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 ...

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company's net assets decreased from $776.3 million at the end of 2019 to $679.6 million as of March 31, 2020, primarily due to a significant net unrealized loss of $96.5 million on investments, largely driven by market volatility from COVID-19. Net investment income for Q1 2020 was $22.1 million, a decrease from $23.3 million in Q1 2019. The investment portfolio remains heavily weighted towards senior secured debt [Consolidated Statements of Assets and Liabilities](index=4&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Consolidated Assets and Liabilities (in millions) | Metric | March 31, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Investments, at fair value | $1,625.9 | $1,649.5 | | Total Assets | $1,663.4 | $1,722.1 | | Total Liabilities | $983.8 | $945.8 | | **Net Assets** | **$679.6** | **$776.3** | | **Net Assets Per Share** | **$11.76** | **$13.21** | - **Net assets** decreased by **$96.7 million**, or **12.5%**, from December 31, 2019 to March 31, 2020[8](index=8&type=chunk) [Consolidated Schedule of Investments](index=5&type=section&id=Consolidated%20Schedule%20of%20Investments) - As of March 31, 2020, the total investment portfolio had a **fair value of $1,625.9 million** across **108** portfolio companies[268](index=268&type=chunk) Portfolio Composition by Investment Type (as of March 31, 2020) | Investment Type | Percentage of Portfolio | | :--- | :--- | | Senior Secured Loans | 87.8% | | Senior Secured Notes | 4.7% | | Junior Notes | 0.9% | | Senior Unsecured Loans | 0.2% | | Equity Investments | 6.4% | | **Total Debt Investments** | **93.6%** | - The weighted average effective yield of the debt portfolio was **10.3%** at March 31, 2020, unchanged from December 31, 2019. **92.3%** of debt investments bore floating rates[272](index=272&type=chunk) [Consolidated Statements of Operations](index=42&type=section&id=Consolidated%20Statements%20of%20Operations) Quarterly Operating Results (in millions) | Metric | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Total Investment Income | $41.3 | $47.5 | | Total Operating Expenses | $19.2 | $24.2 | | **Net Investment Income** | **$22.1** | **$23.3** | | Net Realized and Unrealized Gain (Loss) | $(91.5) | $0.8 | | **Net Increase (Decrease) in Net Assets** | **$(69.5)** | **$24.1** | | **Earnings (Loss) Per Share** | **$(1.18)** | **$0.41** | - The significant decrease in net assets from operations was driven by a **$96.5 million** change in net unrealized depreciation, primarily due to market impacts from COVID-19[79](index=79&type=chunk)[278](index=278&type=chunk) [Consolidated Statements of Changes in Net Assets](index=44&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) - For the three months ended March 31, 2020, **net assets decreased from $776.3 million to $679.6 million**. The decrease was primarily driven by a **net loss from operations of $69.5 million** and **dividends paid of $21.2 million**, partially offset by the accretive effect of stock repurchases[82](index=82&type=chunk) [Consolidated Statements of Cash Flows](index=46&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Q1 2020 (in millions) | Activity | Q1 2020 | Q1 2019 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | $(65.9) | $20.6 | | Net Cash Provided by (Used in) Financing Activities | $29.6 | $(21.8) | | **Net Decrease in Cash** | **$(36.3)** | **$(1.2)** | - Financing activities in Q1 2020 included **net borrowings of $56.9 million**, which were offset by **$21.2 million in dividends** and **$6.1 million in common stock repurchases**[85](index=85&type=chunk)[292](index=292&type=chunk) [Notes to Consolidated Financial Statements](index=48&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) - As of March 31, 2020, **97.7%** of the company's investments by fair value were classified as **Level 3**, indicating reliance on significant unobservable inputs for valuation. This includes **97.5%** valued by independent third-party sources and **0.2%** by the Advisor[259](index=259&type=chunk) - Total leverage outstanding was **$972.7 million** as of March 31, 2020, with an additional **$258.6 million** available. The combined weighted-average interest rate on outstanding leverage was **3.73%**[150](index=150&type=chunk)[153](index=153&type=chunk) - The company had total unfunded commitments of **$53.1 million** as of March 31, 2020[183](index=183&type=chunk) - During Q1 2020, the company repurchased **1,000,000 shares** of its common stock for a total cost of **$6.1 million** under its repurchase plan[190](index=190&type=chunk) - Subsequent to quarter-end, in April 2020, the company extended the maturity of its **$270 million** SVCP credit facility to May 6, 2024. On May 11, 2020, a Q2 dividend of **$0.36 per share** was declared[196](index=196&type=chunk)[198](index=198&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=79&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2020 net loss of $69.5 million primarily to significant unrealized depreciation ($96.5 million) across the portfolio, driven by market spread widening and volatility related to the COVID-19 pandemic. Net investment income decreased to $22.1 million from $23.3 million year-over-year due to lower interest income from declining LIBOR rates and less non-recurring prepayment income. The company maintained a strong liquidity position with $258.6 million available under its leverage program and an asset coverage ratio of 181%, well above the 150% regulatory requirement [Portfolio and Investment Activity](index=85&type=section&id=Portfolio%20and%20Investment%20Activity) - In Q1 2020, the company invested approximately **$143.0 million**, with **93.8% ($134.2 million)** in senior secured loans. It received **$76.9 million** in proceeds from sales and repayments[265](index=265&type=chunk) - The portfolio's **fair value was $1,625.9 million** as of March 31, 2020, down from **$1,649.5 million** at year-end 2019. The portfolio consisted of **108 companies** with an **average investment size of $15.1 million**[268](index=268&type=chunk)[269](index=269&type=chunk) Top 5 Industry Concentrations (as of March 31, 2020) | Industry | Percent of Total Investments | | :--- | :--- | | Internet Software and Services | 12.0% | | Diversified Financial Services | 11.1% | | Software | 6.4% | | Textiles, Apparel and Luxury Goods | 6.2% | | Professional Services | 5.7% | [Results of Operations](index=87&type=section&id=Results%20of%20Operations) - Investment income decreased to **$41.3 million** in Q1 2020 from **$47.5 million** in Q1 2019, primarily due to a decline in LIBOR rates and lower non-recurring prepayment income (**$0.6 million vs. $2.6 million**)[273](index=273&type=chunk)[274](index=274&type=chunk) - Operating expenses fell to **$19.2 million** in Q1 2020 from **$24.2 million** in Q1 2019, mainly because no incentive fees were accrued in Q1 2020 (**$0 vs. $5.4 million**) as the total return hurdle was not met[275](index=275&type=chunk)[279](index=279&type=chunk) - Net realized gain was **$5.0 million** in Q1 2020, primarily from the disposition of the investment in STG-Fairway (First Advantage)[277](index=277&type=chunk) - The change in net unrealized appreciation/depreciation was a **loss of $96.5 million** in Q1 2020, compared to a **gain of $1.1 million** in Q1 2019, driven by market impact of COVID-19[278](index=278&type=chunk) [Liquidity and Capital Resources](index=89&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2020, the company had **$8.6 million** in cash and cash equivalents and **$258.6 million** available for borrowing under its leverage facilities[286](index=286&type=chunk)[293](index=293&type=chunk) - The company's asset coverage ratio was **181%** as of March 31, 2020, compliant with the **150%** minimum requirement effective since February 9, 2019[288](index=288&type=chunk) - In Q1 2020, the company repurchased **1,000,000 shares** for **$6.1 million**. The repurchase plan was re-approved on April 30, 2020[285](index=285&type=chunk)[286](index=286&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=95&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is subject to interest rate risk, as 92.3% of its debt investments at March 31, 2020, were floating-rate. A sensitivity analysis shows that a 100 basis point increase in rates would increase annual net investment income by approximately $9.9 million, while a 100 basis point decrease would reduce it by approximately $2.2 million, considering interest rate floors on 65.7% of the floating-rate portfolio - As of March 31, 2020, **92.3%** of the company's debt portfolio consisted of floating-rate investments, and **65.7%** of these had interest rate floors[313](index=313&type=chunk) Interest Rate Sensitivity Analysis (Annual Impact on Net Investment Income) | Basis Point Change | Change in Net Investment Income | | :--- | :--- | | +300 bps | $34,228,024 | | +200 bps | $21,923,726 | | +100 bps | $9,903,173 | | -100 bps | $(2,187,381) | | -200 bps | $(2,267,268) | [Controls and Procedures](index=96&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures as of the end of the period and concluded that they were effective. No material changes to internal controls over financial reporting occurred during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the quarter[316](index=316&type=chunk) - There were no changes in internal controls over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, these controls[316](index=316&type=chunk) Part II. Other Information [Legal Proceedings](index=96&type=section&id=Item%201.%20Legal%20Proceedings) As of March 31, 2020, 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[317](index=317&type=chunk) [Risk Factors](index=96&type=section&id=Item%201A.%20Risk%20Factors) The company highlights that there have been no material changes to its risk factors, except for the significant risks posed by the COVID-19 pandemic. These risks include severe market disruptions, potential declines in the value of investments and the company's net asset value, increased default risk of portfolio companies, and potential inability to comply with financial covenants or maintain its RIC status - A **new material risk factor** has been added concerning the negative impact of public health crises, specifically the **COVID-19 pandemic**[318](index=318&type=chunk)[319](index=319&type=chunk) - Potential consequences of COVID-19 include severe declines in security prices and NAV, inability to accurately value the portfolio, increased default risk of portfolio companies, and potential breaches of financial covenants[320](index=320&type=chunk)[323](index=323&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=97&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[322](index=322&type=chunk) [Defaults upon Senior Securities](index=97&type=section&id=Item%203.%20Defaults%20upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None[322](index=322&type=chunk) [Exhibits](index=97&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act - Exhibits filed include **CEO and CFO certifications** pursuant to Rule 13a-14(a) and Section 906 of the Sarbanes-Oxley Act[322](index=322&type=chunk)

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 ...

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, 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 Inco ...

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, 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 Inc ...

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, 2018 ☐ 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 ...