BlackRock TCP Capital : First Quarter 2025 TCPC Investor Presentation

Published: 2025-05-08 08:09:05 ET TCPC

Published on 05/08/2025 at 08:09

Investor presentation

March 31, 2025

Notable Financial Developments

Adjusted NII1 of $0.36 per share, exceeded the regular first quarter dividend per share of $0.25 paid on March 31; Annualized adjusted NII ROE of 15.4% for the first quarter

Declared a second quarter regular dividend of $0.25 per share and a special dividend of $0.04 per share, both payable on June 30, 2025, to shareholders of record as of the close of business on June 16, 2025

Continuous coverage of the dividend with net investment income each quarter as a public company; dividend coverage ratio of 144% in Q1 2025

On February 25, 2025, the Adviser voluntarily agreed to waive one-third of its base management fee with respect to the Company for three calendar quarters beginning on January 1, 2025 and ending on September 30, 2025

Diversified portfolio

with an emphasis on less-cyclical businesses

Total portfolio fair value of $1.8 billion diversified across 146 portfolio companies

90% invested in senior secured debt; 83% of the total portfolio is 1st lien

Weighted average yield of the performing debt portfolio is 12.2%2

Q1 2025 total acquisitions of $66 million; dispositions of $85 million

Weighted average internal portfolio risk rating of 1.51x as of March 31, 2025 and December 31, 20243

Flexible capital with available liquidity

Diverse leverage program totaling $1.6 billion, with well laddered maturities

67% of outstanding leverage as of March 31, 2025, is unsecured

$629 million of available liquidity, including $530 million of available borrowing capacity

Net regulatory leverage ratio of 1.13x, well within our 2:1 regulatory leverage limitation and internal target of 0.9x -1.20x

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 20 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 10.8% as of 3/31/2025.

For detail on the internal rating system, please see the slide 20. Past performance does notguarantee future returns.

~200,000 U.S. Middle Market businesses representing one-third of private sector GDP, employing approximately 48 million people.1

85% of middle market companies reported year-over-year revenue growth of 12.1%.1

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.

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.

1 Source: National Center for The Middle Market as of December 31, 2024.

2 S&P, Fitch U.S. Leveraged Loan Default Insights.

performed at underwriting, with an emphasis on companies and industries that can withstand periods of economic stress.

with strong covenants; investments in cyclical companies typically structured with significant collateral protections.

process to identify and address new risks if they arise, including future capital needs

or potential covenant breaches.

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

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. Data as of March 31, 2025. "Other" category includes industries less than 3% of total investments.

Past performance does not guarantee future returns.

Diversified income contribution

# of portfolio companies contributing2

<1% 1%-2% 2%-3% >3%

portfolio fair value

of portfolio is senior secured debt

weighted average effective yield on debt portfolio1

of our portfolio companies contribute <1% to recurring income

% contribution to recurring income

Excludes non-accrual debt investments and non-income producing equity investments.

Past performance does not guarantee future returns.

Predominantly first lien, floating rate asset portfolio:

3/31/20251

First lien

82.5%

Second lien

7.5%

Junior

0.1%

Equity

9.9%

3/31/20252

Floating rate

94.0%

Fixed rate

6.0%

Loans on non-accrual:

3/31/2025

% of FV

4.4%

% of Cost

12.6%

As a percent of total investments at fair value as of March 31, 2025.

As a percent of debt investments at fair value as of March 31, 2025.

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

Diverse capital structure3

3/31/2025

13%

42%

39%

Adjusted net investment income of $0.36 per share in Q1 20251.

Out-earned quarterly regular dividend of $0.25 per share paid on March 31, 2025.

Declared Q2 2025 regular dividend of $0.25 per share and special dividend of $0.04 per share

Payable on June 30, 2025, to stockholders of record as of the close of business on June 16, 2025.

Consistent coverage of the regular dividend every quarter since IPO in 2012

20122,3

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

20244

Q1 20254

(Per share)

Regular dividend

$1.04

$1.43

$1.44

$1.32

$1.20

$1.22

$1.34

$1.36

$0.25

Net investment income

$1.42

$1.65

$1.55

$1.64

$1.51

$1.59

$1.61

$1.44

$1.26

$1.53

$1.85

$1.55

$0.36

Regular dividend coverage

137%

115%

108%

114%

105%

110%

112%

109%

105%

125%

138%

114%

144%

Special dividend

$0.05

$0.10

$0.05

$0.35

$0.10

$0.04

Amounts shown reflect the impact of the purchase discount 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.

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 19 for further description of non-GAAP financial measures. There is no guarantee that quarterly distributions will continue to be made at historical levels.

BlackRock's Private Debt platform creates substantial scale and scope that provides insight, access and expertise in sourcing, underwriting and managing differentiated investments.

$63 billionin AUM across private debt classes globally.1

170+ private debt professionals.2

Broad access to management teams.

Expertise across asset classes, investment styles, products and industries.

Full range of strategies and risk profiles.

Global presence: North America, Europe and Asia.

Cycle-tested team organized along 19 industry verticals with an emphasis on less competitive situations.

Over two decades managing global credit strategies.

One of the largest credit counterparties globally.

Strong market access and corporate relationships.

Firm-wide culture of risk management.

Dedicated risk professionals with

independent reporting lines.

AUM as of December 31, 2024. Please note that AUM is inclusive of internal BlackRock allocations where applicable. The AUM figures are presented in US dollars. AUM balances for funds denominated in currencies other than US dollars have been converted to US dollars at the rate prevailing at the reporting date.

Private debt employees reflects Private Debt investment professionals as of December 31, 2024.

Late cycle

Downturn

Early cycle

Mid cycle

Tight financing

Excess demand

Excess capacity

Easy financing

Strategy attributes are well-positioned to withstand a downturn.

of assets invested over the last twelve months.

Source: BlackRock. As of March 31 2025.

Quarter over quarter NAV decreased, primarily driven by net realized and unrealized losses and dividends paid, offset by NII during the quarter

$10.00

$9.90

$9.80

$9.70

$9.60

$0.36

$9.50

$0.39

$9.40

$9.30

$9.20

$9.23

$9.18

$(0.29)

$(0.51)

$9.10

$9.00

Adjusted net 1

Repurchases

12/31/2024 NAV

investment income

Adjusted net realized gain (loss)

unrealized gain (loss)

Distribution

3/31/2025 NAV

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.

Annualized return on invested assets:1

9.5%

Annualized cash return:2

9.7%

Annualized total return on equity:3

6.6%

$35.00

As of 3/31/2025: $27.77

$30.00

$25.00

$20.00

$15.00

$10.00

$5.00

$0.00

1 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, 2025.

Cash return calculated as total distributions from April 6, 2012 through March 31, 2025, 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, 2025.

Past performance does not guarantee future returns.

Source

Pricing %

Maturity

Capacity

Drawn Amount

Available

(in millions)

TCPC is investment grade rated by Fitch

Operating Facility1

$ 300.0

$ 120.0

$ 180.0

S+2.00%2

August-29

Funding Facility II3

$ 200.0

$ 100.0

S+2.05%4

August-27

Merger Sub Facility5

$ 265.0

$ 25.0

$ 240.0

S+2.00%6

September-28

SBA Debentures

$ 132.0

$ 122.0

$ 10.0

2.45%7

2025−2031

2025 Notes11

$ 92.0

$ -

Fixed/Variable8

December-25

2026 Notes9

$ 325.3

$ -

2.85%

February-26

2029 Notes9

$ 321.9

$ -

6.95%

May-29

Total leverage

$ 1,636.2

$ 1,106.2

$ 530.0

5.17%10

Cash

$ 99.1

Net settlements

$ (0.2)

Unamortized debt issuance costs

$ (7.3)

Net

$ 1,098.9

$ 628.9

As of March 31, 2025.

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, 2025, $120.0 million of the outstanding amount was subject to a SOFR credit 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.

Subject to certain funding requirements and a SOFRcredit adjustment of 0.15%.

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.

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.

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

The 2025 Notes consist of two tranches: $35.0 million aggregate principal amount with a fixed interest rate of 6.85%; and $57.0 million aggregate principal amount bearing interest at a rate equal to SOFR plus 3.14%.

$325 million par. Carrying value shown.

Combined weighted-average interest rate on amounts outstanding as of March 31, 2025.

Debt assumed as a result of the BCIC Merger on March 18, 2024.

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.

1 KBW BDC Research as of March 31, 2025. Represents typical range of fee structures for publicly traded, externally managed BDCs. Ranges exclude certain outliers.

2024

2025

Unaudited ($ in thousands, except per share amounts)

Investment income

Interest and PIK interest income

$ 54,702

$ 69,032

$ 69,225

$ 58,452

$ 52,574

Dividend income

1,026

2,491

1,580

2,785

3,314

Other income

127

Total investment income

55,729

71,526

70,932

61,249

55,889

Expenses

Interest and other debt expenses

13,230

19,727

21,161

18,046

17,085

Management fees

5,820

6,563

6,185

5,973

5,484

Incentive fee

5,880

6,816

6,540

Other expenses

2,538

2,595

3,169

2,914

2,946

Total expenses, before management fee waiver

27,468

35,701

37,055

26,933

25,515

Management fee waiver

(1,828)

Total expenses, after management fee waiver

27,468

35,701

37,055

26,933

23,687

Excise tax expenses

523

Net investment income

28,261

35,825

33,877

33,793

32,202

Less: Purchase accounting discount amortization2

539

3,695

3,045

3,025

1,502

Adjusted net investment income2

27,722

32,130

30,832

30,769

30,700

Net realized and unrealized gain (loss)

(23,204)

(87,102)

(12,245)

(72,344)

(11,308)

Less: Net realized gains due to the allocation of purchase

discount2

21,347

5,188

2,727

1,884

2,685

Less: Net change in unrealized appreciation (depreciation) due to

the allocation of purchase discount2

(8,882)

(5,772)

(4,909)

(4,187)

Adjusted net realized and unrealized gain (loss)2

(44,551)

(83,408)

(9,200)

(69,319)

(9,806)

Net increase (decrease) in net assets resulting from operations

$ 5,057

$ (51,277)

$ 21,632

$ (38,551)

$ 20,894

Adjusted net increase (decrease) in net assets resulting from

operations2

(16,829)

(51,278)

21,632

(38,551)

20,894

Net investment income per share1

$ 0.46

$ 0.42

$ 0.40

$ 0.38

Adjusted net investment income per share2Earnings (loss) per share

$ 0.45

$ 0.08

$ 0.38

$ (0.60)

$ 0.36

$ 0.25

$ 0.36

$ (0.45)

$ 0.36

$ 0.25

Adjusted earnings (loss) per share2Regular dividend per share

Special dividend per share

$ (0.27)

$ 0.34

$ -

$ (0.60)

$ 0.34

$ -

$ 0.25

$ 0.34

$ -

$ (0.45)

$ 0.34

$ 0.10

$ 0.25

$ 0.04

Weighted average common shares outstanding3

62,047,859

85,591,134

85,326,143

85,077,619

Ending common shares outstanding1

85,591,134

85,080,447

85,077,297

After incentive compensation.

2 See slide 19 for further description of non-GAAP financial measures.

3. Reflects impact of shares issued in connection with the Merger during the quarter ended March 31, 2024.

2024

2025

Unaudited

Audited

Unaudited

($ per share)

Net investment income

0.46

0.42

0.40

0.38

Adjusted net investment income1

0.45

0.38

0.36

Net realized and unrealized gain (loss)

(0.37)

(1.02)

(0.14)

(0.85)

(0.13)

Adjusted net realized and unrealized gain (loss)1

(0.71)

(0.98)

(0.10)

(0.81)

(0.11)

Net increase (decrease) in net assets resulting

from operations

0.08

(0.60)

0.25

(0.45)

0.25

Adjusted net increase (decrease) in net assets

resulting from operations1

(0.27)

(0.60)

0.25

(0.45)

0.25

Dividends paid

(0.34)

(0.44)

(0.29)

Net asset value

11.14

10.20

10.11

9.23

9.18

2024

2025

Total fair value of investments

$ 2,116,419

$ 1,980,909

$ 1,909,089

$ 1,794,758

$ 1,769,274

Number of portfolio companies

157

158

156

154

146

Average investment size

$ 13,480

$ 12,537

$ 12,238

$ 11,654

$ 12,118

Debt/equity ratio2

1.21x

1.35x

1.20x

1.27x

1.26x

Debt/equity ratio, net of cash2,3

1.08x

1.13x

1.08x

1.14x

1.13x

See slide 19 for further description of non-GAAP financial measures.

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

Net of trades pending settlement.

2024

2025

Asset mix of the investment portfolio

(in thousands)

Senior secured debt

$ 1,935,144

$ 1,804,749

$ 1,729,172

$ 1,637,557

$ 1,591,927

Junior debt

19,223

13,918

5,946

5,016

2,353

Equity1

162,052

162,243

173,971

152,185

174,994

Total investments

$ 2,116,419

$ 1,980,910

$ 1,909,089

$ 1,794,758

$ 1,769,274

2024

2025

Portfolio activity

(in thousands)

Q12

Gross acquisitions

$ 20,011

$ 129,691

$ 72,762

$ 120,722

$ 65,964

Exits (includes repayments)

24,319

184,970

139,219

168,576

84,905

Net acquisitions (exits)

$ (4,308)

$ (55,279)

$ (66,457)

$ (47,854)

$ (18,941)

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

2 Excludes $586.9 million of investments acquired in connection with the closing of the BCIC Merger.

2024

2025

(in thousands, except per share data)

Unaudited

Audited

Unaudited

Assets

Investments at fair value

$ 2,116,419

$ 1,980,909

$ 1,909,089

$ 1,794,758

$ 1,769,274

Cash and cash equivalents

120,573

194,669

104,182

91,590

99,115

Accrued interest income

35,011

33,557

25,787

22,785

23,284

Receivable for investments sold

2,073

4,488

Other assets

9,456

9,546

8,643

9,411

7,231

Total assets

$ 2,283,532 $ 2,218,681 $ 2,047,701 $ 1,923,032 $ 1,898,904

Liabilities

Q1 Q2 Q3 Q4 Q1

Debt, net of unamortized issuance costs

$ 1,302,813 $ 1,320,313 $ 1,160,043 $ 1,118,340 $ 1,098,904

Interest payable

4,973 12,453 11,507 8,306 10,830

Incentive compensation payable

5,880 6,816 6,540 - -

Payable for investments purchased

- - - 99 219

Other liabilities

16,384 5,995 3,974 11,162 7,632

Total liabilities

$ 1,330,050 $ 1,345,577 $ 1,182,064 $ 1,137,907 $ 1,117,585

Net assets

$ 953,482 $ 873,104 $ 865,637 $ 785,124 $ 781,319

Net assets per share

$ 11.14

$ 10.20

$ 10.11

$ 9.23

$ 9.18

On March 18, 2024, BlackRock TCP Capital Corp. ("the Company") completed its previously announced Merger with BlackRock Capital Investment Corporation ("BCIC") . 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.

TCPC's Advisor employs a grading system for its entire portfolio in which all loans are rated on a scale of 1 to 4. This system is intended to reflect the Advisor's assessment of the performance of the borrower's business, the collateral coverage of the loans and other factors the Advisor considers relevant and is subject to change from time to time. The following is a description of the conditions associated with each investment rating:

Grade 1: Investments in portfolio companies whose performance is substantially within or above the Advisor's original base case expectations and whose risk factors are neutral to favorable to those at the time of the original investment or subsequent restructuring;

Grade 2: Investments in portfolio companies whose performance is materially below the Advisor's original base case expectations or risk factors have increased since the time of original investment or subsequent restructuring. No loss of investment return or principal (or invested capital) is expected.;

Grade 3: Investments in portfolio companies whose performance is materially below the Advisor's original base case expectations or risk factors have increased materially since the time of original investment or subsequent restructuring. Some loss of investment return is expected, but no loss of principal (or invested capital) is expected.

Grade 4: Investments in portfolio companies whose performance is materially below the Advisor's original base case expectations or risk factors have increased substantially since the time of original investment or subsequent restructuring. Some loss of principal (or invested capital) is expected.

Securities listing

Transfer agent

Research coverage

NASDAQ: TCPC

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.) whttps://www.computershare.com/investor

Corporate headquarters

2951 28thStreet

Suite 1000

Santa Monica, CA 90405

Investor relations

Michaela Murray

(310) 566-1094

[email protected] https://www.tcpcapital.com

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 https://www.sec.gov and the Company's website at https://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 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 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; (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 current conflict between Russia and Ukraine and the conflict in the Middle East), trade protections or trade wars, natural disasters or public health crises and epidemics; (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 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.

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.

Disclaimer

BlackRock TCP Capital Corp. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 12:08 UTC.