Investor Presentaiton
Well 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.View entire presentation