Slides
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BlackRock . BlackRock TCP Capital Corp. Q2 2026 Investor Presentation
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Portfolio Sale Transaction Overview
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Overview of Portfolio Sale Transaction 3 Composition by Industry1 21.0% Software 10.1% Professional Services 6.1% Internet Software & Services 5.9% Health Care Technology 4.9% Diversified Financial Services 4.8% Diversified Consumer Services 4.4% Construction & Engineering 4.0% Media 3.8% Electrical Equipment 3.3% Specialty Retail 31.7% All Others 95.9% First Lien 4.1% Second Lien 0.0% Junior Composition by Seniority1 $523M FMV of assets Of TCPC debt portfolio companies Average CV share of each investment Of TCPC debt portfolio of FMV Portfolio companies All TCPC related statistics based on portfolio as of July 31, 2026. 1. Calculated as a percent of total debt investments in continuation vehicle at fair value (using June 30, 2026 valuations). 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. The transferred assets span a broad cross section of TCPC’s debt portfolio with sector, lien and credit characteristics similar to those of the overall pre-transaction debt portfolio 78 48% 70% 66%
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Key Benefits of the Portfolio Sale Transaction 4 Repositioning the portfolio Strengthening the balance sheet Pro Forma, incl. Repayments1June 30, 2026 • < 0.3x net leverage-to-equity • ~$36M of unfunded commitments • Simplified, more flexible liability structure • ~1.4x net leverage-to-equity • ~$90M of unfunded commitments • Significant new investment capacity to further diversify and improve credit quality • $5.1M average position size • Limited new investment capacity • $9.6M average position size 1. Estimated results pro forma for a) the closing of the continuation vehicle transaction, b) completed repayments between June 30, 2026 and July 31, 2026, and c) Domo, Inc’s June 23, 2026 announcement of an agreement to sell substantially all of its assets and certain liabilities to Progress Software Corporation for $400 million in cash. If consummated, this announced transaction would result in approximately $69 million in repayment proceeds to the Company. If the announced transaction does not occur, the Company would not expect to receive this repayment in a comparable timeframe, and the absence of that repayment would not have the same impact on the Company’s net leverage-to-equity ratio. Prior to the Domo repayment, the Company’s net leverage-to-equity ratio is estimated to be ~0.4x following the close of the Transaction. Accelerates work underway, increasing financial, investment and operational flexibility and creating a stronger foundation from which to seek to deliver greater long-term shareholder value Engaged KBW to consider strategic alternatives
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Pro Forma TCPC Portfolio Overview 5 Composition by Industry1 18.9% Diversified Financial Services 17.5% Internet Software & Services 11.7% Software 10.7% Professional Services 5.9% Health Care Technology 5.1% Diversified Consumer Services 4.1% IT Services 3.1% Automobiles 2.9% Tech, Hardware, Storage & Periph. 2.5% Trading Companies & Distributors 17.6% All Others 74.1% First Lien 9.5% Junior 16.3% Equity Composition by Seniority1 $671M FMV of assets Average Position SizePortfolio companies All TCPC related statistics based on portfolio as of July 31, 2026 pro forma for closure of the portfolio sale transaction. 1 Calculated as a percent of total investments at fair value (using June 30, 2026 valuations). 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. The profile below is immediately pro forma for the portfolio sale and does not reflect the potential impact of ~$305M of available new investment capacity, assuming net leverage of 1.0x 132 $5.1M Domo accounts for ~11%
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2Q 2026 Results (Pre-Portfolio Sale Transaction)
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Q2 continued progress against strategic initiatives 7 PIK income was 7.6% of total investment income at the end of Q2 2026, down from 8.5% at the end of Q1 2026 Non-accruals declined to 1.6% of the portfolio at fair value and 7.4% at cost at the end of Q2 2026, from 2.8% and 7.6%, respectively, at the end of Q1 2026 Average position size of portfolio investments decreased to $9.6 million at the end of Q2 2026 from $10.0 million in Q1 2026, further aligning with our diversification strategy Disciplined deployment continued with 98% of new capital invested during the quarter in first lien positions, bringing senior secured exposure to 91.5% of the portfolio as of the end of Q2 2026 Apart from the Transaction, we continued to make progress toward our strategic priorities during the second quarter, including reducing non-accruals, strengthening the balance sheet and advancing our portfolio repositioning efforts. Portfolio repositioning efforts benefitted from strong repayment activity, totaling $111.6 million during the quarter Net leverage declined to 1.38x at the end of Q2 2026 from 1.48x at the end of Q1 2026
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▪ Adjusted NII1 of $0.21 per share, exceeded the regular second quarter dividend per share of $0.17 paid on June 30 ▪ Annualized adjusted NII ROE of 12.4% for the second quarter ▪ Regular dividend coverage ratio of 124% in Q2 2026 ▪ Net asset value per share was $6.58, compared to $6.72 as of March 31, 2026 Second Quarter 2026 Financial Highlights For the quarter ending / As of June 30, 2026 8 1 Amount excludes the impact of amortization of purchase discount recorded in connection with the closing of the merger ("Merger") with BlackRock Capital Investment Corporation ("BCIC") on March 18, 2024. See slide 28 for further description of non-GAAP financial measures. 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 10.5% as of 6/30/2026. Past performance does not guarantee future returns. Second quarter key financial metrics Diversified portfolio with an emphasis on less-cyclical businesses Flexible capital with available liquidity ▪ Total portfolio fair value was $1.3 billion diversified across 134 portfolio companies and 35 industry sectors, with an average position size of $9.6 million ▪ 91.5% invested in senior secured debt; 89.8% of the total portfolio is 1st lien ▪ Weighted average yield of the performing debt portfolio is 11.2%2 ▪ Leverage program totaled $917.0 million, with well laddered maturities ▪ 35% of outstanding leverage was unsecured ▪ $533.7 million of available liquidity, including $376.2 million of available borrowing capacity ▪ The net regulatory leverage ratio was 1.38x, within our 2:1 regulatory leverage limitation
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$6.72 $6.58 $0.21 $0.06 03/31/2026 NAV Adjusted net investment income Adjusted net realized gain (loss) Adjusted net unrealized gain (loss) Distribution Repurchases 06/30/2026 NAV ($0.25) Summary of 2Q 2026 NAV progression 9 1 Amounts are adjusted to remove the impact of purchase discount amortization for the period. See slide 28 for further description of non-GAAP financial measures. Past performance does not guarantee future returns. 11 1 $0.01 $(0.17)
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Strategically-positioned, diverse portfolio As of June 30, 2026 10 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 June 30, 2026. “Other” category includes industries less than 3% of total investments. Calculated as a percent of total investments at fair value. 2 Weighted average effective yield on the total portfolio includes non-accrual and non-income producing loans and equity investments as of June 30, 2026. Weighted average annual effective yield on the debt portfolio was 11.2% as of June 30, 2026 (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). 3 As a percent of total number of portfolio companies as of June 30, 2026. Past performance does not guarantee future returns. 134 companies Invested across 35 industry sectors 91.5% Portfolio in senior secured debt 10.5% Weighted average effective yield on the total portfolio2 Composition by Industry1 14.8% Software 11.8% Diversified Financial Services 11.5% Internet Software and Services 9.6% Professional Services 5.5% Health Care Technology 4.6% Diversified Consumer Services 4.3% Road and Rail 3.6% Capital Markets 3.4% IT Services 3.0% Construction and Engineering 27.9% Other 89.8% First Lien 1.7% Second Lien 0.0% Junior 8.5% Equity Composition by Seniority1 More than 70% Portfolio companies individually contributing <1% to income,3 representing an increasingly diverse income base
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Balance sheet snapshot As of June 30, 2026 11 1 As a percent of total investments at fair value as of June 30, 2026. 2 As a percent of debt investments at fair value as of June 30, 2026. Diverse capital structurePredominantly first lien, floating rate asset portfolio: 13% 21% 28% 38% Credit facilities Unsecured debt Secured debt Equity 06/30/2026 06/30/2026 Total Assets $1,476M Portfolio Value $1,291M First lien1 89.8% Floating rate2 93.9% Fixed rate2 6.1%
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Diversified and flexible sources of funding As of June 30, 2026 12 As of June 30, 2026. 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 June30, 2026, $128.0 million of the outstanding amount was subject to a SOFR credit adjustment of 0.10%. 3 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. 4 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. 5 $325 million par. Carrying value shown. 6 Secured Notes offered in the CLO Transaction that closed on May 27, 2026. 7 $27.1 million par. Carrying value shown. 8 Combined weighted-average interest rate on amounts outstanding as of June 30, 2026. Capacity (in millions) Drawn Amount (in millions) Available (in millions) Pricing % Maturity Operating Facility 1 300.0$ 134.8$ 165.2$ S+2.00%2 August-29 Merger Sub Facility 3 265.0$ 54.0$ 211.0$ S+2.00%4 September-28 2029 Notes 5 322.7$ 322.7$ -$ 6.95% May-29 Class A-1 Notes 6 270.6$ 270.6$ -$ S+1.55% July-2034 Class A-2 Notes 6 54.1$ 54.1$ -$ S+1.80% July-2034 Class B Notes 6 54.1$ 54.1$ -$ S+2.15% July-2034 Class C Notes 6,7 26.6$ 26.6$ -$ S+2.70% July-2034 Total leverage 1,293.2$ 917.0$ 376.2$ 6.03%8 Cash 157.5$ Unamortized debt issuance costs (6.4)$ Net 910.6$ 533.7$ Source
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Investment Approach & Track Record
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Managing Directors John Doyle (19), Sean Berry (22), Alan Tom (28), Eric Yuan (27), Hovik Adamyan (18), Corey Schwartz (14), Daniel Nellis (12) Executive Directors Karri Tibbutt (18), Laurent Lantonnois (13) Global Origination1 120+ Capital Markets and Private Equity Partners teams Risk Management 3 experienced professionals Additional Experienced Resources Portfolio Support 3 dedicated professionals Legal (Transactions) 4 experienced professionals Global Research 120+ sector-focused platform credit research professionals Experienced and tenured investment team Source: BlackRock as of June 30, 2026. () indicates years of investment experience; includes tenure working in the industry. 1. Number of Origination & Research professionals is inclusive of all investment team members. Senior Leadership & Executive Team Jason Mehring (31) President Dan Worrell (34) Co-CIO Philip Tseng (27) Chairman, CEO, and Co-CIO Erik Cuellar (28) CFO Patrick Wolfe (19) COO Diana Huffman (15) General Counsel and Secretary Charles Park (17) CCO VPs, Associates, Analysts 27 dedicated investment professionals 14 Senior Leadership & Executive Team Origination & Research1
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Disciplined investment process 15 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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Track record of attractive shareholder returns 1 16 Book value per share and dividends paid Annualized return on invested assets:2 8.6% Annualized cash return:3 9.4% Annualized total return on equity:4 4.6% 1. Does not include the impact of stock price movement during the relevant period and thus does not represent an investor’s return on investment had they bought and sold shares during the applicable period or if they were to subsequently seek to exit their position in the future through a sale of shares. 2. 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 June 30, 2026. 3. Cash return calculated as total distributions from April 6, 2012 through June 30, 2026, divided by opening NAV of $14.76 on April 6, 2012. 4. Total return calculated as the change in net asset value plus dividends distributed between April 6, 2012 and June 30, 2026. 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 Q4-25 Q1-26 Q2-26 ITD TotalBook Value per Share Cumulative Dividends Paid per Share (Post IPO) As of 06/30/2026: $26.34
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Long history of ample dividend coverage 17 20122,3 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20244 20254 Q1 20264 Q2 20264 (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 $1.00 $0.17 $0.17 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 $1.22 $0.21 $0.21 Regular dividend coverage 137% 115% 108% 114% 105% 110% 110% 112% 109% 105% 125% 138% 114% 122% 124% 124% Special dividend $0.05 $0.10 $0.10 $0.05 $0.35 $0.10 $0.12 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 $1.12 $0.17 $0.17 Total dividend coverage 130% 108% 101% 114% 105% 110% 110% 112% 109% 105% 120% 109% 106% 109% 124% 124% History of consistent dividend coverage since IPO in 2012 Adjusted net investment income of $0.21 per share in Q2 20261. Covered quarterly regular dividend of $0.17 per share paid on June 30, 2026. Declared Q3 2026 dividend of $0.17 per share Payable on September 30, 2026, to stockholders of record as of the close of business on September 16, 2026. 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 28 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 28 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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Strong shareholder alignment 18 BlackRock TCP Capital Corp. Typical externally managed BDC1 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. 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 20 1. After incentive compensation. 2 See slide 28 for further description of non-GAAP financial measures. Q2 Q3 Q4 Q1 Q2 Investment income Interest and PIK interest income 50,062$ 48,915$ 42,473$ 41,175$ 37,807$ Dividend income 1,402 1,599 1,430 1,407 2,210 Other income 1 2 13 1 5 Total investment income 51,465 50,516 43,916 42,583 40,022 Expenses Interest and other debt expenses 17,088 16,817 15,102 16,048 14,996 Management fees 5,461 5,545 5,343 4,656 4,235 Incentive fee - - - - - Other expenses 3,142 2,721 2,509 3,402 2,649 Total expenses, before management fee waiver 25,691 25,083 22,954 24,106 21,880 Management fee waiver (1,820) (1,848) (1,781) - - Total expenses, after management fee waiver 23,871 23,235 21,173 24,106 21,880 Excise tax expenses - - 683 - - Net investment income 27,594 27,281 22,060 18,477 18,142 Less: Purchase accounting discount amortization2 1,294 1,645 707 927 614 Adjusted net investment income2 26,300 25,636 21,353 17,550 17,528 Net realized and unrealized gain (loss) (43,501) (2,912) (140,349) (34,779) (13,495) Realized loss on extinguishment of debt (2,897) Less: Net realized gains due to the allocation of purchase discount2 4,000 5,849 7,416 721 3,393 Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount2 (5,294) (7,494) (8,123) (1,648) (4,007) Adjusted net realized and unrealized gain (loss) 2 (42,207) (1,267) (139,642) (33,852) (15,778) Net increase (decrease) in net assets resulting from operations (15,907)$ 24,369$ (118,289)$ (16,302)$ 1,750$ Adjusted net increase (decrease) in net assets resulting from operations 2 (15,907) 24,369 (118,289) (16,302) 1,750 Net investment income per share1 0.32$ 0.32$ 0.26$ 0.22$ 0.22$ Adjusted net investment income per share 2 0.31$ 0.30$ 0.25$ 0.21$ 0.21$ Earnings (loss) per share (0.19)$ 0.29$ (1.39)$ (0.19)$ 0.02$ Adjusted earnings (loss) per share 2 (0.19)$ 0.29$ (1.39)$ (0.19)$ 0.02$ Regular dividend per share 0.25$ 0.25$ 0.25$ 0.17$ 0.17$ Special dividend per share 0.04$ 0.04$ -$ -$ -$ Weighted average common shares outstanding 85,042,931 85,034,351 84,800,636 84,334,975 83,915,423 Ending common shares outstanding1 85,036,467 85,011,001 84,564,578 84,059,145 83,902,775 Unaudited ($ in thousands, except per share amounts) 2025 2026
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Financial highlights 21 1. See slide 28 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. Audited Q2 Q3 Q4 Q1 Q2 Net investment income 0.32 0.32 0.26 0.22 0.22 Adjusted net investment income 1 0.31 0.30 0.25 0.21 0.21 Net realized and unrealized gain (loss) (0.51) (0.03) (1.66) (0.41) (0.20) Adjusted net realized and unrealized gain (loss) 1 (0.50) (0.01) (1.64) (0.40) (0.19) Net increase (decrease) in net assets resulting from operations (0.19) 0.29 (1.39) (0.19) 0.02 Adjusted net increase (decrease) in net assets resulting from operations1 (0.19) 0.29 (1.39) (0.19) 0.02 Dividends paid (0.29) (0.29) (0.25) (0.17) (0.17) Net asset value 8.71 8.71 7.07 6.72 6.58 Q2 Q3 Q4 Q1 Q2 Total fair value of investments 1,792,335$ 1,716,691$ 1,533,302$ 1,388,669$ 1,290,523$ Number of portfolio companies 153 149 141 139 134 Average investment size 11,715$ 11,521$ 10,874$ 9,990$ 9,631$ Debt/equity ratio2 1.43x 1.28x 1.55x 1.46x 1.66x Debt/equity ratio, net of cash 2,3 1.28x 1.20x 1.41x 1.29x 1.38x ($ per share) 2026 Unaudited 20262025 2025 Unaudited
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Portfolio highlights 22 1 Includes equity interests in diversified portfolios of debt and lease assets. Q2 Q3 Q4 Q1 Q2 Senior secured debt 1,602,047$ 1,540,460$ 1,418,316$ 1,274,331$ 1,180,197$ Junior debt 128 127 127 127 127 Equity1 190,160 176,104 114,859 114,210 110,199 1,792,335$ 1,716,691$ 1,533,302$ 1,388,668$ 1,290,523$ Q2 Q3 Q4 Q1 Q2 Gross acquisitions 111,546$ 63,136$ 35,461$ 22,536$ 24,979$ Exits (includes repayments) 47,905 139,543 80,673 135,330 111,624 Net acquisitions (exits) 63,641$ (76,407)$ (45,212)$ (112,794)$ (86,645)$ Portfolio activity (in thousands) Total investments Asset mix of the investment portfolio (in thousands) 2026 2026 2025 2025
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Quarterly balance sheets 23 Audited Q2 Q3 Q4 Q1 Q2 Investments at fair value 1,792,335$ 1,716,691$ 1,533,302$ 1,388,669$ 1,290,523$ Cash and cash equivalents 107,318 60,994 61,075 93,259 157,547 Accrued interest income 22,972 24,487 21,496 21,128 23,608 Receivable for investments sold 8,241 568 26,313 1,247 - Other assets 6,103 8,140 8,173 5,251 4,786 Total assets 1,936,969$ 1,810,880$ 1,650,359$ 1,509,554$ 1,476,464$ Q2 Q3 Q4 Q1 Q2 Debt, net of unamortized issuance costs 1,174,641$ 1,051,615$ 1,035,543$ 925,843$ 910,582$ Interest payable 8,516 9,805 7,246 8,762 4,375 Incentive compensation payable - - - - - Payable for investments purchased 5,019 - - - - Other liabilities 8,316 9,437 9,559 9,838 9,500 Total liabilities 1,196,492$ 1,070,857$ 1,052,348$ 944,443$ 924,457$ Net assets 740,477$ 740,024$ 598,013$ 565,111$ 552,007$ Net assets per share 8.71$ 8.71$ 7.07$ 6.72$ 6.58$ Unaudited 20262025 Unaudited Liabilities Assets (in thousands, except per share data)
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Continuation Vehicle Portfolio Schedule 24 Issuer Security Type Industry Commitment (Closing) Unfunded (Closing) Funded (Closing) Fair Market Value (Closing) Acquia, Inc. First Lien Term Loan Internet Software and Services 10.6$ -$ 10.6$ 9.7$ Acquia, Inc. Sr Secured Revolver Internet Software and Services 0.8 - 0.8 0.7 Alcami Corporation First Lien Delayed Draw Term Loan Life Sciences Tools and Services 0.5 - 0.5 0.4 Alcami Corporation First Lien Term Loan Life Sciences Tools and Services 6.2 - 6.2 6.1 Alcami Corporation Sr Secured Revolver Life Sciences Tools and Services 0.9 0.9 - - AlphaSense, Inc. First Lien Term Loan Software 17.9 - 17.9 17.9 AmeriLife Holdings, LLC First Lien Term Loan Insurance 6.3 - 6.3 6.3 AmeriLife Holdings, LLC Sr Secured Revolver Insurance 0.7 0.5 0.2 0.2 Anthracite Buyer, Inc. (Coalfire) First Lien Term Loan IT Services 3.6 - 3.6 3.5 Anthracite Buyer, Inc. (Coalfire) Sr Secured Revolver IT Services 0.9 0.9 - - Applause App Quality, Inc. First Lien Term Loan Professional Services 11.8 - 11.8 11.0 Applause App Quality, Inc. Sr Secured Revolver Professional Services 1.2 1.1 0.1 - Appriss Health, LLC (PatientPing) First Lien Term Loan Health Care Technology 4.4 - 4.4 4.4 Appriss Health, LLC (PatientPing) Sr Secured Revolver Health Care Technology 0.6 0.6 - - Aras Corporation First Lien Term Loan Software 11.7 - 11.7 11.5 Aras Corporation Sr Secured Revolver Software 0.8 0.5 0.3 0.2 Bluefin Holding, LLC (Allvue) First Lien Term Loan Software 9.4 - 9.4 9.4 Bluefin Holding, LLC (Allvue) Sr Secured Revolver Software 0.6 0.6 - - Brown & Settle, Inc. First Lien Term Loan Construction and Engineering 6.5 - 6.5 6.5 Brown & Settle, Inc. Sr Secured Revolver Construction and Engineering 0.8 - 0.8 0.7 Bynder Bidco B.V. (Netherlands) First Lien Term Loan B Internet Software and Services 10.8 - 10.8 10.7 Bynder Bidco B.V. (Netherlands) Sr Secured Revolver B Internet Software and Services 0.9 0.9 - - Bynder Bidco, Inc. (Netherlands) First Lien Term Loan A Internet Software and Services 3.0 - 3.0 3.0 Bynder Bidco, Inc. (Netherlands) Sr Secured Revolver A Internet Software and Services 0.2 0.2 - - Calceus Acquisition, Inc. (Cole Haan) First Lien Term Loan Specialty Retail 17.3 - 17.3 17.1 CareATC, Inc. First Lien Term Loan Health Care Technology 6.2 - 6.2 6.1 CareATC, Inc. Sr Secured Revolver Health Care Technology 0.3 0.3 - - Chronicle Parent LLC (Lexitas) First Lien Delayed Draw Term Loan Professional Services 0.6 0.5 0.1 0.1 Chronicle Parent LLC (Lexitas) First Lien Term Loan Professional Services 1.8 - 1.8 1.7 Chronicle Parent LLC (Lexitas) Sr Secured Revolver Professional Services 0.2 0.2 - - Community Merger Sub Debt LLC (CINC Systems) First Lien 2025 Incremental Term Loan Real Estate Management and Development 0.3 - 0.3 0.3 Community Merger Sub Debt LLC (CINC Systems) First Lien Term Loan Real Estate Management and Development 0.8 - 0.8 0.8 Community Merger Sub Debt LLC (CINC Systems) Sr Secured Revolver Real Estate Management and Development 0.2 0.2 - - Deepl Se (Germany) First Lien Delayed Draw Term Loan Software 1.3 1.3 - - Deepl Se (Germany) First Lien Term Loan Software 1.2 - 1.2 1.2 DNAnexus, Inc First Lien Delayed Draw Term Loan Life Sciences Tools and Services 0.8 - 0.8 0.8 DNAnexus, Inc First Lien Term Loan Life Sciences Tools and Services 4.1 - 4.1 4.0 Douglas Holdings, Inc (Docupace) First Lien Delayed Draw Term Loan B Software 2.3 - 2.3 2.2 Douglas Holdings, Inc (Docupace) First Lien PIK Delayed Draw Term Loan Software 1.9 0.3 1.6 1.5 Douglas Holdings, Inc (Docupace) First Lien Term Loan Software 10.5 - 10.5 10.0 Douglas Holdings, Inc (Docupace) Sr Secured Revolver Software 0.9 0.9 - (0.1)
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Continuation Vehicle Portfolio Schedule (continued) 25 Issuer Security Type Industry Commitment (Closing) Unfunded (Closing) Funded (Closing) Fair Market Value (Closing) Dragos, Inc. First Lien Delayed Draw Term Loan Software 1.6$ 0.4$ 1.2$ 1.2$ Dragos, Inc. First Lien Term Loan Software 1.8 - 1.8 1.8 EBS Parent Holdings Inc. (The Difference Card) First Lien Delayed Draw Term Loan Insurance 0.6 0.4 0.2 0.1 EBS Parent Holdings Inc. (The Difference Card) First Lien Term Loan Insurance 2.2 - 2.2 2.2 EBS Parent Holdings Inc. (The Difference Card) Sr Secured Revolver Insurance 0.2 0.2 - - e-Discovery Acquireco, LLC (Reveal) First Lien Term Loan Internet Software and Services 2.7 - 2.7 2.5 e-Discovery Acquireco, LLC (Reveal) Sr Secured Revolver Internet Software and Services 0.4 0.2 0.2 0.2 Elastic Path Software, Inc. (Canada) First Lien Delayed Draw Term Loan Software 1.6 - 1.6 1.5 Elastic Path Software, Inc. (Canada) First Lien Term Loan Software 3.7 - 3.7 3.3 Emerald Technologies (U.S.) AcquisitionCo, Inc. First Lien Term Loan Semiconductors and Semiconductor Equipment 6.8 - 6.8 4.2 Emerald Technologies (U.S.) AcquisitionCo, Inc. Sr Secured Revolver Semiconductors and Semiconductor Equipment 2.6 - 2.6 1.6 ESO Solutions, Inc. First Lien Term Loan Health Care Technology 9.3 - 9.3 9.1 ESO Solutions, Inc. Sr Secured Revolver Health Care Technology 0.7 0.2 0.5 0.5 Express Wash Acquisition Company, LLC (Whistle) First Lien Term Loan Diversified Consumer Services 18.8 - 18.8 17.7 Express Wash Acquisition Company, LLC (Whistle) Sr Secured Revolver Diversified Consumer Services 1.1 1.1 - (0.1) Flexport Capital, LLC First Lien Delayed Draw Term Loan Software 2.2 2.2 - - Flexport Capital, LLC First Lien Term Loan Software 2.8 - 2.8 2.8 FSK Pallet Holding Corp. (Kamps) First Lien Term Loan Paper and Forest Products 8.8 - 8.8 8.6 Fusion Holding Corp. (Finalsite) First Lien Term Loan Diversified Consumer Services 1.9 - 1.9 1.7 Fusion Holding Corp. (Finalsite) Sr Secured Revolver Diversified Consumer Services 0.2 0.2 - - Fusion Risk Management, Inc. First Lien Term Loan Software 4.5 - 4.5 4.5 Fusion Risk Management, Inc. Sr Secured Revolver Software 0.5 0.4 0.1 0.2 G-3 Apollo Acquisition Corp (Appriss Retail) First Lien Delayed Draw Term Loan Software 0.8 0.8 - - G-3 Apollo Acquisition Corp (Appriss Retail) First Lien Term Loan Software 3.5 - 3.5 3.5 G-3 Apollo Acquisition Corp (Appriss Retail) Sr Secured Revolver Software 0.8 0.8 - - Gainwell Acquisition Corp. Second Lien Term Loan Health Care Technology 7.7 - 7.7 7.5 GC Champion Acquisition LLC (Numerix) First Lien Delayed Draw Term Loan Diversified Financial Services 1.6 - 1.6 1.6 GC Champion Acquisition LLC (Numerix) First Lien Term Loan Diversified Financial Services 5.8 - 5.8 5.8 GC Waves Holdings, Inc. (Mercer) First Lien Delayed Draw Term Loan Diversified Financial Services 5.0 3.2 1.8 1.8 Greystone Affordable Housing Initiatives, LLC First Lien Delayed Draw Term Loan Real Estate Management and Development 3.3 - 3.3 3.2 Greystone Select Company II, LLC (Passco) First Lien Term Loan Real Estate Management and Development 10.0 - 10.0 9.9 Griffon Bidco Inc. (Layerzero) First Lien Delayed Draw Term Loan Electrical Equipment 2.2 2.2 - - Griffon Bidco Inc. (Layerzero) First Lien Term Loan Electrical Equipment 11.9 - 11.9 11.9 Griffon Bidco Inc. (Layerzero) Sr Secured Revolver Electrical Equipment 2.2 2.2 - - GTY Technology Holdings Inc. First Lien Delayed Draw Term Loan Software 1.6 - 1.6 1.6 GTY Technology Holdings Inc. First Lien Incremental Term Loan Software 1.5 - 1.5 1.4 GTY Technology Holdings Inc. First Lien Term Loan Software 1.2 - 1.2 1.2 GTY Technology Holdings Inc. Sr Secured Revolver Software 0.7 0.5 0.2 0.2 Gympass US, LLC First Lien Delayed Draw Term Loan Internet Software and Services 3.3 - 3.3 3.3 Gympass US, LLC First Lien Term Loan Internet Software and Services 1.8 - 1.8 1.8 Honey Intermediate, Inc. (iLobby) (Canada) First Lien Term Loan Software 9.1 - 9.1 8.9 Honey Intermediate, Inc. (iLobby) (Canada) Sr Secured Revolver Software 1.1 1.1 - -
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Continuation Vehicle Portfolio Schedule (continued) 26 Issuer Security Type Industry Commitment (Closing) Unfunded (Closing) Funded (Closing) Fair Market Value (Closing) ICIMS, Inc. First Lien Incremental Term Loan Professional Services 3.0$ -$ 3.0$ 2.8$ ICIMS, Inc. First Lien Term Loan Professional Services 11.0 - 11.0 10.1 ICIMS, Inc. Sr Secured Revolver Professional Services 1.0 0.4 0.6 0.5 Integrate.com, Inc. First Lien Delayed Draw Term Loan Software 0.2 - 0.2 0.1 Integrate.com, Inc. First Lien Incremental Term Loan Software 0.1 - 0.1 0.1 Integrate.com, Inc. First Lien Term Loan Software 2.5 - 2.5 2.3 Integrate.com, Inc. Sr Secured Revolver Software 0.2 - 0.2 0.2 Integrity Marketing Acquisition, LLC Sr Secured Revolver Insurance 12.5 12.5 - - JF Acquisition, LLC (JF Petroleum) First Lien Delayed Draw Term Loan Construction and Engineering 0.7 0.7 - - JF Acquisition, LLC (JF Petroleum) First Lien Term Loan Construction and Engineering 3.8 - 3.8 3.8 JF Acquisition, LLC (JF Petroleum) Sr Secured Revolver Construction and Engineering 0.4 0.4 - - JobandTalent USA, Inc. (United Kingdom) First Lien Delayed Draw Term Loan Professional Services 6.1 - 6.1 5.4 JobandTalent USA, Inc. (United Kingdom) First Lien Incremental Term Loan Professional Services 1.3 - 1.3 1.2 JobandTalent USA, Inc. (United Kingdom) First Lien Term Loan Professional Services 7.9 - 7.9 7.0 JOBVITE, Inc. (Employ, Inc.) First Lien Last Out Term Loan Software 2.0 - 2.0 1.6 Kellermeyer Bergensons Services, LLC First Lien Term Loan Commercial Services and Supplies 2.2 - 2.2 1.3 Khoros, LLC (Lithium) First Lien Term Loan Media 5.0 - 5.0 4.2 Lighthouse Parent Holdings, Inc (Aperture) First Lien Delayed Draw Term Loan Professional Services 4.3 - 4.3 4.2 Lighthouse Parent Holdings, Inc (Aperture) First Lien Term Loan Professional Services 8.9 - 8.9 8.8 Lighthouse Parent Holdings, Inc (Aperture) Sr Secured Revolver Professional Services 1.7 1.7 - - LJ Avalon Holdings, LLC (Ardurra) First Lien Delayed Draw Term Loan Construction and Engineering 1.9 - 1.9 1.9 LJ Avalon Holdings, LLC (Ardurra) First Lien Term Loan Construction and Engineering 4.7 - 4.7 4.7 LJ Avalon Holdings, LLC (Ardurra) Sr Secured Revolver Construction and Engineering 0.8 0.7 0.1 0.1 Lucky US BuyerCo, LLC (Global Payments) First Lien Term Loan Consumer Finance 2.7 - 2.7 2.6 Lucky US BuyerCo, LLC (Global Payments) Sr Secured Revolver Consumer Finance 0.4 - 0.4 0.3 Modigent, LLC (Pueblo) First Lien Delayed Draw Term Loan Commercial Services and Supplies 2.2 - 2.2 2.2 Modigent, LLC (Pueblo) First Lien Term Loan Commercial Services and Supplies 1.4 - 1.4 1.3 Modigent, LLC (Pueblo) Sr Secured Revolver Commercial Services and Supplies 0.4 0.4 - - Money Transfer Acquisition Inc. First Lien Term Loan Consumer Finance 6.8 - 6.8 6.2 Mpulse Mobile Inc. First Lien Delayed Draw Term Loan Health Care Technology 0.3 0.3 - - Mpulse Mobile Inc. First Lien Term Loan Health Care Technology 3.2 - 3.2 3.1 Mpulse Mobile Inc. Sr Secured Revolver Health Care Technology 0.5 0.5 - - Nvest, Inc. (SigFig) First Lien Term Loan Software 4.7 - 4.7 4.2 Oak Funding LLC First Lien Delayed Draw Term Loan Diversified Financial Services 0.4 0.4 - - Oak Funding LLC First Lien Term Loan Diversified Financial Services 4.1 - 4.1 4.1 OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)First Lien Term Loan Hotels, Restaurants and Leisure 2.9 - 2.9 2.9 OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)Second Lien Term Loan Hotels, Restaurants and Leisure 3.3 - 3.3 3.3 OCM Luxembourg Baccarat BidCo S.À R.L. (Interblock) (Slovenia)Sr Secured Revolver Hotels, Restaurants and Leisure 0.2 - 0.2 0.2 OpenMarket, Inc. (Infobip) (United Kingdom) First Lien Term Loan Wireless Telecommunication Services 4.4 - 4.4 4.3 PHC Buyer, LLC (Patriot Home Care) First Lien Delayed Draw Term Loan Healthcare Providers and Services 2.8 - 2.8 2.8 PHC Buyer, LLC (Patriot Home Care) First Lien Term Loan Healthcare Providers and Services 12.0 - 12.0 11.9
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Continuation Vehicle Portfolio Schedule (continued) 27 Issuer Security Type Industry Commitment (Closing) Unfunded (Closing) Funded (Closing) Fair Market Value (Closing) PMA Parent Holdings, LLC First Lien Term Loan Capital Markets 4.4$ -$ 4.4$ 4.3$ PMA Parent Holdings, LLC Sr Secured Revolver Capital Markets 0.6 0.6 - - PVHC Holding Corp. First Lien Term Loan Containers and Packaging 3.1 - 3.1 0.9 RBS Buyer Inc. First Lien Delayed Draw Term Loan Construction and Engineering 0.5 0.5 - - RBS Buyer Inc. First Lien Term Loan Construction and Engineering 2.7 - 2.7 2.8 RBS Buyer Inc. Sr Secured Revolver Construction and Engineering 0.8 0.8 - - SellerX Germany GMBH & Co. KG (Germany) First Lien Term Loan Diversified Consumer Services 4.2 - 4.2 2.9 SellerX Germany GMBH & Co. KG (Germany) Sr Secured Revolver Diversified Consumer Services 3.2 - 3.2 3.2 SEP Eiger BidCo Ltd. (Beqom) (Switzerland) First Lien Term Loan Software 14.0 - 14.0 11.7 SEP Eiger BidCo Ltd. (Beqom) (Switzerland) Sr Secured Revolver Software 1.1 1.1 - (0.2) Serrano Parent, LLC (Sumo Logic) First Lien Term Loan IT Services 1.8 - 1.8 1.6 Serrano Parent, LLC (Sumo Logic) Sr Secured Revolver IT Services 0.2 0.1 0.1 - SitusAMC Holdings Corporation First Lien Term Loan Diversified Financial Services 12.4 - 12.4 12.4 Skydio, Inc First Lien Delayed Draw Term Loan A Aerospace and Defense 3.7 - 3.7 3.7 Skydio, Inc First Lien Delayed Draw Term Loan B Aerospace and Defense 3.7 - 3.7 3.7 Skydio, Inc First Lien Term Loan Aerospace and Defense 7.6 - 7.6 7.7 Sonny’s Enterprises, LLC First Lien Delayed Draw Term Loan Machinery 0.2 - 0.2 0.1 Sonny’s Enterprises, LLC First Lien Term Loan Machinery 14.6 - 14.6 14.0 Sonny’s Enterprises, LLC Sr Secured Revolver Machinery 0.1 - 0.1 0.1 Spark Buyer, LLC (Sparkstone) First Lien Delayed Draw Term Loan Electrical Equipment 4.0 4.0 - (0.7) Spark Buyer, LLC (Sparkstone) First Lien Term Loan Electrical Equipment 9.8 - 9.8 8.0 Spark Buyer, LLC (Sparkstone) Sr Secured Revolver Electrical Equipment 2.0 0.9 1.1 0.7 Streamland Media Midco LLC First Lien Delayed Draw Term Loan Media - - - - Streamland Media Midco LLC First Lien First Out Term Loan Media 0.3 - 0.3 0.3 Streamland Media Midco LLC First Lien Last Out Term Loan Media 0.3 - 0.3 0.1 Streamland Media Midco LLC Sr Secured Revolver Media - - - - SumUp Holdings Luxembourg S.A.R.L. (Luxembourg)First Lien Delayed Draw Term Loan Technology Hardware, Storage and Peripherals 15.0 - 15.0 15.0 Syndigo, LLC First Lien Term Loan Internet and Catalog Retail 1.8 - 1.8 1.7 Syndigo, LLC Sr Secured Revolver Internet and Catalog Retail 0.2 0.2 - - Terraboost Media Operating Company, LLC First Lien Term Loan Media 7.3 - 7.3 6.5 Thermostat Purchaser III, Inc. (Reedy Industries) Second Lien Term Loan Commercial Services and Supplies 10.4 - 10.4 10.4 Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Delayed Draw Term LoanSoftware 2.8 0.7 2.1 2.1 Thunder Purchaser, Inc. (Vector Solutions) First Lien Incremental Term Loan Software 1.2 - 1.2 1.2 TL Voltron Purchaser, LLC (GES) First Lien Term Loan Media 9.9 - 9.9 9.7 Vortex Companies, LLC First Lien Delayed Draw Term Loan Construction and Engineering 0.6 - 0.6 0.6 Vortex Companies, LLC First Lien Delayed Draw Term Loan Construction and Engineering 0.3 - 0.3 0.3 Vortex Companies, LLC First Lien Term Loan Construction and Engineering 1.3 - 1.3 1.3 Vortex Companies, LLC Sr Secured Revolver Construction and Engineering 0.1 - 0.1 - Xactly Corporation First Lien Incremental Term Loan IT Services 11.7 - 11.7 11.0 Xactly Corporation Sr Secured Revolver IT Services 0.7 0.7 - - Zilliant Incorporated First Lien Delayed Draw Term Loan Software 0.7 - 0.7 0.1 Zilliant Incorporated First Lien Term Loan Software 3.6 - 3.6 0.6 Zilliant Incorporated Sr Secured Revolver Software 0.3 - 0.3 0.1
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Endnotes – Non-GAAP Financial Measures 28 BlackRock Capital Investment Corporation ("BCIC") merged with and into a subsidiary of BlackRock TCP Capital Corp. (the "Comp any") on March 18, 2024 (the "Merger"). 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 appreciati on 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 expects 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, and conditions affecting the financial and capital markets, including the effect of trade policy; (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 ongoing conflicts in the Middle East and Eastern Europe); (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 in 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 SEC, 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. © 2026 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 29
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Corporate information 30 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.) www.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