8th Annual Analyst and Investor Meeting

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8th Annual Analyst and Investor Meeting June 22, 2017

www.tcap.com

NYSE:TCAP

©2017 Triangle Capital Corporation

Forward-Looking Statements and Disclaimers Prospective investors considering an investment in Triangle Capital Corporation (“TCAP”) should carefully consider TCAP’s investment objectives, risks and expenses before investing. This information and other information about TCAP are available in TCAP’s filings with the Securities and Exchange Commission (the “SEC”). Copies are available on the SEC’s website at www.sec.gov and TCAP’s website at www.tcap.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 TCAP’s management 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. 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 TCAP 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” sections of TCAP’s current shelf registration statement on file with the SEC and TCAP’s periodic filings with the SEC. Copies are available on the SEC’s website at www.sec.gov and TCAP’s website at www.tcap.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. TCAP 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. Historical results discussed in this presentation are not indicative of future results. This presentation contains non-GAAP measures. This presentation is neither an offer to sell nor a solicitation of an offer to buy TCAP’s securities. An offering is made only by an applicable prospectus. This presentation must be read in conjunction with a prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of such a prospectus must be made available to you in connection with any offering. The summary descriptions and other information included herein are intended only for informational purposes and convenient reference. The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. Before making an investment decision with respect to TCAP, investors are advised to carefully review an applicable prospectus to review the risk factors described therein, and to consult with their tax, financial, investment and legal advisors. These materials do not purport to be complete, and are qualified in their entirety by reference to the more detailed disclosures contained in an applicable prospectus and TCAP’s related documentation. No representation or warranty, express or implied, is made as to the accuracy or completeness of the information contained herein, and nothing shall be relied upon as a promise or representation as to the future performance of TCAP. A good partner understands your strengths. A great partner becomes one of them.®

2

Agenda

Company Overview

E. Ashton Poole Chairman & CEO

BDC Industry & Credit Cycle Observations

Steven C. Lilly

Investing Market & Strategy Overview

Cary B. Nordan

TCAP Investment Portfolio Observations

E. Ashton Poole

Chief Financial Officer

Chief Origination Officer

Chairman & CEO

Steven C. Lilly Chief Financial Officer

Questions & Answers

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All

3

Company Overview E. Ashton Poole Chairman & CEO

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4

Who We Are

• Leading principal investor in private debt and equity securities with ~$1.7 billion of assets under management

• Oversee and manage a portfolio of 93 investments across 31 industries • Operate as an internally managed Business Development Company (“BDC”) • Small Business Investment Company (“SBIC”) with three licenses • Publicly traded on NYSE – Common Stock: “TCAP” – Notes due (December) 2022: “TCCA” – Notes due (March) 2022: “TCCB”

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5

What We Do • Provide flexible financing solutions to lower middle-market companies – Revenue: $20 million - $300 million – EBITDA: $5 million - $75 million

• Transaction types include buyouts, acquisitions, growth capital, and debt and dividend recapitalizations • Partner with financial sponsors, fundless sponsors, and management teams • Structures include 1st lien, 2nd lien, and subordinated debt financings – Typical investment size is $5 million - $50 million – On average, ~75% of investments have equity upside

Our goal is to be the premier provider of capital to lower middle-market companies A good partner understands your strengths. A great partner becomes one of them.®

6

Our Commitment to Shareholders

• Be good stewards of capital – patient and disciplined • Diversify investments by size, industry, and geography • Operate as efficiently as possible • Operate with transparency and integrity

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7

The Foundation of Our Success • Over 200 Total Investments

• IPO – February 2007

• ~$2.6 Billion Invested

• 10 Follow-on Equity Offerings

• Cumulative Net Realized Gains Since IPO of $6.6 Million

• 3 Bond Offerings • 3 SBA Licenses

• Realized Unlevered IRR on Full Exits of 18.5%

• $435 Million Senior Credit Facility

Shareholders • 42 Consecutive Quarterly Dividends Declared Since IPO • Over $450 Million of Dividends Paid • Per Share Dividends / Distributions Totaling $19.40 • NAV Increase of Over $2.00 Per Share Since IPO

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8

Our Operational and Financial Goals Strength • Operational: – Attract and retain quality people – Establish long-term relationships with key constituencies

• Financial: – Maintain conservative balance sheet and sufficient liquidity – Cover dividend on a long-term basis from core NII

Profitability • Structure investments that balance creditor rights with equity upside • Keep G&A low (every ~$480,000 = $0.01/share) Growth • Pursue growth in a prudent, disciplined manner • Be prepared to take advantage of unexpected market opportunities By maintaining a disciplined approach, TCAP has rewarded shareholders with above-average returns A good partner understands your strengths. A great partner becomes one of them.®

9

Our Balance Sheet Has Expanded Almost Sevenfold Since 2007… TCAP Total Assets Under Management $1.7Bn

$1.3Bn $1.2Bn $1.1Bn $1.0Bn $0.6Bn $0.4Bn $0.3Bn

$250MM

IPO

2007

2008

• 3 Equity Offerings

• Equity Offering • $75MM SBIC License

• 2 Equity Offerings • $75MM Credit Facility

• Equity Offering • 2 Bond Offerings • $165MM Credit Facility

2009

2010

2011

2012

• Equity Offering

2013

2014

• Bond Offering • Bond Called • $300MM Credit Facility

• Equity Offering • $25MM SBIC License

• Equity Offering • $100MM SBIC License • $435MM Credit Facility

2015

2016

Today

Includes total assets and available committed borrowing capacity

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10

…And Our Investments Have Grown and Become More Complex

Target Portfolio Company Revenues

Target Portfolio Company EBITDA

IPO (2007)

$20.0MM - $75.0MM

IPO (2007)

$2.0MM - $10.0MM

2012

$20.0MM - $200.0MM

2012

$3.0MM - $25.0MM

Today (2017)

$20.0MM - $300.0MM

Today (2017)

$5.0MM - $75.0MM

TCAP Target Investment Size IPO (2007)

$5.0MM - $15.0MM

2012

$5.0MM - $30.0MM

Today (2017)

$5.0MM - $50.0MM

As we have grown, our ability to become relevant to larger, more sophisticated companies has increased A good partner understands your strengths. A great partner becomes one of them.®

11

Implementation of “TCAP 2.0” Operational Plan • In our first ten years, TCAP increased from 7 to 30 employees • For many years TCAP was small enough to operate with a “partnership mentality” • As the company grew, it was time to adopt a more corporatebased approach • In 2016, we implemented a new operational plan which prepares us for our next stage of growth while maintaining our focus on operational excellence • Our operational plan promotes open communication, crossfunctional alignment, and increased accountability

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12

Key Process Improvements

TCAP 1.0

2007 – 2015



Our partnership structure worked well when we were a small team of people



Our investment committee was chaired by our CEO and investments were approved by a simple majority vote



As our company and investment portfolio grew, the partnership approach became outdated

TCAP 2.0 •

2016 – 2017

Our investment committee now operates with cross-functional veto rights – Chief Origination Officer (“COO”) has veto rights on new investments – Chief Administrative Officer (“CAO”) has veto rights on 100% of documentation issues – Chief Credit Officer (“CCO”) has veto rights on (i) 100% of post-closing issues and (ii) any investments proposed by the COO

Our new corporate alignment has yielded over $420MM of new investments with no non-accruals to date A good partner understands your strengths. A great partner becomes one of them.®

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Originations: Then (TCAP 1.0) vs. Now (TCAP 2.0)



Investment professionals sourced opportunities



Investment committee met and looked to CEO for “approval” or “rejection”



Investment committee held meetings with all employees of the company present



Fewer difficult questions coupled with a lack of individual ownership and accountability

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Investment professionals source opportunities



Investment committee meets and looks to COO, CAO and CCO for approval or rejection



All committee members are empowered to provide constructive feedback



Investment committee meets in private with no other employees present



More rigorous questions coupled with increased individual ownership and accountability

14

Documentation: Then (TCAP 1.0) vs. Now (TCAP 2.0) •

Investment professionals negotiated legal terms and financial covenants individually



Limited feedback to investment committee members on outcome of final investment legal terms





Chief Administrative Officer oversees all legal and financial negotiations



Creation of TCAP database containing analysis of sensitive negotiation points



Chief Administrative Officer vested with full authority to “protect the firm”



Real-time feedback of major items to improve and enhance our corporate objectives



Promotes active Executive Officer involvement in decision making process

No “TCAP standard” on documentation items

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15

Post-Closing: Then (TCAP 1.0) vs. Now (TCAP 2.0)







Original investment professional “owned” investment Original investment professional maintained dominant voice internally

Ownership alignment contributed to unintended consequences in certain amendments and restructurings

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Chief Credit Officer “owns” 100% of post-closing decisions



Decisions are based solely on “protecting the firm”



Chief Credit Officer focus provides continuity as well as independent view during amendments and restructurings



Chief Credit Officer operates with greater “field of vision” than investment professionals do

16

TCAP 2.0: Setting the Stage for Future Growth

• The last fifteen months have represented a period of fundamental transition for TCAP across the following areas: – Corporate leadership (CEO, CIO, certain other Executive Officers) – Investing process (cross-functional veto rights, improved decision making and accountability) – Board of Directors (Board Chairman, one retired Director, one new Director)

• Our operational changes have improved our investment results and created a culture of increased accountability • As TCAP begins its second decade of life as a publicly traded company, we are focused on prudent growth that will protect principal while achieving above-average risk-adjusted returns

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17

BDC Industry & Credit Cycle Observations Steven C. Lilly Chief Financial Officer

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18

BDCs: This Decade’s Investment Vehicle “The 7th Inning Stretch”

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BDCs with Three or More Years of Operating History Since IPO

Does not include CSWC, EQS, GECC, GSVC, MFIN, MVC, NEWT, OHAI, RAND, SAR, SVVC and TICC for reasons including specific operational focus, investing strategy and dividend policy

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20

BDCs Returns in the “7th Inning Stretch” Total Returns Since January 1, 2010 180%

160%

153.1% 146.1% 145.6%

140%

120%

100%

80%

70.1% 60%

46.2% 40%

35.6%

20%

0%

-20% 1/1/2010

1/1/2011

1/1/2012 S&P 500

REITs

1/1/2013 (1)

MLPs

(2)

1/1/2014 HY Bond Funds

(3)

1/1/2015 Loan Mutual Funds

1/1/2016 (4)

BDCs

1/1/2017

(5)

Seven years into the current decade, BDCs continue to vie for recognition as a top performing asset class Data as of 5/30/17 (1) MSCI U.S. REIT Total Return Index (2) Alerian MLP Total Return Index (3) SPDR Series Trust – SPDR Barclays High Yield Bond ETF (4) S&P/LSTA Leveraged Loan Total Return Index (5) S&P BDC Total Return Index

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21

Last Year’s (2016) BDC Industry Analysis / Comparison

• In 2016 we illustrated how BDCs consistently have outperformed the $350 billion loan mutual fund industry • We illustrated how BDCs can have better lending results, lower operating expenses, and higher operating margins than banks • We discussed how BDCs offer the opportunity for higher shareholder returns, no sales loads, daily liquidity and seasoned management teams – all while investing in a similar pool of assets as loan mutual funds • Our analysis hinged on how BDCs do not have to “program buy and sell” like loan mutual funds and how BDC lending spreads are wider than banks

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22

BDCs Grouped by Performance Group 1

# of BDCs

Current NAV > 95% of NAV at IPO

12 Green

TCAP, ARCC, FDUS, GBDC, MAIN, MRCC, NMFC, OFS, SCM, SLRC, TCPC, TSLX

Group 2 Current NAV = 80% - 95% of NAV at IPO

11 Yellow

ABDC, ACSF, CMFN, FSIC, HCAP, HTGC, PFLT, SUNS, TCRD, TPVG, WHF

Group 3 Current NAV < 80% of NAV at IPO

13 Red

13 BDCs

BDCs with three or more years of operating history since IPO; does not include CSWC, EQS, GECC, GSVC, MFIN, MVC, NEWT, OHAI, RAND, SAR, SVVC and TICC for reasons including specific operational focus, investing strategy and dividend policy

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23

BDCs: Historical ROEs and Current Dividends Per Share

12.0%

“Group 1” BDCs(1)

“Group 2” BDCs(2)

(NAV > 95% of NAV at IPO)

(NAV = 80% - 95% of NAV at IPO) $1.80

11.0% $1.54 9.7%

10.0%

12.0%

$1.80 $1.60

$1.60 10.0%

$1.40

$1.40 $1.23 8.0%

$1.20

8.0% 6.8%

$1.20

7.1%

$1.00

$1.00

6.0%

6.0%

$0.80

$0.80 4.0%

$0.60

4.0%

$0.60 $0.40

$0.40 2.0%

2.0%

$0.20

$0.20 0.0%

$0.00 2010-2016 Average Annual ROE

2013-2016 Average Annual ROE

Current Annualized Dividends Per Share

0.0%

$0.00 2010-2016 Average Annual ROE

2013-2016 Average Annual ROE

Current Annualized Dividends Per Share

“Group 1” and “Group 2” BDCs continue to record strong ROEs and dividends per share (1) “Group 1” includes the following BDCs: ARCC, FDUS, GBDC, MAIN, MRCC, NMFC, OFS, SCM, SLRC, TCAP, TCPC and TSLX (2) “Group 2” includes the following BDCs: ABDC, ACSF, CMFN, FSIC, HCAP, HTGC, PFLT, SUNS, TCRD, TPVG and WHF

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24

So, What About REITs? Comparison of REITs and BDCs Similarities • Recurring revenue-based businesses • Diversified revenue streams • Dividend-led IRRs to investors • Pass-through tax structures • Permanent capital vehicles • NAV per share is important

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Differences • REITs own a portfolio of buildings with multiple tenants per building • BDCs invest in a diversified portfolio of operating companies

• REITs are capital intensive and highly levered • BDCs are capital intensive and lowly levered 25

BDCs vs. Office REITs: Historical ROEs and Current Dividends “Group 1 & 2” BDCs(1)

Office REITs(2) $1.80

12.0%

$1.80

12.0%

$1.60 10.0%

9.0%

$1.60 10.0%

$1.39

$1.40

8.5%

$1.20

8.0%

$1.40 $1.18

8.0%

$1.00

6.0%

$1.20 $1.00

6.0%

$0.80 $0.60

4.0%

$0.80 4.0%

$0.40 2.0%

2.0%

$0.60

3.1%

$0.40

1.9%

$0.20 $0.00

0.0% 2010-2016 Average Annual ROE

2013-2016 Average Annual ROE

Current Annualized Dividends Per Share

$0.20

$0.00

0.0% 2010-2016 Average Annual ROE

2013-2016 Average Annual ROE

Current Annualized Dividends Per Share

Office REIT ROEs are only a fraction of “Group 1” and “Group 2” BDC ROEs, and per share dividends are lower too… (1) Includes the following “Group 1” and “Group 2” BDCs: ABDC, ACSF, ARCC, CMFN, FDUS, FSIC, GBDC, HCAP, HTGC, MAIN, MRCC, NMFC, OFS, PFLT, SCM, SLRC, SUNS, TCAP, TCPC, TCRD, TPVG, TSLX and WHF (2) Includes the following Office REITs: AHH, ARE, BDN, BXP, CIO, CLI, CUZ, CXP, DEA, DEI, EQC, ESRT, FPO, FSP, GOV, HIW, HPP, KRC, NYRT, OFC, PDM, PGRE, PKY, SIR, SLG, VNO and WRE

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BDCs vs. Office REITs: Historical ROEs and Current Dividends All BDCs(1)

Office REITs(2) $1.80

12.0%

$1.80

12.0%

$1.60 10.0% $1.40 8.0%

7.7%

$1.60 10.0% $1.40

$1.19 $1.20

7.3%

$1.18

8.0%

$1.00

6.0% $0.80 $0.60

4.0%

$1.00 6.0% $0.80 4.0%

$0.60

3.1%

$0.40 2.0% $0.20 $0.00

0.0% 2010-2016 Average Annual ROE

2013-2016 Average Annual ROE

Current Annualized Dividends Per Share

$1.20

2.0%

$0.40

1.9%

$0.20

$0.00

0.0% 2010-2016 Average Annual ROE

2013-2016 Average Annual ROE

Current Annualized Dividends Per Share

…and the same can be said when including “Group 3” BDCs (1) Includes the following BDCs: ABDC, ACSF, AINV, ARCC,BKCC, CMFN, CPTA, FDUS, FSC, FSFR, FSIC, GAIN, GARS, GBDC, GLAD, HCAP, HRZN, HTGC, KCAP, MAIN, MCC, MRCC, NMFC, OFS, PFLT, PNNT, PSEC, SCM, SLRC, SUNS, TCAP, TCPC, TCRD, TPVG, TSLX and WHF (2) Includes the following Office REITs: AHH, ARE, BDN, BXP, CIO, CLI, CUZ, CXP, DEA, DEI, EQC, ESRT, FPO, FSP, GOV, HIW, HPP, KRC, NYRT, OFC, PDM, PGRE, PKY, SIR, SLG, VNO and WRE

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27

BDCs and Office REITs: A More In-Depth Comparison

REIT

Office Building Tenant

Lease Features

REIT Dividend Yield

• Unsecured • 5-7 year typical term

Hudson Pacific Properties (HPP)

iControl Networks Scynexis

Mack-Cali Realty Corporation (CLI) Boston Properties (BXP) Piedmont Office Realty Trust (PDM)

TravelCLICK PowerPlan Holdings

Parkway Properties (PKY)

Hudson Pacific Properties (HPP)

based on inflation and/or

2.2%

market norms

2.5%

• Free rent and tenant

4.0% 2.8%

Clarabridge

allowances for a portion

3.1%

Gulf Publishing Holdings

of tenant’s construction

2.0%

costs

2.0%

InMobi

Empire State Realty Trust (ESRT) Boston Properties (BXP)

3.1%

improvement

Pinnergy

Cousins Properties (CUZ) Vornado Realty Trust (VNO)

• Periodic rent increases

Fidelis Acquisitionco Education Elements

• Renewal options based on future economic

2.5% 3.1%

agreement Average REIT Dividend Yield = 2.7%

Leases as of 12/31/16; dividend yields as of 5/30/17

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28

BDCs and Office REITs: A More In-Depth Comparison

BDC

BDC Portfolio Investment

Debt Features

BDC Dividend Yield

• First or second lien on 100% of assets and

Ares Capital Corp. (ARCC)

iControl Networks Scynexis

Solar Capital (SLRC) OFS Capital Corp. (OFS) Golub Capital (GBDC)

TravelCLICK

Main Street Capital Corp. (MAIN)

Horizon Tech. Fin. Corp. (HRZN)

5-7 years

7.4% 9.5% 6.3%

Pinnergy

adjust with surrounding

9.2%

Clarabridge

economic environment

9.5%

• Operating and financial

5.8%

Gulf Publishing Holdings InMobi

Monroe Capital Corp. (MRCC) TCP Capital Corp. (TCPC)

• Commitment periods of

9.1%

• Typically floating rate to

PowerPlan Holdings

Fidus Investment Corp. (FDUS) Hercules Capital (HTGC)

stock

Fidelis Acquisitionco Education Elements

covenants • Quarterly public disclosure of fair value

8.9% 8.5% 10.9%

provides information into health of underlying company

Average BDC Dividend Yield = 8.5%

Investments as of 12/31/16; dividend yields as of 5/30/17

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29

BDCs vs. REITs: Similar Business Models – Different Yields BDCs(1)

Office REITs(2)

Financial Analysis

Financial Analysis

Revenue Quality

Secured loans

Non-Accrual Rate

1% to 10%

G&A as % of Revenue G&A as % of Total Assets

30.1% 3.2%

Unsecured leases

Revenue Quality

10% to 20%

Vacancy Rate G&A as % of Revenue G&A as % of Total Assets

50.0% 6.1%

NII / Revenue

50.8%

FFO / Revenue

37.9%

Dividends Per Share

$1.19

Dividends Per Share

$1.18

Dividend Yield

9.2%

3.9%

Dividend Yield

Investment Analysis / Protection View

Investment Analysis / Protection View

● Low leverage

● Ownership of building ● Revenue diversification

● Revenue diversification

Issues / Risks ● Investment yields change over time ● Dividend rates change over time ● Portfolio company credit risk ● Portfolio company repayment risk

Issues / Risks ● Lease rates change over time ● Building capex / tenant improvement spend ● Taxes and maintenance of building regardless of occupancy rate

● Tenant credit risk ● Tenant renewal risk ● High leverage (1) BDCs include: ABDC, ACSF, AINV, ARCC, BKCC, CMFN, CPTA, FDUS, FSC, FSFR, FSIC, GAIN, GARS, GBDC, GLAD, HCAP, HRZN, HTGC, KCAP, MAIN, MCC, MRCC, NMFC, OFS, PFLT, PNNT, PSEC, SCM, SLRC, SUNS, TCAP, TCPC, TCRD, TPVG, TSLX and WHF (2) Office REITs include: AHH, ARE, BDN, BXP, CIO, CLI, CUZ, CXP, DEA, DEI, EQC, ESRT, FPO, FSP, GOV, HIW, HPP, KRC, NYRT, OFC, PDM, PGRE, PKY, SIR, SLG, VNO and WRE

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30

Concluding BDC Industry Observations

• Most BDCs continue to outperform loan mutual funds, banks, and REITs in terms of dividends per share and total ROE • Over the last seven years the publicly traded BDC industry has expanded by approximately $35 billion of AUM, or approximately 150%, and the non-traded BDC industry has expanded by approximately $30 billion • Still, most BDCs trade at dividend yields of 8.5% - 10.5% while REITs generally trades at yields of less than 5.0% • Over time, we believe investors increasingly will favor the higher per share dividends and higher overall ROEs that most BDCs offer

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31

Credit Cycle Observations

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32

Market-Based Observations U.S. Corporate Debt as % of GDP

Corporate leverage has grown meaningfully for decades and currently is near an all-time high

% of Investment Grade Debt by Leverage Level 45% 40% 35%

Even investment grade companies have taken on meaningfully more leverage

30% 25% 20% 15% 10% 5% 0% 0.00x-0.99x

1.00x-1.99x

2.00x-2.99x 2010

3.00x-3.99x

4.00x+

2016

As of 12/31/16 a record amount of investment grade bonds were owned by foreign investors, while, at the same time, over 50% of investment grade bonds were rated BBB or BBBSource: Morgan Stanley Research, Bloomberg, NBER, Haver Analytics, Thomson Financial, Capital IQ, Federal Reserve

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33

Recent High Yield and Loan Market Fund Flows U.S. High Yield Bond and Loan Fund Flows $70.0 $60.0

$50.0 $40.0

2016 represented the first year since 2012 that both high yield and loan funds experienced inflows

$30.0 $20.0 $10.0

$$(10.0) $(20.0) $(30.0) 2010

2011

2012

2013

High Yield Bond Funds

2014

2015

2016

Loan Funds

During 2014 and 2015, high yield and loan funds experienced almost $90 billion of withdrawals… $ in billions Source: Thomson Reuters

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34

Recent CLO Fund Flows U.S. CLO Issuance $140.0 $120.0

$100.0 $80.0 $60.0 $40.0 $20.0 $2010

2011

2012

2013

2014

2015

2016

…while at the same time institutionally based CLOs recorded over $220 billion of asset growth $ in billions Source: Thomson Reuters

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35

High Yield and Loan Market Observations •

While high yield issues continued their trend toward incrementally higher ratings…

….the improvement largely was due to an increase in refinancings and a 13% decline in overall issuance •

The loan market fully absorbed the shortfall in the high yield market…

…with loans increasing over 30% and a near record number (and amount) of loans rated single “B” or lower Source: Morgan Stanley, S&P LCD

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36

High Yield and Loan Market Observations •

Leveraged loan issuance increased 14% to $481 billion in 2016, representing the fourth highest level in the last 20 years ($Bn) $700

USD Leveraged Loan Issuance Volume

$600

$500 $400 $300 $200 $100 $0



Given the length of the current economic cycle, refinancings represented the largest component of the market for the first time in three years



In 2016, high yield refinancings represented the largest component of the market since 2010

Source: Morgan Stanley, S&P LCD

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37

High Yield and Loan Market Observations U.S. High Yield Bond and Loan Default Rates



Given the length of the current economic cycle, high yield and loan default rates have both become meaningfully elevated in certain years – 2016 statistically resembled a recessionary period across both the high yield and loan markets



2017, however, has ushered in improved performance across both sectors

Source: Morgan Stanley, Moody’s

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38

So…What Are We Hoping For? • Continued period of low growth to promote continued central bank liquidity and likely low interest rates • Increased government spending on infrastructure and the military will fuel robust activity • Large corporates welcome a potential loosening in the regulatory and tax environments by investing in capex • Healthy M&A market continues as operators look to expand competitive footprints and bolster defensive positions

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39

What We Are Hoping For – Positive Evidence %

3M LIBOR 1986 - 2017

S&P 500: Annual Cash on Hand

$Tn

12.00 10.00 8.00

6.00 4.00

2.00 0.00

Source: FactSet Fundamentals via Fact Set Alpha Testing

Source: Capital IQ

(bp)

Government Spending 1971 - 2021

Long-Term Spread History $6,000 $5,000

$ in Billions

$4,000 $3,000 $2,000

$1,000 $0

1971

Source: Morgan Stanley, Citigroup Index LLC, Moody’s, Bloomberg, NBER

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1976

1981

1986

1991 1996 2001 Actual Estimate

2006

2011

2016

2021

Source: Congressional Budget Office, January 2017

40

But…What We Are Preparing For • Potentially higher short-term interest rates if the Fed acts too aggressively • Economic slowdown due to excessive volatility and global uncertainty

• Falling productivity coupled with near-term wage inflation • Continued erosion of corporate cash flow and operating margins • A slower M&A cycle as operators instead seek to refinance balance sheets

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41

What We Are Preparing For – Potential Concerns Cumulative Investment Grade and High Yield Debt and EBITDA Growth

($bn)

Total U.S. Domestic M&A Announced Deals

Corporate Margins

%

U.S. Productivity Year Over Year

Source: Morgan Stanley Research, Bloomberg, NBER, Haver Analytics, Thomson Financial, Capital IQ, Federal Reserve, Federal Reserve Bank of Atlanta

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42

How We Are Fortifying Our Position

• Focusing on “Class A” credits (boring is good)

• Moving incrementally up balance sheet while focusing on less cyclical and larger companies • Maximizing our relationship with the SBA • Intently focusing on internal communication, cross-functional alignment and accountability

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43

Investing Market & Strategy Overview Cary B. Nordan Chief Origination Officer

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44

The Middle-Market M&A Environment Continues to Be Healthy…

U.S. Middle-Market Reported M&A Transactions Need-Based M&A Cycle

5,000

4,000

PostRecession M&A Acceleration Normal M&A Cycle

# of Transactions

Normal M&A Cycle 3,000

2,000

1,000

0 2004

2005

2006

2007

2008

2009

Transaction Size Under $100MM

2010

2011

2012

2013

2014

2015

2016

Transaction Size $100MM - $499MM

In addition to 3,000 - 4,000 reported lower middle-market and middle-market transactions each year, there are approximately 7,000 transactions per year which remain private Source: Robert W. Baird & Co. Incorporated Global M&A Monthly, May 2017

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45

…And M&A Multiples Remain in Line with Long-Term Averages Middle-Market & Lower Middle-Market Enterprise Value / EBITDA Multiples

< $100MM Size = 7.7x $100MM - $499MM = 9.7x

12.0x

11.2x

11.1x 10.1x

9.9x

10.0x 9.0x

9.2x

9.3x

9.2x 8.1x

8.0x

13 Year Average

8.5x

8.3x

8.1x

7.8x

7.6x

7.0x

9.1x

10.2x

10.0x

8.1x 7.1x

7.0x

9.9x

9.5x

7.4x 6.9x

6.8x

6.0x

4.0x

2.0x

0.0x 2004

2005

2006

2007

2008

2009

2010

Transaction Size Under $100MM

2011

2012

2013

2014

2015

2016

Transaction Size $100MM - $499MM

Source: Robert W. Baird & Co. Incorporated Global M&A Monthly, May 2017

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46

Where M&A Dollars Go… Capital Invested by Deal Size 100% 90% 80%

70% 60% 50% 40% 30%

TCAP Focus Market

20% 10% 0% 2006

2007

2008

Under $100MM

2009

2010

2011

$100MM-$500MM

2012

2013

$500MM-$1Bn

2014

2015

2016

$1Bn+

While ~50% of capital invested in the middle-market is comprised of transactions valued more than $500MM… Source: Pitchbook

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47

…But Where M&A Volume Really Happens Deal Count by Deal Size

100% 90%

80% 70% 60%

TCAP Focus Market

50% 40% 30% 20%

10% 0% 2006

2007

2008

Under $100MM

2009

2010

2011

$100MM-$500MM

2012

2013

$500MM-$1Bn

2014

2015

2016

$1Bn+

…more than 90% of transaction volume in the middle-market occurs in transactions valued less than $500MM Source: Pitchbook

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48

Our Proven Investment Criteria



$20MM to $300MM of Revenue



$5MM to $75MM of EBITDA

with Positive Cash Flow



No start-ups or distressed situations

Seasoned



Relevant industry and / or company experience

Management Team



Meaningful equity stakes



Barriers to entry



Unique competitive advantages



Organic and / or acquisition growth opportunities



Better positioned for economic downturns



Ability to endure industry consolidation



Can adapt to changing business conditions

Significant Invested



Underlying enterprise value

Capital



Meaningful equity cushion beyond our capital

Established Company

Strong Competitive Position

Diversified Customer and Supplier Base

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49

Our Investing Pipeline Has Shifted Meaningfully Over the Last Three Years… TCAP Number of Investments Screened Annually by Company Size 2014

EBITDA < $10MM

2015

EBITDA Between $10MM and $20MM

2016

EBITDA Between $20MM and $30MM

1Q 2017

EBITDA > $30MM

The number of investments under consideration for companies with EBITDA greater than $30 million has increased from under 4% in 2014 and 2015 to approximately 17% today…

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50

…But Our Investment Portfolio Has Shifted Even More

TCAP Fair Value of Investment Portfolio by Company Size 2014

EBITDA < $10MM

2015

EBITDA Between $10MM and $20MM

2016

EBITDA Between $20MM and $30MM

1Q 2017

EBITDA > $30MM

…resulting in an increase in the number of larger companies in TCAP’s investment portfolio, from below 12% in 2014 to over 31% today

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51

We Also Have Moved Meaningfully Up-Balance Sheet… 12/31/13

8.2%

12/31/14

3/31/17

12/31/15

3.5%

14.9%

2.3%

16.0% 6.7%

28.5% 52.8%

88.3%

82.8%

1st Lien Notes and Unitranche

77.4%

2nd Lien Notes

18.7%

Subordinated Debt

In the last two years, TCAP’s exposure to first and second lien investment structures has increased by 175% and now comprises almost 50% of our investment portfolio Reflects fair value of investments

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52

…But We Still Maintain Our Focus on Equity Upside 12/31/13

12/31/14

12.6%

15.6%

84.4%

12/31/15

Debt

13.6%

14.9%

85.1%

87.4%

3/31/17

86.4%

Equity

Positioning our portfolio for equity gains remains a core part of our investing strategy Reflects fair value of investments

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53

We Also Have Positioned Our Portfolio for Rising Rates

Percentage of Variable Rate Investments in Debt Portfolio

50%

A 200 basis point increase in interest rates would increase annual investment income by $8.4 million, or $0.18 per share

40%

40.4%

28.4%

30%

20% 15.3% 9.8%

10%

7.3% 2.1%

0% 2012

2013

2014

2015

2016

2017

Over $422 million of TCAP’s debt portfolio is poised to take advantage of a rising interest rate environment Based on cost basis of debt portfolio as of 12/31/12, 12/31/13, 12/31/14, 12/31/15, 12/31/16 and 3/31/17

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54

An Active Market Presence Has Been Central to Our Success

Number of Investments Screened and Closed by Quarter 200 168

163 142

150 121 118

157

151

144 123

120

123 127 118

116

108

151

100

50 2

5

4

6

5

2Q 13

3Q 13

4Q 13

1Q 14

2Q 14

11

6

3

4

4Q 14

1Q 15

2Q 15

11

5

0

3

3

4Q 15

1Q 16

2Q 16

3Q 16

10

9

4Q 16

1Q 17

0 3Q 14

Number of Transactions Screened

3Q 15

Number of Transactions Closed

TCAP’s presence, relationships and brand name produce significant investment opportunities – during 2016, TCAP analyzed over 500 investment opportunities with 175 different financial sponsors A good partner understands your strengths. A great partner becomes one of them.®

55

We Still Remain Highly Selective

Transactions screened

100%

Evaluated

20%

Term sheets issued

14%

Substantial due diligence

6%

Investments closed

4%

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56

Summary Investing Market Observations

• M&A activity continues to be robust with over 10,000 transactions in the middle-market during the last twelve months • Key ingredients for the M&A cycle to continue include a low overall cost of capital, low volatility, low inflation, and a relatively healthy labor market

• Based on current market dynamics, we expect to continue to generate attractive investment opportunities based on our strong relationships with high-quality sponsors

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57

TCAP Investment Portfolio Observations E. Ashton Poole

Steven C. Lilly

Chairman & CEO

Chief Financial Officer

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58

Diversification Still Underpins Our Investment Strategy TCAP‘s investments total ~$1.1Bn across 93 companies and 31 industries throughout the U.S. and Canada Restaurants & Specialty Chemicals Manufacturing 2.4%

Security Systems & Entertainment 2.5% Services 0.4% Professional, Scientific, & Technical Services 9.0% Pharmaceuticals 0.2%

Transportation and Logistics Services 2.5%

Waste Management Services 1.0%

Aerospace & Defense 7.1% Agricultural & Garden Products 1.1% Automotive Products Distribution 1.4%

1% Canada

Automotive Products Manufacturing 5.1%

Paint and Coating Manufacturing 2.0% Other Manufacturing 1.5% Oil & Gas - Upstream 1.4%

Branded Consumer Products 14.8%

Oil & Gas - Midstream 0.2%

28%

Nutritional Supplements 1.5% Building Materials 1.9%

Multi-Sector Holdings 0.4% Medical Supplies Manufacturing 1.2%

Business Services 3.2%

Marketing & Advertising Services 1.6% Insurance 0.5% Information Technology 5.3% Industrial Recycling Services 0.8%

21%

17%

33%

Construction 1.4%

Home Furnishings & Hardware Distribution 1.1%

Consumer Products Wholesalers / Distributors 7.8%

Health Care 7.8%

Food & Beverage 11.6%

Facilities Maintenance / Landscape Services 1.2%

No single investment accounts for more than 3.5% of TCAP’s total revenue Reflects investments at fair value and number of portfolio companies as of 3/31/17 plus transactions announced through 5/3/17

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59

Multiple Transaction Types Continue to Provide Transaction Continuity and Portfolio Diversification…

Growth 4% Dividend Recap 3%

MBO 1% Acquisition 8%

Debt Recap 15%

Buyout 69%

By remaining flexible with our capital, TCAP generates another form of portfolio diversification Reflects number of portfolio companies as of 3/31/17 plus transactions announced through 5/3/17

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60

…While Significant Management Ownership Aligns Interests…

14% 25%

13%

Management Ownership > 30% 20% - 30%

14% 34%

10% - 20% 5% - 10% 0% - 5%

73% of our portfolio management teams own 10% or more of their company, while 39% own 20% or more of their company Reflects number of portfolio companies as of 3/31/17 plus transactions announced through 5/3/17

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61

…And Contributes to More Conservative Capital Structures… Equity Capitalization of New Investments 60%

50%

45.4% 42.5%

40%

37.9%

47.6%

46.5%

42.8%

41.1% 36.0%

Average = 42.5%

30%

20%

10%

0% 2010

2011

2012

2013

2014

2015

2016

YTD 2017

Reflects average of equity capitalization percentages of new investments each year 2017 includes investments announced through 5/3/17

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62

...And Substantial Fixed Charge Coverage Fixed Charge Coverage Ratio of New Investments 1.60x

1.55x

1.53x

1.54x

1.49x

1.50x

1.45x

1.54x

1.43x

1.43x

2010

2011

1.49x

1.49x

2016

YTD 2017

Average = 1.49x

1.40x

1.35x

1.30x

1.25x 2012

2013

2014

2015

2017 includes investments announced through 5/3/17

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63

Investment Portfolio Diversification Promotes Stability 100.0%

Top 10 Investments as Percentage of Portfolio 90.0%

80.0%

73% 70.0% 64%

59% 57% 55%56%

60.0%

50.0%

40.0%

30.0%

20.0%

50% 46%47% 44%44%45% 43%43%44%44% 41% 40% 38% 38% 38% 37% 34%36% 36% 32% 32% 32% 28% 27% 27% 24%25% 20% 14%15%

10.0%

0.0%

Top 10 investments on a cost basis for all companies Data based on publicly available information for 2016 year end

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64

Our Investment Strategy Helps Protect Investor Capital…

Realized Gain / (Loss) Rates for BDCs since 2007 or IPO

4.0% 2.0% 2.0%

1.8% 0.6% 0.6% 0.5% 0.5% 0.5%

0.3%0.2%0.0%

0.0%

-2.0%

-4.0%

-0.1%-0.1%-0.4% -0.5%-0.5%-0.5%-0.6% -1.1%-1.4%-1.4% -1.6% -2.3%-2.5% -2.9% -3.6%-3.6%-3.7% -4.1% -4.5%-4.5%-4.5%

-6.0% -6.0% -6.3% -8.0%

-7.8%-8.0% -8.2%

-10.0%

Peer data based on most recent publicly available information as of 5/15/17 Realized gains/losses FYE 2007 through YTD 2017 divided by purchases of portfolio investments per statements of cash flows FYE 2007 through YTD 2017 (FDUS, NMFC, PFLT, GBDC, MRCC, TSLX, ACSF, WHF, HCAP, SUNS, ABDC, OFS, CMFN, FSR, CPTA, SCM, TCRD, FSIC, GARS, HRZN, TPVG, SLRC, TCPC, MCC and FSC ratios calculated using IPO dates through YTD 2017)

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65

…As Equity Investments Provide Potential for Upside Total Net Realized Gains Since IPO = $6.6 Million

TCAP Realized Gains / (Losses) Since 2007 IPO

$150.0

$133.4

$125.0

$12.2

$1.3

$4.5

$100.0 $75.0 $38.3

$ in millions

$50.0 $14.1

$25.0 $-

$24.9

$0.8

$2.9

$1.8

($1.4)

($1.5)

($1.3)

$(25.0)

$12.3

$6.7

$5.0 ($3.1) ($10.4)

-

$22.7 $4.1

($6.4) ($20.7)

($17.5)

($24.7)

$(50.0)

($39.7)

$(75.0) $(100.0) $(125.0) ($126.8)

$(150.0) 2007

2008

2009

2010

2011

Gains

2012

2013

2014

2015

2016

YTD 2017

Cumulative

Losses

Minority equity investments provide TCAP an additional method of protecting our asset base and sustaining our financial advantage Totals may not foot due to rounding

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66

Historical Equity Investment Valuation Trends TCAP Equity Investment Portfolio $175.0

100%

$150.0 75%

$125.0

$100.0

50% $75.0

$50.0 25% $25.0

$0.0

0% 2012

2013

Fair Value of Equity Investments

2014 Cost of Equity Investments

2015

2017 Fair Value within 5% of Cost

Approximately one-quarter of TCAP’s equity investment portfolio is valued at or near its cost basis and has the opportunity for future appreciation $ in millions Based on portfolio values as of 12/31/12, 12/31/13, 12/31/14, 12/31/15 and 3/31/17

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67

Portfolio Analysis Over Time: EBITDA EBITDA Average = $9.2MM

Average = $11.9MM

Breakdown of EBITDA Greater than $8MM

Average = $17.0MM

Average = $31.6MM

100%

80%

2013

2017

EBITDA of $8MM to $20MM

54%

37%

EBITDA of $20MM to $30MM

27%

19%

EBITDA of $30MM to $40MM

5%

15%

EBITDA Over $40MM

14%

29%

60%

40%

20%

0% 2007

Less Than $3MM

2010

2013

$3MM to $8MM

2017

Of our portfolio companies with EBITDA greater than $8MM, 44% have EBITDA greater than $30MM

Greater Than $8MM

TCAP has invested in larger companies over time… Based on fair value of portfolio as of 12/31/07, 12/31/10, 12/31/13 and 3/31/17

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68

Portfolio Analysis Over Time: Leverage Leverage Average = 3.9x

Average = 3.5x

Breakdown of Leverage Greater than 4.5x(1)

Average = 3.7x

Average = 4.3x

Percentage

Average Revenue

Leverage of 4.5x to 5.5x

67%

$226MM

Leverage of 5.5x to 6.5x

33%

$525MM

100%

80%

60%

40%

Of our portfolio companies with leverage greater than 4.5x, 67% have leverage between 4.5x and 5.5x, coupled with average revenue of more than $225MM

20%

0% 2007

Less Than 2.5x

2010

2.5x to 4.5x

2013

2017

Greater Than 4.5x

…and those larger companies are able to support higher leverage (1) Includes debt investments valued at cost Based on fair value of portfolio as of 12/31/07, 12/31/10, 12/31/13 and 3/31/17

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69

Portfolio Analysis Over Time: Sponsor Type

100%

17% 26%

4%

5%

12%

10% 7%

80% 15% 24% 60% 38% 35% 40%

78% 60% 23%

20% 33% 13% 0% 2007

Large Sponsors ($250MM+)

2010

Small Sponsors ($0-$250MM)

2013

Fundless Sponsors

2017

Unsponsored

Based on fair value of portfolio as of 12/31/07, 12/31/10, 12/31/13 and 3/31/17 (including transactions announced through 5/3/17)

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70

Two Important Rules Have Contributed to Our Long-Term Success The 7% Rule •

Since inception TCAP has had a total non-accrual rate of ~7.0% (and an average reported non-accrual rate of 3.7%) Cumulative TCAP Investments Cumulative Non-Accruals Non-Accrual Rate Cumulative Credit Losses Cumulative Recovery Rate (1) Moody's Long-Term Recovery Rate

$2,600 $190 7.3% ($108) 43% 37%

The 75% Rule •

Since inception TCAP has maintained equity investments in ~75% of our portfolio companies Cumulative Cost Basis of Realized Equity Investments Cumulative Realized Equity Gains Cumulative Net Portfolio Gains

$72 $115 $7

Our equity co-investment strategy has provided $7 million more in equity gains than loan losses $ in millions (1) Source: Moody’s Annual Default Study: Corporate Default and Recovery Rates, 1920-2016

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71

We Continue to Deliver Credit Performance Between BBB and BB Bonds… Cumulative Average Non-Accrual Rates(1) 60.0% 51.3% 50.0%

40.0%

30.0% 19.6%

20.0%

10.0%

8.4%

7.3% 0.4%

0.5%

0.7%

AAA

AA

A

2.1%

0.0% BBB

(2)

TCAP

BB

B

CCC/C

(1) Standard and Poor’s cumulative average non-accrual rates over a five year time horizon 1981-2016 (2) TCAP calculated as total non-accruals as percentage of debt investments since inception in 2003

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72

…Yet Our Dividend Yield Continues to Track Closely with the CCC Index TCAP Dividend Yield vs. BB/CCC Yields 18%

Today, with almost 50% of our investment portfolio comprised of 1st or 2nd lien structures, our dividend yield versus the BB index is twice as wide

16%

14%

12%

10%

8%

6%

4%

2%

0% Jan-10

TCAP’s dividend yield was at its tightest versus the BB index when only 11-12% of our investment portfolio was comprised of 1st or 2nd lien investments Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

(1)

TCAP

BB Yield

Jan-16

Jan-17

(1)

CCC Yield

Data from 1/1/10 to 5/30/17 Source: Capital IQ, Morgan Stanley Research (1) Yield to worst

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73

Non-Accrual Investments

Cost of Investment Portfolio

Non-Accrual Investments Investment

Cost

Fair Value

Diff.

FV % of Cost 4.2%

DCWV Acquisition Corp. DialogDirect DPII Holdings PowerDirect Marketing Women's Marketing Total Non-Accrual Investments % of Total Portfolio

$ 8.4 $ 0.9 $ (7.5) 16.0 9.4 (6.6) 5.3 2.7 (2.6) 4.7 0.5 (4.2) 16.1 11.1 (5.0) $ 50.5 $ 24.5 $ (26.0) 4.2% 2.2%

10.9% 58.6% 50.7% 9.6% 68.7% 48.5%

Fair Value of Investment Portfolio

2.2%

Three of our five non-accrual investments are positions that have limited value or upside; during 2017 we anticipate exiting these investments

$ in millions; portfolio values as of 3/31/17

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Non-Accrual Investments

74

Other Debt Investments Carried Below Cost Debt Valued Between 80% and 100% of Cost Investment

Cost

Nomacorc Eckler's Holdings Media Storm YummyEarth FrontStream Holdings Baker Hill Acquisition Frank Entertainment Group Total % of Total Portfolio

$20.7 10.9 6.5 23.2 13.3 13.3 10.1 $98.0 8.2%

Fair Value

Diff.

$16.9 ($3.9) 9.1 (1.8) 5.5 (1.0) 21.4 (1.8) 12.2 (1.0) 12.4 (1.0) 9.6 (0.5) $87.0 ($11.0) 7.7%

FV % of Cost 81.4% 83.3% 84.8% 92.3% 92.4% 92.7% 94.7% 88.8%

Debt Valued Below 80% of Cost Investment

Cost

Frontstreet Facility Solutions CRS Reprocessing Community Intervention Services (1) Cafe Enterprises PCX Aerostructures Total % of Total Portfolio

$8.4 13.2 17.7 14.0 29.2 $82.5 6.9%

Fair Value

Diff.

$3.9 ($4.6) 6.1 (7.1) 12.4 (5.3) 10.3 (3.7) 22.5 (6.7) $55.1 ($27.4) 4.9%

FV % of Cost 45.7% 46.3% 70.2% 73.2% 77.0% 66.8%

Historically, TCAP has recovered 100% of debt investments that were carried below cost but which did not reach a value of less than 80% of cost

Debt investments valued below 80% of cost, including the PIK non-accrual investment, represent approximately $8.4 million of annual at-risk revenue

$ in millions; portfolio values as of 3/31/17 (1) PIK non-accrual investment

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75

Investments Carried Below 80% of Cost: Sensitivity Analysis

$82.5MM of Debt Investments @ 10.2% Yield Non-Accrual Rate Assumption Potential Non-Accrual Investments Annual Revenue Impact

25%

50%

75%

100%

$20.6

$41.3

$61.9

$82.5

$2.1

$4.2

$6.3

$8.4

50%

75%

100%

Required Liquidity to Cure Impact Non-Accrual Rate Assumption Total Available Liquidity Required Liquidity to Replace Yield at 6.0% Spread Remaining Liquidity (Cushion) % of Total Liquidity Used % of Total Liquidity Remaining

25% $534.5

$534.5

$534.5

$534.5

35.1

70.1

105.2

140.2

$499.5

$464.4

$429.3

$394.3

6.6%

13.1%

19.7%

26.2%

93.4%

86.9%

80.3%

73.8%

$ in millions

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76

Our Improved Processes Are Yielding Solid Results 2016 & 2017 YTD Investment Analysis Company

Cost

Fair Value

2016 Aden & Anais Holdings, Inc. All Metals Holdings, LLC Del Real, LLC Dimora Brands, Inc. (F/K/A TK USA Enterprises, Inc.) Fridababy Holdings, LLC Halo Branded Solutions, Inc. IPS Structural Adhesives Holdings, Inc. KidKraft, Inc. Lakeview Health Holdings, Inc. ProAmpac PG Borrower LLC SCA Pharmaceuticals, LLC SCUF Gaming, Inc. Smile Brands, Inc. Trademark Global LLC Travelpro Products, Inc. & TP - Holiday Group Limited Vantage Mobility International, LLC 2016 Total

$2.0 7.1 16.7 12.3 22.8 12.8 14.7 27.2 20.4 14.8 2.7 26.8 25.0 16.1 20.8 30.6 $272.8

$2.0 7.0 16.7 12.3 22.8 14.3 14.7 27.2 20.4 14.8 2.7 26.8 24.0 16.1 21.0 30.4 $273.2

2017 AM General, LLC Avantor Performance Materials Holdings, LLC Constellis Holdings Native Maine Operations, Inc. Orchid Underwriters Agency, LLC Passport Food Group, LLC Pike Corporation REP WWEX Acquisition Parent, LLC RMP Group, Inc. Tosca Services, LLC 2017 Total

$29.0 14.2 5.0 19.6 3.4 21.6 1.0 14.8 10.8 29.0 $148.4

$29.0 14.2 5.0 19.6 3.4 21.6 1.0 14.8 10.8 29.0 $148.4

Total

$421.3

$421.7

Since TCAP’s corporate realignment began in 1Q 2016, we have invested over $420 million of capital at a WAY of 10.6% with no nonaccruals

$ in millions; portfolio values as of 3/31/17

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77

Our Portfolio Is Rapidly Shifting Towards “TCAP 2.0” Investments TCAP Investment Portfolio Vintage Analysis: Remaining Value by Year $600 $534.5

$500 $421.7

$400

$300

$268.9 $211.1

47.0% 37.1%

$200 23.6%

$111.4

$100

18.5%

$70.6 6.2%

9.8%

$54.5 4.8%

$0 Pre2012

2012

2013

2014

2015

2016 Current

Available Liquidity

TCAP’s current available liquidity is at an all-time high, both in terms of dollars and as a percentage of the total investment portfolio $ in millions; fair value of investment portfolio; percentages of total investment portfolio

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78

“TCAP 2.0” Investments Have Lower Yields but Less Volatility

2017

2012

2013

2014

2015

2016

WAY: 14.6% IRR: 12.3%

WAY: 12.6% IRR: 9.7%

WAY: 12.2% IRR: 12.4%

WAY: 12.1% IRR: 12.0%

WAY: 10.7% Expected IRR: 11%-13%

WAY: 10.4% Expected IRR: 11%-13%

Total Dollars Invested $390.9MM

Total Dollars Invested $167.9MM

Total Dollars Invested $496.6MM

Total Dollars Invested $385.4MM

Total Dollars Invested $275.6MM

Total Dollars Invested $151.6MM

WAY = weighted average yield on new debt investments during period (interest coupon only; no fees or OID included) IRR = realized and unrealized unlevered internal rate of return on total investments made during the period

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79

TCAP’s Valuation Process Continues to Lead the BDC Industry Lincoln International

Houlihan Lokey

Board of Directors

Market Data Analysis

Fair Value

Ernst & Young

Duff & Phelps

Disclosure Committee

2nd Level Review

Portfolio Review Account Officer Review

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80

Conservative Investment Structures Help Lead to Positive Exits... Historical Fair Value of Equity Investments Fully Exited $20,000,000

$15,000,000

$10,000,000

$5,000,000

$0

ADL

AirServ

All Aboard America

Ambient

American Paper Optics

AP Services

Applied

ARC

Art Headquarters

Asset Point

Assurance Packaging

Axxiom Manufacturing

Botanical Labs

Brantley Transportation

Captek Softgel

Chromaflo

CV Holdings

Danville Materials

Eastern Shore Ambulance

Electronic Systems Protection

Energy Hardware

Energy Solutions

Fischbein-A

Fischbein-B

Flagstone Foods

Flint Trading

Great Expressions Dental Centers

Halcyon Hospice

Hatch

Home Physicians

Infrastructure Corp. of America

Jenkins Restoration

Justrite

Library Systems & Services

Main Street Gourmet

Media Temple

Novolyte Technologies

On Event Services

Performance Health

Petroliance

Plantation Products

Playhaven

Porter's Fabrications

QC Labs

Stella Environmental

Syrgis Performance Products

The Main Resource

Top Knobs

Trinity Consultants

Trusthouse Services Group

Tulsa Inspection Resources

Wholesale Floors

Workforce

Zoom Systems

Time-tested valuation marks demonstrate the long-term benefits of having a rigorous valuation process Fair value of equity positions over time; includes equity gains realized since TCAP IPO

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81

…In Both Large and Small Investments… Historical Fair Value of Equity Investments Fully Exited – Investments Below $2MM in Value $2,000,000

$1,500,000

$1,000,000

$500,000

$0

AirServ

Ambient

American Paper Optics

ARC

Art Headquarters

Asset Point

Assurance Packaging

Axxiom Manufacturing

Botanical Labs

Brantley Transportation

Captek Softgel

CV Holdings

Danville Materials

Eastern Shore Ambulance

Electronic Systems Protection

Energy Hardware

Energy Solutions

Great Expressions Dental Centers

Hatch

Justrite

Playhaven

QC Labs

Stella Environmental

Syrgis Performance Products

The Main Resource

Wholesale Floors

Zoom Systems

A more granular view shows the same trend for smaller investments Fair value of equity positions over time; includes equity gains realized since TCAP IPO

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82

…And Valuation Policies Accurately Reflect Value… Historical Fair Value of Equity Investments Fully Exited – Exits Not at Peak Valuation $12,000,000

$10,000,000

$8,000,000

$6,000,000

$4,000,000

$2,000,000

$0

ADL

All Aboard America

Ambient

Asset Point

Axxiom Manufacturing

Botanical Labs

CV Holdings

Eastern Shore Ambulance

Halcyon Hospice

Infrastructure Corp. of America

Library Systems & Services

Media Temple

Playhaven

QC Labs

Stella Environmental

Trusthouse Services Group

The total value differential of investments not exited at their peak valuation is $3.9 million, compared to total realized gains of $133.4 million Fair value of equity positions over time; includes equity gains realized since TCAP IPO

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83

…Both Historically and Today Historical Fair Value of Equity Investments Fully Exited – Investments Exited Since 1/1/16 $7,000,000

$6,000,000

$5,000,000

$4,000,000

$3,000,000

$2,000,000

$1,000,000

$0

ADL

All Aboard America

Applied

Chromaflo

Danville Materials

Electronic Systems Protection

Hatch

Main Street Gourmet

On Event Services

Performance Health

Top Knobs

Our positive valuation trends continued for investments exited in 2016 and 2017 Fair value of equity positions over time; includes equity gains realized in 2016 and 1Q 2017

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84

Final Thoughts • BDCs are still on pace to become “This Decade’s Investment Vehicle” and be recognized as a major yield-driven asset class

• As BDCs continue to demonstrate total shareholder return and ROE leadership, especially compared to other yield-oriented investments, industry-wide dividend yields will continue to converge with other yield-driven asset classes • The BDC industry will continue to transition away from first generation start-ups to professionally operated companies • TCAP has successfully navigated its corporate transition from a small scale partnership to become a major provider of capital in the lower middle-market • As we begin our second decade as a public company, TCAP is poised for its next leg of growth

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85

Q&A

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Appendix

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87

Portfolio Update: Historical Analyst Day Account Summary(1) 2010

2011

2012

2013

2014

2015

2016

Total

Original Total Cost

$73.3

$131.1

$110.7

$179.3

$162.5

$256.4

$307.5

$1,220.9

Current Total Cost

$19.8

$31.4

$25.7

$35.7

$49.1

$165.5

$288.9

$616.1

Current Fair Value + Equity Gain/Loss

$21.6

$24.9

$73.3

$31.6

$55.7

$163.2

$279.6

$649.9

Current Fair Value + Equity Gain/Loss as % of Current Total Cost

109%

79%

286%

89%

113%

99%

97%

105%

Tulsa Inspection Resources

Fischbein

MIC Holding (Magpul)

Performance Health

AGM Automotive

NB Products

Access Medical Acquisition

Media Temple

Snack's Holding Corporation

Workforce Software

Plantation Products

Wythe Will Tzetzo

Main Street Gourmet Cafe Enterprises

Nomacorc

Community Intervention Services

PCX Aerostructures

Women's Marketing

Large Positive Movers

Waste Recyclers Holdings

CRS Reprocessing

Large Negative Movers

Capital Contractors Eckler's Holdings Parts Now

YummyEarth

TCAP’s annual “analyst day accounts” have provided ongoing details for over $1.2 billion of portfolio investments, including both positive and negative movers $ in millions (1) Summary of accounts discussed during 2010 – 2016 Analyst and Investor Meetings

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88

Portfolio Update: 2017 Analyst Day Accounts Portfolio Company

3/31/17 Cost

3/31/17 Fair Value

Outlook

Vintage Year

Equity

AM General

$29.0

$29.0

Stable

2017

N/A

Del Real

$16.7

$16.7

Stable

2016

Direct

DialogDirect

$16.0

$9.4

Non-Accrual

2014

N/A

Diamora Brands

$12.3

$12.3

Stable

2016

N/A

Halo

$12.8

$14.3

Positive

2016

Direct

IPS

$14.7

$14.7

Stable

2016

N/A

KidKraft

$27.2

$27.2

Stable

2016

N/A

ProAmpac

$14.8

$14.8

Stable

2016

N/A

Smile Brands

$25.0

$24.0

Stable

2016

Direct

Trademark Global

$16.1

$16.1

Stable

2016

Direct

Travelpro

$20.8

$21.0

Stable

2016

Direct

Vantage Mobility

$30.6

$30.4

Stable

2016

Direct

Water Pik

$30.8

$30.8

Stable

2013

N/A

$4.1

$4.1

Stable

2015

N/A

Fridababy

$22.8

$22.8

Stable

2016

Direct

Rotolo

$10.5

$9.3

Stable

2015

Direct

Frank Entertainment Group

$16.7

$14.8

Below Plan

2014

Direct

$9.1

$9.2

Stable

2015

Direct

Total

$330.1

$320.9

At Close

At 3/31/17

Percentage of Portfolio

27.7%

28.3%

Average Leverage

4.7x

4.5x

Average EBITDA

$40.7

$44.2

Avkem

Team Waste

Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$ in millions

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89

Portfolio Update: 2016 Analyst Day Accounts(1) – Current Update 3/31/16 Cost

Portfolio Company

3/31/16 Fair Value

June 2016 Update / Forecast

Current Update

3/31/17 Cost

3/31/17 Fair Value

Equity Gain / (Loss) (2)

Access Medical Acquisition

$15.1

$16.5

Positive

Stable

$14.5

$17.4

Baker Hill

$14.8

$14.8

Stable

Below Plan

$14.8

$13.1

N/A

Captek Softgel

$16.3

$16.3

Stable

Stable

$16.7

$16.8

N/A

Centerfield Media

$19.0

$19.2

Stable

Partial Exit / Stable

$0.5

$1.1

Community Intervention Services

$15.4

$14.6

Below Plan

PIK Non-Accrual

$17.7

$12.4

N/A

GST AutoLeather

$22.4

$22.4

Stable

Stable

$22.9

$22.9

N/A

ICP Industrial

$19.3

$19.3

Stable

Stable

$23.1

$23.2

N/A

Micross Solutions

$25.8

$25.2

Stable

Stable

$26.6

$26.4

N/A

Motor Vehicle Software Corp.

$20.8

$20.8

Positive

Positive

$21.0

$21.4

N/A

Tate's Bake Shop

$11.3

$11.6

Stable

Stable

$11.6

$12.0

N/A

TCFI Merlin

$13.9

$13.9

Stable

Stable

$20.6

$20.6

N/A

Wheel Pros

$15.6

$15.6

Stable

Stable

$15.6

$15.6

Women's Marketing

$17.7

$17.7

Below Plan

Non-Accrual

$17.8

$11.1

N/A

YummyEarth

$22.5

$21.2

Below Plan

Below Plan

$26.6

$21.4

N/A

CIS Secure Computing

$11.9

$12.0

Stable

Stable

$11.2

$12.6

N/A

$6.6

$6.6

Stable

Refinanced / Gain

N/A

N/A

$0.6

Consolidated Lumber

$14.0

$14.0

Stable

Partial Exit / Stable

$1.5

$2.4

$0.5

HTC Borrower

$25.2

$25.2

Stable

Stable

$26.1

$26.1

N/A

Total

$307.5

$307.0

$288.9

$276.5

$3.1

Percentage of Portfolio

31.8%

32.7%

24.3%

24.4%

All Metals

Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$0.5

$0.9

$0.7

Fair Value + Realized Gains

$ in millions (1) These accounts were discussed during our 2016 Analyst and Investor Meeting (2) Includes realized gains or losses, dividends and royalties received

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= $279.6

90

Portfolio Update: 2015 Analyst Day Accounts(1) – Current Update Portfolio Company

3/31/15 Cost

3/31/15 Fair Value

June 2015 Update / Forecast

Current Update

3/31/17 Cost

3/31/17 Fair Value

Equity Gain / (Loss) (2)

AVL (f/k/a Audio & Video Labs)

$11.5

$11.8

Stable

Partial Exit / Stable

$1.3

$1.8

N/A

Cook & Boardman

$15.3

$15.5

Stable

Stable

$16.2

$17.2

CWS Holding Company

$17.6

$17.6

Stable

Partial Exit / Stable

$1.5

$2.1

N/A

DLC Acquisition, LLC

$22.3

$22.3

Stable

Stable

$39.0

$39.0

N/A

Gilchrist & Soames

$34.5

$34.5

Stable

Full Exit

N/A

N/A

N/A

Halcyon Healthcare

$13.3

$13.3

Stable

Full Exit / Gain

N/A

N/A

Huron

$13.8

$13.8

Stable

Full Exit

N/A

N/A

N/A

Nomacorc

$21.6

$21.6

Stable

Below Plan

$22.9

$16.9

N/A

Orchid Underwriters Agency

$24.0

$24.0

Stable

Refinanced / Stable

$0.3

$1.8

N/A

PCX Aerostructures

$24.6

$23.4

Stable

Below Plan

$35.7

$22.5

N/A

TGaS Advisors

$11.4

$11.4

Stable

Stable

$11.1

$10.7

NB Products

$31.7

$31.7

Stable

Positive

$37.6

$50.6

N/A

Hickman's Egg Ranch

$14.8

$14.8

Stable

Full Exit

N/A

N/A

N/A

Total

$256.4

$255.7

$165.5

$162.7

$0.5

Percentage of Portfolio

27.7%

29.1%

13.9%

14.4%

$0.2

$0.3

$0.0

Fair Value + Realized Gains = $163.2

Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$ in millions (1) These accounts were discussed during our 2015 Analyst and Investor Meeting (2) Includes realized gains or losses, dividends and royalties received

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91

Portfolio Update: 2014 Analyst Day Accounts(1) – Current Update Portfolio Company

3/31/14 Cost

3/31/14 Fair Value

June 2014 Update / Forecast

Current Update

3/31/17 Cost

3/31/17 Fair Value

Equity Gain / (Loss) (2)

AGM Automotive

$12.3

$12.3

Stable

Partial Exit / Positive

$0.6

$4.4

$0.7

Applied Consultants

$19.8

$19.8

Positive

Full Exit / Gain

N/A

N/A

$0.5

Cafe Enterprises

$12.8

$12.8

Stable

Below Plan

$15.0

$10.3

N/A

$8.6

$8.6

Stable

Partial Exit / Positive

$0.8

$2.7

FrontStream Holdings

$11.0

$11.0

Stable

Below Plan

$13.8

$12.5

N/A

Inspection Oilfield Services

$21.1

$20.7

Stable

Full Exit / Loss

N/A

N/A

($0.3)

Justrite Manufacturing

$14.6

$14.6

Stable

Full Exit / Gain

N/A

N/A

$0.3

PetroLiance

$13.0

$13.0

Positive

Full Exit / Gain

N/A

N/A

$1.1

Specialized Desanders

$13.5

$13.0

Positive

Stable

$17.9

$15.6

$1.8

Danville Materials

$8.3

$8.3

Stable

Full Exit / Gain

N/A

N/A

$1.7

DataSource

$5.7

$5.7

Partial Exit/Stable

Partial Exit / Stable

$1.0

$0.9

N/A

On Event Services

$9.6

$9.6

Stable

Full Exit / Gain

N/A

N/A

$2.3

$12.2

$12.0

Stable

Full Exit / Gain

N/A

N/A

$1.2

Total

$162.5

$161.4

$49.1

$46.3

$9.4

Percentage of Portfolio

23.9%

23.4%

4.1%

4.1%

Flowchem

Infrastructure Corp. of America

$0.1

Fair Value + Realized Gains = $55.7

Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$ in millions (1) These accounts were discussed during our 2014 Analyst and Investor Meeting (2) Includes realized gains or losses, dividends and royalties received

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92

Portfolio Update: 2013 Analyst Day Accounts(1) – Current Update Portfolio Company

Agilex

3/31/13 Cost

3/31/13 Fair Value

June 2013 Update / Forecast

Current Update

$13.6

$13.6

Stable

Positive

$9.5

$9.5

Stable

$19.7

$19.7

$8.5

Performance Health

3/31/17 Cost

3/31/17 Fair Value

Equity Gain / (Loss) (2)

$14.3

$15.5

N/A

Full Exit / Loss

N/A

N/A

($12.2)

Stable

Refinanced

N/A

N/A

N/A

$8.4

Stable

Below Plan

$13.1

$9.1

($0.3)

$14.4

$14.4

Stable

Full Exit / Gain

N/A

N/A

$3.5

ROM

$13.1

$13.1

Stable

Full Exit

N/A

N/A

N/A

WSO (f/k/a Wholesome)

$23.0

$23.0

Stable

Partial Exit / Stable

$3.1

$3.7

N/A

$7.5

$7.5

Stable

Partial Exit / Stable

$5.2

$5.4

N/A

Home Physicians

$14.4

$11.8

Stable/Negative

Full Exit / Gain

N/A

N/A

$1.5

Plantation Products

$23.9

$25.0

Positive

Full Exit / Gain

N/A

N/A

$15.6

All Aboard America!

$10.0

$10.5

Stable

Full Exit / Gain

N/A

N/A

$3.2

Main Street Gourmet

$5.6

$5.5

Stable

Full Exit / Gain

N/A

N/A

$3.4

$12.0

$12.4

Stable

Full Exit / Loss

N/A

N/A

($18.3)

$4.1

$4.3

Stable

Full Exit / Gain

N/A

N/A

$1.6

Total

$179.3

$178.7

$35.7

$33.6

($2.0)

Percentage of Portfolio

33.5%

32.8%

3.0%

3.0%

Capital Contractors DialogDirect (f/k/a Carepoint) Eckler's Holdings

Dyno

Parts Now Hatch

Fair Value + Realized Gains = $31.6

Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$ in millions (1) These accounts were discussed during our 2013 Analyst and Investor Meeting (2) Includes realized gains or losses, dividends and royalties received

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93

Portfolio Update: 2012 Analyst Day Accounts(1) – Current Update Portfolio Company

Foodstate (BioSan)

3/31/12 Cost

3/31/12 Fair Value

June 2012 Update / Forecast

Current Update

3/31/17 Cost

3/31/17 Fair Value

Equity Gain / (Loss) (2)

$5.2

$5.2

Stable

Full Exit

N/A

N/A

N/A

N/A

N/A

Stable

Full Exit / Gain

N/A

N/A

$3.6

MIC Holding LLC (f/k/a Magpul)

$14.6

$15.7

Positive

Partial Exit / Stable

$1.5

$11.9

$4.2

Top Knobs

$11.1

$11.1

Positive

Full Exit / Gain

N/A

N/A

$2.6

Trinity Consultants

$8.1

$8.1

Positive

Full Exit / Gain

N/A

N/A

$2.5

Media Storm

$9.7

$9.7

Stable

Partial Exit / Below Plan

$7.7

$5.9

$0.4

Minco

$5.7

$5.3

Negative

Full Exit / Loss

N/A

N/A

($0.5)

The Main Resource

$4.7

$4.8

Stable

Full Exit / Gain

N/A

N/A

$0.6

Stella Environmental Services

$6.2

$6.2

Positive

Full Exit / Gain

N/A

N/A

$1.8

K-Square (f/k/a Krystal)

$14.0

$14.0

Stable

Partial Exit / Stable

$0.6

$3.8

$2.4

United Biologics

$11.8

$11.8

Positive

Stable

$15.8

$14.9

N/A

Wythe Will Tzetzo

$11.7

$12.3

Positive

Partial Exit / Stable

$0.0

$5.3

$2.5

$7.9

$8.4

Stable

Full Exit / Gain

N/A

N/A

$11.5

Total

$110.7

$112.6

$25.7

$41.8

$31.5

Percentage of Portfolio

20.7%

20.7%

2.2%

3.7%

Chromaflo

Workforce Software

Fair Value + Realized Gains = $73.3

Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$ in millions (1) These accounts were discussed during our 2012 Analyst and Investor Meeting (2) Includes realized gains or losses, dividends and royalties received

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94

Portfolio Update: 2011 Analyst Day Accounts(1) – Current Update Portfolio Company

Novolyte

3/31/11 Cost

3/31/11 Fair Value

June 2011 Update / Forecast

Current Update

3/31/17 Cost

3/31/17 Fair Value

Equity Gain / (Loss) (2)

$10.0

$10.0

Positive

Full Exit / Gain

N/A

N/A

$2.5

Snack's Holding Corporation

$9.9

$9.9

Stable

Full Exit / Gain

N/A

N/A

$9.6

CapTek Softgel

$8.7

$8.7

Stable

Full Exit / Gain

N/A

N/A

$1.7

TrustHouse Services Group

$4.9

$5.0

Positive

Full Exit / Gain

N/A

N/A

$1.6

CRS Reprocessing

$21.6

$21.9

Positive

Restructured / Loss

$25.3

$9.1

($20.5)

Inland Pipe Rehabilitation

$16.2

$17.6

Stable

Partial Exit / Stable

$0.9

$1.7

$0.5

Continental Anesthesia (TGB)

$10.9

$10.9

Stable

Full Exit / Loss

N/A

N/A

($0.1)

AP Services

$6.7

$6.8

Stable

Full Exit / Gain

N/A

N/A

$1.4

Library Systems & Services

$5.2

$5.7

Positive

Full Exit / Gain

N/A

N/A

$2.4

Fischbein

$9.1

$23.1

Positive

Full Exit / Gain

N/A

N/A

$13.8

Wholesale Floors

$3.5

$3.1

Positive

Full Exit / Gain

N/A

N/A

$0.1

CV Holdings

$12.1

$11.9

Positive

Full Exit / Gain

N/A

N/A

$0.1

Ambient Air

$4.4

$5.6

Positive

Full Exit / Gain

N/A

N/A

$0.5

PowerDirect Marketing

$7.9

$7.9

Stable

Non-Accrual

$5.3

$0.5

$0.0

Total

$131.1

$148.1

$31.4

$11.3

$13.7

Percentage of Portfolio

34.0%

37.8%

2.6%

1.0%

Fair Value +

Realized Gains = $24.9 Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$ in millions (1) These accounts were discussed during our 2011 Analyst and Investor Meeting (2) Includes realized gains or losses, dividends and royalties received

A good partner understands your strengths. A great partner becomes one of them.®

95

Portfolio Update: 2010 Analyst Day Accounts(1) – Current Update

Portfolio Company

3/31/10 Cost

3/31/10 Fair Value

June 2010 Update / Forecast

Current Update

3/31/17 Cost

3/31/17 Fair Value

Equity Gain / (Loss) (2)

American deRosa Lamparts

$8.3

$4.0

Non-Accrual

Full Exit / Gain

N/A

N/A

$0.9

ZoomSystems

$7.8

$7.8

Positive

Full Exit / Gain

N/A

N/A

$1.0

Waste Recyclers Holdings

$13.9

$5.6

Negative

Partial Exit / Stable

$6.5

$0.7

($6.9)

Inland Pipe Rehabilitation

$11.9

$14.8

Stable

Partial Exit / Stable

$0.9

$1.7

$0.5

Jenkins

$8.9

$8.9

Stable

Full Exit / Gain

N/A

N/A

$0.9

Technology Crops

$5.5

$5.5

Positive

Stable

$12.5

$12.0

N/A

Tulsa Inspection Resources

$5.2

$4.5

Stable

Full Exit / Gain

N/A

N/A

$5.2

$11.8

$11.8

Stable

Full Exit / Gain

N/A

N/A

$5.6

$73.3

$62.9

$19.8

$14.4

$7.2

31.8%

28.3%

Media Temple

Total Percentage of Portfolio

1.7%

1.3%

Fair Value + Realized Gains = $21.6

Sponsor > $250MM

Sponsor < $250MM

Fundless Sponsor

Unsponsored

$ in millions (1) These accounts were discussed during our 2010 Analyst and Investor Meeting (2) Includes realized gains or losses, dividends and royalties received

A good partner understands your strengths. A great partner becomes one of them.®

96

Corporate Information Executive Officers

Investment Professionals

Corporate Officers

Board of Directors

E. Ashton Poole Chairman & Chief Executive Officer 919-747-8618

James J. Burke Managing Director 919-719-4783

C. Robert Knox, Jr., CPA SVP & Principal Accounting Officer 919-719-4786

Steven C. Lilly Chief Financial Officer & Secretary 919-719-4789

Matthew A. Young Managing Director 919-719-4787

Sheri Blair Colquitt Vice President - Human Resources 919-719-4784

E. Ashton Poole (Chairman) W. McComb Dunwoody Mark M. Gambill Benjamin S. Goldstein Steven C. Lilly Mark F. Mulhern Simon B. Rich, Jr. Garland S. Tucker, III

Jeffrey A. Dombcik Senior Managing Director & Chief Credit Officer 919-719-4785

Ryan A. Applegate Vice President 919-747-8635

Thomas F. Moses, CPA Vice President & Treasurer 919-747-8615

Service Providers

John A. Bitsas, CPA Vice President 919-719-4772

Elizabeth A. Murray, CPA Vice President - Financial Reporting 919-719-4773

Transfer Agent - Computershare Trustee - BNY Mellon Auditor - Ernst & Young LLP Counsel - Eversheds Sutherland (US) LLP

Corbin A. Graves, CPA Vice President 919-719-4775

Securities Listings - NYSE

Corporate Headquarters

Common Stock: “TCAP” Notes Due (Dec.) 2022: “TCCA” Notes Due (March) 2022: “TCCB”

3700 Glenwood Ave., Suite 530 Raleigh, NC 27612 www.tcap.com

Cary B. Nordan, CFA Senior Managing Director & Chief Origination Officer 919-719-4778 Douglas A. Vaughn, CFA Senior Managing Director & Chief Administrative Officer 919-719-4774

Jonathan E. Ward, CPA Vice President 919-719-4782

Research Coverage Bank of America Merrill Lynch Derek Hewett 415-676-3518

JMP Securities Christopher York 415-835-8965

National Securities Christopher R. Testa 212-417-7447

Stephens, Inc. Matt Schmid 817-900-5716

Janney Montgomery Scott Mitchel Penn, CFA 410-583-5976

Hilliard Lyons Andrew W. Stapp 502-588-4190

Raymond James Robert J. Dodd, PhD 901-579-4560

Wells Fargo Jonathan Bock, CFA 704-410-1874

Jefferies John Hecht 415-229-1569

Keefe, Bruyette & Woods Ryan Lynch, CFA, CPA 314-342-2918

Robert W. Baird & Co. Bryce Rowe, CFA 804-447-8019

Wunderlich Merrill Ross 703-669-9255

www.tcap.com

NYSE:TCAP

©2017 Triangle Capital Corporation

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8th Annual Analyst and Investor Meeting

8th Annual Analyst and Investor Meeting June 22, 2017 www.tcap.com NYSE:TCAP ©2017 Triangle Capital Corporation Forward-Looking Statements and Di...

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