Slides
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BlackRock TCP Capital Corp. Q3 2026 Investor Presentation
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Portfolio Sale & Investment Activity: • Completed the ~$524 million portfolio sale to a Pantheon-sponsored continuation vehicle. • Additional repayments and realizations totaled $224 million, including full exits of our debt positions from Domo, Motive Technologies, Pico, and ESO Solutions. • New investment activity was limited to $6.2 million, given the ongoing strategic review. Portfolio Sale and Positioning Update 2 Strategic Review & Capital Allocation: • The Board engaged Keefe, Bruyette & Woods, Inc. to assist in evaluating strategic alternatives, with a focus on achieving the best possible outcome for shareholders. • While the review remains ongoing, TCPC has prioritized liquidity and balance sheet flexibility over new investment deployment to preserve optionality and seek to maximize long-term shareholder value. Liquidity & Financial Position: • The quarter-end cash balance totals $253M, which we do not intend to hold over the long term. • Reduced net regulatory leverage to 0.16x given portfolio sale deleveraging and repayment activity, bringing total quarter-end liquidity to $511 million. • The smaller investment portfolio and elevated cash balances contributed to adjusted NII of $0.15 per share, compared with the quarterly dividend of $0.17 per share. Additional Repayments CV Portfolio Sale Net Regulatory LeverageQuarter-End Liquidity $524M $224M $511M 0.16x Past performance does not guarantee future returns.
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21.0% Software 10.1% Professional Services 6.1% Internet Software & Services 5.8% Health Care Technology 4.9% Diversified Financial Services 4.8% Diversified Consumer Services 4.4% Construction & Engineering 3.9% Media 3.8% Electrical Equipment 3.3% Specialty Retail 31.9% All Others Overview of Portfolio Sale Transaction 3 Composition by Industry1 95.9% First Lien 4.1% Second Lien Composition by Seniority1 $524M 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 spanned 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 44% 68% 66% FMV of assets
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$6.58 $5.61 $0.15 06/30/2026 NAV Adjusted net investment income Distribution CV Sale Job & Talent Other Ajusted Net Realized & Unrealized Gain (Loss) 09/30/2026 NAV $(0.68) $(0.12) $(0.15) Net Asset Value Bridge ($ Per Share) For the Quarter Ended September 30, 2026 4 1 Amounts are adjusted to remove the impact of purchase discount amortization for the period. See slide 19 for further description of non-GAAP financial measures. Past performance does not guarantee future returns. 1 1 $(0.17)
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▪ Adjusted NII1 of $0.15 per share ▪ Annualized adjusted NII ROE of 9.6% ▪ Dividend coverage ratio of 88% ▪ Net asset value per share was $5.61, compared to $6.58 as of June 30, 2026 Selected Financial Highlights For the Quarter Ended September 30, 2026 5 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 19 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 9.4% as of 9/30/2026. Past performance does not guarantee future returns. Key financial metrics Portfolio Summary Available liquidity ▪ Total portfolio fair value was $543.5 million diversified across 126 portfolio companies and 35 industry sectors, with an average position size of $4.3 million ▪ 79.6% invested in senior secured debt; 79.6% of the total portfolio is 1st lien ▪ Weighted average yield of the performing debt portfolio is 11.1%2 ▪ Leverage program totaled $329.8 million, with well laddered maturities ▪ 98% of outstanding leverage was unsecured ▪ $511.2 million of available liquidity, including $258.1 million of available borrowing capacity ▪ The net regulatory leverage ratio was 0.16x, within our 2:1 regulatory leverage limitation
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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, 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 September 30, 2026. Weighted average annual effective yield on the debt portfolio was 11.1% as of September 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 September 30, 2026. Past performance does not guarantee future returns. 126 companies Invested across 35 industry sectors 79.6% Portfolio in senior secured debt 9.4% Weighted average effective yield on the total portfolio2 Composition by Industry1 21.4% Diversified Financial Services 13.0% Software 11.6% Professional Services 7.9% Internet Software and Services 5.4% Diversified Consumer Services 4.8% IT Services 3.6% Technology Hardware, Storage and Peripherals 3.5% Automobiles 3.2% Trading Companies and Distributors 3.0% Health Care Technology 22.6% Other 79.6% First Lien 20.4% Equity Composition by Seniority1 More than 70% Portfolio companies individually contributing <1% to income,3 representing an increasingly diverse income base Portfolio Summary For the Quarter Ended September 30, 2026
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Facility Commitment / Outstanding ($M) Reference Rate & Spread Maturity Merger Sub Facility $265 / $7 SOFR + 2.00% 2028 2029 Notes $325 / $325 6.95% 2029 Total Debt $590 / $332 258 253 511 Debt Capacity + Cash on Hand Total Liquity Sources Liquidity Sources1 ▪ As of September 30, 2026, TCPC had ~$258M of unfunded debt capacity across its revolving credit facility. ▪ In addition, the fund holds ~$253M of cash and cash equivalents, for total liquidity of ~$511M. Totals may not sum due to rounding. 1 Debt capacity and Cash as of 9/30/2026. Figures presented in millions. 2 Drawn principal represents the total debt outstanding as of each respective quarter end. 2 Based on total commitments 35% 35% 98% 18% 6% 2% 24% 15% 12% 11% 44% Q1 2026 Q2 2026 Q3 2026 Unsecured Citi Facility ING Corporate Revolver Morgan Stanley Facility SBIC CLO Notes Drawn Principal by Type2 ▪ As of September 30, 2026, TCPC’s Unsecured Notes are 98% of the total drawn debt ▪ The other 2% of drawn principal is in the Citi Merger Sub Facility Financing Summary For the Quarter Ended September 30, 2026
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Investment Approach & Track Record
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TCPC Leadership & Investment Team Executive Directors & Vice Presidents Karri Tibbutt Joseph Lackman David H. Lee Noelle Love Haidy Malik Conner McMahon Tobi Osi Alexander Pallesen Kelly Punjabi James Quigley Aimee Sunaryo Workout and Value Enhancement Garrick Stannard (MD) Naeem Arastu (MD) Laurent Lantonnois (ED) Mitch Motlagh (Associate) Managing Directors Hovik Adamyan Sean Berry John Doyle Daniel Nellis Corey Schwartz Alan Tom Eric Yuan Jason Mehring CEO Dan Worrell President Erik Cuellar Treasurer & CFO Diana Huffman General Counsel & Secretary Charles Park CCO TCPC Officers Supported by 8 Associates and Analysts The TCPC Team is within BlackRock’s Private Financing Solutions Platform 9 Investment Committee Jason Mehring Dan Worrell Vikas Keswani Grishma Parekh Michael Fenstermacher Patrick Wolfe COO Source: BlackRock as of October 30, 2026.
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Disciplined investment process 10 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 11 Book value per share and dividends paid Annualized return on invested assets:2 7.9% Annualized cash return:3 9.3% Annualized total return on equity:4 3.6% 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 September 30, 2026. 3. Cash return calculated as total distributions from April 6, 2012 through September 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 September 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 Q3-26 ITD TotalBook Value per Share Cumulative Dividends Paid per Share (Post IPO) As of 09/30/2026: $25.54
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Dividend and coverage track record 12 20122,3 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20244 20254 Q1 20264 Q2 20264 Q3 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 $0.17 Adjusted 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 $0.15 Regular dividend coverage 137% 115% 108% 114% 105% 110% 110% 112% 109% 105% 125% 138% 114% 122% 124% 124% 88% 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 $0.17 Total dividend coverage 130% 108% 101% 114% 105% 110% 110% 112% 109% 105% 120% 109% 106% 109% 124% 124% 88% Strong history of dividend coverage since IPO in 2012 Adjusted net investment income of $0.15 per share in Q3 20261 88% coverage of quarterly regular dividend of $0.17 per share paid on September 30, 2026. Declared Q4 2026 dividend of $0.17 per share Payable on December 31, 2026, to stockholders of record as of the close of business on December 17, 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 19 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 19 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 13 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. 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 15 1. After incentive compensation. 2 See slide 19 for further description of non-GAAP financial measures. Q3 Q4 Q1 Q2 Q3 Investment income Interest and PIK interest income 48,915$ 42,473$ 41,175$ 37,807$ 27,423$ Dividend income 1,599 1,430 1,407 2,210 1,049 Other income 2 13 1 5 11 Total investment income 50,516 43,916 42,583 40,022 28,483 Expenses Interest and other debt expenses 16,817 15,102 16,048 14,996 9,405 Management fees 5,545 5,343 4,656 4,235 3,019 Incentive fee - - - - - Other expenses 2,721 2,509 3,402 2,649 2,694 Total expenses, before management fee waiver 25,083 22,954 24,106 21,880 15,118 Management fee waiver (1,848) (1,781) - - - Total expenses, after management fee waiver 23,235 21,173 24,106 21,880 15,118 Excise tax expenses - 683 - - - Net investment income 27,281 22,060 18,477 18,142 13,365 Less: Purchase accounting discount amortization 2 1,645 707 927 614 836 Adjusted net investment income 2 25,636 21,353 17,550 17,528 12,529 Net realized and unrealized gain (loss) (2,912) (140,349) (34,779) (13,495) (78,797) Realized loss on extinguishment of debt (2,897) (1,322) Less: Net realized gains due to the allocation of purchase discount2 5,849 7,416 721 3,393 426 Less: Net change in unrealized appreciation (depreciation) due to the allocation of purchase discount2 (7,494) (8,123) (1,648) (4,007) (1,262) Adjusted net realized and unrealized gain (loss) 2 (1,267) (139,642) (33,852) (15,778) (79,283) Net increase (decrease) in net assets resulting from operations 24,369$ (118,289)$ (16,302)$ 1,750$ (66,754)$ Adjusted net increase (decrease) in net assets resulting from operations2 24,369 (118,289) (16,302) 1,750 (66,754) Net investment income per share 1 0.32$ 0.26$ 0.22$ 0.22$ 0.16$ Adjusted net investment income per share 2 0.30$ 0.25$ 0.21$ 0.21$ 0.15$ Earnings (loss) per share 0.29$ (1.39)$ (0.19)$ 0.02$ (0.80)$ Adjusted earnings (loss) per share 2 0.29$ (1.39)$ (0.19)$ 0.02$ (0.80)$ Regular dividend per share 0.25$ 0.25$ 0.17$ 0.17$ 0.17$ Special dividend per share 0.04$ -$ -$ -$ -$ Weighted average common shares outstanding 85,034,351 84,800,636 84,334,975 83,915,423 83,902,775 Ending common shares outstanding 85,011,001 84,564,578 84,059,145 83,902,775 83,902,775 Unaudited ($ in thousands, except per share amounts) 2025 2026
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Financial highlights 16 1. See slide 19 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 Q3 Q4 Q1 Q2 Q3 Net investment income 0.32 0.26 0.22 0.22 0.16 Adjusted net investment income1 0.30 0.25 0.21 0.21 0.15 Net realized and unrealized gain (loss) (0.03) (1.66) (0.41) (0.20) (0.96) Adjusted net realized and unrealized gain (loss)1 (0.01) (1.64) (0.40) (0.19) (0.95) Net increase (decrease) in net assets resulting from operations 0.29 (1.39) (0.19) 0.02 (0.80) Adjusted net increase (decrease) in net assets resulting from operations1 0.29 (1.39) (0.19) 0.02 (0.80) Dividends paid (0.29) (0.25) (0.17) (0.17) (0.17) Net asset value 8.71 7.07 6.72 6.58 5.61 Q3 Q4 Q1 Q2 Q3 Total fair value of investments 1,716,691$ 1,533,302$ 1,388,669$ 1,290,523$ 543,534$ Number of portfolio companies 149 141 139 134 126 Average investment size 11,521$ 10,874$ 9,990$ 9,631$ 4,314$ Debt/equity ratio2 1.28x 1.55x 1.46x 1.66x 0.70x Debt/equity ratio, net of cash2,3 1.20x 1.41x 1.29x 1.38x 0.16x 2026 Unaudited 2026 Unaudited 2025 2025 ($ per share)
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Portfolio highlights 17 1 Includes equity interests in diversified portfolios of debt and lease assets. 2 Includes $457,483 thousand portfolio sale, net of losses. Q3 Q4 Q1 Q2 Q3 Senior secured debt 1,540,460$ 1,418,316$ 1,274,331$ 1,180,197$ 432,375$ Junior debt 127 127 127 127 127 Equity1 176,104 114,859 114,210 110,199 111,032 1,716,691$ 1,533,302$ 1,388,668$ 1,290,523$ 543,534$ Q3 Q4 Q1 Q2 Q32 Gross acquisitions 63,136$ 35,461$ 22,536$ 24,979$ 6,196$ Exits (includes repayments) 139,543 80,673 135,330 111,624 681,388 Net acquisitions (exits) (76,407)$ (45,212)$ (112,794)$ (86,645)$ (675,192)$ Portfolio activity (in thousands) Total investments Asset mix of the investment portfolio (in thousands) 2025 2025 2026 2026
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Audited Q3 Q4 Q1 Q2 Q3 Investments at fair value 1,716,691$ 1,533,302$ 1,388,669$ 1,290,523$ 543,534$ Cash and cash equivalents 60,994 61,075 93,259 157,547 253,137 Accrued interest income 24,487 21,496 21,128 23,608 7,031 Receivable for investments sold 568 26,313 1,247 - - Other assets 8,140 8,173 5,251 4,786 12,776 Total assets 1,810,880$ 1,650,359$ 1,509,554$ 1,476,464$ 816,478$ Q3 Q4 Q1 Q2 Q3 Debt, net of unamortized issuance costs 1,051,615$ 1,035,543$ 925,843$ 910,582$ 326,378$ Interest payable 9,805 7,246 8,762 4,375 7,551 Incentive compensation payable - - - - - Payable for investments purchased - - - - - Other liabilities 9,437 9,559 9,838 9,500 11,559 Total liabilities 1,070,857$ 1,052,348$ 944,443$ 924,457$ 345,488$ Net assets 740,024$ 598,013$ 565,111$ 552,007$ 470,990$ Net assets per share 8.71$ 7.07$ 6.72$ 6.58$ 5.61$ Liabilities Assets (in thousands, except per share data) 2025 Unaudited 2026 Unaudited Quarterly balance sheets 18
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Endnotes – Non-GAAP Financial Measures 19 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 This Presentation may contain forward-looking statements. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the company at the time of such statements and are not guarantees of future performance. We use words such as “anticipate,” “believe,” “expect,” “intend,” “will,” “should,” “could,” “may,” “plan” and similar words to identify forward-looking statements, although not all forward-looking statements include these words. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors could cause actual results to differ materially from those contained in the forward-looking statements, including, but not limited to, those factors included in the “Risk Factors” section of the company’s Form 10-K for the year ended December 31, 2025, and the company’s subsequent periodic filings on Form 10-Q with the SEC. 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 of BlackRock Capital Investment Corporation with and into a subsidiary of the Company (the “Merger”) that occurred in 2024, 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) risks related to the retention of the personnel of TCPC’s advisor; (iv) changes in the economy, financial markets and political environment; (v) 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 protection or trade wars, natural disasters or public health crises and epidemics; (vi) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities); (vii) conditions in TCPC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (viii) other considerations that may be disclosed from time to time in TCPC’s publicly disseminated documents and filings. Copies are available on the SEC’s website at www.sec.gov and the Company’s website at www.tcpcapital.com. Forward-looking statements are made as of the date of this Presentation and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. . 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 20
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Corporate information 21 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