BlackRock TCP Capital Corp (NASDAQ:TCPC) Q3 2020 Earnings Conference Call November 5, 2020 5:00 PM ET Company Participants Katie McGlynn - Director, Global Investor Relations Howard Levkowitz - Chairman & Chief Executive Officer Paul Davis - Chief Financial Officer Raj Vig - President & Chief Operating Officer Conference Call Participants Chris Kotowski - Oppenheimer Finian O'Shea - Wells Fargo Christopher Nolan - Ladenburg Thalmann Ryan Lynch - KBW Matt Tjaden - Raymond James Operator Ladies and gentlemen, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) 2951 28 Street, Suite 1000 Santa Monica, California 90405 (Address of Principal Executive Offices) (Zip Code) th (310) 566-1000 ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Registrant's telephone number, including area code) For the Quarter Ended September 30, 2020 ☐ Transition Report ...

CAPITAL CORP. BlackRock TCP Capital Corp. Investor Presentation June 30, 2020 BLACKROCK® 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 th ...

Financial Data and Key Metrics Changes - The net asset value increased by 3.8% in Q2 2020, reflecting a 1.6% net market value gain on investments [6][7] - Net investment income for Q2 was $0.36 per share, fully covering the dividend of $0.36 per share [28] - The overall effective yield on the debt portfolio decreased to 9.8%, primarily due to a significant decline in LIBOR [22][23] Business Line Data and Key Metrics Changes - The portfolio had a fair market value of approximately $1.6 billion, substantially unchanged from the prior quarter [13] - 92% of investments are in senior secured debt, with limited exposure to severely affected sectors [13][14] - The company deployed $56 million in new investments during Q2, with net dispositions of $46 million [17] Market Data and Key Metrics Changes - Total non-accruals were just 0.6% of the portfolio at fair value as of June 30 [7] - The company has limited direct exposure to sectors severely impacted by the pandemic, such as retail and airlines [13] - The company’s loans to impacted industries are supported by strong collateral protections [13] Company Strategy and Development Direction - The company is focused on preserving capital for shareholders while seeking to invest in companies with strong management teams [42] - The strategy includes emphasizing seniority, industry diversity, and leading negotiations on deal terms [21] - The company aims to help portfolio companies navigate the current dislocation while delivering attractive returns [43] Management's Comments on Operating Environment and Future Outlook - There is significant uncertainty about the remainder of 2020, but the pace of new deals has picked up modestly [41] - The company remains cautious in deployment but is in a solid position to opportunistically invest [41] - Management expressed confidence in the portfolio's ability to perform through economic cycles [42] Other Important Information - The board decided to reduce the quarterly dividend to $0.30 per share due to the decline in LIBOR and uncertainty in the operating environment [12] - The company welcomed Andrea Petro to the board, enhancing diversity [10] - Total liquidity at quarter-end was $348 million, including available leverage of $328 million [37] Q&A Session Summary Question: Nature of new loans and competition level - The new loans included strategic acquisitions and were made under favorable terms due to the company's strong relationships with borrowers [48][49] Question: Continuation of amendment activity - Amendment activity has decreased but remains present as companies adjust to the current environment [62] Question: Update on airline loans and collateral values - Loans to Mesa and OneSky continue to perform, with collateral values supported by strong asset backing [73][74] Question: Dividend sustainability and prepayment expectations - The board set the dividend at a sustainable level, considering historical prepayment activity and current operating conditions [78][79] Question: LIBOR floors and pricing for loans sold - The weighted average LIBOR floor across the portfolio is 1.1%, and the company was pleased with the prices achieved on loans sold [84]

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, 2020 ☐ 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 ...

Financial Data and Key Metrics Changes - Net investment income for Q1 2020 was $0.38 per share, exceeding the declared dividend of $0.36 per share [31] - The net decrease in net assets for the quarter was $69.5 million or $1.18 per share, driven by spread widening and volatility related to COVID-19 [34] - Investment income for Q1 was $0.70 per share, primarily from interest income [32] Business Line Data and Key Metrics Changes - The portfolio had a market value of approximately $1.6 billion, with 93% in senior secured debt [14] - Gross deployments in Q1 totaled $143 million, including 13 new loans [22] - Dispositions in the quarter totaled $77 million, including the payoff of a $31 million loan to First Advantage [24] Market Data and Key Metrics Changes - The broadly syndicated loan market experienced significant volatility, ending the quarter down 1,100 basis points from the start of the year [20] - The fair value of the portfolio declined by 5.5% during the quarter [20] - As of March 31, 92% of debt investments were floating rate, with 66% subject to interest rate floors [19] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet and liquidity while supporting portfolio companies through the pandemic [13][48] - The strategy includes providing temporary flexibility in credit terms for certain borrowers to enhance overall enterprise value [75] - The company aims to invest in good companies with strong management teams, emphasizing seniority and industry diversity in new investments [28] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the unprecedented challenges posed by the COVID-19 pandemic and its impact on business models [46] - The company is actively working with borrowers to ensure their long-term health while preserving capital for shareholders [47] - Management expressed confidence in the portfolio's resilience, noting no new non-accruals during the quarter [36] Other Important Information - The Board declared a second quarter dividend of $0.36 per share, emphasizing the importance of maintaining a consistent dividend [29] - The company has a diverse leverage program with no near-term maturities, and 53% of outstanding liabilities were unsecured [21] - The company repurchased one million shares during the quarter, contributing $0.09 per share to NAV [42] Q&A Session Summary Question: How do the textile and apparel loans hold up in the current environment? - Management explained that these loans are secured by assets and intellectual property licensing streams, which provide stability despite retail challenges [55][56] Question: What is the current status of collateral valuations, particularly in the airline sector? - Management indicated that they believe their loans are overcollateralized and that private jet volumes are increasing, providing a positive outlook for their investments in this sector [68][70] Question: Can you provide insight into the requests for credit term changes from borrowers? - Management noted that while there have been requests for relief, the overall percentage is small, and the portfolio remains healthy [94][96] Question: Is the dividend expected to be sustainable long-term? - Management stated that the Board is continuously evaluating the environment and portfolio performance to determine the sustainability of the dividend [78][80] Question: How is the company thinking about capital allocation in the current environment? - Management emphasized a judicious approach to liquidity, balancing the need to protect existing assets while seeking new investment opportunities [86][87]

CAPITAL CORP. BlackRock TCP Capital Corp. Investor Presentation March 31, 2020 BLACKROCK® 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 t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Exact Name of Registrant as Specified in Charter) ______________________ Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) 2951 28 th Street, Suite 1000 Santa Monica, California 90405 (Address of Principal Executive Offices) (Zip Code) 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, 2020 ☐ Transition Repo ...

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, 2019 ☐ 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 Incorp ...

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, 2019 ☐ 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 ...