Additional repayments and realizations totaled $224 million, including full exits of our debt positions from Domo, Motive Technolog
Slide 3: Overview of Portfolio Sale Transaction
Overview of Portfolio Sale Transaction The transferred assets spanned a broad cross section of TCPC’s debt portfolio with sector, lien and credit characteristics similar to those of the overall pre-transaction debt portfolio $524M 78 68% FMV of assets Portfolio companies Of TCPC debt portfolio compa
Slide 4: Net Asset Value Bridge ($ Per Share)
Net Asset Value Bridge ($ Per Share) For the Quarter Ended September 30, 2026 $0.15 $6.58 $(0.17) $(0.68) $(0.15) $5.61 $(0.12) 06/30/2026 Adjusted net Distribution CV Sale Job & Talent Other Ajusted Net 09/30/2026 NAV investment income 1 Realized & NAV Unrealized Gain (Loss) 1 1 Amounts are adjuste
Slide 5: Selected Financial Highlights
Selected Financial Highlights For the Quarter Ended September 30, 2026 ▪ Adjusted NII1 of $0.15 per share ▪ Annualized adjusted NII ROE of 9.6% Key financial metrics ▪ Dividend coverage ratio of 88% ▪ Net asset value per share was $5.61, compared to $6.58 as of June 30, 2026 ▪ Total portfolio fair v
Slide 6: Portfolio Summary
Portfolio Summary For the Quarter Ended September 30, 2026 Composition by Industry1 21.4% Diversified Financial Services 13.0% Software 11.6% Professional Services 126 companies 7.9% Internet Software and Services Invested across 35 industry sectors 5.4% Diversified Consumer Services 4.8% IT Service
Slide 7: Financing Summary
Financing Summary For the Quarter Ended September 30, 2026 Commitment / Facility Reference Rate & Spread Maturity Outstanding ($M) Merger Sub Facility $265 / $7 SOFR + 2.00% 2028 2029 Notes $325 / $325 6.95% 2029 Total Debt $590 / $332 Liquidity Sources1 Drawn Principal by Type2 ▪ As of September 30
Slide 8: Investment Approach & Track Record
Investment Approach & Track Record
Slide 9: TCPC Leadership & Investment Team
TCPC Leadership & Investment Team The TCPC Team is within BlackRock’s Private Financing Solutions Platform TCPC Officers Jason Mehring Dan Worrell Erik Cuellar CEO President Treasurer & CFO Patrick Wolfe Diana Huffman Charles Park COO General Counsel & Secretary CCO Executive Directors & Workout and
Slide 10: Disciplined investment process
Disciplined investment process Industry deal teams are involved in every phase of a transaction, providing specialized resources as needed Rigorous due Investment committee Portfolio management Realizations / liquidity diligence & structuring ▪ Experienced credit ▪ Thorough review of due ▪ Holistic
Slide 11: Track record of attractive shareholder returns
Track record of attractive shareholder returns 1 Book value per share Annualized return on Annualized cash Annualized total invested assets:2 return:3 return on equity:4 and dividends paid 7.9% 9.3% 3.6% $35.00 As of 09/30/2026: $25.54 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00 Q2-12 Q3-12 Q4-12
Slide 12: Dividend and coverage track record
Dividend and coverage track record Adjusted net investment income of $0.15 Declared Q4 2026 dividend of $0.17 per share per share in Q3 20261 88% coverage of quarterly regular dividend of Payable on December 31, 2026, to stockholders of record as of $0.17 per share paid on September 30, 2026. the cl
Slide 13: Strong shareholder alignment
Strong shareholder alignment BlackRock TCP Capital Corp. Typical externally managed BDC1 1.25% on assets up to 200% of the net 1.00%-1.75% on gross assets (up to 1.0x asset value of TCPC; 1.0% on assets that debt to equity; 1.0% above 1.0x debt to Base exceed 200% of the net asset value of equity fo
Slide 14: Appendix
Appendix
Slide 15: Quarterly operating results
Quarterly operating results 2025 2026 Unaudited ($ in thousands, except per share amounts) Q3 Q4 Q1 Q2 Q3 Investment income Interest and PIK interest income $ 48,915 $ 42,473 $ 41,175 $ 37,807 $ 27,423 Dividend income 1,599 1,430 1,407 2,210 1,049 Other income 2 13 1 5 11 Total investment income 50,
Slide 16: Financial highlights
Financial highlights 2025 2026 Unaudited Audited Unaudited ($ per share) Q3 Q4 Q1 Q2 Q3 Net investment income 0.32 0.26 0.22 0.22 0.16 1 Adjusted net investment income 0.30 0.25 0.21 0.21 0.15 Net realized and unrealized gain (loss) (0.03) (1.66) (0.41) (0.20) (0.96) Adjusted net realized and unreal
Slide 17: Portfolio highlights
Portfolio highlights 2025 2026 Asset mix of the investment portfolio Q3 Q4 Q1 Q2 Q3 (in thousands) Senior secured debt $ 1,540,460 $ 1,418,316 $ 1,274,331 $ 1,180,197 $ 432,375 Junior debt 127 127 127 127 127 Equity1 176,104 114,859 114,210 110,199 111,032 Total investments $ 1,716,691 $ 1,533,302 $
Slide 18: Quarterly balance sheets
Quarterly balance sheets 2025 2026 (in thousands, except per share data) Unaudited Audited Unaudited Assets Q3 Q4 Q1 Q2 Q3 Investments at fair value $ 1,716,691 $ 1,533,302 $ 1,388,669 $ 1,290,523 $ 543,534 Cash and cash equivalents 60,994 61,075 93,259 157,547 253,137 Accrued interest income 24,487
Slide 19: Endnotes – Non-GAAP Financial Measures
Endnotes – Non-GAAP Financial Measures BlackRock Capital Investment Corporation ("BCIC") merged with and into a subsidiary of BlackRock TCP Capital Corp. (the "Company") on March 18, 2024 (the "Merger"). The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance w
Slide 20: Important notes
Important notes 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 Compan
Slide 21: Corporate information
Corporate information Securities listing Transfer agent NASDAQ: TCPC Computershare Inc. (866) 333-6433 (from U.S.) Research coverage (201) 680-6578 (from outside U.S.) www.computershare.com/investor • Keefe, Bruyette & Woods • Oppenheimer Corporate headquarters • Raymond James • Wells Fargo 2951 28t
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