united states · 2020. 4. 13. · santa monica, california 90405 april 1, 2020 dear stockholder:...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934

FiledbytheRegistrant☒

FiledbyaPartyotherthantheRegistrant o

Checktheappropriatebox:

o PreliminaryProxyStatement

o Confidential,forUseoftheCommissionOnly(aspermittedbyRule14a-6(e)(2))

☒ DefinitiveProxyStatement

o DefinitiveAdditionalMaterials

o SolicitingMaterialPursuantto§240.14a-12

BLACKROCK TCP CAPITAL CORP.(NameofRegistrantasSpecifiedInItsCharter)

(NameofPerson(s)FilingProxyStatement,ifOtherthantheRegistrant)

PaymentofFilingFee(Checktheappropriatebox):☒ Nofeerequired. o FeecomputedontablebelowperExchangeActRules14a-6(i)(4)and0-11. (1) Titleofeachclassofsecuritiestowhichtransactionapplies: (2) Aggregatenumberofsecuritiestowhichtransactionapplies: (3) PerunitpriceorotherunderlyingvalueoftransactioncomputedpursuanttoExchangeActRule0-11(setforththeamount

onwhichthefilingfeeiscalculatedandstatehowitwasdetermined): (4) Proposedmaximumaggregatevalueoftransaction: (5) Totalfeepaid: o Feepaidpreviouslywithpreliminarymaterials. o CheckboxifanypartofthefeeisoffsetasprovidedbyExchangeActRule0-11(a)(2)andidentifythefilingforwhichthe

offsettingfeewaspaidpreviously.Identifythepreviousfilingbyregistrationstatementnumber,ortheFormorScheduleandthedateofitsfiling.

(1) AmountPreviouslyPaid: (2) Form,ScheduleorRegistrationStatementNo.: (3) FilingParty: (4) DateFiled:

BlackRock TCP Capital Corp. 2951 28th Street, Suite 1000

Santa Monica, California 90405

April1,2020

DearStockholder:

Youarecordiallyinvitedtoattendthe2020AnnualMeetingofStockholders(the“AnnualMeeting”)ofBlackRockTCPCapitalCorp.,aDelawarecorporation(the“Company”),tobeheldonMay27,2020,at9:00a.m.,PacificTime,attheofficesofBlackRockTCPCapitalCorp.,295128thStreet,Suite1000,SantaMonica,California90405.*ThenoticeofAnnualMeetingandproxystatementaccompanyingthisletterprovideanoutlineofthebusinesstobeconductedatthemeeting.AttheAnnualMeetingyouwillbeaskedtoelectalleightDirectornomineestotheBoardofDirectorsoftheCompanyandtoconsiderandvoteonaproposaltorenewtheCompany’sauthorization,withapprovalofitsBoardofDirectors,tosellsharesoftheCompany’scommonstockatapriceorpricesbelowitsthencurrentnetassetvaluepershareinoneormoreofferings(foruptothenext12months),subjecttocertainlimitationssetforthintheproxystatement(including,withoutlimitation,thatthenumberofsharessoldonanygivendatedoesnotexceed25%oftheCompany’sthenoutstandingcommonstockimmediatelypriortosuchsale).

ItisimportantthatyouberepresentedattheAnnualMeeting.Pleasecomplete,sign,dateandreturnyourproxycardtousintheenclosed,postage-prepaidenvelopeatyourearliestconvenience,evenifyouplantoattendtheAnnualMeeting.Ifyouprefer,youcanauthorizeyourproxythroughtheInternetorbytelephoneasdescribedintheproxystatementandontheenclosedproxycard.IfyouattendtheAnnualMeeting,youmayrevokeyourproxypriortoitsexerciseandvoteinpersonattheAnnualMeeting.Yourvoteisveryimportanttous.Iurgeyoutosubmityourproxyassoonaspossible.

Ifyouhaveanyquestionsabouttheproposalstobevotedon,pleasecalloursolicitor,D.F.King&Co.,Inc.,at1-866-406-2283.

Further,fromtimetotimewemayrepurchaseaportionofourcommonsharesandarenotifyingyouofthisabilityasrequiredbyapplicablesecuritieslaw.

Sincerelyyours,

HowardM.LevkowitzChairoftheBoardofDirectorsandChiefExecutiveOfficer

*AspartofourprecautionsregardingthecoronavirusorCOVID-19,weareplanningforthepossibilitythattheannualmeetingmaybeheldvirtuallysolelybymeansofremotecommunicationorviaalivewebcast.Ifwetakethisstep,wewillannouncethedecisiontodosoinadvance,andwewillprovidedetailsonhowtoparticipateinapressreleaseandonourwebsiteathttps://tcpcapital.com.


Santa Monica, California 90405 (310) 566-1003

NOTICE OF ANNUAL MEETING TO BE HELD ON MAY 27, 2020

TotheStockholdersofBlackrockTCPCapitalCorp.:

The2020AnnualMeetingofStockholders(the“AnnualMeeting”)ofBlackrockTCPCapitalCorp.,aDelawarecorporation(the“Company”)willbeheldonMay27,2020,at9:00a.m.PacificTime,attheofficesofBlackRockTCPCapitalCorp.,295128thStreet,Suite1000,SantaMonica,California90405,*forthefollowingpurposes:

1. ToelectalleightDirectornomineestotheBoardofDirectorsoftheCompanytoserveuntilthe2021AnnualMeetingofStockholdersoftheCompany,oruntilhisorhersuccessorisdulyelectedandqualifies;

2. ToconsiderandvoteonaproposaltorenewtheCompany’sauthorization,withapprovalofitsBoardofDirectors,tosellsharesoftheCompany’scommonstock(foruptothenext12months)atapriceorpricesbelowitsthencurrentnetassetvaluepershareinoneormoreofferings,subjecttocertainlimitationssetforthintheproxystatement(including,withoutlimitation,thatthenumberofsharessoldonanygivendatedoesnotexceed25%oftheCompany’sthenoutstandingcommonstockimmediatelypriortosuchsale);and

3. TotransactsuchotherbusinessasmayproperlycomebeforetheAnnualMeetingandanyadjournments,postponementsordelaysthereof.

*AspartofourprecautionsregardingthecoronavirusorCOVID-19,weareplanningforthepossibilitythattheannualmeetingmaybeheldvirtuallysolelybymeansofremotecommunicationorviaalivewebcast.Ifwetakethisstep,wewillannouncethedecisiontodosoinadvance,andwewillprovidedetailsonhowtoparticipateinapressreleaseandonourwebsiteathttps://tcpcapital.com.

YouhavetherighttoreceivenoticeofandtovoteattheAnnualMeetingifyouwereastockholderofrecordatthecloseofbusinessonMarch30,2020.Pleasecomplete,sign,dateandreturnyourproxycardtousintheenclosed,postage-prepaidenvelopeatyourearliestconvenience,evenifyouplantoattendtheAnnualMeeting.Ifyouprefer,youcanauthorizeyourproxythroughtheInternetorbytelephoneasdescribedintheproxystatementandontheenclosedproxycard.Ifyouattendthemeeting,youmayrevokeyourproxypriortoitsexerciseandvoteinpersonatthemeeting.Intheeventthattherearenotsufficientstockholderspresentforaquorum,theAnnualMeetingmaybeadjournedfromtimetotime,inthemannerprovidedinourbylaws,untilaquorumwillbepresentorrepresented.

Ifyouhaveanyquestionsabouttheproposalstobevotedon,pleasecalloursolicitor,D.F.King&Co.,Inc.,at1-866-406-2283.

ByOrderoftheBoardofDirectors,


SantaMonica,CaliforniaApril1,2020

This is an important meeting. To ensure proper representation at the Annual Meeting, please complete, sign, date and returnthe Proxy card in the enclosed, postage-prepaid envelope, or authorize a proxy to vote your shares by telephone or through theInternet. Even if you authorize a proxy prior to the Annual Meeting, you still may attend the Annual Meeting, revoke yourproxy, and vote your shares in person.

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Santa Monica, California 90405 (310) 566-1003

PROXY STATEMENT 2020

Annual Meeting of Stockholders

Thisproxystatement(the“ProxyStatement”)isfurnishedinconnectionwiththesolicitationofproxiesbytheBoardofDirectors(the“BoardofDirectors”)ofBlackrockTCPCapitalCorp.,aDelawarecorporation(the“Company”),foruseatthe2020AnnualMeetingofStockholders(the“AnnualMeeting”)oftheCompanytobeheldonMay27,2020,at9:00a.m.PacificTime,attheofficesofBlackRockTCPCapitalCorp.,295128thStreet,Suite1000,SantaMonica,California90405,andatanypostponements,adjournmentsordelaysthereof.ThisProxyStatement,theaccompanyingproxycardandtheCompany’sAnnualReportforthefiscalyearendedDecember31,2019arefirstbeingsenttostockholdersonoraboutApril13,2020.

AspartofourprecautionsregardingthecoronavirusorCOVID-19,weareplanningforthepossibilitythattheannualmeetingmaybeheldvirtuallysolelybymeansofremotecommunicationorviaalivewebcast.Ifwetakethisstep,wewillannouncethedecisiontodosoinadvance,andwewillprovidedetailsonhowtoparticipateinapressreleaseandonourwebsiteathttps://tcpcapital.com.

It is important that every stockholder authorize a proxy so that we can achieve a quorum and hold the Annual Meeting.ThepresenceattheAnnualMeeting,inpersonorbyproxy,ofholdersofnotlessthanone-thirdoftheCompany’ssharesissuedandoutstandingandentitledtovoteatthemeetingwillconstituteaquorumforthetransactionofbusiness.Ifaquorumisnotmet,thenwewillberequiredtoadjournthemeetingandincuradditionalexpensestocontinuetosolicitadditionalvotes.

Wehaveengagedaproxysolicitor,whomaycallyouandaskyoutovoteyourshares.Theproxysolicitorwillnotattempttoinfluencehowyouvoteyourshares,butonlyaskthatyoutakethetimetocastavote.Youmayalsobeaskedifyouwouldliketoauthorizeyourproxyoverthetelephoneandtohaveyourvotinginstructionstransmittedtoourproxytabulationfirm.

Weencourageyoutovote,eitherbyvotinginpersonattheAnnualMeetingorbygrantingaproxy(i.e.,authorizingsomeonetovoteyourshares).IfyouproperlysignanddatetheaccompanyingproxycardorauthorizeaproxytovoteyoursharesbytelephoneorthroughtheInternet,andwereceiveitintimefortheAnnualMeeting,thepersonsnamedasproxieswillvotethesharesregistereddirectlyinyournameinthemannerthatyouspecified.If you give no instructions on the proxy card, the shares covered by theproxy card will be voted FOR the election of the nominees as Directors and FOR the proposal to renew the Company’sauthorization, with the approval of its Board of Directors, to sell its common shares at a price or prices below the Company’sthen current net asset value per share in one or more offerings (for up to the next 12 months), subject to certain limitations setforth herein (including, without limitation, that the number of shares sold on any given date does not exceed 25% of theCompany’s then outstanding common stock immediately prior to such sale).

Ifyouareastockholder“ofrecord”(i.e.,youholdsharesdirectlyinyourname),youmayrevokeaproxyatanytimebeforeitisexercisedbynotifyingtheCompany’sChiefComplianceOfficerinwriting,bysubmittingaproperlyexecuted,later-datedproxy,orbyvotinginpersonattheAnnualMeeting.AnystockholderofrecordattendingtheAnnualMeetingmayvoteinpersonwhetherornotheorshehaspreviouslyauthorizedaproxy.

Ifyoursharesareheldforyouraccountbyabroker,trustee,bankorotherinstitutionornominee,youmayvotesuchsharesattheAnnualMeetingonlyifyouhavealegalproxyandpresentitattheAnnualMeeting.

Ifyoursharesareregisteredinthenameofabankorbrokeragefirm,youmaybeeligibletovoteyourshareselectronicallyviatheInternetorbytelephone.

ForinformationonhowtoobtaindirectionstoattendtheAnnualMeetinginperson,pleasecontactoursolicitor,D.F.King&Co.,Inc.,at1-866-406-2283.

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IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING TO BE HELD ON MAY 27, 2020

ThefollowingmaterialsrelatingtothisProxyStatementareavailableathttp://investors.tcpcapital.com/financial-information:

• thisProxyStatement;

• theaccompanyingNoticeofAnnualMeeting;and

• theCompany’sAnnualReportforthefiscalyearendedDecember31,2019.

Purpose of Annual Meeting

TheAnnualMeetinghasbeencalledforthefollowingpurposes:

1. ToelectalleightDirectornomineestotheBoardofDirectorsoftheCompanytoserveuntilthe2021AnnualMeetingofStockholdersoftheCompany,oruntilhisorhersuccessorisdulyelectedandqualifies;

2. ToconsiderandvoteonaproposaltorenewtheCompany’sauthorization,withapprovalofitsBoardofDirectors,tosellsharesoftheCompany’scommonstockatapriceorpricesbelowitsthencurrentnetassetvaluepershareinoneormoreofferings(foruptothenext12months),subjecttocertainlimitationssetforthherein(including,withoutlimitation,thatthenumberofsharessoldonanygivendatedoesnotexceed25%oftheCompany’sthenoutstandingcommonstockimmediatelypriortosuchsale);and

3. TotransactsuchotherbusinessasmayproperlycomebeforetheAnnualMeetingandanyadjournments,postponementsordelaysthereof.

Voting Securities

YoumayvoteyoursharesattheAnnualMeetingonlyifyouwereastockholderofrecordatthecloseofbusinessonMarch30,2020(the“RecordDate”).AtthecloseofbusinessontheRecordDate,theCompanyhad57,766,426commonsharesoutstanding.Eachshareisentitledtoonevote.

Quorum Required

Theholdersofnotlessthanone-thirdoftheCompany’ssharesissuedandoutstandingandentitledtovoteattheAnnualMeeting,presentinpersonorrepresentedbyproxy,willconstituteaquorumattheAnnualMeetingforthetransactionofbusiness.

Ifaquorumisnotmet,thenwewillberequiredtoadjournthemeetingandincuradditionalexpensestocontinuetosolicitadditionalvotes.

SharesthatarepresentattheAnnualMeeting,butthenabstain,includingbyreasonofsocalled“brokernon-votes,”willbetreatedaspresentforpurposesofestablishingaquorum.However,abstentionsand“brokernon-votes”onamatterarenottreatedasvotescastonsuchmatter.Abrokernon-votewithrespecttoamatteroccurswhenanomineeholdingsharesforabeneficialownerispresentatthemeetingwithrespecttosuchshares,hasnotreceivedvotinginstructionsfromthebeneficialowneronthematterinquestionanddoesnothave,orchoosesnottoexercise,discretionaryauthoritytovotethesharesonsuchmatter.

Vote Required

Proposal I. Election of Directors.TheelectionofaDirectorrequirestheaffirmativevoteofapluralityoftheCompany’ssharesentitledtovoterepresentedinpersonorbyproxyattheAnnualMeetingsolongasaquorumispresent.Ifyouvoteto“WithholdAuthority”withrespecttoanominee,yourshareswillnotbevotedwithrespecttothepersonindicated.BecausetheCompanyrequiresapluralityofvotestoelecteachsuchDirector,withheldvotesandbrokernon-votes,ifany,willnothaveaneffectontheoutcomeofProposalI.

Proposal II. To Renew the Company’s Authorization to Sell Its Common Shares (For up to the Next 12 Months) at a Price orPrices below the Company’s Then Current Net Asset Value per Share in One or More Offerings.Approvalofthisproposalmaybeobtainedbytheaffirmativevoteof(i)amajorityoftheoutstanding

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commonsharesentitledtovoteattheAnnualMeeting;and(ii)amajorityoftheoutstandingcommonsharesentitledtovoteattheAnnualMeetingthatarenotheldbyaffiliatedpersonsoftheCompany.TheInvestmentCompanyActof1940,or1940Act,defines“amajorityoftheoutstandingshares”as:(i)67%ormoreofthevotingsecuritiespresentatameetingiftheholdersofmorethan50%oftheoutstandingvotingsecuritiesofsuchcompanyarepresentorrepresentedbyproxy;or(ii)50%oftheoutstandingvotingsecuritiesofacompany,whicheverisless.Second,ProposalIIwillalsobeapprovedifwereceiveapprovalfromamajorityofthenumberofbeneficialholdersofourcommonstockentitledtovoteattheAnnualMeeting,withoutregardtowhetheramajorityofsuchsharesarevotedinfavoroftheproposal.Abstentionsandbrokernon-votesonProposalIIwillhavethesameeffectasvotesagainsttheproposal.

Adjournment.TheAnnualMeetingmaybeadjournedfromtimetotimepursuanttoourbylaws.IfaquorumisnotpresentorrepresentedattheAnnualMeetingorifthechairmanoftheAnnualMeetingbelievesitisinthebestinterestsoftheCompany,thechairmanoftheAnnualMeetinghasthepowertoadjournthemeetingfromtimetotime,inthemannerprovidedinourbylaws,untilaquorumwillbepresentorrepresentedortoprovideadditionaltimetosolicitvotesforoneormoreproposals.

Information Regarding This Solicitation

TheCompanywillbearallcostsandexpensesrelatedtothesolicitationofproxiesfortheAnnualMeeting,includingthecostofpreparing,printingandmailingthisProxyStatement,theaccompanyingNoticeofAnnualMeetingandproxycards.Suchcostsandexpensesareestimatedtobeapproximately$50,000.Ifbrokers,nominees,fiduciariesandotherpersonsholdingsharesintheirnames,orinthenameoftheirnominees,whicharebeneficiallyownedbyothers,forwardtheproxymaterialstoandobtainproxiesfromsuchbeneficialowners,wewillreimbursesuchpersonsfortheirreasonableexpensesinsodoing.

Inadditiontothesolicitationofproxiesbytheuseofthemail,proxiesmaybesolicitedinpersonandbytelephoneorfacsimiletransmissionbydirectors,officersoremployeesoftheCompany,TennenbaumCapitalPartners,LLC,whichistheCompany’sinvestmentadviser(the“Advisor”),and/orSeriesHofSVOF/MM,LLC,whichistheCompany’sadministrator(the“Administrator”).TheAdvisorandtheAdministratorarelocatedat295128thStreet,Suite1000,SantaMonica,California90405.Noadditionalcompensationwillbepaidtodirectors,officers,regularemployees,theAdvisorortheAdministratorforsuchservices.

TheCompanyhasalsoretainedD.F.King&Co.,Inc.,toassistinthesolicitationofproxiesforafeeofapproximately$9,500plusreimbursementofcertainexpensesandfeesforadditionalservicesrequested.PleasenotethatD.F.King&Co.,Inc.,maysolicitstockholderproxiesbytelephoneonbehalfoftheCompany.Theywillnotattempttoinfluencehowyouvoteyourshares,butonlyaskthatyoutakethetimetoauthorizeyourproxy.Youmayalsobeaskedifyouwouldliketovoteoverthetelephoneandtohaveyourvotetransmittedtotheproxytabulationfirm.

StockholdersmayprovidetheirvotinginstructionsbytelephoneorthroughtheInternet.Theseoptionsrequirestockholderstoinputthecontrolnumberwhichislocatedoneachproxycard.Afterinputtingthisnumber,stockholderswillbepromptedtoprovidetheirvotinginstructions.StockholderswillhaveanopportunitytoreviewtheirvotinginstructionsandmakeanynecessarychangesbeforesubmittingtheirvotinginstructionsandterminatingtheirtelephonecallorInternetlink.StockholderswhoauthorizeaproxyviatheInternetwillbeabletoconfirmtheirvotinginstructionspriortosubmission.

Anyproxygivenpursuanttothissolicitationmayberevokedbynoticefromthepersongivingtheproxyatanytimebeforeitisexercised.Anysuchnoticeofrevocationshouldbeprovidedinwritingandsignedbythestockholderinthesamemannerastheproxybeingrevokedanddeliveredtoourproxytabulator.

Security Ownership of Certain Beneficial Owners and Management

AsofMarch30,2020,therewerenopersonsthatownedmorethan25%ofouroutstandingvotingsecurities,andnopersonwouldbepresumedtocontrolus,assuchtermisdefinedinthe1940Act.

OurDirectorsaredividedintotwogroups—interesteddirectorsandindependentdirectors.“InterestedDirectors”arethosewhoare“interestedpersons”oftheCompany,asdefinedinthe1940Act.“IndependentDirectors”arethosewhoarenot“interestedpersons”oftheCompany,asdefinedinthe1940Act.

Thefollowingtablesetsforth,asofMarch30,2020,certainownershipinformationwithrespecttotheCompany’ssharesforthosepersonswhomay,insofarasisknowntous,directlyorindirectlyown,controlor

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holdwiththepowertovote,5%ormoreofouroutstandingcommonsharesandthebeneficialownershipofeachcurrentDirectorandexecutiveofficers,andtheexecutiveofficersandDirectorsasagroup.AsofMarch30,2020,allDirectorsandexecutiveofficersasagroupownedlessthan1%oftheCompany’soutstandingcommonshares.

Ownershipinformationforthosepersons,ifany,whoown,controlorholdthepowertovote,5%ormoreofoursharesisbaseduponSchedule13DorSchedule13GfilingsbysuchpersonswiththeSecuritiesandExchangeCommission(the“Commission”)andotherinformationobtainedfromsuchpersons,ifavailable.Suchownershipinformationisasofthedateoftheapplicablefilingandmaynolongerbeaccurate.

Unlessotherwiseindicated,webelievethateachpersonsetforthinthetablebelowhassolevotingandinvestmentpowerwithrespecttoallsharesoftheCompanyheorshebeneficiallyownsandhasthesameaddressastheCompany.TheCompany’saddressis295128thStreet,Suite1000,SantaMonica,California90405.

Title of ClassName and Address of

Beneficial OwnerAmount and Nature of Beneficial Ownership

Percent of Class

5%ormoreholders None InterestedDirectors CommonStock HowardM.Levkowitz(1) 188,014 *CommonStock RajneeshVig 59,750 * IndependentDirectors CommonStock KathleenA.Corbet 9,000 *CommonStock EricJ.Draut 52,532 *CommonStock M.FreddieReiss 25,000 *CommonStock PeterE.Schwab 8,500 *CommonStock KarynL.Williams 725 *CommonStock BrianF.Wruble(2) 40,000 * ExecutiveOfficers CommonStock PaulL.Davis 28,500 *CommonStock ElizabethGreenwood 1,000 *

(1) TheamountofbeneficialownershipofoursharesbyMr.Levkowitzcontainedhereinincludes138,913sharesowneddirectly,30,000sharesownedindirectlyasUniformTransferstoMinorsActcustodianforminorchildrenand19,100sharesownedindirectlythroughtheElayneLevkowitzIndividualRetirementAccount.

(2) TheamountofbeneficialownershipofoursharesbyMr.Wrublecontainedhereinincludes30,000sharesowneddirectlyand10,000sharesownedindirectlythroughtheWrubleFamilyTrustDatedAugust4,1997.

* Representslessthan1%.

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ThefollowingtablesetsoutthedollarrangeofourequitysecuritiesbeneficiallyownedbyeachofourDirectorsandtheDirectornomineesasofMarch30,2020.Wearenotpartofa“familyofinvestmentcompanies,”asthattermisdefinedinthe1940Act.

Name of DirectorDollar Range of Equity

Securities in the Company(1)

Interested Directors HowardM.Levkowitz Over$100,000RajneeshVig Over$100,000 Independent Directors KathleenA.Corbet Over$100,000EricJ.Draut(2) Over$100,000M.FreddieReiss(2) Over$100,000PeterE.Schwab(2) Over$100,000KarynL.Williams $10,0001-$50,000BrianF.Wruble(2) Over$100,000

(1) Dollarrangesareasfollows:none,$1–$10,000,$10,001–$50,000,$50,001–$100,000,orover$100,000.

(2) Mr.Drauthasacapitalcommitmentof$750,000inTennenbaumOpportunitiesFundVI,LLC(“TOFVI”),and$500,000inTennenbaumSpecialSituationsFundIX,LLC(“FundIX”),twoprivateinvestmentfundsadvisedbytheAdvisor.Mr.Reisshascapitalcommitmentsof$250,000inTOFVI,$250,000inFundIX,$250,000inTennenbaumOpportunitiesFundV,LLC,and$150,000inSpecialValueOpportunitiesFund,LLC(“SVOFLLC”),twoadditionalprivateinvestmentfundsadvisedbytheAdvisor.Mr.Schwabhasacapitalcommitmentof$250,000inFundIX.Mr.Wrublehascapitalcommitmentsof$1,000,000inTOFVI,$500,000inFundIXand$1,000,000inSVOFLLC.Suchinterestsareeachlessthanonepercentoftheclassofsecuritiesoftheapplicableprivatefund.

Proposal I. Election of Directors

PursuanttoourcertificateofincorporationandbylawsourBoardofDirectorsmaychangethenumberofDirectorsconstitutingtheBoardofDirectors,providedthatthenumberthereofwillneverbelessthantwonormorethannine.WecurrentlyhaveeightDirectorsonourBoardofDirectors,eachofwhichisstandingforelectionthisyear.EachDirectornomineeelectedattheAnnualMeetingwillserveuntilthelaterofthedateofour2021AnnualMeetingoruntilhisorhersuccessoriselectedandqualifies,oruntilhisorherearlierdeath,resignation,retirementorremoval.

Astockholdercanvotefororwithholdhisorhervotefromanynominee.In the absence of instructions to the contrary, it is theintention of the persons named as proxies to vote such proxy FOR the election of the nominees named below. If a nomineeshould decline or be unable to serve as a Director, it is intended that the proxy will be voted for the election of such person as isnominated by the Board of Directors as a replacement.TheBoardofDirectorshasnoreasontobelievethatanyofthepersonsnamedbelowwillbeunableorunwillingtoserve,andeachsuchpersonhasconsentedtobeingnamedinthisProxyStatementandtoserveifelected.

The Board of Directors recommends that you vote FOR the election of the nominees named in this Proxy Statement.

INFORMATION ABOUT THE NOMINEES AND DIRECTORS

CertaininformationwithrespecttothenomineesforelectionattheAnnualMeetingandtheDirectorsissetforthbelow,includingtheirnames,ages,abriefdescriptionoftheirrecentbusinessexperience,includingpresentoccupationsandemployment,certaindirectorshipsthateachpersonholds,andtheyearinwhicheachpersonbecameaDirector.

The1940ActandtheNASDAQrulesrequirethatourBoardofDirectorsconsistofatleastamajorityofindependentdirectors.Underthe1940Act,inorderforaDirectortobedeemedindependent,heorshe,amongotherthings,generallymustnot:own,controlorholdpowertovote,5%ormoreofthevotingsecuritiesof,orcontroltheCompanyoraninvestmentadvisororprincipalunderwritertotheCompany;beanofficer,directororemployeeoftheCompanyorofaninvestmentadvisororprincipalunderwritertotheCompany;beamemberoftheimmediatefamilyofanyoftheforegoingpersons;knowinglyhaveadirectorindirectbeneficialinterestin,

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orbedesignatedasanexecutor,guardianortrusteeofaninterestin,anysecurityissuedbyaninvestmentadvisororprincipalunderwritertotheCompanyoranyparentcompanythereof;beapartneroremployeeofanyfirmthathasactedaslegalcounseltotheCompanyoraninvestmentadvisororprincipalunderwritertotheCompanyduringthelasttwoyears;orhavecertainrelationshipswithabroker-dealerorotherpersonthathasengagedinagencytransactions,principaltransactionswith,lentmoneyorotherpropertyto,ordistributedsharesonbehalfof,theCompany.UnderNASDAQrules,inorderforaDirectortobedeemedindependent,theCompany’sBoardofDirectorsmustdeterminethattheindividualdoesnothavearelationshipthatwouldinterferewiththeDirector’sexerciseofindependentjudgmentincarryingouthisorherresponsibilities.

TheBoardofDirectors,inconnectionwiththe1940ActandNASDAQrules,asapplicable,hasconsideredtheindependenceofmembersoftheBoardofDirectorswhoarenotemployedbytheAdvisorandhasconcludedthatKathleenA.Corbet,EricJ.Draut,M.FreddieReiss,PeterE.Schwab,KarynL.WilliamsandBrianF.Wruble(the“IndependentDirectors”)arenot“interestedpersons”asdefinedbythe1940Actandthereforequalifyasindependentdirectorsunderthestandardspromulgatedbythe1940ActandtheNASDAQrules.Inreachingthisconclusion,theBoardofDirectorsconcludedthatMses.CorbetandWilliamsandMessrs.Draut,Reiss,SchwabandWrublehadnorelationshipswiththeAdvisororanyofitsaffiliates,otherthantheirpositionsasDirectorsoftheCompanyandotherthan,ifapplicable,investmentsinusorotherprivatefundsmanagedbytheAdvisorthatareonthesametermsasthoseofotherstockholdersandinvestors.

EachDirectorhasbeennominatedforelectionasaDirectortoserveuntilthe2021AnnualMeetingofStockholdersoftheCompany,oruntilhisorhersuccessorisdulyelectedandqualifies.NoneoftheIndependentDirectorshasbeenproposedforelectionpursuanttoanyagreementorunderstandingwithanyotherDirectorortheCompany.TheCompanyispartytoaninvestmentadvisoryagreementwiththeAdvisor.Messrs.LevkowitzandVigareeachemployedbytheAdvisor.Inaddition,pursuanttothetermsofanadministrationagreement,theAdministratorprovides,orarrangestoprovide,theCompanywiththeofficefacilitiesandadministrativeservicesnecessarytoconductourday-to-dayoperations.TheAdministratoriscontrolledbytheAdvisoranditsaffiliates.

Biographical Information

Name, Address and Age

Position(s) Held

with Fund

Term of Office and Length of Time Served

Principal Occupation(s) During Past Five Years

No. of Portfolios in Fund Complex Overseen

Other Public or

Investment Company

Directorships Held by Director*

Independent Director Nominees KathleenA.Corbet295128thStreet,Suite1000,SantaMonica,California90405

Age:60

Director,GovernanceandCompensationCommitteeMember,AuditCommitteeMemberandJointTransactionsCommitteeMember

2020;2017topresent Ms.CorbetisprincipalofCrossRidgeCapital,LLC,afirmshefoundedin2008,whichspecializesinprivateinvestingandstrategicconsultinginthefin/techanddatasectors.From2004until2007,Ms.CorbetservedaspresidentofStandard&Poor’s,aprovideroffinancialmarketintelligence.From1993until2004,Ms.CorbetheldseveralexecutivepositionswithAllianceBernsteinLP,aninvestmentmanagementandresearchfirm,includingasexecutivevicepresidentandchiefexecutiveofficeroftheAlliancefixedincomedivision.Since2008,Ms.CorbethasbeenadirectorofMassMutualFinancialGroup,amutuallifeinsurancecompany,whereshecurrentlyservesonthetechnologyandgovernancecommitteeandinvestmentcommitteeandhaspreviouslyservedasleaddirector,chairoftheauditcommitteeandasamemberoftheexecutivecommittee.In2016,Ms.CorbetwaselectedtoserveasadirectorofCEBInc.,formerlyknownas

1BDCconsistingof1Portfolio

None.

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Position(s) Held

with Fund




Other Public or

Investment Company


CorporateExecutiveBoard,providingbestpracticeinsightandtechnology,wheresheservedontheauditcommittee.CEB,Inc.wassoldtoGartnerGroupinApril2017.InJuly2017,Ms.CorbetwasappointedasanindependentdirectortotheboardandservesaschairoftheauditcommitteeandasamemberofthecompensationcommitteeofAxiomSL,aprivatecompanyprovidingenterprise-widesolutionsforregulatoryreporting,capitaladequacy,riskmanagement,liquidity,complianceanddatamanagement.InDecember2017,Ms.CorbetwaselectedtotheboardofdirectorsandsubsequentlyinDecember2019wasappointedChairmanoftheWavenyLifeCareNetworkanditsaffiliatedcompanies,anon-profitorganizationprovidingacontinuumofhealthcareservicesandlivingoptionsforolderadultsandtheirfamilies.Since2009,Ms.CorbethasbeenatrusteeforTheJacksonLaboratory,anindependentnon-profit,biomedicalresearchinstitution.Ms.CorbethasearnedNACDFellowshipinbothGovernanceandBoardLeadershipfromtheNationalAssociationofCorporateDirectors.

EricJ.Draut295128thStreet,Suite1000,SantaMonica,California90405

Age:62

Director,AuditCommitteeChair,GovernanceandCompensationCommitteeMemberandJointTransactionsCommitteeMember

2020;2011topresent From2011topresent,Mr.DrauthasbeenaDirector,ChairoftheCompany’sAuditCommittee,amemberoftheGovernanceandCompensationCommitteeandamemberoftheJointTransactionsCommittee.InFebruary2015,Mr.DrautwasappointedtotheBoardofThriventFinancialforLutherans,aregisteredinvestmentadviserandFortune500Company,andisthechairoftheAuditandFinanceCommitteeandservesontheInvestmentCommitteeoftheBoard.InFebruary2015,Mr.DrautwasalsoappointedtotheBoardofHolyFamilyMinistries,operatorofHolyFamilySchool,whereheservedastheInterimChiefExecutiveOfficerfrom2017to2018.From2008to2010andagainfrom2014to2017,Mr.DrautwasChairmanoftheBoardofLutheranSocialServicesofIllinois.From2012to2014,Mr.DrautwasExecutiveChairmanand,in2017,becamechairmanemeritus,oftheBoardofLutheranSocialServicesofIllinois.


None.

8


Position(s) Held

with Fund




Other Public or

Investment Company


M.FreddieReiss295128thStreet,Suite1000,SantaMonica,California90405

Age:73

Director,AuditCommitteeMember,GovernanceandCompensationCommitteeChairandJointTransactionsCommitteeMember

2020;2016topresent From2016topresent,Mr.ReisshasbeenaDirector,AuditCommitteeMember,GovernanceandCompensationCommitteeChairandJointTransactionsCommitteeMember.Mr.ReisscurrentlyservesasanindependentdirectorofbothWoodbridgeWind-DownEntityLLC,anditsparent,WoodbridgeLiquidationTrust,onwhichheisalsotheChairoftheAuditCommittee.FromAugust2018untilApril2019,heservedasanindependentdirectoroftheJHGroupofCompanies.FromOctober2018untilFebruary2019Mr.ReisswasanindependentdirectorofNationalStoresetal.FromMay2018untilAugust2018,Mr.ReisswasSpecialAdvisortoBoardofDirectorsofShipstonGroupofCompanies.FromMarch2017toAugust2017,Mr.ReisswasanindependentdirectorofClassicPartyRentals.FromMarch2016toNovember2016,Mr.ReisswasaDirector,AuditCommitteeChairandmemberoftheNominatingandGovernanceCommitteeofAresDynamicCreditAllocationFund,Inc.,aclosedendmanagementinvestmentcompany.FromFebruary2012toNovember2016,Mr.ReisswasChairmanoftheAuditCommitteeandanindependentboardmemberforContechEngineeredSolutions,anengineeringsolutionsprovider.FromSeptember2014toNovember2016,Mr.ReisswasManagingMemberandDirectorofVariantHoldingsLLC,arealestateoperatingcompany.Priorto2013,Mr.ReisswasSeniorManagingDirectorofFTIConsultingInc.


None.

PeterE.Schwab295128thStreet,Suite1000,SantaMonica,California90405

Age:76


2020;2012topresent From2012topresent,Mr.SchwabhasbeenaDirector,GovernanceandCompensationCommitteeMember,AuditCommitteeMemberandJointTransactionsCommitteeMember.Mr.SchwabcurrentlyisanemeritusmemberoftheboardofadvisorsfortheEntrepreneurialStudiesCenterattheUniversityofCalifornia,LosAngelesSchoolofBusiness,isaboardmemberfortheCardiovascularResearchFoundationofSouthernCalifornia,aboardmemberofasset-basedlender,StonegateCapital,andaboardmemberofWestCoastSportsAssociates,anonprofitorganizationprovidingeconomicallydisadvantagedchildreninSouthernCaliforniatheopportunitytoparticipateinsports.Mr.Schwabisalsoamemberoftheboardofdirectors


RexfordIndustrialRealty,Inc.

9


Position(s) Held

with Fund




Other Public or

Investment Company


ofRexfordIndustrialRealty,Inc.,anNYSEpubliclytradedrealestateinvestmenttrust,whereheservesontheauditcommittee,compensationcommittee,andnominatingandcorporategovernancecommittee.Mr.Schwabhas39yearsofexperienceintheasset-basedlendingindustry,mostrecentlyaschairmanandchiefexecutiveofficerofWellsFargoCapitalFinance,aunitofWellsFargo&Company.PriortojoiningWellsFargoCapitalFinance(anditspredecessorfirmFoothillCapitalCorporation),hewasvicepresidentofbusinessdevelopmentwithAetnaBusinessCredit(nowknownasBarclaysAmericanBusinessCredit).HestartedhiscareerasbusinessdevelopmentofficerattheNationalAcceptanceCompanyofCalifornia,anasset-basedlender.

KarynL.Williams295128thStreet,Suite1000,SantaMonicaCalifornia90405

Age:55


2020;2018topresent FromAugust2018topresent,Ms.WilliamshasbeenaDirector,AuditCommitteeMember,GovernanceandCompensationCommitteeMemberandJointTransactionsCommitteeMember.Ms.WilliamsistheFounderofHightreeAdvisorsandHightreeGroup,independentadvisorybusinessesthatrespectivelyprovideinvestmentandriskmanagementconsultingtoinstitutionalinvestors.Since2016,shewasHeadofClientSolutionsatTwoSigmaAdvisors.PriortoTwoSigmafrom2013to2016,Ms.WilliamswasChiefInvestmentOfficerandHeadofInsuranceInvestmentsatFarmersGroup,Inc,aninsurancecompany.From2001to2013,Ms.WilliamswasapartneratWilshireAssociates,Inc.wheresheheldrolesasseniorinvestmentconsultant,riskconsultant,andHeadofTotalFundAnalytics.SheisagraduateofArizonaStateUniversitywheresheearnedaB.S.inEconomicsandaPh.D.inFinance.


None

BrianF.Wruble295128thStreet,Suite1000,SantaMonica,California90405

Age:76


2020;2015topresent From2015topresent,Mr.WrublehasbeenaDirector,GovernanceandCompensationCommitteeMember,AuditCommitteeMemberandJointTransactionsCommitteeMember.InMay2019,Mr.WrubleretiredfromtheboardoftheInstituteforAdvancedStudy,forwhichhewastreasurer,andfromtheboardofOppenheimerFundsNewYork.Mr.WrublecurrentlyservesontheboardoftheJacksonLaboratory,forwhichheischairmanemeritus.HewasadirectoroftheSpecialValue


None

10


Position(s) Held

with Fund




Other Public or

Investment Company


OpportunitiesFund,LLC,aninvestmentfundadvisedbyourAdvisorthatoperatedasaregisteredinvestmentcompanyuntilthefundde-registeredin2015.HeisapastgovernoroftheAssociationforInvestmentManagementandResearchandapastchairmanoftheInstituteofCharteredFinancialAnalysts.HewasageneralpartnerofOdysseyPartners,L.P.,andhewasafounderofOdysseyInvestmentPartners,LLC,bothprivateinvestmentfirmsinNewYork.PriortojoiningOdyssey,Mr.WrublewaspresidentandchiefexecutiveofficeroftheDelawareGroupofMutualFunds.HeisaCharteredFinancialAnalystandanassociateeditorofCFADigest.

Interested Director Nominees† HowardM.Levkowitz295128thStreet,Suite1000,SantaMonica,California90405

Age:52

DirectorandChiefExecutiveOfficer

2020;2006topresent Mr.LevkowitzisChairoftheBoardofDirectorsandChiefExecutiveOfficeroftheCompany.Priorto2012,Mr.LevkowitzservedasPresidentoftheCompany.Mr.LevkowitzservesasexecutiveofficerofotherconsolidatedfundsmanagedbytheAdvisor.From1999to2004hewasaPortfolioManagerattheAdvisor.From2005to2018,hewasaManagingPartneroftheAdvisor,andiscurrentlyaManagingDirectoroftheAdvisor.


None.

RajneeshVig295128thStreet,Suite1000,SantaMonica,California90405

Age:48

Director;PresidentandChiefOperatingOfficer

2020;2012topresent(President);2013topresent(DirectorandChiefOperatingOfficer)

In2012,Mr.VigbecamePresidentoftheCompany.In2013,Mr.VigbecameaDirectorandtheChiefOperatingOfficeroftheCompany.Mr.VigisalsoasanexecutiveofficerofotherconsolidatedfundsmanagedbytheAdvisor.Since2011,Mr.VighasbeenaManagingPartneroftheAdvisor.From2009to2010,hewasaPartneroftheAdvisor.From2006to2008,hewasaManagingDirectoroftheAdvisor.Since2007,Mr.VighasbeenaDirectorofDialogicInc.,anditspredecessorentity,DialogicCorporation,acommunicationstechnologysolutionsprovider.


None.

11


Position(s) Held

with Fund




Other Public or

Investment Company


Executive Officers Who Are Not Directors PaulL.Davis295128thStreet,Suite1000,SantaMonica,California90405

Age:46

ChiefFinancialOfficer N/A;2008topresent Mr.DavishasbeentheChiefFinancialOfficeroftheCompanysince2008.From2004toAugust2008,Mr.DaviswasChiefComplianceOfficeroftheCompanyandChiefComplianceOfficerandVicePresidentofFinanceoftheAdvisor.From2010to2018,hewasChiefFinancialOfficeroftheAdvisor;andiscurrentlyaManagingDirectoroftheAdvisor.Mr.DavisisChiefFinancialOfficerofotherfundsmanagedbytheAdvisor.

N/A N/A

ElizabethGreenwood295128thStreet,Suite1000,SantaMonica,California90405

Age:56

GeneralCounsel,SecretaryandChiefComplianceOfficer

N/A;2007topresent,asSecretary;2008topresentasChiefComplianceOfficer;2017topresentasGeneralCounsel

Ms.GreenwoodbecameSecretaryoftheCompanyin2007,ChiefComplianceOfficerin2008andGeneralCounselin2017.From2007to2008,shewasAssociateGeneralCounselattheAdvisor;from2008to2018,shewasChiefComplianceOfficerandGeneralCounseloftheAdvisor;from2018topresent,shehasbeenaManagingDirectoroftheAdvisorandofotherfundsmanagedbytheAdvisor.

N/A N/A

* Directorshipsdisclosedunderthiscolumndonotincludedirectorshipsdisclosedunderthecolumn“PrincipalOccupation(s)DuringPastFiveYears.”

† Messrs.LevkowitzandVigare“interestedpersons”(asdefinedinthe1940Act)oftheCompanybyvirtueoftheircurrentpositionswiththeAdvisor.

TheBoardofDirectorshasadoptedproceduresforevaluatingpotentialDirectorcandidatesagainsttheknowledge,experience,skills,expertiseanddiversitythatitbelievesarenecessaryanddesirableforsuchcandidates.TheBoardofDirectorsbelievesthateachDirectorsatisfied,atthetimeheorshewasinitiallyelectedorappointedaDirector,andcontinuestosatisfy,thestandardscontemplatedbysuchprocedures.Inadditiontosuchprocedures,theBoardofDirectorshasadoptedrequirementsthat(1)noDirectorserveconcurrentlyasadirectorofmorethansixpubliccompanies,forwhichdirectorshipsoncompaniesinafamilyoffundswillcountasasingledirectorshipand(2)Directorsbesubjecttoamandatoryretirementageof75,whichmandatoryretirementagemaybewaivedbyamajorityvoteoftheBoardofDirectors.In2019,theBoardofDirectorsunanimouslyapprovedextendingthemandatoryretirementageforeachofPeterE.SchwabandBrianF.Wrublebyoneadditionalyear,whichtheBoardofDirectorsbelievedwouldbeinthebestinterestofstockholders.Furthermore,indeterminingthataparticularDirectorwasandcontinuestobequalifiedtoserveasaDirector,theBoardofDirectorshasconsideredavarietyofcriteria,noneofwhich,inisolation,wascontrolling.TheBoardofDirectorsbelievesthat,collectively,theDirectorshavebalancedanddiverseexperience,skills,attributesandqualifications,whichallowtheBoardofDirectorstooperateeffectivelyingoverningtheCompanyandprotectingtheinterestsofstockholders.AmongtheattributescommontoallDirectorsaretheirabilitytoreviewcritically,evaluate,questionanddiscussinformationprovidedtothem,tointeracteffectivelywiththeAdvisorandotherserviceproviders,counselandindependentauditors,andtoexerciseeffectivebusinessjudgmentintheperformanceoftheirdutiesasDirectors.EachDirector’sabilitytoperformhisorherdutieseffectivelyisevidencedbyhisorhereducationalbackgroundorprofessionaltraining;business,consulting,publicserviceoracademicpositions;experiencefromserviceasamemberoftheBoardofDirectors,otherinvestmentcompanies,publiccompanies,ornon-profitentitiesorotherorganizations;ongoingcommitmentandparticipationinBoardofDirectorsandcommitteemeetings,aswellashisorherleadershipof

12

standingcommittees;orotherrelevantlifeexperiences.Informationaboutthespecificexperience,skills,attributesandqualificationsofeachDirector,whichineachcaseledtotheBoardofDirector’sconclusionthattheDirectorshouldserveasaDirectoroftheCompany,isprovidedbelow.

Interested Directors

Howard M. Levkowitz:Mr.LevkowitzisChairoftheCompany’sBoardofDirectorsandChiefExecutiveOfficeroftheCompany.Mr.LevkowitzservesasexecutiveofficerofotherconsolidatedfundsadvisedbytheAdvisor.TheBoardofDirectorsbenefitsfromMr.Levkowitz’sexperienceattheAdvisorandhisintimateknowledgeofthedecisionprocessusedbytheAdvisor’sInvestmentCommittee.InadditiontooverseeingtheCompany,Mr.Levkowitzhasservedasadirectorofbothpublicandprivatecompaniesandhasservedonanumberofformalandinformalcreditorcommittees.TheBoardofDirectorsalsobenefitsfromMr.Levkowitz’spastexperienceasanattorneyspecializinginrealestateandinsolvencieswithDeweyBallantine.Mr.LevkowitzreceivedaB.A.inHistory(MagnaCumLaude)fromtheUniversityofPennsylvania,aB.S.inEconomics(MagnaCumLaude,concentrationinfinance)fromTheWhartonSchool,andaJ.D.fromtheUniversityofSouthernCalifornia.Mr.Levkowitz’scurrentserviceasChiefExecutiveOfficerandlongstandingserviceasChairoftheBoardofDirectorsandpresidentoftheCompany,executiveofficerofotherconsolidatedfundsadvisedbytheAdvisorandManagingDirectoroftheAdvisorprovidehimwithaspecificunderstandingoftheCompany,itsoperation,andthebusinessandregulatoryissuesfacingtheCompany.

Rajneesh Vig:Mr.VigistheChiefOperatingOfficerandPresidentoftheCompany.Since2011,Mr.VighasbeenaManagingPartneroftheAdvisor.TheBoardofDirectorsbenefitsfromMr.Vig’sexperienceinaccounting,financeandconsultingaswellashispositionwiththeAdvisor.From2009to2010,hewasaPartneroftheAdvisor.From2006to2008,hewasaManagingDirectoroftheAdvisor.PriortojoiningtheAdvisor,Mr.VigworkedforDeutscheBankinNewYorkasamemberofthebank’sPrincipalFinanceGroup.Priortothat,Mr.VigwasaDirectorintheTechnologyInvestmentBankinggroupinSanFranciscowhereheadvisedabroadrangeofgrowthandlargecaptechnologycompaniesonmerger,acquisitionandpublic/privatefinancingtransactions.PriortohistimeatDeutscheBank,Mr.VigwasaManagerinPriceWaterhouse’sShareholderValueConsultinggroup,andhebeganhiscareerinArthurAndersen’sFinancialMarkets/CapitalMarketsgroup.HecurrentlyservesontheboardofDialogicandisaboardobserverforGSIGroup.Mr.VigisalsoontheLosAngelesAdvisoryBoardofthePosseFoundation,anon-profitorganizationthatidentifies,recruitsandtrainsstudentleadersfrompublichighschoolsforenrollmentattop-tieruniversities.HereceivedaB.A.withhighesthonorsinEconomicsandPoliticalSciencefromConnecticutCollegeandanM.B.A.inFinancefromNewYorkUniversity.Mr.Vig’scurrentserviceasPresidentoftheCompanyandexecutiveofficerofotherconsolidatedfundsmanagedbytheAdvisorprovideshimwithaspecificunderstandingoftheCompany,itsoperation,andthebusinessandregulatoryissuesfacingtheCompany.

Independent Directors

Kathleen A. Corbet:Ms.CorbetisaDirectorandmemberoftheCompany’sGovernanceandCompensationCommittee,memberoftheAuditCommitteeandamemberoftheJointTransactionsCommittee.Ms.CorbetisprincipalofCrossRidgeCapital,LLC,afirmshefoundedin2008,whichspecializesinprivateinvestingandstrategicconsultinginthefin/techanddatasectors.From2004until2007,Ms.CorbetservedaspresidentofStandard&Poor’s,aprovideroffinancialmarketintelligence.From1993until2004,Ms.CorbetheldseveralexecutivepositionswithAllianceBernsteinLP,aninvestmentmanagementandresearchfirm,includingasexecutivevicepresidentandchiefexecutiveofficeroftheAlliancefixedincomedivision.Since2008,Ms.CorbethasbeenadirectorofMassMutualFinancialGroup,amutuallifeinsurancecompany,whereshecurrentlyservesonthetechnologyandgovernancecommitteeandinvestmentcommitteeandhaspreviouslyservedasleaddirector,chairoftheauditcommitteeandasamemberoftheexecutivecommittee.In2016,Ms.CorbetwaselectedtoserveasadirectorofCEBInc.,formerlyknownasCorporateExecutiveBoard,providingbestpracticeinsightandtechnology,wheresheservedontheauditcommittee.CEB,Inc.wassoldtoGartnerGroupinApril2017.InJuly2017,Ms.CorbetwasappointedasanindependentdirectortotheboardandservesaschairoftheauditcommitteeandasamemberofthecompensationcommitteeofAxiomSL,aprivatecompanyprovidingenterprise-widesolutionsforregulatoryreporting,capitaladequacy,riskmanagement,liquidity,complianceanddatamanagement.InDecember2017,Ms.CorbetwaselectedtotheboardofdirectorsandsubsequentlyinDecember2019wasnamedChairmanoftheWavenyLifeCareNetworkanditsaffiliatedcompanies,anon-profitorganizationprovidingacontinuumofhealthcareservicesandlivingoptionsforolder

13

adultsandtheirfamilies.Since2009,Ms.CorbethasbeenatrusteeforTheJacksonLaboratory,anindependentnon-profit,biomedicalresearchinstitution.Ms.CorbethasearnedNACDFellowshipinbothGovernanceandBoardLeadershipfromtheNationalAssociationofCorporateDirectors.Ms.CorbetreceivedaB.S.fromBostonCollegeandanMBAfromNewYorkUniversity’sSternSchoolofBusiness.Ms.Corbet’sknowledgeoffinancialandaccountingmattersqualifieshertoserveasamemberoftheCompany’sAuditCommittee.

Eric J. Draut:Mr.DrautisaDirector,ChairoftheCompany’sAuditCommittee,memberoftheGovernanceandCompensationCommitteeandamemberoftheJointTransactionsCommittee.TheCompany’sBoardofDirectorsbenefitsfromMr.Draut’snearly30-yearcareerinaccountingandfinance.Mr.Drautcompleteda20-yearcareeratKemperCorporation(formerlyUnitrin,Inc.)in2010,servingthelastnineyearsasExecutiveVicePresident,ChiefFinancialOfficerandamemberofitsboardofdirectors.Mr.DrautalsoheldpositionsatKemperCorporationasGroupExecutive,TreasurerandCorporateController.PriortojoiningKemperCorporation,Mr.DrautwasAssistantCorporateControlleratDuchossoisIndustries,Inc.andatAMInternational,Inc.Mr.DrautbeganhiscareeratCoopersandLybrand(nowPricewaterhouseCoopersLLP).Mr.DrautisaCertifiedPublicAccountant,receivedanM.B.A.infinanceandoperationsfromJ.L.KelloggGraduateSchoolofManagementatNorthwesternUniversityandaB.S.inaccountancyfromtheUniversityofIllinoisatUrbana-Champaign,graduatingwithHighHonors.UntilSeptember2013Mr.DrautservedasaDirectorandChairmanoftheauditcommitteeofIntermec.InFebruary2015,Mr.DrautwasappointedtotheBoardofThriventFinancialforLutherans,aregisteredinvestmentadviserandFortune500Company,andisthechairoftheAuditandFinanceCommitteeandservesontheInvestmentCommitteeoftheBoard.InFebruary2015Mr.DrautwasalsoappointedtotheBoardofHolyFamilyMinistries,operatorofHolyFamilySchool,whereheservedastheInterimChiefExecutiveOfficerfrom2017to2018.Mr.DrautvolunteerswithLutheranSocialServicesofIllinoiswherehecurrentlyservesaschairmanemeritusoftheBoardofDirectorsandrecentlyservedasExecutiveChairmanofitsBoardofDirectors.Mr.DrautisalsoaNationalAssociationofCorporateDirectorsFellow.Mr.Draut’sknowledgeoffinancialandaccountingmatters,andhisindependencefromtheCompanyandtheAdvisor,qualifieshimtoserveastheChairoftheCompany’sAuditCommittee.

M. Freddie Reiss:Mr.ReissisaDirectorandmemberoftheCompany’sAuditCommittee,ChairoftheGovernanceandCompensationCommitteeandamemberoftheJointTransactionsCommittee.Mr.ReissretiredfromhisroleasSeniorManagingDirectorintheCorporateFinance/RestructuringpracticeofFTIConsulting,Inc.in2013.Mr.Reisshasover30yearsofexperienceinstrategicplanning,cashmanagement,liquidationanalysis,covenantnegotiations,forensicaccountingandvaluation.Hespecializesinadvisingonbankruptcies,reorganizations,businessrestructuringandinprovidingexpertwitnesstestimonyforunderperformingcompanies.PriortojoiningFTIConsulting,Mr.ReisswasapartnerandwestregionleaderatPricewaterhouseCoopers,LLP,whereheco-foundedtheBusinessRestructuringServicespractice.Mr.Reissisarecognizedexpertinthefieldoffinancialrestructuring.Mr.ReissholdsanM.B.A.fromCityCollegeofNewYork’sBaruchCollegeandaB.B.A.fromCityCollegeofNewYork’sBernardBaruchSchoolofBusiness.HeisaCertifiedPublicAccountantinNewYorkandCalifornia.Mr.ReisscurrentlyservesasanindependentdirectorofbothWoodbridgeWind-DownEntityLLC,anditsparent,WoodbridgeLiquidationTrust,onwhichheisalsotheChairoftheAuditCommittee.FromAugust2018untilApril2019,heservedasanindependentdirectoroftheJHGroupofCompanies.FromOctober2018untilFebruary2019Mr.ReisswasanindependentdirectorofNationalStoresetal.FromMay2018untilAugust2018,Mr.ReisswasSpecialAdvisortoBoardofDirectorsofShipstonGroupofCompanies.FromMarch2017toAugust2017,Mr.ReisswasanindependentdirectorofClassicPartyRentals.Mr.Reisswasformerlyanindependentdirector,auditcommitteechairandamemberofthenominatingandgovernancecommitteeofAresDynamicCreditAllocationFund,Inc.HeisalsoontheBoardofTrusteesfortheBaruchCollegeFund,andwaschairmanoftheauditcommitteeandindependentboardmemberforContechEngineeredSolutionsandManagingMemberanddirectorofVariantHoldingsLLC.Mr.ReisswasanindependentdirectorandmemberoftheauditcommitteeoftheAdvisor’sSpecialValueOpportunitiesFund.HewasalsoanindependentdirectorandchairoftheauditcommitteeforLibertyMedicalGroupandBrundageBoneInc.Mr.Reiss’sknowledgeoffinancialandaccountingmattersqualifieshimtoserveasamemberoftheCompany’sAuditCommittee.

Peter E. Schwab:Mr.SchwabisaDirector,GovernanceandCompensationCommitteeMember,AuditCommitteeMemberandJointTransactionsCommitteeMember.Mr.SchwabcurrentlyisanemeritusmemberoftheboardofadvisorsfortheEntrepreneurialStudiesCenterattheUniversityofCalifornia,LosAngelesSchoolofBusiness,isaboardmemberfortheCardiovascularResearchFoundationofSouthernCalifornia,aboardmemberofStonegateCapitalandaboardmemberofWestCoastSportsAssociates.Mr.Schwabisalsoa

14

memberoftheboardofdirectorsofRexfordIndustrialRealty,Inc.,anNYSEpubliclytradedrealestateinvestmenttrust(“Rexford”),andservesontheauditcommittee,compensationcommittee,andnominatingandcorporategovernancecommitteeforRexford.Mr.SchwabreceivedaB.S.ineducationfromCaliforniaStateUniversity,Northridgeandhismaster’sdegreeineducationadministrationfromCaliforniaStateUniversity,Northridge.Hehas39yearsofexperienceintheasset-basedlendingindustry,mostrecentlyaschairmanandchiefexecutiveofficerofWellsFargoCapitalFinance,aunitofWellsFargo&Company.PriortojoiningWellsFargoCapitalFinance(anditspredecessorfirmFoothillCapitalCorporation),hewasvicepresidentofbusinessdevelopmentwithAetnaBusinessCredit(nowknownasBarclaysAmericanBusinessCredit).HestartedhiscareerasbusinessdevelopmentofficerattheNationalAcceptanceCompanyofCalifornia.Mr.Schwab’sknowledgeoffinancialandaccountingmattersqualifieshimtoserveasamemberoftheCompany’sAuditCommittee.

Karyn L. Williams:FromAugust2018topresent,Ms.WilliamshasbeenaDirector,AuditCommitteeMember,GovernanceandCompensationCommitteeMemberandJointTransactionsCommitteeMember.Ms.WilliamsistheFounderofHightreeAdvisorsandHightreeGroup,independentadvisorybusinessesthatrespectivelyprovideinvestmentandriskmanagementconsultingtoinstitutionalinvestors.Since2016,shewasHeadofClientSolutionsatTwoSigmaAdvisors.PriortoTwoSigmafrom2013to2016,Ms.WilliamswasChiefInvestmentOfficerandHeadofInsuranceInvestmentsatFarmersGroup,Inc,aninsurancecompany.From2001to2013,Ms.WilliamswasapartneratWilshireAssociates,Inc.wheresheheldrolesasseniorinvestmentconsultant,riskconsultant,andHeadofTotalFundAnalytics.SheisagraduateofArizonaStateUniversitywheresheearnedaB.S.inEconomicsandaPh.D.inFinance.

Brian F. Wruble:Mr.WrubleisaDirector,GovernanceandCompensationCommitteeMember,AuditCommitteeMemberandJointTransactionsCommitteeMember.InMay2019,Mr.WrubleretiredfromtheboardoftheInstituteforAdvancedStudy,forwhichhewastreasurer,andfromtheboardofOppenheimerFundsNewYork.Mr.WrublecurrentlyservesontheboardoftheJacksonLaboratory,forwhichheischairmanemeritus.HewasadirectoroftheSpecialValueOpportunitiesFund,LLC,aninvestmentfundadvisedbyourAdvisorthatoperatedasaregisteredinvestmentcompanyuntilthefundde-registeredin2015.HeisapastgovernoroftheAssociationforInvestmentManagementandResearchandapastchairmanoftheboardoftheInstituteofCharteredFinancialAnalysts.HewasageneralpartnerofOdysseyPartners,L.P.,andhewasafounderofOdysseyInvestmentPartners,LLC,bothprivateinvestmentfirmsinNewYork.PriortojoiningOdyssey,Mr.WrublewaspresidentandchiefexecutiveofficeroftheDelawareGroupofMutualFunds.Mr.WrublejoinedDelawarein1992following13yearswithTheEquitableLifeAssuranceSocietyoftheU.S.AtEquitable,hewasexecutivevicepresidentandchiefinvestmentofficer.Healsoservedaschairman,presidentandCEOofEquitableCapitalManagementCorporation,awholly-ownedinvestmentmanagementsubsidiaryofEquitable.Mr.WrublefoundedEquitableCapitalin1985.Withclientsthatincludedpensionfunds,endowments,foundations,insurancecompaniesandindividualinvestors,EquitableCapitalgrewtobecomeamanagerofnearly$40billioninstocks,bondsandprivatelyplacedsecurities.PriortojoiningEquitablein1979,Mr.Wrublespentnearly10yearsonWallStreet,mostrecentlywithSmithBarney,HarrisUphamandCompanywherehewasvicepresidentandco-manageroffundamentalequitiesresearchandamemberoftheInstitutionalInvestor“AllAmericaResearchTeam.”From1966-1970,Mr.WrublewasanengineerwiththeSperryGyroscopeCompany.Inthatcapacity,heservedatseaon-boardtheU.S.Navyexperimentalnuclear-powereddeepsubmersible,“SubmarineNR-1.”Mr.WrublewasaMcMullenScholaratCornellUniversitywhereheearnedbachelorsandmastersdegreesinelectricalengineering.HereceivedanMBAwithdistinctionfromNewYorkUniversity.HeisaCharteredFinancialAnalystandanassociateeditorofCFADigest.Mr.Wruble’sknowledgeoffinancialandaccountingmattersqualifieshimtoserveasamemberoftheCompany’sAuditCommittee.

Executive Officers Who Are Not Directors

Paul L. Davis:Mr.DavisistheChiefFinancialOfficeroftheCompany.Mr.DavisalsoservesasaManagingDirectoroftheAdvisorandotherconsolidatedfundsmanagedbytheAdvisor.PriortobeingappointedCFO,heservedforfouryearsasChiefComplianceOfficeroftheCompanyandasChiefComplianceOfficerandVicePresidentofFinanceoftheAdvisor.HewasformerlyemployedasControllerofapublicly-tradedsecuritiesbrokeragefirm,followingemploymentatArthurAndersen,LLPasanauditor.HereceivedaB.A.(MagnaCumLaude)inBusiness-EconomicsfromtheUniversityofCaliforniaatLosAngeles,andisaCertifiedPublicAccountantintheStateofCalifornia.

15

Elizabeth Greenwood:Ms.GreenwoodisaManagingDirectoroftheAdvisor,andGeneralCounsel,SecretaryandChiefComplianceOfficeroftheCompany.PriortojoiningtheCompanyin2007,Ms.GreenwoodservedasGeneralCounselandChiefComplianceOfficeratStromeInvestmentManagement,L.P.Priortothat,Ms.GreenwoodservedasCounselatcompaniesfundedbyPacificCapitalGroupandRidgestoneCorporation.ShebeganherlegalcareerasanAssociatewithStroock&Stroock&LavanLLP.Ms.GreenwoodservesontheBoardofGovernorsoftheSmallBusinessInvestorAlliance.Ms.GreenwoodreceivedaJ.D.fromStanfordLawSchoolandaBachelorofBusinessAdministrationwithhighesthonorsfromTheUniversityofTexasatAustin.

CORPORATE GOVERNANCE

OurDirectorshavebeendividedintotwogroups—InterestedDirectorsandIndependentDirectors.InterestedDirectorsare“interestedpersons”asdefinedinthe1940Act.HowardM.LevkowitzandRajneeshVigareInterestedDirectorsbyvirtueoftheiremploymentwiththeAdvisor.InpartbecausetheCompanyisanexternally-managedinvestmentcompany,theBoardofDirectorsbelieveshavingachairpersonthatisanInterestedDirectorandthatisfamiliarwiththeCompany’sportfoliocompanies,itsday-to-daymanagementandtheoperationsoftheAdvisor,greatlyenhances,amongotherthings,itsunderstandingoftheCompany’sinvestmentportfolio,business,financesandriskmanagementefforts.Inaddition,theBoardofDirectorsbelievesthatMr.Levkowitz’semploymentwiththeAdvisorallowsfortheefficientmobilizationoftheAdvisor’sresourcesattheBoardofDirector’sbehestandonitsbehalf.TheBoardofDirectorsdoesnothavealeadIndependentDirector.TheBoardofDirectorsbelievesitsrelativelysmallsizeandthecompositionandleadershipofitscommitteesalloweachDirectortoenjoyfull,accurateandefficientcommunicationwiththeCompany,theAdvisorandmanagement,andfacilitatesthetimelytransmissionofinformationamongsuchparties.

Director Independence

Onanannualbasis,eachmemberoftheBoardofDirectorsisrequiredtocompleteanindependencequestionnairedesignedtoprovideinformationtoassisttheBoardofDirectorsindeterminingwhethertheDirectorisindependent.TheBoardofDirectorshasdeterminedthateachofourDirectors,otherthanMessrs.LevkowitzandVig,isindependentunderthe1940ActandtheNASDAQGlobalSelectMarketlistingstandards.

MeansbyWhichtheBoardofDirectorsSupervisesExecutiveOfficers

TheBoardofDirectorsisregularlyinformedondevelopmentsandissuesrelatedtothebusinessoftheCompany,andmonitorstheactivitiesandresponsibilitiesoftheexecutiveofficersinvariousways.AteachregularmeetingoftheBoardofDirectors,theexecutiveofficersreporttotheBoardofDirectorsondevelopmentsandimportantissues.Eachoftheexecutiveofficers,asapplicable,alsoprovidesregularupdatestothemembersoftheBoardofDirectorsregardingtheCompany’sbusinessbetweenthedatesofregularmeetingsoftheBoardofDirectors.ExecutiveofficersandothermembersoftheAdvisor,attheinvitationoftheBoardofDirectors,regularlyattendportionsofmeetingsoftheBoardofDirectorsanditscommitteestoreportonthefinancialresultsoftheCompany,itsoperations,performanceandoutlook,andonareasofthebusinesswithintheirresponsibility,includingriskmanagementandmanagementinformationsystems,aswellasotherbusinessmatters.

TheBoardofDirectors’RoleinRiskOversight

Day-to-dayriskmanagementwithrespecttotheCompanyistheresponsibilityoftheAdvisororotherserviceproviders(dependingonthenatureoftherisk)subjecttothesupervisionoftheAdvisor.TheCompanyissubjecttoanumberofrisks,includinginvestment,compliance,operationalandvaluationrisks,amongothers.WhilethereareanumberofriskmanagementfunctionsperformedbytheAdvisorandtheotherserviceproviders,asapplicable,itisnotpossibletoeliminatealloftherisksapplicabletotheCompany.RiskoversightispartoftheBoardofDirectors’generaloversightoftheCompanyandisaddressedaspartofvariousBoardofDirectorsandcommitteeactivities.TheBoardofDirectors,directlyorthroughacommittee,alsoreviewsreportsfrom,amongothers,management,theindependentregisteredpublicaccountingfirmfortheCompanyandinternalaccountingpersonnelfortheAdvisor,asappropriate,regardingrisksfacedbytheCompanyandmanagement’sortheserviceprovider’sriskfunctions.ThecommitteesystemfacilitatesthetimelyandefficientconsiderationofmattersbytheDirectors,andfacilitateseffectiveoversightofcompliancewithlegalandregulatoryrequirementsandoftheCompany’sactivitiesandassociatedrisks.OurChiefComplianceOfficer

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overseestheimplementationandtestingoftheCompany’scomplianceprogramandreportstotheBoardofDirectorsregardingcompliancemattersfortheCompanyanditsserviceproviders.TheIndependentDirectorshaveengagedindependentlegalcounseltoassisttheminperformingtheiroversightresponsibilities.

CodeofConduct

Wehaveadoptedacodeofconductwhichappliesto,amongothers,ourseniorofficers,includingourChiefExecutiveOfficerandChiefFinancialOfficer.OurcodeofconductisanexhibittoourAnnualReportonForm10-KfiledwiththeCommission,andcanbeaccessedviatheInternetsiteoftheCommissionathttp://www.sec.gov.Wedisclosematerialamendmentstoorwaiversfromarequiredprovisionofthecodeofconduct,ifany,onForm8-K.

CodeofEthics

WeandtheAdvisorhaveeachadoptedacodeofethicspursuanttothe1940Actand,withrespecttotheAdvisor,theInvestmentAdvisersActof1940,thatestablishesproceduresforpersonalinvestmentsandrestrictscertainpersonalsecuritiestransactions.Thecodeofethicscanbeaccessedathttp://investors.tcpcapital.com/corporate-governance.Personnelsubjecttoeachcodemayinvestinsecuritiesfortheirpersonalinvestmentaccounts,includingsecuritiesthatmaybepurchasedorheldbyus,solongassuchinvestmentsaremadeinaccordancewiththecode’srequirements.

BOARD MEETINGS

DuringtheCompany’sfiscalyearendedDecember31,2019,theBoardofDirectorsmetseventimes.NoincumbentDirectorwhowasaDirectorduringsuchfiscalyearattendedlessthan75%oftheaggregatenumberofmeetingsoftheBoardofDirectorsandofeachcommitteeoftheBoardofDirectorsonwhichtheDirectorservedduringtheCompany’smostrecentlycompletedfiscalyear.AlloftheDirectorsattendedthe2019AnnualMeetingofStockholdersoftheCompany.

COMMITTEES OF THE BOARD OF DIRECTORS

OurBoardofDirectorscurrentlyhasthreecommittees:anAuditCommittee,aGovernanceandCompensationCommitteeandaJointTransactionsCommittee.

Audit Committee.TheAuditCommitteeoperatespursuanttoacharterapprovedbyourBoardofDirectorsandmetfourtimesduringthefiscalyearendedDecember31,2019.TheAuditCommitteecurrentlyholdsregularmeetingsonaquarterlybasisandspecialmeetingsasneeded.ThechartersetsforththeresponsibilitiesoftheAuditCommitteeandcanbeaccessedathttp://investors.tcpcapital.com/corporate-governance.TheprimaryfunctionoftheAuditCommitteeistoserveasanindependentandobjectivepartytoassisttheBoardofDirectorsinfulfillingitsresponsibilitiesforoverseeingallmaterialaspectsofouraccountingandfinancialreportingprocesses,monitoringtheindependenceandperformanceofourindependentregisteredpublicaccountingfirm,providingameansforopencommunicationamongourindependentaccountants,financialandseniormanagementandtheBoardofDirectors,andoverseeingourcompliancewithlegalandregulatoryrequirements.TheAuditCommitteeispresentlycomposedofMses.CorbetandWilliamsandMessrs.Draut(Chair),Reiss,SchwabandWruble,eachofwhomisconsideredindependentforpurposesofthe1940ActandTheNasdaqGlobalSelectMarketlistingstandards.OurBoardofDirectorshasdeterminedthateachmemberofourAuditCommitteeisan“auditcommitteefinancialexpert”asdefinedunderItem407(d)(5)ofRegulationS-KoftheSecuritiesExchangeActof1934(the“1934Act”).Inaddition,eachmemberofourAuditCommitteemeetsthecurrentindependenceandexperiencerequirementsofRule10A-3ofthe1934Actand,inaddition,isnotan“interestedperson”oftheCompanyoroftheAdvisorasdefinedinSection2(a)(19)ofthe1940Act.

Joint Transactions Committee.TheJointTransactionsCommittee,whichduringthefiscalyearendedDecember31,2019wascomprisedofMses.CorbetandWilliamsandMessrs.Draut,Reiss,SchwabandWruble,met24timesduringsuchfiscalyear.TheJointTransactionsCommitteeoperatestoapprovetheallocationofcertainprivateplacementtransactionsinwhichweparticipatewithoneormoreoftheAdvisor’sotheraccountsinaccordancewithourexemptiveordersobtainedfromtheCommission.

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Governance and Compensation Committee.TheGovernanceandCompensationCommitteeoperatespursuanttoacharterapprovedbyourBoardofDirectors.ThechartersetsforththeresponsibilitiesoftheGovernanceandCompensationCommittee,including,butnotlimitedto,makingnominationsfortheappointmentorelectionofIndependentDirectors,personneltrainingpolicies,administeringtheprovisionsofthecodeofethicsapplicabletotheIndependentDirectorsanddetermining,orrecommendingtotheBoardofDirectorsfordetermination,thecompensationofanyexecutiveofficersoftheCompany.ThechartercanbeaccessedontheCompany’swebsite.Currently,theCompany’sexecutiveofficersdonotreceiveanydirectcompensationfromtheCompany.TheGovernanceandCompensationCommitteeconsistsofMses.CorbetandWilliamsandMessrs.Draut,Reiss(Chair),SchwabandWruble,eachofwhomisconsideredindependentforpurposesofthe1940ActandTheNasdaqGlobalSelectMarketlistingstandards.TheGovernanceandCompensationCommitteemettwotimesduringthefiscalyearendedDecember31,2019.

WithrespecttonominationstotheBoardofDirectors,theGovernanceandCompensationCommitteeseekstoidentifyindividualstoserveontheBoardofDirectorswhohaveadiverserangeofviewpoints,qualifications,experiences,backgroundsandskillsetssothattheBoardofDirectorswillbebettersuitedtofulfillitsresponsibilityofoverseeingtheCompany’sactivities.Insodoing,theGovernanceandCompensationCommitteereviewsthesizeoftheBoardofDirectorsandtheknowledge,experience,skills,expertiseanddiversityoftheDirectorsinlightoftheissuesfacingtheCompanyindeterminingwhetheroneormorenewDirectorsshouldbeaddedtotheBoardofDirectors.

TheGovernanceandCompensationCommitteemayconsiderrecommendationsfornominationofDirectorsfromourstockholders.Nominationsmadebystockholdersmustbedeliveredtoormailed(settingforththeinformationrequiredbyourbylaws)andreceivedatourprincipalexecutiveofficesnotearlierthan150daysnorfewerthan120daysinadvanceofthefirstanniversaryofthedateonwhichwefirstmailedourproxymaterialsforthepreviousyear’sannualmeetingofstockholders;provided,however,thatifthedateoftheannualmeetinghaschangedbymorethan30daysfromtheprioryear,thenominationsmustbereceivednotearlierthanthe150thdaypriortothedateofsuchannualmeetingnorlaterthanthelaterof(i)the120thdaypriortothedateofsuchannualmeetingor(ii)the10thdayfollowingthedayonwhichpublicannouncementofsuchmeetingdateismade.

COMPENSATION OF DIRECTORS AND ADVISORY BOARD MEMBERS

TheCompanyisauthorizedtopayeachIndependentDirectorthefollowingamountsforservingasaDirector:(i)$80,000ayear;(ii)$5,000foreachmeetingoftheBoardofDirectorsoracommitteethereofphysicallyattendedbysuchDirector;(iii)$5,000foreachregularmeetingoftheBoardofDirectorsoracommitteethereofattendedviatelephonebysuchDirector;and(iv)$1,000foreachspecialmeetingoftheBoardofDirectorsoracommitteethereofattendedviatelephonebysuchDirector.TheChairoftheGovernanceandCompensationCommitteereceives$5,000peryearandtheChairoftheAuditCommitteereceives$15,000peryear.EachDirectorisalsoentitledtoreimbursementforallout-of-pocketexpensesofsuchpersoninattendingeachmeetingoftheBoardofDirectorsandanycommitteethereof.

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COMPENSATION OF EXECUTIVE OFFICERS

NoneoftheofficersreceivecompensationfromtheCompany.ThecompensationoftheofficersispaidbytheAdvisororthroughdistributionsfromtheAdministrator.AportionofsuchcompensationmaybereimbursedbytheCompanyforthecosttotheAdvisorortheAdministratorofadministrativeservicesrenderedbyhimorheronbehalfoftheCompany.

INDEMNIFICATION OF BOARD MEMBERS AND OFFICERS

ThegoverningdocumentsoftheCompanygenerallyprovidethat,totheextentpermittedbyapplicablelaw,theCompanywillindemnifyitsDirectorsandofficersagainstliabilitiesandexpensesincurredinconnectionwithlitigationinwhichtheymaybeinvolvedbecauseoftheirofficeswiththeCompanyunless,astoliabilitytotheCompanyoritsinvestors,itisfinallyadjudicatedthattheyengagedinwillfulmisfeasance,badfaith,grossnegligenceorrecklessdisregardofthedutiesinvolvedintheiroffices.Inaddition,theCompanywillnotindemnifyDirectorswithrespecttoanymatterastowhichDirectorsdidnotactingoodfaithinthereasonablebeliefthathisorheractionwasinthebestinterestoftheCompanyor,inthecaseofanycriminalproceeding,astowhichtheDirectorshadreasonablecausetobelievethattheconductwasunlawful.IndemnificationprovisionscontainedintheCompany’sgoverningdocumentsaresubjecttoanylimitationsimposedbyapplicablelaw.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Wehaveenteredintoanumberofbusinessrelationshipswithaffiliatedorrelatedparties,includingthefollowing:

• WehaveenteredintoaninvestmentmanagementagreementwiththeAdvisor.

• TheAdministratorprovidesuswithadministrativeservicesnecessarytoconductourday-to-dayoperations.Forprovidingtheseservices,facilitiesandpersonnel,theAdministratormaybereimbursedbyusforexpensesincurredbytheAdministratorinperformingitsobligationsundertheadministrationagreement,includingourallocableportionofthecostofcertainofourofficersandtheAdministrator’sadministrativestaffandproviding,atourrequestandonourbehalf,significantmanagerialassistancetoportfoliocompaniestowhichwearerequiredtoprovidesuchassistance.

• Wehaveenteredintoaroyalty-freelicenseagreementwiththeAdvisorandBlackRock,Inc.,pursuanttowhichtheAdvisorandBlackRockhaveagreedtograntusanon-exclusive,royalty-freelicensetousethename“TCP”and“BlackRock.”

TheAdvisoranditsaffiliates,employeesandassociatescurrentlydoandinthefuturemaymanageotherfundsandaccounts.TheAdvisoranditsaffiliatesmaydeterminethataninvestmentisappropriateforusandforoneormoreofthoseotherfundsoraccounts.Accordingly,conflictsmayariseregardingtheallocationofinvestmentsoropportunitiesamongusandthoseaccounts.Ingeneral,theAdvisorwillallocateinvestmentopportunitiesprorataamongusandtheotherfundsandaccounts(assumingtheinvestmentsatisfiestheobjectivesofeach)basedontheamountofcommittedcapitaleachthenhasavailable.TheallocationofcertaininvestmentopportunitiesinprivateplacementswillcontinuetobesubjecttoIndependentDirectorapprovalpursuanttothetermsoftheco-investmentexemptiveorderapplicabletous.Incertaincases,investmentopportunitiesmaybemadeotherthanonaproratabasis.Forexample,wemaydesiretoretainanassetatthesametimethatoneormoreotherfundsoraccountsdesiretosellitorwemaynothaveadditionalcapitaltoinvestatatimetheotherfundsoraccountsdo.IftheAdvisorisunabletomanageourinvestmentseffectively,wemaybeunabletoachieveourinvestmentobjective.Inaddition,theAdvisormayfaceconflictsinallocatinginvestmentopportunitiesbetweenusandcertainotherentitiesthatcouldimpactourinvestmentreturns.

Whileourabilitytoenterintotransactionswithouraffiliatesisrestrictedunderthe1940Act,wehavereceivedco-investmentexemptiverelieffromtheCommissionpermittingcertainaffiliatedinvestmentssubjecttocertainconditions.Theexemptivereliefmayenableustoparticipateincertaintransactionsthatwecouldnotinvestinwithouttherelief.However,asaresult,wemayfaceconflictsofinterestoninvestmentsmadepursuanttotheexemptivereliefconditionswhichcouldincertaincircumstancesaffectadverselythepricepaidorreceivedbyusortheavailabilityorsizeofthepositionpurchasedorsoldbyus.

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SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

PursuanttoSection16(a)ofthe1934Act,ourDirectorsandexecutiveofficers,andanypersonsholdingmorethan10%ofourcommonstock,arerequiredtoreporttheirbeneficialownershipandanychangesthereintotheCommissionandus.Specificduedatesforthosereportshavebeenestablished,andwearerequiredtoreporthereinanyfailuretofilesuchreportsbythoseduedates.BasedonourreviewofForms3,4and5filedbysuchpersons,andinformationprovidedbyourDirectorsandofficers,webelievethatduringthefiscalyearendedDecember31,2019,allSection16(a)filingrequirementsapplicabletosuchpersonsweremetinatimelymanner.EachchangeinbeneficialownershiprelatedtoasingleacquisitionseparatelyeffectedbyeachDirector.

Proposal II: Renewal of the Authorization of the Company to Sell Shares of its Common Stock at a Price below its Then Current Net Asset Value per Share

Weareaclosed-endinvestmentcompanythathaselectedtoberegulatedasabusinessdevelopmentcompany(“BDC”)underthe1940Act.Generally,the1940Actprohibitsusfromsellingsharesofourcommonstockatapricebelowthecurrentnetassetvalue,orNAV,pershareofsuchstock.However,certainprovisionsofthe1940Actpermitsuchasaleifapprovedbyourstockholdersand,incertaincases,ifourBoardofDirectorsmakescertaindeterminations.

Pursuanttothisprovision,weareseekingtheapprovalofourcommonstockholderssothatwemay,inoneormorepublicorprivateofferingsofourcommonstock,sellsharesofourcommonstockatapricebelowourthencurrentNAVpershare,subjecttocertainconditionsdiscussedbelow(including,withoutlimitation,thatthenumberofsharessoldonanygivendatedoesnotexceed25%ofourthenoutstandingcommonstockimmediatelypriortosuchsale).TheauthorizationwouldincludeofferingsinconnectionwithacquisitionsofportfoliocompaniesorotherBDCs.Ifapproved,theauthorizationwouldbeeffectivefora12-monthperiodexpiringontheanniversaryofthedatetheAnnualMeetingisconcluded.TheCompany’sstockholdersapprovedasimilarproposalattheCompany’s2019AnnualMeetingofStockholders.Thecurrentstockholderauthorizationwillexpireontheone-yearanniversaryofthecompletionoftheCompany’s2019AnnualMeetingofStockholders.Todate,wehavenotofferedsharesofourcommonstockatapricebelowNAVpersharepursuanttothecurrentstockholderauthorization.

TheBoardofDirectorsoftheCompany,includingamajorityoftheIndependentDirectorswhohavenofinancialinterestinthisproposal,hasapprovedthisproposalasinthebestinterestsoftheCompanyanditsstockholdersandrecommendsittothestockholdersfortheirapproval.Uponobtainingtherequisitestockholderapproval,theCompanywillcomplywiththeconditionsdescribedbelowinconnectionwithanyfinancingundertakenpursuanttothisproposal.ThereisnomaximumlevelofdiscountfromNAVatwhichwemaysellsharespursuanttothisauthority.SeebelowforadiscussionandexamplesofthedilutiveeffectofthesaleofsharesbelowNAV.

Reasons to Offer Common Stock Below NAV Per Share

Webelievethatmarketconditionswillcontinuetoprovideattractiveopportunitiestodeploycapital.Inthepast,U.S.creditmarkets,includingmiddlemarketlending,experiencedsignificantturbulencespurredinlargepartbythesub-primeresidentialmortgagecrisisandconcernsgenerallyaboutthestateoftheU.S.economy.Thisledtosignificantstockpricevolatilityforcapitalproviderslikeusandmadeaccesstocapitalmorechallengingformanyfirms,particularlythose(unlikeus)whohavereliedheavilyonsecuredlendingfacilities.Thesefactorsacceleratedduringthesecondhalfof2008andmuchof2009,whenthenumberofinvestorssellingassetsinordertorepaydebtormeetequityredemptionrequirementsorotherobligationsincreasedsignificantly.Thiscreatedforcedsellingthatnegativelyimpactedvaluationsofdebtsecuritiesinmostmarkets.Thenegativepressureonvaluationscontributedtosignificantunrealizedwrite-downsofdebtinvestmentsofmanyfinancecompanies,includinginvestmentsintheCompany’sportfolio.However,thechangeinmarketconditionsalsohadbeneficialeffectsforcapitalproviders,includingmoreappropriatepricingofriskandmorefavorablecontractualterms.

Marketsmayexperiencedisruptionsdueto,amongotherthings,uncertaintysurroundingtheU.S.federaldebtceiling,deficitsandfurtherdowngradesofthelongtermsovereigncreditratingoftheUnitedStatesofAmericaandthecreditratingofseveralrelatedgovernmentagenciesandinstitutionsandthecontinuingfinancialcrisisinpartsofEuropeaffectingtheEuroandtheEuropeaneconomiesandthemorerecentfinancialstrainsinemergingmarkets.Althoughweareseeingincreasedstability,therecanbenoassurancethatthefinancial

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marketswillnotworsenagaininthefuture.Iftheseadversemarketconditionsreturn,weandothercompaniesinthefinancialservicessectormaynothaveaccesstosufficientdebtandequitycapitalinordertotakeadvantageoffavorableinvestmentopportunities.Capitalmaynotbeavailabletousonfavorableterms,oratall,inlightoftheinherentuncertaintyandvolatilityofthefinancialmarkets.Thecurrenteconomicenvironmentgivesfirmsthathaveaccesstocapitalasignificantadvantage.Webelievetherearesignificantinvestmentopportunitiestoearnreturnsthatareattractivetostockholdersevenifsharesweretobeissuedatadiscount.Accordingly,firmsthatcontinuetohaveaccesstocapitalinthecurrentenvironmentwillhaveattractiveinvestmentopportunities.Ourabilitytotakeadvantageoftheseopportunitiesisdependentupon,amongotherthings,ouraccesstoequitycapital.

AsaBDCandaregulatedinvestmentcompanyunderSubchapterMoftheInternalRevenueCode(a“TaxRIC”),wearedependentonourabilitytoraisecapitalthroughtheissuanceofcommonstock.TaxRICsgenerallymustdistributesubstantiallyalloftheirearningstostockholdersasdividendsinordertoavoidbeingsubjecttoU.S.federalincometax,whichpreventsusfromusingthoseearningstosupportnewinvestments.OnMarch23,2018,anamendmenttothe1940Actwassignedintolaw,whichpermitsaBDC,liketheCompany,totakeactionstoincreasetheamountofindebtednessandotherseniorsecuritiesthatitmayissuebydecreasingaBDC’sminimumassetcoveragefrom200%to150%.Underthe150%minimumassetcoverageratio,aBDCispermittedtoborrowuptotwodollarsforinvestmentpurposesforeveryonedollarofinvestorequity,whileunderthe200%minimumassetcoverageratio,aBDCisonlypermittedtoborrowuptoonedollarforinvestmentpurposesforeveryonedollarofinvestorequity.Inotherwords,Section61(a)ofthe1940ActpermitsBDCstopotentiallyincreasetheirdebt-to-equityratiofromamaximumof1:1toamaximumof2:1asaresultoftheamendment.AtaSpecialMeetingoftheStockholdersoftheCompanyheldonFebruary9,2019,thestockholdersoftheCompanyapprovedaproposaltoallowtheCompany,inaccordancewiththisamendmentandpursuanttoSection61(a)(2)ofthe1940Act,toincreaseleveragebyapprovingtheapplicationtotheCompanyofaminimumassetcoverageratioof150%,effectiveasofFebruary10,2019.Beginningonsuchdate,theCompanymust,asapracticalmatter,maintainadebtandpreferredstocktocommonequityratioofnomorethan2:1,whichwillrequiretheCompanytofinanceitsinvestmentswithnolessthanhalfasmuchcommonequityasdebtandpreferredstockintheaggregate.Exceedingthe2:1debttoequityratiocouldhaveseverenegativeconsequencesforaBDC,includingtheinabilitytopaydividends,breachingdebtcovenantsandfailuretoqualifyfortaxtreatmentasaTaxRIC.AlthoughtheCompanydoesnotcurrentlyexpectthatitwillexceedthis2:1debttoequityratio,themarketsitoperatesinandthegeneraleconomyremainvolatileanduncertain.VolatilityinthecapitalmarketsandtheresultingnegativepressureondebtinvestmentvaluationscouldnegativelyimpacttheCompany’sassetvaluations,stockholders’equityandtheCompany’sdebttoequityratio.Wemaintainsourcesofliquiditythroughourmaintenanceofacreditfacilityandothermeans,butgenerallyattempttoremainclosetofullyinvestedanddonotholdsubstantialcashforthepurposeofmakingnewinvestments.Therefore,tocontinuetobuildourinvestmentportfolio,andtherebysupportmaintenanceandgrowthofourdividends,weendeavortomaintaincontinuingaccesstocapitalthroughthepublicandprivateequitymarketsenablingustotakeadvantageofinvestmentopportunitiesastheyarise.

Eventhoughtheunderlyingperformanceofaparticularportfoliocompanymaynotnecessarilyindicateimpairmentoritsinabilitytorepayallprincipalandinterestinfull,thevolatilityinthedebtcapitalmarketsmaycontinuetonegativelyimpactthevaluationsofdebtinvestmentsandresultinfurtherunrealizedwrite-downsofthosedebtinvestments.Theseunrealizedwrite-downs,aswellasunrealizedwrite-downsbasedontheunderlyingperformanceoftheCompany’sportfoliocompanies,ifany,negativelyimpactstockholders’equityandtheresultingdebttoequityratio.

Asnotedabove,marketdisruptionhadresultedingoodopportunitiestoinvestatattractiverisk-adjustedreturns.However,theextremevolatilityanddislocationthatthecapitalmarketshadexperiencedalsomateriallyandadverselyimpactedthebroaderfinancialandcreditmarketsandreducedtheavailabilityofdebtandequitycapitalforthemarketasawholeandfinancialservicesfirmsinparticular.Iftheseadversemarketconditionsreturnand/orworseninthefuture,theCompanyandothercompaniesinthefinancialservicessectormaynothaveaccesstosufficientdebtandequitycapitalinordertotakeadvantageofthesegoodinvestmentopportunities.Inaddition,thedebtcapitalthatwillbeavailable,ifatall,maybeatahighercostandonlessfavorabletermsandconditionsinthefuture.

SharesofBDCsmaytradeatamarketpricethatislessthanthevalueofthenetassetsattributabletothoseshares,regardlessoftheperformanceoftheBDC’sinvestments.Recentlyoursharesofcommonstockhave

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tradedatbothadiscounttoandapremiumoverthenetassetsattributabletothoseshares.ThepossibilitythatoursharesofcommonstockwilltradeatdiscountsfromNAVoratpremiumsthatareunsustainableoverthelongtermisariskseparateanddistinctfromtheriskthatourNAVwilldecrease.Itisnotpossibletopredictwhetherthesharesthatmaybeofferedpursuanttothisapprovalwilltradeat,above,orbelowNAV.Thefollowingtableliststhehighandlowclosingsalespricesforourcommonstock,andthesalespriceasapercentageofNAVpershare.OnMarch30,2020,thelastreportedclosingsalepriceofourcommonstockwas$6.53pershare,whichrepresentedadiscountofapproximately50.6%toourlastreportedNAVpershareasofDecember31,2019of$13.21. Stock Price Premium/

Discount of High Sales Price

to NAV(3)

Premium/ (Discount) of

Low Sales Price to NAV(3) NAV(1) High(2) Low(2)

Fiscal year ended December 31, 2018 FirstQuarter $14.90 $ 15.46 $ 13.75 3.8% (7.7)%SecondQuarter 14.61 14.86 14.11 1.7% (3.4)%ThirdQuarter 14.51 14.93 14.20 2.9% (2.1)%FourthQuarter 14.13 14.49 12.77 2.5% (9.6)%Fiscal year ended December 31, 2019 FirstQuarter $14.18 $ 14.87 $ 13.21 4.9% (6.8)%SecondQuarter 13.64 14.77 14.05 8.3% (3.0)%ThirdQuarter 13.59 14.32 13.16 5.4% (3.2)%FourthQuarter 13.21 14.48 13.15 9.6% (0.5)%Fiscal year ended December 31, 2020 FirstQuarter(toMarch30,2020) $ (4) $ 14.75 $ 4.40 %(4) %(4)

(1) NAVpershareisdeterminedasofthelastdayintherelevantquarterandthereforemaynotreflecttheNAVpershareonthedateofthehighandlowsalesprices.TheNAVsshownarebasedonoutstandingsharesattheendofeachperiod.

(2) TheHigh/LowStockPriceiscalculatedasoftheclosingpriceonagivendayintheapplicablequarter.

(3) CalculatedasoftherespectiveHigh/LowStockPricedividedbythequarterendNAV.

(4) NAVhasnotyetbeenfinallydeterminedforanydayafterDecember31,2019.

TheBoardofDirectorsbelievesthathavingtheflexibilitytoissueourcommonstockbelowNAVpershareincertaininstancesisinthebestinterestsofstockholders.Ifwewereunabletoaccessthecapitalmarketsasattractiveinvestmentopportunitiesarise,ourabilitytogrowovertimeandcontinuetopaysteadyorincreasingdividendstostockholderscouldbeadverselyaffected.Itcouldalsohavetheeffectofforcingustosellassetsthatwewouldnototherwisesell,andsuchsalescouldoccurattimesthataredisadvantageoustosell.Wecouldalsoexpendconsiderabletimeandresourcesonacapitalraiseadvantageousforstockholders,butbeforcedtoabandonitsolelyduetostockmarketactivitycausingourstockpricetodiptemporarilybelowourNAVpershareplussellingcosts.Evenifweareabletoaccessthecapitalmarkets,thereisnoguaranteethatwewillgrowovertimeandcontinuetopaysteadyorincreasingdividends.TheBoardofDirectorsbelievesthatsalesofcommonstockatlessthanNAVpershareinthefuturecouldhaveeitherapositiveornegativeeffectontheCompany’sstockpricedependingonavarietyoffactors,includingtheCompany’suseoftheproceedsofsuchsales.

Conditions to Sales Below NAV Per Share

Ifthisproposalisapproved,wewillonlysellsharesofourcommonstockpursuanttosuchauthorityatapricebelowNAVpershareifthefollowingconditionsaremet:

• amajorityofourIndependentDirectorsandamajorityoftheCompany’sDirectorswhohavenofinancialinterestinthesalehaveapprovedthesaleasinthebestinterestsoftheCompanyanditsstockholders;

• amajorityofsuchDirectors,whoarenotinterestedpersonsofus,inconsultationwiththeunderwriterorunderwritersoftheofferingifitistobeunderwritten,orasalesmanagerorsalesmanagers,havedeterminedingoodfaith,andasofatimeimmediatelypriortothefirstsolicitationbyoronbehalfofusoffirmcommitmentstopurchasesuchsecuritiesorimmediatelypriortotheissuanceofsuchshares

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ofourcommonstock,thatthepriceatwhichsuchsharesofourcommonstockaretobesoldisnotlessthanapricewhichcloselyapproximatesthemarketvalueofthosesharesofourcommonstock,lessanyunderwritingcommissionordiscount,whichcouldbesubstantial;and

• thenumberofsharestobesoldonanygivendatepursuanttosuchauthoritydoesnotexceed25%oftheCompany’sthenoutstandingcommonstockimmediatelypriortoeachsuchsale.

Key Stockholder Considerations and Risk Factors

Beforevotingonthisproposalorgivingproxieswithregardtothismatter,stockholdersshouldconsiderthepotentiallydilutiveeffectoftheissuanceofsharesofourcommonstockatapricethatislessthantheNAVpershareandtheexpensesassociatedwithsuchissuanceontheNAVperoutstandingshareofourcommonstock(which,aswithallissuances,willbeindirectlybornebystockholdersirrespectiveofwhethersuchstockholderparticipatesintheoffering).AnysaleofcommonstockatapricebelowNAVpersharewouldresultinanimmediatedilutiontoexistingcommonstockholders.ThisdilutionwouldincludereductionintheNAVpershareasaresultoftheissuanceofsharesatapricebelowtheNAVpershareandadisproportionatelygreaterdecreaseinastockholder’sinterestinourearningsandassetsandtheirvotingintereststhantheincreaseinourassetsresultingfromsuchissuance.Suchanissuancemayalsoimpactdistributionspershare.OurBoardofDirectorswillconsiderthepotentialdilutiveeffectoftheissuanceofsharesatapricebelowtheNAVpershareandthelevelofofferingexpenses(which,aswithallissuances,areindirectlybornebystockholdersirrespectiveofwhethersuchstockholderparticipatesintheoffering)whenconsideringwhethertoauthorizeanysuchissuance.OurBoardofDirectorsalsowillconsider,amongotherthings,thefactthatsalesofcommonstockatadiscounttonetassetvaluewillbenefittheAdvisorastheAdvisorwillearnadditionalinvestmentmanagementfeesontheproceedsofsuchofferings,asitwouldfromtheofferingofanyothersecuritiesoftheCompanyorfromtheofferingofcommonstockatapremiumtoNAVpershare.ItshouldbenotedthatthemaximumnumberofsharessalablebelowNAVonanygivendatepursuanttothisauthoritythatcouldresultinsuchdilutionislimitedto25%oftheCompany’sthenoutstandingcommonstockimmediatelypriortosuchsale.However,pursuanttothisauthority,thereisnolimitonthenumberofofferingsbelowNAVthattheCompanymaymakeduringtheperiodthisauthorizationisineffect.Nofurtherauthorizationfromstockholderswillbesolicitedevenifthedilutionresultingfromanysuchofferingorofferingsissignificant.

The1940ActestablishesaconnectionbetweencommonstocksalepriceandNAVpersharebecause,whenstockissoldatasalepricebelowNAVpershare,theresultingincreaseinthenumberofoutstandingsharesreducesNAVpershare.Stockholdersshouldalsoconsiderthattheywillhavenosubscription,preferentialorpreemptiverightstoadditionalsharesofthecommonstockproposedtobeauthorizedforissuance,andthusanyfutureissuanceofcommonstockwilldilutesuchstockholders’holdingsofcommonstockasapercentageofsharesoutstandingtotheextentstockholdersdonotpurchasesufficientsharesintheofferingorotherwisetomaintaintheirpercentageinterest.Further,ifourcurrentstockholdersdonotpurchasesufficientsharestomaintaintheirpercentageinterest,regardlessofwhethersuchofferingisaboveorbelowthethencurrentNAVpershare,theirvotingpowerwillbediluted.

Inaddition,ifinthefuturewearenotsuccessfulwiththisproposal,wemayutilizearightsofferinginordertoaccesstheequitymarketsifwetradebelowNAVpershare.ArightsofferingmaybeatagreaterdiscounttoNAVpersharethananofferingofourcommonstockatapricebelowourNAVpersharebecause,amongotherthings,arightsofferingrequiresalongmarketingperiodwhichmightresultingreatersharepriceerosion.Assuch,webelievethathavingtheabilitytoissueourcommonstockbelowNAVpershareinaccordancewiththetermsofthisproposalcould,inmanyinstances,bepreferabletosuchanissuancepursuanttoarightsoffering.

Stockholdersshouldalsobeawarethatwehavepreviouslyobtainedstockholderapprovaltosellwarrants,optionsorrightstosubscribeto,convertortopurchaseourvotingsecuritiesiftheissuanceofsuchsecuritiesisapprovedbyamajorityofourDirectorswhohavenofinancialinterestinsuchissuanceandamajorityofourIndependentDirectors.Inaccordancewiththe1940Act,thepriceofsuchvotingsecuritiesuponissuancemaybelessthanNAVpershareatthattime.Thisauthoritydoesnothaveanexpirationdate.SharesofcommonstocksoldatpricesbelowthencurrentNAVuponexerciseorconversionofanywarrantsorothersecuritiesissuedunderanyauthorityotherthanthatsoughtunderthisProposalIIwillnotbetreatedashavingbeensoldatlessthanNAVpershareforpurposesoftheauthoritybeingrequestedunderthisProposalII.

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SellingcommonstockpursuanttotheauthorityunderProposalIImaybepreferabletosellingwarrants,options,orrightstosubscribeto,convertorpurchaseourcommonstockbecausewarrants,optionsandrightsmayhaveverylowpricesinrelationtothestockpriceandmaynotbeexercisedatthetimeofsale.Accordingly,theirsalemayresultinlowproceedstous,whichmaynotbeanoptimalmethodofraisingcapitalforadditionalinvestments.OurDirectorswhohavenofinancialinterestinsuchissuance,includingamajorityofourIndependentDirectors,willassessourcapitalneedsandchoosewhethertoissuecommonstockpursuanttoProposalIIorpursuanttowarrants,options,orrightstosubscribeto,convertorpurchaseourcommonstock.

Examples of Dilutive Effect of the Issuance of Shares Below NAV Per Share

Thefollowingtableillustratesthelevelofnetassetvaluedilutionthatwouldbeexperiencedbyanonparticipatingstockholderinfourdifferenthypotheticalofferingsofdifferentsizesandlevelsofdiscountfromnetassetvaluepershare,althoughitisnotpossibletopredictthelevelofmarketpricedeclinethatmayoccurinanactualoffering.Actualsalespricesanddiscountsmaydifferfromthepresentationbelow.ThereisnomaximumlevelofdiscountfromNAVatwhichwemaysellsharespursuanttothisauthority.

Theexamplesassumehypotheticallythattheissuerhas58,767,000commonsharesoutstanding,$1,722,070,000intotalassetsand$945,751,000intotalliabilities.ThehypotheticalNAVandNAVpersharearethus$776,319,000and$13.21,respectively.Usingthesehypotheticalnumbers,thechartbelowillustratesthedilutiveeffectonStockholderAof(1)anofferingof2,938,350sharesofcommonstock(5%oftheoutstandingsharesofcommonstock)at$12.55pershareafterofferingexpensesandcommission(a5%discountfromNAV),(2)anofferingof5,876,700sharesofcommonstock(10%oftheoutstandingsharesofcommonstock)at$11.89pershareafterofferingexpensesandcommissions(a10%discountfromNAV),(3)anofferingof14,691,750sharesofcommonstock(25%oftheoutstandingsharesofcommonstock)at$9.91pershareafterofferingexpensesandcommissions(a25%discountfromNAV),and(4)anofferingof14,691,750sharesofcommonstock(25%oftheoutstandingsharesofcommonstock)at$0.00pershareafterofferingexpensesandcommissions(a100%discountfromNAV).

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Example 1 5% Offering

at 5% Discount


at 10% Discount


at 25% Discount


at 100% Discount

Prior to Sale Below NAV

Following Sale

% Change

Following Sale

% Change

Following Sale

% Change

Following Sale

% Change

OfferingPrice PriceperSharetoPublic $ 13.21 $ 12.51 $ 10.43 — NetProceedsperSharetoIssuer $ 12.55 $ 11.89 $ 9.91 —

DecreasetoNAV TotalSharesOutstanding 58,767,000 61,705,350 5.00% 64,643,700 10.00% 73,458,750 25.00% 73,458,750 25.00%NAVperShare $ 13.21 $ 13.18 -0.24% 13.09 -0.91% $ 12.55 -5.00% $ 10.57 -20.00% DilutiontoStockholder SharesHeldbyStockholderA 587,670 587,670 — 587,670 — 587,670 — 587,670 —PercentageHeldbyStockholderA 1.0% 0.95% -4.76% 0.91% -9.09% 0.80% -20.00% 0.80% -20.00%

TotalAssetValues TotalNAVHeldbyStockholderA $ 7,763,190 $ 7,744,706 -0.24% $ 7,692,616 -0.91% $ 7,375,031 -5.00% $ 6,210,552 -20.00%

TotalInvestmentbyStockholderA(Assumedtobe$13.21perShare) $ 7,763,190 $ 7,763,190 — $ 7,763,190 — $ 7,763,190 — $ 7,763,190 —

TotalDilutiontoStockholderA(TotalNAVLessTotalInvestment) — $ 18,484 $ 70,574 $ 388,160 $ 1,552,638

Per Share Amounts NAVperShareHeldbyStockholderA $ 13.18 $ 13.09 $ 12.55 $ 10.57

InvestmentperShareHeldbyStockholderA(Assumedtobe$13.21perShareonSharesHeldPriortoSale) $ 13.21 $ 13.21 $ 13.21 $ 13.21 $ 13.21

DilutionperShareHeldbyStockholderA(NAVperShareLessInvestmentperShare) $ -0.03 $ -0.12 $ -0.66 $ -2.64

PercentageDilutiontoStockholderA(DilutionperShareDividedbyInvestmentperShare) -0.24% -0.91% -5.00% -20.00%

Impact on Existing Stockholders Who Do Not Participate in the Offering

OurexistingstockholderswhodonotparticipateinanofferingbelowNAVpershareorwhodonotbuyadditionalsharesinthesecondarymarketatthesameorlowerpriceweobtainintheoffering(afterexpensesandcommissions)facethegreatestpotentialrisks.Thesestockholderswillexperienceanimmediatedecrease(oftencalleddilution)intheNAVofthesharestheyholdandtheirNAVpershare.Thesestockholderswillalsoexperienceadisproportionatelygreaterdecreaseintheirparticipationinourearningsandassetsandtheirvotingpowerthantheincreasewewillexperienceinourassets,potentialearningpowerandvotinginterestsduetotheoffering.Thesestockholdersmayalsoexperienceadeclineinthemarketpriceoftheirshares,whichoftenreflectstosomedegreeannouncedorpotentialincreasesanddecreasesinNAV.Thisdecreasecouldbemorepronouncedasthesizeoftheofferingandlevelofdiscountsincrease.ThereisnomaximumlevelofdiscountfromNAVatwhichwemaysellsharespursuanttothisauthority.

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Impact on Existing Stockholders Who Do Participate in the Offering

Ourexistingstockholderswhoparticipateintheofferingorwhobuyadditionalsharesinthesecondarymarketatthesameorlowerpriceasweobtainintheoffering(afterexpensesandcommissions)willexperiencethesametypesofNAVpersharedilutionasthenonparticipatingstockholders,albeitatalowerlevel,totheextenttheypurchaselessthanthesamepercentageofthediscountedofferingastheirinterestinoursharesimmediatelypriortotheoffering.ThelevelofNAVpersharedilutionwilldecreaseasthenumberofsharessuchstockholderspurchaseincreases.ExistingstockholderswhobuymorethansuchpercentagewillexperienceNAVpersharedilutionontheirexistingsharesbutwill,incontrasttoexistingstockholderswhopurchaselessthantheirproportionateshareoftheoffering,experienceanincrease(oftencalledaccretion)inaverageNAVpershareovertheirinvestmentpershareandwillalsoexperienceadisproportionatelygreaterincreaseintheirparticipationinourearningsandassetsandtheirvotingpowerthanourincreaseinassets,potentialearningpowerandvotinginterestsduetotheoffering.Thelevelofaccretionwillincreaseastheexcessnumberofsharessuchstockholderpurchasesincreases.Evenastockholderwhooverparticipateswill,however,besubjecttotheriskthatwemaymakeadditionaldiscountedofferingsinwhichsuchstockholderdoesnotparticipate,inwhichcasesuchastockholderwillexperienceNAVpersharedilutionasdescribedaboveinsuchsubsequentofferings.Thesestockholdersmayalsoexperienceadeclineinthemarketpriceoftheirshares,whichoftenreflectstosomedegreeannouncedorpotentialdecreasesinNAVpershare.Thisdecreasecouldbemorepronouncedasthesizeoftheofferingandlevelofdiscountsincreases.ThereisnomaximumlevelofdiscountfromNAVatwhichwemaysellsharespursuanttothisauthority.

Required Vote

Approvalofthisproposalmaybeobtainedbytheaffirmativevoteof(1)amajorityoftheoutstandingsharesofcommonstockentitledtovoteattheAnnualMeeting;and(2)amajorityoftheoutstandingsharesofcommonstockentitledtovoteattheAnnualMeetingthatarenotheldbyaffiliatedpersonsoftheCompany,whichincludesDirectors,officers,employees,and5%stockholders.Forpurposesofthisproposal,the1940Actdefines“amajorityoftheoutstandingshares”as:(i)67%ormoreofthevotingsecuritiespresentatameetingiftheholdersofmorethan50%oftheoutstandingvotingsecuritiesofacompanyarepresentorrepresentedbyproxy;or(ii)50%oftheoutstandingvotingsecuritiesofthecompany,whicheverisless.Second,thisproposalwillalsobeapprovedifwereceiveapprovalfromamajorityofthenumberofbeneficialholdersofourcommonstockentitledtovoteattheAnnualMeeting,withoutregardtowhetheramajorityofsuchsharesarevotedinfavoroftheproposal.Abstentionsandbrokernon-votesontheproposalwillhavethesameeffectasvotesagainsttheproposal.

The Board of Directors recommends that you vote “FOR” the proposal to renew the Company’s authorization, withapproval of its Board of Directors, to sell shares of its common stock at a price or prices below the Company’s then current netasset value per share in one or more offerings.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

TheDirectors,includingamajorityoftheIndependentDirectors,oftheCompanyhaveselectedDeloitte&ToucheLLP(“Deloitte”)astheindependentregisteredpublicaccountingfirmfortheCompany.Deloitte,inaccordancewithIndependenceStandardsBoardStandardNo.1(ISBNo.1),hasconfirmedtotheAuditCommitteethatitisanindependentregisteredpublicaccountingfirmwithrespecttotheCompany.

TheAuditCommitteehasdiscussedwithDeloitteitsindependencewithrespecttotheCompanyandcertainmattersrequiredtobediscussedbyStatementonAuditingStandardNo.114,asamended(CodificationofStatementsonAuditingStandards,AUSection380,asadoptedbythePublicCompanyAccountingOversightBoardinRule3200T).TheAuditCommitteehasconsideredwhethertheprovisionofnon-auditservicesbytheCompany’sindependentregisteredpublicaccountingfirmiscompatiblewithmaintainingtheindependenceofthatregisteredpublicaccountingfirm.TheAuditCommitteealsoreviewsanddiscussestheCompany’sfinancialstatementswithCompanymanagementandtheindependentregisteredpublicaccountingfirm.IfanymaterialconcernsariseduringthecourseoftheauditandthepreparationoftheauditedfinancialstatementsmailedtostockholdersandincludedintheCompany’sAnnualReporttoShareholders,theAuditCommitteewouldbenotifiedbyCompanymanagementortheindependentregisteredpublicaccountingfirm.TheAuditCommitteereceivednosuchnotificationsfortheCompanyduringitsmostrecentlycompletedfiscalyear.

FollowingtheAuditCommittee’sreviewanddiscussionoftheCompany’sindependentregisteredpublicaccountingfirm,pursuanttoauthoritydelegatedbytheBoardofDirectors,theAuditCommitteeapprovedthe

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Company’sauditedfinancialstatementsfortheCompany’smostrecentlycompletedfiscalyearforwhichauditedfinancialstatementsareavailabletobeincludedintheCompany’sAnnualReporttoShareholders.

Audit Fees.Auditfeesconsistoffeesbilledforprofessionalservicesrenderedfortheauditofouryear-endfinancialstatementsincludedintheCompany’sannualreportonForm10-KandareviewoffinancialstatementsincludedintheCompany’squarterlyreportsonForm10-Q,orservicesthatarenormallyprovidedbyDeloitteinconnectionwithstatutoryandregulatoryfilingsforthepasttwofiscalyears.AuditfeesincurredbytheCompanyforitsfiscalyearsendedDecember31,2019andDecember31,2018were$550,040and$555,492,respectively.TheCompanyincurred$114,700and$111,300fortheauditofinternalcontrolsunderSarbanes-OxleySection404inconjunctionwiththefiscalyearsendedDecember31,2019orDecember31,2018,respectively.

Audit-Related Fees.Audit-relatedfeesconsistoffeesbilledforassuranceandrelatedservicesthatarereasonablyrelatedtotheperformanceoftheauditorreviewofourfinancialstatementsandarenotreportedunder“AuditFees.”Theseservicesincludeattestservicesthatarenotrequiredbystatuteorregulationandconsultationsconcerningfinancialaccountingandreportingstandards.TheCompanyincurredaudit-relatedfeeswithDeloitteintheamountof$119,500and$104,208duringthefiscalyearsendedDecember31,2019andDecember31,2018,respectively.TheservicescomprisingsuchfeesrelatedtothefilingoftheCompany’sregistrationstatementonFormN-2.

Tax Fees.Taxfeesconsistoffeesbilledforprofessionalservicesfortaxcompliance.Theseservicesincludeassistanceregardingfederal,state,andlocaltaxcompliance,andincludeservicesforErnst&YoungLLPprovisionoftaxpreparationservicesandtheexecutionandfilingofourtaxreturns.TheCompanyhasataxyearendofDecember31.TaxfeesincurredbytheCompanywere$135,810and$93,170initstaxyearsendedDecember31,2019andDecember31,2018,respectively.

All Other Fees.Allotherfeeswouldincludefeesforproductsandservicesotherthantheservicesreportedabove.TheCompanyincurrednosuchfeesforthepasttwofiscalyears.

TheAuditCommitteeisrequiredtoapproveallauditengagementfeesandtermsfortheCompany.TheAuditCommitteealsoisrequiredtoconsiderandactupon(i)theprovisionbytheCompany’sindependentaccountantofanynon-auditservicestotheCompany,and(ii)theprovisionbytheCompany’sindependentaccountantofnon-auditservicestotheCompanyandanyentitycontrolling,controlledby,orundercommoncontrolwiththeCompanythatprovideongoingservicestotheCompany(“AffiliatedServiceProviders”)totheextentthatsuchapproval(inthecaseofthisclause(ii))isrequiredunderapplicableregulationsoftheCommission.

TheAuditCommitteepre-approvesallaudit,reviewandattestengagementsrequiredunderthesecuritieslawsandregulationsprovidedbytheCompany’sindependentauditors.TheAuditCommitteealsoapprovesallnon-auditservices,includingtaxservices,providedtotheCompanybytheCompany’sindependentauditorsandverifies,atthetimeofpre-approval,thatsuchpre-approvednon-auditserviceswouldnotbeprohibitedservicesundersecuritiesregulations.TheAuditCommitteepre-approvesallnon-auditservicesprovidedbytheCompany’sindependentauditorstotheCompany’sinvestmentadvisorandtoaffiliatesoftheinvestmentadvisorthatprovideongoingservicestotheCompany,butonlyifthenon-auditserviceshaveadirectimpactontheoperationsorfinancialreportingoftheCompany.

TheAuditCommitteeoftheCompanyconsistsofthefollowingmembersoftheBoardofDirectors:

KathleenA.CorbetEricJ.Draut(Chair)M.FreddieReissPeterE.SchwabKarynL.Williams;andBrianF.Wruble

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STOCKHOLDER COMMUNICATIONS

StockholderswhowanttocommunicatewiththeBoardofDirectorsoranyindividualmemberoftheBoardofDirectorsshouldemailinvestor.relations@tennenbaumcapital.com,sendafaxto310-566-1010orwritetheCompanytotheattentionofInvestorRelationsat295128thStreet,Suite1000,SantaMonica,California90405.ThecommunicationshouldindicatethatyouareaCompanystockholder.IfthecommunicationisintendedforaspecificmemberoftheBoardofDirectorsandsoindicates,itwillbesentonlytothatmember.IfacommunicationdoesnotindicateaspecificmemberoftheBoardofDirectors,itwillbesenttotheChairoftheCompany’sGovernanceandCompensationCommitteeandtheoutsidecounseltotheIndependentDirectorsforfurtherdistributionasdeemedappropriatebysuchpersons.

Additionally,stockholderswithcomplaintsorconcernsregardingaccountingmattersmayemailinvestor.relations@tennenbaumcapital.com,sendafaxto310-566-1010oraddressletterstoInvestorRelationsat295128thStreet,Suite1000,SantaMonica,California90405.StockholderswhoareuncomfortablesubmittingcomplaintstoInvestorRelationsmayaddresslettersdirectlytotheChairoftheAuditCommitteeoftheBoardofDirectorsat295128thStreet,Suite1000,SantaMonica,California90405.Suchlettersmaybesubmittedonananonymousbasis.

STOCKHOLDER NOMINATIONS AND PROPOSALS FOR THE 2021 ANNUAL MEETING

StockholdersmaypresentpropernominationsofcandidatesforDirectororotherproposalsforinclusionintheCompany’sproxystatementandproxycardforconsiderationatthenextannualmeetingofstockholdersbysubmittingsuchnominationsorproposalsinwritingtotheSecretaryoftheCompanyinatimelymanner,calculatedinthemannerprovidedinRule14a-8(e)oftheExchangeAct,applicablestatelawandtheCertificateofIncorporationandBylawsoftheCompany.TheCompanyexpectsthatthe2021AnnualMeetingofStockholdersoftheCompanywillbeheldinMay2021,buttheexactdate,timeandlocationofsuchmeetinghaveyettobedetermined.

Deadlines for Submitting Stockholder Proposals for Inclusion in the Company’s Proxy Statement and Proxy Card

TobeconsideredtimelyunderRule14a-8(e)oftheExchangeActforinclusionintheCompany’sproxystatementandproxycardforaregularlyscheduledannualmeeting,astockholder’snominationofacandidateforDirectororotherproposalmustbereceivedattheCompany’sprincipalexecutiveofficesnotlessthan120calendardaysbeforetheanniversaryofthedatetheCompany’sproxystatementwasreleasedtostockholdersforthepreviousyear’sannualmeeting.Accordingly,astockholder’snominationofacandidateforDirectororotherproposalmustbereceivednolaterthanDecember14,2020inordertobeincludedintheCompany’sproxystatementandproxycardforthe2021AnnualMeetingofStockholdersoftheCompany.

Deadlines for Submitting Notice of Stockholder Proposals for Consideration at the Company’s Annual Meeting

Thedeadlineforsubmittingnoticeofastockholder’snominationofacandidateforDirectororotherproposalforconsiderationatthe2021AnnualMeetingofStockholdersoftheCompany,undertheCompany’scurrentBylaws,isnotearlierthanthe150thdaypriortothefirstanniversaryofthedateoftheprecedingyear’sannualmeetingnorlaterthan5:00p.m.,EasternTime,onthe120thdaypriortothefirstanniversaryofthedateoftheprecedingyear’sannualmeeting;provided,however,thatintheeventthatthedateoftheannualmeetingisnotwithin25daysbeforeoraftersuchanniversarydate,noticebythestockholderinordertobetimelymustbesoreceivednotlaterthanthecloseofbusinessonthe10thdayfollowingthedayonwhichsuchnoticeofthedateoftheannualmeetingwasmailedorsuchpublicdisclosureofthedateoftheannualmeetingwasmade,whicheverfirstoccurs.Accordingly,astockholder’snominationofacandidateforDirectororotherproposalmustbereceivednoearlierthanDecember28,2020andnolaterthan5:00p.m.,EasternTime,onJanuary27,2021inordertobeconsideredatthe2021AnnualMeetingofStockholdersoftheCompany.Inordertobeconsideredtimely,suchnoticewillbedeliveredtotheSecretaryattheprincipalexecutiveofficeoftheCompanyandwillsetforthallinformationrequiredunderSections4and5,asapplicable,ofArticleIIoftheCompany’scurrentBylaws.

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FINANCIAL STATEMENTS AVAILABLE

AcopyoftheCompany’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2019containingauditedfinancialstatementsaccompaniesthisproxystatement.

Along with this proxy statement, the Company will provide to each stockholder a copy (without exhibits, unless otherwiserequested) of its Annual Report on Form 10-K required to be filed with the Commission for the year ended December 31, 2019.Copies of these documents may also be accessed electronically by means of the Commission’s home page on the internet athttp://www.sec.gov.

INCORPORATION BY REFERENCE

WeherebyincorporatebyreferenceourdisclosurefromthefollowingsectionsoftheCompany’sAnnualReportonForm10-KforthefiscalyearendedDecember31,2019:(i)“Management’sDiscussionandAnalysisofFinancialConditionandResultsofOperations;”(ii)“QuantitativeandQualitativeDisclosuresaboutMarketRisk;”and(iii)“FinancialStatementsandSupplementaryData.”Otherthantheforegoinginformationandourfinancialstatementsincorporatedbyreferenceabove,noportionofourForm10-Kispartoftheseproxysolicitationmaterials.

PRIVACY PRINCIPLES OF THE COMPANY

TheCompanyiscommittedtomaintainingtheprivacyofstockholdersandtosafeguardingournonpublicpersonalinformation.ThefollowinginformationisprovidedtohelpyouunderstandwhatpersonalinformationtheCompanycollects,howtheCompanyprotectsthatinformationandwhy,incertaincases,theCompanymayshareinformationwithselectotherparties.

Generally,theCompanydoesnotreceiveanynonpublicpersonalinformationrelatingtotheirstockholders,althoughcertainnonpublicpersonalinformationofstockholdersmaybecomeavailabletotheCompany.TheCompanydoesnotdiscloseanynonpublicpersonalinformationabouttheirstockholdersorformerstockholderstoanyone,exceptaspermittedbylaworasisnecessaryinordertoservicestockholderaccounts(forexample,toatransferagentorthird-partyadministrator).

TheCompanyrestrictsaccesstononpublicpersonalinformationaboutitsstockholderstoitsinvestmentadvisor’semployeeswithalegitimatebusinessneedfortheinformation.TheCompanymaintainsphysical,electronicandproceduralsafeguardsdesignedtoprotectthenonpublicpersonalinformationofitsstockholders.

HOUSEHOLDING OF PROXY MATERIALS

TheCommissionhasadoptedrulesthatpermitcompaniesandintermediaries(e.g.,brokers)tosatisfythedeliveryrequirementsforproxystatementsandannualreportswithrespecttotwoormorestockholderssharingthesameaddressbydeliveringasingleproxystatementandannualreportaddressedtothosestockholders.Thisprocess,whichiscommonlyreferredtoas“householding,”potentiallymeansextraconvenienceforstockholdersandcostsavingsforcompanies.

ThisyearanumberofbrokerswithaccountholderswhoaretheCompany’sstockholderswillbe“householding”itsproxymaterials.Asingleproxystatementwillbedeliveredtomultiplestockholderssharinganaddressunlesscontraryinstructionshavebeenreceivedfromtheaffectedstockholders.Ifyouhavereceivednoticefromyourbrokerthatitwillbe“householding”communicationstoyouraddress,“householding”willcontinueuntilyouarenotifiedotherwiseoruntilyourevokeyourconsent.WewillpromptlydeliveraseparatecopyofthesedocumentstoyouuponwrittenororalrequesttoourGlobalInvestorRelationsteamatTennenbaumCapitalPartners,LLC,295128thStreet,Suite1000,SantaMonica,California90405orinvestor.relations@tennenbaumcapital.comor310-566-1003.If,atanytime,younolongerwishtoparticipatein“householding”andwouldprefertoreceiveaseparateproxystatementandannualreport,pleasenotifyyourbroker.Stockholderswhocurrentlyreceivemultiplecopiesoftheproxystatementandannualreportattheiraddressesandwouldliketorequest“householding”oftheircommunicationsshouldcontacttheirbrokers.

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OTHER MATTERS

WeexpectthatarepresentativeofDeloittewillbepresentattheAnnualMeetingandwillhaveanopportunitytomakeastatementifheorshechoosesandwillbeavailabletorespondtoappropriatequestions.

TheBoardofDirectorsisnotawareofanyothermatterstobepresentedattheAnnualMeeting.Shouldanyothermatterrequiringavoteofstockholdersarise,itistheintentionofthepersonsnamedintheproxytovoteinaccordancewiththeirdiscretiononsuchmatters.

YouarecordiallyinvitedtoattendtheAnnualMeetinginperson.WhetherornotyouplantoattendtheAnnualMeeting,youarerequestedtocomplete,date,signandpromptlyreturntheaccompanyingproxycardintheenclosedpostage-paidenvelope.

ByOrderoftheBoardofDirectors,


April1,2020

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united states · 2020. 4. 13. · santa monica, california 90405 april 1, 2020 dear stockholder:...

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