#1TCP CAPITAL CORP. BlackRock TCP Capital Corp. Investor Presentation March 31, 2023 BLACKROCK®#2Forward Looking Statements 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 www.sec.gov and the Company's website at www.tcpcapital.com. Prospective investors should read these materials carefully before investing. This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of management of the Company at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. These forward-looking statements do not meet the safe harbor for forward-looking statements pursuant to Section 27A of the Securities Act or Section 21E of the Securities Exchange Act. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, changes in general economic conditions or changes in the conditions of the industries in which the Company makes investments, risks associated with the availability and terms of financing, changes in interest rates, availability of transactions, and regulatory changes. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in the "Risk Factors" section of the Company's Form 10-K for the year ended December 31, 2022, and the Company's subsequent periodic filings with the SEC. Copies are available on the SEC's website at www.sec.gov and the Company's website at www.tcpcapital.com. Forward-looking statements are made as of the date of this presentation, or as of the prior date referenced in this presentation, and are subject to change without notice. The Company has no duty and does not undertake any obligation to update or revise any forward-looking statements based on the occurrence of future events, the receipt of new information, or otherwise. BLACKROCK® 2 TCP CAPITAL CORP.#3First Quarter 2023 Financial Highlights and Portfolio Overview As of March 31, 2023 Continued Strong Financial Performance ☐ Record net investment income of $0.44 per share, exceeded the fourth quarter dividend of $0.32 per share paid on March 31 Loans on non-accrual limited to 2 portfolio companies; 0.3% of total investments at fair value and 0.5% at cost Declared a second quarter dividend of $0.34 per share, payable on June 30, 2023 to stockholders of record as of the close of business on June 16, 2023 Diversified Portfolio with an Emphasis on Less-Cyclical Businesses Total portfolio fair value of $1.7 billion diversified across 143 portfolio companies 88% invested in senior secured debt; 76% of the total portfolio is 1st lien Weighted average yield of the debt portfolio is 13.1%(1) Total acquisitions of $76 million, dispositions of $19 million Flexible Capital With Available Liquidity Diverse leverage program totaling $1.2 billion, with well laddered maturities 56% of outstanding leverage as of March 31 is unsecured $208 million of available credit facility capacity Net regulatory leverage ratio 1.04x, well within our 2:1 regulatory leverage limitation Fitch reaffirmed the Company's investment-grade rating with stable outlook during the first quarter (1) Weighted average annual effective yield includes amortization of deferred debt origination and end-of-term fees and accretion of original issue discount, but excludes market discount, any prepayment and make-whole fee income, and any debt investments that are distressed or on non-accrual status. Weighted average effective yield on the total portfolio (including debt investments that are distressed or on non-accrual status and equity investments) was 12.3% as of 3/31/2023. Past performance does not guarantee future returns. BLACKROCK 3 TCP CAPITAL CORP.#4Middle Market Lending - A Large and Stable Opportunity Market Size ~200,000 U.S. Middle Market companies representing over $10 trillion in annual revenue (1) Continued Growth Middle Market companies on average posted 12.2% revenue growth in 2022 and expect about 10% growth in 2023.(1) Strong Credit Performance 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 ■ Value in establishing long-term relationships between borrowers, lenders and private equity sponsors (1) Source: National Center for Middle Market at Ohio State University as of December 31, 2022 (2) Source: S&P, Fitch U.S. Leveraged Loan Default Insights BLACKROCK® 4 TCP CAPITAL CORP.#5Diversified Portfolio: Emphasis on Less-Cyclical Businesses Substantially all investments subject to independent 3rd party valuation process every quarter As of March 31, 2023 Emphasis on Less-Cyclical Businesses Robust downside analysis performed at underwriting, with an emphasis on companies and industries that can withstand periods of economic stress Portfolio emphasis on less-cyclical companies with strong covenants; investments in cyclical companies typically structured with significant collateral protections Each portfolio company investment subject to rigorous quarterly review process to identify and address new risks if they arise, including future capital needs or potential covenant breaches Industry Diversification (1) Diversified Telecommunication Services 0.9% Trading Companies & Distributors 1.0% Insurance 1.2% Specialty Retail 1.5% Paper and Forest Products 1.8% IT Services 1.8% Technology Hardware, Storage & Peripherals 1.8% Textiles, Apparel and Luxury Goods 2.3% Road and Rail 2.4% Healthcare Providers and Services 2.4% Automobiles 2.5% Construction and Engineering 2.9% Capital Markets 2.9% Other 8.8% Internet Software and Services 15.7% Media 3.8% Healthcare Technology 4.3% Professional Services 6.6% Diversified Financial Services 11.9% Diversified Consumer Services 11.9% Software 11.6% (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. Past performance does not guarantee future returns. BLACKROCK' 5 TCP CAPITAL CORP.#6Diversified Portfolio: Conservatively Positioned As of March 31, 2023 # of portfolio companies contributing (2) Diversified Income Contribution 111 24 24 4 4 <1% 1% - 2% 2% -3% +3% % contribution to recurring income $1.7 billion portfolio fair value 88% of portfolio is senior secured debt 13.1% weighted average effective yield on debt portfolio (1) More than half of our portfolio companies contribute <1% to recurring income (1) Weighted average annual effective yield includes amortization of deferred debt origination and end-of-term fees and accretion of original issue discount, but excludes market discount, any prepayment and make-whole fee income, and any debt investments that are distressed or on non-accrual status. Weighted average effective yield on the total portfolio (including debt investments that are distressed or on non-accrual status and equity investments) was 12.3% as of 3/31/2023. (2) Excludes non-income producing equity investments Past performance does not guarantee future returns. BLACKROCK 6 TCP CAPITAL CORP.#7Strategically Positioned Balance Sheet As of March 31, 2023 Predominantly First Lien, Floating Rate Asset Portfolio Diverse Capital Structure(3) Seniority(1) First Lien 76% Second Lien 12% Junior 0% Equity 42% Equity 12% Fixed / Floating (2) Floating Rate 94% Fixed Rate 6% SBA Debentures 9% Credit Facilities 17% Unsecured Debt 32% (1) As a percent of total investments at fair value as of March 31, 2023. (2) As a percent of debt investments at fair value as of March 31, 2023. (3) SBA Debentures structured as long-term facilities and not subject to regulatory minimum asset coverage. BLACKROCK® 7 TCP CAPITAL CORP.#8Well Positioned for a Rising Rate Environment Rates have risen significantly ▪ Interest rates have risen significantly over the last twelve months to the highest levels in several years, and 2022 saw the most significant increase in a single year in several decades Given the majority of our outstanding liabilities are fixed rate, we are well positioned to benefit from higher interest rates SOFR 03/31/2023 03/08/2023 11/28/2022 12/21/2022 01/18/2023 02/10/2023 11/1/2022 10/6/2022 09/13/2022 08/18/2022 07/26/2022 06/30/2022 06/06/2022 05/11/2022 04/18/2022 03/23/2022 01/07/2022 02/02/2022 02/28/2022 12/14/2021 11/18/2021 10/25/2021 09/29/2021 07/19/2021 08/11/2021 09/03/2021 05/05/2021 05/28/2021 06/23/2021 01/27/2021 02/22/2021 03/17/2021 04/12/2021 Basis Point Change Up 300 basis points Up 200 basis points Up 100 basis points Down 100 basis points Down 200 basis points Down 300 basis points Annual impact on net income of changes in interest rates (1) Net Investment Income +$34,049,340 +$22,699,560 +$ 11,349,780 $ (11,326,616) $(22,653,233) $ (33,922,110) Net Investment Income Per Share +$ 0.59 +$0.39 +$ 0.20 $(0.20) $(0.39) $(0.59) TCP CAPITAL CORP. (1) Considers interest rate floors for variable rate instruments and assumes concurrent contractual rate resets for assets and liabilities, and excludes the related incentive compensation impact. Actual results may differ. Please refer to page 69 of the Company's 10-Q as of March 31, 2023. BLACKROCK® 8#9Well-Covered Dividend Net investment income of $0.44 per share in Q1 2023 Out-earned quarterly dividend of $0.32 per share paid on March 31, 2023 Declared Q2 2023 dividend of $0.34 per share Payable on June 30, 2023 to holders of record as of June 16, 2023 Consistent coverage of the regular dividend every quarter since IPO in 2012 2012 (12) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Per Share Regular dividend Net investment income Regular dividend coverage $1.04 $1.43 $1.44 $1.44 $1.44 $1.44 $1.44 $1.44 $1.32 $1.42 $1.65 $1.55 $1.64 $1.51 $1.59 $1.59 $1.61 $1.44 $1.20 $1.22 $0.32 $1.26 $1.53 $0.44 137% 115% 108% 114% 105% 110% 110% 112% 109% 105% 125% 137% Special dividend $0.05 $0.10 $0.10 $0.05 (1) Incentive compensation was waived from the date of the IPO to January 1, 2013. (2) Dividends and net investment income in 2012 reflect the 3 quarters post-IPO (Q2, Q3 and Q4). There is no guarantee that quarterly distributions will continue to be made at historical levels. BLACKROCK 9 TCP CAPITAL CORP.#10Competitive Advantages of BlackRock BlackRock's investment platform creates substantial scale and scope that provides insight, access, and expertise in sourcing, underwriting and managing differentiated investments Global Credit Expertise " $152 billion (1) in AUM across credit asset classes globally ■ 257(1) Global Credit investment professionals Information Edge ■ Broad access to management teams Expertise across asset classes, investment styles, products and industries One Stop Shop ■ Full range of strategies and risk profiles ■ Global presence: North America, Europe and Asia Dedicated Team with Experience • Cycle-tested team organized along 19 industry verticals with an emphasis on less competitive situations ■ Over two decades managing global credit strategies Differentiated Sourcing ■ One of the largest credit counterparties globally Strong market access and corporate relationships Strong Risk Management Firm-wide culture of risk management ■ Dedicated risk professionals with independent reporting lines (1) As of March 31, 2023. AUM includes managed assets and dry powder. BLACKROCK 10 10 TCP CAPITAL CORP.#11Breadth and Depth of BlackRock's Global Credit Platform Global Credit AUM: $152 billion (1) Leveraged Finance " High Yield ■ Bank Loans ■ CLOS Multi-Strategy Credit ■ Pan-Credit Solutions Hedge Fund Strategies Private Credit ■ Direct Lending " Opportunistic Credit ■ Specialty Finance BlackRock Investment Institute, Risk and Quantitative Analysis, Aladdin Investment Platform BlackRock leverages expertise across liquid and illiquid credit and seeks to deliver optimal solutions for its clients (1) As March 31, 2023. Includes managed assets and dry powder. BLACKROCK® 11 TCP CAPITAL CORP.#12Well Positioned to Manage Through the Cycle Late Cycle Downturn Early Cycle Mid Cycle Tight Financing Excess Capacity Easy Financing Excess Demand Strategy attributes are well-positioned to withstand a downturn ✓ Senior secured, top of the capital structure ✓ Significant cushion below investment (generally, 40-60%) ✓ Financial and maintenance covenants ✓ Diverse portfolio by issuer, industry, and sector ✓ Investment segment governed by consistent and predictable bankruptcy laws ✓ Cycle-tested team with proven track record ✓ Depth of workout and restructuring expertise ✓ Repeat borrowers are an important source of originations, accounting for nearly 45% of assets invested over the last twelve months Source: BlackRock. As of March 31, 2023 BLACKROCK® 12 TCP CAPITAL CORP.#13Net Asset Value ("NAV") Bridge Bridge - First Quarter 2023 $14.00 $13.80 Quarter over quarter NAV increased 0.5%, primarily driven by NII in excess of the dividend $13.60 $13.40 $0.44 $0.48 $13.20 $13.00 $12.93 $13.00 $(0.32) $12.80 $(0.53) $12.60 $12.40 $12.20 $12.00 12/31/2022 NAV Net Investment Income Net Realized Gain Net Unrealized Gain 3/31/2023 Distribution 3/31/2023 NAV Past performance does not guarantee future returns. BLACKROCK® 13 33 TCP CAPITAL CORP.#14Strong Track Record Book Value per Share and Dividends Paid $35.00 Annualized return on invested assets (1): 10.3% $30.00 Annualized cash return(2): 9.3% $25.00 Annualized total return on equity(3): 8.5% $20.00 $15.00 $10.00 $5.00 As of 3/31/2023: $28.12 $0.00 At IPOQ3-12Q1-13Q3-13Q1-14Q3-14Q1-15Q3-15Q1-16Q3-16Q1-17Q3-17Q1-18 Q3-18Q1-19Q3-19 Q1-20Q3-20Q1-21 Q3-21Q1-22 Q3-22 Q4-22 ■Book Value per Share ■Cumulative Dividends Paid per Share (Post IPO) (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, 2023. (2) Cash return calculated as total distributions from April 6, 2012 through March 31, 2023, divided by opening NAV of $14.76 on April 6, 2012. (3) Total return calculated as the change in net asset value plus dividends distributed between April 6, 2012 and March 31, 2023. Past performance does not guarantee future returns. BLACKROCK 14 TCP CAPITAL CORP.#15Diversified Sources of Funding As of March 31, 2023, $ in millions Source Operating Facility Funding Facility II SBA Debentures 2024 Notes 2026 Notes Total leverage Cash Net settlements Unamortized debt issuance costs Net TCPC is investment grade rated by Fitch and Moody's Capacity $ 300.0 (1) Drawn Amount Available Pricing Maturity $ 202.0 $ 98.0 L+ 1.75% (2) May-26 200.0 (3) 100.0 100.0 S + 2.00% (4) 160.0 150.0 10.0 2.52% (5) Aug-25 2024-2031 249.1 (6) 249.1 3.900% Aug-24 326.1 (7) 326.1 2.850% Feb-26 $ 1,235.2 $ 1,027.2 $ 208.0 4.19% (8) 98.8 (4.6) $ 1,022.6 $ 306.8 (1) 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. (2) As of March 31, 2023, $8.0 million of the outstanding amount bore interest at a rate of EURIBOR + 2.00% and $2.0 million of the outstanding amount bore interest at a rate of Prime + 1.00%. (3) Funding Facility Il 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. (4) Subject to certain funding requirements and a SOFR credit adjustment of 0.15%. (5) Weighted average interest rate, excluding fees of 0.35% or 0.36%. (6) $250 million par. Carrying value shown. (7) $325 million par. Carrying value shown. (8) Combined weighted-average interest rate on amounts outstanding as of March 31, 2023. BLACKROCK 15 TCP CAPITAL CORP.#16Investor Friendly Advisory Fee Structure BlackRock TCP Capital Corp. Average Externally Managed BDC(1) Base Management Fee ■ 1.5% up to 1.0x debt to equity; 1.0% above 1.0x 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, cumulative lookback 6-8% annualized NII return on NAV, no lookback ■Capital Gains: 17.5% of cumulative net realized gains less net unrealized depreciation, subject to a cumulative, annualized 7% total return hurdle calculated quarterly Capital Gains: 20% of cumulative net realized gains less net unrealized depreciation, subject to a rolling 3-year annualized 7% return hurdle Incentive Compensation ■ Ordinary Income: 17.5% subject to a cumulative, annualized 7% total return hurdle calculated quarterly Ordinary Income: 20% (based on NII only, excluding realized and unrealized losses) subject to quarterly hurdle rate calculated quarterly (1) Source: SEC filings. Represents average fee structure for publicly traded, externally managed BDCs with a market capitalization of more than $200 million. As of 3/31/2023. BLACKROCK 16 TCP CAPITAL CORP.#17Quarterly Operating Results 2023 Unaudited ($ in thousands, except per share amounts) Investment income Interest income Dividend income Other income Q1 Q4 Q3 2022 Q2 Q1 $ 48,992 937 $ 45,139 1,243 $ 46,098 1,731 $ 41,080 2,656 $ 40,454 1,538 379 307 377 219 159 Total investment income 50,308 46,689 48,206 43,955 42,151 Expenses Interest and other debt expenses 11,549 10,475 10,168 9,369 9,345 Management fees 5,878 6,357 6,629 6,606 6,668 Incentive fee 5,390 4,883 5,174 4,512 4,190 Administrative expenses 376 437 403 444 477 Legal fees, professional fees and due diligence expenses 454 401 387 410 570 Other expenses 1,288 1,113 1,054 1,344 1,147 Total expenses 24,935 23,666 23,815 22,685 22,397 Net investment income 25,373 23,023 24,391 21,270 19,754 Net realized and unrealized gain (loss) (2,659) (70,809) 1,848 (21,398) (7,305) Loss on extinguishment of debt Net increase (decrease) in net assets $ 22,714 $ (47,785) $ 26,239 $ (128) $ 12,449 Earnings (loss) per share $0.39 ($0.83) $0.45 $(0.00) $0.22 Net investment income per share(1) $0.44 $0.40 $0.42 $ 0.37 $ 0.34 Dividend per share $0.32 $0.32 $0.30 $ 0.30 $ 0.30 Weighted average common shares outstanding 57,767,264 57,767,264 57,767,264 Ending common shares outstanding 57,767,264 57,767,264 57,767,264 57,767,264 57,767,264 57,767,264 57,767,264 (1) After incentive compensation BLACKROCK® 17 17 TCP CAPITAL CORP.#18Financial Highlights 2023 2022 Unaudited Unaudited ($ per share) Q1 Q4 Q3 Q2 Q1 Net investment income 0.44 0.40 0.42 0.37 0.34 Net realized & unrealized gains (losses) (0.05) (1.22) 0.03 (0.37) (0.12) Net increase (decrease) in net assets from operations 0.39 (0.83) 0.45 (0.00) 0.22 Dividend paid (0.32) (0.37) (0.30) (0.30) (0.30) Net asset value 13.00 12.93 14.12 13.97 14.27 2023 2022 Q1 Q4 Q3 Q2 Total fair value of investments (000s) 1,665,730 Number of portfolio companies 143 1,609,587 136 $ 1,678,875 $ 1,796,878 Q1 $ 1,795,751 132 Average investment size (000s) 11,648 $11,835 $ 12,719 Debt/equity ratio(1) 1.17x 1.07x 1.03x 122 $ 14,728 1.11x 119 $ 15,090 1.07x Debt/equity ratio, net of cash (1)(2) 1.04x 0.96x 0.90x 1.05x 1.02x (1) Excludes SBIC debt, which is exempt from regulatory asset coverage requirements (2) Net of trades pending settlement BLACKROCK 18 TCP CAPITAL CORP.#19Portfolio Highlights Asset Mix of the Investment Portfolio (in thousands) Senior secured debt 2023 2022 Q1 Q4 Q3 Q2 Q1 $ 1,470,731 $ 1,420,428 $ 1,458,080 $ 1,591,445 $ 1,584,366 3,508 3,483 3,162 194,999 189,160 217,287 201,950 208,223 $ 1,609,588 $ 1,678,875 $ 1,796,878 $ 1,795,751 Junior debt Equity(1) Total investments $ 1,665,730 Portfolio Activity (in thousands) Gross acquisitions Exits (includes repayments) Net acquisitions (exits) (1) Includes equity interests in diversified portfolios of debt and lease assets BLACKROCK® 2023 Q1 2022 Q4 Q3 Q2 Q1 $76,022 $ 74,932 $ 48,301 $ 102,721 $ 112,354 19,323 75,422 170,415 82,180 153,442 $ 56,698 $ (490) $122,114 $ 20,541 $ (41,088) 19 TCP CAPITAL CORP.#20Quarterly Balance Sheets 2023 2022 2021 (in thousands, except per share data) Unaudited Audited ASSETS Investments at fair value Q1 Q4 Q3 Q2 Q1 Q4 $1,665,730 $1,609,588 $1,678,875 $1,796,878 $1,795,751 $1,841,138 Cash and cash equivalents Accrued interest income Receivable for investments sold Other assets 98,789 82,435 105,795 49,427 43,651 19,552 22,389 20,904 19,309 19,337 21,459 20,061 234 234 234 6,025 5,891 6,423 7,510 6,638 7,820 7,453 Total assets $1,792,799 $1,719,350 $ 1,811,723 $1,872,514 $ 1,868,915 $1,894,229 LIABILITIES Debt, net of unamortized issuance costs $ 1,022,620 $ 944,006 $983,873 $1,041,901 $ 1,027,911 $1,012,461 Payable for investments purchased 1,937 458 17 28,994 Interest payable 4,042 9,261 3,462 9,607 3,209 10,864 Incentive compensation payable Other liabilities Total liabilities 5,390 4,884 5,174 4,512 4,190 3,742 9,765 12,508 2,843 9,473 9,143 8,711 1,041,817 972,596 995,810 1,065,510 1,044,453 1,064,772 NET ASSETS $ 750,982 NET ASSETS PER SHARE $13.00 $746,754 $12.93 $ 815,913 $ 807,004 $14.12 $13.97 $824,462 $14.27 $ 829,457 $ 14.36 BLACKROCK® 20 TCP CAPITAL CORP.#21Corporate Information Securities Listing NASDAQ: TCPC Research Coverage " Bank of America Merrill Lynch ■ JMP Securities Keefe, Bruyette & Woods Ladenburg Thalmann Oppenheimer Raymond James ■ Wells Fargo Transfer Agent Computershare Inc. (866) 333-6433 (from U.S.) (201) 680-6578 (from outside U.S.) wwww.computershare.com/investor Corporate Headquarters 2951 28th Street Suite 1000 Santa Monica, CA 90405 BLACKROCK® 21 Investor Relations Katie McGlynn (310) 566-1094 [email protected] www.tcpcapital.com TCP CAPITAL CORP.