BlackRock
TCP Capital Corp.
2951
28th Street, Suite 1000
Santa
Monica, California 90405
April
2, 2025
Dear
Stockholder:
You
are cordially invited to attend the 2025 Annual Meeting of Stockholders (the “Annual Meeting”) of BlackRock TCP Capital Corp.,
a Delaware corporation (the “Company”), to be held on May 22, 2025, at 9:00 a.m., Pacific Time, to consider and
vote on the proposals discussed in the enclosed proxy statement. The Annual Meeting will be held in a virtual meeting format only. Stockholders
will not have to travel to attend the Annual Meeting but will be able to view the Annual Meeting live and cast their votes by accessing
a web link. To participate in the Annual Meeting please follow the directions in the notice of Annual Meeting and proxy statement accompanying
this letter and use the following link: meetnow.global/M4N5VLR.
The
notice of Annual Meeting and proxy statement accompanying this letter provide an outline of the business to be conducted at the meeting.
At the Annual Meeting you will be asked to elect all six Director nominees to the Board of Directors of the Company and to consider and
vote on a proposal to authorize the Company, with approval of its Board of Directors, to sell shares of the Company’s common stock
at a price or prices below its then current net asset value per share in one or more offerings (for up to the next 12 months), subject
to certain limitations set forth in the proxy statement (including, without limitation, that the number of shares sold on any given date
does not exceed 25% of the Company’s then outstanding common stock immediately prior to such sale).
It
is important that you be represented at the Annual Meeting. Please complete, sign, date and return your proxy card to us in the enclosed,
postage-prepaid envelope at your earliest convenience, even if you plan to attend the Annual Meeting. If you prefer, you can authorize
your proxy through the Internet or by telephone as described in the proxy statement and on the enclosed proxy card. If you attend the
Annual Meeting, you may revoke your proxy prior to its exercise and vote virtually at the Annual Meeting. Your vote is very important
to us. I urge you to submit your proxy as soon as possible.
If
you have any questions about the proposals to be voted on or the virtual meeting, please call Georgeson LLC, the firm assisting us in
the solicitation of proxies, toll free at 1-855-372-7798.
Further,
from time to time we may repurchase a portion of our common shares and are notifying you of this ability as required by applicable securities
law.
Sincerely
yours,
/s/
Philip Tseng
Philip
Tseng
Chair
of the Board of Directors and
Chief
Executive Officer