BlackRock TCP Capital Corp. Investor PresentationSeptember 30, 2023 FILED BY
BLACKROCK TCP CAPITAL CORP. PURSUANT TO RULE 425 UNDER THE SECURITIES ACT OF 1933 AND DEEMED FILED PURSUANT TO RULE 14A-12 UNDER THE SECURITIES EXCHANGE ACT OF 1934 SUBJECT COMPANY: BLACKROCK TCP CAPITAL CORP.FILE NO. OF RELATED
REGISTRATION STATEMENT: 814-00899
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 merger of BCIC with and into a subsidiary of the Company (the “Merger”). The forward-looking statements may include statements as to: future operating results of TCPC, BCIC or, following the
Merger, the combined company and distribution projections; business prospects of TCPC, BCIC or, following the Merger, the combined company and the prospects of each of their respective portfolio companies; and the impact of the investments that
TCPC, BCIC or, following the Merger, the combined company 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 timing or likelihood of the Merger closing; (ii) the expected synergies and savings associated with the Merger; (iii) 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; (iv) the percentage of BCIC and TCPC stockholders voting in favor of the proposals submitted for their
approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the Merger may not be satisfied or waived; (vii) risks related to
diverting management’s attention from ongoing business operations; (viii) the risk that stockholder litigation in connection with the Merger may result in significant costs of defense and liability; (ix) changes in the economy, financial
markets and political environment, including the impacts of inflation and rising interest rates; (x) risks associated with possible disruption in the operations of BCIC and TCPC or the economy generally due to terrorism, war or other
geopolitical conflict (including the current conflict between Russia and Ukraine), natural disasters or public health crises and epidemics; (xi) future changes in laws or regulations (including the interpretation of these laws and regulations
by regulatory authorities); (xii) conditions in BCIC’s and TCPC’s operating areas, particularly with respect to business development companies or regulated investment companies; and (xiii) other considerations that may be disclosed from time to
time in BCIC’s and 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. Forward-Looking Statements & Legal Disclaimers
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 BCIC, TCPC or in any fund or
other investment vehicle managed by BlackRock or any of its affiliates. Additional Information and Where to Find It This Presentation relates to the Merger, along with related proposals for which stockholder approval is being sought
(collectively, the “Proposals”). In connection with the Merger, each of BCIC and TCPC have filed with the SEC a registration statement on Form N-14 (the “Registration Statement”), which includes a joint proxy statement of BCIC and TCPC and
prospectus of TCPC (the “Joint Proxy Statement”). The Joint Proxy Statement and Registration Statement contain important information about BCIC, TCPC, the Merger and related matters. This Presentation does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
STOCKHOLDERS OF BCIC AND TCPC ARE URGED TO READ THE JOINT PROXY STATEMENT AND REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN
THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT BCIC, TCPC, THE MERGER AND RELATED MATTERS. Investors and security holders are able to obtain the documents filed with the SEC free of charge at the SEC’s website,
http://www.sec.gov and, for documents filed by BCIC, from BCIC’s website at http://www.blackrockbkcc.com, and, for documents filed by TCPC, from TCPC’s website at http://www.tcpcapital.com. Participants in the Solicitation BCIC and TCPC and
their respective directors, certain of their respective executive officers and certain other members of management and employees and officers of BlackRock Capital Investment Advisors, LLC and Tennenbaum Capital Partners, LLC, as applicable, and
their respective affiliates may be deemed to be participants in the solicitation of proxies from the stockholders of BCIC and TCPC in connection with the Proposals and the Merger. Information about the directors and executive officers of BCIC
and TCPC is set forth in the Joint Proxy Statement. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the BCIC and TCPC stockholders in connection with the Merger is
contained in the Joint Proxy Statement and other relevant materials filed with the SEC. These documents may be obtained free of charge from the sources indicated above. Forward-Looking Statements & Legal Disclaimers
Third Quarter 2023 Financial Highlights and Portfolio Overview Diversified
Portfolio with an Emphasis on Less-Cyclical Businesses Total portfolio fair value of $1.6 billion diversified across 143 portfolio companies 89% invested in senior secured debt; 76% of the total portfolio is 1st lien Weighted average
yield of the debt portfolio is 14.1%(1) Total acquisitions of $92 million, dispositions of $126 million Continued Strong Financial Performance Net investment income of $0.49 per share, exceeded the second quarter dividend of $0.34 per
share paid on September 29 Loans on non-accrual limited to 3 portfolio companies; 1.1% of total investments at fair value and 1.7% at cost Declared a fourth quarter dividend of $0.34 per share and a special dividend of $0.25 per share,
payable on December 29 to stockholders of record as of the close of business on December 15 Flexible Capital With Available Liquidity Diverse leverage program totaling $1.2 billion, with well laddered maturities 59% of outstanding
leverage as of September 30 is unsecured $261 million of available credit facility capacity Net regulatory leverage ratio 1.00x, well within our 2:1 regulatory leverage limitation Moody’s reaffirmed the Company’s investment-grade rating
with stable outlook As of September 30, 2023 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 13.2% as of 9/30/2023. Past performance does not guarantee future returns. Proposed Merger with BlackRock Capital Investment Corp. (BCIC) On September 6, TCPC and its affiliated BDC, BCIC, entered into a
definitive agreement pursuant to which BCIC will merge with and into a wholly owned, indirect subsidiary of TCPC, subject to shareholder approval, customary regulatory approvals, and other closing conditions Proposed merger is expected to
result in a combined company that benefits from more efficient access to capital, the potential for improved trading dynamics, combined operating efficiencies, enhanced scale, and a base management fee reduction in conjunction with a successful
closing of the transaction Combines two very similar portfolios, and TCPC’s investment team will continue to manage the combined portfolio The transaction is expected to close in the first calendar quarter of 2024, with TCPC continuing to
trade on the Nasdaq Global Select Market under the ticker symbol “TCPC”.
Middle Market Lending – An Enduring Opportunity Market Size ~200,000 U.S. Middle
Market companies representing over $10 trillion in annual revenue (1) Strong Credit Performance Middle Market loans have historically experienced lower loss rates than broadly syndicated loans (2) Middle Market lending remains an attractive
alternative to the broadly syndicated loan market for companies seeking capital for business expansion or acquisition (1) Source: National Center for Middle Market at Ohio State University as of September 30, 2023 (2) Source: S&P, Fitch
U.S. Leveraged Loan Default Insights 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 Continued Growth Middle Market companies on average posted 12.2% revenue growth in 2022 and expect about 10% growth in 2023.(1)
Internet Software and Services 14.7% Diversified Consumer Services
12.0% Software 9.4% Professional Services 5.5% Textiles, Apparel and Luxury Goods 2.4% Diversified Financial Services 12..0% Media 3.6% Capital Markets 3.0% Healthcare Providers and Services 2.5% IT Services 2.8% Diversified
Telecommunication Services 1.2% Technology Hardware, Storage & Peripherals 2.0% Specialty Retail 1.5% Trading Companies & Distributors 1.1% Insurance 1.2% Construction and Engineering 2.2% Paper and Forest Products 1.9% Other
6.5% Diversified Portfolio: Emphasis on Less-Cyclical Businesses 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. Industry Diversification(1) Substantially all investments subject to independent 3rd party valuation process every quarter 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 As of September 30, 2023 Pharmaceuticals 1.4% Consumer Finance 1.2%
Diversified Portfolio: Conservatively Positioned 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 13.2% as of 9/30/2023. Excludes non-income
producing equity investments Past performance does not guarantee future returns. $1.6 billionportfolio fair value 89% of portfoliois senior secured debt More than 90% of our portfolio companies contribute<2% to recurring income 14.1%
weightedaverage effective yieldon debt portfolio(1) Diversified Income Contribution As of September 30, 2023
Strategically Positioned Balance Sheet Predominantly First Lien, Floating Rate
Asset Portfolio Diverse Capital Structure(3) Fixed / Floating(2) Floating Rate 95% Fixed Rate 5% Seniority(1) First Lien 76% Second Lien 13% Junior 0% Equity 11% As a percent of total investments at fair value as of September
30, 2023. As a percent of debt investments at fair value as of September 30, 2023. SBA Debentures structured as long-term facilities and not subject to regulatory minimum asset coverage. As of September 30, 2023
Well Positioned for a Rising Rate Environment Annual impact on net income of
changes in interest rates(1) Basis Point Change Net Investment Income Net Investment Income Per Share Up 300 basis points + $36,862,357 +$ 0.64 Up 200 basis points + $24,574,905 +$ 0.43 Up 100 basis points + $ 12,287,452 +$
0.21 Down 100 basis points $ (12,287,452) $(0.21) Down 200 basis points $ (24,574,905) $(0.43) Down 300 basis points $ (36,862,357) $(0.64) (1) Considers interest rate floors for variable rate instruments and assumes concurrent
contractual rate resets for assets and liabilities, and excludes the related incentive compensation impact. Actual results may differ. Please refer to page 75 of the Company’s 10-Q as of September 30, 2023. Rates have risen
significantly Interest rates have risen significantly over the last eighteen months to the highest levels in several years, and 2022 saw the most significant increase in a single year in several decades Given the majority of our outstanding
liabilities are fixed rate, we are well positioned to benefit from higher interest rates
Well-Covered
Dividend 2012(1,2) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 Q2 Q3 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 $0.32 $0.34 $0.34 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 $0.44 $0.48 $0.49 Regular dividend coverage 137% 115% 108% 114% 105% 110% 110% 112% 109% 105% 125% 137% 141% 144% Special
dividend $0.05 $0.10 $0.10 $0.05 $0.10 Consistent coverage of the regular dividend every quarter since IPO in 2012 Net investment income of $0.49 per sharein Q3 2023 Out-earned quarterly dividend of $0.34 per share paidon September 29,
2023 Declared Q4 2023 dividend of $0.34 per share Announced Q4 special dividend of $0.25 per share Payable on December 29, 2023 to holders of record as of December 15, 2023 Incentive compensation was waived from the date of the IPO to
January 1, 2013. Dividends and net investment income in 2012 reflect the 3 quarters post-IPO (Q2, Q3 and Q4). There is no guarantee that quarterly distributions will continue to be made at historical levels. 2023
Competitive Advantages of BlackRock Global Credit Expertise $84 billion(1) in
AUM across private debt classes globally 320 (1) Private Debt employees Information Edge Broad access to management teams Expertise across asset classes, investment styles, products and industries One Stop Shop Full range of
strategies andrisk profiles Global presence: North America, Europe and Asia Dedicated Teamwith Experience Cycle-tested team organized along 19 industry verticals with an emphasis on less competitive situations Over two decades managing
globalcredit strategies Differentiated Sourcing One of the largest creditcounterparties globally Strong market access and corporate relationships Strong Risk Management Firm-wide culture of risk management Dedicated risk professionals
with independent reporting lines During the second quarter of 2023, the Global Credit platform was reorganized and the AUM and headcount above refer to BlackRock Private Debt offices and professionals only as of September 30, 2023. AUM
includes managed assets and dry powder. BlackRock’s investment platform creates substantial scale and scope that provides insight, access, and expertise in sourcing, underwriting and managing differentiated investments
Well Positioned to Manage Through the Cycle Source: BlackRock. As of September
30, 2023 Late Cycle Early Cycle Downturn Mid Cycle Tight Financing Easy Financing Excess Capacity Excess Demand Strategy attributes are well-positioned to withstand a downturn Senior secured, top of the capital structure Significant
cushion below investment (generally, 40-60%) Financial and maintenance covenants Diverse portfolio by issuer, industry, and sector Investment segment governed by consistent and predictable bankruptcy laws Cycle-tested team with proven track
record Depth of workout and restructuring expertise Repeat borrowers are an important source of originations, accounting for nearly 52% of assets invested over the last twelve months
Net Asset Value (“NAV”) Bridge – Third Quarter 2023 Past performance does not
guarantee future returns. Quarter over quarter NAV decreased, primarily driven by net unrealized mark to market on the portfolio
Strong Track Record 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, 2023. Cash return calculated as total distributions from April 6, 2012 through September 30,
2023, divided by opening NAV of $14.76 on April 6, 2012. Total return calculated as the change in net asset value plus dividends distributed between April 6, 2012 and September 30, 2023. Past performance does not guarantee future
returns. Book Value per Share and Dividends Paid $28.97 As of 9/30/2023: Annualized return on invested assets(1): 10.3% Annualized cash return(2): 9.6% Annualized total return on equity(3): 8.4%
Diversified Sources of Funding 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. As of September 30, 2023, $139.0 million of the outstanding amount subject to a SOFR credit adjustment of
0.11%. $7.8 million of the outstanding amount bore interest at a rate of EURIBOR +2.00% and $2.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%. 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. Subject to certain funding requirements and a SOFR credit adjustment of 0.15%. Weighted average interest rate, excluding fees
of 0.35% or 0.36%. $250 million par. Carrying value shown. $325 million par. Carrying value shown. Combined weighted-average interest rate on amounts outstanding as of September 30, 2023. As of September 30, 2023, $ in
millions Source Capacity Drawn Amount Available Pricing Maturity Operating Facility $ 300.0 (1) $ 148.8 $ 151.1 S + 1.75% (2) May-26 Funding Facility II 200.0 (3) 100.0 100.0 S + 2.05% (4) Aug-27 SBA
Debentures 160.0 150.0 10.0 2.52% (5) 2024-2031 2024 Notes 249.4 (6) 249.4 - 3.900% Aug-24 2026 Notes 326.0 (7) 326.0 - 2.850% Feb-26 Total leverage $ 1,235.4 $ 974.2 $ 261.1 4.24% (8) Cash 91.7
Net settlements - Unamortized debt issuance costs (3.8) Net $ 970.4 $ 352.8 TCPC is investment grade rated by Fitch and Moody’s
Investor Friendly Advisory Fee Structure As part of the proposed merger with
BCIC, TCPC’s Advisor has proposed a management fee reduction from 1.50% to 1.25% for assets equal to or below 200% of the net asset value of TCPC. Management fee on assets that exceed 200% of the net asset value of TCPC will remain
1.00%. Source: KBW BDC Research as of August 25, 2023. Represents typical range of fee structures for publicly traded, externally managed BDCs with a market capitalization of more than $200 million. Ranges exclude certain outliers. BlackRock
TCP Capital Corp. Typical Externally Managed BDC(2) Base Management Fee 1.50%(1) on assets up to 200% of the net asset value of TCPC ; 1.0% on assets that exceed 200% of the net asset value of TCPC debt to equity. Based on gross assets (less
cash and cash equivalents) 1.00% - 1.75% on gross assets (up to 1.0x debt to equity; 1.0% above 1.0x debt to equity for those BDCs that have adopted a reduced minimum asset coverage ratio) Incentive Fee Hurdle 7% annualized total return on
NAV, with cumulative lookback 6-8% annualized NII return on NAV, with either no lookback or rolling 3-year lookback Incentive Compensation Income: 17.5% subject to a cumulative, annualized 7% total return hurdle calculated
quarterly Capital Gains: 17.5% of cumulative net realized gains less net unrealized depreciation, subject to a cumulative, annualized 7% hurdle calculated quarterly Income: 17.5-20% (based on NII only, excluding realized and unrealized
losses) calculated quarterly with either no lookback or rolling 3-year lookback Capital Gains: 17.5-20% of cumulative net realized gains less net unrealized depreciation, with either no lookback or rolling 3-year lookback
Quarterly Operating Results 2023 2023 2022 Unaudited ($ in thousands, except
per share amounts) Q3 Q2 Q1 Q4 Q3 Investment income Interest income $ 53,254 $ 53,031 $ 48,992 $ 45,139 $ 46,098 Dividend income 936 909 937 1,243 1,731 Other income 21 21 379 307 377 Total investment
income 54,211 53,961 50,308 46,689 48,206 Expenses Interest and other debt expenses 12,134 12,288 11,549 10,475 10,168 Management fees 6,093 6,096 5,878 6,357 6,629 Incentive fee 6,010 5,855 5,390 4,883 5,174
Administrative expenses 358 358 376 437 403 Legal fees, professional fees and due diligence expenses 746 319 454 401 387 Other expenses 550 1,440 1,288 1,113 1,054 Total
expenses 25,891 26,356 24,935 23,666 23,815 Net investment income 28,320 27,605 25,373 23,023 24,391 Net realized and unrealized gain (loss) (15,497) (11,354) (2,659) (70,809) 1,848 Loss on extinguishment of
debt - - - - - Net increase (decrease) in net assets $ 12,823 $ 16,251 $ 22,714 $ (47,785) $ 26,239 Earnings (loss) per share $0.22 $0.28 $0.39 ($0.83) $0.45 Net investment income per
share(1) $0.49 $0.48 $0.44 $0.40 $0.42 Dividend per share $0.34 $0.34 $0.32 $0.32 $0.30 Weighted average common shares outstanding 57,767,264 57,767,264 57,767,264 57,767,264 57,767,264 Ending common shares
outstanding 57,767,264 57,767,264 57,767,264 57,767,264 57,767,264 After incentive compensation
Financial Highlights 2023 2023 2022 Q3 Unaudited Unaudited Unaudited ($
per share) Q2 Q1 Q4 Q3 Net investment income 0.49 0.48 0.44 0.40 0.42 Net realized & unrealized gains (losses) (0.27) (0.20) (0.05) (1.22) 0.03 Net increase (decrease) in net assets from
operations 0.22 0.28 0.39 (0.83) 0.45 Dividend paid (0.44) (0.34) (0.32) (0.37) (0.30) Net asset value 12.72 12.94 13.00 12.93 14.12 2023 2023 2022 2022 Q3 Q2 Q1 Q4 Q3 Total fair value of investments
(000s) 1,593,321 1,640,558 1,665,730 1,609,587 $ 1,678,875 Number of portfolio companies 143 143 143 136 132 Average investment size (000s) 11,142 11,472 11,648 $11,835 $ 12,719 Debt/equity
ratio(1) 1.12x 1.17x 1.17x 1.07x 1.03x Debt/equity ratio, net of cash(1)(2) 1.00x 1.01x 1.04x 0.96x 0.90x Excludes SBIC debt, which is exempt from regulatory asset coverage requirements Net of trades pending settlement
Portfolio Highlights 2023 2023 2022 Asset Mix of the Investment Portfolio (in
thousands) Q2 Q1 Q4 Q3 Senior secured debt $ 1,413,070 $ 1,450,244 $ 1,470,731 $ 1,420,428 $ 1,458,080 Junior debt - - - - 3,508 Equity(1) 180,251 190,314 194,999 189,160 217,287 Total investments $ 1,593,321 $
1,640,558 $ 1,665,730 $ 1,609,588 $ 1,678,875 2023 2023 2022 Portfolio Activity (in thousands) Q3 Q2 Q1 Q4 Q3 Gross acquisitions $ 92,393 $ 17,092 $ 76,022 $ 74,932 $ 48,301 Exits (includes
repayments) 125,593 31,559 19,323 75,422 170,415 Net acquisitions (exits) $ (33,200) $ (14,467) $ 56,698 $ (490) $ 122,114 Includes equity interests in diversified portfolios of debt and lease assets
Quarterly Balance Sheets 2023 2023 2022 2022 (in thousands, except per share
data) Unaudited Unaudited Unaudited ASSETS Q3 Q2 Q1 Q4 Q3 Q2 Investments at fair value $ 1,593,321 $ 1,640,558 $ 1,665,730 $ 1,609,588 $ 1,678,875 $ 1,796,878 Cash and cash
equivalents 91,653 123,129 98,789 82,435 105,795 49,427 Accrued interest income 26,660 24,068 22,389 20,904 19,309 19,337 Receivable for investments sold - - - - 234 234 Other
assets 7,531 4,984 5,891 6,423 7,510 6,638 Total assets $ 1,719,165 $ 1,792,739 $ 1,792,799 $ 1,719,350 $ 1,811,723 $ 1,872,514 LIABILITIES Debt, net of unamortized issuance costs $ 970,374 $ 1,021,132 $ 1,021,620 $
944,006 $ 983,873 $ 1,041,901 Interest payable 3,777 9,938 4,042 9,261 3,462 9,607 Incentive compensation payable 6,010 5,855 5,390 4,884 5,174 4,512 Payable for investments purchased - - - 1,937 458 17 Other
liabilities 4,007 8,222 9,765 12,508 2,843 9,473 Total liabilities 984,168 1,045,147 1,041,817 972,596 995,810 1,065,510 NET ASSETS $ 734,997 $ 747,592 $ 750,982 $ 746,754 $ 815,913 $ 807,004 NET ASSETS PER
SHARE $12.72 $12.94 $13.00 $12.93 $14.12 $13.97
Corporate Information NASDAQ: TCPC JMP Securities Keefe, Bruyette &
Woods Ladenburg Thalmann 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 Katie
McGlynn (310) 566-1094 investor.relations@tcpcapital.com www.tcpcapital.com Securities Listing Research Coverage Transfer Agent Corporate Headquarters Investor Relations