BlackRock TCP Capital Corp (NASDAQ:TCPC) Q1 2023 Results Conference Call May 4, 2023 1:00 PM ET Company Participants Katie McGlynn - Director of Investor Relations Raj Vig - Chairman & Chief Executive Officer Phil Tseng - President & Chief Operating Officer Erik Cuellar - Chief Financial Officer Conference Call Participants Robert Dodd - Raymond James Christopher Nolan - Ladenburg Doman Ryan Lynch - KBW Kevin Fultz - JMP Securities Operator Welcome, everyone, to BlackRock TCP Capital Corp.'s First Quarter 2 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended March 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) ...

Financial Data and Key Metrics Changes - The company reported a net investment income of $0.40 per share for Q4 2022, which is an increase of nearly 30% compared to Q4 2021, and $1.53 for the full year, reflecting a 22% increase over 2021 [7][58]. - The effective yield on the debt portfolio increased from 9.2% at the end of 2021 to 12.7% at the end of 2022, driven by higher base rates and wider spreads [100]. - Net unrealized losses in Q4 totaled $71 million or $1.22 per share, primarily due to three specific portfolio companies [101]. Business Line Data and Key Metrics Changes - The largest investment in Q4 was a senior secured first lien loan to Madison Logic, followed by a loan to Integrity Marketing, indicating a focus on stable and growing sectors [25][26]. - 50% of total investments in Q4 and 44% for the full year were in existing portfolio companies, highlighting the company's strategy of leveraging familiarity with these businesses [11]. Market Data and Key Metrics Changes - The overall credit quality of the portfolio remains strong, with only 2% of the portfolio at fair value on non-accrual status [32]. - The company noted a shift towards a more lender-friendly investment environment with wider spreads and less pushback on deal terms compared to previous periods [9][55]. Company Strategy and Development Direction - The company emphasizes investments in companies with established business models in less cyclical industries, aiming for downside protection through substantial collateral and tailored covenants [23][24]. - The investment strategy includes a focus on direct lending, which has historically provided premium yields and better downside protection during market turbulence [17]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged the significant volatility in equity and fixed income markets in 2022, driven by geopolitical uncertainty and rising interest rates, but expressed cautious optimism for the year ahead [16][64]. - The company remains committed to maintaining a sustainable dividend fully covered by net investment income, reflecting confidence in its financial stability [30][21]. Other Important Information - The company ended the quarter with total liquidity of $367 million, including $286 million in available leverage and $82 million in cash, indicating a strong balance sheet position [61]. - The company has a robust valuation process, with most investments valued quarterly using independent third-party sources [60]. Q&A Session Summary Question: What was the driver of the significant markdown for AutoAlert? - Management indicated that the markdown was due to a compounding effect of ongoing supply chain issues and dealership closures, which have accumulated over time [37][38]. Question: How is the company addressing the situation with AutoAlert? - Management is in deep discussions with the management team and sponsor regarding next steps, with signs of improving performance noted [40][82]. Question: Has there been an increase in amendment requests from borrowers? - Yes, there has been an increase in amendment requests, reflecting the impact of the higher rate environment on the middle market economy [75]. Question: Was the decline in interest income quarter-over-quarter due to AutoAlert going down accrual? - Yes, the decline was primarily due to not recognizing any income from AutoAlert for the quarter, along with lower prepayment income [79]. Question: How much was spillover income in the quarter? - The cumulative spillover income was reported to be about $1.20 per share [84].

Financial Performance - Net investment income was $0.40 per share, exceeding the Q4 dividend of $0.32 per share[5] - A special dividend of $0.05 per share was declared, payable on January 12[23] - The weighted average yield of the debt portfolio is 12.7%[25] - Net regulatory leverage ratio of 0.96x, within the 2:1 regulatory leverage limitation[28] Portfolio Composition - Total portfolio fair value of $1.6 billion diversified across 136 portfolio companies[24] - 88% of the portfolio is invested in senior secured debt, with 75% in 1st lien[7] - 94% of the portfolio is floating rate[15] - Loans on non-accrual are limited to 2.0% of total investments at fair value[6] Capital Structure and Liquidity - Diverse leverage program totaling $1.2 billion, with 61% of outstanding leverage as unsecured[26, 27] - $286 million of available credit facility capacity[9]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Year Ended December 31, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) 295 ...

BlackRock TCP Capital Corp. (NASDAQ:TCPC) Q3 2022 Results Conference Call November 3, 2022 1:00 PM ET Company Participants Katie McGlynn - Director of Investor Relations Rajneesh Vig - Chairman and Chief Executive Officer Erik Cuellar - Chief Financial Officer Philip Tseng - President and Chief Operating Officer Conference Call Participants Kevin Fultz - JMP Securities Ryan Lynch - KBW Robert Dodd - Raymond James Christopher Nolan - Ladenburg Thalmann Operator Ladies and gentlemen, good afternoon. Welcome ...

TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q | ☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | | --- | --- | | | For the Quarter Ended September 30, 2022 | | ☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | Commission File Number: 814-00899 ______________________ BLACKROCK TCP CAPITAL CORP. Delaware 56-2594706 (310) 566-1000 (Registrant's telephone number, includin ...

BlackRock TCP Capital Corp (NASDAQ:TCPC) Q2 2022 Earnings Conference Call August 3, 2022 1:00 PM ET Company Participants Katie McGlynn - Director of Investor Relations Raj Vig - Chairman & Chief Executive Officer Phil Tseng - President & Chief Operating Officer Erik Cuellar - Chief Financial Officer Conference Call Participants Kevin Fultz - JMP Securities Ryan Lynch - KBW Robert Dodd - Raymond James Christopher Nolan - Ladenburg Thalmann Operator Ladies and gentlemen, good afternoon. Welcome everyone to Bl ...

CAPITAL CORP. BlackRock TCP Capital Corp. Investor Presentation June 30, 2022 BLACKROCK® 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 availab ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended June 30, 2022 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 ______________________ BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) ______________________ Delaware 56-2594706 (State or Other Jurisdiction of Inco ...