Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2024 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From ____ to ____ Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in its Charter) Delaware 56-2594706 (State ...

| --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | BlackRock TCP Capital Corp. Investor presentation March 31, 2024 | | | | | | | | | | | | | Continued strong financial performance Declared a second quarter dividend of $0.34 per share, payable on June 28, to shareholders of record as of the close of business on June 14 91% invested in senior secured debt; ...

Financial Data and Key Metrics - Adjusted net income for Q1 2024 was $0.45 per share, up from $0.44 in the prior quarter [13] - Annualized net investment income (NII) return on equity for the quarter was 14.7% [13] - NAV declined by 6.4% in Q1 2024, primarily due to unrealized losses on investments in Thrasio, Razor, and Edmentum [14] - The company declared a Q2 dividend of $0.34 per share, implying 132% NII coverage based on Q1 adjusted NII [24] Business Line Data and Key Metrics - The portfolio consists of investments in 157 companies, with an average investment of $13.5 million per company [36] - 91% of investments are senior secured debt, with 80% being first-lien and 97% floating rate [37] - The overall effective yield on the debt portfolio is 14.1%, with new investments in Q1 having a weighted average effective yield of 14.7% [38] - The company invested $20 million in Q1, primarily in senior secured loans, with $24 million in dispositions and payoffs [28][33] Market Data and Key Metrics - The portfolio fair market value at the end of Q1 was approximately $2.1 billion [36] - The company has a diversified portfolio across industries, with 75% of portfolio companies contributing less than 1% to recurring income [37] - The company expects further consolidation and cost optimization in the Amazon aggregator space, with fewer but larger-scale vendors emerging [19][20] Company Strategy and Industry Competition - The merger with BCIC has provided greater scale, lower fee structures, and more efficient access to capital [12] - The company focuses on middle-market companies with established business models and proven customer bases, emphasizing downside protection [28][29] - The company sees emerging opportunities in M&A as interest rates stabilize and valuations for higher-quality assets narrow [30] - The company’s industry specialization enhances risk assessment and deal sourcing capabilities, particularly in the middle market [31][49] Management Commentary on Operating Environment and Future Outlook - The company expects a slower growth and elevated rate environment for the foreseeable future, with potential macroeconomic volatility [39] - The direct lending market has seen increased bifurcation, with more borrower-friendly trends in the upper middle market, but the core middle market remains resilient [40][41] - The company remains optimistic about near- to intermediate-term M&A activity, driven by pent-up demand and lower debt service costs [30][76] Other Important Information - The company’s total liquidity increased to $409 million at the end of Q1, with $286 million in available leverage and $121 million in cash [46] - Net leverage excluding SBIC debt is 1.08x, within the target range of 0.9x to 1.2x [47] - The company has five portfolio companies on non-accrual, representing 1.7% of the portfolio at fair value and 3.6% at cost [52] Q&A Session Summary Question: Thrasio Bankruptcy Valuation - The bankruptcy process for Thrasio was finalized after Q1, and the valuation may differ from the mark due to strategic considerations in the bankruptcy process [61][62][63] - The company maintains rigorous valuation processes and expects volatility in marks during restructuring [65][66][67] Question: Market Activity and Interest Rates - The company expects M&A activity to pick up as rates stabilize, but moderates expectations due to the current yield curve [73][74][75] - Market participants are actively pre-marketing deals, and institutional investors are pressuring GPs for distributions, which could drive activity [76][77] Question: Portfolio Flexibility and Non-LBO Deals - The company has historically shown flexibility in deal types, including ABL financing and leasing, and expects to continue exploring such opportunities [79][80][81] - The merger with BCIC provides greater scale to pursue less traditional deal types [81] Question: Debt Refinancing and Funding Costs - The company plans to address upcoming debt maturities in the near term, leveraging its investment-grade rating and favorable capital market conditions [83][91][92] - Moody’s outlook change on private credit may impact funding costs, but the company’s long-established rating provides stability [92][93] Question: Software and ARR Exposure - The company’s software portfolio is diversified across end markets, with ARR being a subset of its software exposure [99][100][101] - Software exposure is viewed as less correlated but more susceptible to end-market risks [102]

Financial Performance - For Q1 2024, BlackRock TCP Capital Corp. reported net investment income of $28.3 million, or $0.46 per share, exceeding the regular dividend of $0.34 per share[2]. - Total investment income for Q1 2024 was approximately $55.7 million, or $0.90 per share, with a weighted average effective yield of the debt portfolio at approximately 14.1%[12][8]. - The net increase in net assets from operations for Q1 2024 was $5.1 million, or $0.08 per share, compared to $13.3 million, or $0.23 per share, for the previous quarter[2]. - Net investment income before taxes for Q1 2024 was $28,261,273, compared to $25,408,567 in Q1 2023, reflecting a growth of 7.3%[28]. - Basic and diluted earnings per share decreased to $0.08 in Q1 2024 from $0.39 in Q1 2023[28]. - Total investment income for Q1 2024 was $55,729,309, an increase of 10.4% from $50,308,350 in Q1 2023[28]. - Total operating expenses for Q1 2024 were approximately $27.5 million, or $0.44 per share, with annualized expenses at 4.4% of average net assets[13]. - Total operating expenses rose to $27,468,036 in Q1 2024, up 10.3% from $24,899,783 in Q1 2023[28]. Asset and Investment Overview - As of March 31, 2024, net asset value per share decreased to $11.14 from $11.90 at December 31, 2023[2]. - The company’s consolidated investment portfolio consisted of debt and equity positions in 157 portfolio companies with a total fair value of approximately $2.1 billion[7]. - Total investments at fair value were $2,116,419,296 as of March 31, 2024, up from $1,554,941,110 at the end of 2023[26]. - Net assets increased to $953,482,427 as of March 31, 2024, compared to $687,601,546 at the end of 2023, reflecting improved financial health[26]. - Total assets increased to $2,283,532,138 as of March 31, 2024, compared to $1,698,772,353 at the end of 2023, indicating strong growth in the asset base[26]. Debt and Leverage - Total debt outstanding as of March 31, 2024, was $1,302,812,708, an increase from $985,200,609 as of December 31, 2023, reflecting a significant rise in leverage[26]. - The combined weighted-average interest rate on debt outstanding was 5.08% as of March 31, 2024[15]. - The weighted-average interest rate on debt, excluding fees, was approximately 2.52% as of March 31, 2024[18]. - Debt investments on non-accrual status represented 1.7% of the portfolio at fair value and 3.6% at cost as of March 31, 2024[8]. Corporate Actions and Dividends - The company completed the acquisition of BlackRock Capital Investment Corporation on March 18, 2024, resulting in total acquisitions of approximately $607.0 million for the quarter[2]. - The company completed its merger with BCIC on March 18, 2024, resulting in BCIC's corporate existence ceasing and becoming an indirect wholly-owned subsidiary[21]. - The Board of Directors declared a second quarter dividend of $0.34 per share, payable on June 28, 2024, to stockholders of record as of June 14, 2024[23]. - The company has a new dividend reinvestment plan (DRIP) effective from March 18, 2024, allowing shareholders to reinvest dividends into additional shares[17]. - The management fee rate was reduced from 1.50% to 1.25% on assets equal to or below 200% of the net asset value following the merger[22]. - The company has a stock repurchase plan to acquire up to $50.0 million of its common stock, although no shares were repurchased during the three months ended March 31, 2024[19][20]. Market and Economic Outlook - The company focuses on direct lending to middle-market companies and small businesses, aiming for high total returns through current income and capital appreciation[29]. - The company is externally managed by a wholly-owned subsidiary of BlackRock, Inc., ensuring alignment with investment objectives[29]. - Forward-looking statements indicate potential risks including changes in economic conditions, interest rates, and regulatory changes that could impact future performance[31].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended March 31, 2024 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period From ____ to ____ Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in its Charter) Delaware 56-2594706 (State or Other Jurisdic ...

BlackRock TCP Capital Corporation (NASDAQ:TCPC) Q4 2023 Earnings Conference Call February 29, 2024 1:00 PM ET Company Participants Kathleen McGlynn - IR Rajneesh Vig - Chairman & CEO Erik Cuellar - CFO Philip Tseng - President & COO Conference Call Participants Christopher Nolan - Ladenburg Thalman Paul Johnson - KBW Robert Dodd - Raymond James Operator Ladies and gentlemen, good afternoon. Welcome, everyone, to BlackRock TCP Capital Corp's Fourth Quarter and Full Year 2023 Earnings Conference Call. Today's ...

Exhibit 99.1 BLACKROCK TCP CAPITAL CORP. ANNOUNCES 2023 FINANCIAL RESULTS INCLUDING FOURTH QUARTER NET INVESTMENT INCOME OF $0.44 PER SHARE; DECLARES FIRST QUARTER DIVIDEND OF $0.34 PER SHARE; 47 CONSECUTIVE QUARTERS OF DIVIDEND COVERAGE SANTA MONICA, Calif., February 29, 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 fourth quarter and year ended December 31, 2023 and filed its For ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Year Ended December 31, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification No.) 295 ...

BlackRock TCP Capital Corp. (NASDAQ:TCPC) Q3 2023 Earnings Conference Call November 2, 2023 1:00 PM ET Company Participants Katie McGlynn - Director of Investor Relations Rajneesh Vig - Chairman and Chief Executive Officer Philip Tseng - President and Chief Operating Officer Erik Cuellar - Chief Financial Officer Conference Call Participants Robert Dodd - Raymond James Christopher Nolan - Ladenburg Thalmann Ryan Lynch - Keefe, Bruyette & Woods Operator Ladies and gentlemen, good afternoon. Welcome everyone ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended September 30, 2023 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 814-00899 BLACKROCK TCP CAPITAL CORP. (Exact Name of Registrant as Specified in Charter) Delaware 56-2594706 (State or Other Jurisdiction of Incorporation) (IRS Employer Identification N ...