Q1 2026 TCPC Investor Presentation (05/07/2026 00: 00

Published: 2026-05-07 08:15:15 ET TCPC

Published on 05/07/2026 at 08:15 am EDT

Q1 2026

Senior Leadership & Executive Team

Philip Tseng (27) * Chairman, Chief Executive Officer and Co-CIO

Jason Mehring (31)

President

Dan Worrell (34) *

Co-CIO

Erik Cuellar (28)

CFO

Patrick Wolfe (19)

COO

Diana Huffman (15)

General Counsel and Secretary

Charles Park (17)

CCO

Origination & Research1

Managing Directors and Leadership Team

Executive Directors

VPs, Associates and Analysts

Global Origination

Rob DiPaolo (37)

Christian Donohue (30)

Alan Tom (28)

Eric Yuan (27)

Carolyn Glick (25)

Sean Berry (22)

John Doyle (19)

Hovik Adamyan (18)

Karri Tibbutt (18)

Shan Arunachalam (17)

Keon Reed (14)

Corey Schwartz (14)

Daniel Nellis (12)

Aaron Kuppperman (9)

27 dedicated investment

professionals

120+ Capital Markets and Private Equity Partners teams

Global Research

120+ sector-focused platform credit research professionals

Additional Experienced Resources

Risk Management

Portfolio Support

Legal (Transactions)

6 experienced professionals

5 dedicated professionals

5 experienced professionals

Source: BlackRock as of December 31, 2025. * Investment Committee Co-Chair.

MD = Managing Director; D = Director VP = Vice President. () indicates years of investment experience. Includes tenure working in the industry. Dollar figures shown are in USD. 1 Number of Origination & Research professionals is inclusive of all investment team members.

Established platform with decades of experience lending throughout market cycles

Strategically-positioned, diverse portfolio with access to the core middle market

Extensive network and channel-agnostic approach to deal sourcing

Diversified, flexible funding sources

Strong shareholder alignment

Access to reach and resources of world's largest asset manager

Non-accruals represented 2.8% of the portfolio at fair value in Q1 2026, down from 4.4% in Q1 2025

PIK income was 8.5% of total investment income, down from 10.9% last quarter

New loan investments YTD are all first lien, with 91.8% of the current portfolio being senior

secured as we seek to selectively deploy into high-quality opportunities

Average position size of portfolio investments in Q1 2026 was $10.0 million, down from

$12.1 million in Q1 2025, further aligning with our diversification strategy

Continued focus on portfolio repositioning to return TCPC to historical levels of performance and returns

First quarter highlights

Adjusted NII1 of $0.21 per share, exceeded the regular first quarter dividend per share of $0.17 paid on March 31; Annualized adjusted NII ROE of 11.8% for the first quarter

Continuous coverage of the dividend with net investment income each quarter as a public company; regular dividend coverage ratio of 124% in Q1 2026

Non-accruals declined to 2.8% of the portfolio at fair value and 7.6% at cost, from 4.0% and 9.7%, respectively, last quarter

Executed against strategic priorities - improving credit quality, further repositioning investment portfolio, and strengthening our balance sheet

Diversified portfolio

with an emphasis on less-cyclical businesses

Total portfolio fair value of $1.4 billion diversified across 139 portfolio companies with average position size of $10.0 million, down from $12.1 million in Q1 2025

91.8% invested in senior secured debt; 88.7% of the total portfolio is 1st lien

Weighted average yield of the performing debt portfolio is 10.9%2

Q1 2026 total acquisitions of $22.5 million; proceeds from sales/repayments of $135.3 million

Flexible capital with available liquidity

Diverse leverage program totaling $930.7 million, with well laddered maturities

35% of outstanding leverage as of March 31, 2026, is unsecured

$358.6 million of available liquidity, including $264.1 million of available borrowing capacity

Net regulatory leverage ratio of 1.29x, well within our 2:1 regulatory leverage limitation

Amount excludes the impact of amortization of purchase discount recorded in connection the closing of the merger ("Merger") with BlackRock Capital Investment Corporation ("BCIC") on March 18, 2024. See slide 25 for further description of non-GAAP financial measures.

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 10.1% as of 3/31/2026.

Past performance does notguaranteefuturereturns.

Book value per share

and dividends paid

Annualized return on invested assets:2

8.6%

Annualized cash return:3

9.5%

Annualized total return on equity:4

4.7%

$35.00

As of 03/31/2026: $26.31

$30.00

$25.00

$20.00

$15.00

$10.00

$5.00

$0.00

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

ITD Total

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.

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 March 31, 2026.

Cash return calculated as total distributions from April 6, 2012 through March 31, 2026, 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 March 31, 2026.

Past performance does not guarantee future returns.

Adjusted net investment income of $0.21 per share in Q1 20261.

Covered quarterly regular dividend of $0.17 per share paid on March 31, 2026.

Declared Q2 2026 dividend of $0.17 per share

Payable on June 30, 2026, to stockholders of record as of the close of business on June 16, 2026.

20122,3

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

20244

20254 Q1

20264

(Per share)

Regular dividend $1.04

$1.43

$1.44

$1.32

$1.20

$1.22

$1.34

$1.36

$1.00 $0.17

Net investment $1.42

$1.65

$1.55

$1.64

$1.51

$1.59

$1.61

$1.44

$1.26

$1.53

$1.85

$1.55

$1.22 $0.21

Regular dividend 137%

115%

108%

114%

105%

110%

112%

109%

105%

125%

138%

114%

122% 124%

Special dividend $0.05

$0.10

$0.05

$0.35

$0.10

$0.12

History of consistent dividend coverage since IPO in 2012

income

coverage

Total dividend paid

$1.09

$1.53

$1.54

$1.44

$1.32

$1.20

$1.27

$1.69

$1.46

$1.12

$0.17

Total dividend coverage

130%

108%

101%

114%

105%

110%

112%

109%

105%

120%

109%

106%

109%

124%

Amounts shown are adjusted to remove the impact of purchase discount amortization recorded in connection with the Merger and were computed based on the actual amounts earned or incurred by the Company divided by the actual shares outstanding in the respective accounting periods before and after the closing of the Merger on March 18, 2024. See slide 20 for further description of non-GAAP financial measures.

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).

Net investment income and regular dividend coverage ratio are based on adjusted net investment income. See slide 20 for further description of non-GAAP financial measures. There is no guarantee that quarterly distributions will continue to be made at historical levels.

Composition by Industry1

Composition by Seniority1

Invested across 20+ industry sectors

Portfolio in senior secured debt

Weighted average effective yield on the total portfolio2

Portfolio companies each contributing <1% to income3 , representing an increasingly diverse income base

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 March 31,

2026. "Other" category includes industries less than 3% of total investments. Calculated as a percent of total investments at fair value.

Weighted average effective yield on the total portfolio includes non-accrual and non-income producing loans and equity investments as of March 31, 2026. Weighted average annual effective yield on the debt portfolio was 10.9% as of March 31, 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).

As a percent of total number of portfolio companies as of March 31, 2026.

Past performance does not guarantee future returns.

Considerable addressable market for middle market lenders1

~200,000 U.S.

middle market businesses

Represents 1/3rd private sector GDP

Employs

~48 million

people

Offers attractive spread opportunities

Benefits of exposure to the U.S. core middle market

Large, differentiated opportunity set compared to the broadly syndicated loan market

Frequent opportunities to be positioned as a lender of influence to drive deal terms and structuring

Ability to seek stronger lender protections through covenant structures

Ability to recognize issues early due to strong covenant structures, and thus greater ability to move quickly and seek to preserve principal when needed

1 Source: National Center for the Middle Market as of December 31, 2025. The National Center for the Middle Market defines middle market businesses as companies with annual revenue between $10 million and $1 billion. Private sector GDP refers to the portion of the country's GDP that comes from private industries. The total number of people employed refers to the approximate number of employees across the 200,000 U.S. middle market businesses.

Industry deal teams are involved in every phase of a transaction, providing

specialized resources as needed

Rigorous due diligence & structuring

Investment

committee

Portfolio

management

Realizations /

liquidity

ad-hoc meetings

sector analysis

Experienced credit investors leading comprehensive analysis of company, industry, management and strategy

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

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

Credit, pricing and

Implementation of creative and flexible structures

Focus on need for time-sensitive execution and for confidentiality

Opportunistic sales in the secondary marketplace

Early re-financings that often drive enhanced returns

Robust internal legal due diligence support

Experienced Advisory Board resources available

Source

Capacity

(in millions)

Drawn Amount

(in millions)

Available

(in millions)

Pricing %

Maturity

Operating Facility1

$ 300.0

$ 226.9

$ 73.1

S+2.00%2

August-29

Funding Facility II3

$ 200.0

$ 108.0

$ 92.0

S+2.00%

July-29

Merger Sub Facility4

$ 265.0

$ 166.0

$ 99.0

S+2.00%5

September-28

SBA Debentures

$ 107.2

$ -

2.41%6

2025−2031

2029 Notes7

$ 322.6

$ -

6.95%

May-29

Total leverage

$ 1,194.8

$ 930.7

$ 264.1

5.77%8

Cash

$ 93.3

Net settlements

$ 1.2

Unamortized debt issuance costs

$ (4.8)

Net

$ 925.8

$ 358.6

As of March 31, 2026.

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 March 31, 2026, $220.0 million of the outstanding amount was subject to a SOFRcredit adjustment of 0.10%..

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.

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.

5 The applicable margin for SOFR-basedborrowings 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.

Weighted average interest rate, excluding fees of 0.35% or 0.36%.

$325 million par. Carrying value shown.

Combined weighted-average interest rate on amounts outstanding as of March 31, 2026.

Predominantly first lien, floating rate asset portfolio:

03/31/20261

First lien

88.7%

Second lien

3.1%

Junior

0.0%

Equity

8.2%

03/31/20261

Floating rate

94.4%

Fixed rate

5.6%

Loans on non-accrual:

03/31/20261

% of FV

2.8%

% of Cost

7.6%

As a percent of total investments at fair value as of March 31, 2026.

As a percent of debt investments at fair value as of March 31, 2026..

SBA Debentures structured as long-term facilities and not subject to regulatory minimum asset coverage.

Diverse capital structure3

03/31/2026

38%

17%

22%

$11.00

$10.00

$8.71

$0.21

$0.01

($0.40)

$0.00

($0.17)

$6.72

$7.07

$9.23 $9.18

$9.00

$8.00

$7.00

$6.00

$5.00

12/31/2024

3/31/2025

6/30/2025

9/30/2025

12/31/2025 Adjusted net Adjusted net Adjusted net

Distribution Repurchases 03/31/2026

NAV

investment income 1

realized gain (loss) 1

unrealized gain (loss) 1

NAV

1 Amounts are adjusted to remove the impact of purchase discount amortization for the period. See slide 20 for further description of non-GAAP financial measures.

Past performance does not guarantee future returns.

Base management fee

BlackRock TCP Capital Corp.

Typical externally managed BDC1

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.

1KBW BDC Research as of June 30, 2025. Represents typical range of fee structures for publicly traded, externally managed BDCs. Ranges exclude certain outliers.

2025

2026

Unaudited ($ in thousands, except per share amounts)

Investment income

Interest and PIK interest income

$ 52,574

$ 50,062

$ 48,915

$ 42,473

$ 41,175

Dividend income

3,314

1,402

1,599

1,430

1,407

Other income

Total investment income

55,889

51,465

50,516

43,916

42,583

Expenses

Interest and other debt expenses

17,085

17,088

16,817

15,102

16,048

Management fees

5,484

5,461

5,545

5,343

4,656

Incentive fee

Other expenses

2,946

3,142

2,721

2,509

3,402

Total expenses, before management fee waiver

25,515

25,691

25,083

22,954

24,106

Management fee waiver

(1,828)

(1,820)

(1,848)

(1,781)

Total expenses, after management fee waiver

23,687

23,871

23,235

21,173

24,106

Excise tax expenses

683

Net investment income

32,202

27,594

27,281

22,060

18,477

Less: Purchase accounting discount amortization2

1,502

1,294

1,645

707

927

Adjusted net investment income2

30,700

26,300

25,636

21,353

17,550

Net realized and unrealized gain (loss)

(11,308)

(43,501)

(2,912)

(140,349)

(34,779)

Less: Net realized gains due to the allocation of purchase

discount2

2,685

4,000

5,849

7,416

721

Less: Net change in unrealized appreciation (depreciation) due

to the allocation of purchase discount2

(4,187)

(5,294)

(7,494)

(8,123)

(1,648)

Adjusted net realized and unrealized gain (loss)2

(9,806)

(42,207)

(1,267)

(139,642)

(33,852)

Net increase (decrease) in net assets resulting from operations

$ 20,894

$ (15,907)

$ 24,369

$ (118,289)

$ (16,302)

Adjusted net increase (decrease) in net assets resulting from

operations2

20,894

(15,907)

24,369

(118,289)

(16,302)

Net investment income per share1

$ 0.38

$ 0.32

$ 0.26

$ 0.22

Adjusted net investment income per share2 Earnings (loss) per share

$ 0.36

$ 0.25

$ 0.31

$ (0.19)

$ 0.30

$ 0.29

$ 0.25

$ (1.39)

$ 0.21

$ (0.19)

Adjusted earnings (loss) per share2 Regular dividend per share

Special dividend per share

$ 0.25

$ 0.04

$ (0.19)

$ 0.25

$ 0.04

$ 0.29

$ 0.25

$ 0.04

$ (1.39)

$ 0.25

$ -

$ (0.19)

$ 0.17

$ -

Weighted average common shares outstanding3

85,077,619

85,042,931

85,034,351

84,800,636

84,334,975

Ending common shares outstanding1

85,077,297

85,036,467

85,011,001

84,564,578

84,059,145

1. After incentive compensation.

2 See slide 20 for further description of non-GAAP financial measures.

2025

2026

Unaudited

Audited

Unaudited

($ per share)

Net investment income

0.38

0.32

0.26

0.22

Adjusted net investment income1

0.36

0.31

0.30

0.25

0.21

Net realized and unrealized gain (loss)

(0.13)

(0.51)

(0.03)

(1.66)

(0.41)

Adjusted net realized and unrealized gain (loss)1

(0.11)

(0.50)

(0.01)

(1.64)

(0.40)

Net increase (decrease) in net assets resulting

from operations

Adjusted net increase (decrease) in net assets

0.25

(0.19)

0.29

(1.39)

(0.19)

resulting from operations1

0.25

(0.19)

0.29

(1.39)

(0.19)

Dividends paid

(0.29)

(0.25)

(0.17)

Net asset value

9.18

8.71

7.07

6.72

2025

2026

Total fair value of investments

$1,769,274

$1,792,335

$1,716,691

$1,533,302

$1,388,669

Number of portfolio companies

146

153

149

141

139

Average investment size

$ 12,118

$ 11,715

$ 11,521

$ 10,874

$ 9,990

Debt/equity ratio2

1.26x

1.43x

1.28x

1.55x

1.46x

Debt/equity ratio, net of cash2,3

1.13x

1.28x

1.20x

1.41x

1.29x

See slide 20 for further description of non-GAAP financial measures.

Excludes SBIC debt, which is exempt from regulatory asset coverage requirements.

Net of trades pending settlement.

2025

2026

Asset mix of the investment portfolio

(in thousands)

Senior secured debt

$ 1,591,927

$ 1,602,047

$ 1,540,460

$ 1,418,316

$ 1,274,331

Junior debt

2,353

128

127

Equity1

174,994

190,160

176,104

114,859

114,210

Total investments

$ 1,769,274

$ 1,792,335

$ 1,716,691

$ 1,533,302

$ 1,388,668

2025

2026

Portfolio activity

(in thousands)

Gross acquisitions

$ 65,964

$ 111,546

$ 63,136

$ 35,461

$ 22,536

Exits (includes repayments)

84,905

47,905

139,543

80,673

135,330

Net acquisitions (exits)

$ (18,941)

$ 63,641

$ (76,407)

$ (45,212)

$ (112,794)

1 Includes equity interests in diversified portfolios of debt and lease assets.

2025

2026

(in thousands, except per share data)

Unaudited

Audited

Unaudited

Assets

Investments at fair value $ 1,769,274 $ 1,792,335 $ 1,716,691 $ 1,533,302 $ 1,388,669

Cash and cash equivalents 99,115 107,318 60,994 61,075 93,259

Accrued interest income 23,284 22,972 24,487 21,496 21,128

Receivable for investments sold - 8,241 568 26,313 1,247

Other assets 7,231 6,103 8,140 8,173 5,251

Total assets $ 1,898,904 $ 1,936,969 $ 1,810,880 $ 1,650,359 $ 1,509,554

Liabilities Q1

Debt, net of unamortized issuance costs $ 1,098,904 $ 1,174,641 $ 1,051,615 $ 1,035,543 $ 925,843

Interest payable 10,830 8,516 9,805 7,246 8,762 Incentive compensation payable - - - - -Payable for investments purchased 219 5,019 - - -

Other liabilities 7,632 8,316 9,437 9,559 9,838

Total liabilities $ 1,117,585 $ 1,196,492 $ 1,070,857 $ 1,052,348 $ 944,443

Net assets $ 781,319 $ 740,477 $ 740,024 $ 598,013 $ 565,111

Net assets per share $ 9.18 $ 8.71 $ 8.71 $ 7.07 $ 6.72

BlackRock Capital Investment Corporation ("BCIC") merged with and into a subsidiary of BlackRock TCP Capital Corp. (the "Company") 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 shareholders 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 shareholders 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 paid 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 BCIC debt investments acquired will amortize over the remaining life of each respective debt investment through interest income, with a corresponding adjustment recorded to unrealized appreciation or depreciation on such investment acquired through its ultimate disposition. The purchase discount allocated to BCIC equity investments acquired will not amortize over the life of such investments through interest income and, assuming no subsequent change to the fair value of the equity investments acquired and disposition of such equity investments at fair value, 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.

Disclaimer

BlackRock TCP Capital Corp. published this content on May 07, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 07, 2026 at 12:14 UTC.