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]

Portfolio Overview - The total portfolio fair value is $1.6 billion, diversified across 108 portfolio companies[9] - 93% of the portfolio is invested in senior secured debt, with 83% of the debt portfolio being 1st lien[11] - The weighted average yield of the portfolio is 10.3%[11] - Non-accruals represent 0.2% of the portfolio at fair value[12] Financial Position - The company has a diverse leverage program totaling $1.2 billion with no near-term maturities[13] - 53% of outstanding liabilities consist of unsecured debt[13] - Available credit facility capacity is $259 million[13] - The net regulatory leverage ratio is 1.22x, within the 2:1 leverage limitation[13] Dividend and Income - Net investment income was $0.38 per share in Q1 2020, out-earning the quarterly dividend of $0.36 per share[34] - Regular dividend coverage for Q1 2020 was 106%[35] Interest Rate Sensitivity - A 135 basis points decline in 3-month LIBOR since 12/31/2018 resulted in a $0.08/share per quarter impact to net investment income[37] - 66% of floating rate debt investments had interest rate floors as of 3/31/2020, limiting exposure to further interest rate declines[37]

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)

PART I [Business](index=4&type=section&id=Item%201.%20Business) BlackRock TCP Capital Corp. (TCPC) is a BDC investing in middle-market debt, with a **$1.65 billion** portfolio as of December 31, 2019, managed by a BlackRock subsidiary - The company's investment objective is to achieve high total returns through current income and capital appreciation, with an emphasis on principal protection, primarily by investing in the debt of middle-market companies with enterprise values between **$100 million** and **$1.5 billion**[10](index=10&type=chunk) Portfolio Composition as of December 31, 2019 | Metric | Value (in millions) | | :--- | :--- | | Total Portfolio Value | $1,649.5 | | Number of Portfolio Companies | 105 | | Average Investment Size | $15.7 | | Debt Investments | 93.1% | | - Senior Secured Loans | 86.6% | | - Senior Secured Notes | 5.2% | | - Junior Notes | 1.3% | | Equity Investments | 6.9% | - The company operates as a Business Development Company (BDC) under the 1940 Act and has elected to be taxed as a Regulated Investment Company (RIC), which generally eliminates corporate-level income tax provided it distributes at least **90%** of its taxable income to shareholders[12](index=12&type=chunk)[16](index=16&type=chunk)[23](index=23&type=chunk) - The company's investment activities are managed by Tennenbaum Capital Partners, LLC, an indirect wholly-owned subsidiary of BlackRock, Inc., which had approximately **$7.4 trillion** of assets under management as of December 31, 2019[17](index=17&type=chunk) - Effective February 9, 2019, the company's asset coverage requirement was reduced from **200%** to **150%**, allowing for increased leverage[43](index=43&type=chunk)[79](index=79&type=chunk) [Risk Factors](index=26&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from capital market instability, leverage, credit losses, illiquid middle-market debt, and stock price volatility - The company is exposed to market risks from capital market disruptions, which can negatively affect debt and equity markets, reduce capital availability, and make it difficult to refinance existing indebtedness[133](index=133&type=chunk)[136](index=136&type=chunk) - The phase-out of LIBOR by the end of 2021 creates uncertainty, as many of the company's debt investments are based on floating rates[154](index=154&type=chunk) - Significant business risks include the use of leverage, which magnifies potential gains and losses, and the need to comply with various covenants under its credit facilities[160](index=160&type=chunk)[163](index=163&type=chunk) - Investment risks are concentrated in middle-market companies, which may have limited financial resources and are vulnerable to economic downturns, with a substantial portion of the portfolio in lower-grade debt carrying a higher risk of default[159](index=159&type=chunk)[214](index=214&type=chunk)[216](index=216&type=chunk) - As a BDC, the company must invest at least **70%** of its assets in "qualifying assets," and failure to meet this or RIC distribution requirements could result in the loss of favorable tax treatment[205](index=205&type=chunk)[266](index=266&type=chunk) - The company's common stock may trade at a discount to its net asset value (NAV), and any issuance of shares below NAV could result in immediate dilution for existing shareholders[281](index=281&type=chunk)[282](index=282&type=chunk) [Unresolved Staff Comments](index=54&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[294](index=294&type=chunk) [Properties](index=54&type=section&id=Item%202.%20Properties) The company does not own any real estate or other material physical properties, with executive offices provided by the Administrator as part of the Administration Agreement - The company does not own any real estate, and its executive offices are provided by the Administrator[294](index=294&type=chunk) [Legal Proceedings](index=54&type=section&id=Item%203.%20Legal%20Proceedings) The company and its Advisor are not currently subject to any material pending or threatened legal proceedings - The company is not currently subject to any material legal proceedings[295](index=295&type=chunk) [Mine Safety Disclosures](index=54&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[296](index=296&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=55&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) TCPC common stock trades on Nasdaq, with 2019 prices fluctuating relative to NAV, and consistent quarterly dividends of **$0.36** per share paid 2019 Quarterly Stock Performance and Dividends | Quarter | NAV per Share | High Price | Low Price | High Price to NAV | Low Price to NAV | Dividends per Share | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Q1 | $14.18 | $14.87 | $13.21 | 4.9% | (6.8)% | $0.36 | | Q2 | $13.64 | $14.77 | $14.05 | 8.3% | 3.0% | $0.36 | | Q3 | $13.59 | $14.32 | $13.16 | 5.4% | (3.2)% | $0.36 | | Q4 | $13.21 | $14.48 | $13.15 | 9.6% | (0.5)% | $0.36 | - The company maintains a policy to distribute substantially all of its taxable income to maintain its RIC status, with total dividends declared and paid at **$1.44** per share for both 2019 and 2018[305](index=305&type=chunk)[306](index=306&type=chunk) - As of February 25, 2020, there were **58,766,426 shares** of common stock outstanding[5](index=5&type=chunk)[303](index=303&type=chunk) [Selected Financial Data](index=58&type=section&id=Item%206.%20Selected%20Financial%20Data) Selected financial data for 2015-2019 shows total investment income growth, significant increase in total debt, and stable **$1.44** distributions per share Selected Financial Data (2015-2019) | Metric (in millions) | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total investment income | $195.2 | $190.5 | $176.0 | $148.2 | $146.9 | | Net investment income | $94.9 | $93.4 | $113.4 | $95.3 | $100.5 | | Net increase in net assets | $30.6 | $45.5 | $67.9 | $76.3 | $59.1 | | Total assets | $1,722.1 | $1,659.5 | $1,629.4 | $1,387.6 | $1,239.1 | | Total debt, net | $907.8 | $805.2 | $725.2 | $571.7 | $498.2 | | Net assets | $776.3 | $830.5 | $870.7 | $790.9 | $722.0 | | Distributions per share | $1.44 | $1.44 | $1.44 | $1.44 | $1.44 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=59&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2019, total investment income increased to **$195.2 million**, offset by **$64.3 million** in net realized and unrealized losses, while the portfolio grew to **$1.65 billion** Results of Operations Comparison (Years Ended Dec 31) | Metric (in millions) | 2019 | 2018 | | :--- | :--- | | Total Investment Income | $195.2 | $190.5 | | Total Operating Expenses | $100.3 | $97.0 | | Net Investment Income | $94.9 | $93.4 | | Net Realized & Unrealized Loss | $(64.3) | $(47.9) | | Net Increase in Net Assets | $30.6 | $45.5 | - During 2019, the company invested approximately **$700.0 million** in **25** new and **20** existing portfolio companies and received approximately **$596.4 million** in proceeds from sales or repayments[353](index=353&type=chunk) - The weighted average effective yield of the debt portfolio decreased to **10.3%** at year-end 2019 from **11.4%** at year-end 2018, with **92.1%** of the debt portfolio consisting of floating-rate investments[360](index=360&type=chunk) Leverage Program as of December 31, 2019 | Facility | Total Capacity | Outstanding | Available | | :--- | :--- | :--- | :--- | | SVCP Facility | $270.0M | $108.5M | $161.5M | | TCPC Funding Facility | $300.0M | $158.0M | $142.0M | | SBA Debentures | $150.0M | $138.0M | $12.0M | | Notes (Convertible & Unsecured) | $513.2M | $511.0M | $0.0M | | **Total** | **$1,233.2M** | **$915.5M** | **$315.5M** | - The company's asset coverage ratio was **199%** as of December 31, 2019, well above the regulatory requirement of **150%**[380](index=380&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=76&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate sensitivity, with **92.1%** of its debt portfolio in floating-rate investments, impacting net investment income - As of December 31, 2019, **92.1%** of the company's debt investments bore interest at floating rates, making its net investment income sensitive to changes in market interest rates[405](index=405&type=chunk) Interest Rate Sensitivity Analysis (Annual Impact on Net Investment Income) | Basis Point Change | Impact (in millions) | | :--- | :--- | | +300 bps | $37.3 | | +200 bps | $24.9 | | +100 bps | $12.4 | | -100 bps | $(10.0) | | -200 bps | $(13.0) | [Financial Statements and Supplementary Data](index=77&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Audited 2019 financial statements show total investments at **$1.65 billion** and net assets of **$776.3 million**, with Level 3 investment valuation identified as a critical audit matter - The independent registered public accounting firm, Deloitte & Touche LLP, issued an unqualified opinion on the Company's financial statements and its internal control over financial reporting as of December 31, 2019[411](index=411&type=chunk)[422](index=422&type=chunk) - The auditor identified the valuation of Level 3 investments as a critical audit matter due to the significant judgments and unobservable inputs required to estimate their fair value, with Level 3 investments representing **$1.51 billion** of the portfolio as of December 31, 2019[417](index=417&type=chunk)[418](index=418&type=chunk) Consolidated Statement of Assets and Liabilities (as of Dec 31, 2019) | Account | Value (in millions) | | :--- | :--- | | Total Investments (at fair value) | $1,649.5 | | Total Assets | $1,722.1 | | Total Liabilities | $945.8 | | **Net Assets** | **$776.3** | | Net Assets Per Share | $13.21 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=133&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[656](index=656&type=chunk) [Controls and Procedures](index=133&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2019, with no material changes - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2019[656](index=656&type=chunk) - Management's assessment concluded that the company's internal control over financial reporting was effective as of December 31, 2019, based on the COSO framework[657](index=657&type=chunk) [Other Information](index=133&type=section&id=Item%209B.%20Other%20Information) On February 25, 2020, the company entered a license agreement with BlackRock, Inc. for the use of the "BlackRock" name - The company entered into a license agreement with BlackRock, Inc. on February 25, 2020, for the use of the "BlackRock" name[661](index=661&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=134&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2020 Proxy Statement - This section incorporates information by reference from the Registrant's 2020 Proxy Statement[663](index=663&type=chunk) [Executive Compensation](index=134&type=section&id=Item%2011.%20Executive%20Compensation) Information on executive compensation is incorporated by reference from the 2020 Proxy Statement - This section incorporates information by reference from the Registrant's 2020 Proxy Statement[664](index=664&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=134&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership is incorporated by reference from the 2020 Proxy Statement - This section incorporates information by reference from the Registrant's 2020 Proxy Statement[665](index=665&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=134&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the 2020 Proxy Statement - This section incorporates information by reference from the Registrant's 2020 Proxy Statement[666](index=666&type=chunk) [Principal Accountant Fees and Services](index=134&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the 2020 Proxy Statement - This section incorporates information by reference from the Registrant's 2020 Proxy Statement[667](index=667&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=134&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all financial statements, schedules, and exhibits filed with the Annual Report on Form 10-K, including key governance and debt agreements - This section provides a list of all financial statements, schedules, and exhibits filed with the report, including governance documents, debt agreements, and management agreements[668](index=668&type=chunk)[669](index=669&type=chunk)

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 ...