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• During the first quarter of 2017:
  
  

  • We made investments of approximately $47.6 million, consisting of approximately $8.4 million in corporate loan investments and approximately $39.2 million in CLO equity. We received proceeds of approximately $62.6 million from sales of our CLO investments.
    
    

  • We received or were entitled to receive proceeds of approximately $70.2 million from repayments, sales and amortization payments on our corporate loan and common stock investments. A portion of those proceeds along with a portion of prior quarter repayments, sales and amortization payments were applied towards an approximate $24.5 million partial redemption of the TICC CLO 2012-1 LLC Class A-1 Notes.
    
    

• As of March 31, 2017, the weighted average yield of our debt investments at current cost was approximately 8.4%, compared with 8.3% as of December 31, 2016.
  
  

• As of March 31, 2017, the weighted average effective yield of our CLO equity investments at current cost was approximately 17.3%, compared with 17.0% as of December 31, 2016.
  
  

• As of March 31, 2017, the weighted average cash distribution yield of our CLO equity investments at current cost was approximately 24.4%, compared with 23.8% as of December 31, 2016.
  
  

• At March 31, 2017, we had no investments on non-accrual status.
  
  

• On April 12, 2017, we completed an underwritten public offering of $64,370,225 in aggregate principal amount of 6.50% unsecured notes (the "Unsecured Notes"). The Unsecured Notes will mature on March 30, 2024, and may be redeemed in whole or in part at any time or from time to time at our option on or after March 30, 2020. We intend to use the net proceeds from this offering to repay or repurchase a portion of the outstanding indebtedness under our 7.50% Convertible Notes due November 1, 2017 (the "Convertible Notes"), which amounts to approximately $94.5 million plus accrued interest as of March 31, 2017. We note that our unrestricted cash balance (including the proceeds from the Unsecured Notes) currently exceeds the amount outstanding of our Convertible Notes.
  
  

Supplemental Information Regarding Core Net Investment Income

On a supplemental basis, we provide information relating to core net investment income, which is a non-GAAP measure. This measure is provided in addition to, but not as a substitute for, net investment income determined in accordance with GAAP. Our non-GAAP measures may differ from similar measures by other companies, even if similar terms are used to identify such measures. Core net investment income represents net investment income adjusted for additional cash distributions received, or entitled to be received (if any, in either case), on our CLO equity investments and also excludes any capital gains incentive fees we recognize but have no obligation to pay in any period. The Company did not recognize any capital gains incentive fees for the quarter ended March 31, 2017.

Income from investments in the "equity" class securities of CLO vehicles, for GAAP purposes, is recorded using the effective interest method based upon an effective yield to the expected redemption utilizing estimated cash flows compared to the cost, resulting in an effective yield for the investment; the difference between the actual cash received or distributions entitled to be received and the effective yield calculation is an adjustment to cost. Accordingly, investment income recognized on CLO equity securities in the GAAP statement of operations differs from the cash distributions actually received by us during the period (referred to below as "CLO equity additional distributions").

Further, in order to continue to qualify to be taxed as a regulated investment company ("RIC"), we are required, among other things, to distribute at least 90% of our investment company taxable income annually. Therefore, core net investment income may provide a better indication of estimated taxable income for a reporting period than does GAAP net investment income, although we can offer no assurance that will be the case as the ultimate tax character of our earnings cannot be determined until tax returns are prepared after the end of a fiscal year. We note that these non-GAAP measures may not be useful indicators of taxable earnings, particularly during periods of market disruption and volatility.

The following table provides a reconciliation of net investment income to core net investment income for the three months ended March 31, 2017 and March 31, 2016:

We will host a conference call to discuss our first quarter results today, Monday, May 8, 2017 at 9:00 AM ET. Please call 1-888-339-0740 to participate. A replay of the conference call will be available for approximately 30 days. The replay number is 1-877-344-7529, and the replay passcode is 10106761.

A presentation containing further detail regarding our quarterly results of operations has been posted under the Investor Relations section of our website at www.ticc.com.

The following financial statements are unaudited and without footnotes. Readers who would like additional information should obtain our Form 10-Q for the period ended March 31, 2017, and subsequent reports on Form 10-Q as they are filed.

TICC CAPITAL CORP.

FINANCIAL HIGHLIGHTS - UNAUDITED

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(1) Represents per share net investment income for the period, based upon average shares outstanding.
(2) Net realized and unrealized capital gains include rounding adjustments to reconcile change in net asset value per share.
(3) Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the year. To the extent the Company's taxable earnings fall below the total amount of the Company's distributions for that fiscal year, a portion of those distributions may be deemed a tax return of capital to the Company's stockholders. The ultimate tax character of our earnings cannot be determined until tax returns are prepared after the end of a fiscal year.
(4) Total return equals the increase or decrease of ending market value over beginning market value, plus distributions, divided by the beginning market value, assuming distribution reinvestment prices obtained under the Company's distribution reinvestment plan, excluding any discounts. Total return is not annualized.
(5) Annualized.
(6) The following table provides supplemental performance ratios (annualized) measured for the three months ended March 31, 2017 and 2016:

About TICC Capital Corp.
TICC Capital Corp. is a publicly-traded business development company principally engaged in providing capital to established businesses, investing in syndicated bank loans and purchasing debt and equity tranches of collateralized loan obligation vehicles.

Forward-Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.