BlackRock TCP Capital (TCPC) investor relations material

Executive summary

• Completed a $523 million portfolio sale, transferring 95% of interests in a vehicle holding 78 companies (48% of the debt portfolio by fair value) to Pantheon Ventures-managed funds, generating ~$152 million in gross proceeds and retaining a 5% interest.

• The transaction was priced at 95% of December 2025 gross fair market value, resulting in a 10.4% NAV decline (~$57 million or $0.68 per share), including transaction expenses.

• Net leverage reduced from 1.38x to 0.4x pro forma, with further reduction to below 0.3x possible after additional repayments; unfunded commitments dropped to ~$36 million.

• Board engaged Keefe, Bruyette & Woods and Lincoln International LLC for a strategic review, evaluating options such as reinvestment, capital return, or strategic combinations.

• Merger with BlackRock Capital Investment Corporation in March 2024 continues to impact financial reporting and non-GAAP adjustments.

Financial highlights

• Q2 2026 total investment income: $40.0 million ($0.48/share); net investment income: $18.1 million ($0.22/share); adjusted net investment income: $17.5 million ($0.21/share), covering the $0.17 dividend (124% coverage).

• Net realized losses: $14.8 million ($0.18/share), mainly from AutoAlert exit; net unrealized gains: $1.3 million ($0.01/share).

• NAV per share declined to $6.58 from $6.72 sequentially, primarily due to the portfolio sale and issuer-specific developments.

• Annualized adjusted NII ROE was 12.4% for Q2 2026.

• Board declared a Q3 2026 dividend of $0.17/share; 156,370 shares repurchased at $3.78 average price in Q2, and 661,803 shares at $4.34/share in H1 2026.

Outlook and guidance

• Strategic review underway with no set timetable; focus on prudent capital allocation, evaluating reinvestment, capital return, and strategic alternatives to maximize shareholder value.

• Transaction provides greater financial, investment, and operational flexibility, enabling pursuit of new investments, portfolio diversification, and potential buybacks.