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].

Financial Data and Key Metrics Changes - The net asset value (NAV) increased by 4.2% from the prior quarter, reflecting a 1.7% net market value gain on investments [13][10] - Net investment income for Q4 was $0.35 per share, exceeding the declared dividend of $0.30 per share [26] - The overall effective yield on the debt portfolio was 9.6%, with investments exited having a weighted average effective yield of 9.9% [23] Business Line Data and Key Metrics Changes - The portfolio had a fair market value of approximately $1.6 billion, with 89% of investments in senior secured debt [16] - Investment activity in Q4 included $183 million deployed across 15 new loans, with nearly two-thirds to existing borrowers [20] - Dispositions in Q4 totaled $213 million, including significant payoffs from loans to Edmentum and others [23] Market Data and Key Metrics Changes - The company maintained a diverse portfolio with 96 companies at year-end, with the largest investment representing 4.5% of the total portfolio [18] - The credit quality remained strong, with no new nonaccruals in Q4, and loans on nonaccrual represented only 0.5% of the portfolio at fair value [33] Company Strategy and Development Direction - The company focuses on maintaining a diversified portfolio, emphasizing senior secured positions and industries with limited exposure to economic downturns [43] - The management highlighted the importance of providing capital to middle market businesses, which are resilient and account for a significant portion of private sector GDP [39] - The company aims to leverage its experience in special situations investing to navigate through market volatility [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to generate strong risk-adjusted returns despite ongoing market uncertainties [44] - The company remains selective in investment opportunities, focusing on industries that are minimally impacted by the pandemic [42] - The management noted that the overall market environment is improving, with a pickup in activity expected [41] Other Important Information - The company issued an additional $175 million of unsecured notes at a record low coupon of 2.85% [11] - The total liquidity at year-end was $342 million, including cash and available leverage [33] - The company has a strong commitment to diversity, as evidenced by the appointment of a new board member with extensive experience in credit and specialty finance [12] Q&A Session Summary Question: Potential to expand or grow the portfolio in 2021 - The company is focused on generating long-term consistent returns and will consider growth opportunities that align with shareholder interests [47][48] Question: Attractive risk rewards in the market - The management noted that they are finding opportunities in defensive industries and sectors with predictable revenues [51][52] Question: Prepayment activity expectations for the year - The management indicated uncertainty in defining "normal" prepayment activity but suggested a settling down of the market [59][60] Question: Capital strategy regarding upcoming maturities - The company has significant flexibility in its capital structure and will evaluate the best approach as the year progresses [100][101] Question: Insights on the airline industry and investment approach - The management emphasized a disciplined approach to investing in the airline sector, focusing on good risk-adjusted rewards [76][77] Question: Resources available from being part of BlackRock - The management highlighted the benefits of BlackRock's extensive market presence and risk management capabilities during the pandemic [82][84] Question: Future dividend strategy - The management reiterated the importance of maintaining a sustainable dividend that is well-covered by net investment income [106][107]

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, 2020 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 ______________________ (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Common Stock, par value $0.001 per share (Title ...

CAPITAL CORP. BlackRock TCP Capital Corp. Investor Presentation September 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 a ...

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]