BlackRock TCP Capital : This Presentation

BlackRock TCP Capital Corp. Investor Presentation

June 30, 2023

Forward Looking Statements

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 may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Securities Exchange Act. 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 that could cause actual results to differ materially from those contained in the forward-looking statements are included in the "Risk Factors" section of the Company's Form 10-K for the year ended December 31, 2022, and the Company's subsequent periodic filings with the SEC. 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, or as of the prior date referenced in 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.

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Second Quarter 2023 Financial Highlights and Portfolio Overview

As of June 30, 2023

Continued

Strong

Financial

Performance

Diversified

Portfolio with an

Emphasis on Less-Cyclical Businesses

Flexible Capital

With

Available Liquidity

• Net investment income of $0.48 per share, exceeded the second quarter dividend of $0.34 per share paid on June 30
• Loans on non-accrual limited to 2 portfolio companies; 0.3% of total investments at fair value and 0.5% at cost
• Declared a third quarter dividend of $0.34 per share and a special dividend of $0.10 per share, payable on September 29 to stockholders of record as of the close of business on September 15
• Total portfolio fair value of $1.6 billion diversified across 143 portfolio companies
• 88% invested in senior secured debt; 76% of the total portfolio is 1st lien
• Weighted average yield of the debt portfolio is 13.8%(1)
• Total acquisitions of $17 million, dispositions of $32 million
• Diverse leverage program totaling $1.2 billion, with well laddered maturities
• 56% of outstanding leverage as of June 30 is unsecured
• $210 million of available credit facility capacity
• Net regulatory leverage ratio 1.01x, well within our 2:1 regulatory leverage limitation
• Fitch reaffirmed the Company's investment-grade rating with stable outlook

1. Weighted average annual effective yield includes amortization of deferred debt origination and end-of-term fees and accretion of original issue discount, but excludes market discount, any prepayment and make-whole fee income, and any debt investments that are distressed or on non-accrual status. Weighted average effective yield on the total portfolio

(including debt investments that are distressed or on non-accrual status and equity investments) was 12.8% as of 6/30/2023.

Past performance does not guarantee future returns.

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Middle Market Lending - An Enduring Opportunity

Market Size

~200,000 U.S. Middle Market

companies representing over $10

trillion in annual revenue (1)

Continued Growth	Strong Credit Performance
Middle Market companies on
Middle Market loans have historically
average posted 12.2% revenue
experienced lower loss rates than
growth in 2022 and expect about
broadly syndicated loans (2)
10% growth in 2023.(1)

Middle Market lending remains an attractive alternative to the broadly syndicated loan

market for companies seeking capital for business expansion or acquisition

1. • Ability for borrowers to obtain customized solutions
   • Ease, speed and certainty of execution
   • Increase in dedicated capital to the sector
   • Ability to fill void created by banks' pullback in lending
   • Value in establishing long-term relationships between borrowers, lenders and private equity sponsors
2. Source: National Center for Middle Market at Ohio State University as of June 30, 2023
3. Source: S&P, Fitch U.S. Leveraged Loan Default Insights

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Diversified Portfolio: Emphasis on Less-Cyclical Businesses

Substantially all investments subject to independent 3rd party valuation process every quarter

As of June 30, 2023

Emphasis on Less-Cyclical Businesses

• Robust downside analysis performed at underwriting, with an emphasis on companies and industries that can withstand periods of economic stress
• Portfolio emphasis on less-cyclical companies with strong covenants; investments in cyclical companies typically structured with significant collateral protections
• Each portfolio company investment subject to rigorous quarterly review process to identify and address new risks if they arise, including future capital needs or potential covenant breaches

Industry Diversification(1)

Trading Companies & Distributors 1.0%	Other 9.0%
	Internet Software and Services 14.8%
Insurance 1.2%
Diversified Telecommunication Services 1.3%
Specialty Retail 1.5%
Paper and Forest Products 1.8%
Technology Hardware, Storage & Peripherals 1.9%		Diversified Financial Services 12.1%
Construction and Engineering 2.3%
Textiles, Apparel and Luxury Goods 2.3%
Road and Rail 2.4%
Healthcare Providers and Services 2.5%		Diversified Consumer Services 11.9%
IT Services 2.6%
Automobiles 2.7%
Capital Markets 2.9%
Media 3.8%		Software 11.9%
Healthcare Technology 4.5
	Professional Services 5.6%

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.
   Past performance does not guarantee future returns.

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