FOURTH AMENDMENT dated as of August 30, 2019 (this “Amendment”) to the SECOND AMENDED AND RESTATED SENIOR SECURED REVOLVING CREDIT
      AGREEMENT dated as of March 13, 2013, as amended and restated as of March 27, 2014, as further amended and restated as of February 19, 2016, as further amended as of August 8, 2016, as further amended as of June 5, 2017, and as further amended as of
      March 15, 2018 (the “Credit Agreement”), among BLACKROCK CAPITAL INVESTMENT CORPORATION, a Delaware corporation (the “Borrower”); the LENDERS from time to time party thereto; CITIBANK, N.A., as Administrative Agent for the Lenders (in
      such capacity, the “Administrative Agent”); and BANK OF MONTREAL, CHICAGO BRANCH, as Syndication Agent.

    The Borrower has requested that the Lenders agree to amend the Credit Agreement in the manner provided herein, and the Lenders whose signatures
      appear below, constituting at least the Required Lenders (such term and each other capitalized term used and not otherwise defined herein having the meaning assigned to it in the Credit Agreement), are willing so to amend the Credit Agreement.

    Accordingly, in consideration of the agreements herein contained and other good and valuable consideration, the sufficiency and receipt of
      which are hereby acknowledged, the parties hereto agree as follows:

    A.          Amendment
          to the Credit Agreement. Effective as of the Amendment Effective Date (as defined below):

    (i)          Section
        1.01 of the Credit Agreement is hereby amended by adding the following defined terms in the appropriate alphabetical order:

    “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor
      statute.

    “Excluded Swap Obligation” means, with respect to any Subsidiary Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee
      of such Subsidiary Guarantor of, or the grant by such Subsidiary Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of
      the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Subsidiary Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity
      Exchange Act and the regulations thereunder at the time the Guarantee of such Subsidiary Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation. If a Swap Obligation arises under a master agreement
      governing more than one swap, such exclusion shall apply only to the portion of such

    

    

    
      
        


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    Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

    “Fourth Amendment” means the Fourth Amendment dated as of August 30, 2019, to this Agreement.

    “Fourth Amendment Effective Date” means the “Amendment Effective Date”, as defined in the Fourth Amendment.

    “Swap Obligation” means, with respect to any Subsidiary Guarantor, any obligation to pay or perform under any agreement, contract or
      transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

    (ii)          Section
        1.01 of the Credit Agreement is hereby amended by amending and restating in its entirety the following defined term:

    “Hedging Agreement” means any interest rate protection agreement, foreign currency exchange protection agreement, commodity price
      protection agreement or other interest or currency exchange rate or commodity price hedging arrangement, excluding, with respect to any Subsidiary Guarantor, any Hedging Agreements which are Excluded Swap Obligations with respect to such Subsidiary
      Guarantor.

    (iii)          the
        aggregate amount of the Multicurrency Commitments will be permanently reduced, in accordance with Section 2.08(b) of the Credit Agreement, from $400,000,000 to $340,000,000.

    (iv)          Section
        2.04(a) of the Credit Agreement is hereby amended by adding “(or, so long as Citibank is the Swingline Lender, $35,000,000, without the prior written consent of Citibank)” after “$50,000,000”.

    (v)          Section
        2.05(c) of the Credit Agreement is hereby amended by adding “(or, so long as Citibank is the Issuing Bank, $15,000,000, without the prior written consent of Citibank)” after “$25,000,000”.

    (vi)          Section
        6.07(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:

    (a)          Minimum
          Shareholders’ Equity. The Borrower will not permit Shareholders’ Equity at the last day of any fiscal quarter of the Borrower to be less than the greater of (i) 40% of the total assets of the Borrower and its Subsidiaries as at the last day
        of such fiscal quarter (determined on a consolidated basis, without duplication, in accordance with GAAP) and (ii) $375,000,000 plus 25% of the net proceeds of the sale of Equity Interests by the

    
      
        


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    Borrower and its Subsidiaries after the Fourth Amendment Effective Date.

    (vii)          The
        following new Section 9.18 is hereby added immediately after Section 9.17 of the Credit Agreement:

    “SECTION 9.18. Acknowledgement Regarding Any Supported QFCs. (a) To the extent that the Loan Documents provide
      support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support, “QFC  Credit Support” and each such QFC, a “Supported QFC”),
      the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under  the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act
      (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regime”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan
      Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States).

    (b) In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
      becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any
      rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC
      Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a
      proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no
      greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
      foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event

    
      
        


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    affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

    

    

    (c) As used in this Section 9.18, the following terms have the following meanings:

    

    

    “BHC Act Affiliate” means, with respect to any Person, an “affiliate” (as such term is defined under, and
      interpreted in accordance with, 12 U.S.C. § 1841(k)) of such Person.

    

    

    “Covered Entity” means (a) a “covered entity” as that term is defined in, and interpreted in accordance with,
      12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

    

    

    “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12
      C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

    

    

    “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be
      interpreted in accordance with 12 U.S.C. § 5390(c)(8)(D).”

    B.          Representations
          and Warranties. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders that (i) this Amendment is within its corporate powers and has been duly authorized by all necessary corporate and, if required,
        stockholder action of the Borrower, (ii) this Amendment has been duly executed and delivered by the Borrower, (iii) each of this Amendment, and the Credit Agreement as amended hereby, constitutes a legal, valid and binding obligation of the
        Borrower, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether
        considered in a proceeding in equity or at law, (iv) as of the date hereof, no Default or Event of Default has occurred and is continuing and (v) the representations and warranties set forth in Article III of the Credit Agreement and in the other
        Loan Documents are true and correct in all material respects on and as of the date hereof, with the same effect as though made on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier
        date, in which case such representations and warranties were true and correct in all material respects as of such earlier date.

    

    

    
      
        


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    C.          Effectiveness.
        This Amendment shall become effective as of the first date (the “Amendment Effective Date”) on which:

    (i)          the Administrative Agent (or its counsel) shall have received duly executed counterparts hereof that, when taken together, bear the authorized signatures of the Borrower, each Subsidiary Guarantor and the Required Lenders; and

    (ii)          the Administrative Agent shall have received all amounts invoiced to the Borrower that are due and payable to it, any of its affiliates or any of the Lenders, including payment or reimbursement of all fees and expenses (including
        fees, charges and disbursements of counsel) required to be paid or reimbursed by the Borrower in connection with this Amendment.

    D.          Waiver
          of Notice. In connection with the reduction of the Multicurrency Commitments effected pursuant to Section A(iii) above, the Administrative Agent and each Lender party hereto hereby waives the requirement that the Borrower deliver a notice to
        the Administrative Agent pursuant to Section 2.08(c) of the Credit Agreement.

    E.          Effect
          of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under the
        Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are
        ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle the Borrower or any Subsidiary Guarantor to a consent to, or a waiver, amendment, modification or other change of, any of
        the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions of the
        Credit Agreement specifically referred to herein. This Amendment shall constitute a Loan Document, and the representations, warranties and agreements contained herein shall, for all purposes of the Credit Agreement, be deemed to be set forth in the
        Credit Agreement. Each Obligor agrees that all of its obligations, liabilities and indebtedness under each Loan Document, including guarantee obligations, shall remain in full force and effect, in accordance with applicable law, on a continuous
        basis after giving effect to this Amendment. On and after the effectiveness of this Amendment, any reference to the Credit Agreement contained in the Loan Documents shall mean the Credit Agreement as modified hereby. This Amendment shall not
        extinguish any payment obligation outstanding under the Credit Agreement or discharge or release the Lien or priority of any Loan Document or any other security therefor or any guarantee thereof. Nothing herein contained shall be construed as a
        substitution or novation of the obligations outstanding under the Credit Agreement or instruments guaranteeing or securing the same, which shall remain in full force and effect, except as modified hereby or by instruments executed concurrently
        herewith. Nothing expressed or implied in this Amendment or any other document

    
      
        


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    contemplated hereby shall be construed as a release or other discharge of any Loan Party under any Loan Document from any of its obligations and liabilities thereunder.

    F.          Counterparts.
        This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute one
        and the same contract. Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other electronic imaging means shall be as effective as delivery of a manually executed counterpart hereof.

    G.          Severability.
        Any provision of this Amendment held to be ineffective, invalid, illegal or unenforceable shall not affect the effectiveness, validity, legality and enforceability of the remaining provisions hereof; and the ineffectiveness, invalidity, illegality
        or unenforceability of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

    H.          Applicable
          Law. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

    I.          Headings.
        The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

    [Remainder of this page intentionally left blank]

    
      
        


    

    IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and
      year first above written.

    

    

    	 	
            BLACKROCK CAPITAL INVESTMENT CORPORATION,

          
	 	 
	 	 	
            by

          	
            /s/ Michael Pungello

          
	 	 	 	 
	 	 	 	
            Name: Michael Pungello

          
	 	 	 	
            Title: Interim Chief Financial Officer

          
	 	 	 	 
	 	
            BCIC-MBS, LLC,

          
	 	 	 	 
	 	 	
            by

          	
            /s/ Michael Pungello

          
	 	 	 	 
	 	 	 	
            Name: Michael Pungello

          
	 	 	 	
            Title: President

          
	 	 	 	 
	 	
            BKC ASW BLOCKER, INC.,

          
	 	 	 	 
	 	 	
            by

          	
            /s/ Michael Pungello

          
	 	 	 	 
	 	 	 	
            Name: Michael Pungello

          
	 	 	 	
            Title: President

          
	 	 	 	 
	 	
            CITIBANK, N.A., as Administrative Agent, Issuing Bank, Swingline Lender and Lender,

          
	 	 	 	 
	 	 	
            by

          	
            /s/ Michael Vondriska

          
	 	 	 	 
	 	 	 	
            Name: Michael Vondriska

          
	 	 	 	
            Title: Vice President

          


    

    

    

    

    
      
        


    

    

    

    Lender signature page to the

      Fourth Amendment to the

      BlackRock Capital Investment Corporation Credit Agreement

    

    

    

    

    

    

    To approve this Amendment:

    	
            BANK OF MONTREAL,

          	 
	 	 	 	 
	 	
            by

          	
            /s/ Sue Blazis

          	 
	 	 	 	 
	 	 	
            Name: Sue Blazis

          	 
	 	 	
            Title: Managing Director

          	 


    

    

    

    

    
      
        


    

    

    

    Lender signature page to the

      Fourth Amendment to the

      BlackRock Capital Investment Corporation Credit Agreement

    

    

    

    

    

    

    To approve this Amendment:

    	
            MERRILL LYNCH CAPITAL

              CORPORATION,

          	 
	 	 	 	 
	 	
            by

          	
            /s/ Sean L. Jones

          	 
	 	 	 	 
	 	 	
            Name: Sean L. Jones

          	 
	 	 	
            Title: President

          	 


    

    

    

    

    
      
        


    

    

    

    Lender signature page to the

      Fourth Amendment to the

      BlackRock Capital Investment Corporation Credit Agreement

    

    

    

    

    

    

    To approve this Amendment:

    	
            CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,

          	 
	 	 	 	 
	 	
            by

          	
            /s/ William O'Daly

          	 
	 	 	 	 
	 	 	
            Name: William O'Daly

          	 
	 	 	
            Title: Authorized Signatory

          	 


    

    

    	 	
            by

          	
            /s/ Andrew Griffin

          	 
	 	 	 	 
	 	 	
            Name: Andrew Griffin

          	 
	 	 	
            Title: Authorized Signatory

          	 


    

    

    
      
        


    

    

    

    Lender signature page to the

      Fourth Amendment to the

      BlackRock Capital Investment Corporation Credit Agreement

    

    

    

    

    

    

    To approve this Amendment:

    	
            DEUTSCHE BANK AG NEW YORK BRANCH,

          	 
	 	 	 	 
	 	
            by

          	
            /s/ Virginia Cosenza

          	 
	 	 	 	 
	 	 	
            Name: Virginia Cosenza

          	 
	 	 	
            Title: Vice President

          	 


    

    

    	 	
            by

          	
            /s/ Yvonne Tilden

          	 
	 	 	 	 
	 	 	
            Name: Yvonne Tilden

          	 
	 	 	
            Title: Managing Director

          	 


    

    

    

    

    
      
        


    

    Lender signature page to the

      Fourth Amendment to the

      BlackRock Capital Investment Corporation Credit Agreement

    

    

    

    

    

    

    To approve this Amendment:

    	
            STATE STREET BANK AND TRUST COMPANY

          	 
	 	 	 	 
	 	
            by

          	
            /s/ John Doherty

          	 
	 	 	 	 
	 	 	
            Name: John Doherty

          	 
	 	 	
            Title: Vice President

          	 


    

    

    

    

    
      
        


    

    Lender signature page to the

      Fourth Amendment to the

      BlackRock Capital Investment Corporation Credit Agreement

    

    

    

    

    

    

    To approve this Amendment:

    	
            HSBC BANK USA N.A.

          	 
	 	 	 	 
	 	
            by

          	
            /s/ Shubhendu Kudaisya

          	 
	 	 	 	 
	 	 	
            Name: Shubhendu Kudaisya

          	 
	 	 	
            Title: SVP, Structured Finance

          	 


    

    

    

    

    
      
        


    

    Lender signature page to the

      Fourth Amendment to the

      BlackRock Capital Investment Corporation Credit Agreement

    

    

    

    

    

    

    To approve this Amendment:

    	
            MORGAN STANLEY BANK, N.A.

          	 
	 	 	 	 
	 	
            by

          	
            /s/ Emanuel Ma

          	 
	 	 	 	 
	 	 	
            Name: Emanuel Ma

          	 
	 	 	
            Title: Authorized Signatory