Regulation FD Disclosure Form 8 K

On August 23, 2019, the Company issued $150.0 million of unsecured notes that would mature on August 23, 2024 (the "2024 Notes"), unless previously repurchased or redeemed in accordance with their terms. On November 26, 2019, the Company issued an additional $50.0 million of the 2024 Notes and on October 2, 2020, the Company issued an additional $50.0 million of the 2024 Notes for a total outstanding aggregate principal amount of $250.0 million of the 2024 Notes. On August 23, 2024, the Company repaid $250.0 million of the 2024 Notes.

After giving effect to the repayment of the 2024 Notes, the Company's leverage program is comprised of $300.0 million in available debt under a revolving, multi-currency credit facility issued by the Company's wholly-owned subsidiary, Special Value Continuation Partners LLC ("SVCP"); $200.0 million in available debt under a senior secured revolving credit facility issued by TCPC Funding II; amounts outstanding under a senior secured revolving credit facility originally issued by BlackRock Capital Investment Corporation ("BCIC") and assumed by BCIC Merger Sub, LLC ("Merger Sub"), a wholly-owned subsidiary of SVCP, in connection with the Company's acquisition of BCIC; unsecured notes due December 2025 originally issued by BCIC and assumed by Merger Sub in connection with the Company's acquisition of BCIC; $325.0 million in senior unsecured notes issued by the Company maturing in 2026; $325.0 million in senior unsecured notes issued by the Company maturing in 2029; and $160.0 million in committed leverage from the United States Small Business Administration.

Under Section 61(a) of the Investment Company Act of 1940, as amended (the "1940 Act"), prior to March 23, 2018, a business development company ("BDC") was generally not permitted to issue senior securities unless after giving effect thereto the BDC met a coverage ratio of total assets, less liabilities and indebtedness not represented by senior securities, to total senior securities, which includes all borrowings of the BDC, of at least 200%. On March 23, 2018, the Small Business Credit Availability Act ("SBCAA") was signed into law, which among other things, amended Section 61(a) of the 1940 Act to add a new Section 61(a)(2) that reduces the asset coverage requirement applicable to BDCs from 200% to 150% so long as the BDC meets certain disclosure requirements and obtains certain approvals. The reduced asset coverage requirement would permit a BDC to have a ratio of total outstanding indebtedness to common equity of 2:1 as compared to a maximum of 1:1 under the 200% asset coverage requirement.

Effective November 7, 2018, the Company's Board of Directors, including a "required majority" (as such term is defined in Section 57(o) of the 1940 Act) of the Company's Board of Directors, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA (the "Asset Coverage Ratio Election"), which would have resulted (had the Company not received earlier stockholder approval) in our asset coverage requirement applicable to senior securities being reduced from 200% to 150%, effective on November 7, 2019. On February 8, 2019, the stockholders of the Company approved the Asset Coverage Ratio Election, and, as a result, effective on February 9, 2019, our asset coverage requirement applicable to senior securities was reduced from 200% to 150%.

As of June 30, 2024, the Company's asset coverage ratio was 173.8%. Based on the Company's net asset value as of June 30, 2024 and immediately after giving effect to the repayment of the 2024 Notes, the Company's asset coverage ratio was 180.2%, as of August 23, 2024.