Slides
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BlackRock TCP Capital Corp. Investor presentation Q3 2025
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Managing Directors and Leadership Team Rob DiPaolo (37) Christian Donohue (30) Alan Tom (28) Eric Yuan (27) Carolyn Glick (25) Sean Berry (22) John Doyle (19) Hovik Adamyan (18) Origination & Research1 Executive Directors Michael Weissenburger (20) Karri Tibbutt (18) Shan Arunachalam (17) Keon Reed (14) Corey Schwartz (14) Daniel Nellis (12) Aaron Kuppperman (9) VPs, Associates and Analysts 32 dedicated investment professionals Global Origination 120+ Capital Markets and Private Equity Partners teams Senior Leadership & Executive Team Risk Management 3 experienced professionals Additional Experienced Resources Portfolio Support 5 dedicated professionals Legal (Transactions) 5 experienced professionals Global Research 120+ sector-focused platform credit research professionals Experienced and tenured investment team Source: BlackRock as of September 30, 2025. * Investment Committee Co-Chair. MD = Managing Director; D = Director VP = Vice President. () indicates years of investment experience. Includes tenure working in the industry. Dollar figures shown are in USD. 1 Number of Origination & Research professionals is inclusive of all investment team members. 2 Philip Tseng (26) * Chairman, Chief Executive Officer and Co-CIO Senior Leadership & Executive Team Jason Mehring (31) President Dan Worrell (34) * Co-CIO Erik Cuellar (28) CFO Patrick Wolfe (18) COO Diana Huffman (15) General Counsel and Secretary Charles Park (17) CCO
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Key investment highlights 3 Access to reach and resources of world’s largest asset manager6 Extensive network and channel-agnostic approach to deal sourcing 3 Established platform with decades of experience lending throughout market cycles1 Diversified, flexible funding sources4 Strong shareholder alignment5 Strategically-positioned, diverse portfolio with access to the core middle market2
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Track record of attractive shareholder returns 4 Book value per share and dividends paid Annualized return on invested assets:1 9.4% Annualized cash return:2 9.6% Annualized total return on equity:3 6.4% 1 Annualized return on assets calculated as total investment income (gross of expenses) plus realized and unrealized gains and losses divided by average total investments between April 6, 2012 and September 30, 2025. 2 Cash return calculated as total distributions from April 6, 2012 through September 30, 2025, divided by opening NAV of $14.76 on April 6, 2012. 3 Total return calculated as the change in net asset value plus dividends distributed between April 6, 2012 and September 30, 2025. Past performance does not guarantee future returns. $0.00 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 At IPO Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Book Value per Share Cumulative Dividends Paid per Share (Post IPO) As of 9/30/2025: $27.88
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Long history of ample dividend coverage 5 20122,3 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20244 Q1 20254 Q2 20254 Q3 20254 (Per share) Regular dividend $1.04 $1.43 $1.44 $1.44 $1.44 $1.44 $1.44 $1.44 $1.32 $1.20 $1.22 $1.34 $1.36 $0.25 $0.25 $0.25 Net investment income $1.42 $1.65 $1.55 $1.64 $1.51 $1.59 $1.59 $1.61 $1.44 $1.26 $1.53 $1.85 $1.55 $0.36 $0.31 $0.30 Regular dividend coverage 137% 115% 108% 114% 105% 110% 110% 112% 109% 105% 125% 138% 114% 144% 124% 120% Special dividend $0.05 $0.10 $0.10 $0.05 $0.35 $0.10 $0.04 $0.04 $0.04 Total dividend paid $1.09 $1.53 $1.54 $1.44 $1.44 $1.44 $1.44 $1.44 $1.32 $1.20 $1.27 $1.69 $1.46 $0.29 $0.29 $0.29 Total dividend coverage 130% 108% 101% 114% 105% 110% 110% 112% 109% 105% 120% 109% 106% 124% 107% 104% History of consistent dividend coverage since IPO in 2012 Adjusted net investment income of $0.30 per share in Q3 20251. Out-earned quarterly regular dividend of $0.25 per share paid on September 30, 2025. Declared Q3 2025 dividend of $0.25 per share Payable on December 31, 2025, to stockholders of record as of the close of business on December 17, 2025. 1 Amounts shown are adjusted to remove the impact of purchase discount amortization recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024. See slide 20 for further description of non-GAAP financial measures. 2 Incentive compensation was waived from the date of the IPO to January 1, 2013. 3 Dividends and net investment income in 2012 reflect the 3 quarters post-IPO (Q2, Q3 and Q4). 4 Net investment income and regular dividend coverage ratio are based on adjusted net investment income. See slide 20 for further description of non-GAAP financial measures. There is no guarantee that quarterly distributions will continue to be made at historical levels.
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Strategically-positioned, diverse portfolio 6 1 Industry classification system generally categorizes portfolio companies based on the primary end market served, rather than the product or service directed to those end markets, as of total investments at fair value. Data as of September 30, 2025. “Other” category includes industries less than 3% of total investments. 2 Weighted average annual effective yield includes amortization of deferred debt origination fees and accretion of original issue discount, but excludes market discount, any prepayment and make-whole fee income, and non-accrual and non- income producing loans. Weighted average effective yield on the total portfolio (including non-accrual and non-income producing loans and equity investments) was 10.3% as of 9/30/2025. 3 As a percent of total investments at fair value as of September 30, 2025 Past performance does not guarantee future returns. 149 companies Invested across 20+ industry sectors 90% Portfolio in senior secured debt 11.5% Weighted average effective yield on debt portfolio2 Composition by Industry1 13.2% Software 12.8% Internet Software and Services 9.5% Diversified Financial Services 8.7% Diversified Consumer Services 7.7% Professional Services 4.2% Health Care Technology 3.9% Construction and Engineering 3.2% Road and Rail 3.0% Healthcare Providers and Services 33.8% Other 83.0% First Lien 6.7% Second Lien 0.0% Junior 10.3% Equity Composition by Seniority1 More than 78% Portfolio companies each contributing <1% to income3 , representing an increasingly diverse income base
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Investments include access to core middle market Considerable addressable market for middle market lenders1 ~200,000 U.S. middle market businesses Represents 1/3rd private sector GDP Employs ~48 million people 1 Source: National Center for the Middle Market as of December 31, 2024. The National Center for the Middle Market defines middle market businesses as companies with annual revenue between $10 million and $1 billion. Private sector GDP refers to the portion of the country’s GDP that comes from private industries. The total number of people employed refers to the approximate number of employees across the 200,000 U.S. middle market businesses. 7 Benefits of exposure to the U.S. core middle market • Offers attractive spread opportunities • Large, differentiated opportunity set compared to the broadly syndicated loan market • Frequent opportunities to be positioned as a lender of influence to drive deal terms and structuring • Strong lender protections through robust covenant structures • Ability to recognize issues early due to strong covenant structures, and thus move quickly to preserve principal when needed
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Investment strategy & focus 8 Seek to be lender of influence in structuring transactions and terms with attractive risk adjusted returns and downside protection Top of capital structure positioning centered on first lien, floating rate loans primarily to middle market borrowers with $25 million to $75 million of EBITDA Diversification across both industries and industry subsectors Less-cyclical industries including software, financial services and professional services Companies that are supported by long-term, sustainable growth drivers and exhibit economic resilience
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Disciplined investment process 9 Rigorous due diligence & structuring Investment committee Portfolio management Realizations / liquidity ▪ Experienced credit investors leading comprehensive analysis of company, industry, management and strategy ▪ Credit, pricing and sector analysis ▪ Implementation of creative and flexible structures ▪ Focus on need for time- sensitive execution and for confidentiality ▪ Robust internal legal due diligence support ▪ Experienced Advisory Board resources available ▪ Thorough review of due diligence, applying an “owner’s perspective” ▪ Downside case analysis to prepare for challenges ▪ All investment professionals participate ▪ Meets weekly with active debate in addition to ad-hoc meetings ▪ Majority vote by fund voting members required; no person has a veto ▪ Holistic approach ▪ Proactively manage underperforming assets ▪ Access to operating talent through Advisory Board when needed ▪ Weekly review of potential and existing investments ▪ Regular meetings with portfolio company management teams ▪ Keen focus on providing timely and optimal liquidity to investors ▪ Typically interest income and capital gains ▪ Opportunistic sales in the secondary marketplace ▪ Early re-financings that often drive enhanced returns Industry deal teams are involved in every phase of a transaction, providing specialized resources as needed
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Diversified and flexible sources of funding 10 As of September 30, 2025. 1 Operating Facility has a $100.0 million accordion which allows for expansion of the facility to up to $400.0 million subject to consent from the lender and other customary conditions. 2 As of September30, 2025, the outstanding amount was subject to a SOFR credit adjustment of 0.10%. 3 Funding Facility II has a $50.0 million accordion which allows for expansion of the facility to up to $250.0 million subject to consent from the lender and other customary conditions. 4 Subject to certain funding requirements and a SOFR credit adjustment of 0.15%. 5 Merger Sub Facility includes a $60.0 million accordion which allows for expansion of the facility to up to $325.0 million subject to consent from the lender and other customary conditions. 6 The applicable margin for SOFR-based borrowings could be either 1.75% or 2.00% depending on a ratio of the borrowing base to certain committed indebtedness, and is also subject to a credit spread adjustment of 0.10%. If Merger Sub elects to borrow based on the alternate base rate, the applicable margin could be either 0.75% or 1.00% depending on a ratio of the borrowing base to certain committed indebtedness. 7 Weighted average interest rate, excluding fees of 0.35% or 0.36%. 8 $325 million par. Carrying value shown. 9 Combined weighted-average interest rate on amounts outstanding as of September 30, 2025. Capacity (in millions) Drawn Amount (in millions) Available (in millions) Pricing % Maturity Operating Facility1 300.0$ 151.9$ 148.1$ S+2.00%2 August-29 Funding Facility II3 200.0$ 100.0$ 100.0$ S+2.00%4 July-29 Merger Sub Facility5 265.0$ 47.0$ 218.0$ S+2.00%6 September-28 SBA Debentures 111.2$ 111.2$ -$ 2.41%7 2026−2031 2026 Notes8 325.1$ 325.1$ -$ 2.85% February-26 2029 Notes8 322.2$ 322.2$ -$ 6.95% May-29 Total leverage 1,523.5$ 1,057.5$ 466.1$ 4.98%9 Cash 61.0$ Net settlements 0.6$ Unamortized debt issuance costs (5.9)$ Net 1,051.6$ 527.6$ Source
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Strategically positioned balance sheet 11 1 As a percent of total investments at fair value as of September 30, 2025. 2 As a percent of debt investments at fair value as of September 30, 2025. 3 SBA Debentures structured as long-term facilities and not subject to regulatory minimum asset coverage. Diverse capital structure3Predominantly first lien, floating rate asset portfolio: 6% 17% 36% 41% 9/30/2025 9/30/20251 First lien 83.0% Second lien 6.7% Junior 0.0% Equity 10.3% 9/30/20252 Floating rate 94.2% Fixed rate 5.8% Loans on non-accrual: 9/30/2025 % of FV 3.5% % of Cost 7.0%
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Summary of NAV progression (QoQ) 12 1 Amounts are adjusted to remove the impact of purchase discount amortization for the period. See slide 20 for further description of non-GAAP financial measures. Past performance does not guarantee future returns. $10.11 $9.23 $9.18 $8.71 $8.71 $0.30 $1.20 $(1.21) $(0.29) $7.00 $7.50 $8.00 $8.50 $9.00 $9.50 $10.00 $10.50 $11.00 $11.50 $12.00 9/30/2024 NAV 12/31/2024 NAV 3/31/2025 NAV 6/30/2025 NAV Adjusted net investment income Adjusted net realized gain (loss) Adjusted net unrealized gain (loss) Distribution Repurchases 9/30/2025 NAV 1 11 $-
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Continued progress in repositioning our portfolio 13 In Q3 2025, the portfolio invested $63.1 million, comprised of 5 new and 2 existing portfolio companies, at a weighted average yield of 10.1% Non-accruals declined to 3.5% of the portfolio at fair value in Q3 2025, down from peak of 5.6% in Q4 2024, following successful removal of four non-accrual loans Average position size of new investments YTD has been a granular $7.8 million; lower than in prior years, and aligned with our diversification strategy Continued focus on portfolio repositioning to return TCPC to historical levels of performance and returns
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Strong shareholder alignment 14 BlackRock TCP Capital Corp. 1 Typical externally managed BDC2 Base management fee 1.25% on assets up to 200% of the net asset value of TCPC; 1.0% on assets that exceed 200% of the net asset value of TCPC debt to equity. Based on gross assets (less cash and cash equivalents). 1.00%-1.75% on gross assets (up to 1.0x debt to equity; 1.0% above 1.0x debt to equity for those BDCs that have adopted a reduced minimum asset coverage ratio). Incentive fee hurdle 7% annualized total return on NAV, with cumulative lookback. 6-8% annualized NII return on NAV, with either no lookback or rolling 3-year lookback. Incentive compensation Income: 17.5% subject to a cumulative, annualized 7% total return hurdle calculated quarterly. Capital Gains: 17.5% of cumulative net realized gains less net unrealized depreciation, subject to a cumulative, annualized 7% hurdle calculated quarterly. Income: 17.5-20% (based on NII only, excluding realized and unrealized losses) calculated quarterly with either no lookback or rolling 3-year lookback. Capital Gains: 17.5-20% of cumulative net realized gains less net unrealized depreciation, with either no lookback or rolling 3-year lookback. 1 On February 25, 2025, the Adviser voluntarily agreed to waive one-third of its base management fee with respect to the Company for three calendar quarters beginning on January 1, 2025 and ending on September 30, 2025 2 KBW BDC Research as of June 30, 2025. Represents typical range of fee structures for publicly traded, externally managed BDCs. Ranges exclude certain outliers.
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Appendix
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Quarterly operating results 16 1. After incentive compensation. 2 See slide 20 for further description of non-GAAP financial measures. Q3 Q4 Q1 Q2 Q3 Investment income Interest and PIK interest income 69,225$ 58,452$ 52,574$ 50,062$ 48,915$ Dividend income 1,580 2,785 3,314 1,402 1,599 Other income 127 12 1 1 2 Total investment income 70,932 61,249 55,889 51,465 50,516 Expenses Interest and other debt expenses 21,161 18,046 17,085 17,088 16,817 Management fees 6,185 5,973 5,484 5,461 5,545 Incentive fee 6,540 - - - - Other expenses 3,169 2,914 2,946 3,142 2,721 Total expenses, before management fee waiver 37,055 26,933 25,515 25,691 25,083 Management fee waiver - - (1,828) (1,820) (1,848) Total expenses, after management fee waiver 37,055 26,933 23,687 23,871 23,235 Excise tax expenses - 523 - - - Net investment income 33,877 33,793 32,202 27,594 27,281 Less: Purchase accounting discount amortization2 3,045 3,025 1,502 1,294 1,645 Adjusted net investment income2 30,832 30,769 30,700 26,300 25,636 Net realized and unrealized gain (loss) (12,245) (72,344) (11,308) (43,501) (2,912) Less: Net realized gains due to the allocation of purchase discount2 2,727 1,884 2,685 4,000 5,849 Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount2 (5,772) (4,909) (4,187) (5,294) (7,494) Adjusted net realized and unrealized gain (loss)2 (9,200) (69,319) (9,806) (42,207) (1,267) Net increase (decrease) in net assets resulting from operations 21,632$ (38,551)$ 20,894$ (15,907)$ 24,369$ Adjusted net increase (decrease) in net assets resulting from operations2 21,632 (38,551) 20,894 (15,907) 24,369 Net investment income per share1 0.40$ 0.40$ 0.38$ 0.32$ 0.32$ Adjusted net investment income per share2 0.36$ 0.36$ 0.36$ 0.31$ 0.30$ Earnings (loss) per share 0.25$ (0.45)$ 0.25$ (0.19)$ 0.29$ Adjusted earnings (loss) per share2 0.25$ (0.45)$ 0.25$ (0.19)$ 0.29$ Regular dividend per share 0.34$ 0.34$ 0.25$ 0.25$ 0.25$ Special dividend per share $ - 0.10$ 0.04$ 0.04$ 0.04$ Weighted average common shares outstanding 85,591,134 85,326,143 85,077,619 85,042,931 85,034,351 Ending common shares outstanding 85,591,134 85,080,447 85,077,297 85,036,467 85,011,001 Unaudited ($ in thousands, except per share amounts) 2024 2025
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Financial highlights 17 1. See slide 20 for further description of non-GAAP financial measures. 2. Excludes SBIC debt, which is exempt from regulatory asset coverage requirements. 3. Net of trades pending settlement. Unaudited Audited Q3 Q4 Q1 Q2 Q3 Net investment income 0.40 0.40 0.38 0.32 0.32 Adjusted net investment income1 0.36 0.36 0.36 0.31 0.30 Net realized and unrealized gain (loss) (0.14) (0.85) (0.13) (0.51) (0.03) Adjusted net realized and unrealized gain (loss)1 (0.10) (0.81) (0.11) (0.50) (0.01) Net increase (decrease) in net assets resulting from operations 0.25 (0.45) 0.25 (0.19) 0.29 Adjusted net increase (decrease) in net assets resulting from operations1 0.25 (0.45) 0.25 (0.19) 0.29 Dividends paid (0.34) (0.44) (0.29) (0.29) (0.29) Net asset value 10.11 9.23 9.18 8.71 8.71 Q3 Q4 Q1 Q2 Q3 Total fair value of investments 1,909,089$ 1,794,758$ 1,769,274$ 1,792,335$ 1,716,691$ Number of portfolio companies 156 154 146 153 149 Average investment size 12,238$ 11,654$ 12,118$ 11,715$ 11,521$ Debt/equity ratio2 1.20x 1.27x 1.26x 1.43x 1.28x Debt/equity ratio, net of cash2,3 1.08x 1.14x 1.13x 1.28x 1.20x 2025 20252024 2024 Unaudited ($ per share)
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Portfolio highlights 18 1 Includes equity interests in diversified portfolios of debt and lease assets. Q3 Q4 Q1 Q2 Q3 Senior secured debt 1,729,172$ 1,637,557$ 1,591,927$ 1,602,047$ 1,540,460$ Junior debt 5,946 5,016 2,353 128 127 Equity1 173,971 152,185 174,994 190,160 176,104 1,909,089$ 1,794,758$ 1,769,274$ 1,792,335$ 1,716,691$ Q3 Q4 Q1 Q2 Q3 Gross acquisitions 72,762$ 120,722$ 65,964$ 111,546$ 63,136$ Exits (includes repayments) 139,219 168,576 84,905 47,905 139,543 Net acquisitions (exits) (66,457)$ (47,854)$ (18,941)$ 63,641$ (76,407)$ 2025 Portfolio activity (in thousands) Total investments Asset mix of the investment portfolio (in thousands) 2024 2024 2025
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Quarterly balance sheets 19 Unaudited Audited Q3 Q4 Q1 Q2 Q3 Investments at fair value 1,909,089$ 1,794,758$ 1,769,274$ 1,792,335$ 1,716,691$ Cash and cash equivalents 104,182 91,590 99,115 107,318 60,994 Accrued interest income 25,787 22,785 23,284 22,972 24,487 Receivable for investments sold - 4,488 - 8,241 568 Other assets 8,643 9,411 7,231 6,103 8,140 Total assets 2,047,701$ 1,923,032$ 1,898,904$ 1,936,969$ 1,810,880$ Q3 Q4 Q1 Q2 Q3 Debt, net of unamortized issuance costs 1,160,043$ 1,118,340$ 1,098,904$ 1,174,641$ 1,051,615$ Interest payable 11,507 8,306 10,830 8,516 9,805 Incentive compensation payable 6,540 - - - - Payable for investments purchased - 99 219 5,019 - Other liabilities 3,974 11,162 7,632 8,316 9,437 Total liabilities 1,182,064$ 1,137,907$ 1,117,585$ 1,196,492$ 1,070,857$ Net assets 865,637$ 785,124$ 781,319$ 740,477$ 740,024$ Net assets per share 10.11$ 9.23$ 9.18$ 8.71$ 8.71$ Unaudited 2024 Liabilities Assets (in thousands, except per share data) 2025
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Endnotes – Non-GAAP Financial Measures 20 On March 18, 2024, BlackRock TCP Capital Corp. (“the Company”) completed its previously announced Merger with BlackRock Capit al Investment Corporation (“BCIC”) . The Merger has been accounted for as an asset acquisition of BCIC by the Company in accordance with the asset acquisition method of accounting as detailed in ASC 805-50 ("ASC 805"), Business Combinations- Related Issues. The Company determined the fair value of the shares of the Company's common stock that were issued to former BCIC sharehold ers pursuant to the Merger Agreement plus transaction costs to be the consideration paid in connection with the Merger under ASC 805. The consideration paid to BCIC sh areholders was less than the aggregate fair values of the BCIC assets acquired and liabilities assumed, which resulted in a purchase discount (the “purchase discount”). The consideration p aid was allocated to the individual BCIC assets acquired and liabilities assumed based on the relative fair values of net identifiable assets acquired other than “non -qualifying” assets and liabilities (for example, cash) and did not give rise to goodwill. As a result, the purchase discount was allocated to the cost basis of the BCIC investments acquired by the Company on a pro -rata basis based on their relative fair values as of the effective time of the Merger. Immediately following the Merger, the investments were marked to their respective fair values in accordance with ASC 820 which resulted in immediate recognition of net unrealized appreciation in the Consolidated Statement of Operations as a result of the Merger. The purchase discount allocated to the BC IC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair val ue, the Company may recognize a realized gain or loss with a corresponding reversal of the unrealized appreciation on disposition of such equity investments acquired. As a supplement to the Company’s reported GAAP financial measures, we have provided the following non -GAAP financial measures that we believe are useful: • “Adjusted net investment income” – excludes the amortization of purchase accounting discount from net investment income calculated in accordance with GAAP; • “Adjusted net realized and unrealized gain (loss)” – excludes the unrealized appreciation resulting from the purchase discount and the corresponding reversal of the unrealized appreciation from the amortization of the purchase discount from the determination of net realized and unrealized gain (loss) determined in accordance with GAAP; and • “Adjusted net increase (decrease) in net assets resulting from operations” – calculates net increase (decrease) in net assets resulting from operations based on Adjusted net investment income and Adjusted net realized and unrealized gain (loss). We believe that the adjustment to exclude the full effect of purchase discount accounting under ASC 805 from these financial measures is meaningful because of the potential impact on the comparability of these financial measures that we and investors use to assess the Company’s financial condition and results of operations period over period. Although these non-GAAP financial measures are intended to enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. The aforementioned non-GAAP financial measures may not be comparable to similar non-GAAP financial measures used by other companies.
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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 available on the SEC's website at www.sec.gov and the Company's website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing. This presentation (the “Presentation”) is solely for information and discussion purposes and must not be relied upon for any other purpose. This Presentation includes the slides that follow, the oral presentation of the slides by members of TCPC, BlackRock or any person on their behalf, the question-and- answer session that follows that oral presentation, copies of this Presentation and any materials distributed at, or in connection with, this Presentation. By participating in the meeting, or by reading the Presentation slides, you will be deemed to have (i) agreed to the following limitations and notifications and made the following undertakings and (ii) acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of this Presentation. Forward-looking statements Some of the statements in this Presentation constitute forward-looking statements because they relate to future events, future performance or financial condition or the impacts of the merger of BlackRock Capital Investment Corporation with and into a subsidiary of the Company (the “Merger”) that occurred in 2024. The forward-looking statements may include statements as to: future operating results of TCPC and distribution projections; business prospects of TCPC and the prospects of its portfolio companies; and the impact of the investments that TCPC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this Presentation involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability to realize the anticipated benefits of the Merger, including the expected accretion to net investment income and the elimination or reduction of certain expenses and costs due to the Merger; (ii) risks related to diverting management’s attention from ongoing business operations; (iii) changes in the economy, financial markets and political environment; (iv) risks associated with possible disruption in the operations of TCPC or the economy generally due to terrorism, war or other geopolitical conflict (including the current conflict between Russia and Ukraine and the conflict in the Middle East), trade protections or trade wars, natural disasters or public health crises and epidemics; (v) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (vi) conditions in TCPC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (vii) other considerations that may be disclosed from time to time TCPC’s publicly disseminated documents and filings. TCPC has based the forward-looking statements included in this Presentation on information available to it on the date of this Presentation, and TCPC assumes no obligation to update any such forward-looking statements. Although TCPC undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that it may make directly to you or through reports that TCPC in the future may file with the Securities and Exchange Commission, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. No offer or solicitation This Presentation is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and this Presentation is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in TCPC or in any fund or other investment vehicle managed by BlackRock or any of its affiliates. © 2025 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK is a trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. Important notes 21
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Corporate information 22 NASDAQ: TCPC • Keefe, Bruyette & Woods • Oppenheimer • Raymond James • Wells Fargo Computershare Inc. (866) 333-6433 (from U.S.) (201) 680-6578 (from outside U.S.) wwww.computershare.com/investor 2951 28th Street Suite 1000 Santa Monica, CA 90405 (310) 566-1094 investor.relations@tcpcapital.com www.tcpcapital.com Securities listing Research coverage Transfer agent Corporate headquarters Investor relations