Core Viewpoint - Wall Street anticipates a year-over-year decline in earnings for BlackRock TCP despite higher revenues, with a focus on how actual results will compare to estimates to influence stock price [1][2]. Earnings Expectations - BlackRock TCP is expected to report earnings of $0.36 per share, reflecting an 18.2% decrease year-over-year, while revenues are projected to be $65.59 million, a 29% increase from the previous year [3]. - The earnings report is scheduled for release on February 27, 2025, and could lead to stock price movement depending on whether results exceed or fall short of expectations [2]. Estimate Revisions - The consensus EPS estimate has been revised 2.78% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for BlackRock TCP is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -5.56%, suggesting a bearish outlook from analysts [10][11]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive or negative reading can predict deviations from consensus estimates, with a positive reading being a strong indicator of an earnings beat [7][8]. - BlackRock TCP's current Zacks Rank is 4, which complicates the prediction of an earnings beat [11]. Historical Performance - In the last reported quarter, BlackRock TCP was expected to earn $0.40 per share but only achieved $0.36, resulting in a -10% surprise [12]. - The company has not surpassed consensus EPS estimates in the last four quarters [13]. Industry Comparison - Carlyle Secured Lending, another player in the Zacks Financial - SBIC & Commercial Industry, is expected to report earnings of $0.44 per share, a 21.4% decline year-over-year, with revenues projected at $36.31 million, down 18.1% [17]. - Carlyle Secured Lending has an Earnings ESP of 0.57% and a Zacks Rank of 3, indicating a higher likelihood of beating consensus EPS estimates [18].

Financial Data and Key Metrics Changes - Adjusted net income for Q3 2024 was $0.36 per share, with an annualized net investment income (NII) return on average equity at approximately 14%, at the high end of historical levels [10][42] - The Board declared a fourth quarter dividend of $0.34 per share, implying a dividend coverage of 106% based on Q3 adjusted NII [10][11] - Net realized losses for the quarter were $31.4 million, primarily due to restructurings of investments in Pluralsight and McAfee [44][25] - Net unrealized gains totaled $19.2 million, reflecting reversals of previously unrealized losses from the same restructurings [45][25] Business Line Data and Key Metrics Changes - Loans on non-accrual status decreased from 4.9% to 3.8% of portfolio fair value, indicating a positive trend despite remaining higher than historical levels [14][13] - The weighted average annual effective yield of the performing debt portfolio was 13.4%, down from 13.7% in the previous quarter [40] - The portfolio comprised investments in 156 companies, with a total fair market value of approximately $1.9 billion [41] Market Data and Key Metrics Changes - The weighted average interest rate on debt outstanding at the end of the quarter was 5.4% [46] - Unfunded loan commitments to portfolio companies were approximately $100 million, representing 5% of total investments [46] Company Strategy and Development Direction - The company continues to focus on the core middle market, emphasizing less competition and attractive pricing [49] - A disciplined approach to capital deployment is maintained, with a focus on credit-first downside protection [48] - The company is optimistic about the potential for M&A activity to increase, which could provide opportunities for investment and refinancing [33][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the recent rate cut provides relief to borrowers and may improve key indicators of portfolio health [32] - The company is actively monitoring portfolio companies regarding their performance in the context of higher rates and inflation [26] - Management expressed confidence in the long-term success of the company despite current challenges, emphasizing a strong capital position and robust investment pipeline [48][49] Other Important Information - The company has authorized a share repurchase program of up to $50 million [12] - Management changes were announced, with Phil Tseng succeeding Raj Vig as CEO and Chairman [9][28] Q&A Session Summary Question: Insights on NII return and its components - Management indicated that the NII return is at the higher end of historical levels, benefiting from elevated base rates, but expects some reversal [51] Question: Impact of management changes on strategy - Management clarified that the consolidation of the direct lending group aims to enhance collaboration and does not indicate a shift towards upper middle market investments [55] Question: Update on spillover position and special dividend rationale - Management explained that the decision for the special dividend was influenced by the need to manage excise tax implications while ensuring adequate capital allocation [64][65] Question: Expectations for prepayment activity - Management noted that prepayment activity can be episodic and difficult to predict, but conditions may favor an increase in prepayments moving forward [68][70] Question: Status of Amazon aggregator investments - Management reported that loans to Amazon aggregators comprise about 5.9% of the portfolio and expressed optimism about their long-term performance despite current challenges [75] Question: Challenges facing TCPC and future changes - Management emphasized a focus on managing non-accruals and restructurings, leveraging their historical experience to optimize outcomes [81] Question: Stock price concerns and stability of the company - Management reassured stakeholders about the stability of the team and the consistency of dividend payments, highlighting a long track record of meeting or exceeding dividend expectations [87][88]

| --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | BlackRock TCP Capital Corp. Investor presentation September 30, 2024 | | | | | | | | | | | | | Third Quarter 2024 Financial Highlights and Portfolio Overview Continued strong financial performance Diversified portfolio with an emphasis on less-cyclical businesses Flexible capital with available liquid ...

Core Viewpoint - BlackRock TCP reported quarterly earnings of $0.36 per share, missing the Zacks Consensus Estimate of $0.40 per share, and showing a decline from $0.49 per share a year ago, indicating a -10% earnings surprise [1][2] Financial Performance - The company posted revenues of $70.93 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 2.61%, and up from $54.21 million year-over-year [2] - Over the last four quarters, BlackRock TCP has not surpassed consensus EPS estimates [2] Stock Performance - BlackRock TCP shares have declined approximately 32.4% since the beginning of the year, contrasting with the S&P 500's gain of 21.2% [3] Future Outlook - The company's earnings outlook will be crucial for investors, particularly in light of recent earnings expectations and revisions [4] - Current consensus EPS estimate for the upcoming quarter is $0.40 on revenues of $67.94 million, and for the current fiscal year, it is $1.66 on revenues of $264.32 million [7] Industry Context - The Financial - SBIC & Commercial Industry, to which BlackRock TCP belongs, is currently ranked in the bottom 27% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

Financial Performance - Net investment income for Q3 2024 was $33.9 million, or $0.40 per share, exceeding the regular dividend of $0.34 per share[2] - Adjusted net investment income for Q3 2024 was $30.8 million, or $0.36 per share, reflecting a 9.4% decrease from $28.3 million, or $0.49 per share in Q3 2023[4] - Total investment income for Q3 2024 was approximately $70.9 million, or $0.83 per share[11] - Net increase in net assets resulting from operations for Q3 2024 was $21.6 million, or $0.25 per share[13] - Total investment income for the three months ended September 30, 2024, was $70,932,487, an increase of 30.9% compared to $54,210,941 for the same period in 2023[22] - Net investment income before taxes for the three months ended September 30, 2024, was $33,877,641, up from $28,333,076 in the prior year, representing a growth of 19.0%[22] - Basic and diluted earnings per share for the three months ended September 30, 2024, were $0.25, compared to $0.22 for the same period in 2023[22] Dividends - The company declared a fourth quarter dividend of $0.34 per share and a special dividend of $0.10 per share, both payable on December 31, 2024[2] - For the three months ended September 30, 2024, approximately $0.7 million of cash distributions were reinvested through the new dividend reinvestment plan (DRIP)[17] Assets and Liabilities - Net asset value per share decreased to $10.11 as of September 30, 2024, down from $10.20 as of June 30, 2024[2] - Total assets as of September 30, 2024, amounted to $2,047,700,892, up from $1,698,772,353 at the end of 2023, indicating an increase of about 20.6%[21] - The net assets applicable to common shareholders as of September 30, 2024, were $865,636,898, an increase from $687,601,546 at the end of 2023, representing a growth of about 26%[21] - Total debt outstanding as of September 30, 2024, was $1,160,042,987, an increase from $985,200,609 as of December 31, 2023, representing a growth of approximately 17.7%[21] - Cash and cash equivalents as of September 30, 2024, were $104,181,765, down from $112,241,946 at the end of 2023, a decrease of approximately 7.5%[21] Investment Activity - Total acquisitions during Q3 2024 were approximately $72.8 million, while total investment dispositions were $139.2 million[2] - The total investments at fair value as of September 30, 2024, were $1,909,089,361, compared to $1,554,941,110 at the end of 2023, reflecting an increase of approximately 22.7%[21] - The company has a stock repurchase plan approved to acquire up to $50.0 million of its common stock, although no shares were repurchased during the three months ended September 30, 2024[18] Portfolio Quality - Debt investments on non-accrual status represented 3.8% of the portfolio at fair value as of September 30, 2024, down from 4.9% as of June 30, 2024[2] - The weighted average annual effective yield of the debt portfolio was approximately 13.4% as of September 30, 2024, compared to 13.7% as of June 30, 2024[8] - The net realized loss on investments for the three months ended September 30, 2024, was $(31,425,777), compared to a loss of $(128,841) in the same period last year[22] - Total operating expenses for the three months ended September 30, 2024, were $37,054,846, a 43.5% increase from $25,877,865 in the same quarter of 2023[22] Management and Strategy - The company is focused on direct lending to middle-market companies and small businesses, aiming for high total returns through current income and capital appreciation[23] - BlackRock TCP Capital Corp. is externally managed by a wholly-owned, indirect subsidiary of BlackRock, Inc., ensuring professional management of its investment portfolio[23] - The company emphasizes principal protection in its investment strategy, which is crucial in the current economic environment[23]

Financial Performance - Total assets as of September 30, 2024, increased to $2,047,700,892 from $1,698,772,353 as of December 31, 2023, representing a growth of approximately 20.6%[5] - Total investments at fair value reached $1,909,089,361, up from $1,554,941,110, indicating an increase of about 22.7%[5] - Net assets applicable to common shareholders rose to $865,636,898, compared to $687,601,546 at the end of 2023, reflecting a growth of approximately 26%[5] - The company reported a net asset per share of $10.11 as of September 30, 2024, down from $11.90 at the end of 2023[5] - Distributable earnings showed a loss of $382,528,734, worsening from a loss of $280,099,476 in the previous period[5] - Basic and diluted earnings per share for the three months ended September 30, 2024, were $0.25, compared to $0.22 for the same period in 2023, indicating an increase of 13.6%[7] - The company reported a net increase in net assets from operations of $21,632,960 for the three months ended September 30, 2024, compared to $12,822,932 in the prior year, marking a growth of 68.5%[7] - Net increase in net assets resulting from operations for the nine months ended September 30, 2024, was $(24,586,416), compared to $51,787,497 for the same period in 2023[4] Debt and Liabilities - Debt increased to $1,160,042,987 from $985,200,609, marking an increase of about 17.7%[5] - Interest payments increased to $49,362,618 from $38,487,722 year-over-year[4] - Total liabilities assumed in the merger amounted to $331,975,868[4] - Total debt investments amount to $1,867,740,000, representing 200.4% of Net Assets[21] - Total debt outstanding as of September 30, 2024, was $1,167,841,603, with total available capacity of $1,645,587,807[121] - The combined weighted-average interest rate on total debt increased from 4.29% as of December 31, 2023, to 5.43% as of September 30, 2024[123] Cash and Cash Equivalents - Cash and cash equivalents decreased to $104,181,765 from $112,241,946, a decline of approximately 7.5%[5] - Total cash and cash equivalents at the end of the period were $104,181,765, up from $91,653,006 at the end of the previous year[4] Investment Income - Total investment income for the three months ended September 30, 2024, was $70,932,487, an increase of 30.9% compared to $54,210,941 for the same period in 2023[7] - Net investment income before taxes for the three months ended September 30, 2024, was $33,877,641, up from $28,333,076 in the prior year, representing a growth of 19.0%[7] Shareholder Returns - Dividends paid to shareholders for the three months ended September 30, 2024, totaled $29,100,986, consistent with the previous quarter[8] - Dividends paid to shareholders increased to $85,100,033 from $66,432,353 year-over-year[4] Mergers and Acquisitions - The company issued common stock in connection with a merger, resulting in an increase of $280,464,610 in total net assets[8] - The company acquired net assets in connection with the merger valued at $603,136,276, including $586,983,708 of investments[4][10] Investment Portfolio - The company has a total of 37 debt investments listed, indicating a diversified investment portfolio[12] - The company is actively managing its debt portfolio with a focus on high-yield investments[12] - The company has a significant investment in the construction and engineering sector, totaling $1,081,667[12] - The company has diversified its portfolio with investments in various sectors, including software and technology, to mitigate risks[19] Market Strategy and Outlook - The company is exploring new strategies for market expansion and product development, particularly in technology and healthcare sectors[15] - Future outlook includes potential market expansions and new product developments in the sectors represented by the debt investments[18] Valuation and Fair Value - The total fair value of Level 3 investments was $1,879,087,978, with significant unrealized losses of $(139,090,785) during the period[78] - The fair value of Equity Securities was $172,419,745, with a range of implied volatility between 45.0% and 75.0%[74] - The company’s investments are valued at least quarterly based on independent third-party sources, with less than 5% priced directly by the Valuation Designee[66] Regulatory and Compliance - The Company has elected to be treated as a regulated investment company (RIC) for U.S. federal income tax purposes, allowing it to avoid taxation on distributed income[58] - Approximately 16.9% of BlackRock TCP Capital Corp.'s total assets were classified as non-qualifying assets under Section 55(a) of the 1940 Act[33]

Group 1 - BlackRock TCP (TCPC) has experienced a significant downtrend, with a stock decline of 17.2% over the past four weeks due to excessive selling pressure [1] - The stock is currently in oversold territory, indicated by an RSI reading of 15.22, suggesting that the heavy selling may be exhausting itself and a rebound could occur [3] - Wall Street analysts have raised earnings estimates for TCPC, with a 0.4% increase in the consensus EPS estimate over the last 30 days, indicating potential price appreciation in the near term [4] Group 2 - TCPC holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, further supporting the potential for a turnaround [4]

Financial Data and Key Metrics Changes - Adjusted net investment income was $0.38 per share with an annualized net investment income return on average equity of approximately 14%, remaining at the high end of historical ranges [4][20] - The net asset value (NAV) declined by 8.4%, with non-accruals increasing from approximately 1.7% to 4.9% of fair value [5][11] - Net realized losses for the quarter were $35 million, while net unrealized losses totaled $52 million [12][21] - Available liquidity at the end of the quarter was $780 million, including $585 million in available capacity under the leverage program and $195 million in cash [22] Business Line Data and Key Metrics Changes - The company invested $130 million in the second quarter, with $124 million in senior secured loans, reflecting a 40% increase in deployment activity compared to the previous year [14][15] - The weighted average annual effective yield of the portfolio decreased to 12.4% from 13.4% in the previous quarter [18] - 91% of the portfolio was invested in senior secured loans, with 81% in first lien loans [19] Market Data and Key Metrics Changes - The company noted a meaningful pickup in activity across its platform, driven by a return of M&A and refinancing activity [14] - The overall credit quality of the portfolio remains strong, with a weighted average internal risk rating of 1.5, slightly improved from 1.56 in the previous quarter [12] Company Strategy and Development Direction - The company is focused on maintaining a disciplined approach to capital deployment, emphasizing credit-first downside protection and investing in the core middle-market [23] - The merger with BlackRock Investment Capital Corp is expected to improve access to capital, allowing the company to capitalize on new investment opportunities [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the increase in non-accruals but emphasized the overall strong health of the portfolio and ongoing efforts to resolve issues with impacted companies [5][23] - The company remains committed to maintaining a well-covered dividend and delivering attractive returns to shareholders [23] Other Important Information - The company raised $325 million of fixed-rate unsecured debt at an attractive rate of 6.95% in May 2024 [13] - The investment manager's support for the dividend is in place for four quarters post-merger, covering any shortfall below $0.32 of net investment income [46] Q&A Session Summary Question: How much did the increase in non-accruals affect EPS in the quarter? - The increase in non-accruals affected EPS by roughly $0.08 per share [24] Question: Were the non-accruals legacy TCPC or from the merger? - The portfolios were largely overlapping at the time of the merger, making it difficult to distinguish between legacy TCPC and BCIC positions [26] Question: What is the target range for leverage? - The regulatory net leverage is 1.13x, which is within the target range of 0.9x to 1.20x [22][27] Question: Why did the company decide to increase investments this quarter? - The increase in investments was not characterized as an acceleration but rather a normal deployment reflecting growth in existing portfolio companies [29][30] Question: Is there more industry concentration in the portfolio? - The company acknowledged the correlation in the Amazon aggregator space but does not see similar trends across other industries in the portfolio [32][34] Question: How many restructurings is the company driving? - The company is meaningfully involved in most restructurings, with a focus on being a significant voice in negotiations [37][38] Question: Are sponsors willing to support their companies? - Sponsor behavior is case-by-case, with some continuing to provide support while making rational decisions based on business performance [40] Question: How is the company managing current leverage levels? - The company views the current leverage as temporary and expects it to decrease significantly after using cash to pay down debt [43]

BlackRock TCP (TCPC) came out with quarterly earnings of $0.42 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.48 per share a year ago. These figures are adjusted for non-recurring items. A quarter ago, it was expected that this investment company would post earnings of $0.45 per share when it actually produced earnings of $0.45, delivering no surprise. Over the last four quarters, the company has surpassed consensus EPS estimates just once. BlackRock TCP, which belongs ...

Exhibit 99.1 BlackRock. BLACKROCK TCP CAPITAL CORP. ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS INCLUDING NET INVESTMENT INCOME OF $0.42 PER SHARE; DECLARES THIRD QUARTER DIVIDEND OF $0.34 PER SHARE; 49 CONSECUTIVE QUARTERS OF DIVIDEND COVERAGE SANTA MONICA, Calif., August 7, 2024 - BlackRock TCP Capital Corp. ("we," "us," "our," "TCPC" or the "Company"), a business development company (NASDAQ: TCPC), today announced its financial results for the second quarter ended June 30, 2024 and filed its Form 10- ...