Financial Data and Key Metrics Changes - The company reported a year-over-year NAV per share increase of 8.5%, with a 1.9% increase in Q4 alone, driven by realized and unrealized gains in portfolio holdings and net investment income exceeding dividends paid [8][12] - The return on equity (ROE) for the full year was 17.5%, the highest since the company went public in 2012, reflecting strong portfolio performance and a lower cost of capital [8][35] - Net investment income for Q4 was $0.31 per share, exceeding the declared dividend of $0.30 per share, and for the full year, net investment income was $1.26 per share, out-earning dividends by $0.06 [25][26] Business Line Data and Key Metrics Changes - Investment activity increased by 65% year-over-year, with Q4 capital deployment exceeding $180 million, resulting in net portfolio growth of $67 million [10][11] - The effective yield on the debt portfolio was 9.2% as of December 31, with new portfolio companies having a similar weighted average effective yield [22] Market Data and Key Metrics Changes - The company noted that private capital markets performed well during the pandemic, with direct lending emerging as a strong source of financing for middle market companies [6][7] - Non-accruals were limited to just 0.9% of the portfolio at fair value, maintaining a strong credit quality throughout the pandemic [9][29] Company Strategy and Development Direction - The company aims to leverage its competitive advantages, including over two decades of experience in lending to middle market companies, to navigate the current investment environment [34][35] - The focus remains on maintaining a disciplined approach to investing, emphasizing seniority in the capital structure and portfolio diversity [16][23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the investment environment, despite increased volatility in public markets and concerns around inflation and supply chain disruptions [34] - The company is well-positioned for rising interest rates, with 95% of its debt portfolio being floating rate [22][34] Other Important Information - The company has maintained continuous dividend coverage since going public in 2012, with a first quarter 2022 dividend of $0.30 per share declared [12][13] - The total liquidity at the end of the quarter was $352 million, with a diverse and flexible leverage program in place [30][31] Q&A Session Summary Question: Opportunities to lower financing costs - Management indicated they are monitoring the capital markets for opportunities to lower financing costs, particularly with upcoming convertible notes maturing [40][41][43] Question: Prepaid income levels - Management noted that lower prepaid income is not due to structural changes but reflects a longer duration of investments in known companies, which is seen as a positive [49][50][51] Question: Rate increase timing differences - Management confirmed there would be a small timing lag for revenue increases compared to interest expense rises, as most loans reset quarterly or monthly [59][60] Question: Stock price performance - Management acknowledged the stock price lagging despite strong performance and expressed a commitment to maintaining portfolio selection and investment performance [61][63] Question: Inflation concerns - Management indicated that while inflation is a concern, the portfolio is primarily in services and technology sectors, which are less exposed to input cost pressures [67][69]

☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 For the Year Ended December 31, 2021 FORM 10-K ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 ______________________ (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) Indicate by check mark if the registrant is a well-known seasoned issuer, as de ...

BlackRock TCP Capital Corp. (NASDAQ:TCPC) Q3 2021 Earnings Conference Call November 3, 2021 1:00 PM ET Company Participants Katie McGlynn - Director IR Raj Vig - Chairman & CEO Phil Tseng - COO Erik Cuellar - CFO 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 the BlackRock TCP Capital Corporation's Third Quarter 2021 Earnings Conference Call. Today ...

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, 2021 ☐ 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 N ...

CAPITAL CORP. BlackRock TCP Capital Corp. Investor Presentation June 30, 2021 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 ...

BlackRock TCP Capital Corp. (NASDAQ:TCPC) Q2 2021 Earnings Conference Call August 2, 2021 1:00 PM ET Company Participants Howard Levkowitz - Chairman and CEO Katie McGlynn - Investor Relations Rajneesh Vig - President and Chief Operating Officer Erik Cuellar - Chief Financial Officer Conference Call Participants Robert Dodd - Raymond James Finian O'Shea - Wells Fargo Ryan Lynch - KBW Devin Ryan - JMP Securities Christopher Nolan - Ladenburg Thalmann Derek Hewett - Bank of America Operator Ladies and gentlem ...

Part I. Financial Information This section details the company's financial performance, condition, market risk exposures, and internal controls for the period ended June 30, 2021 [Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) The financial statements detail the company's financial position and performance, showing increased net assets and investment portfolio growth driven by unrealized appreciation [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) This statement presents the company's financial position, detailing assets, liabilities, and net assets at period-end | Financial Metric | June 30, 2021 (unaudited) | December 31, 2020 | | :--- | :--- | :--- | | Total Investments, at fair value | $1,826,056,622 | $1,629,564,482 | | Total Assets | $1,882,986,414 | $1,671,987,155 | | Total Liabilities | $1,062,348,821 | $907,000,577 | | Total Net Assets | $820,637,593 | $764,986,578 | | Net Assets Per Share | $14.21 | $13.24 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) This statement outlines the company's operational results, including investment income and net assets changes for the reported periods | Metric (Three Months Ended June 30) | 2021 (unaudited) | 2020 (unaudited) | | :--- | :--- | :--- | | Total Investment Income | $41,644,683 | $45,114,424 | | Net Investment Income | $17,767,186 | $21,052,373 | | Net Increase in Net Assets | $54,826,551 | $46,351,267 | | Earnings Per Share (Basic and Diluted) | $0.95 | $0.80 | | Metric (Six Months Ended June 30) | 2021 (unaudited) | 2020 (unaudited) | | :--- | :--- | :--- | | Total Investment Income | $82,808,585 | $86,365,623 | | Net Investment Income | $36,208,572 | $43,105,299 | | Net Increase (Decrease) in Net Assets | $90,311,372 | $(23,130,143) | | Earnings (Loss) Per Share (Basic and Diluted) | $1.56 | $(0.40) | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) This statement details the changes in net assets, reflecting investment income, gains, and shareholder dividends - For the six months ended June 30, 2021, net assets increased from **$765.0 million** to **$820.6 million**, driven by **$36.2 million** in net investment income and **$54.1 million** in net realized and unrealized gains, offset by **$34.7 million** in dividends paid to shareholders[10](index=10&type=chunk)[12](index=12&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash flows from operating, investing, and financing activities for the reported periods | Cash Flow Activity (Six Months Ended June 30) | 2021 (unaudited) | 2020 (unaudited) | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(105,710,093) | $7,633,357 | | Net Cash Provided by (Used in) Financing Activities | $103,584,980 | $(31,834,068) | | Net (Decrease) in Cash and Cash Equivalents | $(2,125,113) | $(24,200,711) | | Cash and Cash Equivalents at End of Period | $17,881,467 | $20,647,828 | [Consolidated Schedule of Investments](index=7&type=section&id=Consolidated%20Schedule%20of%20Investments) This schedule details the company's investment portfolio, including fair value, composition, and industry concentration - As of June 30, 2021, the total investment portfolio was valued at **$1.826 billion**, spread across **108 portfolio companies**, primarily composed of debt investments (**88.1%**) with a significant concentration in senior secured loans (**82.5%**)[35](index=35&type=chunk)[236](index=236&type=chunk) Industry Concentration | Industry | Percent of Total Investments | | :--- | :--- | | Internet Software and Services | 14.4% | | Diversified Financial Services | 12.3% | | Software | 8.7% | | Diversified Consumer Services | 8.4% | | Professional Services | 7.3% | | Other | 52.5% | [Notes to Consolidated Financial Statements](index=28&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes provide additional details on accounting policies, valuation, fees, and commitments supporting the financial statements - As of June 30, 2021, **98.3%** of the company's investments were categorized as Level 3 assets, valued using significant unobservable inputs, primarily through independent third-party valuation services[83](index=83&type=chunk)[226](index=226&type=chunk) - The company's management fee is **1.5%** on total assets up to **200%** of net asset value, and **1.0%** thereafter, with an incentive fee of **17.5%** of income and gains, subject to a **7%** cumulative total return hurdle[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - As of June 30, 2021, the company had total unfunded commitments of **$105.5 million** to its portfolio companies[162](index=162&type=chunk) - For the six months ended June 30, 2021, the company declared total dividends of **$0.60 per share**, amounting to **$34.7 million**[165](index=165&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=61&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes the company's financial condition and operational results, emphasizing portfolio growth, yield, and liquidity position [Portfolio and Investment Activity](index=66&type=section&id=Portfolio%20and%20Investment%20Activity) This section details investment activities, including capital deployed, portfolio composition, and non-accrual status - During the six months ended June 30, 2021, the company invested approximately **$418.3 million** and received **$280.3 million** in proceeds from sales or repayments[234](index=234&type=chunk) - As of June 30, 2021, the portfolio consisted of **108 companies** with a fair value of **$1.826 billion**, with **82.5%** in senior secured loans and a weighted average effective yield of **9.3%** on the debt portfolio[236](index=236&type=chunk)[239](index=239&type=chunk) - Debt investments in three portfolio companies were on non-accrual status as of June 30, 2021, representing **0.3%** of the portfolio at fair value[239](index=239&type=chunk) [Results of Operations](index=67&type=section&id=Results%20of%20Operations) This section analyzes operational results, focusing on investment income and the impact of unrealized appreciation on net assets - For H1 2021, investment income decreased to **$82.8 million** from **$86.4 million** in H1 2020, primarily due to lower LIBOR rates, with net investment income also decreasing to **$36.2 million** from **$43.1 million**[241](index=241&type=chunk)[245](index=245&type=chunk) - The company recorded a net change in unrealized appreciation of **$51.2 million** for H1 2021, a significant improvement from a net unrealized depreciation of **$(70.8) million** in H1 2020, driven by unrealized gains in the Edmentum investment and overall market recovery[248](index=248&type=chunk) - The net increase in net assets from operations for H1 2021 was **$90.3 million**, compared to a net decrease of **$(23.1) million** for H1 2020, mainly due to the positive swing in unrealized portfolio valuations[254](index=254&type=chunk) [Liquidity and Capital Resources](index=69&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's liquidity, capital structure, borrowing capacity, and regulatory compliance Leverage Facility Summary | Leverage Facility | Total Capacity | Carrying Value (June 30, 2021) | | :--- | :--- | :--- | | Operating Facility | $300.0M | $79.2M | | Funding Facility II | $200.0M | $32.0M | | SBA Debentures | $150.0M | $150.0M | | 2022 Convertible Notes | $139.5M | $139.5M | | 2022 Notes | $174.8M | $174.8M | | 2024 Notes | $248.1M | $248.1M | | 2026 Notes | $174.3M | $174.3M | | **Total Leverage** | **$1,386.9M** | **$998.1M** | - As of June 30, 2021, the company had **$388.8 million** in available borrowing capacity under its leverage program and held **$17.9 million** in cash and cash equivalents[257](index=257&type=chunk)[264](index=264&type=chunk) - The company's asset coverage ratio was **189%** as of June 30, 2021, compliant with the **150%** regulatory requirement[260](index=260&type=chunk) - During H1 2020, the company repurchased **1,000,000 shares** for **$6.1 million** under its stock repurchase plan, with no shares repurchased in H1 2021[257](index=257&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section details the company's exposure to market risks, primarily interest rate risk, and provides a sensitivity analysis on net investment income - As of June 30, 2021, **94.3%** of the company's debt investments were floating-rate, and **87.3%** of these had an interest rate floor, mitigating downside risk from falling rates[279](index=279&type=chunk) Interest Rate Sensitivity Analysis | Basis Point Change | Annual Impact on Net Investment Income | | :--- | :--- | | Up 300 bps | +$33.0 million | | Up 200 bps | +$17.9 million | | Up 100 bps | +$4.5 million | | Down 100 bps | -$0.5 million | [Controls and Procedures](index=75&type=section&id=Item%204.%20Controls%20and%20Procedures) Management evaluated the company's disclosure controls and procedures, concluding they were effective with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[282](index=282&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls over financial reporting[282](index=282&type=chunk) Part II. Other Information This section provides additional disclosures on legal matters, risk factors, equity transactions, and other relevant information [Legal Proceedings](index=76&type=section&id=Item%201.%20Legal%20Proceedings) As of June 30, 2021, the company is not a party to any pending material legal proceedings - The company is not currently a party to any pending material legal proceedings[284](index=284&type=chunk) [Risk Factors](index=76&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, noting a new disclosure on potential operational and financial impacts from cyber-attacks - A new risk factor was added regarding the potential for cyber-attacks to disrupt operations and cause financial losses for the company or its portfolio companies[285](index=285&type=chunk)[286](index=286&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=77&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the period - None[294](index=294&type=chunk) [Defaults upon Senior Securities](index=77&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) There were no defaults upon senior securities during the period - None[294](index=294&type=chunk) [Mine Safety Disclosures](index=77&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - None[295](index=295&type=chunk) [Other Information](index=77&type=section&id=Item%205.%20Other%20Information) There is no other information to report for the period - None[296](index=296&type=chunk) [Exhibits](index=78&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents and officer certifications - The report includes various exhibits, such as the CEO and CFO certifications required by the Sarbanes-Oxley Act, and an amendment to its loan documents[297](index=297&type=chunk)

BlackRock TCP Capital Corp (NASDAQ:TCPC) Q1 2021 Earnings Conference Call May 5, 2021 1:00 PM ET Company Participants Kathleen McGlynn - VP, IR Howard Levkowitz - Chairman & CEO Erik Cuellar - CFO Paul Davis - CFO Rajneesh Vig - President, COO & Director Conference Call Participants Christoph Kotowski - Oppenheimer Robert Dodd - Raymond James & Associates Ryan Lynch - KBW Finian O'Shea - Wells Fargo Securities Kevin Fultz - JMP Securities Christopher Nolan - Ladenburg Thalmann & Co. Operator Ladies and gent ...

CAPITAL CORP. BlackRock TCP Capital Corp. Investor Presentation March 31, 2021 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 availa ...

Financial Structure and Leverage - The Company has a leverage program comprising $300 million in a revolving credit facility, $200 million in a senior secured revolving credit facility, and $140 million in convertible senior unsecured notes maturing in 2022[195]. - Total leverage outstanding as of March 31, 2021 was $990.6 million, with $395.9 million available under the combined Leverage Program[236]. - The Company's asset coverage ratio was 193% as of March 31, 2021, following the approval of reduced asset coverage requirements[240]. Investment Strategy and Portfolio - The Company focuses on investments in the debt of middle-market companies, including senior secured loans and mezzanine debt[192]. - The investment portfolio at fair value was $1,735.4 million as of March 31, 2021, with 89.6% invested in debt investments, primarily in senior secured debt[221]. - During the three months ended March 31, 2021, the company invested approximately $182.6 million, with 95.1% in senior secured loans[219]. - The industry composition of the investment portfolio included 14.6% in Diversified Financial Services and 12.2% in Internet Software and Services as of March 31, 2021[224]. - The company invested approximately $100.6 million primarily in 7 senior secured loans with a combined effective yield of approximately 8.9% from April 1, 2021, through May 4, 2021[256]. Revenue and Income - The Company generates revenue primarily from interest on debt investments, with expected maturities generally between three to five years[199]. - Investment income totaled $41.2 million for the three months ended March 31, 2021, compared to $41.3 million for the same period in 2020, with a decrease primarily due to lower interest income from declining LIBOR rates[225][226]. - Net investment income decreased to $18.4 million for the three months ended March 31, 2021, down from $22.1 million in 2020, reflecting lower expenses in the prior year due to incentive fee deferral[228]. - Net realized gain for Q1 2021 was $3.1 million, down from $5.0 million in Q1 2020, primarily due to an $8.8 million gain from One Sky, offset by a $7.1 million loss from GlassPoint[229]. Expenses and Financial Performance - Total operating expenses increased to $22.7 million for the three months ended March 31, 2021, from $19.2 million in the same period of 2020, largely due to the deferral of incentive fees[227]. - Incentive fees for Q1 2021 were $4.7 million, compared to $0.0 million in Q1 2020, reflecting performance exceeding cumulative total return thresholds[230]. - The net increase in net assets applicable to common shareholders was $35.5 million for Q1 2021, compared to a loss of $69.5 million in Q1 2020, driven by net realized and unrealized gains[233]. Cash Flow and Financing Activities - Net cash used in operating activities during Q1 2021 was $120.4 million, primarily due to $85.5 million in investment acquisitions[242]. - Net cash provided by financing activities was $114.7 million in Q1 2021, mainly from $174.3 million in net proceeds from unsecured debt issuance[243]. - At March 31, 2021, the Company had $14.3 million in cash and cash equivalents[244]. Tax Status and Compliance - The Company has elected to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes, allowing it to avoid corporate level taxes on distributed income[194]. - No excise tax was incurred in Q1 2021 or Q1 2020, as the Company qualifies for tax treatment applicable to RICs[232]. - The company must distribute at least 90% of its ordinary income and realized net short-term capital gains to maintain its RIC status, which could impact future distributions[250]. - The company may face adverse tax consequences if it does not distribute a certain percentage of its income annually, potentially losing favorable RIC tax treatment[251]. Management and Advisory - The Company is externally managed and operates as a business development company (BDC) under the Investment Company Act of 1940[192]. - The advisor manages day-to-day operations and investment advisory services, with payments based on a percentage of total assets and incentive compensation[248]. - The incentive compensation for the Advisor is 17.5% of ordinary income and net realized capital gains, subject to a cumulative total return threshold of 7%[203]. - The company has entered into various contracts with related parties, which may lead to conflicts regarding investment opportunities[255]. Market Risks and Sensitivity - The financial condition of portfolio companies and the liquidity of credit markets are significant factors influencing the Company's operations and investment strategy[191]. - The company is subject to financial market risks, including changes in interest rates, which could materially affect net investment income[260]. - Interest rate sensitivity analysis indicates that a 300 basis point increase in interest rates could result in a net investment income of approximately $28.4 million[262].